Nuveen Churchill Direct Lending (NYSE:NCDL) reported lower first-quarter earnings as declining base rates and one-time refinancing costs weighed on net investment income, while management said the company’s middle-market portfolio remained resilient despite market volatility and negative headlines around private credit.
The business development company reported net investment income of $0.41 per share for the first quarter of 2026, down from $0.44 per share in the fourth quarter of 2025. Chairman, President and CEO Ken Kencel said the result included approximately $0.02 per share of one-time interest and debt financing expenses. Excluding those non-recurring items, net investment income was $0.43 per share.
