Nuveen Churchill Direct Lending Corp. (NCDL) reported net investment income (NII) of $0.46 per share for the second quarter ended June 30, 2025. The Board of Directors declared a third-quarter 2025 regular distribution of $0.45 per share, payable on October 28, 2025, to shareholders of record as of September 30, 2025. The company's investment portfolio fair value decreased to $2.0 billion from $2.1 billion in the prior quarter, with 90.0% in first-lien debt.
Investment income for the quarter was $53.1 million, a decrease from $55.1 million in the second quarter of 2024. The weighted average yield on debt and income-producing investments also decreased to 10.08% from 11.32% as of June 30, 2024. Net expenses increased to $30.3 million, up from $24.1 million in the prior year's quarter, primarily due to higher interest and debt financing expenses, increased management fees, and the reintroduction of income-based incentive fees.
The increase in net expenses is directly linked to the management fee base rate increasing from 0.75% to 1.00%, effective March 31, 2025, and the expiration of the adviser's incentive fee waiver on the same date. Income-based incentive fees amounted to $2.8 million for the quarter. NCDL also completed its nearly $100 million share repurchase program in July 2025, repurchasing approximately 5.9 million shares at a discount to NAV, utilizing its full authorization to enhance shareholder value.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.