Nuveen Churchill Direct Lending Corp Reports Financial Results for Q2 2024
Intellectia.AI2024-08-08
Nuveen Churchill Direct Lending Corp. Reports Financial Results for Q2 2024
Nuveen Churchill Direct Lending Corp. (NYSE:NCDL) ("NCDL" or the "Company") has released its financial results for the quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | YoY Comparison | Consensus Estimates (if provided) |
|---|---|---|---|---|
| Total Revenue | $55.1 million | Not provided | $37.1 million | Not provided |
| Earnings per Share (EPS) | $0.57 | Not provided | Not provided | Not provided |
| Net Asset Value (NAV) per Share | $18.03 | $18.21 | Not provided | Not provided |
| Net Investment Income per Share | $0.57 | Not provided | Not provided | Not provided |
| Net Realized and Unrealized Loss on Investments per Share | $(0.20) | Not provided | Not provided | Not provided |
| Net Increase in Net Assets from Operations per Share | $0.37 | Not provided | Not provided | Not provided |
NCDL reported a strong net investment income of $0.57 per share, with a slight decline in NAV per share from $18.21 in Q1 2024 to $18.03 in Q2 2024. The Company's total revenue saw a significant YoY increase, rising to $55.1 million from $37.1 million in Q2 2023.
Segment Revenue Performance
| Segment | Q2 2024 Revenue | Q1 2024 Revenue | Comparison to Guidance (if provided) |
|---|---|---|---|
| First-Lien Term Loans | 90.6% of portfolio by fair value | 89.0% of portfolio by fair value | Not provided |
| Subordinated Debt Investments | 7.8% of portfolio by fair value | 9.3% of portfolio by fair value | Not provided |
| Equity Investments | 1.6% of portfolio by fair value | 1.8% of portfolio by fair value | Not provided |
The portfolio's fair value saw modest changes, with an increase in first-lien term loans to 90.6% from 89.0% and a decrease in subordinated debt investments and equity investments. NCDL noted stable credit quality and a consistent weighted average internal risk rating of 4.1.
Key Operational Data
| Operating Metric | Q2 2024 | Q1 2024 | YoY Comparison |
|---|---|---|---|
| Fair Value of Portfolio Investments | $2.0 billion | $1.8 billion | Not provided |
| New Portfolio Investments Funded | $305 million | $204.3 million | Not provided |
| Proceeds from Principal Repayments and Sales | $100 million | $54.9 million | Not provided |
| Loans on Non-Accrual Status (at amortized cost) | 1.4% | 0.4% | Not provided |
The company saw an increase in the fair value of its portfolio to $2.0 billion and significant funding and repayment activities during Q2 2024.
Executive Comments
Ken Kencel, President and CEO: “I am pleased with the momentum NCDL has maintained, generating net investment income to support an attractive 12.3% annualized dividend yield to shareholders.”
Shai Vichness, CFO: “Our portfolio’s fair value rose to $2.0 billion. We remain confident in our strategy and our ability to provide strong risk-adjusted returns.”
Distribution Declaration
NCDL declared a third quarter regular distribution of $0.45 per share, payable on October 28, 2024, to shareholders of record as of September 30, 2024. Additionally, a special distribution of $0.10 per share is scheduled for October 28, 2024.
Forward Guidance
No specific forward guidance was provided in the earnings release.
Stock Price Movement After Earnings Release
The company's stock price saw a slight increase of 0.29% following the earnings announcement.
In summary, NCDL demonstrates robust investment income growth and a stable portfolio, reflecting prudent management and solid market positioning.
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