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The performance of the VanEck BDC Income Exchange Traded Fund, which includes over 30 BDCs in its market cap-weighted index, gives a good sense of how BDCs performed in these different environments. During the rate-cutting period, which initiated the pressure on BDC profits, BDCs have had to cope with the DeepSeek AI shock, peaking just ahead of that event on 19 February 2025. With AI technologies seemingly set to destroy any potential profitability these firms had, many BDCs were suddenly faced with having to write down large portions of their portfolios. But not all BDCs are in that boat.

We take a look at the action in business development companies through the last week of February and highlight some of the key themes we are watching. BDCs fell sharply on Friday, likely as a result of a bankruptcy of a UK mortgage provider. Q4 earnings are largely fine in aggregate, if not spectacular.

Nuveen Churchill Direct Lending Corp (NCDL) remains under pressure, with a 25.6% share price decline and a 20% dividend cut despite a deep NAV discount. NCDL's portfolio struggles with negative net funded investment activity and persistent NAV erosion, as new investments fail to offset sales and repayments. Debt-to-equity has risen to 1.27x, and while non-accruals are low at 0.5%, limited portfolio growth and high rates threaten further deterioration.

Nuveen Churchill Direct Lending Corp. (NCDL) came out with quarterly earnings of $0.44 per share, beating the Zacks Consensus Estimate of $0.43 per share. This compares to earnings of $0.56 per share a year ago.

Nuveen Churchill Direct Lending Corp. (NCDL) Q4 2025 Earnings Call Transcript

NEW YORK--(BUSINESS WIRE)--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 full year and fourth quarter ended December 31, 2025. Financial Highlights for the Quarter Ended December 31, 2025 Net investment income of $0.44 per share Net rea.

NEW YORK--(BUSINESS WIRE)--Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) (“NCDL” or “the Company”), today announced it will report its financial results for the fourth quarter and full year ended December 31, 2025, on Thursday, February 26, 2026, before the market opens. The Company will host an earnings conference call and public webcast at 10:00 AM Eastern Time the same day to discuss its financial results. All interested parties may participate in the conference call by dialing (866)-60.