Nuveen Churchill Direct Lending Cuts Regular Dividend 20% to $0.36
Nuveen Churchill Direct Lending Corp. (NYSE: NCDL), a business development company, declared a first quarter distribution of $0.40 per share, marking a reduction in its regular quarterly dividend from $0.45 to $0.36 per share.
Nuveen Churchill Direct Lending Corp. (NYSE: NCDL), a business development company providing capital to middle-market firms, declared a first quarter distribution of $0.40 per share on February 26, 2026. The payout consists of a regular distribution of $0.36 per share and a supplemental distribution of $0.04 per share. Read more dividend announcements.
The announcement represents a 20% reduction in the company's regular quarterly dividend, which had held steady at $0.45 per share since the second quarter of 2024. The new regular rate of $0.36 per share translates to a 9% annualized distribution yield based on the company's current net asset value.
NCDL will pay the distribution on April 28, 2026 to shareholders of record as of March 31, 2026. No ex-dividend date was specified in the announcement.
| Dividend Details | Amount |
|---|---|
| Regular Distribution | $0.36 per share |
| Supplemental Distribution | $0.04 per share |
| Total Distribution | $0.40 per share |
| Record Date | March 31, 2026 |
| Payment Date | April 28, 2026 |
Chief Financial Officer Shai Vichness said the company reset its regular quarterly distribution to reflect the current interest rate and spread environment. NCDL paid $1.90 per share in total distributions during 2025 and delivered a return on equity of nearly 11% for the year.
Fourth Quarter Performance
The company reported net investment income of $0.44 per share for the fourth quarter ended December 31, 2025. Net asset value stood at $17.72 per share as of year-end, down from $17.85 per share at September 30, 2025.
NCDL's investment portfolio totaled $2.0 billion in fair value across 227 portfolio companies as of December 31, 2025. First-lien debt investments comprised 89.5% of the portfolio, with subordinated debt at 8.2% and equity investments at 2.3%.
Only 0.5% of the total portfolio at fair value was on non-accrual status at year-end, representing investments in four portfolio companies. The company's board also authorized a $50 million share repurchase program to buy stock in the open market at prices below net asset value per share.