Nuveen Churchill Direct Lending Corp. reported third‑quarter 2025 financial results, posting net investment income of $51.1 million, or $0.43 per share, which missed the consensus estimate of $0.46. Revenue for the quarter was $51.1 million, down from $60.3 million in Q3 2024 and below the consensus estimate of $52.9 million.
The company declared a fourth‑quarter regular distribution of $0.45 per share, payable on January 27 2026. The distribution is the first regular payout for the year.
Portfolio fair value stood at $2.0 billion across 213 companies, with 89.8 % first‑lien debt, 8.1 % subordinated debt, and 2.1 % equity. The weighted average yield on the debt portfolio fell to 9.92 % from 10.86 % a year earlier, reflecting tighter spreads on new originations and lower base interest rates.
Net expenses increased to $5.2 million, driven by higher management and incentive fees, while interest and debt financing expenses fell. Net asset value per share declined to $17.85 from $17.92 at the end of June 2025, largely due to unrealized losses on investments.
CEO Ken Kencel said the firm remains in a strong liquidity position with ample cash and no near‑term debt maturities, and CFO Shai Vichness emphasized continued focus on high‑quality assets and optimizing the capital structure.
Management noted headwinds from valuation adjustments and a lower portfolio yield but highlighted opportunities to invest in new loans as rates stabilize.
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