Nuveen Churchill Direct Lending Corp (NYSE:NCDL)

Q1 2025 Nuveen Churchill Direct Lending Corp Earnings Call Transcript

May 8, 2025 / 03:00 PM GMT

Release Date Price: $14.91 (-4.18%)

Transcript 8-K10-Q

Key Points

Positve

Nuveen Churchill Direct Lending Corp (NCDL) has a highly diversified portfolio with over 200 companies, reducing risk exposure.
The company's investment portfolio is largely concentrated in non-cyclical and service-oriented businesses, providing stability during economic uncertainty.
NCDL's conservative approach to underwriting is supported by a weighted average portfolio company net leverage of under 5 times and an interest coverage ratio of 2.4 times.
The company has a strong balance sheet with no near-term debt maturities, providing financial flexibility.
NCDL's investment activity volume was up 60% year over year in the first quarter, indicating strong growth and market activity.

Negative

Net investment income decreased to $0.53 per share in the first quarter, impacted by non-recurring interest and debt financing expenses.
Total investment income decreased to $53.6 million in the first quarter, primarily driven by a decline in interest income due to the decline in base rates.
The net asset value per share declined from $18.18 to $17.96, primarily due to modest valuation declines in some watch list names.
The company's gross debt to equity ratio increased to 1.31 times, indicating higher leverage.
Market volatility and uncertainty around tariffs pose ongoing risks to the company's portfolio and future performance.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

NCDL.N - Nuveen Churchill Direct Lending Corp
Q1 2025 Nuveen Churchill Direct Lending Corp Earnings Call
May 08, 2025 / 03:00PM GMT

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Presentation
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Unidentified_1 [1]
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Welcome to Noveen Churchill Direct Lending Corp's first quarter 2025 earnings call.

At this time, all participants are in a listen-only mode. A question and answer session will file the formal presentation.

As a reminder, this conference call is being recorded for replay purposes. I'd like to turn the call over to Robert Pawn, head of investor relations for NCDL. Robert, please go ahead.

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Unidentified_2 [2]
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Good morning and welcome to Naveen Churchill Direct Lending Corp's first quarter 2025 earnings

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