Nuveen Churchill Direct Lending Corp. (NCDL) reported a net increase in net assets resulting from operations of $65.6 million for the year ended December 31, 2025, compared to $116.3 million for the previous year. This translates to $1.30 per share, down from $2.15 per share in 2024. Total investment income for 2025 was $207.9 million, a decrease from $224.0 million in 2024, primarily due to a smaller portfolio size and lower weighted average yields. The company's portfolio decreased to $2.0 billion at cost as of December 31, 2025, from $2.1 billion the prior year, and the weighted average yield on debt and income-producing investments decreased to 9.48% from 10.33%.
The company's expenses before waived incentive fees and excise tax decreased slightly to $116.6 million in 2025 from $118.5 million in 2024. Interest and debt financing expenses decreased due to a lower average interest rate, partially offset by higher average daily borrowings and one-time costs associated with debt facility refinancings. Management fees increased due to a higher management fee base rate, while incentive fees on net investment income were incurred in 2025 after the expiration of a fee waiver, compared to a full waiver in 2024. The company also experienced a net realized loss on investments of $6.0 million in 2025, compared to a net realized loss of $13.2 million in 2024, and a net change in unrealized loss of $21.7 million in 2025, compared to a net change in unrealized gain of $7.1 million in 2024.
Key operational developments included the termination of the Wells Fargo Financing Facility and the SMBC Financing Facility, and the completion of a $458 million refinancing of the 2022 Debt Securitization. The company also established an equity at-the-market (ATM) offering program to sell shares of common stock up to an aggregate offering price of $200 million, although no shares were sold under this program as of December 31, 2025. The company repurchased 5,943,585 shares of its common stock for $99.3 million under a share repurchase plan, which was subsequently terminated in July 2025. The company's asset coverage ratio was 178.55% as of December 31, 2025, compared to 187.03% as of December 31, 2024.
Nuveen Churchill Direct Lending Corp. declared distributions of $0.45 per share for each quarter of 2025, as well as a special dividend of $0.10 per share in April 2025. The company's investment strategy remains focused on generating attractive risk-adjusted returns through current income by investing primarily in senior secured loans to private equity-owned U.S. middle market companies. The company's future performance is subject to various market risks, including interest rate volatility, economic conditions, and competition for investment opportunities.
About Nuveen Churchill Direct Lending Corp.
Nuveen Churchill Direct Lending Corp. is a specialty finance firm investing primarily in senior secured loans to private equity-backed U.S. middle market companies. It offers flexible, customized capital solutions across the capital structure, focusing on companies with strong fundamentals and experienced management. Managed by affiliates of Nuveen and TIAA, it leverages extensive private credit expertise, long-standing industry relationships, and disciplined underwriting to generate attractive risk-adjusted returns.
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