Financial Performance - Fourth quarter net investment income was $0.44 per share, with a net increase in net assets resulting from operations of $0.32 per share[7]. - Total investment income for 2025 was $207,858, down from $224,040 in 2024, representing a decrease of about 7.24%[29]. - Net investment income for 2025 was $93,338, compared to $122,388 in 2024, a decrease of approximately 23.77%[30]. - Net increase in net assets resulting from operations for 2025 was $65,614, down from $116,323 in 2024, a decrease of approximately 43.59%[30]. Portfolio Investments - The fair value of the company's portfolio investments remained stable at $2.0 billion, with an increase in the number of portfolio companies from 213 to 227[6]. - The company funded $80.4 million in portfolio investments during the fourth quarter, compared to $36.3 million in the previous quarter[11]. - New gross commitments at par for 2025 were $302,546, significantly lower than $955,309 in 2024, a decrease of about 68.32%[32]. - Net funded investment activity for 2025 was $(105,462), a substantial decline from $433,617 in 2024[32]. - The number of new portfolio companies increased to 58 in 2025 from 68 in 2024, a decrease of about 14.71%[32]. Shareholder Value - The company declared a first quarter distribution of $0.40 per share, consisting of a regular distribution of $0.36 per share and a supplemental distribution of $0.04 per share[4]. - The board authorized a $50 million share repurchase program to enhance shareholder value[5]. - The company paid a fourth quarter regular distribution of $0.45 per share, reflecting a 10.1% total annualized distribution yield based on the fourth quarter NAV per share[7]. Debt and Liabilities - As of December 31, 2025, the company's debt to equity ratio was 1.27x, compared to 1.25x at the end of the previous quarter[18]. - Total liabilities increased slightly from $1,173,405 in 2024 to $1,179,289 in 2025, an increase of about 0.50%[26]. Asset Changes - Total assets decreased from $2,143,725 in 2024 to $2,054,469 in 2025, a decline of approximately 4.15%[26]. - Total net assets decreased from $970,320 in 2024 to $875,180 in 2025, a decline of approximately 9.81%[27]. Investment Losses - The company recorded a net realized loss on investments of $(6.0) million for the full year, an improvement from a net realized loss of $(13.2) million in the previous year[16]. - The company experienced a net change in unrealized loss of $(21.6) million for the full year, compared to a net change in unrealized gain of $7.3 million in the previous year[16]. Investment Yields - The weighted average yield of debt and income-producing investments decreased to 9.48% from 10.33% year-over-year[12]. - The weighted average annual interest rate on new debt investments at par decreased to 9.21% in 2025 from 10.11% in 2024[32].
Nuveen Churchill Direct Lending(NCDL) - 2025 Q4 - Annual Results