NCDL Reports Q3 2026 Results: Net Investment Income of $0.38 Per Share

Nuveen Churchill Direct Lending Corp. (NCDL) reported its financial results for the third quarter ended September 30, 2026. The company recorded net investment income of $0.38 per share for the period. This resulted in a net increase in net assets per share of $0.32.

For the quarter, the company reported a net realized and unrealized loss of $(0.06) per share. The net asset value (NAV) per share was reported at $17.13 as of September 30, 2026, a decrease from $17.19 as of June 30, 2026.

The company declared a fourth-quarter distribution of $0.38 per share. This payment consists of a regular distribution of $0.36 per share and a supplemental distribution of $0.02 per share. The distribution is payable on or around January 28, 2027, to shareholders of record as of December 31, 2026.

Subsequent to the quarter-end, the company repurchased 278,294 shares of its common stock pursuant to its 10b5-1 Plan for approximately $3.0 million. This repurchase activity occurred from October 1, 2026, through October 30, 2026.

As of September 30, 2026, the fair value of the company's portfolio investments was $1.9 billion across 258 portfolio companies. The portfolio is diversified across 25+ industries. The weighted average Internal Risk Rating of the portfolio was 4.4. As of the same date, there were nine portfolio companies on non-accrual status, representing 1.5% of total investments at fair value.

During the quarter, the company funded $134.8 million of portfolio investments. Of this amount, $40.7 million was related to fundings for the NCDL Senior Loan Fund I LLC joint venture. The company received $192.4 million of proceeds from principal repayments and sales, including $148.9 million from sales of investments to the joint venture.

As of September 30, 2026, the company had $39.1 million in cash and cash equivalents and $1.0 billion in aggregate principal amount of debt outstanding. Subject to borrowing base and other conditions, the company had approximately $216.0 million available for additional borrowings under its revolving credit facility.