Nuveen Churchill Private Capital Income Fund 8-K

What Happened
Nuveen Churchill Private Capital Income Fund filed an 8‑K (Dec 29, 2025) reporting its net asset value and portfolio snapshot as of November 30, 2025 and announcing regular distributions declared Dec 26, 2025. NAV per share was approximately $24.39 (Class I), $24.32 (Class S) and $24.39 (Class D). The Fund reported aggregate NAV of about $1.4 billion, a portfolio fair value of $2.1 billion and $748.5 million in secured borrowings outstanding. The Fund also published recent returns (e.g., Class I YTD 7.40%, 1‑Year 8.39%; Class S YTD 6.57%, 1‑Year 7.49%; Class D YTD 7.21%, 1‑Year 8.18%).

Key Details

• Distributions: Board declared regular distributions on Dec 26, 2025 payable to shareholders of record Dec 31, 2025, payment on or about Jan 29, 2026. Gross distribution per share = $0.170 for all classes; net to holders: Class I $0.170, Class S $0.153 (after $0.017 servicing fee), Class D $0.165 (after $0.005 servicing fee).
• Portfolio size & leverage: 314 portfolio companies; $2.1 billion in investments (at cost); average position size 0.32% of portfolio; secured borrowings $748.5 million.
• Portfolio composition & yield: 92.82% first‑lien debt, 3.02% second‑lien, 2.17% mezzanine/structured debt, 1.99% equity (fair value). On a fair‑value basis 95.69% of debt is floating-rate. Weighted average yield on debt and income-producing investments = 9.02% (excludes non‑accruals).
• Concentration: Top industry exposures include Services: Business 18.32%, Healthcare & Pharmaceuticals 13.84%, High Tech 8.44%; largest single holding = Healthspan Buyer, LLC ~1.43% of fair value.

Why It Matters
This filing gives shareholders a current snapshot of NAV, portfolio composition, leverage and income distribution policy. The declared distribution (paid late Jan 2026) and the reported 9.02% weighted average yield indicate sources for current income, while the $748.5M in secured borrowings and portfolio mix (heavy first‑lien, mostly floating‑rate debt) are key for assessing risk and sensitivity to interest rates. Note these figures are adviser‑determined as of Nov 30, 2025, are unaudited in this filing, and may differ from amounts in the Fund’s forthcoming Form 10‑K.