---
schema_version: "secwatch.filing_event.v1"
accession: "0001737924-26-000048"
form_type: "8-K"
ticker: "NCDL"
cik: "0001737924"
company_name: "Nuveen Churchill Direct Lending Corp."
filed_at: "2026-05-07T23:59:59+00:00"
generated_at: "2026-05-14T21:54:06.569776+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Nuveen Churchill Q1 NII $0.41/shr, NAV $17.50, declares $0.38 Q2 distribution

## Summary
- Q1 net investment income $0.41 per share; net realized/unrealized loss of $0.23 per share; net asset value $17.50 (down from $17.72).
- Board declares Q2 distribution of $0.38/shr ($0.36 regular + $0.02 supplemental), payable July 28 to June 30 record holders.
- Portfolio fair value $2.0B across 236 companies; 89.7% first-lien; non-accruals at 0.6% of fair value (up from 0.5%).
- Investment income of $46.3M down 14% YoY from $53.6M; net expenses $26.2M flat; net realized loss $3.3M.
- Debt/equity ratio 1.32x (1.26x net); $1.1B debt; $233M revolver availability; CLO refinancing reduced borrowing costs.

## SEC filing metadata
- accession: 0001737924-26-000048
- form_type: 8-K
- ticker: NCDL
- cik: 0001737924
- company_name: Nuveen Churchill Direct Lending Corp.
- filed_at: 2026-05-07T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1737924/000173792426000048/0001737924-26-000048-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1737924/000173792426000048/ncdlc-20260507.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001737924-26-000048
- JSON: https://secwatch.observer/filing/0001737924-26-000048.json
- Plain text: https://secwatch.observer/filing/0001737924-26-000048.txt

## Source-grounded claims
- claim_id: 949cecf40af1d5ec2f0d41c6967aa21b3f24cddb
  claim: Nuveen Churchill Direct Lending Corp. reported financial results for first quarter ended March 31, 2026.
  evidence_excerpt: NEW YORK, May 7, 2026 - Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) (“NCDL” or the “Company”), a business development company externally managed by its investment adviser, Churchill DLC Advisor LLC (the “Adviser”), and by its sub-adviser, Churchill Asset Management LLC (“Churchill”), today reported financial results for the first quarter ended March 31, 2026.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1737924/000173792426000048/0001737924-26-000048-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.