Nuveen Churchill Direct Lending Resets Distribution to $0.40, Launches $50M Buyback
Nuveen Churchill Direct Lending posted Q4 net investment income of $0.44 per share and NAV per share fell to $17.72 from $17.85. The board reset quarterly distribution to $0.40 per share and approved a $50 million share repurchase program.
1. Q4 Financial Results
Nuveen Churchill Direct Lending reported net investment income of $0.44 per share for the quarter ended December 31, 2025, and recorded a net realized and unrealized loss of $0.12 per share. NAV per share declined to $17.72 from $17.85 at the end of Q3, while net assets rose by $0.32 per share.
2. Distribution and Repurchase Program
The board declared a first quarter distribution of $0.40 per share, comprising $0.36 regular and $0.04 supplemental payment on April 28, 2026 to shareholders of record as of March 31, 2026. It also authorized a $50 million 10b5-1 share repurchase plan to buy stock below NAV in the open market.
3. Portfolio Composition and Activity
As of December 31, 2025, the portfolio held $2.0 billion in fair value across 227 companies, with 89.5% in first-lien debt, 8.2% subordinated debt, and 2.3% equity, and non-accruals at 0.5% of fair value. For the full year, the company funded $350.7 million and received $456.2 million in principal proceeds, while Q4 funding and proceeds totaled $80.4 million and $84.3 million respectively.