Nuveen Churchill Direct Lending Corp. (NCDL)

NYSE:NCDL

NCDL

Nuveen Churchill Direct Lending Corp.

RESEARCH TOOLSreports

Want to see NCDL full AI Analyst Report?

Nuveen Churchill Direct Lending Corp. (NCDL) Earnings Dates, Call Summary & Reports

102 Followers

Earnings Data

Report Date

Aug 12, 2026

Before Open (Confirmed)

Period Ending

2026 (Q2)

Consensus EPS Forecast

0.39

Last Year’s EPS

0.46

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 4 Analysts Ratings

Earnings Call Summary

Q1 2026

Earnings Call Date:Feb 26, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presents a constructive operational and credit-quality picture: originations and fundings increased, portfolio diversification and conservative underwriting remain intact, debt costs were meaningfully optimized through refinancing, and platform-level deal flow and scale are strong. Offsetting these positives were quarter-over-quarter declines in total investment income and GAAP net income driven by loan resets and mark-to-market unrealized losses from spread widening, a modest NAV decline (-1.2%), a slight rise in watch list and nonaccruals, and lower-than-expected repayments. Overall, the positives (originations growth, refinancing savings, stable portfolio metrics, strong platform momentum, low software exposure) materially outweigh the near-term earnings and valuation headwinds, and management expresses confidence in redeploying capital into higher-quality opportunities as spreads widen.

Company Guidance

Management’s guidance emphasized a stable earnings outlook and continued capital deployment into senior middle‑market loans while optimizing financing: Q1 net investment income was $0.41/share ($0.43 ex‑$0.02 one‑time refinancing expense), GAAP net income $0.18/share, NAV $17.50 (down from $17.72, -1.2%), and the Board declared a Q2 distribution of $0.38/share ($0.36 regular + $0.02 supplemental) after a $0.40 Q1 payout. Operational metrics: portfolio fair value ~$2.0B across 236 companies (top 10 ≈13% of FV, average position 0.4%, largest 1.6%), gross originations $82.9M, fundings $85.4M, sales/repayments $65M (3.3% run‑rate vs. 4.2% prior and long‑range 5%), and equity investments $10.6M. Credit metrics remain solid with a weighted average internal risk rating of 4.3 (orig. 4.0), watch list ~8.4% of FV, portfolio net leverage 5.1x, interest coverage 2.3x, and nonaccruals 5 names (1.3% of portfolio at cost, 0.6% at FV; one new nonaccrual cost $7.2M FV $5M). Funding and yield metrics: first‑lien ≈89.7% of the portfolio, weighted average yield on debt 9.3% (9.5% Q4), average spread on new first‑lien ~471 bps (management noted spreads have widened from the prior 450–475 bps range toward ~500–525 bps), gross debt/equity 1.32x (net 1.26x) vs 1.27x/1.20x at year‑end, target leverage at the upper end of ~1.0–1.25x, and a lower weighted average cost of debt of SOFR+186 bps (from SOFR+203) after refinancing CLO‑II from SOFR+250 to SOFR+144 with a 5‑year reinvestment period. Overall, management plans to remain at the upper end of its leverage target, redeploy repayments into higher‑quality senior loans (target ~90% senior), continue the supplemental dividend program when excess earnings permit, and pursue further debt‑cost optimization while expecting a “higher‑for‑longer” rate backdrop and relatively stable near‑term earnings.

Net Investment Income (NII) and Adjusted NII

Reported NII of $0.41 per share for Q1 2026; excluding ~$0.02 per share of one-time refinancing expenses, adjusted NII was $0.43 vs $0.44 in Q4 2025 (≈2.3% decline excluding nonrecurring items).

Dividend / Supplemental Distribution

Board declared Q2 distribution of $0.38 per share (regular $0.36 + supplemental $0.02). Paid Q1 distribution of $0.40 per share and continue a supplemental dividend program to return excess earnings.

Originations and Fundings Growth

Gross originations of $82.9M in Q1 vs $59.4M in Q4 2025 (+~39.6% QoQ). Gross investment fundings of $85.4M vs $80.4M in Q4 (+~6.2% QoQ).

Portfolio Size and Diversification

Investment portfolio fair value remained ~$2.0B; portfolio expanded to 236 companies from 227; top 10 = ~13.2% of fair value; largest single exposure 1.6% and average position ~0.4%.

Credit Quality and Metrics

Weighted average internal risk rating 4.3; watch list manageable at 8.4% of fair value; portfolio company net leverage 5.1x and interest coverage 2.3x — indicative of conservative underwriting and stable credit fundamentals.

Low Software Exposure (AI Risk Mitigation)

Software exposure remains under 3% of portfolio fair value, limiting direct portfolio vulnerability to AI-related software disruption concerns.

Debt Capital Optimization

Closed refinancing of CLO-II, reducing that deal's spread from SOFR+250bps to SOFR+144bps; total weighted average cost of debt improved to SOFR+186bps from SOFR+203bps (improvement of ~17bps).

Platform Scale and Deal Flow

Churchill platform closed/committed >$16B across 389 transactions in 2025; deal reviews at Churchill increased 13% YoY in Q1; management reports pickup in M&A activity and strengthening pipeline momentum.

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

Daily Earnings Calendar >

NCDL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 12, 2026	2026 (Q2)	0.39 / -	0.46	―	―	―
Feb 26, 2026	2026 (Q1)	0.42 / 0.41	0.53	-22.64% (-0.12)		―
Feb 26, 2026	2025 (Q4)	0.43 / 0.44	0.54	-18.52% (-0.10)
Nov 04, 2025	2025 (Q3)	0.45 / 0.38	0.67	-43.28% (-0.29)
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)	―	―

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	$13.09	$12.95	-1.12%
Feb 26, 2026	$13.09	$12.95	-1.12%
Nov 04, 2025	$13.67	$13.45	-1.58%
Aug 06, 2025	$14.47	$14.58	+0.75%

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 Aug 12, 2026, Before Open (Confirmed).

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

Nuveen Churchill Direct Lending Corp. (NCDL) earnings time is at Aug 12, 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 (Q2) is 0.39.