Nuveen Churchill Private Capital Income Fund 8-K

What Happened

• Nuveen Churchill Private Capital Income Fund filed an 8-K reporting that, on March 30, 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 February 1–28, 2026. The waiver does not change the incentive-fee calculation in the Advisory Agreement.
• The filing also provided the Fund’s monthly valuation and portfolio update as of February 28, 2026, including NAVs, portfolio size, leverage and declared regular distributions.

Key Details

• Incentive fee waiver: Adviser agreed to waive 50% of the incentive fee based on income for Feb 1–28, 2026 (Fee Waiver Agreement dated March 30, 2026).
• NAV and balance sheet snapshot (as of Feb 28, 2026): Class I NAV $24.16, Class S NAV $24.09, Class D NAV $24.16; aggregate NAV ≈ $1.5 billion; portfolio fair value $2.4 billion; secured borrowings $921.0 million.
• Performance & flows: Class I 1‑year return 7.33%; Q1 2026 gross subscriptions ≈ $120.0 million; ~3.2% of outstanding shares (as of Dec 31, 2025) were validly tendered under a repurchase offer that expired Mar 27, 2026.
• Distributions: Board declared regular distributions on Mar 27, 2026 payable on or about Apr 28, 2026. Gross per-share distributions = $0.170 for all classes; net totals: Class I $0.170, Class S $0.153 (after $0.017 servicing fee), Class D $0.165 (after $0.005 servicing fee).
• Portfolio composition (Feb 28, 2026): 334 portfolio companies; investments at cost $2.4 billion; ~93.08% first‑lien debt; weighted average yield on debt and income-producing investments 8.70%; software exposure ~6% of portfolio by fair value.

Why It Matters

• The one-month incentive fee waiver reduces adviser fees for February 2026 and modestly improves net income available to shareholders for that period; it does not change the adviser’s fee formula going forward.
• The NAV, portfolio size, leverage and yield figures give investors a current view of the Fund’s scale ($1.5B NAV), leverage ($921M secured borrowings), and portfolio income characteristics (8.70% weighted average yield).
• Recent inflows (~$120M in Q1) and the repurchase-offer tender amount (~3.2%) are material liquidity and capital-activity data points for shareholders.
• All portfolio and NAV figures were determined by the Adviser as valuation designee and are preliminary; final amounts in the Fund’s Form 10-Q may differ.