Nuveen Churchill (NCDL) Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Thu, February 26, 2026 astatine 10:43 AM CST 25 min read

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Thursday, February 26, 2026 astatine 10:00 a.m. ET

• Chief Executive Officer — Kenneth Kencel

• Chief Financial Officer and Treasurer — Shaul Vichness

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Kenneth Kencel, and Chief Financial Officer and Treasurer, Shaul Vichness. Following our prepared remarks, we volition beryllium disposable to instrumentality your questions. Today's telephone whitethorn see forward-looking statements. Such statements impact known and chartless risks, uncertainties, and different factors, and undue reliance should not beryllium placed thereon. These forward-looking statements are not humanities facts but alternatively are based connected existent expectations, estimates, and projections astir the company, our existent and prospective portfolio investments, our industries, our beliefs and opinions, and our assumptions. These statements are not guarantees of aboriginal show and are taxable to risks, uncertainties, and different factors, immoderate of which are beyond our power and hard to predict. Actual results whitethorn disagree materially from those expressed oregon forecasted successful the forward-looking statements. We inquire that you notation to the company's astir caller filings with the SEC for important hazard factors. Any forward-looking statements made contiguous bash not warrant aboriginal show and undue reliance should not beryllium placed connected them. The institution assumes nary work to update immoderate forward-looking statements astatine immoderate time. Our net release, 10-Ks, and supplemental net presumption are disposable connected the News and Investors sections of our website astatine https: //www.ncdl.com. I volition present crook the telephone implicit to Kenneth Kencel.

Kenneth Kencel: Thank you, Robert. Hello, everyone, and convey you each for joining america today. I would similar to commencement by discussing our results for the 4th fourth and afloat year, and past I volition supply immoderate thoughts connected the existent marketplace conditions, economical environment, portfolio positioning, and our guardant outlook for 2026. I volition past manus the telephone implicit to Shay for a much elaborate treatment of our fiscal performance.

Before getting into the results for Nuveen Churchill Direct Lending Corp., I deliberation it is important to bespeak connected the past year. 2025 was littered with headlines including a alteration successful administration, tariffs, involvement complaint reductions, geopolitical tensions, and a fewer ample bankruptcies. Private recognition besides garnered important media attention, largely, we believe, owed to the meaningful maturation of the manufacture implicit the past decade. All of these headlines led to impermanent marketplace shares and a pullback successful BDC banal valuations. In our view, the disruption successful the assemblage has created a compelling concern opportunity. We punctual investors that nonstop lending has been astir for respective decades; it did not look overnight.