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Nuveen Churchill Direct Lending(NCDL) - 2024 Q3 - Quarterly Results
NCDLNuveen Churchill Direct Lending(NCDL)2024-11-07 12:27

Financial Performance - Net investment income for Q3 2024 was 0.58pershare,fullycoveringregularandspecialdistributions[2]−Investmentincomeincreasedto0.58 per share, fully covering regular and special distributions[2] - Investment income increased to 60.3 million in Q3 2024, up from 41.7millioninQ32023,drivenbyincreasedinvestmentactivity[8]−TotalinvestmentincomeforthethreemonthsendedSeptember30,2024,was41.7 million in Q3 2023, driven by increased investment activity[8] - Total investment income for the three months ended September 30, 2024, was 60,280,000, an increase of 44.2% compared to 41,746,000forthesameperiodin2023[19]−NetinvestmentincomepershareforthethreemonthsendedSeptember30,2024,was41,746,000 for the same period in 2023[19] - Net investment income per share for the three months ended September 30, 2024, was 0.58, a decrease of 6.5% from 0.62inthesameperiodlastyear[19]−ThenetincreaseinnetassetsresultingfromoperationsforthethreemonthsendedSeptember30,2024,was0.62 in the same period last year[19] - The net increase in net assets resulting from operations for the three months ended September 30, 2024, was 36,643,000, compared to 20,149,000intheprioryear,reflectinganincreaseof81.620,149,000 in the prior year, reflecting an increase of 81.6%[19] Portfolio Investments - The company funded 203.2 million in portfolio investments during Q3 2024, compared to 305.0millioninQ22024[6]−Thefairvalueofthecompany′sportfolioinvestmentsroseto305.0 million in Q2 2024[6] - The fair value of the company's portfolio investments rose to 2.05 billion across 202 portfolio companies, up from 1.99billioninQ22024[4]−Thenumberofnewportfoliocompaniesincreasedto18,comparedto14inthesameperiodlastyear,representingagrowthof28.61.99 billion in Q2 2024[4] - The number of new portfolio companies increased to 18, compared to 14 in the same period last year, representing a growth of 28.6%[20] - The total number of portfolio companies at the end of the period was 202, up from 174 in the previous year, marking an increase of 16.1%[20] - The count of investments rose to 457, up from 363 in the previous year, indicating a growth of 25.9%[20] Expenses and Gains - Net expenses rose to 28.8 million in Q3 2024, compared to 20.1millioninQ32023,primarilyduetohigherinterestandmanagementfees[9]−Totalexpensesbeforeexpensesupportandincentivefeeswaivedwere20.1 million in Q3 2023, primarily due to higher interest and management fees[9] - Total expenses before expense support and incentive fees waived were 34,287,000, an increase of 70.5% from 20,091,000inthesameperiodlastyear[19]−Thecompanyrecordedanetrealizedgainof20,091,000 in the same period last year[19] - The company recorded a net realized gain of 1.1 million in Q3 2024, compared to a net loss of (13.1)millioninQ32023[10]DebtandEquity−Thedebttoequityratioincreasedto1.11xasofSeptember30,2024,comparedto1.04xatJune30,2024[11]−Theweightedaverageyieldofdebtandincome−producinginvestmentsdecreasedto10.9(13.1) million in Q3 2023[10] Debt and Equity - The debt to equity ratio increased to 1.11x as of September 30, 2024, compared to 1.04x at June 30, 2024[11] - The weighted average yield of debt and income-producing investments decreased to 10.9% as of September 30, 2024, from 11.9% a year earlier[8] - The weighted average annual interest rate on new debt investments at par was 9.63%, down from 12.07% in the previous year, indicating a decrease of 20.2%[20] Distributions - The company declared a fourth quarter regular distribution of 0.45 per share, payable on January 28, 2025[3]