Nuveen Churchill Private Capital Income Fund 8-K

What Happened

• Nuveen Churchill Private Capital Income Fund (the "Fund") filed an 8‑K reporting that on April 28, 2026 its investment adviser, Churchill PCIF Advisor LLC, agreed to waive 50% of the incentive fee based on income payable to the adviser for the period March 1–31, 2026. This waiver does not change how the incentive fee is calculated under the Advisory Agreement (dated May 28, 2024, as amended July 30, 2025).
• The Fund also reported March 31, 2026 metrics: NAV per share (approximate public offering price) of $24.02 for Class I and Class D and $23.94 for Class S; aggregate NAV of about $1.4 billion; fair value of investments $2.4 billion; and secured borrowings of $994.0 million. The Board declared regular distributions of $0.170 gross per share for all classes (payable on or about May 28, 2026 to holders of record April 30, 2026).

Key Details

• Adviser fee waiver: 50% of the incentive fee based on income for March 1–31, 2026 (Fee Waiver Agreement dated April 28, 2026).
• NAV and leverage: Aggregate NAV ≈ $1.4 billion; investment portfolio fair value $2.4 billion; secured borrowings $994.0 million.
• Portfolio & yield: Investments in 337 companies; $2.4 billion in investments (at cost); weighted average yield on debt and income-producing investments (fair value) 8.75%; 96.0% of debt investments floating-rate.
• Distributions: Gross regular distribution $0.170 per share for Class I, S and D; net distributions after servicing fees — Class I $0.170, Class S $0.153, Class D $0.165.

Why It Matters

• The adviser’s temporary fee waiver reduces the adviser’s income for March and modestly benefits shareholders for that month, but it is limited to the March 1–31, 2026 period and does not change the adviser’s fee formula going forward.
• The March NAV, portfolio size, yield and nearly $1.0 billion of secured borrowings give investors a snapshot of the Fund’s scale, leverage and income profile; the reported 8.75% weighted average yield and high floating-rate exposure are key drivers of future income but are portfolio-level metrics (not shareholder returns).
• Investors should note the data was prepared by the adviser as valuation designee and is unaudited; the Fund’s upcoming Form 10‑Q may present materially different figures.