The private credit fund posted steady returns and declared March distributions while maintaining a diversified portfolio across 324 companies.

March 3, 2026

Fund Overview and Net Asset Value

Nuveen Churchill Private Capital Income Fund disclosed its latest financial and portfolio data as of January 31, 2026, reporting aggregate net asset value of approximately $1.4 billion and a total investment portfolio valued at $2.2 billion at fair value.

The Delaware-based registered investment vehicle, managed by Churchill PCIF Advisor LLC, reported NAV per share of $24.28 for both its Class I and Class D shares, while Class S shares stood at $24.21. The fund also carried $785 million in secured borrowings outstanding as of the same date.

Performance Across Share Classes

The fund continued to deliver consistent returns across all share classes. Class I shares, available since March 2022, generated a one-month return of 0.53%, a one-year return of 7.50%, and an annualized return of 11.02% since inception. Class S shares returned 6.59% over one year and 9.52% since their October 2023 inception, while Class D shares posted a one-year return of 7.28% and 10.37% since inception. Three-month returns for Class I, S, and D shares came in at 1.69%, 1.44%, and 1.63%, respectively.

Distribution Declarations

The fund’s board of trustees declared regular distributions on February 25, 2026, payable to shareholders of record as of February 28, 2026, with a payment date on or about March 27, 2026. Gross regular distributions were set at $0.170 per share across all three classes. After shareholder servicing fees, net distributions came to $0.170 for Class I, $0.153 for Class S, and $0.165 for Class D shares.

Portfolio Composition

The portfolio remained heavily weighted toward first-lien senior secured debt, which comprised 93.03% of investments at fair value. Second-lien debt accounted for 2.82%, mezzanine and structured debt made up 2.17%, and equity positions represented 1.98%. Floating-rate instruments dominated the debt portfolio at 95.83%, with fixed-rate holdings accounting for the remaining 4.17%. The weighted average yield on debt and income-producing investments stood at 8.69%.

As of the reporting date, the fund held investments in 324 portfolio companies with an average position size of 0.31% of total fair value. The weighted average EBITDA of private debt portfolio companies was $88.3 million, rising to $196.9 million when quoted assets were included.

Industry Diversification and Top Holdings

Industry diversification remained broad across the portfolio:

• Business services led at 18.34% of fair value
• Healthcare and pharmaceuticals followed at 14.37%
• High tech industries represented 8.09%
• Capital equipment accounted for 7.96%
• Banking, finance, insurance and real estate comprised 6.80%
• Construction and building came in at 6.47%

The fund’s top ten holdings were each modest in size. The largest position — Healthspan Buyer, LLC, operating as Thorne HealthTech in the healthcare sector — represented just 1.35% of total fair value. Other notable top holdings included FirstCall Mechanical Group at 1.33%, Matador US Buyer at 1.12%, and Kenco PPC Buyer at 1.10%.

Disclaimers and Oversight

The fund noted that the valuation data had not been audited or reviewed by PricewaterhouseCoopers LLP, its independent accounting firm, and that figures could differ materially from those published in the fund’s upcoming quarterly report for the period ending March 31, 2026. The disclosure was signed by Kenneth J. Kencel, the fund’s chief executive officer and president.