Nuveen Churchill Direct Lending Q3 Earnings Call Highlights

Impact · against what's priced in

NCDL shows strong operational momentum with a significant rebound in originations and a successful joint venture launch that improves yield. While a slight increase in the internal watch list suggests emerging credit pressure, the company's ability to cover distributions with a surplus supports a positive outlook.

NCDL+0.40

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In context

Originations surged from $12.1 million in Q2 to $213.3 million in Q3, and adjusted NII of $0.39 per share comfortably covers the $0.36 regular distribution.

Read from the article alone

• NCDLNew
• private credit▲300%
• m and a▲<1%
• earnings
• dividends
• direct lending
• first lien loans