Nuveen Churchill Private Capital Income Fund Files Regulation FD: Q2 2026 Update

What Happened
Nuveen Churchill Private Capital Income Fund (PCAP) filed an 8‑K (Regulation FD disclosure) on August 28, 2026, providing a Q2 2026 market and portfolio update. The Fund reported a 1.47% quarterly return for Class I, bringing inception‑to‑date annualized returns to 10.55% for Class I, and an annualized net distribution rate of 8.6% for Class I during Q2 2026. NAV for Class I was $23.86 as of June 30, 2026. PCAP reported $3.3 billion in portfolio fair value across 367 companies in 30 industries; Q2 redemptions were ~2.3% of NAV, subscriptions totaled $71.2 million and net inflows for the quarter were $37.8 million. Churchill highlighted deal activity (e.g., joint lead arranger roles on financings for Vesta Foodservice and CallTower) and provided market commentary on private credit conditions and default trends.

Key Details

• Quarterly return (Class I): 1.47%; inception‑to‑date annualized return (Class I): 10.55%.
• NAV (Class I) as of 6/30/2026: $23.86; annualized net distribution rate (Class I) in Q2 2026: 8.6%.
• Portfolio size/focus: $3.3 billion fair value; 367 companies across 30 industries; top 10 investments = 9.4% of portfolio; largest position = 1.1%.
• Credit metrics and risk: weighted avg loan‑to‑value 41.6%; portfolio company weighted avg net leverage 4.8x; weighted avg interest coverage 2.9x (first‑lien loans); three investments on non‑accrual = 0.83% of cost; internally rated watchlist = 3.3% of portfolio (fair value).

Why It Matters
This filing gives retail investors a snapshot of PCAP’s recent performance, liquidity and portfolio health during a volatile period for private credit. Key takeaways: the Fund showed positive quarterly returns and net inflows, maintained a diversified portfolio, and reported low levels of non‑accruals and watchlist exposure. However, valuations are unaudited estimates subject to later adjustment, distributions are not guaranteed (and historically funded from income/gains, not return of capital), and forward‑looking statements involve risks. Investors should weigh the Fund’s reported returns, distribution policy, liquidity/redemption activity and credit metrics when assessing exposure to private credit via PCAP.