Nuveen Churchill Direct Lending Q2 2025 Financial Results

By Hao Liu • Wednesday, August 06 10:19 • Permanent Link

Nuveen Churchill Direct Lending Corp. (NCDL) has announced its financial results for the second quarter of 2025. Here are the key highlights from the report:

Net investment income stood at $0.46 per share for the quarter, marking a decrease from the previous quarter's figure of $0.50 per share.
The net realized and unrealized loss on investments was reported at $(0.14) per share, which is a shift from the net realized gain of $0.09 per share in the previous quarter.
The net increase in net assets resulting from operations was $0.32 per share, down from $0.41 per share in the previous quarter.
The net asset value (NAV) per share as of June 30, 2025, was $17.92, compared to $17.96 per share as of March 31, 2025.
NCDL declared a third quarter regular distribution of $0.45 per share, consistent with the distribution for the previous quarter.
As of June 30, 2025, the fair value of the company's portfolio investments was $2.0 billion across 207 portfolio companies and 26 industries, down from $2.1 billion across 210 portfolio companies and 26 industries as of March 31, 2025.
The portfolio composition as of June 30, 2025, consisted of approximately 90.0% first-lien debt, 8.0% subordinated debt investments, and 2.0% equity investments, which is relatively consistent with the composition as of March 31, 2025.
For the three months ended June 30, 2025, the company funded $81.1 million of portfolio investments and received $162.2 million of proceeds from principal repayments and sales, compared to $153.0 million funded and $148.4 million received for the three months ended March 31, 2025.
Investment income for the three months ended June 30, 2025, was $53.1 million, down from $55.1 million for the same period in 2024.
Net expenses increased to $30.3 million for the three months ended June 30, 2025, from $24.1 million for the same period in 2024.
The company recorded a net realized loss on investments of $(10.7) million for the three months ended June 30, 2025, compared to a net realized gain of $1.0 million for the same period in 2024.
As of June 30, 2025, the company had $44.0 million in cash and cash equivalents and $1.1 billion in total aggregate principal amount of debt outstanding. The debt to equity ratio was 1.26x, compared to 1.31x at March 31, 2025.

These figures indicate fluctuations in various financial metrics compared to the previous quarter, highlighting the dynamic nature of NCDL's financial performance. Following these announcements, the company's shares moved -0.12%, and are now trading at a price of $15.94. For more information, read the company's full 8-K submission here.

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