Private Credit Portfolio Analysis | Nuveen Churchill Direct Lending Corp. Reports Q3 2024 Results
- Editor
- Nov 8, 2024
- 2 min read
What's New: Nuveen Churchill Direct Lending Corp. reported its Q3 2024 results, showing significant growth in assets and stockholders' equity. The fund's total assets increased to $2.14 billion as of September 30, 2024, up from $1.73 billion at the end of 2023. Stockholders' equity also rose to $990.61 million, compared to $747.89 million at the end of the previous year.
Portfolio Dynamics:
• The fund's investment portfolio, excluding cash equivalents, grew to $2.05 billion as of September 30, 2024, from $1.64 billion at the end of 2023.
• Cash and cash equivalents increased slightly to $69.30 million from $67.40 million at the end of 2023.
• Interest receivable remained relatively stable at $18.13 million, compared to $17.67 million at the end of 2023.
Investment Activity :
• The fund made significant investments, with payments for purchases of investments totaling $712.46 million in the first nine months of 2024.
• Proceeds from disposition of investments amounted to $310.49 million during the same period.
• The fund recognized $1.52 million in realized losses and $3.99 million in unrealized losses on investments for the nine months ended September 30, 2024.
Capital Structure:
• Secured debt increased to $1.09 billion as of September 30, 2024, from $943.94 million at the end of 2023.
• The fund raised $241.66 million from issuance of common stock in the first nine months of 2024.
• Total liabilities grew to $1.15 billion from $982.98 million at the end of 2023.
Performance Profile:
• Net income for the third quarter of 2024 was $36.64 million, up from $20.15 million in the same quarter of 2023.
• For the nine months ended September 30, 2024, net income was $86.87 million, compared to $47.17 million for the same period in 2023.
• Net Asset Value per share slightly increased to $18.15 as of September 30, 2024, from $18.13 at the end of 2023.
Risk & Quality:
• The fund paid $67.37 million in dividends to common stockholders in the first nine months of 2024.
• Interest paid on debt increased to $50.60 million for the nine months ended September 30, 2024, from $37.86 million in the same period of 2023.
• The fund repurchased $11.08 million worth of common stock during the first nine months of 2024.
The Wrap: Nuveen Churchill Direct Lending Corp. demonstrated strong growth in Q3 2024, with increases in total assets, investment portfolio, and net income. The fund continued to actively manage its portfolio, making substantial new investments while also realizing proceeds from dispositions. Despite higher interest payments on increased debt, the fund maintained a stable NAV per share and continued to pay dividends to stockholders.
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