The earnings call presents a generally positive outlook for NCDL, with strong net investment income, a well-performing investment portfolio, and high-quality deal flow. Despite a decline in gross originations and some market volatility, the company successfully completed a share repurchase program and maintained low nonaccrual rates.

Company Guidance -

Q3 2025

In the second quarter of 2025, Nuveen Churchill Direct Lending Corp. (NCDL) reported strong financial performance, with net investment income of $0.46 per share, exceeding the regular quarterly distribution of $0.45 per share. Gross originations were $48 million, a decrease from $166 million in the first quarter, as the company intentionally reduced leverage. The net asset value decreased slightly to $17.92 per share from $17.96, primarily due to modest valuation declines in certain watchlist names. NCDL maintained a conservative portfolio strategy with a focus on senior lending, which comprised 95% of origination activity, ensuring 90% of the portfolio's fair value was in first lien debt. The company reported a weighted average internal risk rating of 4.1, with only 0.2% of the portfolio on nonaccrual status. Credit fundamentals remained strong, with portfolio company net leverage at 4.9x and interest coverage at 2.3x. Furthermore, NCDL completed a nearly $100 million share repurchase program, which positively impacted the net asset value. As of June 30, the company had a debt-to-equity ratio of 1.26x and $300 million in available liquidity, positioning it well for future investment opportunities despite ongoing geopolitical uncertainties.

Net Investment Income Exceeds Distribution

NCDL reported net investment income of $0.46 per share, exceeding the regular quarterly distribution of $0.45 per share.

Strong Portfolio Performance

The investment portfolio continues to perform well, with a net asset value of $17.92 per share and a slight decline primarily due to modest valuation declines offset by share repurchase program impacts.

High-Quality Deal Flow

Churchill closed or committed $6.5 billion across 190 transactions in the first half of 2025, with a strong pipeline and high-quality investment opportunities.

Low Nonaccrual Rates

NCDL had no new nonaccruals during the quarter, with nonaccruals representing just 0.2% of the total investment portfolio on a fair value basis.

Share Repurchase Program Completion

NCDL completed a $100 million share repurchase program, repurchasing 5.9 million shares at an attractive discount to NAV.

Nuveen Churchill Direct Lending Corp. (NCDL) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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NCDL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 06, 2025	2025 (Q3)	0.46 / -	0.67	―	―	―
Aug 06, 2025	2025 (Q2)	0.46 / 0.32	0.37	-13.51% (-0.05)	―	―
May 08, 2025	2025 (Q1)	0.56 / 0.53	0.57	-7.02% (-0.04)	―	―
Feb 27, 2025	2024 (Q4)	0.58 / 0.54	0.73	-26.03% (-0.19)	―	―
Nov 07, 2024	2024 (Q3)	0.58 / 0.67	0.62	8.06% (+0.05)	―	―
Aug 07, 2024	2024 (Q2)	0.58 / 0.37	0.467	-20.77% (-0.10)	―	―
May 09, 2024	2024 (Q1)	0.51 / 0.57	0.443	28.67% (+0.13)	―	―
Feb 27, 2024	2023 (Q4)	0.64 / 0.73	0.253	188.54% (+0.48)	―	―

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
Aug 06, 2025	$15.94	$16.06	+0.75%
May 08, 2025	$15.13	$14.50	-4.16%
Feb 27, 2025	$16.82	$16.51	-1.84%
Nov 07, 2024	$15.67	$15.57	-0.64%

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 Nov 06, 2025, Before Open (Confirmed).

What is Nuveen Churchill Direct Lending Corp. (NCDL) earnings time?

Nuveen Churchill Direct Lending Corp. (NCDL) earnings time is at Nov 06, 2025, 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 2025 (Q3) is 0.46.

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