Nuveen Churchill Private Capital Income Fund 8-K

What Happened

• Nuveen Churchill Private Capital Income Fund (PCAP), a perpetual-life non‑traded BDC advised by Churchill Asset Management, filed an 8‑K on June 12, 2026 providing a Regulation FD market and portfolio update for the quarter ended March 31, 2026. The filing reports a Class I quarterly return of 0.87%, an inception‑to‑date annualized total return of 10.69% for Class I, and a Class I NAV of $24.02 per share as of March 31, 2026. The Fund says market spreads widened modestly (about 25–50 bps) in Q1 and that PCAP’s portfolio fundamentals remain resilient.

Key Details

• Q1 2026 performance and liquidity: Class I Q1 return 0.87%; annualized net distribution rate for Class I 8.5%; redemptions ≈ 2.9% of NAV; subscriptions (including DRIP) $120.0 million; net inflows $78.0 million for Q1.
• Portfolio size and diversification: $2.4 billion portfolio (at cost) with 337 positions across 30 industries; top 10 positions = 10.8% of portfolio; largest position ≈ 1.2%.
• Credit and leverage metrics: weighted average loan‑to‑value of debt portfolio 41.8%; total net leverage 4.7x; interest coverage 2.6x on core middle‑market first‑lien loans; internally rated “watchlist” credits = 3.4% of portfolio; one investment on non‑accrual (fair value $0).
• Sector exposure and activity: software exposure about 6% of portfolio (no recurring‑revenue loans); nearly 60% of deal activity in Q1 were add‑ons/incrementals; Churchill-led deals highlighted (e.g., Canopy Service Partners and Healthcare Linen Services Group).

Why It Matters

• For retail investors, the filing provides current, concrete portfolio and performance figures and emphasizes PCAP’s focus on sponsor‑backed core middle‑market lending (companies with ~$10–100M EBITDA). The Fund reports positive quarterly returns, steady distributions, diversified holdings and net inflows—signals that Churchill views portfolio credit quality as holding up despite modest spread widening and market volatility. Investors should note these are unaudited, internal metrics and forward‑looking comments in the filing are subject to risks and may change.