Nuveen Churchill Private Capital Income Fund

06/28/2024 | Press release | Distributed by Public on 06/28/2024 14:40

Material Event Form 8 K

Item 8.01 Other Events.
Net Asset Value
In accordance with Nuveen Churchill Private Capital Income Fund's (the "Fund") valuation policy, the Fund intends to sell its shares on the first business day of each month at an offering price that it believes reflects the net asset value ("NAV") per share at the end of the preceding month. The table below sets forth the public offering prices for the Fund's Class I, Class S, and Class D shares of beneficial interest, which was approximately equal to their respective NAV per share.
NAV as of
May 31, 2024
Class I shares
$24.65
Class S shares
$24.60
Class D shares
$24.64
As of May 31, 2024, the Fund's aggregate NAV was approximately $712.2 million, the fair value of its investment portfolio was $826.8 million, and it had $24.0 million in secured borrowings outstanding. For Class I shareholders, the Fund generated a 0.88%, 2.24% and 12.50% total return for the 1-month, 3-months and 12-months ended May 31, 2024, respectively, and a 10.70%1total return for the period beginning March 30, 2022 (date on which Class I shares were first issued) to May 31, 2024. For Class S shareholders, the Fund generated a 0.78% and 1.96% total return for the 1-month and 3-months ended May 31, 2024, and a 6.94% total return for the period beginning October 2, 2023 (date on which Class S shares were first issued) to May 31, 2024.2For Class D shareholders, the Fund generated a 0.85% and 2.17% total return for the 1-month and 3-months ended May 31, 2024, and a 7.52% total return for the period beginning October 2, 2023 (date on which Class D shares were first issued) to May 31, 2024.2
Distributions
On June 28, 2024, the Fund's board of trustees (the "Board") declared regular distributions for each class of its shares of beneficial interests in the amount per share set forth below. The regular distributions are payable to shareholders of record as of June 30, 2024 and the payment date is on July 29, 2024.
Gross
Regular Distribution
Shareholder Servicing
Fee
Net Regular
Distribution
Class I shares
$0.200 $- $0.200
Class S shares
$0.200 $0.017 $0.183
Class D shares
$0.200 $0.005 $0.195
Portfolio Update
As of May 31, 2024, the Fund had debt investments and equity investments in 214 portfolio companies with an aggregate of $833.5 million (at cost) and an average position size of 0.47%.3As of May 31, 2024, the Fund's investments consisted of 86.68% first-lien term loans, 6.03% second-lien debt investments, 5.62% mezzanine debt investments, and 1.67% equity investments (at fair value). As of May 31, 2024, on a fair value basis, 90.21% of the Fund's debt investments bear interest at a floating rate and 9.79% of the Fund's debt investments bear a fixed rate. As of May 31, 2024, the weighted average yield on the debt and income producing investments at fair value was 10.71%.4
As of May 31, 2024, our portfolio companies had a weighted average reported EBITDA (including all private debt investments and excluding quoted assets) of $71.9 million. Including all quoted assets as of May 31, 2024, our portfolio companies had a weighted average reported EBITDA of $382.5 million. EBITDA amounts are derived from the most recently available portfolio company financial statements and are weighted based on the fair market value of each respective investment as of its most recent valuation.
1 Total returns are annualized for periods longer than one year.
2Total return excludes the impact of the upfront sales load.
3 Average position size is calculated as a percentage of the total fair value of the Fund's investment portfolio.
4 The weighted average yield of the Fund's debt and income producing securities is not the same as a return on investment for the Fund's shareholders, but rather relates to the Fund's investment portfolio and is calculated before the payment of all of the Fund's and its subsidiary's fees and expenses. The weighted average yield was computed using the effective interest rates as of each respective date, including accretion of original issue discount, but excluding investments on non-accrual status, if any. There can be no assurance that the weighted average yield will remain at its current level.
The industry composition of the Fund's portfolio as a percentage of fair value as of May 31, 2024 was as follows:
Industry
May 31, 2024
Aerospace & Defense 1.50 %
Automotive 1.34 %
Banking, Finance, Insurance, Real Estate 2.91 %
Beverage, Food & Tobacco 7.36 %
Capital Equipment 4.96 %
Chemicals, Plastics, & Rubber 2.94 %
Construction & Building 5.46 %
Consumer Goods: Durable 3.44 %
Consumer Goods: Non-Durable 5.04 %
Containers, Packaging & Glass 3.86 %
Diversified Conglomerate Service 0.21 %
Energy: Electricity 0.27 %
Energy: Oil & Gas 1.14 %
Environmental Industries 3.48 %
Healthcare & Pharmaceuticals 10.53 %
High Tech Industries 9.42 %
Hotel, Gaming & Leisure 0.62 %
Media: Advertising, Printing & Publishing 1.07 %
Media: Broadcasting & Subscription 0.79 %
Media: Diversified and Production 0.24 %
Metals and Mining 0.32 %
Retail 0.04 %
Services: Business 17.06 %
Services: Consumer 5.50 %
Sovereign & Public Finance 0.79 %
Telecommunications 1.62 %
Transportation: Cargo 1.55 %
Transportation: Consumer 2.05 %
Utilities: Electric 0.82 %
Utilities: Water 0.87 %
Wholesale 2.80 %
Total
100.00 %
The Fund's top ten portfolio companies as of May 31, 2024 were as follows:
Portfolio Company Industry % of Fair Value of Investments
Diligent Corporation High Tech Industries 2.10 %
New ILC Dover, Inc. Containers, Packaging & Glass 1.80 %
VMG Health Healthcare & Pharmaceuticals 1.69 %
Revision Skincare Consumer Goods: Non-Durable 1.25 %
Spice World Beverage, Food & Tobacco 1.22 %
Service Express Services: Business 1.21 %
Class Valuation Services: Business 1.18 %
Trilon Group Services: Business 1.18 %
Motion & Control Enterprises Capital Equipment 1.16 %
Kofile Services: Business 1.16 %
Past performance is not necessarily indicative of future performance, and there can be no assurance that the Fund will achieve comparable investment results, or that any targeted returns will be met.
The information presented above is based on the determination of Churchill Asset Management LLC ("Churchill"), in its capacity as the Board's valuation designee (the "Valuation Designee"), as of May 31, 2024 and remains subject to the review and oversight by the Board to determine that the Valuation Designee selected and consistently applied the appropriate valuation methodologies in connection with the Valuation Designee's determination of the fair value of the Fund's portfolio securities. Consequently, the data set forth in the Fund's Quarterly Report on Form 10-Q for the fiscal quarter ending June 30, 2024 may differ from this information, and any such differences may be material. In addition, the information presented above does not include all of the information regarding our financial condition and results of operations that may be important to investors. As a result, investors are cautioned not to place undue reliance on the information presented above. Neither PricewaterhouseCoopers LLP, the Fund's independent registered public accounting firm, nor any other independent accountants, have audited, reviewed, compiled or performed procedures with respect to the financial data contained herein. Accordingly, PricewaterhouseCoopers LLP does not express an opinion or any form of assurance with respect thereto and assumes no responsibility for, and disclaims any association with, this information.
Teachers Insurance and Annuity Association of America, the ultimate parent company of the Fund's investment adviser, may, from time to time, sell a portion of its Class I shares of beneficial interest in the Fund to unaffiliated investors in reliance upon an exemption from registration under the Securities Act of 1933, amended.