Q4 2024 Nuveen Churchill Direct Lending Corp Earnings Call Transcript
Key Points
- Nuveen Churchill Direct Lending Corp (NCDL) completed its initial public offering in January 2024 and listed on the New York Stock Exchange.
- The company generated a return on equity (ROE) of 12.4% on net investment income for the full year 2024.
- NCDL paid total distributions of $2.10 per share for the year, resulting in an attractive 11.6% yield based on year-end 2024 net asset value.
- The investment team deployed over $950 million in new investments, marking a 40% increase year-over-year.
- The investment portfolio remained resilient with only one portfolio company on nonaccrual status, representing 0.1% of the total portfolio at fair value.
- Net investment income in the fourth quarter was negatively impacted by approximately $0.01 per share of excise taxes and nonrecurring interest and debt financing expenses.
- The company's total GAAP net income decreased to $0.54 per share in the fourth quarter from $0.67 per share in the third quarter.
- The weighted average yield on debt and income-producing investments at cost declined to 10.3% at the end of the fourth quarter from 10.9% at the end of the third quarter.
- The debt-to-equity ratio increased to 1.15 times as of December 31, indicating higher leverage utilization.
- The company's net investment income per share decreased from $0.58 in the third quarter to $0.56 in the fourth quarter.
Welcome to Nuveen Churchill Direct Lending Corp. fourth quarter and full year 2024 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded for replay purposes.
I'd like to turn the call over to Robert Paun, Head of Investor Relations for NCDL. Robert, please go ahead.
Good morning, and welcome to Nuveen Churchill Direct Lending Corp's. fourth quarter and full year 2024 earnings call. Today, I'm joined by NCDL's Chairman, President and CEO, Ken Kencel; and Chief Financial Officer, Shai Vichness. Following our prepared remarks, we will be available to take your questions.
Today's call may include forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates, and projections about the company, our current and prospective portfolio investments, our industry, our beliefs and opinions and our
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