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Nuveen Churchill Direct Lending Corp. (NCDL)
NYSE:NCDL
Earnings Data
Report Date
May 07, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.42Last Year’s EPS
0.53Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a predominantly positive operational and portfolio-quality story: strong origination and funding momentum, conservative portfolio composition (90% first-lien), low non-accruals, a solid ROE (~11% on net investment income) and proactive capital actions (CLO refinancing, $50M buyback, stable dividend policy). Offsetting items were modest declines in NAV and yields, a QoQ drop in GAAP net income driven by mark-to-market losses, slightly higher watchlist/non-accruals and continued spread compression that pressures returns. Overall, management emphasized resilience, selective underwriting and attractive redeployment opportunities into the core middle market.Company Guidance
Strong Quarterly Operating Income
Net investment income of $0.44 per share in Q4 2025, up from $0.43 in Q3 (+2.3%), demonstrating stable operating earnings despite market noise.
Robust Originations and Fundings Growth
Gross originations in Q4 were $59.4M vs. $29.2M in Q3 (+103% QoQ); gross investment fundings were $80.4M vs. $36.3M in Q3 (+121% QoQ), reflecting a meaningful resurgence of deal activity.
Low and Manageable Credit Stress
Only four portfolio companies on non-accrual at year-end representing 0.5% of fair value (1.2% at cost); weighted average internal risk rating steady at 4.2 and watchlist at ~8% of fair value.
Conservative Portfolio Positioning and Quality
First-lien loans comprise ~90% of the portfolio; portfolio-level net leverage ~5x and interest coverage ~2.3x, supporting portfolio resilience and conservative underwriting discipline.
Attractive Shareholder Returns and Capital Actions
Total distributions of $1.90 per share for 2025 (10.7% yield on year-end NAV); Q1 2026 declared distribution of $0.40 (annualized ~9% on Dec 31 NAV); Board authorized $50M share repurchase program.
Successful Capital Markets Execution and Lower Borrowing Costs
Closed refinancing of CLO-II reducing spreads from SOFR+250bps to SOFR+144bps; pro forma weighted average cost of debt fell by 17bps to SOFR+186, improving financing economics.
Scale and Platform Deal Flow
Churchill platform closed/committed $16.3B across 389 transactions in 2025; number of deals reviewed increased 23% in H2 vs H1, providing NCDL with a strong pipeline and proprietary sourcing advantage.
Nuveen Churchill Direct Lending Corp. (NCDL) Earnings, Revenues Date & History
NCDL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
NCDL Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 26, 2026 | $13.51 | $13.36 | -1.11% |
Nov 04, 2025 | $14.58 | $14.35 | -1.58% |
Aug 06, 2025 | $15.44 | $15.55 | +0.71% |
May 08, 2025 | $14.66 | $14.04 | -4.23% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Nuveen Churchill Direct Lending Corp. (NCDL) report earnings?
Nuveen Churchill Direct Lending Corp. (NCDL) is schdueled to report earning on May 07, 2026, Before Open (Confirmed).
What is Nuveen Churchill Direct Lending Corp. (NCDL) earnings time?
Nuveen Churchill Direct Lending Corp. (NCDL) earnings time is at May 07, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is NCDL EPS forecast?
NCDL EPS forecast for the fiscal quarter 2026 (Q1) is 0.42.