Nuveen Churchill Private Capital Income Fund 8-K

What Happened
Nuveen Churchill Private Capital Income Fund announced an incentive fee waiver with its investment adviser, Churchill PCIF Advisor LLC, under which the Adviser agreed to waive 50% of the incentive fee based on income payable for the period April 1–30, 2026. The Fund also reported its net asset value and portfolio updates as of April 30, 2026, and the board declared regular distributions payable around June 29, 2026 to shareholders of record on May 31, 2026.

Key Details

• Adviser fee waiver: Churchill PCIF Advisor LLC agreed to waive 50% of the incentive fee based on income for April 1–30, 2026; the Advisory Agreement’s calculation method is unchanged.
• NAV and balance sheet (as of April 30, 2026): Class I $24.00, Class S $23.91, Class D $24.00; aggregate NAV ≈ $1.5 billion; portfolio fair value $2.5 billion; secured borrowings outstanding $1.3 billion.
• Distributions: Board declared gross regular distributions of $0.170 per share for Class I, S and D. After shareholder servicing fees, net distributions are: Class I $0.170, Class S $0.153 (fee $0.017), Class D $0.165 (fee $0.005). Record date May 31, 2026; payment on/about June 29, 2026.
• Portfolio and performance snapshot: 342 portfolio companies; $2.5 billion in investments (at cost); average position size 0.29% of portfolio; capital structure mix ~93.0% first‑lien debt, 2.55% second‑lien, 2.12% mezzanine/structured debt, 2.35% equity (fair value). Weighted average yield on debt and income-producing investments (fair value) 8.74%. Class I 1‑month return 0.62%, 1‑year 6.83%, since inception 10.69%.

Why It Matters
The fee waiver reduces the adviser‑level incentive fee payable to the Adviser for April 2026, modestly increasing distributable income for shareholders for that month. The NAV, leverage ($1.3B secured borrowings vs. $1.5B NAV), portfolio composition (heavy first‑lien debt exposure), and the declared distributions give investors current visibility into the Fund’s assets, income profile (weighted yield ~8.74%), and near‑term cash payout. Note the valuation and portfolio figures are Adviser‑determined and subject to Board review and may differ from the Fund’s later quarterly filing.