Nuveen Churchill Direct Lending Corp. reported its financial results for the full year and fourth quarter ended December 31, 2024. For the fourth quarter, the company announced net investment income (NII) of $0.56 per share. For the full year 2024, NCDL generated NII of $122.388 million, a significant increase from $84.006 million in 2023, and delivered a return on equity of over 12% on net investment income.
The Board of Directors declared a first-quarter 2025 regular distribution of $0.45 per share, payable on April 28, 2025. Additionally, the final special distribution of $0.10 per share, declared on January 10, 2024, is also payable on April 28, 2025. The fair value of the investment portfolio grew to $2.08 billion across 210 portfolio companies, with 90.6% in first-lien debt, reflecting continued investment activity.
Despite a full-year net realized loss on investments of $(13.2) million, primarily due to the restructuring of two underperforming portfolio companies, credit quality improved with non-accruals decreasing to one portfolio company, representing 0.1% of total investments at fair value. The weighted average yield on debt and income-producing investments decreased to 10.33% from 11.72% in 2023. The company also highlighted its strategic issuance of $300 million of unsecured notes in January 2025 to optimize its balance sheet and capital structure.
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