Nuveen Churchill Private Capital Income Fund

03/28/2024 | Press release | Distributed by Public on 03/28/2024 15:31

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
February 29, 2024
Class I shares
$24.75
Class S shares
$24.72
Class D shares
$24.75

As of February 29, 2024, the Fund's aggregate NAV was approximately $382.1 million, the fair value of its investment portfolio was $562.7 million, and it had $184.3 million in secured borrowings outstanding. For Class I shareholders, the Fund generated a 1.06%, 3.67% and 13.06% total return for the 1-month, 3-months and 12-months ended February 29, 2024, respectively, and a 10.71%1total return for the period beginning March 30, 2022 (date on which Class I shares were first issued) to February 29, 2024. For Class S shareholders, the Fund generated a 0.98% and 3.42% total return for the 1-month and 3-months ended February 29, 2024, and a 5.31% total return for the period beginning October 2, 2023 (date on which Class S shares were first issued) to February 29, 2024.2For Class D shareholders, the Fund generated a 1.04% and 3.61% total return for the 1-month and 3-months ended February 29, 2024, and a 5.66% total return for the period beginning October 2, 2023 (date on which Class D shares were first issued) to February 29, 2024.2

Distributions

On March 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 distribution is payable to shareholders of record as of March 31, 2024 and the payment date is on April 29, 2024.

Gross
Regular Distribution
Shareholder Servicing
Fee
Net Regular
Distribution
Class I shares
$0.250 $- $0.250
Class S shares
$0.250 $0.017 $0.233
Class D shares
$0.250 $0.005 $0.245

Portfolio Update

As of February 29, 2024, the Fund had debt investments and equity investments in 178 portfolio companies with an aggregate of $566.7 million (at cost) and an average position size of 0.87%.3As of February 29, 2024, the Fund's investments consisted of 79.51% first-lien term loans, 9.28% second-lien debt investments, 8.90% mezzanine debt investments, and 2.31% equity investments (at fair value). As of February 29, 2024, on a fair value basis, 86.00% of the Fund's debt investments bear interest at a floating rate and 14.00% of the Fund's debt investments bear a fixed rate. As of February 29, 2024, the weighted average yield on the debt and income producing investments at fair value was 11.44%.4

As of February 29, 2024, our portfolio companies had a weighted average reported EBITDA (including all private debt investments and excluding quoted assets) of $65.0 million. Including all quoted assets as of February 29, 2024, our portfolio companies had a weighted average reported EBITDA of $192.1 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 February 29, 2024 was as follows:

Industry
February 29, 2024
Aerospace & Defense 2.06 %
Automotive 1.21 %
Banking, Finance, Insurance, Real Estate 1.81 %
Beverage, Food & Tobacco 9.54 %
Capital Equipment 4.05 %
Chemicals, Plastics, & Rubber 3.83 %
Construction & Building 5.50 %
Consumer Goods: Durable 3.19 %
Consumer Goods: Non-Durable 6.58 %
Containers, Packaging & Glass 3.18 %
Energy: Electricity 0.39 %
Energy: Oil & Gas 2.80 %
Environmental Industries 2.99 %
Healthcare & Pharmaceuticals 10.01 %
High Tech Industries 4.77 %
Hotel, Gaming & Leisure 0.44 %
Media: Advertising, Printing & Publishing 1.16 %
Media: Broadcasting & Subscription 0.61 %
Metals and Mining 0.09 %
Retail 0.05 %
Services: Business 17.20 %
Services: Consumer 6.48 %
Sovereign & Public Finance 0.70 %
Telecommunications 2.12 %
Transportation: Cargo 2.09 %
Transportation: Consumer 1.54 %
Utilities: Electric 0.47 %
Utilities: Water 1.30 %
Wholesale 3.84 %
Total
100.00 %












The Fund's top ten portfolio companies as of February 29, 2024 were as follows:

Portfolio Company Industry % of Fair Value of Investments
Supply One Chemicals, Plastics, & Rubber 1.96 %
Revision Skincare Consumer Goods: Non-Durable 1.83 %
Spice World Beverage, Food & Tobacco 1.78 %
Service Express Services: Business 1.78 %
Kofile Services: Business 1.74 %
Class Valuation Services: Business 1.73 %
Abrasive Products and Equipment (AP&E) Energy: Oil & Gas 1.59 %
Pacur Containers, Packaging & Glass 1.48 %
Precision Aviation Group Aerospace & Defense 1.30 %
USA Water Utilities: Water 1.30 %
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 February 29, 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 March 31, 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.