Nuveen Churchill Direct Lending (NCDL) Q3 2026 earnings summary

Executive summary

• Q3'26 net investment income was $18.8M, or $0.38 per share; net assets from operations increased $16.0M, or $0.32 per share.

• NAV ended September at $17.13 per share, down from $17.19 at June 30 and $17.72 at year-end 2025.

• The $1.86B portfolio spanned 258 companies, with 87.1% in first-lien debt; weighted-average asset yield was 9.8% at fair value.

Financial highlights

• Q3 investment income was $43.7M versus $51.1M YoY; net investment income was $18.8M versus $21.4M.

• Q3 net increase in net assets from operations was $16.0M versus $18.7M YoY; per-share results were $0.32 versus $0.38.

• Q3 net realized loss was $4.0M and net change in unrealized value was a $2.8M loss; net realized and unrealized loss was $0.06 per share.

• 9M net investment income was $59.0M versus $71.7M; net increase from operations was $28.3M versus $49.7M.

• Total assets were $1.921B and net assets were $846.2M at September 30, 2026.

Outlook and guidance

• Declared a Q4 distribution of $0.36 regular and $0.02 supplemental per share; record date December 31, 2026, payment date January 28, 2027.

• Management expects to continue ramping the joint venture, with its equity investment expected to be accretive over the long term and provide enhanced operating flexibility.

• Near-term liquidity was assessed as adequate; $216M was available under the revolver, alongside cash and cash equivalents.