Financial Performance - Net investment income for Q3 2025 was $0.43 per share, with a net increase in net assets resulting from operations of $0.38 per share[8]. - Total investment income for the three months ended September 30, 2025, was $51,106,000, a decrease of 15.5% from $60,280,000 in the same period of 2024[22]. - Net investment income for the nine months ended September 30, 2025, was $71,694,000, down 22.2% from $92,230,000 in 2024[22]. - The net increase in net assets resulting from operations for the three months ended September 30, 2025, was $18,658,000, compared to $36,643,000 in 2024[22]. Distribution and NAV - The company declared a fourth quarter regular distribution of $0.45 per share, payable on January 27, 2026[4]. - The net asset value (NAV) per share decreased to $17.85 from $17.92 as of June 30, 2025[8]. Investment Portfolio - As of September 30, 2025, the fair value of the company's portfolio investments was $2.0 billion across 213 portfolio companies, unchanged from June 30, 2025[5]. - The portfolio consisted of approximately 89.8% first-lien debt investments, 8.1% subordinated debt investments, and 2.1% equity investments as of September 30, 2025[6]. - New gross commitments at par for the nine months ended September 30, 2025, totaled $243,173,000, a significant decrease from $792,645,000 in 2024[27]. - The number of new portfolio companies for the nine months ended September 30, 2025, was 36, compared to 52 in the same period of 2024[27]. Investment Activity - The company funded $36.3 million of portfolio investments and received $61.3 million from principal repayments and sales during Q3 2025[9]. - Net funded investment activity for the three months ended September 30, 2025, was $(25,047,000), compared to $47,543,000 in the same period of 2024[24]. Expenses and Fees - Net expenses increased to $29.7 million for Q3 2025, primarily due to higher management fees and income-based incentive fees[11]. - The total expenses before incentive fees waived for the three months ended September 30, 2025, were $29,720,000, a decrease from $34,287,000 in 2024[22]. Debt and Yield - The weighted average yield of debt and income-producing investments decreased to 9.92% from 10.86% as of September 30, 2024[10]. - As of September 30, 2025, the company's debt to equity ratio was 1.25x, slightly down from 1.26x as of June 30, 2025[13]. - The weighted average annual interest rate on new debt investments at par for the three months ended September 30, 2025, was 9.17%, down from 9.63% in 2024[24]. - The weighted average annual coupon on new fixed rate debt investments at par for the nine months ended September 30, 2025, was 12.65%, down from 13.79% in 2024[27]. Realized Gains and Losses - The company recorded a net realized gain on investments of $1.5 million for Q3 2025, compared to $1.1 million for the same period in 2024[12]. - Total net realized and unrealized gain (loss) on investments for the three months ended September 30, 2025, was $(2,728,000), compared to $5,154,000 in 2024[22].
Nuveen Churchill Direct Lending(NCDL) - 2025 Q3 - Quarterly Results