Nuveen Churchill Direct Lending Corp. (NCDL) announced its financial results for the third quarter ended September 30, 2024, reporting net investment income (NII) of $0.58 per share. This NII fully covered the company's regular quarterly and special distributions, demonstrating strong operational profitability. The Board of Directors declared a fourth-quarter 2024 regular distribution of $0.45 per share, payable on January 28, 2025, to shareholders of record as of December 31, 2024.
The company's net asset value (NAV) per share increased quarter-over-quarter to $18.15 as of September 30, 2024, up from $18.13 at June 30, 2024. The fair value of NCDL's portfolio investments grew to $2.05 billion across 202 portfolio companies, with approximately 90.1% consisting of first-lien loans. Investment income for the quarter increased to $60.3 million, compared to $41.7 million for the same period in 2023, primarily due to increased deployed capital.
Credit quality remained robust, with loans on non-accrual status representing 0.5% of total investments at fair value, consistent with the prior quarter. The weighted average yield of debt and income-producing investments at fair value decreased to 10.9% from 11.9% as of September 30, 2023, due to market spread tightening and a decline in base rates. Additionally, NCDL terminated its SMBC Financing Facility on November 5, 2024, after a paydown using proceeds from its Corporate Revolving Credit Facility.
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