NCDL reports Q2 net investment income of $0.41 per share, covering its $0.36 base distribution, while NAV declines 1.8% to $17.19.
Nuveen Churchill Direct Lending (NCDL) posted second-quarter net investment income of $0.41 per share, matching the prior quarter and covering its $0.36 base distribution. The board declared a $0.38 per-share third-quarter payout, including a $0.02 supplemental distribution, payable Oct. 28.
Net asset value fell 1.8% to $17.19 per share as realized and unrealized losses mounted. Non-accrual investments rose to 2.7% of the portfolio at cost, with four new additions during the quarter. Originations declined as the company managed leverage near its target range ceiling.
NCDL redeemed a $297.9 million CLO and issued $100 million in unsecured notes, while launching a joint venture expected to scale to $300 million in assets.