Nuveen Churchill Direct Lending Corp. reported second quarter results on August 6 that showed net investment income of $0.41 per share covering its $0.36 regular distribution, even as net asset value fell for a second straight quarter and loans on non-accrual nearly tripled. The board declared a third-quarter distribution of $0.38 per share, split between a $0.36 regular payout and a $0.02 supplemental one, payable on or around October 27 to shareholders of record as of September 30. Net asset value slipped to $17.19 per share from $17.50 three months earlier, driven by a net realized and unrealized loss of $0.34 per share that left the net increase in net assets from operations at just $0.07 per share. Nine portfolio companies sat on non-accrual status as of June 30, representing 1.5% of investments at fair value and 2.7% at cost, up from five companies and 0.6% of fair value in the prior quarter, while investment income fell to $44.3 million from $53.1 million a year earlier and the weighted average yield on debt investments dropped to 9.3% from 10.1%. Management spent July reworking the balance sheet, redeeming the CLO-III facility in full at par on July 7 for $297.9 million in principal and $302.5 million in total proceeds, forming a joint venture that same day with $92.8 million committed against the partner's $13.3 million, and issuing an additional $100 million of its existing 2030 Notes on July 12 paired with an interest rate swap locking in a fixed 6.65% rate. Expenses fell to $24.1 million from $30.3 million a year earlier and the debt-to-equity ratio ticked down to 1.29x from 1.32x, leaving unsecured notes at 41% of debt on a pro forma basis, while the portfolio shrank to $1.9 billion in fair value across 244 companies from $2.0 billion across 236 companies.
Nuveen Churchill Direct Lending Corp.Q2 NII of $0.41 covered the distribution but NAV slipped to $17.19 on a $0.34 per-share loss and non-accruals nearly tripled to nine companies.
Bank of Chongqing Co Ltd