The earnings call presented a strong quarter for NCDL with robust net investment income, high credit quality, and successful strategic initiatives like the share repurchase program and high portfolio diversification. However, there were challenges such as reduced gross originations and a slight decline in net asset value. Despite these lowlights, the overall sentiment is positive, given the strength and resilience shown in the company's financial performance and strategic positioning.

Company Guidance

During the second quarter of 2025, Nuveen Churchill Direct Lending Corp. (NCDL) reported net investment income (NII) of $0.46 per share, surpassing their regular quarterly distribution of $0.45 per share. Gross originations decreased to approximately $48 million from $166 million in the first quarter, reflecting an intentional strategy to reduce leverage. The net asset value per share slightly fell from $17.96 to $17.92 due to modest valuation declines offset by a share repurchase program. The investment portfolio's credit quality remained robust, with a net leverage of 4.9x and interest coverage of 2.3x. Despite market volatility, NCDL's portfolio showed resilience, with nonaccruals at just 0.2% of total investment portfolio fair value. The company successfully rotated out of upper middle-market investments and focused on traditional middle-market senior loans, maintaining a diversified portfolio of 207 companies. NCDL's management remains optimistic about future opportunities, given their scale, differentiated sourcing, and a strong pipeline of high-quality investments.

Strong Net Investment Income

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

High Credit Quality and Low Nonaccruals

The portfolio had only one nonaccrual investment, representing 0.2% of total fair value, with strong credit fundamentals reflected by a weighted average internal risk rating of 4.1.

Robust Deal Flow and Pipeline

Churchill closed or committed $6.5 billion across more than 190 transactions in the first half of 2025, with a strong pipeline and deal activity heading into the second half of the year.

Successful Share Repurchase Program

The company completed a nearly $100 million share repurchase program at an attractive discount to NAV, positively impacting NAV per share.

High Portfolio Diversification

The portfolio was highly diversified with 207 companies, and the top 10 portfolio companies represented only 13.6% of total fair value.

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)	0.45 / -	0.67	―	―	―
Aug 06, 2025	2025 (Q2)	0.46 / 0.46	0.37	24.32% (+0.09)	―	―
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 0.45.

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