Q4 2025 Nuveen Churchill Direct Lending Corp Earnings Call Transcript
Key Points
- Nuveen Churchill Direct Lending Corp (NCDL) generated an ROE of nearly 11% on net investment income for 2025.
- The company paid total distributions of $1.90 per share, equating to a 10.7% yield based on year-end 2025 net asset value.
- NCDL's portfolio performed well with only four portfolio companies on non-accrual status, representing 0.5% of the total portfolio at fair value.
- Gross originations increased significantly to approximately $59 million in the fourth quarter compared to $29 million in the third quarter.
- The company announced a new $50 million share repurchase program, reflecting confidence in the overall strength of the portfolio.
- Total investment income declined slightly to $50 million compared to $51.1 million in the third quarter of 2025.
- Net asset value decreased to $17.72 per share at year-end compared to $17.85 per share at September 30, 2025.
- The weighted average yield on debt and income-producing investments at cost declined to 9.5% at the end of the quarter.
- NCDL added one new non-accrual during the fourth quarter with a cost of $5.7 million and fair value of $2.7 million at year-end.
- The company's total GAAP net income for the fourth quarter was $0.32 per share compared to $0.38 per share in the third quarter.
Welcome to Nuveen Churchill Direct Lending Corp.'s Fourth Quarter and Full Year 2025 Earnings Call. (Operator Instructions) As a reminder, this conference call is being recorded for replay purposes.
I'd now 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 2025 Earnings Call.
Today, I'm joined by NCDL's Chairman, President and CEO, Ken Kencel; and Chief Financial Officer and Treasurer, 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,
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
