ncpif-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


ý			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __ to __

Commission file number 001-04321

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

(Exact name of registrant as specified in its charter)


Delaware						88-6187397
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
375 Park Avenue, 9th Floor, New York, NY						10152
(Address of principal executive offices)						(Zip Code)

(212) 478-9200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

None

N/A

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x

The registrant had outstanding 59,635,449 Class I shares, 1,355,515 Class D shares, and 1,913,073 Class S shares as of August 11, 2026.

Table of Contents

PART I

FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements (Unaudited)

Consolidated Statements of Assets and Liabilities as of June 30, 2026 (Unaudited) and December 31, 2025

Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)

Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 (Unaudited)

Consolidated Schedules of Investments as of June 30, 2026 (Unaudited) and December 31, 2025

Notes to Consolidated Financial Statements (Unaudited)

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

103

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

135

Item 4.

Controls and Procedures

Unregistered Sales of Equity Securities and Use of Proceeds

138

Item 3.

Defaults Upon Senior Securities

139

Item 4.

Mine Safety Disclosures

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on our current expectations and estimates, our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

•our future operating results;

•our business prospects and the prospects of our portfolio companies;

•the dependence of our future success on the general economy and its impact on the industries in which we invest;

•changes in the markets in which we invest and changes in financial and lending markets generally;

•the impact of a protracted decline in the liquidity of credit markets on our business;

•the impact of increased competition;

•an economic downturn or recession and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us;

•the impact of interest rate volatility on our business, our financial condition and our portfolio companies;

•the impact of supply chain constraints and labor difficulties on our portfolio companies and the global economy;

•the level of inflation and its impact on our portfolio companies and on the industries in which we invest;

•the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policies and its impact on our portfolio companies and the global economy;

•the impact of geopolitical conditions, including the conflict between Ukraine and Russia and the turmoil in Europe and the Middle East, and their impact on financial market volatility, global economic markets, and various sectors, industries and markets for commodities globally, such as oil and natural gas;

•our contractual arrangements and relationships with third parties;

•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

•actual and potential conflicts of interest with the Advisers, and/or their respective affiliates;

•the ability of our portfolio companies to achieve their objectives;

•the use of borrowed money to finance a portion of our investments;

•the adequacy of our financing sources and working capital;

•the timing of cash flows, if any, from the operations of our portfolio companies;

•the ability of the Advisers to locate suitable investments for us and to monitor and administer our investments;

•the ability of the Advisers or their respective affiliates to attract and retain highly talented professionals;

•our ability to qualify and maintain our qualification as a regulated investment company (a “RIC”) for U.S. federal income tax purposes and operate as a business development company ("BDC"); and

•the impact of future legislation and regulation on our business and our portfolio companies.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of forward-looking statements in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements except as otherwise provided by law.

Part I - Financial Information

Item 1. Consolidated Financial Statements (Unaudited)

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(amounts in thousands, except share and per share data)



	June 30, 2026		December 31, 2025
Assets	(Unaudited)
Investments
Non-controlled/non-affiliate company investments, at fair value (cost of $3,290,792 and $2,164,611, respectively)	$	3,255,885	$	2,155,846
Cash	9,092		7,627
Cash equivalents	58,122		46,560
Interest receivable	20,447		13,332
Due from affiliate for expense support (See Note 5)	2,611		2,316
Receivable for investments sold	4,945		431
Deferred offering costs	189		404
Prepaid expenses	206		46


Total assets	$	3,351,497	$	2,226,562

Liabilities
Secured borrowings (net of $10,796 and $9,022 deferred financing and issuance costs, respectively) (See Note 6)	$	1,795,204	$	786,478
Payable for investments purchased	5,154		10,809
Management fees payable	924		868
Incentive fees payable	4,722		4,425
Interest payable	16,097		6,783
Due to affiliate for expense support (See Note 5)	2,611		2,316

Distributions payable	10,711		9,764
Payable for share repurchases	33,392		13,999
Board of Trustees' fees payable	127		128
Offering costs payable	185		—
Accounts payable and accrued expenses	6,702		2,863
Total liabilities	$	1,875,829	$	838,433

Commitments and contingencies (See Note 7)

Net Assets: (See Note 8)
Common shares of beneficial interest, par value $0.01 per share, unlimited shares authorized, 1,783,958 and 1,767,556 Class S shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	$	18	$	18
Common shares of beneficial interest, par value $0.01 per share, unlimited shares authorized, 1,349,140 and 1,271,348 Class D shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	13		13
Common shares of beneficial interest, par value $0.01 per share, unlimited shares authorized, 58,705,303 and 54,034,583 Class I shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	587		540
Paid-in-capital in excess of par value	1,524,366		1,408,419
Total distributable earnings (loss)	(49,316)		(20,861)
Total net assets	$	1,475,668	$	1,388,129

Total liabilities and net assets	$	3,351,497	$	2,226,562

The accompanying notes are an integral part of these consolidated financial statements.


Net Asset Value per Share
Class S Shares:
Net assets	$	42,436	$	42,872
Net asset value per share	$	23.79	$	24.25
Class D Shares:
Net assets	$	32,202	$	30,926
Net asset value per share	$	23.86	$	24.32
Class I Shares:
Net assets	$	1,401,030	$	1,314,331
Net asset value per share	$	23.86	$	24.32

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(amounts in thousands, except share and per share data)



	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Investment income:
Non-controlled/non-affiliated company investments:
Interest income	$	63,279	$	43,314	$	111,489	$	84,227
Payment-in-kind interest income	2,414		1,639		4,729		3,183
Dividend income	3		9		3		9
Other income	350		366		570		542
Total investment income	66,046		45,328		116,791		87,961

Expenses:

Interest and debt financing expenses	22,744		15,633		35,733		29,873

Management fees (See Note 5)	2,767		1,837		5,402		3,439
Income based incentive fees (See Note 5)	5,538		3,947		10,402		7,823
Professional fees	780		150		1,704		630
Board of Trustees’ fees	127		126		252		257
Administration fees (See Note 5)	617		403		1,131		832
Other general and administrative expenses	1,498		899		2,180		1,309
Distribution and shareholder servicing fees
Class S	97		62		191		108
Class D	16		12		32		22
Offering costs	200		242		436		429
Total expenses	34,384		23,311		57,463		44,722
Expense support (See Note 5)	(178)		(255)		(602)		(417)
Management fees waived (See Note 5)	—		(594)		—		(1,395)
Incentive fees waived (See Note 5)	(828)		(2,643)		(2,432)		(6,519)
Net expenses	33,378		19,819		54,429		36,391

Net investment income	32,668		25,509		62,362		51,570

Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on non-controlled/non-affiliated company investments	205		(3,315)		(1,817)		(3,103)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated company investments	(10,655)		(1,073)		(26,142)		(11,504)
Income tax (provision) benefit	86		(217)		(280)		(211)
Total net change in unrealized appreciation (depreciation):	(10,569)		(1,290)		(26,422)		(11,715)
Total net realized and unrealized gain (loss) on investments	(10,364)		(4,605)		(28,239)		(14,818)

Net increase (decrease) in net assets resulting from operations	$	22,304	$	20,904	$	34,123	$	36,752

The accompanying notes are an integral part of these consolidated financial statements.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Per share data:
Net investment income per share - Class S common share	$	0.47	$	0.53	$	0.91	$	1.20
Net investment income per share - Class D common share	$	0.51	$	0.59	$	0.99	$	1.30
Net investment income per share - Class I common share	$	0.52	$	0.60	$	1.02	$	1.32
Net increase (decrease) in net assets resulting from operations per share - Class S common share	$	0.31	$	0.45	$	0.45	$	0.84
Net increase (decrease) in net assets resulting from operations per share - Class D common share	$	0.35	$	0.48	$	0.53	$	0.91
Net increase (decrease) in net assets resulting from operations per share - Class I common share	$	0.35	$	0.50	$	0.56	$	0.94
Weighted average common shares outstanding - Class S common share	1,930,720		1,199,430		1,899,540		1,047,002
Weighted average common shares outstanding - Class D common share	1,364,402		932,527		1,345,043		891,027
Weighted average common shares outstanding - Class I common share	59,421,820		40,116,304		58,300,376		37,337,738

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

(amounts in thousands, except share and per share data)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Increase (decrease) in net assets resulting from operations:
Net investment income	$	32,668	$	25,509	$	62,362	$	51,570
Net realized gain (loss) on investments	205		(3,315)		(1,817)		(3,103)
Net change in unrealized appreciation (depreciation) on investments	(10,569)		(1,290)		(26,422)		(11,715)
Net increase (decrease) in net assets resulting from operations	22,304		20,904		34,123		36,752
Shareholder Distributions:
Class S	(888)		(658)		(1,746)		(1,148)


Class D	(676)		(545)		(1,332)		(1,042)


Class I	(30,312)		(24,071)		(59,501)		(44,789)


Net increase (decrease) in net assets resulting from shareholder distributions	(31,876)		(25,274)		(62,579)		(46,979)
Capital share transactions:
Class S:
Issuance of common shares	958		9,662		4,263		14,347
Reinvestment of shareholder distributions	437		212		851		349
Share transfer between classes	(78)		—		(516)		(100)
Repurchased shares, net of early repurchase deduction	(3,819)		(31)		(4,150)		(31)
Net increase (decrease) in net assets resulting from capital share transactions - Class S	(2,502)		9,843		448		14,565
Class D:
Issuance of common shares	680		3,077		1,725		4,214
Reinvestment of shareholder distributions	457		332		923		643
Share transfer between classes	—		(3)		—		(144)
Repurchased shares, net of early repurchase deduction	(641)		(113)		(760)		(248)
Net increase (decrease) in net assets resulting from capital share transactions - Class D	496		3,293		1,888		4,465
Class I:
Issuance of common shares	57,296		162,612		161,232		243,224
Reinvestment of shareholder distributions	11,401		10,203		22,239		19,203
Share transfer between classes	78		3		516		244
Repurchased shares, net of early repurchase deduction	(28,936)		(5,131)		(70,328)		(11,096)
Net increase (decrease) in net assets resulting from capital share transactions - Class I	39,839		167,687		113,659		251,575
Total increase (decrease) in net assets	$	28,261	$	176,453	$	87,539	$	260,378
Net assets, beginning of period	$	1,447,407	$	910,065	$	1,388,129	$	826,140
Net assets, end of period	$	1,475,668	$	1,086,518	$	1,475,668	$	1,086,518

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(amounts in thousands, except share and per share data)



	Six Months Ended June 30,
	2026		2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	34,123	$	36,752

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities
Purchase of investments	(424,982)		(351,798)
Proceeds from principal repayments and sales of investments	144,907		159,720
Payment-in-kind interest	(4,729)		(3,183)
Amortization of premium/accretion of discount, net	(2,222)		(2,042)
Net realized (gain) loss on investments	1,817		3,103
Net change in unrealized (appreciation) depreciation on investments	26,142		11,504
Amortization of deferred financing costs	1,311		1,759
Amortization of offering costs	399		(283)
BDC V Acquisition, net of cash acquired (1)	(335,316)		—
Changes in operating assets and liabilities:

Due from affiliate expense support	(295)		1,550
Receivable for investments sold	(4,113)		6,706
Interest receivable	1,314		(3,816)
Prepaid expenses	(76)		(128)

Payable for investments purchased	(5,655)		621
Management fee payable	(1,970)		210
Offering costs payable	185		408
Interest payable	7,951		(8,625)
Due to affiliate expense support	295		(1,550)
Incentive fees payable	297		1,304
Board of Trustees' fees payable	(168)		(198)
Accounts payable and accrued expenses	2,640		(60)
Net cash provided by (used in) operating activities	(558,145)		(148,046)

Cash flows from financing activities:
Proceeds from issuance of common shares	167,220		261,785
Repurchased shares, net of early repurchase deduction	(55,845)		(8,107)
Proceeds from secured borrowings	730,500		640,500
Repayments of secured borrowings	(231,000)		(655,361)

Distributions paid	(37,619)		(25,243)
Payments of deferred financing and issuance costs	(2,084)		(6,958)
Net cash provided by (used in) financing activities	571,172		206,616

Net increase (decrease) in cash and cash equivalents	13,027		58,570
Cash and cash equivalents, beginning of period	54,187		66,944
Cash and cash equivalents, end of period	$	67,214	$	125,514

The accompanying notes are an integral part of these consolidated financial statements.


Supplemental disclosure of cash flow information:

Cash paid during the period for interest	$	25,108	$	36,739



Taxes, including excise tax, paid during the period	$	—	$	563
Investments acquired through BDC V Acquisition (1)	$	840,972	$	—
Debt assumed from BDC V Acquisition (1)	$	511,000	$	—


Supplemental disclosure of non-cash flow financing activities:
Reinvestment of shareholder distributions	$	24,013	$	20,195
Distributions payable	$	10,711	$	8,870
Payable for share repurchases	$	33,392	$	5,274

_______________

(1) On May 1, 2026, the Fund acquired substantially all of BDC V's assets and liabilities. In connection with this acquisition, the Fund acquired total assets of $861,759, consisting of $840,972 of portfolio investments, $11,638 of cash and cash equivalents, and $9,149 of other assets. The Fund also assumed total liabilities of $514,805, net of deferred financing costs, which included $510,049 of outstanding debt obligations. See Note 9, 'BDC V Acquisition,' for more information.

The following tables provide a reconciliation of cash and cash equivalents reported on the consolidated statements of assets and liabilities to comparable amounts on the consolidated statements of cash flows (amounts in thousands):


	June 30, 2026		June 30, 2025
Cash	$	9,092	$	9,744
Cash equivalents	58,122		115,770
Total cash and cash equivalents shown on the consolidated statements of cash flows	$	67,214	$	125,514

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)

Investments
Debt Investments
Aerospace & Defense
AIM Acquisition, LLC	(6)	First Lien Debt	S + 4.75%	8.58	%	12/4/2028	2,076	2,067	2,076	0.14	%
AIM Acquisition, LLC	(6) (7) (15)	First Lien Debt	S + 4.75%	8.58	%	12/4/2028	16,563	16,560	16,563	1.12	%
AIM Acquisition, LLC	(6)	First Lien Debt	S + 4.75%	8.58	%	12/4/2028	3,227	3,226	3,227	0.22	%
ERA Industries, LLC (BTX Precision)	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	7/25/2030	3,889	2,100	2,106	0.14	%
ERA Industries, LLC (BTX Precision)	(6) (15)	First Lien Debt	S + 5.00%	8.64	%	7/25/2030	5,073	5,067	5,081	0.34	%
ERA Industries, LLC (BTX Precision)	(6) (15)	First Lien Debt (Delayed Draw)	S + 5.00%	8.64	%	7/25/2030	2,906	2,909	2,911	0.20	%
ERA Industries, LLC (BTX Precision)	(6)	First Lien Debt (Delayed Draw)	S + 5.00%	8.66	%	7/25/2030	2,297	2,293	2,300	0.16	%
ERA Industries, LLC (BTX Precision)	(6) (15)	First Lien Debt	S + 4.75%	8.41	%	7/25/2030	2,310	2,307	2,313	0.16	%
PMI (US) Bidco, Inc.	(6) (7)	First Lien Debt	S + 3.25%	6.98	%	3/16/2033	4,310	4,290	4,290	0.29	%
PMI (US) Bidco, Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 3.25%	6.98	%	3/16/2033	690	—	(3)	—	%
STS Holding, Inc.	(6)	First Lien Debt	S + 4.75%	8.48	%	11/12/2030	1,447	1,388	1,408	0.10	%
Turbine Engine Specialists, Inc.	(6) (12)	Subordinated Debt	S + 9.50%	13.22	%	3/1/2029	624	612	628	0.04	%
Turbine Engine Specialists, Inc.	(6) (12)	Subordinated Debt	S + 9.50%	13.24	%	3/1/2029	1,923	1,895	1,933	0.13	%
United AirLines, Inc.	(6) (11) (12)	First Lien Debt	S + 1.75%	5.40	%	2/22/2031	3,667	3,676	3,668	0.25	%
Valkyrie Intermediate, LLC	(6)	Subordinated Debt	N/A	10.50% (Cash) 1.00% (PIK)		11/17/2027	10,525	10,433	10,391	0.70	%
Total Aerospace & Defense								58,823	58,892	3.99	%

Automotive
Adient Global Holdings	(6) (11) (12)	First Lien Debt	S + 2.00%	5.64	%	1/31/2031	2,444	2,455	2,442	0.17	%
Allison Transmission, Inc.	(6) (11) (12)	First Lien Debt	S + 1.75%	5.38	%	1/2/2033	936	934	936	0.06	%
Cool Buyer, Inc. (Universal Air Conditioner, L.L.C.)	(6) (10)	Subordinated Debt (Delayed Draw)	N/A	10.00% (Cash) 2.75% (PIK)		4/30/2031	1,000	(9)	(31)	—	%
Cool Buyer, Inc. (Universal Air Conditioner, L.L.C.)	(6)	Subordinated Debt	N/A	10.00% (Cash) 2.75% (PIK)		4/30/2031	3,454	3,387	3,346	0.23	%
Randys Holdings, Inc. (Randy's Worldwide Automotive)	(6) (7)	First Lien Debt	S + 5.00%	8.64	%	11/1/2029	2,774	2,760	2,737	0.19	%
Randys Holdings, Inc. (Randy's Worldwide Automotive)	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.64	%	11/1/2029	11,151	(43)	(148)	(0.01)	%
Randys Holdings, Inc. (Randy's Worldwide Automotive)	(6) (7) (15)	First Lien Debt	S + 5.00%	8.64	%	11/1/2029	12,300	12,233	12,136	0.81	%
Randys Holdings, Inc. (Randy's Worldwide Automotive)	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.64	%	11/1/2029	4,081	4,023	3,987	0.27	%
Total Automotive								25,740	25,405	1.72	%

Banking, Finance, Insurance, Real Estate
Alliant Holdings Intermediate, LLC	(6) (11)	First Lien Debt	S + 2.50%	6.14	%	9/19/2031	4,608	4,621	4,552	0.31	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Aprio Advisory Group, LLC	(6) (10)	Revolving Loan	S + 4.75%	8.48	%	8/1/2031	1,586	(10)	(16)	—	%
Aprio Advisory Group, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	8/1/2031	17,380	1,113	995	0.07	%
Ascend Partner Services LLC	(6) (15)	First Lien Debt	S + 4.50%	8.13	%	8/11/2031	7,247	7,211	6,995	0.47	%
Ascend Partner Services LLC	(6)	First Lien Debt (Delayed Draw)	S + 4.50%	8.20	%	8/11/2031	12,556	12,512	12,119	0.82	%
Asurion, LLC (fka Asurion Corporation)	(6) (11)	First Lien Debt	S + 4.25%	7.91	%	9/19/2030	3,418	3,381	3,389	0.23	%
Big Apple Advisory, LLC	(6) (10)	Revolving Loan	S + 4.50%	8.23	%	11/18/2031	1,740	(13)	(15)	—	%
Big Apple Advisory, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.23	%	11/18/2031	4,300	1,132	1,111	0.08	%
Big Apple Advisory, LLC	(6)	First Lien Debt	S + 4.50%	8.16	%	11/18/2031	8,843	8,774	8,767	0.59	%
Bishop Street Underwriters LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.64	%	7/31/2031	8,157	—	—	—	%
Bishop Street Underwriters LLC	(15)	First Lien Debt	S + 5.00%	8.64	%	7/31/2031	8,032	7,998	8,032	0.54	%
Bishop Street Underwriters LLC	(6) (15)	First Lien Debt (Delayed Draw)	S + 5.00%	8.63	%	7/31/2031	5,368	5,344	5,368	0.36	%
Broadstreet Partners, Inc.	(6) (11)	First Lien Debt	S + 2.50%	6.14	%	6/13/2031	4,532	4,545	4,386	0.30	%
Chicago US Midco III, LP	(6) (7) (10) (11) (12)	First Lien Debt (Delayed Draw)	S + 2.50%	6.14	%	11/1/2032	1,293	—	—	—	%
Chicago US Midco III, LP	(6) (7) (11) (12)	First Lien Debt	S + 2.50%	6.14	%	11/1/2032	8,685	8,667	8,687	0.59	%
Cohen Advisory, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.25%	7.98	%	12/31/2031	4,073	(16)	—	—	%
Cohen Advisory, LLC	(6) (15)	First Lien Debt	S + 4.25%	7.98	%	12/31/2031	12,049	11,997	12,049	0.82	%
Cohnreznick Advisory LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 3.25%	6.98	%	3/31/2032	1,008	(3)	(11)	—	%
Cohnreznick Advisory LLC	(6) (15)	First Lien Debt	S + 3.25%	6.98	%	3/31/2032	17,372	17,328	17,184	1.16	%
Compex Legal Services, Inc.	(6)	First Lien Debt	S + 5.75%	9.50	%	3/31/2028	3,673	3,663	3,663	0.25	%
Cushman & Wakefield U.S. Borrower, LLC	(6) (11) (12)	First Lien Debt	S + 2.25%	5.89	%	6/13/2033	80	80	80	0.01	%
Knight AcquireCo, LLC	(6) (7)	First Lien Debt	S + 4.50%	8.15	%	11/8/2032	14,407	14,374	14,320	0.97	%
Knight AcquireCo, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.15	%	11/8/2032	4,814	(4)	(29)	—	%
Patriot Growth Insurance Services, LLC	(6) (7) (15)	First Lien Debt (Delayed Draw)	S + 5.00%	8.88	%	10/16/2028	7,769	7,737	7,598	0.51	%
Ryan Specialty Group, LLC	(6) (11) (12)	First Lien Debt	S + 2.25%	5.64	%	9/15/2031	5,025	5,046	5,022	0.34	%
Sedgwick Claims Management Services, Inc.	(6) (11)	First Lien Debt	S + 2.50%	6.14	%	7/31/2031	1,752	1,752	1,733	0.12	%
Smith & Howard Advisory LLC	(6) (15)	First Lien Debt	S + 5.00%	8.68	%	11/26/2030	9,453	9,352	9,453	0.64	%
Smith & Howard Advisory LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.64	%	11/26/2030	3,528	1,934	1,956	0.13	%
Stonepeak Motion Finco LLC	(6) (11) (12)	First Lien Debt	S + 2.50%	6.14	%	6/24/2033	480	478	480	0.03	%
Stonepeak Nile Parent LLC	(6) (11) (12)	First Lien Debt	S + 2.00%	5.66	%	4/9/2032	2,494	2,491	2,491	0.17	%
Truist Insurance Holdings LLC	(6) (11)	First Lien Debt	S + 2.75%	6.48	%	5/6/2031	2,319	2,324	2,270	0.15	%
Vensure Employer Services, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.73	%	9/27/2031	1,986	(9)	(30)	—	%
Vensure Employer Services, Inc.	(6) (7) (15)	First Lien Debt	S + 5.00%	8.73	%	9/27/2031	16,586	16,492	16,337	1.11	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Total Banking, Finance, Insurance, Real Estate								160,291	158,936	10.77	%

Beverage, Food & Tobacco
AmerCareRoyal, LLC	(6) (15)	First Lien Debt	S + 5.00%	8.64	%	9/10/2030	14,184	14,058	13,899	0.94	%
AmerCareRoyal, LLC	(6)	First Lien Debt (Delayed Draw)	S + 5.00%	8.64	%	9/10/2030	3,307	3,307	3,240	0.22	%
AmerCareRoyal, LLC	(15)	First Lien Debt (Delayed Draw)	S + 5.00%	8.64	%	9/10/2030	2,259	2,251	2,214	0.15	%
BCPE North Star US Holdco 2, Inc. (Dessert Holdings)	(7) (11) (15)	Subordinated Debt	S + 7.25%	11.01	%	6/8/2029	2,544	2,506	2,527	0.17	%
BCPE North Star US Holdco 2, Inc. (Dessert Holdings)	(6) (11)	First Lien Debt	S + 4.00%	7.76	%	6/9/2028	4,813	4,746	4,836	0.33	%
Boardwalk Buyer LLC (Death Wish Coffee)	(6) (7)	First Lien Debt	S + 4.75%	8.58	%	9/28/2028	19,793	19,793	19,474	1.32	%
Commercial Bakeries Corp.	(6) (12)	First Lien Debt	S + 5.25%	8.98	%	9/25/2029	12,189	12,161	12,131	0.82	%
Commercial Bakeries Corp.	(6) (12)	First Lien Debt	S + 5.25%	8.98	%	9/25/2029	3,712	3,692	3,694	0.25	%
Commercial Bakeries Corp.	(6) (12) (15)	First Lien Debt	S + 5.25%	8.98	%	9/25/2029	14,274	14,158	14,207	0.96	%
Commercial Bakeries Corp.	(6) (12) (15)	First Lien Debt	S + 5.25%	8.89	%	9/25/2029	1,762	1,754	1,754	0.12	%
FoodScience, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.58	%	11/14/2031	5,565	1,818	1,823	0.12	%
FoodScience, LLC	(6)	First Lien Debt	S + 4.75%	8.49	%	11/14/2031	10,062	10,015	10,052	0.68	%
Fortune International, LLC	(15)	First Lien Debt	S + 5.00%	8.77	%	7/17/2027	6,695	6,695	6,514	0.44	%
Froneri International Limited	(6) (11) (12)	First Lien Debt	S + 2.50%	6.13	%	9/30/2032	2,794	2,794	2,778	0.19	%
IF&P Holding Company, LLC (Fresh Edge)	(6)	Subordinated Debt	S + 4.50%	8.26% (Cash) 5.13% (PIK)		4/3/2029	3,376	3,340	3,280	0.22	%
L.A. Specialty Produce Co., LLC	(6) (7)	First Lien Debt	S + 4.50%	8.19	%	4/1/2033	8,758	8,716	8,722	0.59	%
L.A. Specialty Produce Co., LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.19	%	4/1/2033	2,190	—	(9)	—	%
Naturpak PPC Buyer LLC	(6) (15)	First Lien Debt	S + 4.50%	8.23	%	12/22/2032	12,719	12,667	12,616	0.85	%
Naturpak PPC Buyer LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.36	%	12/22/2032	2,898	635	614	0.04	%
Palmetto Acquisitionco, Inc. (Tech24)	(15)	First Lien Debt	S + 5.75%	9.49	%	9/18/2029	3,264	3,230	3,163	0.21	%
Palmetto Acquisitionco, Inc. (Tech24)	(15)	First Lien Debt (Delayed Draw)	S + 5.75%	9.44	%	9/18/2029	920	897	891	0.06	%
Primo Brands Corporation	(6) (11) (12)	First Lien Debt	S + 2.75%	6.48	%	3/31/2031	2,364	2,353	2,378	0.16	%
Razor Light, Inc.	(6) (15)	First Lien Debt	S + 4.75%	8.48	%	2/6/2032	26,051	25,938	25,928	1.76	%
Razor Light, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	2/6/2032	5,022	(23)	(24)	—	%
Razor Light, Inc.	(6) (10)	Revolving Loan	S + 4.75%	8.48	%	2/6/2032	3,861	214	214	0.01	%
Refresh Buyer, LLC (Sunny Sky Products)	(15)	First Lien Debt	S + 4.75%	8.48	%	12/23/2028	5,029	5,002	4,945	0.34	%
Refresh Buyer, LLC (Sunny Sky Products)	(6) (15)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	12/23/2028	1,646	1,635	1,619	0.11	%
Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC)	(6)	First Lien Debt	S + 5.00%	8.81	%	7/30/2027	10,860	10,626	10,479	0.71	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Sugar PPC Buyer LLC (Sugar Foods)	(7) (15)	First Lien Debt	S + 4.75%	8.50	%	10/2/2031	6,941	6,874	6,909	0.47	%
Sugar PPC Buyer LLC (Sugar Foods)	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.60	%	10/2/2031	4,335	1,275	1,271	0.09	%
Sugar PPC Buyer LLC (Sugar Foods)	(6) (7) (15)	First Lien Debt (Delayed Draw)	S + 4.75%	8.50	%	10/2/2031	2,375	2,367	2,364	0.16	%
Watermill Express, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.23	%	4/30/2031	1,900	(6)	9	—	%
Watermill Express, LLC	(7) (15)	First Lien Debt	S + 4.50%	8.23	%	4/30/2031	2,762	2,739	2,775	0.19	%
Watermill Express, LLC	(7) (15)	First Lien Debt (Delayed Draw)	S + 4.50%	8.23	%	4/30/2031	120	120	120	0.01	%
Watermill Express, LLC	(6) (7) (15)	First Lien Debt	S + 4.50%	8.23	%	4/30/2031	15,169	15,251	15,240	1.03	%
WCHG Buyer, Inc. (Handgards, LLC)	(6)	First Lien Debt	S + 4.75%	8.42	%	4/10/2031	16,603	16,600	16,458	1.12	%
WCHG Buyer, Inc. (Handgards, LLC)	(15)	First Lien Debt	S + 4.75%	8.42	%	4/10/2031	1,000	995	991	0.07	%
Total Beverage, Food & Tobacco								221,193	220,096	14.91	%

Capital Equipment
American Louver Company, LLC	(6) (7)	First Lien Debt	S + 5.00%	8.73	%	10/1/2030	2,216	2,205	2,206	0.15	%
American Louver Company, LLC	(6) (7)	First Lien Debt	S + 5.00%	8.73	%	10/1/2030	3,874	3,856	3,856	0.26	%
Clarios Global LP	(6) (11)	First Lien Debt	S + 2.50%	6.14	%	5/6/2030	1,820	1,827	1,824	0.12	%
Clarios Global LP	(6) (11)	First Lien Debt	S + 2.50%	6.14	%	1/28/2032	996	1,001	998	0.06	%
Clean Solutions Buyer, Inc.	(6)	First Lien Debt	S + 4.50%	8.17	%	9/9/2030	19,023	18,786	18,719	1.27	%
Engineered Fastener Company, LLC (EFC International)	(6)	Subordinated Debt	N/A	11.00% (Cash) 2.50% (PIK)		5/1/2028	2,611	2,580	2,567	0.17	%
FirstCall Mechanical Group, LLC	(6) (15)	First Lien Debt	S + 4.75%	8.48	%	6/27/2031	9,800	9,754	9,630	0.65	%
FirstCall Mechanical Group, LLC	(6) (15)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	6/27/2031	19,744	19,704	19,402	1.31	%
Halfmoon Buyer, Inc.	(6) (12)	Subordinated Debt	N/A	12.00	%	12/26/2031	1,000	980	980	0.07	%
Hayward Industries, Inc.	(6) (11) (12)	First Lien Debt	S + 2.00%	5.64	%	6/23/2033	4,805	4,815	4,817	0.33	%
Hyperion Materials & Technologies, Inc.	(7) (11) (15)	First Lien Debt	S + 4.75%	8.68	%	8/29/2031	2,286	2,286	2,206	0.15	%
Jetson Buyer, Inc. (E-Technologies Group, Inc.)	(6) (15)	First Lien Debt	S + 5.50%	9.23	%	4/9/2030	10,733	10,608	10,331	0.69	%
Madison Safety & Flow LLC	(6) (11)	First Lien Debt	S + 1.50%	8.25	%	9/26/2031	530	531	532	0.04	%
Motion & Control Enterprises LLC	(6) (15)	First Lien Debt	S + 6.00%	9.66	%	6/1/2028	1,801	1,792	1,790	0.12	%
Motion & Control Enterprises LLC	(6)	First Lien Debt	S + 6.00%	9.66	%	6/1/2028	1,662	1,654	1,652	0.11	%
Motion & Control Enterprises LLC	(15)	First Lien Debt (Delayed Draw)	S + 6.00%	9.66	%	6/1/2028	4,284	4,284	4,257	0.29	%
Motion & Control Enterprises LLC	(6) (15)	First Lien Debt (Delayed Draw)	S + 6.00%	9.66	%	6/1/2028	12,051	12,051	11,977	0.81	%
Ovation Holdings, Inc.	(6)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	2/4/2030	6,893	6,844	6,862	0.47	%
Ovation Holdings, Inc.	(6)	First Lien Debt	S + 4.75%	8.41	%	2/4/2030	825	820	822	0.06	%
Ovation Holdings, Inc.	(6) (15)	First Lien Debt	S + 4.75%	8.41	%	2/4/2030	13,298	13,267	13,236	0.90	%
Ovation Holdings, Inc.	(6)	First Lien Debt (Delayed Draw)	S + 4.75%	8.41	%	2/4/2030	3,052	3,048	3,038	0.21	%
Ovation Holdings, Inc.	(6)	First Lien Debt	S + 4.75%	8.48	%	2/4/2030	2,773	2,760	2,760	0.19	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Ovation Holdings, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	2/4/2030	3,028	—	(14)	—	%
PT Intermediate Holdings III, LLC	(6) (7) (15)	First Lien Debt	S + 4.75%	8.48	%	4/9/2030	3,746	3,757	3,699	0.25	%
Rhino Intermediate Holding Company, LLC (Rhino Tool House)	(6)	First Lien Debt	S + 5.25%	9.06	%	4/4/2029	9,930	9,876	9,763	0.66	%
Rhino Intermediate Holding Company, LLC (Rhino Tool House)	(6) (15)	First Lien Debt	S + 5.25%	9.30	%	4/4/2029	19,049	18,844	18,727	1.27	%
Rhino Intermediate Holding Company, LLC (Rhino Tool House)	(6)	First Lien Debt (Delayed Draw)	S + 5.25%	9.16	%	4/4/2029	3,080	3,057	3,028	0.21	%
SkyMark Refuelers, LLC	(6)	First Lien Debt	S + 4.50%	8.17	%	12/16/2032	21,774	21,673	21,673	1.47	%
SkyMark Refuelers, LLC	(6)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	12/16/2032	4,931	4,925	4,908	0.33	%
SkyMark Refuelers, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	12/16/2032	13,296	(13)	(61)	—	%
Southern Air & Heat Holdings, LLC	(15)	First Lien Debt (Delayed Draw)	S + 4.75%	8.45	%	4/1/2028	1,347	1,341	1,347	0.09	%
Southern Air & Heat Holdings, LLC	(15)	First Lien Debt	S + 4.75%	8.48	%	4/1/2028	1,291	1,288	1,291	0.09	%
Specialty Manufacturing Holdings, LLC	(6) (7) (15)	First Lien Debt	S + 4.50%	8.23	%	3/31/2033	9,496	9,452	9,468	0.64	%
Specialty Manufacturing Holdings, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.23	%	3/31/2033	1,879	—	(6)	—	%
Thermostat Purchaser III, Inc.	(6) (7) (11) (15)	First Lien Debt	S + 4.25%	7.98	%	8/31/2028	18,358	18,296	18,179	1.23	%
USA Industries Holdings LLC	(6)	First Lien Debt	S + 4.50%	8.17	%	12/10/2032	8,460	8,428	8,353	0.57	%
USA Industries Holdings LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	12/10/2032	4,858	(2)	(61)	—	%
Vessco Midco Holdings, LLC	(6) (7) (15)	First Lien Debt	S + 4.50%	8.14	%	7/24/2031	13,706	13,598	13,458	0.91	%
Vessco Midco Holdings, LLC	(6) (7) (10)	Revolving Loan	S + 4.50%	8.25	%	7/24/2031	1,726	(12)	(31)	—	%
Vessco Midco Holdings, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	7/24/2031	4,569	4,476	4,410	0.30	%
Total Capital Equipment								244,437	242,593	16.45	%

Chemicals, Plastics & Rubber
Chroma Color Corporation	(6) (15)	First Lien Debt	S + 4.25%	7.91	%	4/23/2029	8,933	8,864	8,833	0.60	%
Chroma Color Corporation	(6) (15)	First Lien Debt (Delayed Draw)	S + 4.25%	7.98	%	4/23/2029	2,628	2,607	2,598	0.18	%
Graham Packaging Company Inc.	(6) (11)	First Lien Debt	S + 2.25%	5.89	%	1/26/2033	249	249	250	0.02	%
Ineos Composites (Fortis 333 Inc)	(6) (11)	First Lien Debt	S + 3.50%	6.98	%	3/27/2032	597	596	596	0.04	%
MKS, Inc.	(6) (11) (12)	First Lien Debt	S + 1.75%	5.36	%	2/4/2033	897	897	901	0.06	%
New Spartech Holdings LLC	(6) (7)	First Lien Debt	S + 1.00%	4.65% (Cash) 4.25% (PIK)		9/30/2030	656	656	483	0.03	%
New Spartech Holdings LLC	(6)	First Lien Debt	S + 7.00%	10.65	%	3/31/2030	381	375	381	0.03	%
Nouryon Finance B.V.	(6) (11) (12)	First Lien Debt	S + 3.50%	6.94	%	7/3/2031	4,235	4,249	4,241	0.28	%
Qnity Electronics, Inc.	(6) (11) (12)	First Lien Debt	S + 2.00%	5.67	%	11/1/2032	2,596	2,591	2,604	0.18	%
Qnity Electronics, Inc.	(6) (11) (12)	First Lien Debt	S + 1.75%	5.48	%	11/1/2032	398	402	399	0.02	%
Tangent Technologies Acquisition, LLC	(6) (15)	First Lien Debt	S + 4.75%	8.55	%	11/30/2027	19,790	19,714	19,703	1.34	%
Univar Solutions USA Inc.	(6) (11)	First Lien Debt	S + 2.75%	6.39	%	8/1/2030	2,157	2,167	2,159	0.15	%
USALCO	(6) (11)	First Lien Debt	S + 3.50%	7.14	%	9/30/2031	476	475	476	0.03	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)
WCI-Momentum Bidco, LLC	(6)	First Lien Debt	S + 4.75%	8.48	%	12/31/2032	4,878	4,861	4,927	0.33	%
WCI-Momentum Bidco, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	12/31/2032	978	—	10	—	%
Total Chemicals, Plastics, & Rubber								48,703	48,561	3.29	%

Construction & Building
APi Group DE, Inc.	(6) (11) (12)	First Lien Debt	S + 1.75%	5.39	%	5/16/2033	1,668	1,669	1,667	0.11	%
Athlete Buyer, LLC (Allstar Holdings)	(6)	Subordinated Debt (Delayed Draw)	N/A	1.00% (Cash) 13.00% (PIK)		4/26/2030	562	486	465	0.03	%
Athlete Buyer, LLC (Allstar Holdings)	(6)	Subordinated Debt (Delayed Draw)	N/A	1.00% (Cash) 13.00% (PIK)		4/26/2030	12,368	10,695	10,235	0.69	%
Athlete Buyer, LLC (Allstar Holdings)	(6)	Subordinated Debt	N/A	1.00% (Cash) 13.00% (PIK)		4/26/2030	562	486	465	0.03	%
Bells Parent, Inc.	(6) (7)	First Lien Debt	S + 5.00%	8.68	%	4/25/2033	672	668	668	0.05	%
Bells Parent, Inc.	(6) (7)	First Lien Debt (Delayed Draw)	S + 5.00%	8.68	%	4/25/2033	199	199	198	0.01	%
Bells Parent, Inc.	(6) (7) (10)	Revolving Loan	S + 5.00%	8.68	%	4/25/2033	128	(1)	(1)	—	%
Centuri Group, Inc.	(6) (11)	First Lien Debt	S + 2.00%	5.62	%	7/9/2032	1,578	1,579	1,581	0.11	%
Chase Industries, Inc.	(6) (7)	First Lien Debt	S + 5.00%	8.67	%	5/11/2029	998	990	991	0.07	%
Cobalt Service Partners, LLC	(6) (7) (15)	First Lien Debt	S + 4.75%	8.48	%	10/13/2031	7,250	7,193	7,196	0.49	%
Cobalt Service Partners, LLC	(6) (7) (10) (15)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	10/13/2031	12,611	10,088	10,064	0.68	%
Dycom Industries, Inc.	(6) (11) (12)	First Lien Debt	S + 1.75%	5.40	%	1/27/2033	353	352	354	0.03	%
Gannett Fleming, Inc.	(6) (7) (15)	First Lien Debt	S + 4.50%	8.15	%	8/5/2030	17,558	17,409	17,452	1.18	%
Gannett Fleming, Inc.	(6) (7) (10)	Revolving Loan	S + 4.50%	8.16	%	8/5/2030	2,131	1,257	1,266	0.09	%
Heartland Paving Partners, LLC	(6) (15)	First Lien Debt	S + 5.00%	8.73	%	8/9/2030	8,421	8,360	8,082	0.55	%
Heartland Paving Partners, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.73	%	8/9/2030	5,663	5,033	4,814	0.33	%
Heartland Paving Partners, LLC	(6) (15)	First Lien Debt (Delayed Draw)	S + 5.00%	8.73	%	8/9/2030	5,651	5,643	5,424	0.37	%
Hyphen Solutions, LLC	(6) (7) (15)	First Lien Debt	S + 4.50%	8.14	%	8/6/2032	22,609	22,571	22,471	1.52	%
Hyphen Solutions, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.14	%	8/6/2032	1,444	—	(9)	—	%
ICE USA Infrastructure, Inc.	(6)	First Lien Debt	S + 5.75%	9.41	%	3/15/2030	3,505	3,483	3,457	0.23	%
ICE USA Infrastructure, Inc.	(6) (15)	First Lien Debt	S + 5.75%	9.41	%	3/15/2030	11,561	11,473	11,405	0.77	%
ICE USA Infrastructure, Inc.	(6) (15)	First Lien Debt	S + 5.75%	9.41	%	3/15/2030	3,108	3,063	3,066	0.21	%
Java Buyer, Inc.	(7) (15)	First Lien Debt	S + 4.50%	8.23	%	12/15/2030	3,850	3,850	3,809	0.26	%
LJ Avalon Holdings, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.14	%	2/1/2030	5,061	2,443	2,422	0.16	%
MEI Buyer LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.25%	7.87	%	6/29/2029	1,850	459	459	0.03	%
MEI Buyer LLC	(6) (15)	First Lien Debt	S + 4.25%	7.89	%	6/29/2029	16,347	16,311	16,348	1.11	%
MEI Buyer LLC	(6) (15)	First Lien Debt (Delayed Draw)	S + 4.25%	7.89	%	6/29/2029	1,614	1,614	1,614	0.11	%
Quikrete Holdings, Inc.	(6) (11)	First Lien Debt	S + 2.25%	5.89	%	3/19/2029	1,658	1,659	1,660	0.11	%
Quikrete Holdings, Inc.	(6) (11)	First Lien Debt	S + 2.25%	5.89	%	2/10/2032	1,303	1,302	1,304	0.09	%
QXO Building Products, Inc.	(6) (11) (12)	First Lien Debt	S + 2.00%	5.65	%	6/3/2033	700	698	699	0.05	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)
QXO Building Products, Inc.	(6) (11) (12)	First Lien Debt	S + 2.00%	5.64	%	4/30/2032	788	782	787	0.05	%
Rose Paving, LLC	(6)	Subordinated Debt (Delayed Draw)	N/A	12.00	%	5/7/2030	146	146	144	0.01	%
Rose Paving, LLC	(6)	Subordinated Debt	N/A	12.00	%	5/7/2030	2,253	2,234	2,220	0.15	%
Royal Holdco Corporation (RMA Companies)	(6)	First Lien Debt	S + 4.50%	8.15	%	12/30/2030	10,804	10,614	10,618	0.72	%
SCIC Buyer, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	3/28/2031	2,323	(5)	23	—	%
SCIC Buyer, Inc.	(6) (15)	First Lien Debt	S + 4.75%	8.48	%	3/28/2031	17,082	17,055	17,253	1.17	%
Vertex Service Partners, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 6.00%	5.53% (Cash) 4.20% (PIK)		11/8/2030	8,984	1,759	1,512	0.10	%
Vertex Service Partners, LLC	(6) (15)	First Lien Debt	S + 6.00%	5.53% (Cash) 4.20% (PIK)		11/8/2030	5,458	5,429	5,440	0.37	%
Vertex Service Partners, LLC	(6) (15)	First Lien Debt (Delayed Draw)	S + 6.00%	5.53% (Cash) 4.20% (PIK)		11/8/2030	5,831	5,807	5,812	0.39	%
WSB Engineering Holdings Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.21	%	8/31/2029	8,067	2,768	2,727	0.18	%
WSB Engineering Holdings Inc.	(6) (15)	First Lien Debt	S + 4.50%	8.17	%	8/31/2029	9,051	8,975	8,980	0.61	%
WSB Engineering Holdings Inc.	(15)	First Lien Debt (Delayed Draw)	S + 4.50%	8.16	%	8/31/2029	2,655	2,635	2,634	0.18	%
Total Construction & Building								199,231	197,776	13.40	%

Consumer Goods: Durable
DRS Holdings III, Inc.	(6) (7) (15)	First Lien Debt	S + 5.25%	8.89	%	11/1/2028	4,372	4,365	4,357	0.30	%
MITER Brands (MIWD Holdco II LLC)	(6) (11)	First Lien Debt	S + 3.00%	6.39	%	3/28/2031	2,536	2,551	2,508	0.17	%
Momentum Textiles, LLC	(6)	Subordinated Debt	N/A	10.00% (Cash) 3.00% (PIK)		9/25/2029	5,194	5,126	5,125	0.34	%
NMC Skincare Intermediate Holdings II, LLC	(6) (7)	First Lien Debt	S + 5.00%	8.83% (Cash) 1.50% (PIK)		10/31/2028	6,314	6,314	5,904	0.40	%
Recess Holdings, Inc.	(6) (11)	First Lien Debt	S + 3.75%	7.42	%	2/20/2030	11,879	11,833	11,883	0.81	%
XpressMyself.com LLC (SmartSign)	(15)	First Lien Debt	S + 5.50%	9.26	%	9/7/2028	1,973	1,966	1,973	0.13	%
XpressMyself.com LLC (SmartSign)	(15)	First Lien Debt	S + 5.75%	9.52	%	9/7/2028	1,493	1,479	1,493	0.10	%
Total Consumer Goods: Durable								33,634	33,243	2.25	%

Consumer Goods: Non-Durable
Bradford Soap International, Inc.	(6)	First Lien Debt	S + 4.75%	8.39	%	8/28/2031	10,505	10,464	10,505	0.71	%
Bradford Soap International, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.39	%	8/28/2031	3,519	(3)	—	—	%
FoodServices Brand Group, LLC	(6)	Subordinated Debt	N/A	10.00% (Cash) 3.00% (PIK)		2/8/2030	4,338	4,249	4,199	0.28	%
Image International Intermediate Holdco II, LLC	(6) (7) (14)	First Lien Debt	S + 7.50%	11.31% (Cash) 0.50% (PIK)		9/10/2026	7,506	7,306	5,175	0.35	%
Image International Intermediate Holdco II, LLC	(6) (7) (14)	First Lien Debt	S + 7.50%	11.31% (Cash) 0.50% (PIK)		9/10/2026	10,722	10,528	7,403	0.50	%
KL Bronco Acquisition, Inc. (Elevation Labs)	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.76	%	6/30/2030	11,098	(13)	(64)	—	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)
KL Bronco Acquisition, Inc. (Elevation Labs)	(6) (15)	First Lien Debt	S + 5.00%	8.76	%	6/30/2030	9,976	9,944	9,918	0.68	%
KL Bronco Acquisition, Inc. (Elevation Labs)	(6)	First Lien Debt (Delayed Draw)	S + 5.00%	8.76	%	6/30/2030	1,914	1,912	1,902	0.13	%
MPG Parent Holdings, LLC (Market Performance Group)	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.68	%	1/8/2030	4,388	1,425	1,440	0.10	%
MPG Parent Holdings, LLC (Market Performance Group)	(6) (15)	First Lien Debt	S + 5.00%	8.69	%	1/8/2030	12,582	12,627	12,605	0.85	%
MPG Parent Holdings, LLC (Market Performance Group)	(6)	First Lien Debt (Delayed Draw)	S + 5.00%	8.69	%	1/8/2030	2,863	2,878	2,868	0.19	%
Perrigo Investments	(6) (11) (12)	First Lien Debt	S + 2.00%	5.64	%	4/20/2029	1,594	1,596	1,591	0.11	%
Revision Buyer LLC (Revision Skincare)	(6)	Subordinated Debt	N/A	10.00% (Cash) 1.00% (PIK)		12/1/2028	10,434	10,344	10,344	0.70	%
Total Consumer Goods: Non-Durable								73,257	67,886	4.60	%

Containers, Packaging & Glass
Belron Finance 2019 LLC	(6) (11) (12)	First Lien Debt	S + 2.00%	5.66	%	10/16/2031	2,390	2,396	2,391	0.16	%
good2grow LLC	(6)	First Lien Debt	S + 5.50%	9.32	%	12/1/2027	3,238	3,238	3,238	0.22	%
good2grow LLC	(6)	First Lien Debt	S + 4.50%	8.32	%	12/1/2027	16,762	16,674	16,690	1.13	%
Ivex Holdco Inc. (Specialized Packaging Group)	(6) (12)	First Lien Debt	S + 5.50%	9.34	%	12/17/2027	16,722	16,622	16,682	1.13	%
Ivex Holdco Inc. (Specialized Packaging Group)	(6) (12)	First Lien Debt	S + 5.50%	9.34	%	12/17/2027	3,076	3,058	3,069	0.21	%
Novolex (Clydesdale Acquisition Holdings Inc)	(6) (11)	First Lien Debt	S + 3.18%	6.82	%	4/13/2029	1,583	1,589	1,557	0.11	%
Oliver Packaging, LLC	(6)	Subordinated Debt	N/A	13.00% (PIK)		1/6/2030	202	202	180	0.01	%
Oliver Packaging, LLC	(6)	Subordinated Debt	N/A	11.50% (PIK)		1/6/2029	1,561	1,550	1,343	0.09	%
Oliver Packaging, LLC	(6)	Subordinated Debt	N/A	13.00% (PIK)		1/6/2029	295	292	264	0.02	%
Online Labels Group, LLC	(6) (15)	First Lien Debt	S + 4.75%	8.48	%	12/19/2029	5,727	5,721	5,727	0.39	%
Online Labels Group, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	12/19/2029	540	267	268	0.02	%
Online Labels Group, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	12/19/2029	227	(1)	—	—	%
Performance Packaging Buyer, LLC	(6)	First Lien Debt	S + 4.50%	8.16	%	4/15/2031	1,542	1,535	1,527	0.10	%
Performance Packaging Buyer, LLC	(6) (15)	First Lien Debt	S + 4.50%	8.13	%	4/15/2031	11,045	10,959	10,940	0.74	%
ProAmpac PG Borrower LLC	(6) (7) (11)	First Lien Debt	S + 4.00%	7.66	%	3/7/2033	13,617	13,418	13,413	0.91	%
Total Containers, Packaging & Glass								77,520	77,289	5.24	%

Energy: Electricity
Environ Energy, LLC	(6)	First Lien Debt	S + 5.25%	8.92	%	10/1/2031	15,891	15,782	15,727	1.07	%
Environ Energy, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.25%	8.97	%	10/1/2031	9,391	5,250	5,217	0.34	%
Gibraltar Industries, Inc.	(6) (11) (12)	First Lien Debt	S + 2.25%	5.87	%	2/2/2033	373	372	373	0.03	%
Matador US Buyer, LLC (Insulation Technology Group)	(6) (12) (15)	First Lien Debt	S + 5.00%	8.64	%	6/25/2030	19,460	19,319	19,460	1.32	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Matador US Buyer, LLC (Insulation Technology Group)	(6) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.64	%	6/25/2030	5,149	5,149	5,149	0.34	%
Resilience Parent, LLC	(6) (11)	First Lien Debt	S + 2.50%	6.23	%	2/28/2033	675	673	674	0.05	%
Tinicum Voltage Acquisition Corp.	(6) (15)	First Lien Debt	S + 4.75%	8.57	%	12/15/2028	7,993	7,875	7,993	0.54	%
TK Elevator Midco GmbH	(6) (11) (12)	First Lien Debt	S + 2.75%	6.38	%	4/30/2030	4,508	4,533	4,533	0.31	%
TK Elevator Midco GmbH	(6) (11) (12)	First Lien Debt	S + 2.75%	6.48	%	4/30/2030	249	249	251	0.02	%
Total Energy: Electricity								59,202	59,377	4.02	%

Energy: Oil & Gas
Allredi, LLC (Abrasive Products and Equipment)	(6)	Subordinated Debt	N/A	15.00% (PIK)		9/30/2027	14,494	14,465	13,180	0.89	%
Allredi, LLC (Abrasive Products and Equipment)	(6)	Subordinated Debt	N/A	15.00% (PIK)		9/30/2027	1,125	1,125	1,023	0.07	%
Total Energy: Oil & Gas								15,590	14,203	0.96	%

Environmental Industries
CLS Management Services, LLC (Contract Land Staff)	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.74	%	3/27/2030	9,417	(11)	(43)	—	%
CLS Management Services, LLC (Contract Land Staff)	(6) (15)	First Lien Debt	S + 5.00%	8.73	%	3/27/2030	10,268	10,201	10,221	0.69	%
CLS Management Services, LLC (Contract Land Staff)	(6) (15)	First Lien Debt (Delayed Draw)	S + 5.00%	8.65	%	3/27/2030	5,123	5,106	5,100	0.35	%
CLS Management Services, LLC (Contract Land Staff)	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.71	%	3/27/2030	4,395	3,947	3,933	0.27	%
Impact Parent Corporation (Impact Environmental Group)	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.25%	9.08	%	3/23/2029	281	263	261	0.02	%
Impact Parent Corporation (Impact Environmental Group)	(6)	First Lien Debt (Delayed Draw)	S + 5.25%	9.08	%	3/23/2029	3,112	3,115	3,082	0.21	%
Impact Parent Corporation (Impact Environmental Group)	(6) (15)	First Lien Debt	S + 5.25%	9.08	%	3/23/2029	10,200	10,208	10,102	0.68	%
Impact Parent Corporation (Impact Environmental Group)	(15)	First Lien Debt	S + 5.25%	9.08	%	3/23/2029	2,024	2,001	2,004	0.14	%
Impact Parent Corporation (Impact Environmental Group)	(15)	First Lien Debt	S + 5.25%	9.08	%	3/23/2029	415	410	411	0.03	%
Impact Parent Corporation (Impact Environmental Group)	(6) (15)	First Lien Debt (Delayed Draw)	S + 5.25%	9.08	%	3/23/2029	1,986	1,984	1,966	0.13	%
Impact Parent Corporation (Impact Environmental Group)	(6)	First Lien Debt (Delayed Draw)	S + 5.25%	9.08	%	3/23/2029	1,682	1,678	1,666	0.11	%
LTR Intermediate Holdings, Inc.	(6) (11) (15)	First Lien Debt	S + 3.75%	7.39	%	12/17/2032	9,352	9,311	9,384	0.64	%
NFM & J, L.P. (The Facilities Group)	(6) (7)	First Lien Debt (Delayed Draw)	S + 5.75%	9.52	%	11/30/2028	170	169	168	0.01	%
NFM & J, L.P. (The Facilities Group)	(7) (15)	First Lien Debt (Delayed Draw)	S + 5.75%	9.51	%	11/30/2028	1,931	1,925	1,908	0.13	%
NFM & J, L.P. (The Facilities Group)	(7) (15)	First Lien Debt	S + 5.75%	9.49	%	11/30/2028	2,709	2,701	2,677	0.18	%
NFM & J, L.P. (The Facilities Group)	(6) (7) (15)	First Lien Debt	S + 5.75%	9.51	%	11/30/2028	13,621	13,388	13,464	0.91	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Nutrition 101 Buyer, LLC (101 Inc)	(6)	First Lien Debt	S + 5.25%	9.01	%	8/31/2028	3,664	3,644	3,613	0.24	%
Orion Group FM Holdings, LLC (Leo Facilities)	(15)	First Lien Debt	S + 4.75%	8.48	%	7/3/2029	2,306	2,295	2,306	0.16	%
Orion Group FM Holdings, LLC (Leo Facilities)	(15)	First Lien Debt	S + 4.75%	8.48	%	7/3/2029	3,334	3,316	3,334	0.23	%
Orion Group FM Holdings, LLC (Leo Facilities)	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	7/3/2029	19,806	8,588	8,588	0.58	%
Orion Group FM Holdings, LLC (Leo Facilities)	(6)	First Lien Debt (Delayed Draw)	S + 4.75%	8.40	%	7/3/2029	2,532	2,529	2,532	0.17	%
Reworld Holding Corporation	(6) (11)	First Lien Debt	S + 2.25%	5.90	%	1/15/2031	2,154	2,153	2,156	0.15	%
Reworld Holding Corporation	(6) (11)	First Lien Debt	S + 2.25%	5.89	%	1/15/2031	802	802	803	0.04	%
Reworld Holding Corporation	(6) (11)	First Lien Debt	S + 2.25%	5.90	%	11/30/2028	1,048	1,049	1,050	0.07	%
Reworld Holding Corporation	(6) (11)	First Lien Debt	S + 2.25%	5.89	%	1/15/2031	131	131	131	0.01	%
SI Solutions, LLC	(6) (15)	First Lien Debt	S + 4.75%	8.48	%	8/15/2030	9,925	9,891	9,925	0.67	%
SI Solutions, LLC	(6) (15)	First Lien Debt	S + 4.75%	8.48	%	8/15/2030	14,898	14,812	14,898	1.01	%
SI Solutions, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	8/15/2030	4,941	972	980	0.07	%
Total Environmental Industries								116,578	116,620	7.90	%

Healthcare & Pharmaceuticals
AB Centers Acquisition Corporation (Action Behavior Centers)	(6)	First Lien Debt	S + 5.25%	8.89	%	7/2/2031	8,214	8,171	8,084	0.55	%
AB Centers Acquisition Corporation (Action Behavior Centers)	(6) (15)	First Lien Debt	S + 5.25%	8.89	%	7/2/2031	13,965	13,856	13,744	0.93	%
AB Centers Acquisition Corporation (Action Behavior Centers)	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.25%	8.89	%	7/2/2031	2,504	1,229	1,193	0.08	%
AB Centers Acquisition Corporation (Action Behavior Centers)	(15)	First Lien Debt	S + 5.25%	8.89	%	7/2/2031	3,345	3,334	3,292	0.22	%
ACP Maverick Holdings, Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	3/18/2031	3,614	2,917	2,919	0.19	%
ACP Maverick Holdings, Inc.	(6) (7) (15)	First Lien Debt	S + 4.75%	8.48	%	3/18/2031	16,159	16,024	16,105	1.09	%
All Star Recruiting Locums, LLC (All Star Healthcare Solutions)	(6) (7) (15)	First Lien Debt (Delayed Draw)	S + 5.50%	9.23	%	5/1/2030	1,052	1,053	1,052	0.07	%
All Star Recruiting Locums, LLC (All Star Healthcare Solutions)	(7) (15)	First Lien Debt	S + 5.50%	9.23	%	5/1/2030	4,167	4,168	4,167	0.28	%
All Star Recruiting Locums, LLC (All Star Healthcare Solutions)	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 5.50%	9.23	%	5/1/2030	3,943	(8)	—	—	%
All Star Recruiting Locums, LLC (All Star Healthcare Solutions)	(6) (7)	First Lien Debt	S + 5.50%	9.23	%	5/1/2030	545	541	545	0.04	%
ARC Health OPCO, LLC	(6) (10)	Subordinated Debt (Delayed Draw)	N/A	8.00% (Cash) 5.00% (PIK)		4/10/2031	5,000	(112)	(134)	(0.01)	%
ARC Health OPCO, LLC	(6)	Subordinated Debt	N/A	8.00% (Cash) 5.00% (PIK)		4/10/2031	10,370	10,094	10,091	0.68	%
Beantown Holdings, Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	3/18/2031	4,818	—	(16)	—	%
Biomarin Pharmaceutical Inc.	(6) (11) (12)	First Lien Debt	S + 1.75%	5.43	%	4/27/2033	396	395	396	0.03	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Bluebird PM Buyer, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.49	%	2/3/2032	1,019	(2)	—	—	%
Bluebird PM Buyer, Inc.	(6)	First Lien Debt	S + 4.75%	8.48	%	2/3/2032	11,304	11,246	11,304	0.77	%
Bridges Consumer Healthcare Intermediate LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.25%	9.10	%	12/22/2031	4,262	(17)	(36)	—	%
Bridges Consumer Healthcare Intermediate LLC	(6) (15)	First Lien Debt	S + 5.25%	9.10	%	12/22/2031	7,731	7,651	7,666	0.52	%
Bridges Consumer Healthcare Intermediate LLC	(10) (15)	First Lien Debt (Delayed Draw)	S + 5.25%	9.10	%	12/22/2031	2,415	1,917	1,907	0.13	%
Coding Solutions Acquisition, Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.64	%	8/7/2031	798	(2)	(10)	—	%
Coding Solutions Acquisition, Inc.	(6) (7)	First Lien Debt	S + 5.00%	8.64	%	8/7/2031	606	600	598	0.04	%
Coding Solutions Acquisition, Inc.	(6) (7) (15)	First Lien Debt	S + 5.00%	8.64	%	8/7/2031	11,880	11,823	11,734	0.80	%
Coding Solutions Acquisition, Inc.	(6) (7) (10)	Revolving Loan	S + 5.00%	8.64	%	8/7/2031	1,101	(8)	(15)	—	%
Coding Solutions Acquisition, Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.64	%	8/7/2031	460	(1)	(6)	—	%
Eyesouth Eye Care Holdco LLC	(6) (15)	First Lien Debt	S + 5.75%	9.49	%	10/5/2029	10,489	10,352	10,350	0.69	%
Eyesouth Eye Care Holdco LLC	(6) (15)	First Lien Debt (Delayed Draw)	S + 5.75%	9.49	%	10/5/2029	5,062	5,003	4,994	0.34	%
FH DMI Buyer, Inc.	(6)	First Lien Debt	S + 5.00%	8.73	%	10/11/2030	1,648	1,648	1,648	0.11	%
Genmab A/S	(6) (11) (12)	First Lien Debt	S + 2.00%	5.73	%	12/13/2032	2,700	2,700	2,701	0.18	%
Grifols International Services Designated Activity Company	(6) (11) (12)	First Lien Debt	S + 2.50%	6.19	%	4/14/2033	102	101	102	0.01	%
Health Management Associates, Inc.	(6)	First Lien Debt	S + 5.25%	8.96	%	3/30/2029	14,929	14,858	14,860	1.01	%
Health Management Associates, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 6.25%	10.01	%	3/30/2029	2,384	—	(11)	—	%
Health Management Associates, Inc.	(6) (15)	First Lien Debt	S + 6.25%	10.01	%	3/30/2029	17,688	17,601	17,606	1.19	%
Health Management Associates, Inc.	(6)	First Lien Debt (Delayed Draw)	S + 6.25%	10.01	%	3/30/2029	1,981	1,971	1,972	0.13	%
Healthspan Buyer, LLC (Thorne HealthTech)	(6)	First Lien Debt	S + 4.75%	8.48	%	10/16/2030	10,016	9,973	9,977	0.67	%
Healthspan Buyer, LLC (Thorne HealthTech)	(6)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	10/16/2030	1,218	1,216	1,213	0.08	%
Healthspan Buyer, LLC (Thorne HealthTech)	(6)	First Lien Debt	S + 4.75%	8.48	%	10/16/2030	1,264	1,258	1,259	0.09	%
Healthspan Buyer, LLC (Thorne HealthTech)	(6) (15)	First Lien Debt	S + 4.75%	8.48	%	10/16/2030	5,408	5,389	5,387	0.37	%
Healthspan Buyer, LLC (Thorne HealthTech)	(6) (15)	First Lien Debt	S + 4.75%	8.48	%	10/16/2030	11,867	11,817	11,821	0.80	%
Heartland Veterinary Partners LLC	(6)	Subordinated Debt	N/A	7.50% (Cash) 7.00% (PIK)		9/10/2028	1,169	1,167	1,158	0.08	%
Heartland Veterinary Partners LLC	(6)	Subordinated Debt (Delayed Draw)	N/A	7.50% (Cash) 7.00% (PIK)		9/10/2028	5,847	5,847	5,790	0.39	%
Heartland Veterinary Partners LLC	(6)	Subordinated Debt (Delayed Draw)	N/A	7.50% (Cash) 7.00% (PIK)		9/10/2028	5,602	5,602	5,547	0.38	%
HLSG Intermediate, LLC	(6) (7) (15)	First Lien Debt	S + 4.75%	8.37	%	2/2/2033	10,404	10,361	10,333	0.70	%
HLSG Intermediate, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.37	%	2/2/2033	3,393	3,150	3,130	0.21	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)
HMN Acquirer Corp.	(6) (15)	First Lien Debt	S + 4.50%	8.23	%	11/5/2031	8,726	8,656	8,654	0.59	%
HMN Acquirer Corp.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.23	%	11/5/2031	2,144	575	561	0.04	%
Hologic, Inc.	(6) (11) (12)	First Lien Debt	S + 2.25%	5.99	%	4/7/2033	2,593	2,587	2,541	0.16	%
Impact Advisors, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.23	%	3/19/2032	7,143	928	863	0.06	%
Impact Advisors, LLC	(6) (15)	First Lien Debt	S + 4.50%	8.23	%	3/19/2032	12,696	12,587	12,529	0.85	%
Jazz Pharmaceuticals (AKA FINANCING LUX SARL)	(6) (11) (12)	First Lien Debt	S + 2.25%	5.89	%	5/5/2028	3,095	3,106	3,107	0.21	%
JKC Buyer, Inc. (J. Knipper and Company Inc)	(15)	First Lien Debt (Delayed Draw)	S + 4.75%	8.39	%	2/13/2032	1,840	1,831	1,801	0.12	%
JKC Buyer, Inc. (J. Knipper and Company Inc)	(15)	First Lien Debt	S + 4.75%	8.39	%	2/13/2032	5,314	5,275	5,202	0.35	%
Lavie Group, Inc.	(6) (7)	First Lien Debt	S + 5.00%	8.63	%	10/12/2029	7,123	7,082	7,068	0.48	%
Lavie Group, Inc.	(15)	First Lien Debt	S + 5.00%	8.62	%	10/12/2029	6,371	6,321	6,322	0.43	%
Lavie Group, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.63	%	10/12/2029	1,888	(6)	(15)	—	%
Lavie Group, Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.62	%	10/10/2029	648	402	399	0.03	%
Lavie Group, Inc.	(6) (7) (15)	First Lien Debt	S + 5.00%	8.62	%	10/12/2029	4,339	4,306	4,305	0.29	%
McKesson Medical-Surgical Top Holdings Inc.	(6) (11) (12)	First Lien Debt	S + 2.25%	5.98	%	6/9/2032	293	292	293	0.02	%
Midwest Eye Services, LLC	(6)	First Lien Debt	S + 4.50%	8.38	%	8/20/2027	15,192	15,153	15,189	1.03	%
New You Bariatric Group, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.25%	9.06% (PIK)		10/31/2028	199	119	119	0.01	%
New You Bariatric Group, LLC	(6)	First Lien Debt	S + 5.25%	9.06% (PIK)		10/31/2028	2,030	2,030	2,030	0.14	%
Organon & Co	(6) (11) (12)	First Lien Debt	S + 2.25%	5.89	%	5/19/2031	1,333	1,328	1,333	0.09	%
Performance Health Holdings, Inc	(6) (15)	First Lien Debt	S + 3.75%	7.48	%	3/19/2032	14,850	14,719	14,724	1.00	%
Phoenix Guarantor Inc.	(6) (11) (12)	First Lien Debt	S + 2.00%	5.64	%	2/21/2031	4,103	4,097	4,100	0.28	%
Promptcare Infusion Buyer, Inc.	(7) (15)	First Lien Debt (Delayed Draw)	S + 6.00%	9.75	%	9/1/2027	313	313	313	0.02	%
Promptcare Infusion Buyer, Inc.	(7) (15)	First Lien Debt	S + 6.00%	9.75	%	9/1/2027	2,008	2,008	2,008	0.14	%
QHR Health, LLC	(6)	First Lien Debt (Delayed Draw)	S + 5.25%	9.06	%	5/28/2027	2,349	2,341	2,347	0.16	%
QHR Health, LLC	(6)	First Lien Debt	S + 5.25%	9.06	%	5/28/2027	17,443	17,384	17,424	1.18	%
Select Medical Corporation	(6) (11) (12)	First Lien Debt	S + 3.00%	6.64	%	12/3/2031	365	362	367	0.02	%
Southern Veterinary Partners, LLC	(6) (11)	First Lien Debt	S + 2.50%	6.16	%	12/4/2031	5,029	5,028	5,030	0.34	%
TBRS, Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	11/24/2031	949	(4)	(18)	—	%
TBRS, Inc.	(6) (7) (10)	Revolving Loan	S + 4.75%	8.42	%	11/22/2030	1,243	90	76	0.01	%
TBRS, Inc.	(6) (7) (15)	First Lien Debt	S + 4.75%	8.42	%	11/24/2031	8,046	7,969	7,896	0.54	%
Tidi Legacy Products, Inc.	(6) (7) (15)	First Lien Debt	S + 4.50%	8.14	%	12/19/2029	15,499	15,495	15,446	1.05	%
Tidi Legacy Products, Inc.	(6) (7)	First Lien Debt (Delayed Draw)	S + 4.50%	8.14	%	12/19/2029	4,152	4,159	4,138	0.28	%
VMG Holdings LLC (VMG Health)	(6)	First Lien Debt (Delayed Draw)	S + 5.00%	8.73	%	4/16/2030	794	792	788	0.05	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)
VMG Holdings LLC (VMG Health)	(6)	First Lien Debt	S + 5.00%	8.73	%	4/16/2030	1,584	1,576	1,573	0.11	%
VMG Holdings LLC (VMG Health)	(6) (15)	First Lien Debt	S + 5.00%	8.73	%	4/16/2030	19,798	19,662	19,658	1.33	%
VSC Specialty Molding Acquisition LLC	(6)	First Lien Debt	S + 4.50%	8.18	%	10/6/2031	7,410	7,355	7,339	0.50	%
VSC Specialty Molding Acquisition LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.23	%	10/6/2031	4,523	3,991	3,967	0.27	%
Wellspring Pharmaceutical Corporation	(6)	First Lien Debt	S + 4.50%	8.34	%	8/22/2028	10,593	10,553	10,568	0.72	%
Wellspring Pharmaceutical Corporation	(6) (15)	First Lien Debt	S + 4.50%	8.45	%	8/22/2028	6,366	6,344	6,350	0.43	%
Wellspring Pharmaceutical Corporation	(6) (15)	First Lien Debt	S + 4.50%	8.45	%	8/22/2028	3,572	3,552	3,564	0.24	%
Wellspring Pharmaceutical Corporation	(15)	First Lien Debt (Delayed Draw)	S + 4.50%	8.45	%	8/22/2028	1,838	1,832	1,833	0.12	%
YI, LLC (Young Innovations)	(6) (7) (15)	First Lien Debt	S + 5.75%	9.39	%	12/3/2029	15,608	15,510	15,339	1.04	%
Total Healthcare & Pharmaceuticals								422,583	421,548	28.57	%

High Tech Industries
Ahead DB Holdings, LLC (Ahead Data Blue LLC)	(6) (11) (15)	First Lien Debt	S + 2.50%	6.23	%	2/1/2031	9,825	9,802	9,683	0.66	%
Alta Buyer, LLC	(6)	First Lien Debt	S + 4.50%	8.23	%	2/18/2033	31,000	30,845	31,121	2.11	%
Alta Buyer, LLC	(6) (10)	Revolving Loan	S + 4.50%	8.23	%	2/18/2033	3,922	(20)	15	—	%
Arctiq, Inc.	(6) (15)	First Lien Debt	S + 4.75%	8.36	%	2/3/2032	34,133	33,992	33,953	2.30	%
Arctiq, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.37	%	2/3/2032	5,181	(5)	(27)	—	%
BMC Software, Inc.	(6) (11)	First Lien Debt	S + 3.00%	6.42	%	7/30/2031	4,183	4,159	3,781	0.26	%
CACI International Inc	(6) (11) (12)	First Lien Debt	S + 1.75%	5.39	%	3/9/2033	167	166	166	0.01	%
CompoSecure Holdings, L.L.C.	(6) (11) (12)	First Lien Debt	S + 2.25%	5.92	%	1/14/2033	900	899	896	0.06	%
Coreweave Financing DDTL V, LLC	(6) (10) (11) (12)	First Lien Debt	S + 4.50%	8.12	%	11/15/2031	267	92	101	0.01	%
Diligent Corporation (fka Diamond Merger Sub II, Corp.)	(6) (7)	First Lien Debt	S + 8.42%	12.09	%	8/2/2030	2,553	2,545	2,454	0.17	%
Diligent Corporation (fka Diamond Merger Sub II, Corp.)	(6) (7) (15)	First Lien Debt	S + 5.00%	8.67	%	8/2/2030	14,894	14,843	14,317	0.97	%
Dragon Buyer, Inc. (NCR Voyix)	(6) (11)	First Lien Debt	S + 2.75%	6.48	%	9/30/2031	6,895	6,869	5,833	0.40	%
Eliassen Group, LLC	(6) (7)	First Lien Debt (Delayed Draw)	S + 5.75%	9.48	%	4/14/2028	226	226	220	0.01	%
Eliassen Group, LLC	(6) (7)	First Lien Debt	S + 5.75%	9.48	%	4/14/2028	3,137	3,137	3,060	0.21	%
Emburse, Inc.	(7) (15)	First Lien Debt	S + 4.25%	7.98	%	5/28/2032	2,964	2,958	2,964	0.20	%
Emburse, Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.25%	7.98	%	5/28/2032	529	(1)	—	—	%
Emburse, Inc.	(6) (7) (10)	Revolving Loan	S + 4.25%	7.98	%	5/28/2032	568	(1)	—	—	%
Ensono, Inc.	(6) (11) (15)	First Lien Debt	S + 4.00%	7.76	%	5/26/2028	14,729	14,697	14,474	0.98	%
Exterro, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.75%	9.41	%	6/1/2027	1,797	—	(29)	—	%
Exterro, Inc.	(6) (15)	First Lien Debt	S + 5.75%	9.41	%	6/1/2027	5,577	5,572	5,485	0.37	%
Exterro, Inc.	(6)	First Lien Debt	S + 5.75%	9.41	%	6/1/2027	20,000	19,774	19,672	1.33	%
GNX HBS Parent, LLC	(6)	First Lien Debt	S + 4.50%	8.23	%	10/1/2031	2,334	2,323	2,323	0.16	%
GNX HBS Parent, LLC	(6)	First Lien Debt	S + 4.50%	8.23	%	10/1/2031	10,102	10,028	9,847	0.67	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)
GNX HBS Parent, LLC	(15)	First Lien Debt (Delayed Draw)	S + 4.50%	8.23	%	10/1/2031	5,972	5,883	5,822	0.39	%
GS AcquisitionCo, Inc.	(6) (7) (15)	First Lien Debt	S + 5.25%	8.98	%	5/25/2028	17,464	16,915	16,869	1.14	%
Icon Parent I Inc.	(6) (7) (11)	First Lien Debt	S + 2.75%	6.45	%	11/13/2031	1,980	1,973	1,857	0.13	%
II-VI INCORPORATED	(6) (11) (12)	First Lien Debt	S + 1.75%	5.39	%	7/2/2029	1,091	1,094	1,093	0.06	%
Infobase Acquisition, Inc.	(6) (15)	First Lien Debt	S + 5.50%	9.60	%	6/14/2028	8,560	8,557	8,560	0.58	%
Javelin Buyer, Inc.	(6) (7) (15)	Subordinated Debt	S + 5.00%	8.67	%	12/6/2032	6,000	6,015	5,557	0.38	%
Javelin Buyer, Inc.	(6) (7) (11) (15)	First Lien Debt	S + 2.75%	6.41	%	12/5/2031	6,913	6,909	6,507	0.44	%
Mermaid Bidco Inc.	(6)	First Lien Debt	S + 3.25%	6.91	%	7/3/2031	3,960	3,952	3,916	0.26	%
Mitchell International, Inc.	(6) (11)	First Lien Debt	S + 3.00%	6.64	%	6/17/2031	5,291	5,278	5,052	0.34	%
PointClickCare Technologies	(6) (11) (12)	First Lien Debt	S + 2.75%	6.41	%	11/3/2031	569	569	567	0.04	%
Project Alpha Intermediate Holding, Inc.	(6) (7) (11)	First Lien Debt	S + 3.25%	6.98	%	10/26/2030	987	985	721	0.05	%
Prosci, Inc.	(6)	First Lien Debt	S + 4.50%	8.24	%	11/18/2030	20,000	19,933	19,524	1.32	%
Quartz Holding Company (Quickbase)	(6) (15)	First Lien Debt	S + 3.25%	6.89	%	10/2/2028	11,848	11,880	11,573	0.78	%
Ridge Trail US Bidco, Inc. (Options IT)	(6) (7)	First Lien Debt	S + 4.50%	8.23	%	9/30/2031	9,102	9,031	9,030	0.61	%
Ridge Trail US Bidco, Inc. (Options IT)	(6) (7) (10)	Revolving Loan	S + 4.50%	8.23	%	3/31/2031	1,062	(8)	(8)	—	%
Ridge Trail US Bidco, Inc. (Options IT)	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.23	%	9/30/2031	3,185	437	417	0.03	%
Specialist Resources Global Inc.	(6)	First Lien Debt	S + 5.00%	8.64	%	9/23/2027	122	119	120	0.01	%
Specialist Resources Global Inc.	(15)	First Lien Debt	S + 5.00%	8.64	%	9/23/2027	1,305	1,305	1,286	0.09	%
Specialist Resources Global Inc.	(15)	First Lien Debt (Delayed Draw)	S + 5.00%	8.64	%	9/23/2027	6,698	6,698	6,603	0.45	%
Stratix Holding Corporation	(6)	First Lien Debt	S + 4.75%	8.60	%	9/15/2028	3,958	3,954	3,942	0.27	%
Stratix Holding Corporation	(6) (15)	First Lien Debt	S + 4.75%	8.60	%	9/15/2028	19,731	19,534	19,650	1.33	%
VALIDITY INC	(15)	First Lien Debt	S + 5.00%	8.68	%	4/12/2032	7,726	7,661	7,539	0.51	%
Venture Buyer, LLC (Velosio)	(6) (7) (15)	First Lien Debt	S + 5.25%	8.91	%	3/1/2030	12,695	12,664	12,695	0.86	%
Venture Buyer, LLC (Velosio)	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 5.25%	8.91	%	3/1/2030	1,632	283	283	0.02	%
Waldo Buyer, LLC	(6) (7)	First Lien Debt	S + 4.50%	8.23	%	4/1/2033	19,278	19,187	19,197	1.30	%
Waldo Buyer, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.23	%	4/1/2033	5,508	(6)	(23)	—	%
Waldo Buyer, LLC	(6) (7) (10)	Revolving Loan	S + 4.50%	8.23	%	4/1/2033	3,809	(18)	(16)	—	%
Waystar Technologies, Inc.	(6) (11) (12)	First Lien Debt	S + 2.00%	5.64	%	10/22/2029	2,249	2,252	2,247	0.15	%
Total High Tech Industries								335,936	330,889	22.42	%

Hotel, Gaming & Leisure
Cinemark USA, Inc.	(6) (11) (12)	First Lien Debt	S + 2.00%	5.64	%	5/24/2030	4,083	4,100	4,094	0.28	%
Davidson Hotel Company LLC	(6) (15)	First Lien Debt	S + 5.00%	8.64	%	10/31/2031	4,040	4,030	4,080	0.28	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Davidson Hotel Company LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.64	%	10/31/2031	930	296	307	0.02	%
Oak-Eagle Acquireco, Inc.	(6) (11) (12)	First Lien Debt	S + 3.50%	7.21	%	3/24/2033	600	591	602	0.04	%
TKO Worldwide Holdings, LLC	(6) (11) (12)	First Lien Debt	S + 1.75%	5.41	%	11/21/2031	955	951	953	0.06	%
Total Hotel, Gaming & Leisure								9,968	10,036	0.68	%

Media: Advertising, Printing & Publishing
Calienger Acquisition, L.L.C. (Wpromote, LLC)	(6) (15)	First Lien Debt	S + 6.00%	9.72	%	10/23/2028	5,698	5,665	5,616	0.38	%
Thomson Reuters IP & S (AKA Clarivate / Camelot Finance SA)	(6) (11)	First Lien Debt	S + 2.75%	6.39	%	1/31/2031	3,772	3,772	3,486	0.24	%
Viking Buyer, LLC (Vanguard Packaging LLC)	(6) (15)	First Lien Debt	S + 5.50%	9.26	%	2/9/2028	5,710	5,710	5,531	0.37	%
VS Professional Training Acquisitionco, LLC	(6)	First Lien Debt	S + 5.25%	8.89	%	9/30/2026	6,296	6,248	6,296	0.43	%
VS Professional Training Acquisitionco, LLC	(6) (15)	First Lien Debt	S + 5.25%	8.89	%	9/30/2026	6,866	6,846	6,866	0.47	%
Total Media: Advertising, Printing & Publishing								28,241	27,795	1.89	%

Media: Broadcasting & Subscription
Discovery Global Holdings, Inc.	(6) (11) (12)	First Lien Debt	S + 2.50%	6.14	%	6/3/2033	888	885	889	0.06	%
Nexstar Media Inc.	(6) (11) (12)	First Lien Debt	S + 2.75%	6.39	%	3/18/2033	396	392	392	0.03	%
UPC/Sunrise (UPC Financing Partnership)	(6) (11) (12)	First Lien Debt	S + 2.50%	6.10	%	2/15/2032	2,875	2,868	2,843	0.19	%
Total Media: Media: Broadcasting & Subscription								4,145	4,124	0.28	%

Media: Diversified & Production
BroadcastMed Holdco, LLC	(6)	Subordinated Debt	N/A	10.00% (Cash) 3.75% (PIK)		11/12/2027	2,990	2,967	2,924	0.20	%
Creative Artists Agency, LLC	(6) (11)	First Lien Debt	S + 2.50%	6.14	%	10/1/2031	1,567	1,575	1,569	0.11	%
Total Media: Diversified & Production								4,542	4,493	0.31	%

Metals & Mining
Arsenal AIC Parent LLC(Arconic)	(6) (11)	First Lien Debt	S + 2.75%	6.39	%	8/18/2030	1,763	1,776	1,772	0.12	%
Belden Inc.	(6) (11) (12)	First Lien Debt	S + 2.25%	5.90	%	6/10/2033	367	366	368	0.03	%
Total Metals & Mining								2,142	2,140	0.15	%

Retail
Varsity Brands, Inc.	(6) (11)	First Lien Debt	S + 2.75%	6.48	%	8/26/2031	1,995	1,995	2,000	0.14	%
Total Retail								1,995	2,000	0.14	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Services: Business
ADI Global Distribution Funding LLC	(6) (11) (12)	First Lien Debt	S + 2.75%	6.37	%	6/17/2033	80	80	80	0.01	%
AG Group Holdings, Inc. (Addison Group)	(6) (11)	First Lien Debt	S + 4.25%	7.89	%	12/29/2028	1,786	1,793	1,621	0.11	%
ALKU Intermediate Holdings, LLC	(6)	First Lien Debt	S + 6.25%	9.98	%	5/23/2029	2,643	2,614	2,619	0.18	%
All4 Buyer, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	1/23/2032	2,105	768	759	0.05	%
All4 Buyer, LLC	(6) (15)	First Lien Debt	S + 4.50%	8.17	%	1/23/2032	4,496	4,459	4,458	0.30	%
Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC)	(6) (11)	First Lien Debt	S + 3.25%	6.89	%	8/20/2032	3,425	3,425	3,431	0.23	%
Archer Acquisition, LLC (ARMstrong)	(6) (15)	First Lien Debt	S + 4.75%	8.58	%	10/9/2029	10,175	10,101	10,068	0.68	%
Archer Acquisition, LLC (ARMstrong)	(6)	First Lien Debt (Delayed Draw)	S + 4.75%	8.54	%	10/9/2029	860	855	851	0.06	%
Astra Service Partners, LLC	(6) (7)	First Lien Debt	S + 4.50%	8.24	%	11/26/2032	12,019	11,973	11,954	0.81	%
Astra Service Partners, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.24	%	11/26/2032	3,954	2,050	2,034	0.14	%
Bounteous, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	8/2/2029	7,269	3,775	3,775	0.26	%
Bounteous, Inc.	(6) (15)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	8/2/2029	5,102	5,102	5,102	0.35	%
Bounteous, Inc.	(6) (15)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	8/2/2029	824	824	824	0.06	%
Bounteous, Inc.	(6) (15)	First Lien Debt	S + 4.75%	8.48	%	8/2/2029	9,859	9,859	9,859	0.67	%
Bounteous, Inc.	(6) (15)	First Lien Debt	S + 4.75%	8.48	%	8/2/2029	4,008	4,008	4,008	0.27	%
Bullhorn, Inc.	(6) (7)	First Lien Debt	S + 5.00%	8.64	%	10/1/2029	17,764	17,543	17,464	1.18	%
Caldwell & Gregory LLC	(6)	Subordinated Debt	S + 6.25%	9.98% (Cash) 2.50% (PIK)		3/31/2031	12,652	12,570	12,652	0.86	%
Certus NDT Group Buyer, LLC	(6)	Subordinated Debt	N/A	9.00% (Cash) 3.00% (PIK)		2/11/2033	2,977	2,923	2,920	0.20	%
COP Village Green Acquisitions, Inc. (Village Green Holding)	(6)	Subordinated Debt	N/A	10.50% (Cash) 1.75% (PIK)		3/26/2031	1,403	1,375	1,408	0.10	%
COP Village Green Acquisitions, Inc. (Village Green Holding)	(6) (10)	Subordinated Debt (Delayed Draw)	N/A	10.50% (Cash) 1.75% (PIK)		3/26/2031	536	(5)	2	—	%
Cornerstone Advisors of Arizona, LLC	(6) (7) (15)	First Lien Debt	S + 4.75%	8.48	%	5/13/2032	17,532	17,456	17,369	1.18	%
CPL Consultants, LLC	(6)	First Lien Debt	S + 4.25%	7.91	%	2/17/2032	2,498	2,487	2,487	0.17	%
CPL Consultants, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.25%	7.91	%	2/17/2032	8,013	92	66	—	%
CV Holdco, LLC (Class Valuation)	(6)	Subordinated Debt	N/A	11.00	%	3/31/2028	444	444	432	0.03	%
CV Holdco, LLC (Class Valuation)	(6)	Subordinated Debt	N/A	11.00	%	3/31/2028	10,000	9,981	9,711	0.66	%
Dawn Bidco, LLC	(6) (11)	First Lien Debt	S + 3.00%	6.66	%	2/4/2033	2,996	2,996	2,740	0.19	%
Delphi Infrastructure Group LLC (f/k/a Safety Infrastructure Services Intermediate LLC)	(14) (15)	First Lien Debt	S + 5.00%	8.73	%	7/21/2028	4,035	3,987	726	0.05	%
Delphi Infrastructure Group LLC (f/k/a Safety Infrastructure Services Intermediate LLC)	(15)	First Lien Debt	S + 5.00%	8.75	%	7/21/2028	2,165	2,152	2,165	0.15	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Delphi Infrastructure Group LLC (f/k/a Safety Infrastructure Services Intermediate LLC)	(15)	First Lien Debt	S + 5.00%	8.75	%	7/21/2028	351	349	351	0.02	%
Delphi Infrastructure Group LLC (f/k/a Safety Infrastructure Services Intermediate LLC)	(6) (14)	First Lien Debt (Delayed Draw)	S + 5.00%	8.73	%	7/21/2028	667	665	120	0.01	%
Delphi Infrastructure Group LLC (f/k/a Safety Infrastructure Services Intermediate LLC)	(6)	First Lien Debt (Delayed Draw)	S + 5.00%	8.75	%	7/21/2028	312	313	312	0.02	%
Delphi Infrastructure Group LLC (f/k/a Safety Infrastructure Services Intermediate LLC)	(14) (15)	First Lien Debt	S + 5.00%	8.73	%	7/21/2028	655	648	118	0.01	%
Delphi Infrastructure Group LLC (f/k/a Safety Infrastructure Services Intermediate LLC)	(6)	First Lien Debt (Delayed Draw)	S + 5.00%	8.75	%	7/21/2028	358	358	358	0.02	%
DISA Holdings Corp. (DISA Global Solutions)	(6)	First Lien Debt (Delayed Draw)	S + 5.00%	8.69	%	9/9/2028	1,178	1,172	1,169	0.08	%
DISA Holdings Corp. (DISA Global Solutions)	(6) (15)	First Lien Debt	S + 5.00%	8.69	%	9/9/2028	6,550	6,517	6,498	0.44	%
Element 78 Partners, LLC (E78)	(6)	First Lien Debt (Delayed Draw)	S + 5.50%	9.24	%	12/1/2027	5,016	5,016	5,009	0.34	%
Element 78 Partners, LLC (E78)	(6)	First Lien Debt	S + 5.50%	9.24	%	12/1/2027	9,320	9,320	9,307	0.63	%
Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC)	(6) (7)	First Lien Debt	S + 5.75%	9.63	%	12/23/2026	12,666	12,644	12,632	0.86	%
Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC)	(6) (7)	First Lien Debt	S + 5.75%	9.63	%	12/23/2026	7,129	7,113	7,110	0.48	%
Env Automation Acquisition, LLC	(6) (7)	First Lien Debt	S + 4.50%	8.15	%	12/8/2031	14,803	14,745	14,801	1.00	%
Env Automation Acquisition, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.18	%	12/8/2031	7,181	1,096	1,100	0.07	%
Esquire Deposition Solutions, LLC	(6)	Subordinated Debt	N/A	14.00% (PIK)		6/30/2029	2,211	2,183	2,190	0.15	%
Fleet Midco I Limited	(6) (7) (12)	First Lien Debt	S + 2.75%	6.39	%	2/21/2031	2,481	2,481	2,481	0.17	%
Garda World Security Corporation	(6) (11) (12)	First Lien Debt	S + 2.75%	6.42	%	2/1/2029	2,259	2,278	2,259	0.15	%
Genuine Financial Holdings LLC (HireRight)	(11) (15)	First Lien Debt	S + 3.25%	6.89	%	9/27/2030	1,789	1,776	1,737	0.12	%
ICON LUXEMBOURG SARL	(6) (11) (12)	First Lien Debt	S + 2.00%	5.73	%	7/3/2028	95	95	95	0.01	%
ICON LUXEMBOURG SARL	(6) (11) (12)	First Lien Debt	S + 2.00%	5.73	%	7/3/2028	24	24	24	—	%
ImageFirst Holdings, LLC	(6) (15)	First Lien Debt	S + 3.00%	6.66	%	3/12/2032	13,562	13,533	13,533	0.92	%
Ingram Micro Inc	(6) (11) (12)	First Lien Debt	S + 2.25%	5.93	%	9/22/2031	1,716	1,723	1,722	0.12	%
KENG Acquisition, Inc. (Engage PEO)	(6) (7) (15)	First Lien Debt	S + 4.50%	8.16	%	8/1/2029	8,920	8,858	8,759	0.59	%
KENG Acquisition, Inc. (Engage PEO)	(6) (7)	First Lien Debt (Delayed Draw)	S + 4.50%	8.16	%	8/1/2029	5,746	5,739	5,643	0.38	%
KENG Acquisition, Inc. (Engage PEO)	(6) (7)	First Lien Debt (Delayed Draw)	S + 4.50%	8.16	%	8/1/2029	7,644	7,609	7,507	0.51	%
Kofile, Inc.	(6)	Subordinated Debt	N/A	9.00% (Cash) 3.00% (PIK)		6/30/2029	7,003	7,003	6,848	0.46	%
KRIV Acquisition Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	7/31/2031	6,907	—	(39)	—	%
KRIV Acquisition Inc.	(6) (10)	Revolving Loan	S + 4.75%	8.48	%	7/31/2031	628	250	248	0.02	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)
KRIV Acquisition Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	7/31/2031	2,651	(9)	(15)	—	%
KRIV Acquisition Inc.	(6) (15)	First Lien Debt	S + 4.75%	8.48	%	7/31/2031	13,396	13,258	13,321	0.90	%
LRN Corporation (Lion Merger Sub, Inc.)	(6)	First Lien Debt	S + 5.25%	8.92	%	12/17/2027	7,247	7,223	7,219	0.49	%
LRN Corporation (Lion Merger Sub, Inc.)	(6) (7)	First Lien Debt	S + 5.25%	8.92	%	12/17/2027	18,815	18,724	18,742	1.27	%
LRN Corporation (Lion Merger Sub, Inc.)	(6) (7)	First Lien Debt	S + 5.25%	8.92	%	12/17/2027	579	578	577	0.04	%
M&S Holdings Buyer, Inc.	(6)	First Lien Debt	S + 4.75%	8.48	%	12/23/2032	7,228	7,198	7,184	0.49	%
M&S Holdings Buyer, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	12/23/2032	1,317	(1)	(8)	—	%
MacKay Sposito, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.25%	7.92	%	4/22/2033	1,000	75	70	—	%
Medline Borrower, LP	(6) (11)	First Lien Debt	S + 1.50%	5.14	%	5/30/2033	2,803	2,805	2,789	0.19	%
OCM System One Buyer CTB, LLC (System One)	(6) (15)	First Lien Debt	S + 3.50%	7.14	%	3/2/2028	1,279	1,279	1,277	0.09	%
Olympus US Bidco LLC (Phaidon International)	(6) (12) (15)	First Lien Debt	S + 5.50%	9.26	%	8/22/2029	19,515	19,291	18,694	1.27	%
OMNIA Partners, LLC	(6) (7) (11) (15)	First Lien Debt	S + 2.75%	6.42	%	12/31/2032	3,445	3,431	3,456	0.23	%
Open Text Corporation	(6) (11) (12)	First Lien Debt	S + 1.75%	5.39	%	1/31/2030	1,817	1,826	1,782	0.12	%
Osmosis Buyer Limited	(6) (11) (12)	First Lien Debt	S + 2.50%	6.15	%	6/24/2033	2,575	2,569	2,576	0.17	%
Osmosis Buyer Limited	(6) (11) (12)	First Lien Debt	S + 2.75%	6.12	%	7/31/2028	3,404	3,415	3,405	0.23	%
Pegasus BidCo B.V.	(6) (11) (12)	First Lien Debt	S + 2.50%	5.86	%	7/12/2032	3,120	3,131	3,125	0.21	%
PN Buyer, Inc.	(6) (15)	First Lien Debt	S + 4.50%	8.14	%	7/31/2031	15,478	15,412	15,102	1.02	%
PN Buyer, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.14	%	7/31/2031	4,444	—	(108)	(0.01)	%
Prime Security Services Borrower, LLC	(6) (11) (12)	First Lien Debt	S + 2.00%	5.62	%	10/13/2030	2,266	2,264	2,254	0.15	%
Prime Security Services Borrower, LLC	(6) (11) (12)	First Lien Debt	S + 1.75%	5.37	%	3/7/2032	372	369	367	0.02	%
RailPros Parent, LLC	(6) (7) (15)	First Lien Debt	S + 4.25%	7.89	%	5/24/2032	10,186	10,097	10,186	0.69	%
RailPros Parent, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.25%	7.89	%	5/24/2032	3,156	945	945	0.06	%
RailPros Parent, LLC	(6) (7) (10)	Revolving Loan	S + 4.25%	7.89	%	5/24/2032	1,579	—	—	—	%
Redwood Services Group, LLC (Evergreen Services Group)	(6) (7)	First Lien Debt (Delayed Draw)	S + 5.25%	8.99	%	6/15/2029	5,604	5,585	5,604	0.38	%
Redwood Services Group, LLC (Evergreen Services Group)	(6) (7) (15)	First Lien Debt	S + 5.25%	8.99	%	6/15/2029	12,970	12,900	12,970	0.88	%
Redwood Services Group, LLC (Evergreen Services Group)	(7) (15)	First Lien Debt (Delayed Draw)	S + 4.75%	8.49	%	6/15/2029	939	935	939	0.06	%
Resideo Funding Inc.	(6) (11) (12)	First Lien Debt	S + 2.00%	5.67	%	8/13/2032	1,628	1,628	1,631	0.11	%
Sagebrush Buyer, LLC (Province)	(6) (15)	First Lien Debt	S + 4.75%	8.39	%	7/1/2030	6,275	6,229	6,228	0.42	%
Sagebrush Buyer, LLC (Province)	(6)	First Lien Debt	S + 4.75%	8.39	%	7/1/2030	8,957	8,903	8,890	0.60	%
Sagebrush Buyer, LLC (Province)	(6) (15)	First Lien Debt	S + 4.75%	8.39	%	7/1/2030	5,598	5,565	5,556	0.38	%
Secretariat Advisors LLC	(6) (10) (11)	First Lien Debt (Delayed Draw)	S + 4.00%	7.73	%	2/28/2032	835	—	(14)	—	%
Secretariat Advisors LLC	(6) (11) (15)	First Lien Debt	S + 4.00%	7.73	%	2/28/2032	6,845	6,818	6,730	0.46	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Sentinel Technologies, Inc	(6)	First Lien Debt	S + 4.50%	8.18	%	11/3/2031	1,127	1,121	1,127	0.08	%
Sentinel Technologies, Inc	(6) (15)	First Lien Debt	S + 4.50%	8.16	%	11/3/2031	8,424	8,398	8,424	0.57	%
Simplicity Financial Marketing Group Holdings, Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 1.00%	5.00	%	12/31/2031	1,000	—	(7)	—	%
Soliant Lower Intermediate, LLC	(6) (11) (15)	First Lien Debt	S + 3.75%	7.38	%	7/18/2031	17,554	17,416	12,999	0.88	%
Syndigo LLC	(6)	First Lien Debt	S + 5.00%	8.67	%	9/2/2032	13,157	13,098	12,641	0.86	%
Syndigo LLC	(6) (10)	Revolving Loan	S + 5.00%	8.67	%	9/2/2032	1,777	277	215	0.01	%
Synechron	(6) (11)	First Lien Debt	S + 3.75%	7.48	%	10/3/2031	1,483	1,472	1,392	0.09	%
Tau Buyer, LLC	(6) (7)	First Lien Debt (Delayed Draw)	S + 2.50%	6.23% (Cash) 2.50% (PIK)		2/2/2032	2,291	2,282	2,045	0.14	%
Tau Buyer, LLC	(6) (7) (10)	Revolving Loan	S + 4.50%	8.23	%	2/2/2032	1,720	651	481	0.03	%
Tau Buyer, LLC	(6) (7) (15)	First Lien Debt	S + 2.50%	6.23% (Cash) 2.50% (PIK)		2/2/2032	9,978	9,899	8,910	0.60	%
Thompson Safety LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	6/25/2032	13,622	2,059	1,978	0.13	%
Thompson Safety LLC	(6) (10)	Revolving Loan	P + 4.00%	10.75	%	6/25/2032	1,364	199	196	0.01	%
TouchTunes Music Group, LLC (TouchTunes Interactive Network)	(6) (15)	First Lien Debt	S + 4.75%	8.48	%	4/2/2029	14,325	14,189	13,589	0.92	%
Transit Buyer, LLC (Propark Mobility)	(6)	First Lien Debt	S + 4.50%	8.14	%	1/31/2029	7,680	7,647	7,676	0.52	%
Transit Buyer, LLC (Propark Mobility)	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.14	%	1/31/2029	2,444	—	(1)	—	%
Transit Buyer, LLC (Propark Mobility)	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.14	%	1/31/2029	1,130	413	416	0.03	%
Transit Buyer, LLC (Propark Mobility)	(6) (15)	First Lien Debt	S + 4.50%	8.14	%	1/31/2029	6,223	6,188	6,219	0.42	%
Transit Buyer, LLC (Propark Mobility)	(6) (15)	First Lien Debt (Delayed Draw)	S + 4.50%	8.14	%	1/31/2029	3,551	3,538	3,550	0.24	%
Transit Buyer, LLC (Propark Mobility)	(6)	First Lien Debt (Delayed Draw)	S + 4.50%	8.14	%	1/31/2029	8,856	8,847	8,852	0.60	%
TSS Buyer, LLC (Technical Safety Services)	(15)	First Lien Debt (Delayed Draw)	S + 5.00%	8.64	%	6/22/2029	608	608	605	0.04	%
TSS Buyer, LLC (Technical Safety Services)	(6) (15)	First Lien Debt	S + 5.00%	8.64	%	6/22/2029	19,187	19,102	19,098	1.29	%
UBEO, LLC	(6)	Subordinated Debt	N/A	11.00	%	1/3/2029	12,000	12,000	12,000	0.81	%
Victors CCC Buyer LLC (CrossCountry Consulting)	(6) (7)	First Lien Debt	S + 4.50%	8.17	%	6/1/2029	3,017	3,003	3,019	0.20	%
Victors CCC Buyer LLC (CrossCountry Consulting)	(6) (7)	First Lien Debt	S + 4.50%	8.17	%	6/1/2029	1,117	1,112	1,118	0.08	%
Victors CCC Buyer LLC (CrossCountry Consulting)	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	6/1/2029	1,011	—	1	—	%
Victors CCC Buyer LLC (CrossCountry Consulting)	(7) (15)	First Lien Debt	S + 4.50%	8.17	%	6/1/2029	1,344	1,331	1,345	0.09	%
Victors CCC Buyer LLC (CrossCountry Consulting)	(7) (15)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	6/1/2029	138	137	138	0.01	%
VRC Companies, LLC (Vital Records Control)	(6) (7)	First Lien Debt	S + 5.50%	9.16	%	6/29/2027	13,016	12,990	12,984	0.88	%
VRC Companies, LLC (Vital Records Control)	(6) (7)	First Lien Debt	S + 5.75%	9.45	%	6/29/2027	4,724	4,724	4,724	0.32	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)
VSTG Intermediate Holdings, Inc. (Vistage Worldwide, Inc.)	(6) (7) (15)	First Lien Debt	S + 3.75%	7.48	%	7/13/2029	14,971	14,954	14,859	1.01	%
Total Services: Business								579,293	565,544	38.31	%

Services: Consumer
360 Holdco, Inc. (360 Training)	(6) (15)	First Lien Debt	S + 4.50%	8.14	%	8/2/2028	5,832	5,796	5,766	0.39	%
360 Holdco, Inc. (360 Training)	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.14	%	8/2/2028	3,579	2,240	2,199	0.15	%
ADPD Holdings LLC (NearU)	(6) (7)	First Lien Debt	S + 1.00%	4.95% (Cash), 5.00% (PIK)		8/16/2028	5,920	5,895	5,493	0.37	%
AMS Parent, LLC (All My Sons)	(11) (15)	First Lien Debt	S + 4.75%	8.74	%	10/25/2028	5,420	5,407	5,050	0.34	%
Apex Service Partners, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.73	%	10/24/2030	5,170	1,998	2,023	0.14	%
Apex Service Partners, LLC	(6) (7) (10)	Revolving Loan	S + 5.00%	8.73	%	10/24/2029	1,101	498	521	0.04	%
Apex Service Partners, LLC	(6) (7) (15)	First Lien Debt	S + 5.00%	8.73	%	10/24/2030	12,475	12,385	12,647	0.86	%
Apex Service Partners, LLC	(6) (7)	First Lien Debt (Delayed Draw)	S + 5.00%	8.73	%	10/24/2030	3,052	3,041	3,094	0.21	%
Apex Service Partners, LLC	(6) (7)	First Lien Debt (Delayed Draw)	S + 5.00%	8.73	%	10/24/2030	3,060	3,038	3,102	0.21	%
Canopy Service Partners, LLC	(6)	First Lien Debt	S + 4.50%	8.23	%	2/28/2033	10,714	10,654	10,527	0.71	%
Canopy Service Partners, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.23	%	2/28/2033	9,068	623	477	0.03	%
Columbia Home Services LLC	(6) (10)	Subordinated Debt (Delayed Draw)	N/A	10.00% (Cash) 2.00% (PIK)		11/27/2031	442	(4)	(25)	—	%
Columbia Home Services LLC	(6)	Subordinated Debt	N/A	10.00% (Cash) 2.00% (PIK)		11/27/2031	1,562	1,536	1,473	0.10	%
Excel Fitness Consolidator LLC	(6) (15)	First Lien Debt	S + 4.75%	8.48	%	4/29/2030	9,996	9,916	9,825	0.67	%
Excel Fitness Consolidator LLC	(15)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	4/29/2030	1,672	1,652	1,644	0.11	%
Legacy Service Partners, LLC	(6)	First Lien Debt	S + 4.50%	8.23	%	11/10/2031	9,422	9,402	9,366	0.63	%
Legacy Service Partners, LLC	(6) (15)	First Lien Debt	S + 4.50%	8.23	%	11/10/2031	19,849	19,715	19,732	1.34	%
Legacy Service Partners, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	11/10/2031	12,051	481	411	0.03	%
Legacy Service Partners, LLC	(6) (10)	Subordinated Debt (Delayed Draw)	N/A	13.25% (PIK)		11/10/2032	95	79	78	0.01	%
Legacy Service Partners, LLC	(6)	Subordinated Debt	N/A	13.25% (PIK)		11/10/2032	116	113	113	0.01	%
North Haven Spartan US Holdco LLC	(6)	First Lien Debt (Delayed Draw)	S + 5.75%	9.41	%	12/6/2027	793	793	793	0.05	%
North Haven Spartan US Holdco LLC	(6)	First Lien Debt	S + 5.75%	9.41	%	12/6/2027	9,140	9,140	9,140	0.62	%
North Haven Spartan US Holdco LLC	(6) (7)	First Lien Debt (Delayed Draw)	S + 5.75%	9.41	%	12/6/2027	8,256	8,256	8,256	0.56	%
Norton Life Lock	(6) (11) (12)	First Lien Debt	S + 1.75%	5.39	%	9/12/2029	356	356	353	0.02	%
NS412, LLC	(6)	First Lien Debt	S + 4.50%	8.33	%	11/6/2026	5,002	5,000	5,002	0.34	%
Perennial Services Group, LLC	(6) (7)	First Lien Debt	S + 4.50%	8.23	%	12/23/2032	21,278	21,106	20,425	1.38	%
Perennial Services Group, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.23	%	12/23/2032	15,547	7,495	6,945	0.47	%
Verscend Technologies	(6) (11)	First Lien Debt	S + 2.75%	6.48	%	5/1/2031	197	198	181	0.01	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Yard-Nique, Inc.	(6)	First Lien Debt	S + 4.75%	8.48	%	9/29/2028	23,282	23,154	23,153	1.57	%
Yard-Nique, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	9/29/2028	4,488	(6)	(25)	—	%
Total Services: Consumer								169,957	167,739	11.37	%

Sovereign & Public Finance
Renaissance Buyer, LLC (LMI Consulting, LLC)	(6) (15)	First Lien Debt	S + 4.75%	8.45	%	7/18/2028	14,382	14,352	14,382	0.97	%
Total Sovereign & Public Finance								14,352	14,382	0.97	%

Telecommunications
Arise Holdings, Inc.	(6) (14)	First Lien Debt	S + 4.50%	8.17% (PIK)		12/9/2027	4,676	3,957	3,666	0.26	%
Arise Holdings, Inc.	(6) (14)	First Lien Debt	S + 4.50%	8.17% (PIK)		12/9/2027	2,415	153	—	—	%
BCM One, Inc.	(6) (15)	First Lien Debt (Delayed Draw)	S + 4.50%	8.24	%	11/17/2027	4,350	4,350	4,350	0.29	%
BCM One, Inc.	(6) (15)	First Lien Debt	S + 4.50%	8.24	%	11/17/2027	14,507	14,507	14,507	0.98	%
Greeneden U.S. Holdings II, LLC (Genesys Telecom Holdings U.S., Inc.)	(6) (11)	First Lien Debt	S + 2.50%	6.14	%	1/30/2032	1,452	1,450	1,394	0.09	%
Iridium Satellite LLC	(6) (11) (12)	First Lien Debt	S + 2.25%	5.89	%	9/20/2030	1,049	1,045	1,051	0.08	%
MBS Holdings, Inc.	(6) (7)	First Lien Debt	S + 5.00%	8.74	%	4/16/2027	792	792	792	0.05	%
MBS Holdings, Inc.	(6) (7)	First Lien Debt	S + 5.00%	8.74	%	4/16/2027	19,000	19,000	19,000	1.29	%
Mobile Communications America, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.46	%	10/16/2029	4,485	974	938	0.07	%
Mobile Communications America, Inc.	(6) (15)	First Lien Debt	S + 4.75%	8.42	%	10/16/2029	11,518	11,538	11,425	0.77	%
Mobile Communications America, Inc.	(6)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	10/16/2029	3,791	3,808	3,761	0.25	%
Sapphire Telecom, Inc.	(6) (15)	First Lien Debt	S + 5.00%	8.73	%	6/27/2029	19,793	19,705	19,793	1.34	%
Total Telecommunications								81,279	80,677	5.47	%

Transportation: Cargo
FSK Pallet Holding Corp. (Kamps Pallets)	(6)	First Lien Debt	S + 6.25%	10.06	%	12/23/2026	16,527	16,406	16,388	1.11	%
FSK Pallet Holding Corp. (Kamps Pallets)	(6)	First Lien Debt	S + 6.75%	10.57	%	12/23/2026	655	651	651	0.04	%
Kenco PPC Buyer LLC	(6) (15)	First Lien Debt	S + 4.25%	7.92	%	11/15/2029	20,845	20,772	20,839	1.41	%
Kenco PPC Buyer LLC	(6)	First Lien Debt (Delayed Draw)	S + 4.25%	7.90	%	11/15/2029	3,480	3,468	3,479	0.24	%
Total Transportation: Cargo								41,297	41,357	2.80	%

Transportation: Consumer
Air Canada	(6) (11) (12)	First Lien Debt	S + 1.75%	5.41	%	3/21/2031	3,974	3,984	3,970	0.27	%
EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC)	(6) (15)	First Lien Debt	S + 4.50%	8.14	%	2/14/2031	18,463	18,293	18,123	1.22	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost	Fair Value (4)	% of Net Assets (5)
EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC)	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.15	%	2/14/2031	2,051	(7)	(38)	—	%
Firstline Road Solutions, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.23	%	5/1/2033	364	—	(2)	—	%
Firstline Road Solutions, LLC	(6)	First Lien Debt	S + 4.50%	8.23	%	5/1/2033	636	632	633	0.04	%
WestJet Airlines	(6) (11) (12)	First Lien Debt	S + 2.75%	6.48	%	2/14/2031	1,529	1,539	1,486	0.11	%
Total Transportation: Consumer								24,441	24,172	1.64	%

Utilities: Electric
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc)	(6) (7)	First Lien Debt	S + 4.75%	8.40	%	8/27/2031	13,737	13,630	13,686	0.93	%
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc)	(6) (7) (10)	Revolving Loan	S + 4.75%	8.40	%	8/27/2031	2,567	(19)	(10)	—	%
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc)	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.38	%	8/27/2031	3,483	1,515	1,515	0.10	%
Force Electrical Buyerco, LLC	(6) (15)	First Lien Debt	S + 4.50%	8.17	%	10/21/2032	9,435	9,391	9,282	0.63	%
Force Electrical Buyerco, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.18	%	10/21/2032	16,122	3,286	3,049	0.21	%
Industrial Air Flow Dynamics, Inc.	(6) (7) (15)	First Lien Debt	S + 5.00%	8.73	%	8/14/2030	15,715	15,649	15,344	1.04	%
Industrial Air Flow Dynamics, Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.73	%	8/14/2030	4,167	—	(98)	(0.01)	%
Low Voltage Holdings Inc.	(6) (7) (15)	First Lien Debt	S + 4.50%	8.23	%	4/28/2032	2,394	2,388	2,394	0.16	%
Low Voltage Holdings Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.23	%	4/28/2032	338	—	—	—	%
Low Voltage Holdings Inc.	(6) (7) (10)	Revolving Loan	S + 4.50%	8.17	%	4/28/2032	311	38	39	—	%
Pinnacle Supply Partners, LLC	(6) (10) (15)	First Lien Debt (Delayed Draw)	S + 6.25%	10.08	%	4/3/2030	1,571	(3)	(66)	—	%
Pinnacle Supply Partners, LLC	(6) (15)	First Lien Debt	S + 6.25%	10.01	%	4/3/2030	7,926	7,792	7,591	0.51	%
Pinnacle Supply Partners, LLC	(6) (15)	First Lien Debt (Delayed Draw)	S + 6.25%	10.06	%	4/3/2030	1,884	1,880	1,804	0.12	%
RMS Energy Borrower LLC	(6) (15)	First Lien Debt	S + 4.50%	8.23	%	9/30/2032	22,917	22,757	22,830	1.55	%
RMS Energy Borrower LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.19	%	9/30/2032	4,189	3,809	3,816	0.26	%
Vistra Operations Co	(6) (11) (12)	First Lien Debt	S + 2.00%	5.64	%	4/30/2031	3,582	3,593	3,577	0.24	%
Total Utilities: Electric								85,706	84,753	5.74	%

Utilities: Water
USA Water Intermediate Holdings, LLC	(6)	First Lien Debt	S + 4.50%	8.17	%	2/21/2031	4,685	4,674	4,657	0.32	%
USA Water Intermediate Holdings, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	2/21/2031	5,680	1,055	1,021	0.07	%
USA Water Intermediate Holdings, LLC	(6) (15)	First Lien Debt	S + 4.50%	8.17	%	2/21/2031	13,176	13,111	13,098	0.89	%
USA Water Intermediate Holdings, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.16	%	2/21/2031	3,472	2,815	2,794	0.19	%
Total Utilities: Water								21,655	21,570	1.47	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2) (4)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Wholesale
INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions)	(6) (15)	First Lien Debt	S + 5.50%	9.32	%	1/19/2029	12,972	12,826		12,774		0.87	%
INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions)	(6) (15)	First Lien Debt (Delayed Draw)	S + 5.50%	9.32	%	1/19/2029	3,067	3,029		3,020		0.20	%
ISG Enterprises, LLC (Industrial Service Group)	(15)	First Lien Debt	S + 5.75%	9.41	%	12/7/2028	2,392	2,370		2,331		0.16	%
ISG Enterprises, LLC (Industrial Service Group)	(6) (15)	First Lien Debt (Delayed Draw)	S + 5.75%	9.41	%	12/7/2028	11,825	11,757		11,522		0.78	%
ISG Enterprises, LLC (Industrial Service Group)	(6)	First Lien Debt (Delayed Draw)	S + 5.75%	9.41	%	12/7/2028	5,130	5,111		4,998		0.34	%
Johnstone Supply, LLC	(6) (11)	First Lien Debt	S +2.25%	5.87	%	6/9/2031	1,648	1,653		1,649		0.11	%
New Era Technology, LLC	(6) (7)	First Lien Debt (Delayed Draw)	S + 6.25%	10.13% (PIK)		6/30/2030	5,592	5,592		5,592		0.38	%
Solaray, LLC	(6) (7)	First Lien Debt	S + 4.75%	8.51% (Cash), 2.00% (PIK)		3/27/2029	6,630	5,784		5,785		0.39	%
Total Wholesale								48,122		47,671		3.23	%

Total Debt Investments								$	3,209,853	$	3,171,767	214.94	%


Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Shares / Units	Cost	Fair Value	% of Net Assets (5)
Equity Investments
Aerospace & Defense
BPC Kodiak LLC (Turbine Engine Specialists)	(6) (8) (9) (12)	Class A-1 Units	9/1/2023	1,180,000	1,180	2,175	0.14	%
CMP Terrapin Partners I LP (Clarity Innovations, Inc.)	(6) (8) (10) (13)	Partnership Interests	12/8/2023	76,054	76	87	0.01	%
CMP Terrapin Partners II LP (Clarity Innovations, Inc.)	(6) (8) (10) (13)	Partnership Interests	6/21/2024	383,427	383	436	0.03	%
Total Aerospace & Defense					1,639	2,698	0.18	%

Automotive
Cool Acquisition Holdings, LP (Universal Air Conditioner, L.L.C.)	(6) (8)	Holdings Subscription	10/31/2024	550,000	550	446	0.03	%
Total Automotive					550	446	0.03	%

Banking, Finance, Insurance, Real Estate
BayPine Regal Co-Invest, LP	(6) (8) (13)	Partnership Interests	5/8/2026	1,000,000	1,000	1,000	0.07	%
INS Co-Invest LP (Inszone)	(8) (10) (13)	Partnership Interests	11/29/2023	77,546	78	141	0.01	%
R Arax Co-Invest UB, LP (Arax Investment Partners)	(8) (10) (12) (13)	Limited Partnership Interest	2/28/2024	1,042,158	1,043	2,110	0.15	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Shares / Units	Cost	Fair Value	% of Net Assets (5)
R Chapel Avenue Holdings Co-Invest UB, LP	(8) (10) (13)	Partnership Interests	12/24/2024	458,961	460	965	0.07	%
Starlight Co-Invest LP (Sedgwick Claims Management Services)	(6) (8) (13)	Partnership Interests	10/22/2024	1,000,000	1,004	1,095	0.06	%
Total Banking, Finance, Insurance, Real Estate					3,585	5,311	0.36	%

Beverage, Food & Tobacco
Lonestar Polaris Topco, LP (Razor Light, Inc.)	(6) (8)	Class A Units	2/6/2026	1,130,954	1,131	1,140	0.08	%
Marlin Coinvest LP (Fortune International LLC)	(8) (13)	Limited Partnership Interests	5/8/2023	200,000	200	301	0.02	%
MidOcean Partners QT Co-Invest, L.P. (QualiTech)	(6) (8) (13)	Class A Units	8/20/2024	972	976	1,007	0.07	%
Spice World	(6) (8)	Common Equity	3/31/2022	1,000	126	189	0.01	%
Sugar PPC FT Investor LLC (Sugar Foods)	(8) (13)	Parent Units	9/29/2023	2,000	200	301	0.02	%
VCP Tech24 Co-Invest Aggregator LP (Tech24)	(6) (8) (10) (13)	Company Unit	10/5/2023	215	214	187	0.01	%
WPP Fairway Aggregator B, L.P (Fresh Edge)	(6) (8)	Class A Preferred Units	10/3/2022	464	464	202	0.02	%
WPP Fairway Aggregator B, L.P (Fresh Edge)	(6) (8)	Class B Common Units	10/3/2022	464	1	—	—	%
Total Beverage, Food & Tobacco					3,312	3,327	0.23	%

Capital Equipment
ATL GSE Holdings, LP (Skymark Refuelers)	(6) (8)	Class A Common Units	12/16/2025	502	517	563	0.04	%
EFC Holdings, LLC (EFC International)	(8)	Class A Preferred Units	3/1/2023	114	114	142	0.01	%
EFC Holdings, LLC (EFC International)	(8)	Class A Common Units	3/1/2023	114	46	—	—	%
E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.)	(6) (8)	Partner Interests	5/22/2024	1,000,000	1,010	759	0.05	%
Total Capital Equipment					1,687	1,464	0.10	%

Chemicals, Plastics & Rubber
Meyer Lab Aggregator LP	(8) (13)	Units	2/27/2024	977,790	985	986	0.07	%
New Spartech Holdings LLC	(6) (8)	Common Units	6/6/2025	83,766	425	—	—	%
Total Chemicals, Plastics & Rubber					1,410	986	0.07	%

Construction & Building
GreyLion TGNL Holdings	(8) (10) (13)	Limited Partnership Interests	5/2/2025	846,770	865	1,724	0.11	%
Oceansound Partners Co-Invest II, LP (Gannett Fleming)	(6) (8)	Series F interests	5/26/2023	254,428	260	372	0.03	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Shares / Units	Cost	Fair Value	% of Net Assets (5)
OSP Gannett Aggregator, LP (Gannett Fleming)	(6) (8) (9) (12)	Class A Interests	12/20/2022	178,922	179	262	0.02	%
RPI Investments LP (Rose Paving)	(6) (8)	Class A Units	11/27/2024	690	100	99	0.01	%
Trench Plate Rental Co. (Trench Safety Solutions Holdings, LLC)	(6) (8)	Common Equity	3/31/2022	1,000	127	40	—	%
Trench Safety Solutions Holdings, LLC	(6) (8)	Preferred units	4/3/2025	121	13	23	—	%
Total Construction & Building					1,544	2,520	0.17	%

Consumer Goods: Durable
LH Equity Investors, L.P.	(6) (8) (13)	Limited Partnership Interests	9/3/2025	2,888	3,487	4,078	0.28	%
Total Consumer Goods: Durable					3,487	4,078	0.28	%

Consumer Goods: Non-Durable
AUA Famiglia Co-Investors Feeder, LLC	(6) (8)	Units	5/1/2026	2,592	2,731	2,592	0.18	%
FBG Holdings LLC (Foodservices Brand Group)	(6) (8)	Common Units	8/8/2025	90	704	455	0.03	%
Hermod Co-Invest, LP	(6) (8) (10) (13)	Common Units	10/15/2024	500,000	512	951	0.06	%
RVGD Aggregator LP (Revision Skincare)	(6) (8)	Common Equity	3/31/2022	100	98	77	—	%
Showtime Co-Investors LLC (WCI Holdings, LLC)	(8) (13)	Class A1 Units	2/6/2023	534,934	535	826	0.06	%
Ultima Health Holdings, LLC	(6) (8)	Preferred units	9/12/2022	11	130	305	0.02	%
Total Consumer Goods: Non-Durable					4,710	5,206	0.35	%

Containers, Packaging & Glass
Conversion Holdings, L.P. (Specialized Packaging Group)	(6) (8) (12)	Class A Units	12/17/2020	171,030	164	217	0.02	%
Oliver Investors, LP (Oliver Packaging)	(6) (8)	Class A Common Units	7/6/2022	7,816	742	64	—	%
Oliver Investors, LP (Oliver Packaging)	(6) (8)	Class A Common Units	4/22/2025	364	18	21	—	%
PG Aggregator, LLC (Pacur)	(8)	LLC Units	3/31/2022	100	109	115	0.01	%
Total Containers, Packaging & Glass					1,033	417	0.03	%

Healthcare & Pharmaceuticals
HMA Equity, LP (Health Management Associates)	(6) (8)	AA Equity Co-Invest	3/30/2023	670,024	863	1,004	0.07	%
KLC Fund 1222-CI LP (Spectrum Science)	(6) (8) (13)	Partnership Interests	1/5/2024	261,350	280	193	0.01	%
NP/BF Holdings, L.P.	(6) (8)	AA Equity Co-Invest	4/30/2025	1,000	1,000	755	0.05	%
NYBG Holdings, LLC	(6) (8)	Class A Common Units	10/31/2025	26,886	657	604	0.04	%
RCP Nats Co-Investment Fund LP	(6) (8) (13)	LP Interests	3/17/2025	779,607	782	1,362	0.09	%
VSC Specialty Molding Holdings LLC	(8)	LP Interests	10/6/2025	3,237	321	322	0.02	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Shares / Units	Cost	Fair Value	% of Net Assets (5)
WE Select Fund 3, L.P.	(6) (8) (13)	Limited Partnership Interests	9/10/2025	2,020,000	2,509	2,833	0.20	%
Total Healthcare Pharmaceuticals					6,412	7,073	0.48	%

High Tech Industries
GNX HBS Holdings, LLC	(6) (8)	Limited Partnership Interests	10/1/2025	241	238	333	0.02	%
GrowthCurve Capital Nexus Co-Invest LP (Netchex)	(6) (8) (13)	Limited Partnership Interests	3/28/2024	538,708	574	627	0.04	%
Three Rivers Co-Investment, L.P.	(6) (8) (13)	Limited Partnership Interests	11/7/2025	2,200,000	2,201	2,200	0.15	%
Total High Tech Industries					3,013	3,160	0.21	%

Diversified & Production
BroadcastMed Holdco, LLC	(6) (8)	Series A-3 Preferred Units	10/4/2022	43,679	655	629	0.04	%
Total Media: Diversified & Production					655	629	0.04	%

Services: Business
BayPine Monarch Co-Invest, LP	(6) (8) (13)	Limited Partnership Interests	6/3/2025	1,000,000	1,018	1,120	0.08	%
Certus NDT Group Holdings, LLC	(6) (8)	Class A Units	2/11/2026	361	361	371	0.03	%
Coalesce Diamond Coinvest, L.P.	(8) (10) (13)	Limited Partner Interests	5/19/2025	800,000	805	1,059	0.07	%
Concord FG Holdings, LP (E78)	(8)	Class A Common Units	12/1/2021	895	631	588	0.04	%
COP Village Green Investment, LLC (Village Green Holding)	(6) (8)	Class A Units	9/26/2024	954,000	954	1,258	0.09	%
Crimson FLS TopCo, L.P.	(6) (8)	Class A Common Units	2/18/2026	50,000	5,000	4,968	0.34	%
CV Holdco, LLC (Class Valuation)	(6) (8)	Class A Common Units	3/31/2022	1,208	123	95	0.01	%
FCP-Cranium Holdings, LLC (Brainlabs)	(6) (8) (12)	Class A Common Shares	9/11/2023	3,753,613	—	—	—	%
FCP-Cranium Holdings, LLC (Brainlabs)	(6) (8) (12)	Class A Preferred Shares	9/11/2023	10,256,410	389	594	0.04	%
FCP-Cranium Holdings, LLC (Brainlabs)	(6) (8) (12)	Class B Preferred Shares	9/11/2023	3,753,613	600	702	0.05	%
Geds Equity Investors, LP (Esquire Deposition Services)	(6) (8)	Class A Limited Partnership Units	7/1/2024	2,424	320	319	0.02	%
Harvest Group Topco Holdings, LP	(6) (8)	Class A Common Units	3/2/2026	4,899	—	—	—	%
Harvest Group Topco Holdings, LP	(6) (8)	Preferred Units	3/2/2026	4,899	4,899	5,067	0.33	%
KKEMP Blocked Co-Invest, LP	(6) (8)	Limited Partnership Interests	7/15/2025	1,000	1,029	1,160	0.08	%
Kofile, Inc.	(6) (8)	Common Equity	3/31/2022	100	108	85	0.01	%
KRIV Co-Invest Holdings, L.P. (Riveron)	(6) (8) (13)	Class A Units	7/17/2023	200	200	279	0.02	%
Kwol Co-Invest LP (Worldwide Clinical Trials)	(6) (8)	Class A Interests	12/12/2023	7	74	135	0.01	%
M&S Group Holdings, LLC	(6) (8)	Common Equity	12/23/2025	5,135	513	511	0.03	%
NMS VONA Case Management Acquisition, LP	(8) (13)	Class A Interests	11/25/2025	6,516	4,066	4,821	0.33	%
NMSEF II Holdings I, L.P.	(6) (8) (13)	Limited Partnership Interests	9/29/2025	2,020,000	2,067	2,170	0.15	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Shares / Units	Cost	Fair Value	% of Net Assets (5)
PN Topco L.P.	(6) (8)	Class A Units	7/31/2025	344,319	344	281	0.02	%
Rocket Ultimate LP	(6) (8)	Class A Units	2/19/2026	4,501,000	4,501	4,501	0.30	%
Safety First Topco, L.P. (Smith System)	(6) (8)	Common Units	12/13/2023	90,077	95	95	0.01	%
Schill Blocker Agg, LLC	(6) (8) (13)	Limited Partnership Interests	12/12/2025	6,000,000	6,000	5,958	0.39	%
SkyKnight Financial Holdings LP	(6) (8) (10) (13)	Partnership Interests	12/24/2024	409,911	410	482	0.03	%
STech Investors, LP (Sentinel Technologies)	(6) (8)	Class A Units	11/3/2025	1,627	164	192	0.01	%
TBG Acquisitions, Inc.	(6) (8)	Series A-1 Preferred Stock	6/12/2026	1,000	1,000	1,000	0.07	%
TL Voltron TopCo, L.P.	(8) (13)	Class A-2 Units	12/27/2024	500,000	500	838	0.06	%
Uplift Investors Finch Co-Invest Fund, LP	(6) (8) (13)	Interests	3/31/2026	2,500,000	2,500	2,500	0.17	%
Total Services: Business					38,671	41,149	2.79	%

Services: Consumer
ACS Celsius Aggregator LP (AirX Climate Solutions Company)	(6) (8) (10)	Partnership Interests	11/7/2023	77	77	158	0.01	%
CHS Investors, LLC (Columbia Home Services)	(8)	Class A Units	5/27/2025	1,018	146	87	0.01	%
Entomo Brands Acquisitions, Inc. (Palmetto Exterminators)	(6) (8)	Class A Units	7/31/2023	770,000	862	963	0.06	%
FS NU Investors, LP (NearU)	(6) (7) (8)	Class A Units	8/11/2022	1,419	142	43	—	%
Legacy Parent Holdings, LLC (Legacy Service Partners)	(6) (8)	Class B-2 Units	1/9/2023	75	9	10	—	%
Legacy Parent Holdings, LLC (Legacy Service Partners)	(6) (8)	Class B Units	1/9/2023	3,051	343	407	0.02	%
Total Services: Consumer					1,579	1,668	0.10	%

Sovereign & Public Finance
CMP Ren Partners I-A LP (LMI Consulting, LLC)	(6) (8) (10)	Limited Partnership Interests	6/30/2022	106,984	107	273	0.02	%
Total Sovereign & Public Finance					107	273	0.02	%

Telecommunications
Arise Holdings, Inc.	(6) (8)	Class A-1 Units	9/5/2025	1,029,330	—	—	—	%
Total Telecommunications					—	—	—	%

Transportation: Cargo
EVE Bison Co-Invest A, LP	(6) (8) (13)	Limited Partnership Interests	6/10/2026	1,000,000	1,000	1,000	0.07	%
Total Telecommunications					1,000	1,000	0.07	%

Utilities: Electric

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)


Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Shares / Units	Cost		Fair Value		% of Net Assets (5)
Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC)	(6) (8)	Common Units	4/3/2023	111,875	112		34		—	%
Total Utilities: Electric					112		34		—	%

Utilities: Water
USAW Parent LLC (USA Water)	(8)	Common Units	2/21/2024	3,540	354		512		0.03	%
Total Utilities: Water					354		512		0.03	%

Wholesale
Lettermen's Parent Holding, LLC	(6) (8)	Common Units	11/20/2025	17,000	1,707		1,786		0.13	%
Lettermen's Parent Holding, LLC	(6) (8)	Common Units	12/5/2025	2,066	207		217		0.01	%
New Era Technology, LLC	(6) (8)	Preferred Equity	8/21/2025	4,915	4,112		111		0.01	%
New Era Technology, LLC	(6) (8)	Common Equity	8/21/2025	4,915	—		—		—	%
SRP Parent Inc	(6) (8)	Series A Common Stock	3/27/2026	466	—		—		—	%
SRP Parent Inc	(6) (8)	Series A Preferred Stock	3/27/2026	47	—		—		—	%
SRP Parent Inc	(6) (8)	Series A-1 Preferred Stock	3/27/2026	9	—		—		—	%
SRP Parent Inc	(6) (8)	Series B-1 Preferred Stock	3/27/2026	26	53		53		—	%
Total Wholesale					6,079		2,167		0.15	%

Total Equity Investments					$	80,939	$	84,118	5.69	%

Total Investments					$	3,290,792	$	3,255,885	220.63	%


Cash Equivalents	Interest Rate	Shares	Cost		Fair Value		% of Net Assets (5)

BlackRock Liquidity Funds T-Fund Institutional Class	3.55%	57,568,866	$	57,569	$	57,569	3.90	%
First American Government Obligations Fund - Class Z	3.55%	553,121	553		553		0.04	%
Total Cash Equivalents			$	58,122	$	58,122	3.94	%

Total Investments and Cash Equivalents			$	3,348,914	$	3,314,007	224.57	%

____________________

(1)All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The 1940 Act classifies investments based on the level of control that the Fund maintains in a particular portfolio company. As defined in the 1940 Act, a portfolio company is generally presumed to be “non-controlled” when the Fund owns 25% or less of the portfolio company’s voting securities and “controlled” when the Fund owns more than 25% of the portfolio company’s voting securities. The 1940 Act also classifies investments further based on the level of ownership that the Fund maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when the Fund owns less than 5% of a portfolio company’s voting securities and “affiliated” when the Fund owns 5% or more of a portfolio company’s voting securities.

(2)Refer to Note 3 “Investments” for the geographic composition of investments at cost and fair value.

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(amounts in thousands, except share amounts)

(3)The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”), which generally resets periodically. For each such investment, the Fund has provided the spread over SOFR and the current contractual interest rate in effect at June 30, 2026. As of June 30, 2026, effective rates for 1M S, 3M S, 6M S and 12M S are 3.65%, 3.73%, 3.85% and 3.99%, respectively. Certain investments are subject to a SOFR floor or may utilize an alternative reference rate such as U.S. Prime Rate (“P”). For fixed rate loans, a spread above a reference rate is not applicable.

(4)Investment valued using unobservable inputs (Level 3), unless noted otherwise. See Note 2 “Significant Accounting Policies - Valuation of Portfolio Investments” and Note 4 “Fair Value Measurements” for more information.

(5)Percentage is based on net assets of $1,475,668 as of June 30, 2026.

(6)Denotes that all or a portion of the assets are owned by the Fund, SPV II, SPV III, SPV V, BSL SPV I, and/or BDC V SPV I (as defined in Note 1 “Organization”), which serve as collateral for the Bank of America Credit Facility, the Citi Credit Facility, the Scotiabank Credit Facility I, the Scotiabank Credit Facility II, and/or the SMBC Revolving Credit Facility (each as defined in the Notes), as applicable. Accordingly, such assets are not available to creditors of the Fund. See Note 6 “Secured Borrowings” for more information.

(7)Investment is a unitranche position.

(8)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be a “restricted security” under the Securities Act. As of June 30, 2026, the Fund held ninety-nine restricted securities with an aggregate fair value of $84,118, or 5.69% of the Fund’s net assets.

(9)Represents an investment held through an aggregator vehicle organized as a pooled investment vehicle.

(10)Position or portion thereof is an unfunded loan or equity commitment. For unfunded loan commitments, no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value result from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See Note 7 "Commitments and Contingencies".

(11)Investments valued using observable inputs (Level 2), if applicable. See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 4 “Fair Value Measurements” for more information.

(12)The investment is considered as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Fund cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Fund's total assets. As of June 30, 2026, total non-qualifying assets at fair value represented 6.61% of the Fund's total assets calculated in accordance with the 1940 Act.

(13)Investments measured at net asset value (“NAV”). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” for more information.

(14)Loan was on non-accrual status as of June 30, 2026.

(15)Denotes that all or a portion of the assets are owned by CLO-I and/or CLO-II (as defined in Note 1 "Organization"), which serve as collateral for the 2024 Debt Securitization and 2025 Debt Securitization, respectively (each as defined in the Notes). See Note 6 “Secured Borrowings".

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)(3)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit		Cost		Fair Value		% of Net Assets (5)

Investments
Debt Investments
Aerospace & Defense
AIM Acquisition, LLC	(6) (7) (15)	First Lien Debt	S + 4.75%	8.58	%	12/2/2027	$	5,428	$	5,428	$	5,398	0.39	%
ERA Industries, LLC (BTX Precision)	(15)	First Lien Debt	S + 4.75%	8.47	%	7/25/2030	1,371		1,357		1,374		0.10	%
ERA Industries, LLC (BTX Precision)	(15)	First Lien Debt (Delayed Draw)	S + 4.75%	8.47	%	7/25/2030	786		784		787		0.06	%
ERA Industries, LLC (BTX Precision)	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.59	%	7/25/2030	1,041		474		481		0.03	%
ERA Industries, LLC (BTX Precision)	(15)	First Lien Debt	S + 4.75%	8.59	%	7/25/2030	734		728		736		0.05	%
PAG Holding Corp. (Precision Aviation Group)	(6) (15)	First Lien Debt	S + 4.75%	8.42	%	12/21/2029	14,404		14,255		14,387		1.04	%
PAG Holding Corp. (Precision Aviation Group)	(6)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	12/21/2029	5,295		5,261		5,288		0.38	%
Turbine Engine Specialists, Inc.	(6)	Subordinated Debt	S + 9.50%	13.38	%	3/1/2029	628		612		627		0.05	%
Turbine Engine Specialists, Inc.	(6)	Subordinated Debt	S + 9.50%	13.32	%	3/1/2029	1,933		1,900		1,931		0.14	%
Total Aerospace & Defense									30,799		31,009		2.24	%

Automotive
Adient Global Holdings	(6) (11) (12)	First Lien Debt	S + 2.25%	5.97	%	1/31/2031	2,456		2,468		2,469		0.18	%
Allison Transmission, Inc.	(6) (11) (12)	First Lien Debt	S + 1.75%	5.45	%	1/2/2033	938		936		944		0.07	%
Cool Buyer, Inc. (Universal Air Conditioner, L.L.C.)	(6) (10)	Subordinated Debt (Delayed Draw)	N/A	10.00% (Cash) 2.75% (PIK)		4/30/2031	1,000		(10)		(32)		—	%
Cool Buyer, Inc. (Universal Air Conditioner, L.L.C.)	(6)	Subordinated Debt	N/A	10.00% (Cash) 2.75% (PIK)		4/30/2031	3,407		3,334		3,300		0.24	%
Mitchell International Inc.	(6) (11)	First Lien Debt	S + 3.25%	6.97	%	6/17/2031	5,412		5,389		5,436		0.39	%
Randys Holdings, Inc. (Randy's Worldwide Automotive)	(6) (7)	First Lien Debt	S + 4.75%	8.48	%	11/1/2029	1,991		1,983		1,961		0.14	%
Randys Holdings, Inc. (Randy's Worldwide Automotive)	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	11/1/2029	7,965		—		(119)		(0.01)	%
Randys Holdings, Inc. (Randy's Worldwide Automotive)	(6) (7) (15)	First Lien Debt	S + 5.00%	8.73	%	11/1/2029	11,979		11,901		11,799		0.85	%
Randys Holdings, Inc. (Randy's Worldwide Automotive)	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.73	%	11/1/2029	4,101		3,316		3,277		0.24	%
Total Automotive									29,317		29,035		2.10	%

Banking, Finance, Insurance, Real Estate
Alliant Holdings Intermediate, LLC	(6) (11)	First Lien Debt	S + 2.50%	6.22	%	9/19/2031	4,032		4,042		4,045		0.29	%
Aprio Advisory Group, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.62	%	8/1/2031	12,414		—		(61)		—	%
Aprio Advisory Group, LLC	(6) (10)	Revolving Loan	S + 4.75%	8.62	%	8/1/2031	1,133		(6)		(6)		—	%
Arax Investment Partners Holdings, LLC	(6) (10) (12)	Subordinated Debt (Delayed Draw)	N/A	8.00% (Cash) 5.00% (PIK)		10/22/2031	2,100		—		(41)		—	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)(3)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Arax MidCo, LLC	(6) (10) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.96	%	4/11/2029	3,492	(15)	(31)	—	%
Arax MidCo, LLC	(6) (12) (15)	First Lien Debt	S + 5.00%	8.96	%	4/11/2029	3,014	2,992	2,987	0.22	%
Ascend Partner Services LLC	(6) (15)	First Lien Debt	S + 4.50%	8.54	%	8/11/2031	7,284	7,243	7,215	0.52	%
Ascend Partner Services LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.54	%	8/11/2031	12,588	12,157	12,089	0.87	%
Asurion, LLC (fka Asurion Corporation)	(6) (11)	First Lien Debt	S + 4.25%	7.97	%	9/19/2030	2,986	2,942	2,988	0.22	%
Big Apple Advisory, LLC	(6) (10)	Revolving Loan	S + 4.50%	8.24	%	11/18/2031	1,740	(15)	5	—	%
Big Apple Advisory, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.24	%	11/18/2031	4,305	964	994	0.07	%
Big Apple Advisory, LLC	(6)	First Lien Debt	S + 4.50%	8.24	%	11/18/2031	8,888	8,810	8,914	0.64	%
Bishop Street Underwriters LLC	(15)	First Lien Debt	S + 5.50%	9.22	%	7/31/2031	8,073	8,034	8,040	0.58	%
Bishop Street Underwriters LLC	(6)	First Lien Debt (Delayed Draw)	S + 5.50%	9.22	%	7/31/2031	5,395	5,395	5,373	0.39	%
Broadstreet Partners, Inc.	(6) (11)	First Lien Debt	S + 2.75%	6.47	%	6/13/2031	3,952	3,963	3,970	0.29	%
Chicago US Midco III, LP	(6) (7) (10) (12)	First Lien Debt (Delayed Draw)	S + 2.50%	6.22	%	11/1/2032	1,293	—	(2)	—	%
Chicago US Midco III, LP	(6) (7) (12)	First Lien Debt	S + 2.50%	6.22	%	11/1/2032	8,707	8,685	8,692	0.63	%
Cohen Advisory, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	12/31/2031	4,263	172	190	0.01	%
Cohen Advisory, LLC	(6) (15)	First Lien Debt	S + 4.50%	8.17	%	12/31/2031	7,600	7,540	7,600	0.55	%
Cohnreznick Advisory LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 3.50%	7.17	%	3/31/2032	2,532	(8)	10	—	%
Cohnreznick Advisory LLC	(6) (15)	First Lien Debt	S + 3.50%	7.17	%	3/31/2032	15,891	15,842	15,952	1.15	%
Knight AcquireCo, LLC	(6) (7)	First Lien Debt	S + 4.50%	8.37	%	11/8/2032	10,316	10,291	10,296	0.74	%
Knight AcquireCo, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.37	%	11/8/2032	3,439	—	(7)	—	%
Patriot Growth Insurance Services, LLC	(6) (7) (15)	First Lien Debt (Delayed Draw)	S + 5.00%	8.82	%	10/16/2028	7,809	7,768	7,710	0.56	%
Ryan Specialty Group, LLC	(6) (11) (12)	First Lien Debt	S + 2.25%	5.72	%	9/15/2031	4,401	4,418	4,414	0.32	%
Sedgwick Claims Management Services, Inc.	(6) (11)	First Lien Debt	S + 2.50%	6.22	%	7/31/2031	2,222	2,219	2,231	0.16	%
Smith & Howard Advisory LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.59	%	11/26/2030	2,071	1,968	1,934	0.14	%
Smith & Howard Advisory LLC	(15)	First Lien Debt	S + 4.75%	8.59	%	11/26/2030	2,557	2,533	2,510	0.18	%
Trucordia (PCF Insurance Services of the West)	(6) (11)	First Lien Debt	S + 3.25%	6.97	%	6/17/2032	1,027	1,025	1,022	0.07	%
Truist Insurance Holdings LLC	(6) (11)	First Lien Debt	S + 2.75%	6.42	%	5/6/2031	2,019	2,022	2,025	0.15	%
Vensure Employer Services, Inc.	(6) (7) (15)	First Lien Debt	S + 5.00%	8.67	%	9/27/2031	15,600	15,496	15,600	1.12	%
Vensure Employer Services, Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	9/27/2031	250	(1)	—	—	%
Total Banking, Finance, Insurance, Real Estate								136,476	136,658	9.87	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)(3)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Beverage, Food & Tobacco
AmerCareRoyal, LLC	(6) (15)	First Lien Debt	S + 5.00%	8.72	%	9/10/2030	14,256	14,115	14,006	1.01	%
AmerCareRoyal, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.72	%	9/10/2030	3,307	—	(58)	—	%
AmerCareRoyal, LLC	(15)	First Lien Debt (Delayed Draw)	S + 5.00%	8.72	%	9/10/2030	2,270	2,261	2,230	0.16	%
BCPE North Star US Holdco 2, Inc. (Dessert Holdings)	(7) (11) (15)	Subordinated Debt	S + 7.25%	11.08	%	6/8/2029	2,544	2,501	2,516	0.18	%
BCPE North Star US Holdco 2, Inc. (Dessert Holdings)	(6) (11)	First Lien Debt	S + 4.00%	7.83	%	6/9/2028	4,838	4,754	4,826	0.35	%
Commercial Bakeries Corp.	(6) (12)	First Lien Debt	S + 5.25%	8.92	%	9/25/2029	8,750	8,737	8,703	0.63	%
Commercial Bakeries Corp.	(6) (12)	First Lien Debt	S + 5.25%	8.92	%	9/25/2029	3,730	3,707	3,710	0.27	%
Commercial Bakeries Corp.	(12) (15)	First Lien Debt	S + 5.25%	8.92	%	9/25/2029	9,096	8,991	9,047	0.65	%
Commercial Bakeries Corp.	(6) (12) (15)	First Lien Debt	S + 5.25%	8.92	%	9/25/2029	1,771	1,761	1,762	0.13	%
FoodScience, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.62	%	11/14/2031	5,574	1,825	1,803	0.13	%
FoodScience, LLC	(6)	First Lien Debt	S + 4.75%	8.62	%	11/14/2031	5,186	5,141	5,154	0.37	%
Fortune International, LLC	(15)	First Lien Debt	S + 5.00%	8.77	%	7/17/2027	6,731	6,727	6,557	0.47	%
Froneri International Limited	(6) (11) (12)	First Lien Debt	S + 2.50%	6.37	%	9/30/2032	1,808	1,804	1,811	0.13	%
IF&P Holding Company, LLC (Fresh Edge)	(6)	Subordinated Debt	S + 4.50%	8.50% (Cash) 5.13% (PIK)		4/3/2029	3,291	3,247	3,172	0.23	%
Naturpak PPC Buyer LLC	(6) (15)	First Lien Debt	S + 4.50%	8.19	%	12/22/2032	9,108	9,063	9,063	0.65	%
Naturpak PPC Buyer LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.19	%	12/22/2032	2,070	—	(10)	—	%
Palmetto Acquisitionco, Inc. (Tech24)	(15)	First Lien Debt	S + 5.75%	9.42	%	9/18/2029	3,281	3,242	3,142	0.23	%
Palmetto Acquisitionco, Inc. (Tech24)	(15)	First Lien Debt (Delayed Draw)	S + 5.75%	9.42	%	9/18/2029	924	898	885	0.06	%
Refresh Buyer, LLC (Sunny Sky Products)	(15)	First Lien Debt	S + 4.75%	8.35	%	12/23/2028	5,055	5,022	4,956	0.36	%
Refresh Buyer, LLC (Sunny Sky Products)	(6) (15)	First Lien Debt (Delayed Draw)	S + 4.75%	8.35	%	12/23/2028	1,280	1,274	1,255	0.09	%
Refresco (Pegasus Bidco BV)	(6) (11) (12)	First Lien Debt	S + 2.75%	6.60	%	7/12/2029	2,728	2,736	2,741	0.20	%
Sugar PPC Buyer LLC (Sugar Foods)	(7) (15)	First Lien Debt	S + 4.75%	8.42	%	10/2/2031	6,977	6,903	6,977	0.50	%
Sugar PPC Buyer LLC (Sugar Foods)	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	10/2/2031	4,341	1,280	1,298	0.09	%
Sugar PPC Buyer LLC (Sugar Foods)	(6) (7) (15)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	10/2/2031	2,387	2,378	2,387	0.17	%
Watermill Express, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.60	%	4/30/2031	1,900	(6)	—	—	%
Watermill Express, LLC	(7) (15)	First Lien Debt	S +			4/30/2031	2,769	2,743	2,769	0.20	%
Watermill Express, LLC	(7) (15)	First Lien Debt (Delayed Draw)	S + 4.75%	8.60	%	4/30/2031	120	120	120	0.01	%
Watermill Express, LLC	(7) (15)	First Lien Debt	S + 4.75%	8.60	%	4/30/2031	1,241	1,241	1,241	0.09	%
Total Beverage, Food & Tobacco								102,465	102,063	7.36	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)(3)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Capital Equipment
Clean Solutions Buyer, Inc.	(6)	First Lien Debt	S + 4.50%	8.22	%	9/9/2030	8,538	8,468	8,427	0.61	%
Engineered Fastener Company, LLC (EFC International)	(6)	Subordinated Debt	N/A	11.00% (Cash) 2.50%(PIK)		5/1/2028	2,579	2,539	2,538	0.18	%
FirstCall Mechanical Group, LLC	(6) (15)	First Lien Debt	S + 4.75%	8.42	%	6/27/2031	9,850	9,772	9,786	0.70	%
FirstCall Mechanical Group, LLC	(6) (10) (15)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	6/27/2031	19,844	15,396	15,315	1.10	%
Hayward Industries, Inc.	(6) (11) (12)	First Lien Debt	S + 2.50%	6.33	%	5/30/2028	4,167	4,173	4,196	0.30	%
Hyperion Materials & Technologies, Inc.	(15)	First Lien Debt	S + 4.50%	8.44	%	8/30/2028	2,298	2,298	2,201	0.16	%
Jetson Buyer, Inc. (E-Technologies Group, Inc.)	(6) (15)	First Lien Debt	S + 5.50%	9.17	%	4/9/2030	10,788	10,645	10,563	0.76	%
Johnson Controls Inc (aka Power Solutions)	(6) (11)	First Lien Debt	S + 2.75%	6.47	%	1/28/2032	499	498	502	0.04	%
Johnson Controls Inc (aka Power Solutions)	(6) (11)	First Lien Debt	S + 2.50%	6.22	%	5/6/2030	988	988	990	0.07	%
Johnstone Supply	(6) (11)	First Lien Debt	S + 2.50%	6.23	%	6/9/2031	1,457	1,461	1,466	0.11	%
Madison Safety & Flow LLC	(6) (11)	First Lien Debt	S + 2.50%	6.23	%	9/26/2031	446	446	450	0.03	%
Motion & Control Enterprises LLC	(6) (15)	First Lien Debt	S + 6.00%	9.77	%	6/1/2028	1,564	1,554	1,552	0.11	%
Motion & Control Enterprises LLC	(6)	First Lien Debt	S + 6.00%	9.77	%	6/1/2028	1,670	1,661	1,658	0.12	%
Motion & Control Enterprises LLC	(15)	First Lien Debt (Delayed Draw)	S + 6.00%	9.77	%	6/1/2028	4,306	4,305	4,273	0.31	%
Motion & Control Enterprises LLC	(6) (15)	First Lien Debt (Delayed Draw)	S + 6.00%	9.77	%	6/1/2028	12,112	12,112	12,020	0.87	%
Ovation Holdings, Inc	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.84	%	2/4/2030	6,928	6,498	6,550	0.47	%
Ovation Holdings, Inc	(6)	First Lien Debt	S + 5.00%	8.84	%	2/4/2030	830	823	829	0.06	%
Ovation Holdings, Inc	(6) (15)	First Lien Debt	S + 5.00%	8.84	%	2/4/2030	13,366	13,327	13,354	0.96	%
Ovation Holdings, Inc	(6)	First Lien Debt (Delayed Draw)	S + 5.00%	8.84	%	2/4/2030	3,068	3,062	3,065	0.22	%
PT Intermediate Holdings III, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 3.25%	6.92% (Cash) 1.75% (PIK)		4/9/2030	166	—	2	—	%
PT Intermediate Holdings III, LLC	(6) (7) (15)	First Lien Debt	S + 3.25%	6.92% (Cash) 1.75% (PIK)		4/9/2030	3,730	3,741	3,767	0.27	%
Rhino Intermediate Holding Company, LLC (Rhino Tool House)	(6) (15)	First Lien Debt	S + 5.25%	9.16	%	4/4/2029	10,899	10,821	10,760	0.78	%
Rhino Intermediate Holding Company, LLC (Rhino Tool House)	(6)	First Lien Debt (Delayed Draw)	S + 5.25%	9.16	%	4/4/2029	2,310	2,298	2,281	0.16	%
SkyMark Refuelers, LLC	(6)	First Lien Debt	S + 4.50%	8.21	%	12/16/2032	16,330	16,250	16,251	1.17	%
SkyMark Refuelers, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.21	%	12/16/2032	5,484	3,698	3,671	0.26	%
SkyMark Refuelers, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.21	%	12/16/2032	8,186	—	(40)	—	%
Southern Air & Heat Holdings, LLC	(15)	First Lien Debt (Delayed Draw)	S + 4.75%	8.57	%	10/1/2027	1,354	1,346	1,354	0.10	%
Southern Air & Heat Holdings, LLC	(15)	First Lien Debt	S + 4.75%	8.57	%	10/1/2027	1,298	1,290	1,298	0.09	%
Thermostat Purchaser III, Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.25%	7.92	%	8/31/2028	9,375	(22)	—	—	%
Thermostat Purchaser III, Inc.	(6) (7) (15)	First Lien Debt	S + 4.25%	7.92	%	8/31/2028	6,504	6,503	6,504	0.47	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)(3)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
USA Industries Holdings LLC	(6)	First Lien Debt	S + 4.25%	7.99	%	12/10/2032	6,073	6,043	6,044	0.44	%
USA Industries Holdings LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.25%	7.99	%	12/10/2032	3,470	—	(17)	—	%
Vessco Midco Holdings, LLC	(6) (7) (15)	First Lien Debt	S + 4.50%	8.42	%	7/24/2031	13,706	13,587	13,586	0.98	%
Vessco Midco Holdings, LLC	(6) (7) (10)	Revolving Loan	S + 4.50%	8.42	%	7/24/2031	1,726	(14)	(15)	—	%
Vessco Midco Holdings, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.42	%	7/24/2031	4,569	3,758	3,737	0.27	%
Total Capital Equipment								169,325	168,918	12.17	%

Chemicals, Plastics, & Rubber
Akzo Nobel Speciality (aka Starfruit US Holdco LLC)	(6) (11) (12)	First Lien Debt	S + 3.25%	7.04	%	4/3/2028	3,696	3,710	3,703	0.27	%
Chroma Color Corporation	(6) (15)	First Lien Debt	S + 4.25%	8.09	%	4/23/2029	6,319	6,272	6,236	0.45	%
Chroma Color Corporation	(6) (15)	First Lien Debt (Delayed Draw)	S + 4.25%	8.09	%	4/23/2029	1,395	1,387	1,377	0.10	%
Ineos Composites (Fortis 333 Inc)	(6) (11)	First Lien Debt	S + 3.50%	7.17	%	3/27/2032	643	641	638	0.05	%
New Spartech Holdings LLC	(6) (7)	First Lien Debt	S + 1.00%	4.74% (Cash) 4.25% (PIK)		9/30/2030	642	642	629	0.05	%
New Spartech Holdings LLC	(6)	First Lien Debt	S + 7.00%	10.74	%	3/31/2030	383	376	383	0.03	%
Solstice Advanced Materials Inc.	(6) (11) (12)	First Lien Debt	S + 1.75%	5.59	%	10/29/2032	1,100	1,099	1,107	0.08	%
Tangent Technologies Acquisition, LLC	(6) (15)	First Lien Debt	S + 4.75%	8.77	%	11/30/2027	12,217	12,174	12,164	0.88	%
Univar Solutions USA Inc.	(6) (11)	First Lien Debt	S + 2.75%	6.47	%	8/1/2030	1,868	1,876	1,874	0.14	%
USALCO	(6) (10) (11)	First Lien Debt (Delayed Draw)	S + 3.50%	7.22	%	9/30/2031	61	—	—	—	%
USALCO	(6) (11)	First Lien Debt	S + 3.50%	7.22	%	9/30/2031	589	586	592	0.04	%
WCI-Momentum Bidco, LLC	(6)	First Lien Debt	S + 4.75%	8.42	%	12/31/2032	3,493	3,476	3,476	0.25	%
WCI-Momentum Bidco, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	12/31/2032	699	—	(3)	—	%
Total Chemicals, Plastics, & Rubber								32,239	32,176	2.34	%

Construction & Building
APi Group DE Inc.	(6) (11) (12)	First Lien Debt	S + 1.75%	5.47	%	1/3/2029	1,672	1,672	1,681	0.12	%
Centuri Group, Inc.	(6) (11)	First Lien Debt	S + 2.00%	5.67	%	7/9/2032	1,078	1,078	1,083	0.08	%
Cobalt Service Partners, LLC	(6) (7) (15)	First Lien Debt	S + 4.75%	8.42	%	10/13/2031	7,287	7,223	7,223	0.52	%
Cobalt Service Partners, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	10/13/2031	12,641	6,118	6,061	0.44	%
Gannett Fleming, Inc.	(6) (7)	First Lien Debt	S + 4.75%	8.69	%	8/5/2030	17,646	17,429	17,528	1.26	%
Gannett Fleming, Inc.	(6) (7) (10)	Revolving Loan	S + 4.75%	8.69	%	8/5/2030	2,131	(25)	(14)	—	%
Gulfside Supply	(6) (11)	First Lien Debt	S + 3.00%	6.67	%	6/17/2031	695	693	686	0.05	%
Heartland Paving Partners, LLC	(6) (15)	First Lien Debt	S + 5.00%	8.67	%	8/9/2030	8,464	8,394	8,239	0.59	%
Heartland Paving Partners, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	8/9/2030	5,689	5,056	4,917	0.35	%
Heartland Paving Partners, LLC	(6) (15)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	8/9/2030	5,680	5,668	5,529	0.40	%
Hyphen Solutions, LLC	(6) (7) (15)	First Lien Debt	S + 4.50%	8.22	%	8/6/2032	18,556	18,534	18,576	1.34	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)(3)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Hyphen Solutions, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.22	%	8/6/2032	1,444	—	2	—	%
ICE USA Infrastructure, Inc.	(6) (15)	First Lien Debt	S + 5.75%	9.47	%	3/15/2030	8,961	8,881	8,666	0.62	%
ICE USA Infrastructure, Inc.	(15)	First Lien Debt	S + 5.75%	9.47	%	3/15/2030	1,602	1,562	1,549	0.11	%
Java Buyer, Inc. (Sciens Building Solutions, LLC)	(7) (15)	First Lien Debt (Delayed Draw)	S + 5.00%	8.94	%	12/15/2027	1,334	1,334	1,334	0.10	%
Java Buyer, Inc. (Sciens Building Solutions, LLC)	(7) (15)	First Lien Debt	S + 5.00%	8.94	%	12/15/2027	2,526	2,526	2,526	0.18	%
MEI Buyer LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.25%	7.97	%	6/29/2029	1,853	461	462	0.03	%
MEI Buyer LLC	(6) (15)	First Lien Debt	S + 4.25%	7.97	%	6/29/2029	10,144	10,103	10,145	0.73	%
MEI Buyer LLC	(6) (15)	First Lien Debt (Delayed Draw)	S + 4.25%	7.97	%	6/29/2029	1,622	1,622	1,622	0.12	%
Quikrete Holdings, Inc.	(6) (11)	First Lien Debt	S + 2.25%	5.97	%	2/10/2032	1,066	1,063	1,070	0.08	%
Quikrete Holdings, Inc.	(6) (11)	First Lien Debt	S + 2.25%	5.97	%	3/19/2029	1,466	1,467	1,473	0.11	%
Rose Paving, LLC	(6) (10)	Subordinated Debt (Delayed Draw)	N/A	12.00	%	5/7/2030	146	(1)	(5)	—	%
Rose Paving, LLC	(6)	Subordinated Debt	N/A	12.00	%	5/7/2030	2,253	2,232	2,183	0.16	%
SCIC Buyer, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S +	8.42	%	3/28/2031	2,745	416	477	0.03	%
SCIC Buyer, Inc.	(6) (15)	First Lien Debt	S + 4.75%	8.42	%	3/28/2031	12,994	12,876	13,254	0.95	%
Thyssenkrupp Elevator (Vertical US Newco Inc)	(6) (11) (12)	First Lien Debt	S + 3.00%	6.95	%	4/30/2030	3,931	3,952	3,959	0.29	%
Vertex Service Partners, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 6.00%	9.67	%	11/8/2030	8,957	1,727	1,453	0.10	%
Vertex Service Partners, LLC	(6) (15)	First Lien Debt	S + 6.00%	9.67	%	11/8/2030	3,183	3,159	3,172	0.23	%
Vertex Service Partners, LLC	(6) (15)	First Lien Debt (Delayed Draw)	S + 6.00%	9.67	%	11/8/2030	5,740	5,714	5,719	0.41	%
WSB Engineering Holdings Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.32	%	8/31/2029	8,087	1,975	1,929	0.14	%
WSB Engineering Holdings Inc.	(15)	First Lien Debt	S + 4.50%	8.32	%	8/31/2029	4,131	4,089	4,093	0.29	%
WSB Engineering Holdings Inc.	(15)	First Lien Debt (Delayed Draw)	S + 4.50%	8.32	%	8/31/2029	2,676	2,652	2,652	0.19	%
Total Construction & Building								139,650	139,244	10.02	%

Consumer Goods: Durable
Callaway Golf Company	(6) (11) (12)	First Lien Debt	S + 3.00%	6.72	%	3/15/2030	1,388	1,389	1,394	0.10	%
DRS Holdings III, Inc.	(7) (15)	First Lien Debt	S + 5.25%	8.97	%	11/1/2028	2,519	2,519	2,509	0.18	%
MITER Brands (MIWD Holdco II LLC)	(6) (11)	First Lien Debt	S + 3.00%	6.67	%	3/28/2031	3,448	3,465	3,455	0.25	%
Momentum Textiles, LLC	(6)	Subordinated Debt	N/A	10.00% (Cash) 3.00% (PIK)		9/25/2029	5,117	5,039	5,059	0.36	%
NMC Skincare Intermediate Holdings II, LLC	(6) (7)	First Lien Debt	S + 5.00%	9.28% (Cash), 1.50% (PIK)		10/31/2028	6,264	6,264	5,638	0.41	%
Recess Holdings, Inc.	(6) (11)	First Lien Debt	S + 3.75%	7.62	%	2/20/2030	11,940	11,882	12,031	0.87	%
XpressMyself.com LLC (SmartSign)	(15)	First Lien Debt	S + 5.50%	9.34	%	9/7/2028	1,983	1,974	1,983	0.14	%
XpressMyself.com LLC (SmartSign)	(15)	First Lien Debt	S + 5.75%	9.59	%	9/7/2028	1,500	1,484	1,500	0.11	%
Total Consumer Goods: Durable								34,016	33,569	2.42	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)(3)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Consumer Goods: Non-Durable
Bradford Soap International, Inc.	(6)	First Lien Debt	S + 4.75%	8.47	%	8/28/2031	7,541	7,504	7,503	0.54	%
Bradford Soap International, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.47	%	8/28/2031	2,514	—	(13)	—	%
FoodServices Brand Group, LLC	(6)	Subordinated Debt	N/A	10.00% (Cash) 3.00% (PIK)		2/8/2030	4,273	4,173	4,174	0.30	%
Image International Intermediate Holdco II, LLC	(6) (7)	First Lien Debt	S + 5.50%	9.95% (Cash) 0.50% (PIK)		9/10/2026	7,535	7,465	6,856	0.49	%
Image International Intermediate Holdco II, LLC	(6) (7)	First Lien Debt	S + 5.50%	9.95% (Cash) 0.50% (PIK)		9/10/2026	10,709	10,662	9,743	0.70	%
KL Bronco Acquisition, Inc. (Elevation Labs)	(6) (15)	First Lien Debt	S + 5.25%	9.19	%	6/30/2028	4,948	4,938	4,936	0.36	%
KL Bronco Acquisition, Inc. (Elevation Labs)	(6)	First Lien Debt (Delayed Draw)	S + 5.25%	9.19	%	6/30/2028	1,923	1,920	1,919	0.14	%
MPG Parent Holdings, LLC (Market Performance Group)	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.99	%	1/8/2030	4,394	912	940	0.07	%
MPG Parent Holdings, LLC (Market Performance Group)	(6) (15)	First Lien Debt	S + 5.00%	8.99	%	1/8/2030	11,873	11,914	11,925	0.86	%
MPG Parent Holdings, LLC (Market Performance Group)	(6)	First Lien Debt (Delayed Draw)	S + 5.00%	8.99	%	1/8/2030	2,878	2,894	2,890	0.21	%
Perrigo Investments	(6) (11) (12)	First Lien Debt	S + 2.00%	5.72	%	4/20/2029	1,402	1,402	1,411	0.10	%
Revision Buyer LLC (Revision Skincare)	(6)	Subordinated Debt	N/A	10.00% (Cash) 1.00% (PIK)		12/1/2028	10,382	10,276	10,219	0.74	%
Total Consumer Goods: Non-Durable								64,060	62,503	4.51	%

Containers, Packaging & Glass
Belron Finance US LLC	(6) (11) (12)	First Lien Debt	S + 2.50%	6.12	%	10/16/2031	1,308	1,305	1,316	0.09	%
Novolex (Clydesdale Acquisition Holdings Inc)	(6) (11)	First Lien Debt	S + 3.18%	6.89	%	4/13/2029	1,656	1,664	1,659	0.12	%
Oliver Packaging, LLC	(6)	Subordinated Debt	N/A	11.50% (PIK)		1/6/2029	1,473	1,461	1,318	0.09	%
Oliver Packaging, LLC	(6)	Subordinated Debt	N/A	13.00% (PIK)		1/6/2029	277	273	258	0.02	%
Online Labels Group, LLC	(15)	First Lien Debt	S + 4.75%	8.42	%	12/19/2029	3,116	3,109	3,116	0.22	%
Online Labels Group, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	12/19/2029	541	268	270	0.02	%
Online Labels Group, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42%		12/19/2029	227	(1)	—	—	%
Performance Packaging Buyer, LLC	(6) (15)	First Lien Debt	S + 4.50%	8.34	%	4/15/2031	6,167	6,110	6,109	0.44	%
ProAmpac PG Borrower LLC	(7) (11) (15)	First Lien Debt	S + 4.00%	7.89	%	9/15/2028	3,920	3,920	3,933	0.28	%
Total Containers, Packaging & Glass								18,109	17,979	1.28	%

Energy: Electricity
Environ Energy, LLC	(6)	First Lien Debt	S + 5.25%	9.07	%	10/1/2031	11,408	11,324	11,332	0.82	%
Environ Energy, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.25%	9.07	%	10/1/2031	6,711	(48)	(45)	—	%
Matador US Buyer, LLC (Insulation Technology Group)	(6) (12) (15)	First Lien Debt	S + 5.00%	8.72	%	6/25/2030	19,560	19,401	19,615	1.41	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)(3)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Matador US Buyer, LLC (Insulation Technology Group)	(6) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.72	%	6/25/2030	5,175	5,175	5,190	0.37	%
Tinicum Voltage Acquisition Corp.	(6) (15)	First Lien Debt	S + 4.75%	9.04	%	12/15/2028	6,746	6,614	6,700	0.48	%
Total Energy: Electricity								42,466	42,792	3.08	%

Energy: Oil & Gas
Allredi, LLC (Abrasive Products and Equipment)	(6)	Subordinated Debt	N/A	15.00% (PIK)		9/30/2027	1,045	1,045	899	0.06	%
Allredi, LLC (Abrasive Products and Equipment)	(6)	Subordinated Debt	N/A	15.00% (PIK)		9/30/2027	13,459	13,340	11,586	0.83	%
Total Energy: Oil & Gas								14,385	12,485	0.89	%

Environmental Industries
CLS Management Services, LLC (Contract Land Staff)	(6) (15)	First Lien Debt	S + 5.00%	8.67	%	3/27/2030	8,602	8,535	8,535	0.61	%
CLS Management Services, LLC (Contract Land Staff)	(6) (15)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	3/27/2030	3,458	3,448	3,431	0.25	%
CLS Management Services, LLC (Contract Land Staff)	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	3/27/2030	4,415	3,965	3,939	0.28	%
Covanta Energy Corp	(6) (11)	First Lien Debt	S + 2.25%	5.98	%	11/30/2028	548	547	550	0.04	%
Covanta Energy Corp	(6) (11)	First Lien Debt	S + 2.25%	5.98	%	1/15/2031	1,665	1,661	1,669	0.12	%
Impact Parent Corporation (Impact Environmental Group)	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.25%	9.02	%	3/23/2029	282	197	197	0.01	%
Impact Parent Corporation (Impact Environmental Group)	(6)	First Lien Debt (Delayed Draw)	S + 5.25%	9.02	%	3/23/2029	3,128	3,131	3,114	0.22	%
Impact Parent Corporation (Impact Environmental Group)	(6) (15)	First Lien Debt	S + 5.25%	9.02	%	3/23/2029	10,252	10,263	10,208	0.74	%
Impact Parent Corporation (Impact Environmental Group)	(15)	First Lien Debt	S + 5.25%	9.02	%	3/23/2029	2,034	2,008	2,025	0.15	%
Impact Parent Corporation (Impact Environmental Group)	(15)	First Lien Debt	S + 5.25%	9.02	%	3/23/2029	417	412	415	0.03	%
Impact Parent Corporation (Impact Environmental Group)	(6) (15)	First Lien Debt (Delayed Draw)	S + 5.25%	9.02	%	3/23/2029	1,996	1,994	1,987	0.14	%
Impact Parent Corporation (Impact Environmental Group)	(6)	First Lien Debt (Delayed Draw)	S + 5.25%	9.02	%	3/23/2029	1,691	1,686	1,684	0.12	%
LTR Intermediate Holdings, Inc.	(6) (15)	First Lien Debt	S + 3.75%	7.48	%	12/17/2032	9,375	9,328	9,329	0.67	%
NFM & J, L.P. (The Facilities Group)	(6) (7)	First Lien Debt (Delayed Draw)	S + 5.75%	9.69	%	11/30/2027	171	170	169	0.01	%
NFM & J, L.P. (The Facilities Group)	(7) (15)	First Lien Debt (Delayed Draw)	S + 5.75%	9.69	%	11/30/2027	1,941	1,933	1,915	0.14	%
NFM & J, L.P. (The Facilities Group)	(7) (15)	First Lien Debt	S + 5.75%	9.69	%	11/30/2027	2,724	2,713	2,688	0.19	%
NFM & J, L.P. (The Facilities Group)	(6) (7) (15)	First Lien Debt	S + 5.75%	9.69	%	11/30/2027	1,909	1,901	1,883	0.14	%
Nutrition 101 Buyer, LLC (101 Inc)	(6)	First Lien Debt	S + 5.25%	9.19	%	8/31/2028	3,683	3,659	3,629	0.26	%
Orion Group FM Holdings, LLC (Leo Facilities)	(15)	First Lien Debt	S + 4.75%	8.42	%	7/3/2029	2,317	2,305	2,319	0.17	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)(3)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Orion Group FM Holdings, LLC (Leo Facilities)	(15)	First Lien Debt	S + 4.75%	8.42	%	7/3/2029	3,351	3,328	3,354	0.24	%
Orion Group FM Holdings, LLC (Leo Facilities)	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	7/3/2029	19,812	2,229	2,245	0.16	%
Orion Group FM Holdings, LLC (Leo Facilities)	(6)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	7/3/2029	2,543	2,539	2,545	0.18	%
Reworld Holding Corporation	(6) (11)	First Lien Debt	S + 2.25%	5.98	%	1/15/2031	117	117	117	0.01	%
Reworld Holding Corporation	(6) (11)	First Lien Debt	S + 2.25%	5.98	%	1/15/2031	718	717	720	0.05	%
SI Solutions, LLC	(6) (15)	First Lien Debt	S + 4.75%	8.42	%	8/15/2030	4,597	4,577	4,580	0.33	%
SI Solutions, LLC	(6) (15)	First Lien Debt	S + 4.75%	8.42	%	8/15/2030	10,389	10,305	10,351	0.75	%
SI Solutions, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	8/15/2030	4,946	975	967	0.07	%
Total Environmental Industries								84,643	84,565	6.08	%

Healthcare & Pharmaceuticals
AB Centers Acquisition Corporation (Action Behavior Centers)	(6)	First Lien Debt	S + 5.25%	8.97	%	7/2/2031	5,882	5,864	5,838	0.42	%
AB Centers Acquisition Corporation (Action Behavior Centers)	(6) (15)	First Lien Debt	S + 5.25%	8.97	%	7/2/2031	13,714	13,598	13,613	0.98	%
AB Centers Acquisition Corporation (Action Behavior Centers)	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.25%	8.97	%	7/2/2031	2,510	895	881	0.06	%
AB Centers Acquisition Corporation (Action Behavior Centers)	(15)	First Lien Debt	S + 5.25%	8.97	%	7/2/2031	3,362	3,349	3,337	0.24	%
ACP Maverick Holdings, Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	3/18/2031	3,629	2,930	2,929	0.21	%
ACP Maverick Holdings, Inc.	(6) (7) (15)	First Lien Debt	S + 4.75%	8.42	%	3/18/2031	16,241	16,092	16,170	1.16	%
All Star Recruiting Locums, LLC (All Star Healthcare Solutions)	(6) (7) (15)	First Lien Debt (Delayed Draw)	S + 5.50%	9.17	%	5/1/2030	1,058	1,058	1,058	0.08	%
All Star Recruiting Locums, LLC (All Star Healthcare Solutions)	(7) (15)	First Lien Debt	S + 5.50%	9.17	%	5/1/2030	4,188	4,189	4,188	0.30	%
All Star Recruiting Locums, LLC (All Star Healthcare Solutions)	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 5.50%	9.17	%	5/1/2030	3,943	(9)	—	—	%
All Star Recruiting Locums, LLC (All Star Healthcare Solutions)	(6) (7)	First Lien Debt	S + 5.50%	9.17	%	5/1/2030	548	543	548	0.04	%
ARC Health OPCO, LLC	(6) (10)	Subordinated Debt (Delayed Draw)	N/A	8.00% (Cash) 5.00% (PIK)		4/10/2031	1,667	(24)	(49)	—	%
ARC Health OPCO, LLC	(6)	Subordinated Debt	N/A	8.00% (Cash) 5.00% (PIK)		4/10/2031	3,371	3,273	3,273	0.24	%
Beantown Holdings, Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	3/18/2031	4,818	—	(21)	—	%
Bluebird PM Buyer, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	2/3/2032	1,019	(2)	9	—	%
Bluebird PM Buyer, Inc.	(6)	First Lien Debt	S + 4.75%	8.42	%	2/3/2032	7,418	7,352	7,485	0.54	%
Bridges Consumer Healthcare Intermediate LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.25%	8.92	%	12/22/2031	4,262	(19)	(63)	—	%
Bridges Consumer Healthcare Intermediate LLC	(6) (15)	First Lien Debt	S + 5.25%	8.92	%	12/22/2031	5,087	5,041	5,012	0.36	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)(3)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Bridges Consumer Healthcare Intermediate LLC	(10) (15)	First Lien Debt (Delayed Draw)	S + 5.25%	8.92	%	12/22/2031	2,425	1,926	1,901	0.14	%
Coding Solutions Acquisition, Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.72	%	8/7/2031	798	(2)	(7)	—	%
Coding Solutions Acquisition, Inc.	(6) (7)	First Lien Debt	S + 5.00%	8.72	%	8/7/2031	609	603	604	0.04	%
Coding Solutions Acquisition, Inc.	(6) (7) (15)	First Lien Debt	S + 5.00%	8.72	%	8/7/2031	11,940	11,878	11,837	0.85	%
Coding Solutions Acquisition, Inc.	(6) (7) (10)	Revolving Loan	S + 5.00%	8.72	%	8/7/2031	1,101	(9)	(9)	—	%
Coding Solutions Acquisition, Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.72	%	8/7/2031	460	(1)	(4)	—	%
Eyesouth Eye Care Holdco LLC	(6) (15)	First Lien Debt	S + 5.50%	9.32	%	10/5/2029	10,529	10,371	10,369	0.75	%
Eyesouth Eye Care Holdco LLC	(6) (15)	First Lien Debt (Delayed Draw)	S + 5.50%	9.32	%	10/5/2029	3,397	3,355	3,345	0.24	%
Genmab A/S	(6) (11) (12)	First Lien Debt	S + 3.00%	6.73	%	12/12/2032	1,842	1,833	1,853	0.13	%
Health Management Associates, Inc.	(6) (15)	First Lien Debt	S + 6.25%	10.34	%	3/30/2029	8,733	8,680	8,680	0.63	%
Health Management Associates, Inc.	(6)	First Lien Debt (Delayed Draw)	S + 6.25%	10.34	%	3/30/2029	1,095	1,086	1,089	0.08	%
Healthspan Buyer, LLC (Thorne HealthTech)	(6)	First Lien Debt	S + 4.75%	8.42	%	10/16/2030	10,066	10,016	10,023	0.72	%
Healthspan Buyer, LLC (Thorne HealthTech)	(6)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	10/16/2030	1,224	1,221	1,219	0.09	%
Healthspan Buyer, LLC (Thorne HealthTech)	(6)	First Lien Debt	S + 4.75%	8.42	%	10/16/2030	1,270	1,264	1,264	0.09	%
Healthspan Buyer, LLC (Thorne HealthTech)	(6) (15)	First Lien Debt	S + 4.75%	8.42	%	10/16/2030	5,436	5,413	5,413	0.39	%
Healthspan Buyer, LLC (Thorne HealthTech)	(6) (15)	First Lien Debt	S + 4.75%	8.42	%	10/16/2030	11,928	11,869	11,877	0.86	%
Heartland Veterinary Partners LLC	(6)	Subordinated Debt	N/A	7.50% (Cash) 7.00% (PIK)		9/10/2028	1,130	1,125	1,125	0.08	%
Heartland Veterinary Partners LLC	(6)	Subordinated Debt (Delayed Draw)	N/A	7.50% (Cash) 7.00% (PIK)		9/10/2028	5,412	5,412	5,387	0.39	%
Heartland Veterinary Partners LLC	(6)	Subordinated Debt (Delayed Draw)	N/A	7.50% (Cash) 7.00% (PIK)		9/10/2028	5,649	5,649	5,623	0.41	%
HMN Acquirer Corp.	(15)	First Lien Debt	S + 4.50%	8.17	%	11/5/2031	5,773	5,723	5,722	0.41	%
HMN Acquirer Corp.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	11/5/2031	2,144	(5)	(19)	—	%
Impact Advisors, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	3/19/2032	7,143	(32)	—	—	%
Impact Advisors, LLC	(6) (15)	First Lien Debt	S + 4.50%	8.17	%	3/19/2032	12,761	12,641	12,761	0.92	%
Jazz Pharmaceuticals (AKA FINANCING LUX SARL)	(6) (11) (12)	First Lien Debt	S + 2.25%	5.97	%	5/5/2028	2,720	2,731	2,735	0.20	%
JKC Buyer, Inc. (J. Knipper and Company Inc)	(15)	First Lien Debt (Delayed Draw)	S + 4.50%	8.34	%	2/13/2032	1,849	1,839	1,837	0.13	%
JKC Buyer, Inc. (J. Knipper and Company Inc)	(15)	First Lien Debt	S + 4.50%	8.34	%	2/13/2032	5,341	5,297	5,307	0.38	%
Lavie Group, Inc.	(15)	First Lien Debt	S + 5.00%	8.90	%	10/12/2029	6,404	6,343	6,348	0.46	%
Lavie Group, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.90	%	10/12/2029	1,888	(6)	(16)	—	%
Lavie Group, Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.90	%	10/10/2029	650	404	400	0.03	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)(3)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Lavie Group, Inc.	(7) (15)	First Lien Debt	S + 5.00%	8.90	%	10/12/2029	2,423	2,401	2,402	0.17	%
Medline (AKA Mozart Borrower LP)	(6) (11)	First Lien Debt	S + 1.75%	5.47	%	10/23/2028	12	12	12	—	%
Medline (AKA Mozart Borrower LP)	(6) (11)	First Lien Debt	S + 1.75%	5.47	%	10/23/2030	2,723	2,726	2,736	0.20	%
New You Bariatric Group, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.25%	9.24	%	10/31/2028	199	120	120	0.01	%
New You Bariatric Group, LLC	(6)	First Lien Debt	S + 5.25%	9.24% (PIK)		10/31/2028	1,939	1,939	1,939	0.14	%
Organon & Co	(6) (11) (12)	First Lien Debt	S + 2.25%	5.97	%	5/19/2031	1,418	1,416	1,370	0.10	%
Performance Health Holdings, Inc	(6) (15)	First Lien Debt	S + 3.75%	7.62	%	3/19/2032	14,925	14,782	14,788	1.07	%
Promptcare Infusion Buyer, Inc.	(7) (15)	First Lien Debt (Delayed Draw)	S + 6.00%	9.95	%	9/1/2027	314	314	314	0.02	%
Promptcare Infusion Buyer, Inc.	(7) (15)	First Lien Debt	S + 6.00%	9.95	%	9/1/2027	2,018	2,018	2,018	0.15	%
Southern Veterinary Partners, LLC	(6) (11)	First Lien Debt	S + 2.50%	6.37	%	12/4/2031	5,054	5,053	5,054	0.36	%
TBRS, Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.44	%	11/22/2031	949	(4)	(19)	—	%
TBRS, Inc.	(6) (7) (10)	Revolving Loan	S + 4.75%	8.44	%	11/22/2030	1,243	(10)	(25)	—	%
TBRS, Inc.	(6) (7) (15)	First Lien Debt	S + 4.75%	8.44	%	11/22/2031	8,087	8,022	7,924	0.57	%
Tidi Legacy Products, Inc.	(6) (7) (15)	First Lien Debt	S + 4.50%	8.22	%	12/19/2029	15,578	15,574	15,578	1.12	%
Tidi Legacy Products, Inc.	(6) (7)	First Lien Debt (Delayed Draw)	S + 4.50%	8.22	%	12/19/2029	4,173	4,181	4,173	0.30	%
VMG Holdings LLC (VMG Health)	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	4/16/2030	569	—	(4)	—	%
VMG Holdings LLC (VMG Health)	(6)	First Lien Debt	S + 5.00%	8.69	%	4/16/2030	1,137	1,132	1,128	0.08	%
VMG Holdings LLC (VMG Health)	(6) (15)	First Lien Debt	S + 5.00%	8.67	%	4/16/2030	19,750	19,593	19,595	1.41	%
VSC Specialty Molding Acquisition LLC	(6)	First Lien Debt	S + 4.50%	8.43	%	10/6/2031	5,319	5,293	5,297	0.38	%
VSC Specialty Molding Acquisition LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.43	%	10/6/2031	3,230	—	(14)	—	%
Wellspring Pharmaceutical Corporation	(6) (15)	First Lien Debt	S + 5.00%	8.70	%	8/22/2028	6,398	6,369	6,398	0.46	%
Wellspring Pharmaceutical Corporation	(6) (15)	First Lien Debt	S + 5.00%	8.70	%	8/22/2028	3,719	3,692	3,719	0.27	%
Wellspring Pharmaceutical Corporation	(15)	First Lien Debt (Delayed Draw)	S + 5.00%	8.70	%	8/22/2028	1,847	1,840	1,847	0.13	%
YI, LLC (Young Innovations)	(6) (7) (15)	First Lien Debt	S + 5.75%	9.49	%	12/3/2029	15,688	15,573	15,384	1.11	%
Total Healthcare & Pharmaceuticals								292,790	292,606	21.10	%

High Tech Industries
Ahead DB Holdings, LLC (Ahead Data Blue LLC)	(6) (11) (15)	First Lien Debt	S + 2.50%	6.17	%	2/1/2031	9,885	9,847	9,887	0.71	%
BMC Software, Inc.	(6) (11)	First Lien Debt	S + 3.00%	6.82	%	7/30/2031	4,963	4,953	4,955	0.36	%
CLEARWATER ANALYTICS LLC	(6) (11) (12)	First Lien Debt	S + 2.25%	6.21	%	4/21/2032	1,496	1,496	1,499	0.11	%
Diligent Corporation (fka Diamond Merger Sub II, Corp.)	(6) (7)	First Lien Debt	S + 5.00%	8.82	%	8/2/2030	2,553	2,543	2,514	0.18	%
Diligent Corporation (fka Diamond Merger Sub II, Corp.)	(6) (7) (15)	First Lien Debt	S + 5.00%	8.82	%	8/2/2030	14,894	14,835	14,664	1.06	%
Diligent Corporation (fka Diamond Merger Sub II, Corp.)	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.82	%	8/2/2030	2,553	(9)	(39)	—	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)(3)	Footnotes	Investment		Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Dragon Buyer, Inc. (NCR Voyix)	(6) (11)	First Lien Debt		S + 2.75%	6.42	%	9/30/2031	6,930	6,901	6,944	0.50	%
Eliassen Group, LLC	(6) (7)	First Lien Debt (Delayed Draw)		S + 5.75%	9.42	%	4/14/2028	227	227	223	0.02	%
Eliassen Group, LLC	(6) (7)	First Lien Debt		S + 5.75%	9.42	%	4/14/2028	3,153	3,153	3,100	0.22	%
Emburse, Inc.	(7) (15)	First Lien Debt		S + 4.25%	7.92	%	5/28/2032	2,964	2,956	3,007	0.22	%
Emburse, Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)		S + 4.25%	7.92	%	5/28/2032	529	(1)	8	—	%
Emburse, Inc.	(6) (7) (10)	Revolving Loan		S + 4.25%	7.92	%	5/28/2032	568	(1)	8	—	%
Ensono, Inc.	(6) (11) (15)	First Lien Debt		S + 4.00%	7.83	%	5/26/2028	14,807	14,763	14,821	1.07	%
Exterro, Inc.	(6) (10)	First Lien Debt (Delayed Draw)		S + 5.25%	9.02	%	6/1/2027	1,797	—	(13)	—	%
Exterro, Inc.	(6) (15)	First Lien Debt		S + 5.25%	9.02	%	6/1/2027	5,605	5,597	5,564	0.40	%
GNX HBS PARENT, LLC	(6)	First Lien Debt		S + 4.75%	8.42	%	9/30/2031	7,252	7,216	7,222	0.52	%
GNX HBS PARENT, LLC	(6) (10)	First Lien Debt (Delayed Draw)		S + 4.75%	8.42	%	9/30/2031	4,266	—	(18)	—	%
GS AcquisitionCo, Inc.	(6) (7) (15)	First Lien Debt		S + 5.25%	8.92	%	5/25/2028	5,723	5,713	5,646	0.41	%
Icon Parent I Inc.	(6) (7) (11)	First Lien Debt		S + 2.75%	6.44	%	11/13/2031	1,990	1,982	1,996	0.14	%
Infobase Acquisition, Inc.	(15)	First Lien Debt		S + 5.50%	9.35	%	6/14/2028	3,463	3,459	3,463	0.25	%
Javelin Buyer, Inc.	(6) (7) (15)	Subordinated Debt		S + 5.00%	8.82	%	12/6/2032	6,000	6,015	6,020	0.43	%
Javelin Buyer, Inc.	(6) (7) (11) (15)	First Lien Debt		S + 2.75%	6.59	%	12/5/2031	6,948	6,943	6,979	0.50	%
Mermaid Bidco Inc.	(6)	First Lien Debt	S +	S + 3.25%	7.15	%	7/3/2031	3,980	3,970	3,980	0.29	%
MKS INSTRUMENTS INC	(6) (11) (12)	First Lien Debt		S + 2.00%	5.72	%	8/17/2029	2,835	2,939	2,853	0.21	%
Ping Identity Holding Corp.	(6) (11)	First Lien Debt		S + 2.75%	6.59	%	11/15/2032	510	509	512	0.04	%
PointClickCare Technologies	(6) (11) (12)	First Lien Debt		S + 2.75%	6.42	%	11/3/2031	447	446	448	0.03	%
Project Alpha Intermediate Holding, Inc.	(6) (7) (11)	First Lien Debt		S + 3.25%	6.92	%	10/26/2030	992	990	992	0.07	%
Qnity Electronics, Inc.	(6) (11) (12)	First Lien Debt		S + 2.00%	5.70	%	11/1/2032	2,609	2,603	2,624	0.19	%
Quartz Holding Company (Quickbase)	(6) (15)	First Lien Debt		S + 3.25%	6.97	%	10/2/2028	11,912	11,902	11,871	0.86	%
QXO Building Products, Inc.	(6) (11) (12)	First Lien Debt		S + 2.00%	5.72	%	4/30/2032	688	681	691	0.05	%
Ridge Trail US Bidco, Inc. (Options IT)	(6) (7)	First Lien Debt		S + 4.50%	8.37	%	9/30/2031	9,149	9,069	9,069	0.65	%
Ridge Trail US Bidco, Inc. (Options IT)	(6) (7) (10)	Revolving Loan		S + 4.50%	8.37	%	3/31/2031	1,062	278	278	0.02	%
Ridge Trail US Bidco, Inc. (Options IT)	(6) (7) (10)	First Lien Debt (Delayed Draw)		S + 4.50%	8.37	%	9/30/2031	3,187	(7)	(28)	—	%
Specialist Resources Global Inc.	(15)	First Lien Debt		S + 5.00%	8.72	%	9/23/2027	1,311	1,311	1,309	0.09	%
Specialist Resources Global Inc.	(6) (10)	First Lien Debt (Delayed Draw)		S + 5.00%	8.72	%	9/23/2027	11,790	(14)	(18)	—	%
Specialist Resources Global Inc.	(15)	First Lien Debt (Delayed Draw)		S + 5.00%	8.72	%	9/23/2027	6,734	6,734	6,724	0.48	%
Stratix Holding Corporation	(6)	First Lien Debt		S + 4.75%	8.35	%	9/15/2028	3,978	3,973	3,965	0.29	%
Stratix Holding Corporation	(6) (15)	First Lien Debt		S + 4.75%	8.35	%	9/15/2028	6,465	6,465	6,444	0.46	%
VALIDITY INC	(15)	First Lien Debt		S + 5.25%	9.18	%	4/12/2032	7,765	7,693	7,738	0.56	%
Venture Buyer, LLC (Velosio)	(7) (15)	First Lien Debt		S + 5.25%	8.97	%	3/1/2030	7,816	7,782	7,816	0.56	%
Venture Buyer, LLC (Velosio)	(6) (7) (10)	First Lien Debt (Delayed Draw)		S + 5.25%	8.97	%	3/1/2030	1,633	284	284	0.02	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)(3)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Waystar Technologies, Inc.	(6) (11) (12)	First Lien Debt	S + 2.00%	5.72	%	10/22/2029	1,994	1,994	2,009	0.14	%
Worldpay (GTCR W Merger Sub LLC)	(6) (11)	First Lien Debt	S + 2.00%	5.67	%	1/31/2031	4,420	4,437	4,433	0.32	%
II-VI INCORPORATED	(6) (11) (12)	First Lien Debt	S + 1.75%	5.47	%	7/2/2029	1,091	1,095	1,095	0.08	%
Total High Tech Industries								173,722	173,539	12.51	%

Hotel, Gaming & Leisure
Cinemark USA, Inc.	(6) (11) (12)	First Lien Debt	S + 2.25%	5.92	%	5/24/2030	3,554	3,571	3,562	0.26	%
Davidson Hotel Company LLC	(15)	First Lien Debt	S + 5.00%	8.72	%	10/31/2031	2,790	2,766	2,817	0.20	%
Davidson Hotel Company LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.72	%	10/31/2031	930	35	46	—	%
TKO Worldwide Holdings, LLC	(6) (11) (12)	First Lien Debt	S + 2.00%	5.87	%	11/21/2031	460	459	462	0.03	%
Total Hotel, Gaming & Leisure								6,831	6,887	0.49	%

Media: Advertising, Printing & Publishing
Calienger Acquisition, L.L.C. (Wpromote, LLC)	(15)	First Lien Debt	S + 5.75%	9.72	%	10/23/2028	3,432	3,434	3,415	0.25	%
Thomson Reuters IP & S (AKA Clarivate / Camelot Finance SA)	(6) (11)	First Lien Debt	S + 2.75%	6.47	%	1/31/2031	3,720	3,727	3,677	0.26	%
Viking Buyer, LLC (Vanguard Packaging LLC)	(6) (15)	First Lien Debt	S + 5.25%	9.08	%	8/9/2026	5,747	5,746	5,573	0.40	%
VS Professional Training Acquisitionco, LLC	(15)	First Lien Debt	S + 5.25%	8.97	%	9/30/2026	4,176	4,176	4,150	0.30	%
Total Media: Advertising, Printing & Publishing								17,083	16,815	1.21	%

Media: Broadcasting & Subscription
Directv (AKA Directv Financing LLC)	(6) (11)	First Lien Debt	S + 5.00%	9.10	%	8/2/2027	19	19	19	—	%
Sunrise HoldCo III B.V.	(6) (11) (12)	First Lien Debt	S + 2.50%	6.43	%	2/16/2032	700	697	703	0.05	%
UPC/Sunrise (UPC Financing Partnership)	(6) (11) (12)	First Lien Debt	S + 2.50%	6.69	%	2/15/2032	1,825	1,819	1,834	0.13	%
Virgin Media Investment Holdings Limited	(6) (11) (12)	First Lien Debt	S + 3.25%	7.11	%	1/31/2029	1,375	1,361	1,379	0.10	%
Total Media: Broadcasting & Subscription								3,896	3,935	0.28	%

Media: Diversified & Production
BroadcastMed Holdco, LLC	(6)	Subordinated Debt	N/A	10.00% (Cash) 3.75% (PIK)		11/12/2027	2,881	2,851	2,795	0.20	%
Creative Artists Agency, LLC	(6) (11)	First Lien Debt	S + 2.50%	6.22	%	10/1/2031	1,575	1,583	1,583	0.11	%
Total Media: Diversified & Production								4,434	4,378	0.31	%

Metals and Mining
Arsenal AIC Parent LLC(Arconic)	(6) (11)	First Lien Debt	S + 2.75%	6.47	%	8/18/2030	1,513	1,525	1,519	0.11	%
Total Metals and Mining								1,525	1,519	0.11	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)(3)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Services: Business
AG Group Holdings, Inc. (Addison Group)	(6) (11)	First Lien Debt	S + 4.25%	8.05	%	12/29/2028	1,796	1,804	1,628	0.12	%
Air Transport (Stonepeak Nile Parent LLC)	(6) (11)	First Lien Debt	S + 2.25%	6.16	%	4/9/2032	1,250	1,247	1,252	0.09	%
ALKU Intermediate Holdings, LLC	(6)	First Lien Debt	S + 6.25%	9.92	%	5/23/2029	2,657	2,622	2,647	0.19	%
All4 Buyer, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.25%	8.11	%	1/23/2032	2,108	497	486	0.04	%
All4 Buyer, LLC	(15)	First Lien Debt	S + 4.25%	8.11	%	1/23/2032	2,510	2,488	2,487	0.18	%
Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC)	(6) (11)	First Lien Debt	S + 3.25%	6.97	%	8/20/2032	2,993	2,989	3,012	0.22	%
Amex GBT	(6) (11) (12)	First Lien Debt	S + 2.50%	6.36	%	7/25/2031	792	791	796	0.06	%
Archer Acquisition, LLC (ARMstrong)	(6) (15)	First Lien Debt	S + 4.75%	8.52	%	10/8/2029	6,274	6,219	6,224	0.45	%
Archer Acquisition, LLC (ARMstrong)	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.52	%	10/8/2029	864	576	576	0.04	%
Astra Service Partners, LLC	(6) (7)	First Lien Debt	S + 4.75%	8.42	%	11/26/2032	8,585	8,553	8,555	0.62	%
Astra Service Partners, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	11/26/2032	2,824	—	(10)	—	%
Azalea TopCo, Inc.	(6) (7) (11) (15)	First Lien Debt	S + 3.00%	6.72	%	4/30/2031	5,110	5,068	5,110	0.37	%
Bounteous, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.47	%	8/2/2029	7,279	—	—	—	%
Bounteous, Inc.	(15)	First Lien Debt (Delayed Draw)	S + 4.75%	8.47	%	8/2/2029	1,002	1,002	1,002	0.07	%
Bounteous, Inc.	(15)	First Lien Debt (Delayed Draw)	S + 4.75%	8.47	%	8/2/2029	488	488	488	0.04	%
Bounteous, Inc.	(15)	First Lien Debt	S + 4.75%	8.47	%	8/2/2029	1,935	1,935	1,935	0.14	%
Bounteous, Inc.	(15)	First Lien Debt	S + 4.75%	8.47	%	8/2/2029	299	299	299	0.02	%
Caldwell & Gregory LLC	(6)	Subordinated Debt	S + 8.75%	9.92% (Cash) 2.50% (PIK)		3/31/2031	5,764	5,677	5,816	0.42	%
COP Village Green Acquisitions, Inc. (Village Green Holding)	(6)	Subordinated Debt	N/A	12.25	%	3/26/2031	1,403	1,373	1,409	0.10	%
COP Village Green Acquisitions, Inc. (Village Green Holding)	(6) (10)	Subordinated Debt (Delayed Draw)	N/A	12.25	%	3/26/2031	536	(5)	2	—	%
Cornerstone Advisors of Arizona, LLC	(6) (7) (15)	First Lien Debt	S + 4.75%	8.42	%	5/13/2032	17,620	17,533	17,513	1.26	%
CV Holdco, LLC (Class Valuation)	(6)	Subordinated Debt	N/A	11.00	%	3/31/2028	444	443	430	0.03	%
CV Holdco, LLC (Class Valuation)	(6)	Subordinated Debt	N/A	11.00	%	3/31/2028	10,000	9,962	9,684	0.70	%
Dawn Bidco, LLC	(6) (11)	First Lien Debt	S + 3.00%	7.17	%	8/20/2032	3,000	3,000	2,995	0.22	%
Delphi Infrastructure Group LLC	(15)	First Lien Debt	S + 5.00%	8.67	%	7/21/2028	1,009	1,000	980	0.07	%
DISA Holdings Corp. (DISA Global Solutions)	(6)	First Lien Debt (Delayed Draw)	S + 5.00%	8.99	%	9/9/2028	1,184	1,177	1,184	0.09	%
DISA Holdings Corp. (DISA Global Solutions)	(6) (15)	First Lien Debt	S + 5.00%	8.99	%	9/9/2028	6,584	6,543	6,584	0.47	%
Env Automation Acquisition,LLC	(6) (7)	First Lien Debt	S + 4.50%	8.24	%	12/8/2031	10,600	10,548	10,549	0.76	%
Env Automation Acquisition,LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.24	%	12/8/2031	5,129	—	(25)	—	%
Esquire Deposition Solutions, LLC	(6)	Subordinated Debt	N/A	14.00% (PIK)		6/30/2029	2,065	2,032	2,037	0.15	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)(3)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Fleet Midco I Limited	(6) (7) (12)	First Lien Debt	S + 2.75%	6.79	%	2/21/2031	2,494	2,494	2,495	0.18	%
Garda World Security Corporation	(6) (11) (12)	First Lien Debt	S + 3.00%	6.75	%	2/1/2029	1,970	1,990	1,981	0.14	%
Genuine Financial Holdings LLC (HireRight)	(11) (15)	First Lien Debt	S + 3.25%	6.97	%	9/27/2030	1,798	1,784	1,532	0.11	%
ICON LUXEMBOURG SARL	(6) (11) (12)	First Lien Debt	S + 2.00%	5.67	%	7/3/2028	97	97	97	0.01	%
ICON LUXEMBOURG SARL	(6) (11) (12)	First Lien Debt	S + 2.00%	5.67	%	7/3/2028	24	24	24	—	%
ImageFirst Holdings, LLC	(6) (15)	First Lien Debt	S + 3.00%	6.73	%	3/12/2032	13,630	13,598	13,599	0.98	%
Ingram Micro Inc	(6) (11) (12)	First Lien Debt	S + 2.25%	5.98	%	9/22/2031	1,986	1,994	2,000	0.14	%
Integrated Power Services Holdings, Inc.	(6) (15)	First Lien Debt	S + 4.75%	8.58	%	11/22/2028	4,627	4,625	4,627	0.33	%
Integrated Power Services Holdings, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.58	%	11/22/2028	1,649	(3)	—	—	%
KENG Acquisition, Inc. (Engage PEO)	(6) (7) (15)	First Lien Debt	S + 4.50%	8.34	%	8/1/2029	8,966	8,891	8,898	0.64	%
KENG Acquisition, Inc. (Engage PEO)	(6) (7)	First Lien Debt (Delayed Draw)	S + 4.50%	8.34	%	8/1/2029	5,775	5,764	5,731	0.41	%
KENG Acquisition, Inc. (Engage PEO)	(6) (7)	First Lien Debt (Delayed Draw)	S + 4.50%	8.34	%	8/1/2029	7,683	7,639	7,625	0.55	%
Kofile, Inc.	(6)	Subordinated Debt	N/A	9.00% (Cash) 4.25% (PIK)		12/31/2027	6,892	6,892	6,785	0.49	%
KRIV Acquisition, Inc. (Riveron)	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	7/31/2031	7,045	(26)	(43)	—	%
KRIV Acquisition, Inc. (Riveron)	(6) (15)	First Lien Debt	S + 5.00%	8.67	%	7/31/2031	9,071	8,934	9,016	0.65	%
LRN Corporation (Lion Merger Sub, Inc.)	(6)	First Lien Debt	S + 5.25%	9.13	%	12/17/2027	7,423	7,389	7,397	0.53	%
LRN Corporation (Lion Merger Sub, Inc.)	(6) (7)	First Lien Debt	S + 5.25%	8.95	%	12/17/2027	3,219	3,213	3,207	0.23	%
LRN Corporation (Lion Merger Sub, Inc.)	(6) (7)	First Lien Debt	S + 5.25%	8.95	%	12/17/2027	618	616	615	0.04	%
LSCS Holdings, Inc. (Dohmen)	(6) (7) (15)	First Lien Debt	S + 4.50%	8.17	%	3/4/2032	2,751	2,739	2,730	0.20	%
M&S Holdings Buyer, Inc.	(6)	First Lien Debt	S + 4.75%	8.44	%	12/23/2032	5,176	5,150	5,150	0.37	%
M&S Holdings Buyer, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.44	%	12/23/2032	941	—	(5)	—	%
OCM System One Buyer CTB, LLC (System One)	(6) (15)	First Lien Debt	S + 3.50%	7.22	%	3/2/2028	1,286	1,285	1,283	0.09	%
Olympus US Bidco LLC (Phaidon International)	(6) (12) (15)	First Lien Debt	S + 5.50%	9.44	%	8/22/2029	19,252	19,013	18,609	1.34	%
OMNIA Partners, LLC	(6) (7) (11) (15)	First Lien Debt	S + 2.75%	6.45	%	12/31/2032	3,463	3,447	3,481	0.25	%
Open Text Corporation	(6) (11) (12)	First Lien Debt	S + 1.75%	5.67	%	1/31/2030	2,563	2,578	2,568	0.18	%
Pioneer AcquisitionCo, LLC	(6) (7)	First Lien Debt	S + 3.25%	6.94	%	10/27/2032	1,000	998	998	0.07	%
PN Buyer, Inc.	(6) (15)	First Lien Debt	S + 4.50%	8.17	%	7/31/2031	15,556	15,478	15,482	1.12	%
PN Buyer, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	7/31/2031	4,444	—	(21)	—	%
Prime Security Services Borrower, LLC	(6) (11) (12)	First Lien Debt	S + 1.75%	5.58	%	3/7/2032	374	370	374	0.03	%
Protection One (aka Prime Security Services)	(6) (11) (12)	First Lien Debt	S + 2.00%	6.13	%	10/13/2030	1,979	1,975	1,984	0.14	%
RailPros Parent, LLC	(6) (7) (15)	First Lien Debt	S + 4.25%	8.13	%	5/24/2032	10,238	10,138	10,315	0.74	%
RailPros Parent, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.25%	8.13	%	5/24/2032	3,158	—	24	—	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)(3)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
RailPros Parent, LLC	(6) (7) (10)	Revolving Loan	S + 4.25%	8.13	%	5/24/2032	1,579	—	12	—	%
Redwood Services Group, LLC (Evergreen Services Group)	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 5.25%	8.93	%	6/15/2029	5,620	4,567	4,590	0.33	%
Redwood Services Group, LLC (Evergreen Services Group)	(7) (15)	First Lien Debt	S + 5.25%	8.93	%	6/15/2029	8,324	8,242	8,324	0.60	%
Redwood Services Group, LLC (Evergreen Services Group)	(7) (15)	First Lien Debt (Delayed Draw)	S + 5.25%	8.93	%	6/15/2029	944	939	944	0.07	%
Resideo Funding Inc.	(6) (11) (12)	First Lien Debt	S + 2.00%	5.72	%	8/13/2032	1,436	1,435	1,442	0.10	%
Safety Infrastructure Services Intermediate LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	7/21/2028	3,503	920	829	0.06	%
Safety Infrastructure Services Intermediate LLC	(15)	First Lien Debt	S + 5.00%	8.67	%	7/21/2028	6,215	6,158	6,042	0.44	%
Sagebrush Buyer, LLC (Province)	(15)	First Lien Debt	S + 5.00%	8.72	%	7/1/2030	3,953	3,921	3,921	0.28	%
Secretariat Advisors LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.00%	7.67	%	2/28/2032	835	—	(4)	—	%
Secretariat Advisors LLC	(6) (15)	First Lien Debt	S + 4.00%	7.67	%	2/28/2032	6,880	6,848	6,848	0.49	%
Sentinel Technologies, Inc	(6) (15)	First Lien Debt	S + 4.50%	8.35	%	11/3/2031	6,047	6,017	6,020	0.43	%
Soliant Lower Intermediate, LLC	(6) (15)	First Lien Debt	S + 3.75%	7.79	%	7/18/2031	17,554	17,402	16,470	1.19	%
Syndigo LLC	(6)	First Lien Debt	S + 5.00%	8.82	%	9/2/2032	13,223	13,159	13,128	0.95	%
Syndigo LLC	(6) (10)	Revolving Loan	S + 5.00%	8.82	%	9/2/2032	1,777	(8)	(13)	—	%
Synechron	(6) (11)	First Lien Debt	S + 3.75%	7.57	%	10/3/2031	1,703	1,688	1,698	0.12	%
Tau Buyer, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	2/2/2032	3,427	2,247	2,251	0.16	%
Tau Buyer, LLC	(6) (7) (10)	Revolving Loan	S + 4.75%	8.42	%	2/2/2032	1,720	260	270	0.02	%
Tau Buyer, LLC	(6) (7) (15)	First Lien Debt	S + 4.75%	8.42	%	2/2/2032	9,853	9,764	9,821	0.71	%
Tempo Acquisition, LLC	(6) (11) (12)	First Lien Debt	S + 1.75%	5.47	%	8/31/2028	3,069	3,078	2,958	0.21	%
Thompson Safety LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.80	%	6/25/2032	13,633	1,455	1,389	0.10	%
Thompson Safety LLC	(6) (10)	Revolving Loan	S + 5.00%	8.86	%	6/25/2032	1,364	(6)	(7)	—	%
TouchTunes Music Group, LLC (TouchTunes Interactive Network)	(6) (11) (15)	First Lien Debt	S + 4.75%	8.42	%	4/2/2029	14,398	14,237	14,078	1.01	%
Transit Buyer, LLC (Propark Mobility)	(6) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.72	%	1/31/2029	1,132	225	230	0.02	%
Transit Buyer, LLC (Propark Mobility)	(6) (15)	First Lien Debt	S + 5.00%	8.72	%	1/31/2029	6,255	6,212	6,255	0.45	%
Transit Buyer, LLC (Propark Mobility)	(6) (15)	First Lien Debt (Delayed Draw)	S + 5.00%	8.72	%	1/31/2029	3,570	3,553	3,570	0.26	%
Transit Buyer, LLC (Propark Mobility)	(6)	First Lien Debt (Delayed Draw)	S + 5.00%	8.72	%	1/31/2029	8,901	8,886	8,901	0.64	%
Trilon Group, LLC	(6) (15)	First Lien Debt	S + 4.75%	8.65	%	5/27/2029	6,787	6,767	6,779	0.49	%
Trilon Group, LLC	(6)	First Lien Debt	S + 4.75%	8.65	%	5/27/2029	2,968	2,947	2,965	0.21	%
Trilon Group, LLC	(6) (15)	First Lien Debt (Delayed Draw)	S + 4.75%	8.65	%	5/27/2029	10,010	10,010	9,999	0.72	%
TSS Buyer, LLC (Technical Safety Services)	(15)	First Lien Debt (Delayed Draw)	S + 5.50%	9.32	%	6/22/2029	611	611	611	0.04	%
TSS Buyer, LLC (Technical Safety Services)	(15)	First Lien Debt	S + 5.50%	9.32	%	6/22/2029	1,327	1,327	1,327	0.10	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)(3)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Victors CCC Buyer LLC (CrossCountry Consulting)	(7) (15)	First Lien Debt	S + 4.75%	8.48	%	6/1/2029	1,351	1,336	1,351	0.10	%
Victors CCC Buyer LLC (CrossCountry Consulting)	(7) (15)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	6/1/2029	139	138	139	0.01	%
VSTG Intermediate Holdings, Inc. (Vistage Worldwide, Inc.)	(6) (7) (15)	First Lien Debt	S + 3.75%	7.42	%	7/13/2029	15,049	15,025	15,049	1.08	%
Total Services: Business								394,307	392,390	28.27	%

Services: Consumer
360 Holdco, Inc. (360 Training)	(15)	First Lien Debt	S + 4.75%	8.42	%	8/2/2028	3,938	3,918	3,902	0.28	%
360 Holdco, Inc. (360 Training)	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	8/2/2028	3,580	—	(32)	—	%
ADPD Holdings LLC (NearU)	(6) (7)	First Lien Debt	S + 6.00%	10.03	%	8/16/2028	5,670	5,638	5,282	0.38	%
AMS Parent, LLC (All My Sons)	(11) (15)	First Lien Debt	S + 4.75%	8.68	%	10/25/2028	5,450	5,432	5,266	0.38	%
Apex Service Partners, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.86	%	10/24/2030	5,170	—	(27)	—	%
Apex Service Partners, LLC	(6) (7) (10)	Revolving Loan	S + 5.00%	8.71	%	10/24/2029	1,101	281	294	0.02	%
Apex Service Partners, LLC	(6) (7) (15)	First Lien Debt	S + 5.00%	8.82	%	10/24/2030	12,539	12,436	12,597	0.91	%
Apex Service Partners, LLC	(6) (7)	First Lien Debt (Delayed Draw)	S + 5.00%	8.82	%	10/24/2030	3,067	3,054	3,081	0.22	%
Apex Service Partners, LLC	(6) (7)	First Lien Debt (Delayed Draw)	S + 5.00%	8.82	%	10/24/2030	3,075	3,050	3,089	0.22	%
Brightspring Health (aka Phoenix Gurantor Inc.)	(6) (11) (12)	First Lien Debt	S + 2.50%	6.22	%	2/21/2031	3,930	3,919	3,954	0.28	%
Columbia Home Services LLC	(6) (10)	Subordinated Debt (Delayed Draw)	N/A	12.00	%	11/27/2031	442	(4)	(8)	—	%
Columbia Home Services LLC	(6)	Subordinated Debt	N/A	12.00	%	11/27/2031	1,547	1,518	1,518	0.11	%
Entomo Brands Acquisitions, Inc. (Palmetto Exterminators)	(6)	Subordinated Debt	N/A	9.00% (Cash) 4.00% (PIK)		1/28/2030	700	688	677	0.05	%
Entomo Brands Acquisitions, Inc. (Palmetto Exterminators)	(6)	Subordinated Debt (Delayed Draw)	N/A	9.00% (Cash) 4.00% (PIK)		1/28/2030	535	529	517	0.04	%
Excel Fitness Consolidator LLC	(6) (15)	First Lien Debt	S + 4.50%	8.42	%	4/29/2030	6,265	6,232	6,218	0.45	%
Excel Fitness Consolidator LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.42	%	4/29/2030	1,677	(9)	(13)	—	%
Legacy Service Partners, LLC	(6) (15)	First Lien Debt	S + 4.50%	8.17	%	11/10/2031	8,427	8,355	8,373	0.60	%
Legacy Service Partners, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	11/10/2031	11,951	—	(76)	(0.01)	%
Legacy Service Partners, LLC	(6) (10)	Subordinated Debt (Delayed Draw)	N/A	13.25% (PIK)		11/10/2032	47	(1)	(1)	—	%
Legacy Service Partners, LLC	(6)	Subordinated Debt	N/A	13.25% (PIK)		11/10/2032	53	52	52	—	%
Norton Life Lock	(6) (11) (12)	First Lien Debt	S + 1.75%	5.47	%	9/12/2029	359	359	360	0.03	%
NS412, LLC	(6)	First Lien Debt	S + 4.50%	8.27	%	11/6/2026	5,029	5,021	5,029	0.36	%
Perennial Services Group, LLC	(6) (7)	First Lien Debt	S + 4.50%	8.19	%	12/23/2032	15,550	15,473	15,474	1.11	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)(3)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Perennial Services Group, LLC	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.19	%	12/23/2032	11,348	—	(56)	—	%
Verscend Technologies	(6) (11)	First Lien Debt	S + 3.25%	6.62	%	5/1/2031	2,165	2,175	2,086	0.15	%
Total Services: Consumer								78,116	77,556	5.58	%

Sovereign & Public Finance
Renaissance Buyer, LLC (LMI Consulting, LLC)	(15)	First Lien Debt	S + 5.25%	8.94	%	7/18/2028	8,881	8,843	8,881	0.64	%
Total Sovereign & Public Finance								8,843	8,881	0.64	%

Telecommunications
Arise Holdings, Inc.	(6)	First Lien Debt	S + 4.50%	8.24% (PIK)		12/9/2027	4,676	3,957	3,795	0.27	%
Arise Holdings, Inc.	(6) (14)	First Lien Debt	S + 4.50%	8.24% (PIK)		12/9/2027	2,415	153	—	—	%
BCM One, Inc.	(15)	First Lien Debt (Delayed Draw)	S + 4.50%	8.43	%	11/17/2027	655	655	655	0.05	%
BCM One, Inc.	(15)	First Lien Debt	S + 4.50%	8.43	%	11/17/2027	2,067	2,067	2,067	0.15	%
Greeneden U.S. Holdings II, LLC (Genesys Telecom Holdings U.S., Inc.)	(6) (11)	First Lien Debt	S + 2.50%	6.22	%	1/30/2032	1,720	1,717	1,719	0.12	%
Iridium Satellite LLC	(6) (11) (12)	First Lien Debt	S + 2.25%	5.97	%	9/20/2030	799	800	781	0.06	%
Mobile Communications America, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.69	%	10/16/2029	4,488	568	546	0.04	%
Mobile Communications America, Inc.	(6) (15)	First Lien Debt	S + 4.75%	8.69	%	10/16/2029	11,578	11,595	11,522	0.83	%
Mobile Communications America, Inc.	(6)	First Lien Debt (Delayed Draw)	S + 4.75%	8.69	%	10/16/2029	3,813	3,830	3,794	0.27	%
Sapphire Telecom, Inc.	(6) (15)	First Lien Debt	S + 5.00%	8.67	%	6/27/2029	16,658	16,556	16,675	1.20	%
Total Telecommunications								41,898	41,554	2.99	%

Transportation: Cargo
Armstrong Midco, LLC (Armstrong Transport Group)	(6)	Subordinated Debt	N/A	17.00% (PIK)		6/30/2027	1,311	1,300	1,299	0.09	%
Armstrong Transport Group, LLC	(6)	Subordinated Debt	N/A	7.00% (Cash) 7.00% (PIK)		6/30/2027	6,270	6,209	6,206	0.45	%
FSK Pallet Holding Corp. (Kamps Pallets)	(6)	First Lien Debt	S + 6.25%	10.24	%	12/23/2026	5,461	5,434	5,383	0.39	%
Kenco PPC Buyer LLC	(6) (15)	First Lien Debt	S + 4.50%	8.54	%	11/15/2029	20,953	20,864	20,859	1.50	%
Kenco PPC Buyer LLC	(6)	First Lien Debt (Delayed Draw)	S + 4.50%	8.54	%	11/15/2029	3,497	3,483	3,482	0.25	%
Kenco PPC Buyer LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.54	%	11/15/2029	4,920	(35)	(22)	—	%
Total Transportation: Cargo								37,255	37,207	2.68	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)(3)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Transportation: Consumer
Air Canada	(6) (11) (12)	First Lien Debt	S + 2.00%	5.72	%	3/21/2031	3,994	4,006	4,025	0.29	%
EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC)	(6) (15)	First Lien Debt	S + 4.50%	8.23	%	2/14/2031	12,660	12,620	12,599	0.91	%
EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC)	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.23	%	2/14/2031	2,051	(7)	(10)	—	%
United AirLines, Inc.	(6) (11) (12)	First Lien Debt	S + 2.00%	5.73	%	2/22/2031	3,686	3,696	3,707	0.27	%
WestJet Airlines	(6) (11) (12)	First Lien Debt	S + 3.75%	6.92	%	2/14/2031	1,720	1,726	1,730	0.12	%
Total Transportation: Consumer								22,041	22,051	1.59	%

Utilities: Electric
AWP Group Holdings, Inc.	(6) (15)	First Lien Debt	S + 4.50%	8.22	%	12/23/2030	16,080	15,959	15,945	1.15	%
AWP Group Holdings, Inc.	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.22	%	12/23/2030	3,066	1,076	1,063	0.08	%
AWP Group Holdings, Inc.	(6)	First Lien Debt (Delayed Draw)	S + 4.50%	8.22	%	12/23/2030	629	625	623	0.04	%
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc)	(6) (7)	First Lien Debt	S + 4.75%	8.47	%	8/27/2031	13,807	13,690	13,840	1.00	%
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc)	(6) (7) (10)	Revolving Loan	S + 4.75%	8.47	%	8/27/2031	2,567	(21)	6	—	%
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc)	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.47	%	8/27/2031	3,487	(14)	8	—	%
Force Electrical Buyerco, LLC	(6) (15)	First Lien Debt	S + 4.50%	8.37	%	10/21/2032	6,756	6,722	6,727	0.48	%
Force Electrical Buyerco, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.37	%	10/21/2032	11,516	123	73	0.01	%
Industrial Air Flow Dynamics, Inc.	(6) (7) (15)	First Lien Debt	S + 5.00%	8.67	%	8/14/2030	15,794	15,716	15,719	1.13	%
Industrial Air Flow Dynamics, Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	8/14/2030	4,167	—	(20)	—	%
KENE Acquisition, Inc. (aka Entrust)	(6)	First Lien Debt	S + 4.75%	8.42	%	2/7/2031	2,019	2,019	2,009	0.14	%
KENE Acquisition, Inc. (aka Entrust)	(6)	First Lien Debt	S + 4.75%	8.42	%	2/7/2031	599	597	596	0.04	%
KENE Acquisition, Inc. (aka Entrust)	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	2/7/2031	1,430	—	(7)	—	%
KENE Acquisition, Inc. (aka Entrust)	(6)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	2/7/2031	777	769	773	0.06	%
KENE Acquisition, Inc. (aka Entrust)	(6) (10)	Revolving Loan	S + 4.75%	8.42	%	2/7/2031	239	42	41	—	%
Low Voltage Holdings Inc.	(6) (7) (15)	First Lien Debt	S + 4.75%	8.42	%	4/28/2032	2,282	2,274	2,273	0.16	%
Low Voltage Holdings Inc.	(6) (7) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	4/28/2032	457	—	(2)	—	%
Low Voltage Holdings Inc.	(6) (7) (10)	Revolving Loan	S + 4.75%	8.42	%	4/28/2032	311	(1)	(1)	—	%
Pinnacle Supply Partners, LLC	(6) (10) (15)	First Lien Debt (Delayed Draw)	S + 6.25%	10.12	%	4/3/2030	1,571	(4)	(74)	(0.01)	%
Pinnacle Supply Partners, LLC	(15)	First Lien Debt	S + 6.25%	10.12	%	4/3/2030	5,855	5,805	5,579	0.40	%
Pinnacle Supply Partners, LLC	(6) (15)	First Lien Debt (Delayed Draw)	S + 6.25%	10.12	%	4/3/2030	1,894	1,886	1,805	0.13	%
RMS Energy Borrower LLC	(6) (15)	First Lien Debt	S + 4.50%	8.22	%	9/30/2032	16,452	16,369	16,364	1.18	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)(3)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount / Unit	Cost		Fair Value		% of Net Assets (5)
RMS Energy Borrower LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.50%	8.22	%	9/30/2032	2,999	(7)		(16)		—	%
Vistra Operations Co	(6) (11) (12)	First Lien Debt	S + 2.00%	5.72	%	4/30/2031	3,582	3,594		3,553		0.26	%
Total Utilities: Electric								87,219		86,877		6.25	%

Utilities: Water
Culligan (AKA Osmosis Debt Merger Sub Inc)	(6) (11) (12)	First Lien Debt	S + 3.00%	6.85	%	7/31/2028	2,962	2,974		2,972		0.21	%
USA Water Intermediate Holdings, LLC	(6) (15)	First Lien Debt	S + 4.75%	8.57	%	2/21/2031	8,939	8,888		8,939		0.64	%
USA Water Intermediate Holdings, LLC	(6) (10)	First Lien Debt (Delayed Draw)	S + 4.75%	8.57	%	2/21/2031	3,485	2,338		2,338		0.17	%
Total Utilities: Water								14,200		14,249		1.02	%

Wholesale
INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions)	(15)	First Lien Debt	S + 5.50%	9.47	%	1/19/2029	7,754	7,676		7,640		0.55	%
INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions)	(15)	First Lien Debt (Delayed Draw)	S + 5.50%	9.47	%	1/19/2029	1,124	1,114		1,107		0.08	%
ISG Enterprises, LLC (Industrial Service Group)	(15)	First Lien Debt	S + 5.75%	9.59	%	12/7/2028	2,404	2,378		2,346		0.17	%
ISG Enterprises, LLC (Industrial Service Group)	(6) (15)	First Lien Debt (Delayed Draw)	S + 5.75%	9.59	%	12/7/2028	11,885	11,803		11,599		0.84	%
ISG Enterprises, LLC (Industrial Service Group)	(6)	First Lien Debt (Delayed Draw)	S + 5.75%	9.59	%	12/7/2028	5,156	5,133		5,032		0.36	%
New Era Technology, LLC	(6) (7)	First Lien Debt (Delayed Draw)	S + 6.25%	10.07% (PIK)		6/30/2030	5,320	5,320		5,320		0.38	%
Solaray, LLC	(6) (7)	First Lien Debt	S + 6.75%	10.69	%	12/15/2025	6,402	6,402		5,711		0.41	%
Total Wholesale								39,826		38,755		2.79	%

Total Debt Investments								$	2,121,936	$	2,112,195	152.18	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Share/Unit	Cost		Fair Value		% of Net Assets (5)
Equity Investments
Aerospace & Defense
BPC Kodiak LLC (Turbine Engine Specialists)	(6) (8) (9) (12)	Class A-1 Units	9/1/2023	1,180,000	$	1,180	$	1,496	0.11	%
CMP Terrapin Partners I LP (Clarity Innovations, Inc.)	(6) (8) (10) (13)	Partnership Interests	12/8/2023	76,054	76		87		0.01	%
CMP Terrapin Partners II LP (Clarity Innovations, Inc.)	(6) (8) (10) (13)	Partnership Interests	6/21/2024	383,427	383		438		0.03	%
Total Aerospace & Defense					1,639		2,021		0.15	%

Automotive
Cool Acquisition Holdings, LP (Universal Air Conditioner, L.L.C.)	(6) (8)	Holdings Subscription	10/31/2024	550,000	550		419		0.03	%
Total Automotive					550		419		0.03	%

Banking, Finance, Insurance, Real Estate
INS Co-Invest LP (Inszone)	(8) (10) (13)	Partnership Interests	11/29/2023	77,340	77		128		0.01	%
R Arax Co-Invest UB, LP (Arax Investment Partners)	(8) (10) (12) (13)	Limited Partnership Interest	2/28/2024	949,293	950		1,959		0.14	%
R Chapel Avenue Holdings Co-Invest UB, LP	(8) (10) (13)	Partnership Interests	12/24/2024	651,339	653		1,058		0.08	%
Starlight Co-Invest LP (Sedgwick Claims Management Services)	(6) (8) (13)	Partnership Interests	10/22/2024	1,000,000	1,003		1,116		0.08	%
Total Banking, Finance, Insurance, Real Estate					2,683		4,261		0.31	%

Beverage, Food & Tobacco
Marlin Coinvest LP (Fortune International LLC)	(8) (13)	Limited Partnership Interests	5/8/2023	200,000	200		276		0.02	%
MidOcean Partners QT Co-Invest, L.P. (QualiTech)	(6) (8) (13)	Class A Units	8/20/2024	972	976		821		0.06	%
Spice World	(6) (8)	Common Equity	3/31/2022	1,000	126		163		0.01	%
Sugar PPC FT Investor LLC (Sugar Foods)	(8) (13)	Parent Units	9/29/2023	2,000	200		284		0.02	%
VCP Tech24 Co-Invest Aggregator LP (Tech24)	(6) (8) (13)	Company Unit	10/5/2023	200	200		169		0.01	%
WPP Fairway Aggregator B, L.P (Fresh Edge)	(6) (8)	Class B Common Units	10/3/2022	464	1		—		—	%
WPP Fairway Aggregator B, L.P (Fresh Edge)	(6) (8)	Class A Preferred Units	10/3/2022	464	464		177		0.01	%
Total Beverage, Food & Tobacco					2,167		1,890		0.13	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Share/Unit	Cost	Fair Value	% of Net Assets (5)
Capital Equipment
ATL GSE Holdings, LP	(6) (8)	Class A Common Units	12/16/2025	377	377	377	0.03	%
EFC Holdings, LLC (EFC International)	(8)	Class A Common Units	3/1/2023	114	46	17	—	%
EFC Holdings, LLC (EFC International)	(8)	Class A Preferred Units	3/1/2023	114	114	143	0.01	%
E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.)	(6) (8)	Partner Interests	5/22/2024	1,000,000	1,010	887	0.06	%
Total Capital Equipment					1,547	1,424	0.10	%

Chemicals, Plastics & Rubber
Meyer Lab Aggregator LP	(8) (13)	Units	2/27/2024	849,000	854	839	0.06	%
New Spartech Holdings LLC	(6) (8)	Common Units	6/6/2025	84,000	425	—	—	%
Total Chemicals, Plastics & Rubber					1,279	839	0.06	%

Construction & Building
GreyLion TGNL Holdings	(8) (10) (13)	Limited Partnership Interests	5/2/2025	846,770	865	854	0.06	%
Oceansound Partners Co-Invest II, LP (Gannett Fleming)	(6) (8)	Series F interests	5/26/2023	254,428	260	365	0.03	%
OSP Gannett Aggregator, LP (Gannett Fleming)	(6) (8) (9) (12)	Class A Interests	12/20/2022	178,922	179	257	0.02	%
RPI Investments LP (Rose Paving)	(6) (8)	Class A Unit	11/27/2024	690	100	68	—	%
Trench Plate Rental Co. (Trench Safety Solutions Holdings, LLC)	(6) (8)	Common Equity	3/31/2022	1,000	127	58	—	%
Trench Safety Solutions Holdings, LLC	(6) (8)	Preferred units	4/3/2025	121	13	23	—	%
Total Construction & Building					1,544	1,625	0.11	%

Consumer Goods: Durable
LH Equity Investors, L.P.	(6) (8) (10) (13)	Limited Partnership Interests	9/3/2025	1,500	1,444	2,029	0.15	%
Total Consumer Goods: Durable					1,444	2,029	0.15	%

Consumer Goods: Non-Durable
FBG Holdings LLC	(6) (8)	Common Units	8/8/2025	90	704	703	0.05	%
Hermod Co-Invest, LP	(6) (8) (10) (13)	Common Units	10/15/2024	511,792	512	729	0.05	%
RVGD Aggregator LP (Revision Skincare)	(6) (8)	Common Equity	3/31/2022	100	98	70	0.01	%
Showtime Co-Investors LLC (WCI Holdings, LLC)	(8) (13)	Class A1 Units	2/6/2023	534,934	535	802	0.06	%
Ultima Health Holdings, LLC	(6) (8)	Preferred units	9/12/2022	11	130	291	0.02	%
Total Consumer Goods: Non-Durable					1,979	2,595	0.19	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Share/Unit	Cost	Fair Value	% of Net Assets (5)
Containers, Packaging & Glass
Oliver Investors, LP (Oliver Packaging)	(6) (8)	Class A Units	4/22/2025	186	9	10	—	%
Oliver Investors, LP (Oliver Packaging)	(6) (8)	Class A Common Units	7/6/2022	7,816	742	154	0.01	%
PG Aggregator, LLC (Pacur)	(8)	LLC Units	3/31/2022	100	109	121	0.01	%
Total Containers, Packaging & Glass					860	285	0.02	%

Healthcare & Pharmaceuticals
NYBG Holdings, LLC	(6) (8)	Class A Common Units	10/31/2025	26,886	657	765	0.06	%
HMA Equity, LP (Health Management Associates)	(6) (8)	AA Equity Co-Invest	3/30/2023	324,934	356	330	0.02	%
KLC Fund 1222-CI LP (Spectrum Science)	(6) (8) (13)	Partnership Interests	1/5/2024	261,350	280	143	0.01	%
NP/BF Holdings, L.P.	(6) (8)	AA Equity Co-Invest	4/30/2025	1,000	1,000	1,000	0.07	%
RCP Nats Co-Investment Fund LP	(6) (8) (13)	LP Interests	3/17/2025	1,000,000	1,003	1,304	0.09	%
VSC Specialty Molding Holdings LLC	(8)	LP Interests	10/6/2025	2,312	231	231	0.02	%
WE Select Fund 3, L.P.	(6) (8) (13)	Limited Partnership Interests	9/10/2025	855,000	876	1,054	0.08	%
Total Healthcare & Pharmaceuticals					4,403	4,827	0.35	%

High Tech Industries
GNX HBS Holdings, LLC	(6) (8)	Limited Partnership Interests	10/1/2025	172	172	172	0.01	%
GrowthCurve Capital Nexus Co-Invest LP (Netchex)	(6) (8) (13)	Limited Partnership Interests	3/28/2024	538,708	574	680	0.05	%
Three Rivers Co-Investment, L.P.	(6) (8) (13)	Limited Partnership Interests	11/7/2025	900,000	901	900	0.06	%
Total High Tech Industries					1,647	1,752	0.12	%

Media: Diversified & Production
BroadcastMed Holdco, LLC	(6) (8)	Series A-3 Preferred Units	10/4/2022	43,679	655	194	0.01	%
Total Media: Diversified & Production					655	194	0.01	%

Services: Business
BayPine Monarch Co-Invest, LP	(6) (8) (13)	Limited Partnership Interests	6/3/2025	1,000,000	1,018	994	0.07	%
Coalesce Diamond Coinvest, L.P.	(8) (10) (13)	Limited Partner Interests	5/19/2025	800,000	805	802	0.06	%
COP Village Green Investment, LLC (Village Green Holding)	(6) (8)	Class A Units	9/26/2024	954,000	954	1,266	0.09	%
CV Holdco, LLC (Class Valuation)	(6) (8)	Class A Common Units	3/31/2022	1,208	123	101	0.01	%
FCP-Cranium Holdings, LLC (Brainlabs)	(6) (8) (12)	Class A Common Shares	9/11/2023	3,753,613	—	—	—	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Share/Unit	Cost	Fair Value	% of Net Assets (5)
FCP-Cranium Holdings, LLC (Brainlabs)	(6) (8) (12)	Series A Preferred Shares	9/11/2023	10,256,410	389	515	0.04	%
FCP-Cranium Holdings, LLC (Brainlabs)	(6) (8) (12)	Series B Preferred Shares	9/11/2023	3,753,613	600	555	0.04	%
Geds Equity Investors, LP (Esquire Deposition Services)	(6) (8)	Class A Limited Partnership Units	7/1/2024	2,424	320	271	0.02	%
KKEMP Blocked Co-Invest, LP	(6) (8)	Limited Partnership Interests	7/15/2025	1,000	1,029	1,107	0.08	%
Kofile, Inc.	(6) (8)	Common Equity	3/31/2022	100	108	109	0.01	%
KRIV Co-Invest Holdings, L.P. (Riveron)	(6) (8) (13)	Class A Units	7/17/2023	200	200	279	0.02	%
Kwol Co-Invest LP (Worldwide Clinical Trials)	(6) (8)	Class A Interests	12/12/2023	7	74	130	0.01	%
M&S Group Holdings,LLC	(6) (8)	Common Equity	12/23/2025	3,668	367	367	0.03	%
NMS VONA Case Management Acquisition, LP	(8) (13)	Class A Common Units	11/25/2025	3,724	2,000	2,000	0.14	%
NMSEF II Holdings I, L.P.	(6) (8) (13)	Limited Partnership Interests	9/29/2025	855,000	858	854	0.06	%
PN Topco L.P.	(6) (8)	Class A Units	7/31/2025	344,319	344	358	0.03	%
Safety First Topco, L.P. (Smith System)	(6) (8)	Common Units	12/13/2023	90,077	95	95	0.01	%
Schill Blocker Agg, LLC	(6) (8) (13)	Limited Partnership Interests	12/12/2025	3,000,000	3,000	3,000	0.22	%
SkyKnight Financial Holdings LP	(6) (8) (10) (13)	Partnership Interests	12/24/2024	409,911	410	471	0.03	%
STech Investors, LP	(6) (8)	Class A Units	11/3/2025	1,162	116	116	0.01	%
TL Voltron TopCo, L.P.	(8)	Class A-2 Units	12/27/2024	500,000	500	592	0.04	%
Total Services: Business					13,310	13,982	1.01	%

Services: Consumer
ACS Celsius Aggregator LP (AirX Climate Solutions Company)	(6) (8) (10)	Partnership Interests	11/7/2023	77	77	106	0.01	%
CHS Investors, LLC	(8)	Class A Units	5/27/2025	1,018	146	131	0.01	%
Entomo Brands Acquisitions, Inc. (Palmetto Exterminators)	(6) (8)	Class A Units	7/31/2023	770,000	862	899	0.06	%
FS NU Investors, LP (NearU)	(6) (7) (8)	Class A Units	8/11/2022	1,419	142	80	0.01	%
Legacy Parent Holdings, LLC (Legacy Service Partners)	(6) (8)	Class B-2 Units	1/9/2023	48	6	6	—	%
Legacy Parent Holdings, LLC (Legacy Service Partners)	(6) (8)	Class B Units	1/9/2023	1,963	196	262	0.02	%
Total Services: Consumer					1,429	1,484	0.11	%

Sovereign & Public Finance
CMP Ren Partners I-A LP (LMI Consulting, LLC)	(6) (8) (10)	Limited Partnership Interests	6/30/2022	106,984	107	271	0.02	%
Total Sovereign & Public Finance					107	271	0.02	%

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)


Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Share/Unit	Cost		Fair Value		% of Net Assets (5)
Telecommunications
Arise Holdings, Inc.	(6) (8)	Class A-1 Units	9/5/2025	1,029,330	—		—		—	%
Total Telecommunications					—		—		—	%

Utilities: Electric
Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC)	(6) (8)	Common Units	4/3/2023	111,875	112		42		—	%
Total Utilities: Electric					112		42		—	%

Utilities: Water
USAW Parent LLC (USA Water)	(8)	Common Units	2/21/2024	4,226	423		631		0.05	%
Total Utilities: Water					423		631		0.05	%

Wholesale
Lettermen's Parent Holding, LLC	(6) (8)	Common Units	11/20/2025	7,000	700		700		0.05	%
Lettermen's Parent Holding, LLC	(6) (8)	Common Units	12/5/2025	851	85		85		0.01	%
New Era Technology, LLC	(6) (7) (8)	Preferred Equity	8/21/2025	4,915	4,112		2,295		0.17	%
New Era Technology, LLC	(6) (7) (8)	Common Equity	8/21/2025	4,915	—		—		—	%
Total Wholesale					4,897		3,080		0.22	%

Total Equity Investments					$	42,675	$	43,651	3.14	%

Total Investments					2,164,611		2,155,846		155.32	%


Cash Equivalents	Interest Rate	Par Amount/Unit	Cost		Fair Value		% of Net Assets (5)

BlackRock Liquidity Funds T-Fund Institutional Class	3.64%	45,985,187	$	45,985	$	45,985	3.31	%
First American Government Obligations Fund - Class Z	3.64%	575,225	575		575		0.04	%
Total Cash Equivalents			$	46,560	$	46,560	3.35	%

Total Investments and Cash Equivalents			$	2,211,171	$	2,202,406	158.67	%

____________________

(2)Refer to Note 3 “Investments” for the geographic composition of investments at cost and fair value.

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, except share amounts)

(3)The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”), which generally resets periodically. For each such investment, the Fund has provided the spread over SOFR and the current contractual interest rate in effect at December 31, 2025. As of December 31, 2025, effective rates for 1M S, 3M S, 6M S and 12M S are 3.69%, 3.65%, 3.57% and 3.42%, respectively. Certain investments are subject to a SOFR floor or may utilize an alternative reference rate such as U.S. Prime Rate (“P”). For fixed rate loans, a spread above a reference rate is not applicable.

(5)Percentage is based on net assets of $1,388,129 as of December 31, 2025.

(6)Denotes that all or a portion of the assets are owned by the Fund, SPV II, SPV III, and/or BSL SPV I (as defined in Note 1 “Organization”), which serve as collateral for the Bank of America Credit Facility, the Scotiabank Credit Facility, and/or the SMBC Revolving Credit Facility (each as defined in the Notes), as applicable. Accordingly, such assets are not available to creditors of the Fund. See Note 6 “Secured Borrowings” for more information.

(7)Investment is a unitranche position.

(8)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be a “restricted security” under the Securities Act. As of December 31, 2025, the Fund held eighty-two restricted securities with an aggregate fair value of $43,651, or 3.14% of the Fund’s net assets.

(9)Represents an investment held through an aggregator vehicle organized as a pooled investment vehicle.

(12)The investment is considered as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Fund cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Fund's total assets. As of December 31, 2025, total non-qualifying assets at fair value represented 7.95% of the Fund's total assets calculated in accordance with the 1940 Act.

(13)Investments measured at net asset value (“NAV”). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” for more information.

(14)Loan was on non-accrual status as of December 31, 2025.

The accompanying notes are an integral part of these consolidated financial statements.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

1. ORGANIZATION

Nuveen Churchill Private Capital Income Fund (the “Fund”, which refers to either Nuveen Churchill Private Capital Income Fund or Nuveen Churchill Private Capital Income Fund together with its consolidated subsidiaries, as the context may require) is a Delaware statutory trust formed on February 8, 2022. The Fund is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Fund’s investment objective is to generate attractive risk-adjusted returns primarily through current income and, secondarily, long-term capital appreciation, by investing in a diversified portfolio of private debt and equity investments in U.S. middle market companies owned by leading private equity firms, which the Fund defines as companies with approximately $10 million to $250 million of annual earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Fund primarily focuses on investing in U.S. middle market companies with $10 to $100 million in EBITDA, which the Fund considers the core middle market. The Fund primarily invests in first-lien senior secured debt (“Senior Loan Investments”), as well as junior debt investments, such as second-lien loans, unsecured debt, and subordinated debt (including fixed- and floating-rate instruments and instruments with payment-in-kind income) (“Junior Capital Investments”). Senior Loan Investments and Junior Capital Investments may be originated alongside smaller related common equity positions in the same portfolio companies. The Fund’s portfolio also includes larger, stand-alone direct equity co-investments in private-equity backed companies that may be originated alongside or separately from Senior Loan Investments and/or Junior Capital Investments to the applicable portfolio company (“Equity Co-Investments”). The Fund targets an investment portfolio consisting, directly or indirectly, of 75% to 90% in Senior Loan Investments, 5% to 25% in Junior Capital Investments and up to 10% in Equity Co-Investments. To support the Fund’s share repurchase program (as discussed further in Note 8), the Fund will generally invest 5% to 10% of its assets in cash and cash equivalents, liquid fixed-income securities (including broadly syndicated loans) and other liquid credit instruments (“Liquid Investments”).

Churchill PCIF Advisor LLC (the “Adviser”), a wholly owned subsidiary of Churchill Asset Management LLC (“Churchill”), serves as the Fund’s investment adviser. The Adviser is responsible for the overall management of the Fund’s activities and has delegated substantially all of its daily portfolio management obligations to Churchill pursuant to a sub-advisory agreement. The Adviser and Churchill also have engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” and together with the Adviser and Churchill, the “Advisers”), acting through its leveraged finance division, to manage certain of the Liquid Investments, subject to the pace and amount of investment activity in the middle market investment program, pursuant to a sub-advisory agreement. Pursuant to an administration agreement, the Fund is provided with certain administrative services by Churchill BDC Administration LLC (the “Administrator”). The Advisers and the Administrator are all affiliates and subsidiaries of Nuveen, LLC (“Nuveen”), a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). See Note 5, Related Party Transactions.

Churchill NCPCIF CLO-I LLC (“CLO-I”), Churchill NCPCIF CLO-II LLC (“CLO-II”), NCPIF Equity Holdings LLC (“Equity Holdings”), NCPCIF SPV II, LLC (“SPV II”), NCPCIF SPV III, LLC (“SPV III”), NCPCIF BSL SPV I, LLC (“BSL SPV I”), and NCPCIF SPV V, LLC (“SPV V”) are wholly owned subsidiaries of the Fund and are consolidated in these consolidated financial statements commencing from the date of their respective formation, in accordance with the Fund’s consolidation policy discussed in Note 2, Significant Accounting Policies. CLO-I and CLO-II have completed term debt securitizations. SPV II, SPV III, BSL SPV I, and SPV V primarily invest in first-lien senior secured debt and unitranche loans. Equity Holdings was formed to hold certain equity-related securities

On December 11, 2024, the Fund acquired substantially all of the assets of Nuveen Churchill Private Credit Fund (“NCPCF”), including 100% of the limited liability company interests of NCPCF’s wholly owned subsidiary, pursuant to the purchase and sale agreement by and between the Fund and NCPCF (the “NCPCF Acquisition”).

On May 1, 2026, the Fund acquired substantially all of the assets of Nuveen Churchill BDC V (“BDC V”), including 100% of the limited liability company interests of BDC V’s wholly owned subsidiary, Nuveen Churchill BDC V SPV I LLC (“BDC V SPV I”), pursuant to the purchase and sale agreement, dated April 1, 2026, by and between the Fund and BDC V (the “BDC V Acquisition”). BDC V SPV I became a wholly owned subsidiary of the Fund and is consolidated in these consolidated financial statements commencing from May 1, 2026, the closing date of the BDC V Acquisition. See Note 9 for further details.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

The Fund is currently offering on a continuous basis up to $3.0 billion of any combination of three classes of common shares of beneficial interest (“Common Shares”), Class S shares, Class D shares and Class I shares. On May 17, 2022, the Securities and Exchange Commission (the “SEC”) granted an exemptive order permitting the Fund to offer multiple classes of Common Shares and to impose varying sales loads, asset-based service and/or distribution fees and early withdrawal fees. The share classes have different ongoing shareholder servicing and/or distribution fees. None of the share classes being offered have early withdrawal fees. The purchase price per share for each class of Common Shares equals the Fund’s net asset value (“NAV”) per share as of the effective date of the monthly share purchase date. Nuveen Securities, LLC (the “Intermediary Manager”) uses its best efforts to sell Common Shares, but is not obligated to purchase or sell any specific amount of Common Shares in the offering. As of June 1, 2023 (the “Escrow Break Date”), the Fund had satisfied the minimum offering requirement and the Fund’s Board of Trustees (the “Board”) authorized the release of proceeds from escrow.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The Fund is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”). The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements for the periods presented, have been included. Certain prior period amounts have been reclassified to conform to the current period presentation. U.S. GAAP for an investment company requires investments to be recorded at fair value. The carrying value for all other assets and liabilities approximates their fair value unless otherwise disclosed herein.

Consolidation

As provided under ASC 946, the Fund generally will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Fund. Accordingly, the consolidated financial statements include the accounts of the Fund and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Fund to make estimates based on assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Cash, Cash Equivalents, and Restricted Cash

Cash and restricted cash represent cash deposits held at financial institutions, which at times may exceed U.S. federally insured limits. Cash equivalents include short-term highly liquid investments, such as money market funds, that are readily convertible to cash and have original maturities of three months or less. Cash, cash equivalents, and restricted cash are carried at cost, which approximates fair value. As of June 30, 2026 and December 31, 2025, the Fund did not hold any restricted cash. As of June 30, 2026 and December 31, 2025, the Fund held $58,122 and $46,560 of cash equivalents, respectively.

Valuation of Portfolio Investments

Investments are valued in accordance with the fair value principles established by FASB ASC Topic 820, Fair Value Measurement (“ASC Topic 820”), and in accordance with the 1940 Act. ASC Topic 820’s definition of fair value focuses on the amount that would be received to sell the asset or paid to transfer the liability in the principal or most advantageous market and prioritizes the use of market-based inputs (observable) over entity-specific inputs (unobservable) within a measurement of fair value.

ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings, and provides for enhanced disclosures determined by the level within the hierarchy of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below:

•Level 1 — Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.

•Level 2 — Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3 — Valuations are based on inputs that are unobservable and significant to the overall fair value measurement.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

Active, publicly traded instruments are classified as Level 1 and their values are generally based on quoted market prices, even if both the market’s normal daily trading volume is not sufficient to absorb the quantity held and placing orders to sell the position in a single transaction might affect the quoted price.

Fair value is generally determined as the price that would be received for an investment in a current sale, which assumes an orderly market is available for the market participants at the measurement date. If available, fair value of investments is based on directly observable market prices or on market data derived from comparable assets and are classified as Level 2. The Fund’s valuation policy considers the fact that no ready market may exist for many of the securities in which it invests and that fair value for its investments must be determined using unobservable inputs.

The Fund applies the practical expedient provided by ASC Topic 820 relating to investments in certain portfolio companies that calculate net asset value per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain portfolio companies that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share or its equivalent as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Fund's valuation designee (the “Valuation Designee”) to determine the fair value of the Fund's investments that do not have readily available market quotations. Pursuant to the Fund's valuation policy approved by the Board, a valuation committee comprised of employees of the Adviser (the “Valuation Committee”) is responsible for determining the fair value of the Fund's assets for which market quotations are not readily available, subject to the oversight of the Board.

With respect to investments for which market quotations are not readily available (Level 3), the Valuation Designee, subject to the oversight of the Board as described below, undertakes a multi-step valuation process each quarter, as follows:

i.the quarterly valuation process begins with each portfolio company or investment being initially valued by either the professionals of the applicable investment team that are responsible for the portfolio investment or an independent third-party valuation firm;

ii.to the extent that an independent third-party valuation firm has not been engaged by, or on behalf of, the Board to value 100% of the portfolio, then at a minimum, an independent third-party valuation firm will be engaged by, or on behalf of, the Fund to provide positive assurance of the portfolio each quarter (such that each investment is reviewed by a third-party valuation firm at least once on a rolling 12-month basis and each watch-list investment will be reviewed each quarter), including a review of management’s preliminary valuation and recommendation of fair value;

iii.the Valuation Committee then reviews and discusses the valuations with any input, where appropriate, from the independent third-party valuation firm(s), and determines the fair value of each investment in good faith based on the Fund’s valuation policy, subject to the oversight of the Board; and

iv.the Valuation Designee provides the Board with the information relating to the fair value determination pursuant to the Fund's valuation policy in connection with each quarterly Board meeting, complies with the periodic Board reporting requirements set forth in the Fund’s valuation policy, and discusses with the Board its determination of the fair value of each investment in good faith.

The Valuation Designee makes this fair value determination on a quarterly basis and in such other instances when a decision regarding the fair value of the portfolio investments is required. Factors considered by the Valuation Designee as part of the valuation of investments include each portfolio company’s credit ratings/risk, current and projected earnings, current and expected leverage, ability to make interest and principal payments, liquidity, compliance with applicable loan covenants, and price to earnings (or other financial) ratios and those of comparable companies, as well as the estimated remaining life of the investment and current market yields and interest rate spreads of similar securities as of the measurement date. Other factors taken into account include changes in the interest rate environment and credit markets that may affect the price at which similar investments would trade. The Valuation Designee also may base its valuation of an investment on recent transactions of investments and securities with similar structure and risk characteristics. The Valuation Designee obtains market data from its ongoing investment purchase efforts, in addition to monitoring transactions that have closed or are disclosed in industry publications. External information may include (but is not limited to) observable market data derived from the U.S. loan and equity markets. As part of compiling market data as an indication of current market conditions, the Valuation Designee may utilize third-party sources.

When determining NAV as of the last day of a month that is not also the last day of a calendar quarter, the Valuation Designee updates the value of securities with “readily available market quotations” (as defined in Rule 2a-5 under the 1940 Act) to the most recent market quotation. For securities without readily available market quotations, the Valuation Designee generally values such assets at the most recent quarterly valuation unless the Valuation Designee determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, a material change in market spreads, a secondary market transaction in the securities of an investment or otherwise). If the Valuation Designee determines such a change has occurred with respect to one or more investments, the Valuation Designee will determine whether to update the value for each relevant investment.

The Board is responsible for overseeing the Valuation Designee’s process for determining the fair value of the Fund’s assets for which market quotations are not readily available, taking into account the Fund’s valuation risks. To facilitate the Board’s oversight of the valuation process, the Valuation Designee provides the Board with quarterly reports, annual reports, and prompt reporting of material matters affecting the Valuation Designee’s determination of fair value. As part of the Board’s oversight role, the Board may request and review additional information to be informed of the Valuation Designee’s process for determining the fair value of the Fund's investments.

The values assigned to investments are based on available information and may fluctuate from period to period. In addition, such values do not necessarily represent the amount that ultimately might be realized upon a portfolio investment's sale. Due to the inherent uncertainty of valuation, the estimated fair value of an investment may differ from the value that would have been used had a ready market for the security existed, and the difference could be material.

Investment Transactions and Revenue Recognition

Investment transactions are recorded on the applicable trade date. Any amounts related to purchases, sales and principal paydowns that have traded, but not settled, are reflected as either a receivable for investments sold or payable for investments purchased on the consolidated statements of assets and liabilities. Realized gains or losses are measured by the difference between the net proceeds received from repayments and sales and the cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized and are included as net realized gain (loss) on investments in the consolidated statements of operations. Net change in unrealized appreciation (depreciation) on investments is recognized in the consolidated statements of operations and reflects the period-to-period change in fair value and cost of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Interest income, including amortization of premium and accretion of discount on loans, and expenses are recorded on the accrual basis. The Fund accrues interest income if it expects that ultimately it will be able to collect such income.

The Fund may have loans in its portfolio that contain payment-in-kind (“PIK”) income provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. This non-cash source of income is included when determining what must be paid to shareholders in the form of distributions in order for the Fund to maintain its tax treatment as a RIC, even though the Fund has not yet collected cash. For the three and six months ended June 30, 2026, the Fund earned $2,414 and $4,729, respectively, in PIK income provisions, representing 3.66% and 4.05% of total investment income, respectively. For the three and six months ended June 30, 2025, the Fund earned $1,639 and $3,183, respectively, in PIK income provisions, representing 3.62% and 3.62% of total investment income, respectively.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio companies and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. For the three and six months ended June 30, 2026, the Fund earned $3 and $3, respectively, in dividend income. For the three and six months ended June 30, 2025, the Fund earned $9 and $9, respectively, in dividend income.

Distributions from the Fund's equity investments in other investment companies occur at irregular intervals and the exact timing of the distributions cannot be determined. The classification of distributions received, including return of capital, realized gains and dividend income, is based on information received from the portfolio company.

Other income may include income such as consent, waiver, amendment, unused, and prepayment fees associated with the Fund’s investment activities, as well as any fees for managerial assistance services rendered by the Fund to its portfolio companies. Such fees are recognized as income when earned or the services are rendered. For the three and six months ended June 30, 2026, the Fund earned other income of $350 and $570, respectively, primarily related to amendment fees and prepayment fees. For the three and six months ended June 30, 2025, the Fund earned other income of $366 and $542, respectively, primarily related to amendment fees and prepayment fees

Loans are generally placed on non-accrual status when a payment default occurs or if management otherwise believes that the issuer of the loan will not be able to make contractual interest payments or principal payments. The Fund will cease recognizing interest income on that loan until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Fund remains contractually entitled to this interest. The Fund may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written-off when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. As of June 30, 2026, the Fund had investments in three portfolio companies on non-accrual status with an aggregate fair value of $17,208, which represented approximately 0.53% of total investments at fair value. As of December 31, 2025, the Fund had an investment in one portfolio company on non-accrual status with an aggregate fair value of $0, which represented approximately 0% of total investments at fair value.

Deferred Financing Costs and Debt Issuance Costs

Deferred financing costs and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Fund’s borrowings. These costs are deferred and amortized into interest expense over the life of the related debt instruments. The unamortized balance of such costs is included as a direct deduction from the related liability in the accompanying consolidated statements of assets and liabilities. The amortization of such costs is included in interest and debt financing expenses in the accompanying consolidated statements of operations.

Organization and Offering Costs

Organization costs consist of primarily legal, incorporation and accounting fees incurred in connection with the organization of the Fund. Organization costs are expensed as incurred and are shown in the Fund's consolidated statements of operations.

Offering costs consist primarily of fees and expenses incurred in connection with the Fund’s continuous offering of Common Shares, as well as legal, printing and other costs associated with the preparation and filing of the Fund’s registration statements and offering materials. Offering costs are recognized as a deferred charge, amortized on a straight-line basis over 12 months and are shown in the Fund's consolidated statements of operations. For the three and six months ended June 30, 2026, offering costs of $43 and $240, respectively, were incurred, and $200 and $436, respectively, were amortized and recognized as offering costs on the consolidated statements of operations and covered under the Expense Support Agreement. For the three and six months ended June 30, 2025, offering costs of $408 and $419, respectively, were incurred, and $242 and $429, respectively, were amortized and recognized as offering costs on the consolidated statements of operations and covered under the Expense Support Agreement. Refer to Note 5 for further details on the Expense Support Agreement.

Allocation of Income, Expenses, Gains and Losses

Income, expenses (other than those attributable to a specific class), realized and change in unrealized gains and losses are allocated to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses attributable to a specific class are charged against that class.

Income Taxes

For U.S. federal income tax purposes, the Fund has elected, and intends to qualify annually, to be treated as a RIC under the Code; however, no assurance can be given that the Fund will be able to qualify for and maintain RIC tax status. In order to qualify as a RIC, the Fund must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Fund is generally subject to U.S. federal income tax only on the portion of its taxable income and capital gains it does not distribute.

The minimum distribution requirements applicable to RICs generally require the Fund to timely distribute (or be deemed to distribute) to its shareholders at least 90% of its investment company taxable income (“ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Fund may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.

In addition, based on the excise distribution requirements, the Fund is subject to a nondeductible 4% U.S. federal excise tax on undistributed income, unless the Fund distributes (or is deemed to distribute) in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of the amount by which the Fund’s capital gain exceeds its capital loss (adjusted for certain ordinary losses) for the one-year period ended October 31 in that calendar year and (3) any certain undistributed amounts from the previous years on which the Fund paid no U.S. federal income tax. For this purpose, however, any ordinary income or capital gain net income retained by the Fund that is subject to U.S. federal income tax is considered to have been distributed. The Fund intends to timely distribute to its shareholders substantially all of the Fund’s annual taxable income for each year, except that the Fund may retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, the Fund may choose to carry forward ICTI for distribution in the following year and pay any applicable U.S. federal excise tax. For the three and six months ended June 30, 2026 and 2025, the Fund incurred no excise tax.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely than not” to be sustained by the applicable tax authority. CLO-I, CLO-II, SPV II, SPV III, BSL SPV I, SPV V, and BDC V SPV I are disregarded entities for U.S. federal income tax purposes and are consolidated with the tax return of the Fund. Equity Holdings has elected to be classified as a corporation for U.S. federal income tax purposes. All penalties and interest associated with income taxes, if any, are included in income tax expense.

Dividends and Distributions to Common Shareholders

To the extent that the Fund has taxable income, the Fund intends to continue to make monthly distributions to its shareholders. Dividends and distributions to shareholders are recorded on the applicable record date. The amount to be distributed to shareholders is determined by the Board each month and is generally based upon the taxable earnings estimated by management and available cash. Net realized capital gains, if any, will generally be distributed at least annually, although the Fund may decide to retain such capital gains for investment. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including distribution and shareholder servicing fees, if any.

Functional Currency

The functional currency of the Fund is the U.S. Dollar, and all transactions were in U.S. Dollars.

Segment Reporting

The Fund is externally managed by Churchill and operates as a single reportable segment in accordance with ASC Topic 280, Segment Reporting ("ASC 280"). The Fund's sole business activity is deriving investment income from its portfolio of investments. The Fund's accounting policies are described in Note 2, Significant Accounting Policies. The Fund's chief operating decision makers ("CODM") are the investment committee, comprised of senior investment personnel from the Churchill investment teams, and the Chief Executive Officer and Chief Financial Officer. The CODM assess the Fund's performance based on: (i) net investment income, (ii) net realized and unrealized gains (losses) from investments, and (iii) net increase (decrease) in net assets resulting from operations, all of which are reported in the consolidated statements of operations. The CODM also may evaluate performance through industry benchmarking analyses using metrics disclosed in Note 10, Consolidated Financial Highlights. Churchill, subject to Board oversight, manages the Fund's day-to-day operations and provides investment advisory and management services to the Fund. All investment decisions require unanimous approval from the investment committee members. The operating expense categories and information presented in the consolidated statements of operations fully reflect the significant expense categories and amounts regularly provided to the CODM for decision-making purposes.

Recent Accounting Pronouncement

In November 2024, the FASB issued Accounting Standard Update (“ASU”) No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). The amendments in ASU 2024-03 improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This information generally is not presented in the financial statements today. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Fund is currently evaluating the impact of adopting ASU 2024-03.

3. INVESTMENTS

The composition of the Fund’s investment portfolio at cost and fair value was as follows:


	June 30, 2026						December 31, 2025
	Cost		Fair Value		% of Fair Value		Cost		Fair Value		% of Fair Value
First-Lien Debt	$	3,050,951	$	3,016,224	92.64	%	$	2,009,009	$	2,001,896	92.86	%
Subordinated Debt (1)	158,902		155,543		4.78	%	112,927		110,299		5.12	%
Equity Investments	80,939		84,118		2.58	%	42,675		43,651		2.02	%
Total	$	3,290,792	$	3,255,885	100.00	%	$	2,164,611	$	2,155,846	100.00	%

_______________

(1)As of June 30, 2026, Subordinated Debt at fair value was comprised of second lien term loans and/or second lien notes of $69,981 and mezzanine debt of $85,562, and Subordinated Debt at cost was comprised of second lien term loans and/or second lien notes of $72,198 and mezzanine debt of $86,704. As of December 31, 2025, Subordinated Debt at fair value was comprised of second lien term loans and/or second lien notes of $61,168, mezzanine debt of $47,832 and structured debt of $1,299, and Subordinated Debt at cost was comprised of second lien term loans and/or second lien notes of $63,332, mezzanine debt of $48,295, and structured debt of $1,300.

The industry composition of the Fund’s investment portfolio as a percentage of fair value as of June 30, 2026 and December 31, 2025 was as follows:

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)


Industry	June 30, 2026		December 31, 2025
Aerospace & Defense	1.89	%	1.53	%
Automotive	0.79	%	1.37	%
Banking, Finance, Insurance & Real Estate	5.04	%	6.54	%
Beverage, Food & Tobacco	6.86	%	4.82	%
Capital Equipment	7.50	%	7.90	%
Chemicals, Plastics & Rubber	1.52	%	1.53	%
Construction & Building	6.15	%	6.53	%
Consumer Goods: Durable	1.15	%	1.65	%
Consumer Goods: Non-durable	2.24	%	3.02	%
Containers, Packaging & Glass	2.40	%	0.85	%
Energy: Electricity	1.82	%	1.98	%
Energy: Oil & Gas	0.44	%	0.58	%
Environmental Industries	3.58	%	3.92	%
Healthcare & Pharmaceuticals	13.16	%	13.80	%
High Tech Industries	10.26	%	8.13	%
Hotel, Gaming & Leisure	0.31	%	0.32	%
Media: Advertising, Printing & Publishing	0.85	%	0.78	%
Media: Broadcasting & Subscription	0.13	%	0.18	%
Media: Diversified & Production	0.16	%	0.21	%
Metals & Mining	0.07	%	0.07	%
Retail	0.06	%	—	%
Services: Business	18.63	%	18.85	%
Services: Consumer	5.20	%	3.68	%
Sovereign & Public Finance	0.45	%	0.42	%
Telecommunications	2.48	%	1.93	%
Transportation: Cargo	1.30	%	1.73	%
Transportation: Consumer	0.75	%	1.02	%
Utilities: Electric	2.60	%	4.03	%
Utilities: Water	0.68	%	0.69	%
Wholesale	1.53	%	1.94	%
Total	100.00	%	100.00	%

The geographic composition of investments at cost and fair value was as follows:


	June 30, 2026
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	3,150,328	$	3,115,615	95.69	%	211.13	%
Canada	61,805		61,818		1.90	%	4.19	%
Denmark	2,700		2,701		0.08	%	0.18	%
Germany	29,250		29,393		0.90	%	1.99	%
United Kingdom	31,539		31,230		0.96	%	2.12	%
Netherlands	10,248		10,209		0.32	%	0.69	%
Ireland	4,922		4,919		0.15	%	0.33	%
Total	$	3,290,792	$	3,255,885	100.00	%	220.63	%

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)


	December 31, 2025
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	2,063,637	$	2,054,885	95.32	%	148.04	%
Canada	34,930		34,964		1.62	%	2.52	%
Germany	28,528		28,764		1.33	%	2.07	%
United Kingdom	24,300		23,985		1.11	%	1.73	%
Netherlands	8,962		8,981		0.42	%	0.65	%

Ireland	4,254		4,267		0.20	%	0.31	%
Total	$	2,164,611	$	2,155,846	100.00	%	155.32	%

As of June 30, 2026 and December 31, 2025, on a fair value basis, 95.93% and 95.73%, respectively, of the Fund’s debt investments earn interest at a floating rate and 4.07% and 4.27%, respectively, of the Fund’s debt investments earn interest at a fixed rate.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

4. FAIR VALUE MEASUREMENTS

Fair Value Disclosures

The following table presents fair value measurements of investments, by major class, as of June 30, 2026 and December 31, 2025, according to the fair value hierarchy:


As of June 30, 2026	Level 1		Level 2		Level 3		Measured at NAV (2)		Total
Assets:
First-Lien Debt	$	—	$	317,888	$	2,698,336	$	—	$	3,016,224
Subordinated Debt (1)	—		2,527		153,016		—		155,543
Equity Investments	—		—		40,481		43,637		84,118
Cash Equivalents	58,122		—		—		—		58,122
Total Investments and Cash Equivalents	$	58,122	$	320,415	$	2,891,833	$	43,637	$	3,314,007

_______________

(1)Subordinated Debt was further comprised of second lien term loans and/or second lien notes of $69,981 and mezzanine debt of $85,562.

(2)Certain investments are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statements of assets and liabilities.


As of December 31, 2025	Level 1		Level 2		Level 3		Measured at NAV (2)		Total
Assets:
First-Lien Debt	$	—	$	263,046	$	1,738,850	$	—	$	2,001,896
Subordinated Debt (1)	—		2,516		107,783		—		110,299
Equity Investments	—		—		19,581		24,070		43,651
Cash Equivalents	46,560		—		—		—		46,560
Total Investments and Cash Equivalents	$	46,560	$	265,562	$	1,866,214	$	24,070	$	2,202,406

_______________

(1)Subordinated Debt was further comprised of second lien term loans and/or second lien notes of $61,168, mezzanine debt of $47,832, and structured debt of $1,299.

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the following periods:

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)


	As of and for the Three Months Ended June 30, 2026
	First-Lien Debt		Subordinated Debt		Equity Investments		Total
Balance as of March 31, 2026	$	1,972,627	$	111,569	$	28,957	$	2,113,153
Purchase of investments	887,873		48,617		12,520		949,010
Proceeds from principal repayments and sales of investments	(114,927)		(9,007)		—		(123,934)
Payment-in-kind interest	594		1,820		—		2,414
Amortization of premium/accretion of discount, net	844		181		—		1,025
Net realized gain (loss) on investments	346		66		—		412
Net change in unrealized appreciation (depreciation) on investments	(8,261)		(230)		(996)		(9,487)
Transfers out of Level 3 (1)	(54,569)		—		—		(54,569)
Transfers to Level 3 (1)	13,809		—		—		13,809

Balance as of June 30, 2026	$	2,698,336	$	153,016	$	40,481	$	2,891,833

Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2026	$	(8,430)	$	(298)	$	(996)	$	(9,724)


	As of and for the Six Months Ended June 30, 2026
	First-Lien Debt			Subordinated Debt		Equity Investments		Total
Balance as of December 31, 2025	$	1,738,850		$	107,783	$	19,581	$	1,866,214
Purchase of investments	1,141,987			51,295		22,758		1,216,040
Proceeds from principal repayments and sales of investments	(134,567)			(9,013)		(69)		(143,649)
Payment-in-kind interest	1,434			3,295		—		4,729
Amortization of premium/accretion of discount, net	1,815			324		—		2,139
Net realized gain (loss) on investments	(394)			67		—		(327)
Net change in unrealized appreciation (depreciation) on investments	(19,658)			(735)		(1,197)		(21,590)
Transfers out of Level 3 (1)	(50,320)		—	—		(592)		(50,912)
Transfers to Level 3 (1)	19,189		—	—		—		19,189

Balance as of June 30, 2026	$	2,698,336		$	153,016	$	40,481	$	2,891,833

Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2026	$	(19,785)		$	(802)	$	(1,203)	$	(21,790)

________________

(1) Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three and six months ended June 30, 2026, transfers between Level 3 and Level 2 were a result of changes in the observability of significant inputs for certain portfolio companies.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)


	As of and for the Three Months Ended June 30, 2025
	First-Lien Debt		Subordinated Debt		Equity Investments		Total
Balance as of March 31, 2025	$	1,416,119	$	111,897	$	20,671	$	1,548,687
Purchase of investments	119,231		1,512		1,598		122,341
Proceeds from principal repayments and sales of investments	(53,866)		(13,636)		—		(67,502)
Payment-in-kind interest	143		1,495		—		1,638
Amortization of premium/accretion of discount, net	608		91		—		699
Net realized gain (loss) on investments	(2,837)		39		—		(2,798)
Net change in unrealized appreciation (depreciation) on investments	(4,121)		(205)		691		(3,635)
Transfers out of Level 3 (1)	(13,801)		—		(9,232)		(23,033)
Transfers to Level 3 (1)	1,920		—		—		1,920

Balance as of June 30, 2025	$	1,463,396	$	101,193	$	13,728	$	1,578,317

Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2025	$	(6,685)	$	(164)	$	691	$	(6,158)


	As of and for the Six Months Ended June 30, 2025
	First-Lien Debt		Subordinated Debt		Equity Investments		Total
Balance as of December 31, 2024	$	1,270,084	$	102,993	$	19,714	$	1,392,791
Purchase of investments	316,850		9,320		1,607		327,777
Proceeds from principal repayments and sales of investments	(110,538)		(13,642)		—		(124,180)
Payment-in-kind interest	177		3,006		—		3,183
Amortization of premium/accretion of discount, net	1,644		214		—		1,858
Net realized gain (loss) on investments	(2,613)		39		—		(2,574)
Net change in unrealized appreciation (depreciation) on investments	(10,397)		(737)		356		(10,778)
Transfers out of Level 3 (1)	(7,980)		—		(7,949)		(15,929)
Transfers to Level 3 (1)	6,169		—		—		6,169

Balance as of June 30, 2025	$	1,463,396	$	101,193	$	13,728	$	1,578,317

Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2025	$	(11,162)	$	(844)	$	356	$	(11,650)

______________

(1) Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three and six months ended June 30, 2025, transfers out of Level 3 to Level 2 were a result of changes in the observability of significant inputs for certain portfolio companies.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

Significant Unobservable Inputs

ASC Topic 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of June 30, 2026 and December 31, 2025 were as follows:


Investment Type	Fair Value at June 30, 2026		Valuation Techniques	Unobservable Inputs	Ranges				Weighted Average
First-Lien Debt	$	2,563,598	Yield Method	Market Yield Discount Rate	6.85	%	17.90	%	9.49	%
First-Lien Debt	33,719		Market Approach	EBITDA Multiple	7.50x		13.00x		11.14x
First-Lien Debt	8,680		Market Approach	Revenue Multiple	0.30x		0.65x		0.54x
Subordinated Debt	152,036		Yield Method	Market Yield Discount Rate	10.92	%	25.25	%	14.90	%

Equity	36,153		Market Approach	EBITDA Multiple	6.75x		20.25x		13.37x
Equity	—		Market Approach	Revenue Multiple	0.30x		0.48x		0.0x
Equity	736		Yield Method	Market Yield Discount Rate	8.90	%	15.16	%	13.95	%
Total	$	2,794,922

First Lien Debt, Subordinated Debt, and Equity investments in the amount of $92,339, $980, and $3,592, respectively, at June 30, 2026 have been excluded from the table above as these investments are valued using recent transaction price.


Investment Type	Fair Value at December 31, 2025		Valuation Techniques	Unobservable Inputs	Ranges				Weighted Average
First-Lien Debt	$	1,541,771	Yield Method	Market Yield Discount Rate	6.71	%	17.25	%	8.93	%
First-Lien Debt	26,503		Market Approach	EBITDA Multiple	7.25x		10.50x		9.39x
First-Lien Debt	4,807		Market Approach	Revenue Multiple	0.33x		0.50x		0.46x
Subordinated Debt	98,529		Yield Method	Market Yield Discount Rate	12.04	%	26.50	%	15.76	%


Equity	16,744		Market Approach	EBITDA Multiple	5.50x		19.50x		11.94x
Equity	—		Market Approach	Revenue Multiple	0.33x		0.50x		0.0x
Equity	789		Yield Method	Market Yield Discount Rate	8.63	%	15.01	%	13.55	%
Total	$	1,689,143

First Lien Debt, Subordinated Debt, and Equity investments in the amount of $165,769, $9,254, and $2,048, respectively, at December 31, 2025 have been excluded from the table above as these investments are valued using recent transaction price.

Debt investments are generally valued using the yield method. Under the yield method, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected remaining life, portfolio company performance since the initial investment date, and other terms and risks associated with the investment. Among other factors, key risk determinants include the amount of leverage used by the portfolio company relative to its total enterprise value, current and projected financial performance of the portfolio company, and the rights and remedies of the Fund’s investment within the portfolio company’s capital structure. Debt investments also may be valued using a market approach. The market approach utilizes market value (EBITDA) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. Certain factors are considered when selecting the appropriate companies, including the type of organization, similarity to the business being valued and relevant risk factors, and relative size, profitability and growth expectations. Adjustments may be applied to comparable company multiples to reflect differences in size, liquidity, growth prospects, or other company-specific factors. A recent transaction, if applicable, also may be considered in the valuation if the transaction price is believed to be representative of fair value.

Equity investments are generally valued using a market approach, which utilizes market value (EBITDA or revenue) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The selected multiple is used to estimate the enterprise value of the underlying portfolio company, from which the fair value of the Fund’s investment is derived after giving consideration to the portfolio company’s capital structure, including the seniority and terms of all outstanding debt and equity securities.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

The significant unobservable input used under the yield method is a discount rate based on comparable market yields for similar investments. Significant increases or decreases in discount rates in isolation would result in a significantly lower or higher fair value measurement, respectively. The significant unobservable input used in the market approach is the performance multiple, which may include a revenue multiple, EBITDA multiple, or forward-looking metrics. The multiple is used to estimate the enterprise value of the underlying portfolio company. An increase or decrease in the multiple would result in an increase or decrease, respectively, in the fair value.

Alternative valuation methodologies may be used as deemed appropriate for debt or equity investments and may include, but are not limited to, a market approach, income approach, or liquidation (recovery) approach. The selection of an alternative methodology may reflect investment-specific circumstances or market conditions that warrant consideration of additional valuation approaches.

Weighted average inputs are calculated based on the relative fair value of the investments within each investment category.

Financial Instruments disclosed but not carried at fair value

The carrying value and fair value of the Fund’s debt obligations were as follows:


	June 30, 2026				December 31, 2025
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value
Bank of America Credit Facility	$	332,500	$	332,500	$	67,000	$	67,000
Citi Credit Facility	95,000		95,000		—		—
Scotiabank Credit Facility I	209,000		209,000		46,000		46,000
Scotiabank Credit Facility II	508,500		508,500		—		—
SMBC Revolving Credit Facility	—		—		21,500		21,500
2024 Debt	306,000		306,128		306,000		306,503
2025 Debt	355,000		355,779		355,000		356,090
Total	$	1,806,000	$	1,806,907	$	795,500	$	797,093

_______________

(1)Carrying value on the consolidated statements of assets and liabilities are net of deferred financing and issuance costs.

The carrying value of the Fund's credit facilities approximates their fair value. These fair value measurements were based on significant inputs that are not observable and thus represent Level 3 measurements.

The fair value of the 2024 Debt and 2025 Debt (as defined in Note 6) was based on market quotation(s) received from broker/dealer(s). The fair value measurement was based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly and thus represent Level 2 measurements.

5. RELATED PARTY TRANSACTIONS

Advisory Agreement

On March 31, 2022, the Fund entered into an investment advisory agreement with Churchill (as amended on August 3, 2022, January 10, 2023, and August 2, 2023, the “Prior Advisory Agreement”). In connection with an internal reorganization of Churchill with respect to the advisory services provided to the Fund, the Adviser serves as the Fund’s investment adviser pursuant to an investment advisory agreement, dated May 28, 2024 (as amended on July 30, 2025, the “Advisory Agreement”), rather than Churchill. On February 20, 2024, the Board, including all of the trustees who are not “interested persons” (as defined under Section 2(a)(19) of the 1940 Act) of the Fund (the “Independent Trustees”), approved the investment advisory agreement in accordance with, and on the basis of, an evaluation satisfactory to such trustees, as required by the 1940 Act. In connection therewith, the investment advisory agreement was approved by the Fund’s shareholders on May 28, 2024, and became effective on such date.

The Adviser is responsible for the overall management of the Fund’s activities under the Advisory Agreement and has delegated substantially all of its daily portfolio management obligations as set forth in the Advisory Agreement to Churchill pursuant to the CAM Sub-Advisory Agreement (as described below). The Advisory Agreement is identical to the Prior Advisory Agreement except the initial term began on May 28, 2024, the effective date of the Advisory Agreement.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

The Advisory Agreement had an initial period of two years from its effective date, May 28, 2024, and will remain in effect from year-to-year thereafter if approved annually by either the Board or by the affirmative vote of the holders of a majority of the Fund’s outstanding voting securities and, in each case, a majority of the Independent Trustees. Most recently, on October 29, 2025, the Advisory Agreement was renewed for an additional one-year term commencing on December 1, 2025, resulting in the continuation of the Advisory Agreement until December 1, 2026. The Advisory Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act, by the Adviser and may be terminated by the Adviser without penalty upon not less than 120 days’ written notice to the Fund, or by the Fund without penalty upon not less than 60 days’ written notice to the Adviser.

Base Management Fee

The management fee is payable monthly in arrears at an annual rate of 0.75% of the value of the Fund’s net assets as of the beginning of the first calendar day of the applicable month. For the first calendar month in which the Fund had operations, net assets was measured using the beginning net assets as of the Escrow Break Date. In addition, the management fee was waived in full until June 1, 2024, the expiry of twelve months following the Escrow Break Date, and 50% of the management fee was waived for the period from June 1, 2024 through May 31, 2025.

For the three and six months ended June 30, 2026, base management fees earned were $2,767 and $5,402, respectively. As of June 30, 2026, $924 was payable to the Adviser related to management fees. For the three and six months ended June 30, 2025, base management fees earned were $1,837 and $3,439, respectively, of which $594 and $1,395 were waived by the Adviser. As of December 31, 2025, $868 was payable to the Adviser related to management fees.

Incentive Fee

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not: (i) an incentive fee on income and (ii) an incentive fee on capital gains. Each part of the incentive fee is outlined below.

Incentive Fee Based on Income

The portion based on income is based on the Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or the percentage rate of return on the value of net assets at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the calendar quarter, minus our operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement (as defined below), and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments (as discussed further below) are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Fund’s net assets at the end of the immediately preceding quarter, is compared to a “hurdle rate” of return of 1.50% per quarter (6% annualized).

The Fund pays the Adviser an incentive fee quarterly in arrears with respect to Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

•No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.50% per quarter (6% annualized);

•100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.76% (7.06% annualized). The Fund refers to this portion of Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.76%) as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 15% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.76% in any calendar quarter; and

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

•15% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.76% (7.06% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 15% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

The Adviser waived the incentive fee based on income until the period ended May 31, 2025, and waived 50% of incentive fee based on income for the period from February 1, 2026 through April 30, 2026. For the three and six months ended June 30, 2026, the income based incentive fee was $5,538 and $10,402, respectively, of which $828 and $2,432 was waived by the Adviser. As of June 30, 2026, $4,722 was payable to the Adviser related to the income based incentive fee.

For the three and six months ended June 30, 2025, the income based incentive fee was $3,947 and $7,823, respectively, of which $2,643 and $6,519 was waived by the Adviser. As of December 31, 2025, $4,425 was payable to the Adviser related to income based incentive fees.

Incentive Fee Based on Capital Gains

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals:

•15% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with U.S. GAAP.

Each year, the fee paid for the capital gains incentive fee will be net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. The Fund will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if the Fund was to sell the relevant investment and realize a capital gain. In no event will the capital gains incentive fee payable pursuant to the Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

For the three and six months ended June 30, 2026 and 2025, the Fund did not incur any incentive fee based on capital gains.

Sub-Advisory Agreements

CAM Sub-Advisory Agreement

On February 20, 2024, the Board, including all of the Independent Trustees, approved a sub-advisory agreement by and between the Adviser and Churchill (as amended on December 22, 2025, the “CAM Sub-Advisory Agreement”) in accordance with, and on the basis of, an evaluation satisfactory to such trustees, as required by the 1940 Act. The CAM Sub-Advisory Agreement was approved by the Fund’s shareholders on May 28, 2024, and became effective on such date. Pursuant to the CAM Sub-Advisory Agreement, the Adviser will pay Churchill 85% of the aggregate amount of the management fee, the incentive fee on income, and the incentive fee on capital gains as set forth in the Advisory Agreement. The management fee and the incentive fee on income will be payable quarterly in arrears and the incentive fee on capital gains will be payable annually pursuant to the terms of the Advisory Agreement. Fees payable to Churchill will be borne entirely by the Adviser and will not be directly incurred by the Fund.

The CAM Sub-Advisory Agreement had an initial period of two years from its effective date, May 28, 2024, and will remain in effect from year-to-year thereafter if approved annually by the Board or by the affirmative vote of the holders of a majority of the outstanding voting securities of the Fund and, in each case, a majority of the Independent Trustees. Most recently, on October 29, 2025, the CAM Sub-Advisory Agreement was renewed for an additional one-year term commencing on December 1, 2025, resulting in the continuation of the CAM Sub-Advisory Agreement until December 1, 2026.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

NAM Sub-Advisory Agreement

Nuveen Asset Management may manage certain of the Liquid Investments pursuant to a sub-advisory agreement by and among the Adviser, Churchill and Nuveen Asset Management (the “NAM Sub-Advisory Agreement”). Churchill has general oversight over the investment process on behalf of the Fund and manages the capital structure of the Fund, including, but not limited to, asset and liability management. On March 31, 2022, Churchill entered into the NAM Sub-Advisory Agreement. In connection with the internal reorganization of Churchill with respect to the advisory services provided to the Fund, on February 20, 2024, the Board, including all of the Independent Trustees, approved the NAM Sub-Advisory Agreement in accordance with, and on the basis of an evaluation satisfactory to such trustees, as required by the 1940 Act. The NAM Sub-Advisory Agreement was approved by the Fund’s shareholders on May 28, 2024, and became effective on such date. The NAM Sub-Advisory Agreement (i) added the Adviser as a party to the agreement to satisfy a technical requirement under the 1940 Act that requires the Fund or the investment adviser to be in privity of contract with a sub-adviser; and (ii) changed the calculation of the compensation payable by the Adviser to Nuveen Asset Management. Under the NAM Sub-Advisory Agreement, the Adviser will pay, monthly in arrears, 50% of the aggregate amount of the management fee payable to the Adviser under the Advisory Agreement associated with the Liquid Investments managed by Nuveen Asset Management at the direction of Churchill. Fees payable to Nuveen Asset Management will be borne entirely by the Adviser and will not be directly incurred by the Fund.

The NAM Sub-Advisory Agreement had an initial period of two years from its effective date, May 28, 2024, and will remain in effect from year-to-year thereafter if approved annually by the Board or by the affirmative vote of the holders of a majority of the outstanding voting securities of the Fund and, in each case, a majority of the Independent Trustees. Most recently, on October 29, 2025, the NAM Sub-Advisory Agreement was renewed for an additional one-year term commencing on December 1, 2025, resulting in the continuation of the NAM Sub-Advisory Agreement until December 1, 2026.

Administration Agreement

On March 31, 2022, the Fund entered into an administration agreement (as amended on January 10, 2023 and October 30, 2024, the “Administration Agreement”) with Churchill BDC Administration LLC, which was approved by the Board. Pursuant to the Administration Agreement, the Administrator furnishes the Fund with office facilities and equipment and provides clerical, bookkeeping and record keeping and other administrative services at such facilities. The Administrator performs, or oversees the performance of, the Fund’s required administrative services, which include, among other things, assisting the Fund with the preparation of the financial records that the Fund is required to maintain and with the preparation of reports to shareholders and reports filed with the SEC. At the request of the Adviser or Churchill, the Administrator also may provide significant managerial assistance on the Fund’s behalf to those portfolio companies that have accepted the Fund’s offer to provide such assistance. U.S. Bank Global Fund Services provides the Fund with certain fund administration and bookkeeping services pursuant to a sub-administration agreement (the “Sub-Administration Agreement”) with the Administrator.

For the three and six months ended June 30, 2026, the Fund incurred $617 and $1,131, respectively, in fees under the Sub-Administration Agreement, which are included in administration fees in the accompanying consolidated statements of operations. For the three and six months ended June 30, 2025, the Fund incurred $403 and $832, respectively, in fees under the Sub-Administration Agreement, which are included in administration fees in the accompanying consolidated statements of operations. As of June 30, 2026 and December 31, 2025, $1,618 and $459, respectively, were unpaid and included in accounts payable and accrued expenses in the accompanying consolidated statements of assets and liabilities.

Intermediary Manager Agreement

On March 31, 2022, the Fund entered into an Intermediary Manager Agreement (the “Intermediary Manager Agreement”) with the Intermediary Manager, an affiliate of the Adviser. Under the terms of the Intermediary Manager Agreement, the Intermediary Manager serves as the agent and principal distributor for the Fund’s public offering of its Common Shares. The Intermediary Manager is entitled to receive distribution and/or shareholder servicing fees monthly at an annual rate of 0.85% of the value of the Fund’s net assets attributable to Class S shares as of the beginning of the first calendar day of the month. The Intermediary Manager is entitled to receive distribution and/or shareholder servicing fees monthly at an annual rate of 0.25% of the value of the Fund’s net assets attributable to Class D shares as of the beginning of the first calendar day of the month. No distribution and/or shareholder servicing fees will be paid with respect to Class I shares.

The Fund will cease paying the distribution and/or shareholder servicing fees on any Class S shares and Class D shares in a shareholder’s account at the end of the month in which the Intermediary Manager in conjunction with the transfer agent determines that total brokerage commissions and distribution and/or shareholder servicing fees paid with respect to any such share held by such shareholder within such account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such share. At the end of such month, each such Class S share or Class D share will convert into a number of Class I shares (including any fractional shares),

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

with an equivalent aggregate NAV as such share. The total underwriting compensation and total organization and offering expenses will not exceed 10% and 15%, respectively, of the gross proceeds from the Fund’s offering.

For the three months ended June 30, 2026, the Fund accrued distribution and shareholder servicing fees of $97 and $16, respectively, that were attributable to Class S and Class D shares, respectively. For the six months ended June 30, 2026, the Fund accrued distribution and shareholder servicing fees of $191 and $32 that were attributable to Class S and Class D shares, respectively. For the three months ended June 30, 2025, the Fund accrued distribution and shareholder servicing fees of $62 and $12 that were attributable to Class S and Class D shares, respectively. For the six months ended June 30, 2025, the Fund accrued distribution and shareholder servicing fees of $108 and $22 that were attributable to Class S and Class D shares, respectively. As of June 30, 2026 and December 31, 2025, $48 and $52, respectively, were unpaid and included in accounts payable and accrued expenses in the accompanying consolidated statements of assets and liabilities.

The Intermediary Manager Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Independent Trustees and the trustees who have no direct or indirect financial interest in the operation of the Fund’s distribution plan or the Intermediary Manager Agreement, or by a vote of the majority of the outstanding voting securities of the Fund, on not more than 60 days’ written notice to the Intermediary Manager or the Adviser. The Intermediary Manager Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.

Expense Support and Conditional Reimbursement Agreement

On March 31, 2022, the Fund entered into an expense support and conditional reimbursement agreement (the “Expense Support Agreement”) with Churchill. The Expense Support Agreement provides that Nuveen Alternative Holdings, an affiliate of Churchill, may pay (or cause one or more of its affiliates to pay) certain expenses of the Fund, provided that no portion of the payment will be used to pay any interest expenses of the Fund and/or shareholder servicing fees of the Fund (each, an “Expense Payment”). Such expense payment will be made in any combination of cash or other immediately available funds no later than forty-five days after a written commitment from Nuveen Alternative Holdings to pay such expense, and/or by an offset against amounts due from the Fund to Nuveen Alternative Holdings.

Following any calendar quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Fund’s shareholders based on distributions declared with respect to record dates occurring in such calendar quarter (such amount referred to as the “Excess Operating Funds”), the Fund will pay such Excess Operating Funds, or a portion thereof (each, a “Reimbursement Payment”), to Nuveen Alternative Holdings until such time as all Expense Payments made by the entity to the Fund within three years prior to the last business day of such calendar quarter have been reimbursed. Available Operating Funds means the sum of (i) the Fund’s net investment income (including net realized short-term capital gains reduced by net realized long-term capital losses), (ii) the Fund’s net capital gains (including the excess of net realized long-term capital gains over net realized short-term capital losses) and (iii) dividends and other distributions paid to the Fund on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above). The amount of the Reimbursement Payment for any calendar quarter will equal the lesser of (i) the Excess Operating Funds in such quarter and (ii) the aggregate amount of all Expense Payments made by Nuveen Alternative Holdings to the Fund within three years prior to the last business day of such calendar quarter that have not been previously reimbursed by the Fund to Nuveen Alternative Holdings.

No Reimbursement Payment for any month will be made if (1) the annualized rate of regular cash distributions declared by the Fund at the time of such Reimbursement Payment is less than the annualized rate of regular cash distributions declared by the Fund at the time the Expense Payment was made to which such Reimbursement Payment relates or (2) the Fund’s Operating Expense Ratio (as defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. The Operating Expense Ratio is calculated by dividing the Fund’s operating costs and expenses incurred, less organizational and offering expenses, base management and incentive fees owed to the Adviser, and interest expense, by the Fund’s net assets. The Fund’s obligation to make a Reimbursement Payment will automatically become a liability of the Fund on the last business day of the applicable calendar month, except to the extent that Nuveen Alternative Holdings has waived its right to receive such payment for the applicable month.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

The following table presents a cumulative summary of the expense payments and reimbursement payments since the Fund’s commencement of operations, comprised primarily of organizational expenses, offering costs and professional fees:


For the Quarter Ended	Expense Payments by Adviser		Reimbursement Payments to Adviser		Expired Expense Support		Unreimbursed Expense Payments		Effective Rate of Distribution per Share (1)		Reimbursement Eligibility Expiration	Operating Expense Ratio (2)
March 31, 2022	$	983	$	—	$	(983)	$	—	—	%	March 31, 2025	0.08	%
June 30, 2022	677		—		(677)		—		6.62	%	June 30, 2025	0.19	%
September 30, 2022	379		—		(379)		—		7.23	%	September 30, 2025	0.21	%
December 31, 2022	176		—		(176)		—		9.07	%	December 31, 2025	0.14	%
March 31, 2023	198		—		(198)		—		10.22	%	March 31, 2026	0.22	%
June 30, 2023	113		—		(113)		—		11.69	%	June 30, 2026	0.22	%
September 30, 2023	327		—		—		327		12.19	%	September 30, 2026	0.27	%
December 31, 2023	115		—		—		115		12.13	%	December 31, 2026	0.13	%
March 31, 2024	31		—		—		31		12.19	%	March 31, 2027	0.12	%
June 30, 2024	217		—		—		217		9.72	%	June 30, 2027	0.15	%
September 30, 2024	75		—		—		75		9.70	%	September 30, 2027	0.15	%
December 31, 2024	333		—		—		333		9.68	%	December 31, 2027	0.21	%
March 31, 2025	—		—		—		—		9.74	%	March 31, 2028	0.17	%
June 30, 2025	110		—		—		110		9.78	%	June 30, 2028	0.15	%
September 30, 2025	384		—		—		384		9.82	%	September 30, 2028	0.15	%
December 31, 2025	413		—		—		413		8.88	%	December 31, 2028	0.23	%
March 31, 2026	428		—		—		428		8.49	%	March 31, 2029	0.16	%
June 30, 2026	178		—		—		178		8.55	%	June 30, 2029	0.21	%
Total	$	5,137	$	—	$	(2,526)	$	2,611

__________

(1)The effective rate of distribution per share is expressed as a percentage equal to the projected annualized regular distribution amount as of the end of the applicable period (which is calculated by annualizing the regular monthly cash distributions per share as of such date without compounding) divided by the Fund’s gross offering price per share as of each quarter ended.

(2)The operating expense ratio is calculated by dividing the quarterly operating expenses, less organizational and offering expenses, base management fee and incentive fees owed to the Adviser, and interest expense, by the Fund’s net assets as of each quarter end.

For the three and six months ended June 30, 2026, there were no Reimbursement Payments to Nuveen Alternative Holdings.

Board of Trustees’ Fees

The Board consists of six members, four of whom are Independent Trustees. The Board has established an Audit Committee, a Nominating and Corporate Governance Committee and a Co-Investment Committee, each consisting solely of the Independent Trustees, and may establish additional committees in the future. For the three and six months ended June 30, 2026, the Fund incurred $127 and $252, respectively, in fees which are included in Board of Trustees’ fees in the accompanying consolidated statements of operations. For the three and six months ended June 30, 2025, the Fund incurred $126 and $257, respectively, in fees which are included in Board of Trustees’ fees in the accompanying consolidated statements of operations. As of June 30, 2026 and December 31, 2025, $127 and $128, respectively, were unpaid and are included in Board of Trustees’ fees payable in the accompanying consolidated statements of assets and liabilities.

Other Related Party Transactions

From time to time, the Adviser, Churchill, in its capacity as sub-adviser, and/or the Administrator may pay amounts owed by the Fund to third-party providers of goods or services and the Fund will subsequently reimburse the Adviser, Churchill, and/or the Administrator for such amounts paid on its behalf. Amounts payable to the Adviser, Churchill, and the Administrator are settled in the normal course of business without formal payment terms. As of June 30, 2026 and December 31, 2025, the Fund owed the Adviser, Churchill and/or the Administrator $1,986 and $1,226, respectively, for reimbursements including the Fund’s allocable portion of overhead, which are included in accounts payable and accrued expenses in the accompanying consolidated statements of assets and liabilities.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

6. SECURED BORROWINGS

The Fund and its wholly owned subsidiaries are parties to credit facilities or debt obligations, including term debt securitizations, as described below. The term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Fund. In accordance with the 1940 Act, the Fund is only permitted to borrow amounts such that its asset coverage, as defined in the 1940 Act, is maintained at a level of at least 150% after such borrowing. As of June 30, 2026 and December 31, 2025, the Fund’s asset coverage was 181.71% and 274.50%, respectively. The Fund and its wholly owned subsidiaries were in compliance with all covenants and other requirements of their respective agreements.

Bank of America Credit Facility

On April 19, 2022, a wholly owned subsidiary of the Fund entered into a credit agreement with the lenders from time to time parties thereto, Bank of America, N.A., as administrative agent, the Fund, as servicer, U.S. Bank Trust Company, National Association, as collateral administrator, and U.S. Bank National Association, as collateral custodian (as amended from time to time, the “Bank of America Credit Agreement” and the revolving credit facility thereunder, the “Bank of America Credit Facility”). On July 16, 2024, SPV II entered into the borrower joinder agreement to become party to the Bank of America Credit Agreement and pledged all of its assets to the collateral agent to secure its obligations under the Bank of America Credit Facility.

The most recent amendment on December 19, 2025, among other things: (i) revised the Applicable Rate (as defined in the Bank of America Credit Agreement) calculation for the first three months following the amendment date to the (A) sum of (1) 1.60% multiplied by the lesser of (x) the Adjusted Principal Balance (as defined in the Bank of America Credit Agreement) of all Eligible Collateral Assets (as defined in the Bank of America Credit Agreement) that are Qualifying Syndicated Loans (as defined in the Bank of America Credit Agreement) or (y) 30% of the Adjusted Principal Balance of all Eligible Collateral Assets, plus (2) 1.80% multiplied by (x) the Adjusted Principal Balance of all Eligible Collateral Assets minus the amount determined in clause (II)(i)(a)(y) of the definition of “Applicable Rate” divided by (B) the Aggregate Adjusted Principal Balance (as defined in the Bank of America Credit Agreement); (ii) incorporated an additional Applicable Rate such that, starting after the three-month anniversary of the amendment date, the Applicable Rate will be equal to 1.80% per annum, (iii) extended the availability period from September 19, 2027 to March 19, 2028; (iv) extended the maturity date of the facility from September 19, 2029 to March 19, 2030; and (v) revised the Make-Whole Percentage (as defined in the Bank of America Credit Agreement) from 0.0% to 0.25% for the period from December 19, 2026 through December 19, 2027, and 0.0% thereafter. The maximum amount available under the Bank of America Credit Facility is $350,000.

Borrowings under the Bank of America Credit Facility bear interest based on either (x) an annual rate equal to SOFR determined for any day (“Daily SOFR”) for the relevant interest period, plus an applicable spread, or (y) the highest of (i) the Federal Funds Rate plus an applicable spread, (ii) the Prime Rate in effect for any day and (iii) Daily SOFR plus an applicable spread. Interest is payable monthly in arrears. Advances under the Bank of America Credit Facility are secured by a pool of broadly-syndicated and middle-market loans subject to eligibility criteria and advance rates specified in the Bank of America Credit Agreement. Advances under the Bank of America Credit Facility may be prepaid and reborrowed at any time during the Availability Period (as defined therein), but any termination or reduction of the facility amount is subject to certain conditions. The Fund and SPV II have made customary representations and warranties and are required to comply with various financial covenants related to liquidity and other maintenance covenants, reporting requirements and other customary requirements for similar facilities.

As of June 30, 2026, the Bank of America Credit Facility bore interest at a rate of Daily SOFR plus 1.80% per annum. As of June 30, 2025, the Bank of America Credit Facility bore interest at a rate of Daily SOFR plus 1.89% per annum. Interest is payable monthly in arrears.

For the three months ended June 30, 2026 and 2025, the components of interest expense related to the Bank of America Credit Facility were as follows:


	Three Months Ended June 30,
	2026		2025
Borrowing interest expense	$	3,783	$	3,424
Unused fees	113		134
Amortization of deferred financing costs	188		189
Total interest and debt financing expenses	$	4,084	$	3,747

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

For the six months ended June 30, 2026 and 2025, the components of interest expense related to the Bank of America Credit Facility were as follows:


	Six Months Ended June 30,
	2026		2025
Borrowing interest expense	$	5,027	$	7,835
Unused fees	300		201
Amortization of deferred financing costs	372		318
Total interest and debt financing expenses	$	5,699	$	8,354

Citi Credit Facility

On May 11, 2026, the Fund entered into a credit and security agreement (the “Citi Credit Agreement” and the credit facility thereunder, the “Citi Credit Facility”) with its direct wholly-owned subsidiary, SPV V, as borrower, the Fund, as equityholder and collateral manager, the lenders from time to time parties thereto, Citibank, N.A., as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as document custodian. The Fund will serve as collateral manager to SPV V under the Citi Credit Agreement and will waive any management fee that the Fund is due in consideration for providing these services. The Citi Credit Agreement (i) provides an initial facility amount of up to $150,000 and (ii) has a reinvestment period initially ending on November 11, 2026 and a final maturity date on May 10, 2027.

In connection with the Citi Credit Agreement, the Fund, as transferor, and SPV V, as transferee, entered into a Loan Sale and Contribution Agreement, pursuant to which the Fund will transfer to SPV V certain originated or acquired loans and related assets from time to time.

The obligations of SPV V under the Citi Credit Agreement are secured by substantially all of the assets held by SPV V. The interest rate charged on the Citi Credit Facility is based on Term SOFR plus an applicable margin of at least 1.125% per annum. In addition, SPV V is required to pay, among other fees, a commitment fee of 0.25% on any unused portion of the Citi Credit Facility from May 11, 2026 through August 11, 2026. Beginning on August 12, 2026, the commitment fee on any unused portion of the Citi Credit Facility will equal (i) 0.25% per annum if the average utilization rate is greater than or equal to 90.0%, (ii) 0.50% per annum if the average utilization rate is less than 90.0% and greater than or equal to 70.0%, and (iii) the Weighted Average Applicable Margin (as defined in the Administrative Agent Fee Letter) if the average utilization rate is less than 70.0%.

Under the Citi Credit Agreement, the Fund and SPV V, as applicable, have made customary representations and warranties and are required to comply with customary covenants and other requirements for similar facilities. The Citi Credit Agreement includes usual and customary events of default for facilities of this nature.

Proceeds from the Citi Credit Facility will be used to acquire collateral loans during the reinvestment period, fund revolving collateral loans and/or delayed funding loans, pay certain fees and expenses and make permitted distributions.

For the three and six months ended June 30, 2026, the component of interest expense related to the Citi Credit Facility were as follows:


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026
Borrowing interest expense	$	642	$	642
Unused fees	19		19
Amortization of deferred financing costs	53		53
Total interest and debt financing expenses	$	714	$	714

Scotiabank Credit Facility I

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

Effective December 11, 2024, as a result of the NCPCF Acquisition, the Fund became a party to the Scotiabank Credit Facility I Agreement as successor in interest to NCPCF and assumed the Scotiabank Credit Facility I. In connection with an amendment on May 22, 2025, SPV III and BSL SPV I were added as new borrowers (collectively, the “New Borrowers”). In addition, the amendment, among other things: (i) adjusted the total revolving commitment available to $150,000 (subject to increases up to $450,000), subject to availability governed by a collateralization test; (ii) amended the applicable margin for the interest rate payable by each New Borrower, and (iii) extended the final maturity date from July 19, 2033 to May 22, 2034.

The total revolving commitment available was increased to $450,000, subject to availability governed by a collateralization test, effective February 22, 2026.

Borrowings under the Scotiabank Credit Facility I are secured by all of the assets held by the New Borrowers and bear interest based on an annual rate equal to SOFR determined for any day (“Daily Simple SOFR”) for the relevant interest period, plus the applicable margin. As of June 30, 2026, the Scotiabank Credit Facility I bore interest at a rate of SOFR, reset daily, plus 2.03% per annum. Interest is payable quarterly. The Fund and the New Borrowers, as applicable, have made customary representations and warranties and are required to comply with customary covenants and other requirements for similar facilities. The Scotiabank Credit Facility I Agreement includes usual and customary events of default for facilities of this nature. Borrowings under the Scotiabank Credit Facility I will be used to acquire collateral loans during the reinvestment period, fund revolving collateral loans and/or delayed funding loans, pay certain fees and expenses and make permitted distributions.

Subsequent to fiscal quarter ended June 30, 2026, on August 6, 2026, the Fund, SPV III and BSL SPV I entered into an amendment to the Scotiabank Credit Facility I Agreement. See Note 11 “Subsequent Events” for more information.

For the three months ended June 30, 2026 and 2025, the components of interest expense related to the Scotiabank Credit Facility I were as follows:


	Three Months Ended June 30,
	2026		2025
Borrowing interest expense	$	2,738	$	3,147
Unused fees	329		161
Amortization of deferred financing costs	76		1,083
Total interest and debt financing expenses	$	3,143	$	4,391

For the six months ended June 30, 2026 and 2025, the components of interest expense related to the Scotiabank Credit Facility I were as follows:


	Six Months Ended June 30,
	2026		2025
Borrowing interest expense	$	3,782	$	7,589
Unused fees	583		386
Amortization of deferred financing costs	135		1,121
Total interest and debt financing expenses	$	4,500	$	9,096

Scotiabank Credit Facility II

On August 1, 2025, BDC V SPV I, a wholly owned subsidiary of BDC V, entered into a credit agreement (as amended from time to time, the “Scotiabank Credit Facility II Agreement” and the credit facility thereunder, the “Scotiabank Credit Facility II”) with the lenders from time to time parties thereto, BDC V, as servicer, the Bank of Nova Scotia, as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as custodian.

Effective May 1, 2026, as a result of the BDC V Acquisition, the Fund became a party to the Scotiabank Credit Facility II Agreement as successor in interest to BDC V and assumed the Scotiabank Credit Facility II. The Scotiabank Credit Facility II Agreement provides for borrowings in an aggregate amount of up to $550,000.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

Borrowings under the Scotiabank Credit Facility II are secured by all of the assets held by BDC V SPV I and bear interest based on an annual rate equal to SOFR determined for any day (“Daily Simple SOFR”) for the relevant interest period, plus the applicable margin. As of June 30, 2026, the Scotiabank Credit Facility II bore interest at a rate of SOFR, reset daily, plus 1.975% per annum. Interest is payable quarterly. Any amounts borrowed under the Scotiabank Credit Facility II will mature on August 1, 2034. The Fund and BDC V SPV I, as applicable, have made customary representations and warranties and are required to comply with customary covenants and other requirements for similar facilities. The Scotiabank Credit Facility II Agreement includes usual and customary events of default for facilities of this nature.

Subsequent to fiscal quarter ended June 30, 2026, on August 6, 2026, in connection with the Fund entering into the Norinchukin Bank Credit Agreement, the Fund terminated the Scotiabank Credit Facility II Agreement. See Note 11 “Subsequent Events” for more information.

For the three and six months ended June 30, 2026, the component of interest expense related to the Scotiabank Credit Facility II were as follows:


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026
Borrowing interest expense	$	4,896	$	4,896
Unused fees	35		35
Amortization of deferred financing costs	20		20
Total interest and debt financing expenses	$	4,951	$	4,951

SMBC Revolving Credit Facility

On April 8, 2025, the Fund entered into a Senior Secured Revolving Credit and Term Loan Agreement (the “SMBC Revolving Credit Facility Agreement” and the revolving credit facility thereunder, the “SMBC Revolving Credit Facility”) by and among the Fund, as borrower, the lenders from time to time parties thereto, Sumitomo Mitsui Banking Corporation, as administrative agent, collateral agent, issuing bank, swingline lender, a lender and as lead arranger and sole bookrunner. The SMBC Revolving Credit Facility is guaranteed by certain subsidiaries of the Fund that may be formed or acquired by the Fund in the future (collectively, the “Guarantors”).

The initial maximum principal amount available under the SMBC Revolving Credit Facility was $50,000, subject to availability under the borrowing base, which is based on the Fund’s portfolio investments and other outstanding indebtedness. Maximum capacity under the SMBC Revolving Credit Facility may be increased to $300,000 through the exercise by the Fund of an uncommitted accordion feature, through which existing and new lenders may, at their option, agree to provide additional financing. Effective May 22, 2025, in connection with the closing of the 2025 Debt Securitization (discussed further below), the maximum principal amount increased to $100,000. The SMBC Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Fund and each Guarantor, subject to certain exceptions, and includes a $25,000 limit for swingline loans.

The availability period under the SMBC Revolving Credit Facility will terminate on April 8, 2029 (the “Commitment Termination Date”) and the SMBC Revolving Credit Facility will mature on April 8, 2030 (the “Final Maturity Date”). During the period from the Commitment Termination Date to the Final Maturity Date, the Fund will be obligated to make mandatory prepayments under the SMBC Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

The Fund may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the SMBC Revolving Credit Facility in U.S. dollars will bear interest at either Term SOFR plus a margin, or the Alternate Base Rate (which is the greater of (x) zero and (y) the highest of (a) the Prime Rate, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus (ii) 0.50%, or (c) Term SOFR plus 1.00% per annum) plus a margin. The Fund may elect either the Term SOFR or Alternate Base Rate at the time of drawdown, and loans denominated in U.S. dollars may be converted from one rate to another at any time at the Fund’s option, subject to certain conditions. Amounts drawn under the SMBC Revolving Credit Facility in other permitted currencies will bear interest at the relevant rate specified therein plus an applicable margin. The Fund also will pay a fee of 0.375% per annum on the daily undrawn amounts under the SMBC Revolving Credit Facility. As of June 30, 2026, the SMBC Revolving Credit Facility bore interest at SOFR plus 2.125% per annum.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

common shares of beneficial interest upon the occurrence of certain events and certain financial covenants related to asset coverage and minimum shareholders’ equity, as well as customary events of default.

For the three months ended June 30, 2026 and 2025, the components of interest expense related to the SMBC Revolving Credit Facility were as follows:


	Three Months Ended June 30,
	2026		2025
Borrowing interest expense	$	339	$	127
Unused fees	74		60
Amortization of deferred financing costs	114		35
Total interest and debt financing expenses	$	527	$	222

For the six months ended June 30, 2026 and 2025, the components of interest expense related to the SMBC Revolving Credit Facility were as follows:


	Six Months Ended June 30,
	2026		2025
Borrowing interest expense	$	826	$	127
Unused fees	142		60
Amortization of deferred financing costs	226		35
Total interest and debt financing expenses	$	1,194	$	222

CLO-I

On July 16, 2024, the Fund completed a $398,700 term debt securitization (the “2024 Debt Securitization”).

The notes offered in the 2024 Debt Securitization (the “2024 Notes”) were issued by CLO-I (formerly known as SPV I) (the “2024 Issuer”), a direct, wholly owned, consolidated subsidiary of the Fund, pursuant to an indenture and security agreement, dated as of July 16, 2024 (the “2024 Indenture”). The 2024 Notes consist of $197,000 of AAA-rated Class A 2024 Notes, which bear interest at the three-month Term SOFR plus 1.70%; $48,000 of AA-rated Class B 2024 Notes, which bear interest at the three-month Term SOFR plus 1.95%; $26,000 of A-rated Class C 2024 Notes, which bear interest at the three-month Term SOFR plus 2.55%; and $92,700 of Subordinated 2024 Notes, which do not bear interest. The Fund directly owns all of the Subordinated 2024 Notes and, as such, these notes are eliminated in consolidation.

As part of the 2024 Debt Securitization, CLO-I also entered into a loan agreement, dated July 16, 2024 (the “CLO-I Loan Agreement”), pursuant to which various financial institutions and other persons which are, or may become, parties to the CLO-I Loan Agreement as lenders committed to make $35,000 of AAA Class A-L 2024 Loans to CLO-I (the “2024 Loans” and, together with the 2024 Notes, the “2024 Debt”). The 2024 Loans bear interest at the three-month Term SOFR plus 1.70% (the “2024 Class A-L Loans”) and were fully drawn upon the closing of the transaction. Any lender may elect to convert all of the 2024 Class A-L Loans held by such lenders into Class A 2024 Notes upon written notice to CLO-I in accordance with the CLO-I Loan Agreement.

The 2024 Debt is backed by a diversified portfolio of senior secured and second lien loans. Each of the 2024 Indenture and the CLO-I Loan Agreement contain certain conditions pursuant to which loans can be acquired by the 2024 Issuer, in accordance with rating agency criteria or as otherwise agreed with certain institutional investors who purchased the 2024 Debt. Through July 20, 2028, all principal collections received on the underlying collateral may be used by the 2024 Issuer to purchase new collateral under the direction of the Fund, in its capacity as collateral manager of the 2024 Issuer and in accordance with the Fund’s investment strategy, allowing the Fund to maintain the initial leverage in the 2024 Debt Securitization. The 2024 Notes are due on July 20, 2036 and the 2024 Loans mature on July 20, 2036.

The Fund serves as collateral manager to the 2024 Issuer under a collateral management agreement and waives any management fee due to it in consideration for providing these services.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

For the three months ended June 30, 2026 and 2025, the components of interest expense related to CLO-I were as follows:


	Three Months Ended June 30,
	2026		2025
Borrowing interest expense	$	4,243	$	4,709

Amortization of debt issuance costs	113		113
Total interest and debt financing expenses	$	4,356	$	4,822

For the six months ended June 30, 2026 and 2025, the components of interest expense related to CLO-I were as follows:


	Six Months Ended June 30,
	2026		2025
Borrowing interest expense	$	8,471	$	9,525

Amortization of debt issuance costs	225		225
Total interest and debt financing expenses	$	8,696	$	9,750

CLO-II

On May 22, 2025, the Fund completed a $499,700 term debt securitization (the “2025 Debt Securitization”).

The debt offered in the 2025 Debt Securitization (the “2025 Debt”) was issued by CLO-II (formerly known as SPV IV) (the “2025 Issuer”), a direct, wholly owned, consolidated subsidiary of the Fund, pursuant to an indenture and security agreement (the “2025 Indenture”) and Class A-2L and Class B-L loan agreements (collectively, the “CLO-II Loan Agreements”), each dated as of May 22, 2025. The 2025 Debt consists of (i) $290,000 of AAA-rated Class A-1 Notes, which bear interest at the three-month Term SOFR plus 1.665%; $35,000 of AA-rated Class B Notes, which bear interest at the three-month Term SOFR plus 2.100%; and $144,700 of Subordinated Notes, which do not bear interest (collectively, the “2025 Notes”), and (ii) $20,000 of AAA Class A-2L Loans, which bear interest at the three-month Term SOFR plus 1.850% and $10,000 of AA Class B-L Loans, which bear interest at the three-month Term SOFR plus 2.100% (collectively, the “2025 Loans”). The 2025 Debt also consists of AAA-rated Class A-2 Notes, which were issued with a $0 principal balance. The Fund directly owns all of the Subordinated Notes and, as such, these notes are eliminated in consolidation.

The 2025 Debt is backed by a diversified portfolio of senior secured and second lien loans. The 2025 Indenture contains certain conditions pursuant to which loans can be acquired by the 2025 Issuer, in accordance with rating agency criteria and as otherwise agreed with certain institutional investors who purchased the 2025 Debt. Through May 15, 2029, all principal collections received on the underlying collateral may be used by the 2025 Issuer to purchase new collateral under the direction of the Fund, in its capacity as collateral manager of the 2025 Issuer and in accordance with the Fund’s investment strategy, allowing the Fund to maintain the initial leverage in the 2025 Debt Securitization. The 2025 Notes are due on May 15, 2037 and the 2025 Loans mature on May 15, 2037.

The Fund serves as collateral manager to the 2025 Issuer under a collateral management agreement and waives any management fee due to it in consideration for providing these services.

For the three months ended June 30, 2026 and 2025, the components of interest expense related to CLO-II were as follows:


	Three months ended June 30,
	2026		2025
Borrowing interest expense	$	4,830	$	2,391

Amortization of debt issuance costs	140		60
Total interest and debt financing expenses	$	4,970	$	2,451

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

For the six months ended June 30, 2026 and 2025, the components of interest expense related to CLO-II were as follows:


	Six Months Ended June 30,
	2026		2025
Borrowing interest expense	$	9,701	$	2,391

Amortization of debt issuance costs	279		60
Total interest and debt financing expenses	$	9,980	$	2,451

Summary of Secured Borrowings

The Fund’s debt obligations consisted of the following as of June 30, 2026 and December 31, 2025:


	June 30, 2026
	Bank of America Credit Facility		Citi Credit Facility		Scotiabank Credit Facility I		Scotiabank Credit Facility II		SMBC Revolving Credit Facility		2024 Debt		2025 Debt		Total
Total Commitment	$	350,000	$	150,000	$	450,000	$	550,000	$	100,000	$	306,000	$	355,000	$	2,261,000
Amount Outstanding (1)	332,500		95,000		209,000		508,500		—		306,000		355,000		1,806,000
Unused Portion (2)	17,500		55,000		241,000		41,500		100,000		—		—		455,000
Amount Available (3)	16,103		54,828		236,095		40,399		100,000		—		—		447,425

_______________

(1)Amount outstanding on the consolidated statements of assets and liabilities is net of deferred financing and issuance costs.

(2)The unused portion is the amount upon which commitment fees are based.

(3)Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.


	December 31, 2025
	Bank of America Credit Facility		Scotiabank Credit Facility		SMBC Revolving Credit Facility		2024 Debt		2025 Debt		Total
Total Commitment	$	350,000	$	150,000	$	100,000	$	306,000	$	355,000	$	1,261,000
Amount Outstanding (1)	67,000		46,000		21,500		306,000		355,000		795,500
Unused Portion (2)	283,000		104,000		78,500		—		—		465,500
Amount Available (3)	278,124		96,982		78,500		—		—		453,606

_______________

(1)Amount outstanding on the consolidated statements of assets and liabilities are net of deferred financing and issuance costs.

(2)The unused portion is the amount upon which commitment fees are based.

(3)Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.

For the three and six months ended June 30, 2026 and 2025, the components of interest expense and debt financing expenses were as follows:


	Three Months Ended June 30,
	2026			2025
Borrowing interest expense	$	21,470		$	13,798
Unused fees	571			355
Amortization of deferred financing and debt issuance costs	703			1,480
Total interest and debt financing expenses	$	22,744		$	15,633
Average interest rate (1)	5.69		%	6.47		%
Average daily borrowings	$	1,552,544		$	877,676

______________

(1)Average interest rate includes borrowing interest expense and unused fees.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)


	Six Months Ended June 30,
	2026			2025
Borrowing interest expense	$	33,343		$	27,467
Unused fees	1,079			647
Amortization of deferred financing and debt issuance costs	1,311			1,759
Total interest and debt financing expenses	$	35,733		$	29,873
Average interest rate (1)	5.75		%	6.53		%
Average daily borrowings	$	1,206,472		$	868,056

Contractual Obligations

The following tables show the contractual maturities of the Fund’s debt obligations as of June 30, 2026 and December 31, 2025:


	Payments Due by Period
As of June 30, 2026	Total		Less than 1 Year		1 to 3 years		3 to 5 years		More than 5 Years
Bank of America Credit Facility	$	332,500	$	—	$	—	$	332,500	$	—
Citi Credit Facility	95,000		95,000
Scotiabank Credit Facility I	209,000		—		—		—		209,000
Scotiabank Credit Facility II	508,500								508,500
SMBC Revolving Credit Facility	—		—		—		—		—
2024 Debt	306,000		—		—		—		306,000
2025 Debt	355,000		—		—		—		355,000
Total debt obligations	$	1,806,000	$	95,000	$	—	$	332,500	$	1,378,500


	Payments Due by Period
As of December 31, 2025	Total		Less than 1 Year		1 to 3 years		3 to 5 years		More than 5 Years
Bank of America Credit Facility	$	67,000	$	—	$	—	$	67,000	$	—
Scotiabank Credit Facility I	46,000		—		—		—		46,000
SMBC Revolving Credit Facility	21,500		—		—		21,500		—
2024 Debt	306,000		—		—		—		306,000
2025 Debt	355,000		—		—		—		355,000
Total debt obligations	$	795,500	$	—	$	—	$	88,500	$	707,000

7. COMMITMENTS AND CONTINGENCIES

In the ordinary course of its business, the Fund enters into contracts or agreements that contain indemnifications or warranties. Future events could occur that might lead to the enforcement of these provisions against the Fund. The Fund believes that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the consolidated financial statements as of June 30, 2026 and December 31, 2025 for any such exposure.

As of June 30, 2026 and December 31, 2025, the Fund had the following unfunded investment commitments:


Portfolio Company	June 30, 2026		December 31, 2025
360 Holdco, Inc. (360 Training) - Delayed Draw Loan	$	1,339	$	3,580
AB Centers Acquisition Corporation (Action Behavior Centers) - Delayed Draw Loan	1,271		1,611
ACP Maverick Holdings, Inc. - Delayed Draw Loan	683		683
ACS Celsius Aggregator LP (AirX Climate Solutions Company)	19		19
All Star Recruiting Locums, LLC (All Star Healthcare Solutions) - Delayed Draw Loan	3,943		3,943

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)


Portfolio Company	June 30, 2026	December 31, 2025
All4 Buyer, LLC - Delayed Draw Loan	1,328	1,602
Alta Buyer, LLC - Revolving Loan	3,922	—
AmerCareRoyal, LLC - Delayed Draw Loan	—	3,307
Apex Service Partners, LLC - Delayed Draw Loan	3,173	5,170
Apex Service Partners, LLC - Revolving Loan	596	812
Aprio Advisory Group, LLC - Delayed Draw Loan	16,210	12,414
Aprio Advisory Group, LLC - Revolving Loan	1,586	1,133
Arax Investment Partners Holdings, LLC - Delayed Draw Loan	—	2,100
Arax MidCo, LLC - Delayed Draw Loan	—	3,492
ARC Health OPCO, LLC - Delayed Draw Loan	5,000	1,667
Archer Acquisition, LLC (ARMstrong) - Delayed Draw Loan	—	281
Arctiq, Inc. - Delayed Draw Loan	5,181	—
Ascend Partner Services LLC - Delayed Draw Loan	—	379
Astra Service Partners, LLC - Delayed Draw Loan	1,898	2,824
AWP Group Holdings, Inc. - Delayed Draw Loan	—	1,978
Beantown Holdings, Inc. - Delayed Draw Loan	4,818	4,818
Bells Parent, Inc. - Revolving Loan	128	—
Big Apple Advisory, LLC - Delayed Draw Loan	3,152	3,324
Big Apple Advisory, LLC - Revolving Loan	1,740	1,740
Bishop Street Underwriters LLC - Delayed Draw Loan	8,157	—
Bluebird PM Buyer, Inc. - Delayed Draw Loan	1,019	1,019
Bounteous, Inc. - Delayed Draw Loan	3,494	7,279
Bradford Soap International, Inc. - Delayed Draw Loan	3,519	2,514
Bridges Consumer Healthcare Intermediate LLC - Delayed Draw Loan	4,750	4,750
Canopy Service Partners, LLC - Delayed Draw Loan	8,433	—
Chicago US Midco III, LP - Delayed Draw Loan	1,293	1,293
CLS Management Services, LLC (Contract Land Staff) - Delayed Draw Loan	9,859	442
CMP Ren Partners I-A LP (LMI Consulting, LLC)	2	2
CMP Terrapin Partners II LP (Clarity Innovations, Inc.)	6	6
CMP Terrapin Partners I LP (Clarity Innovations, Inc.)	1	1
Coalesce Diamond Coinvest, L.P.	200	200
Cobalt Service Partners, LLC - Delayed Draw Loan	2,453	6,468
Coding Solutions Acquisition, Inc. - Delayed Draw Loan	1,258	1,258
Coding Solutions Acquisition, Inc. - Revolving Loan	1,101	1,101
Cohen Advisory, LLC - Delayed Draw Loan	4,073	4,073
Cohnreznick Advisory LLC - Delayed Draw Loan	1,008	2,532
Columbia Home Services LLC - Delayed Draw Loan	442	442
Cool Buyer, Inc. (Universal Air Conditioner, L.L.C.) - Delayed Draw Loan	1,000	1,000
COP Village Green Acquisitions, Inc. (Village Green Holding) - Delayed Draw Loan	536	536
Coreweave Financing DDTL V, LLC - Delayed Draw Loan	172	—
CPL Consultants, LLC - Delayed Draw Loan	7,913	—
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) - Delayed Draw Loan	1,955	3,487
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) - Revolving Loan	2,567	2,567
Davidson Hotel Company LLC - Delayed Draw Loan	632	893
Delphi Infrastructure Group LLC (f/k/a Safety Infrastructure Services Intermediate LLC) - Delayed Draw Loan	—	2,576
Diligent Corporation (fka Diamond Merger Sub II, Corp.) - Delayed Draw Loan	—	2,553
Emburse, Inc. - Delayed Draw Loan	529	529
Emburse, Inc. - Revolving Loan	568	568
Env Automation Acquisition, LLC - Delayed Draw Loan	6,080	5,129
Environ Energy, LLC - Delayed Draw Loan	4,077	6,711
ERA Industries, LLC (BTX Precision) - Delayed Draw Loan	1,790	563
EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) - Delayed Draw Loan	2,051	2,051
Excel Fitness Consolidator LLC - Delayed Draw Loan	—	1,677

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)


Portfolio Company	June 30, 2026	December 31, 2025
Exterro, Inc. - Delayed Draw Loan	1,797	1,797
FirstCall Mechanical Group, LLC - Delayed Draw Loan	—	4,400
Firstline Road Solutions, LLC - Delayed Draw Loan	364	—
FoodScience, LLC - Delayed Draw Loan	3,737	3,737
Force Electrical Buyerco, LLC - Delayed Draw Loan	12,812	11,393
Gannett Fleming, Inc. - Revolving Loan	853	2,131
GNX HBS PARENT, LLC - Delayed Draw Loan	—	4,266
GreyLion TGNL Holdings	153	153
Health Management Associates, Inc. - Delayed Draw Loan	2,384	—
Heartland Paving Partners, LLC - Delayed Draw Loan	621	621
Hermod Co-Invest, LP	31	19
HLSG Intermediate, LLC - Delayed Draw Loan	240	—
HMN Acquirer Corp. - Delayed Draw Loan	1,565	2,144
Hyphen Solutions, LLC - Delayed Draw Loan	1,444	1,444
Impact Advisors, LLC - Delayed Draw Loan	6,186	7,143
Impact Parent Corporation (Impact Environmental Group) - Delayed Draw Loan	18	84
Industrial Air Flow Dynamics, Inc. - Delayed Draw Loan	4,167	4,167
INS Co-Invest LP (Inszone)	3	3
Integrated Power Services Holdings, Inc. - Delayed Draw Loan	—	1,649
Kenco PPC Buyer LLC - Delayed Draw Loan	—	4,920
KENE Acquisition, Inc. (aka Entrust) - Delayed Draw Loan	—	1,430
KENE Acquisition, Inc. (aka Entrust) - Revolving Loan	—	197
KL Bronco Acquisition, Inc. (Elevation Labs) - Delayed Draw Loan	11,098	—
Knight AcquireCo, LLC - Delayed Draw Loan	4,814	3,439
KRIV Acquisition Inc. (Riveron) - Revolving Loan	377	—
KRIV Acquisition, Inc. (Riveron) - Delayed Draw Loan	9,558	7,045
L.A. Specialty Produce Co., LLC - Delayed Draw Loan	2,190	—
Lavie Group, Inc. - Delayed Draw Loan	2,132	2,132
Legacy Service Partners, LLC - Delayed Draw Loan	11,584	11,998
LH Equity Investors, L.P.	—	56
LJ Avalon Holdings, LLC - Delayed Draw Loan	2,618	—
Low Voltage Holdings Inc. - Delayed Draw Loan	338	457
Low Voltage Holdings Inc. - Revolving Loan	272	311
M&S Holdings Buyer, Inc. - Delayed Draw Loan	1,317	941
MacKay Sposito, LLC - Delayed Draw Loan	926	—
MEI Buyer LLC - Delayed Draw Loan	1,391	1,391
Mobile Communications America, Inc. - Delayed Draw Loan	3,511	3,920
MPG Parent Holdings, LLC (Market Performance Group) - Delayed Draw Loan	2,957	3,473
Naturpak PPC Buyer LLC - Delayed Draw Loan	2,260	2,070
New You Bariatric Group, LLC - Delayed Draw Loan	80	80
Online Labels Group, LLC - Delayed Draw Loan	499	499
Orion Group FM Holdings, LLC (Leo Facilities) - Delayed Draw Loan	11,219	17,583
Ovation Holdings, Inc. - Delayed Draw Loan	3,028	372
Perennial Services Group, LLC - Delayed Draw Loan	7,979	11,348
Pinnacle Supply Partners, LLC - Delayed Draw Loan	1,571	1,571
PMI (US) Bidco, Inc. - Delayed Draw Loan	690	—
PN Buyer, Inc. - Delayed Draw Loan	4,444	4,444
PT Intermediate Holdings III, LLC - Delayed Draw Loan	—	166
R Arax Co-Invest UB, LP (Arax Investment Partners)	311	404
R Chapel Avenue Holdings Co-Invest UB, LP	349	349
RailPros Parent, LLC - Delayed Draw Loan	2,211	3,158
RailPros Parent, LLC - Revolving Loan	1,579	1,579
Randys Holdings, Inc. (Randy's Worldwide Automotive) - Delayed Draw Loan	11,190	8,727

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)


Portfolio Company	June 30, 2026		December 31, 2025
Razor Light, Inc. - Delayed Draw Loan	5,022		—
Razor Light, Inc. - Revolving Loan	3,630		—
Redwood Services Group, LLC (Evergreen Services Group) - Delayed Draw Loan	—		1,030
Ridge Trail US Bidco, Inc. (Options IT) - Delayed Draw Loan	2,743		3,187
Ridge Trail US Bidco, Inc. (Options IT) - Revolving Loan	1,062		775
RMS Energy Borrower LLC - Delayed Draw Loan	357		2,999
Rose Paving, LLC - Delayed Draw Loan	—		146
SCIC Buyer, Inc. - Delayed Draw Loan	2,323		2,323
Secretariat Advisors LLC - Delayed Draw Loan	835		835
SI Solutions, LLC - Delayed Draw Loan	3,960		3,960
Simplicity Financial Marketing Group Holdings, Inc. - Delayed Draw Loan	1,000		—
SkyKnight Financial Holdings LP	40		40
SkyMark Refuelers, LLC - Delayed Draw Loan	13,296		9,972
Smith & Howard Advisory LLC - Delayed Draw Loan	1,572		99
Specialist Resources Global Inc. - Delayed Draw Loan	—		11,790
Specialty Manufacturing Holdings, LLC - Delayed Draw Loan	1,879		—
Sugar PPC Buyer LLC (Sugar Foods) - Delayed Draw Loan	3,043		3,043
Syndigo LLC - Revolving Loan	1,493		1,777
Tau Buyer, LLC - Delayed Draw Loan	—		1,165
Tau Buyer, LLC - Revolving Loan	1,055		1,445
TBRS, Inc. - Delayed Draw Loan	949		949
TBRS, Inc. - Revolving Loan	1,144		1,243
Thermostat Purchaser III, Inc. - Delayed Draw Loan	—		9,375
Thompson Safety LLC - Delayed Draw Loan	11,564		12,177
Thompson Safety LLC - Revolving Loan	1,159		1,364
Transit Buyer, LLC (Propark Mobility) - Delayed Draw Loan	3,157		902
USA Industries Holdings LLC - Delayed Draw Loan	4,858		3,470
USA Water Intermediate Holdings, LLC - Delayed Draw Loan	5,283		1,148
USALCO - Delayed Draw Loan	—		61
Vensure Employer Services, Inc. - Delayed Draw Loan	1,986		250
Venture Buyer, LLC (Velosio) - Delayed Draw Loan	1,349		1,349
Vertex Service Partners, LLC - Delayed Draw Loan	7,194		7,194
Vessco Midco Holdings, LLC - Delayed Draw Loan	76		792
Vessco Midco Holdings, LLC - Revolving Loan	1,726		1,726
Victors CCC Buyer LLC (CrossCountry Consulting) - Delayed Draw Loan	1,011		—
VMG Holdings LLC (VMG Health) - Delayed Draw Loan	—		569
VSC Specialty Molding Acquisition LLC - Delayed Draw Loan	513		3,230
Waldo Buyer, LLC - Delayed Draw Loan	5,508		—
Waldo Buyer, LLC - Revolving Loan	3,809		—
Watermill Express, LLC - Delayed Draw Loan	1,900		1,900
WCI-Momentum Bidco, LLC - Delayed Draw Loan	978		699
WSB Engineering Holdings Inc. - Delayed Draw Loan	5,276		6,085
Yard-Nique, Inc. - Delayed Draw Loan	4,488		—
Total unfunded commitments (1)	$	383,031	$	359,377

_______________

(1)Represents the full amount of the Fund's commitments to fund investments on such date. Commitments may be subject to limitations on borrowings set forth in the agreements between the Fund and the applicable portfolio company. As a result, portfolio companies may not be eligible to borrow the full commitment amount on such date.

The Fund seeks to carefully consider its unfunded investment commitments for the purpose of planning its ongoing liquidity. As of June 30, 2026, the Fund had adequate financial resources to satisfy its unfunded investment commitments.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

8. NET ASSETS

The Fund has the authority to issue an unlimited number of Common Shares for each class.

On March 30, 2022, an affiliate of the Adviser, TIAA, purchased 40 Class I shares of beneficial interest at $25.00 per share. On March 31, 2022, TIAA contributed certain portfolio investments to the Fund in exchange for 10,540,000 Class I shares of beneficial interest at $25.00 per share. As of June 30, 2026, TIAA owned 3,347,667 Class I shares of beneficial interest held both directly and indirectly through a private fund in which TIAA is the sole investor.

On the Escrow Break Date, the Fund had satisfied the minimum offering requirement, and the Board authorized the release of

proceeds from escrow.

The following table presents transactions in Common Shares for the three months ended June 30, 2026 (amounts in thousands except share amounts):


	Three Months Ended June 30, 2026
	Shares	Amount
CLASS S
Subscriptions	40,058	$	958
Share transfers between classes	(3,264)	(78)
Distributions reinvested	18,308	437
Share repurchases, net of early repurchase deduction	(160,518)	(3,819)
Net increase (decrease)	(105,416)	$	(2,502)
CLASS D
Subscriptions	28,353	$	680
Share transfers between classes	—	—
Distributions reinvested	19,118	457
Share repurchases, net of early repurchase deduction	(26,901)	(641)
Net increase (decrease)	20,570	$	496
CLASS I
Subscriptions	2,387,551	$	57,296
Share transfers between classes	3,252	78
Distributions reinvested	475,755	11,401
Share repurchases, net of early repurchase deduction	(1,213,003)	(28,936)
Net increase (decrease)	1,653,555	$	39,839

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

The following table presents transactions in Common Shares for the six months ended June 30, 2026 (amounts in thousands except share amounts):


	Six Months Ended June 30, 2026
	Shares	Amount
CLASS S
Subscriptions	176,631	$	4,263
Share transfers between classes	(21,320)	(516)
Distributions reinvested	35,380	851
Share repurchases, net of early repurchase deduction	(174,289)	(4,150)
Net increase (decrease)	16,402	$	448
CLASS D
Subscriptions	71,330	$	1,725
Share transfers between classes	—	—
Distributions reinvested	38,312	923
Share repurchases, net of early repurchase deduction	(31,850)	(760)
Net increase (decrease)	77,792	$	1,888
CLASS I
Subscriptions	6,673,260	$	161,232
Share transfers between classes	21,256	516
Distributions reinvested	922,578	22,239
Share repurchases, net of early repurchase deduction	(2,946,374)	(70,328)
Net increase (decrease)	4,670,720	$	113,659

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

The following table presents transactions in Common Shares for the three months ended June 30, 2025 (amounts in thousands except share amounts):


	Three Months Ended June 30, 2025
	Shares		Amount
CLASS S
Subscriptions	393,583		$	9,662
Share transfers between classes	—		—
Distributions reinvested	8,652		212
Share repurchases, net of early repurchase deduction	(1,257)		(31)
Net increase (decrease)	$	400,978	$	9,843
CLASS D
Subscriptions	124,957		$	3,077
Share transfers between classes	(123)		(3)
Distributions reinvested	13,453		332
Share repurchases, net of early repurchase deduction	(4,634)		(113)
Net increase (decrease)	$	133,653	$	3,293
CLASS I
Subscriptions	6,603,294		$	162,612
Share transfers between classes	122		3
Distributions reinvested	413,951		10,203
Share repurchases, net of early repurchase deduction	(209,244)		(5,131)
Net increase (decrease)	$	6,808,123	$	167,687

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

The following table presents transactions in Common Shares for the six months ended June 30, 2025 (amounts in thousands except share amounts):


	Six months ended June 30, 2025
	Shares	Amount
CLASS S
Subscriptions	583,230	$	14,347
Share transfers between classes	(4,050)	(100)
Distributions reinvested	14,191	349
Share repurchases, net of early repurchase deduction	(1,257)	(31)
Net increase (decrease)	592,114	$	14,565
CLASS D
Subscriptions	170,879	$	4,214
Share transfers between classes	(5,807)	(144)
Distributions reinvested	26,027	643
Share repurchases, net of early repurchase deduction	(10,101)	(248)
Net increase (decrease)	180,998	$	4,465
CLASS I
Subscriptions	9,856,478	$	243,224
Share transfers between classes	9,844	244
Distributions reinvested	777,333	19,203
Share repurchases, net of early repurchase deduction	(451,368)	(11,096)
Net increase (decrease)	10,192,287	$	251,575

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

The Fund determines NAV for each class of Common Shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV).

The following tables present each month-end net offering price for Class S, Class D, and Class I Common Shares, which equals their respective NAV per share, for the six months ended June 30, 2026 and 2025.


	Net Offering Price Per Share
For The Months Ended	Class S	Class D	Class I
January 31, 2026	$24.21	$24.28	$24.28
February 28, 2026	$24.09	$24.16	$24.16
March 31, 2026	$23.94	$24.02	$24.02
April 30, 2026	$23.91	$24.00	$24.00
May 31, 2026	$23.81	$23.88	$23.88
June 30, 2026	$23.79	$23.86	$23.86


	Net Offering Price Per Share
For the Months Ended	Class S	Class D	Class I
January 31, 2025	$24.75	$24.80	$24.81
February 28, 2025	$24.64	$24.69	$24.70
March 31, 2025	$24.58	$24.63	$24.64
April 30, 2025	$24.54	$24.59	$24.60
May 31, 2025	$24.58	$24.63	$24.63
June 30, 2025	$24.47	$24.54	$24.54

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

Distributions

The following tables summarize the Fund’s distributions recorded during the for the six months ended June 30, 2026 (amounts in thousands except per share amounts):

Class S

Declaration Date

Record Date

Payment Date

Distribution per Share (1)

Distribution Amount

January 29, 2026

January 31, 2026

February 27, 2026

$0.153

$279

February 25, 2026

February 28, 2026

March 27, 2026

$0.153

$288

March 27, 2026

March 31, 2026

April 28, 2026

$0.153

$291

April 29, 2026

April 30, 2026

May 28, 2026

$0.153

$294

May 29, 2026

May 31, 2026

June 29, 2026

$0.153

$296

June 28, 2026

June 30, 2026

July 28, 2026

$0.153

$298

Total

$0.918

$1,746

Class D

Declaration Date

Record Date

Payment Date

Distribution per Share (1)

Distribution Amount

January 29, 2026

January 31, 2026

February 27, 2026

$0.165

$217

February 25, 2026

February 28, 2026

March 27, 2026

$0.165

$219

March 27, 2026

March 31, 2026

April 28, 2026

$0.165

$220

April 29, 2026

April 30, 2026

May 28, 2026

$0.165

$224

May 29, 2026

May 31, 2026

June 29, 2026

$0.165

$225

June 28, 2026

June 30, 2026

July 28, 2026

$0.165

$227

Total

$0.990

$1,332

Class I

Declaration Date

Record Date

Payment Date

Distribution per Share

Distribution Amount

January 29, 2026

January 31, 2026

February 27, 2026

$0.170

$9,493

February 25, 2026

February 28, 2026

March 27, 2026

$0.170

$9,702

March 27, 2026

March 31, 2026

April 28, 2026

$0.170

$9,994

April 29, 2026

April 30, 2026

May 28, 2026

$0.170

$10,017

May 29, 2026

May 31, 2026

June 29, 2026

$0.170

$10,109

June 28, 2026

June 30, 2026

July 28, 2026

$0.170

$10,186

Total

$1.020

$59,501

_______________

(1)Distributions are net of distribution and servicing fees.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

The following tables summarize the Fund’s distributions recorded during the six months ended June 30, 2025 (amounts in thousands except per share amounts):

Class S

Declaration Date

Record Date

Payment Date

Distribution per Share (1)

Distribution Amount

January 29, 2025

January 31, 2025

February 28, 2025

$0.183

$156

February 27, 2025

February 28, 2025

March 28, 2025

$0.183

$162

March 28, 2025

March 31, 2025

April 29, 2025

$0.183

$172

April 26, 2025

April 30, 2025

May 29, 2025

$0.183

$183

May 27, 2025

May 31, 2025

June 27, 2025

$0.183

$229

June 27, 2025

June 30, 2025

July 29, 2025

$0.183

$246

$1.098

$1,148

Class D

Declaration Date

Record Date

Payment Date

Distribution per Share (1)

Distribution Amount

January 29, 2025

January 31, 2025

February 28, 2025

$0.195

$162

February 27, 2025

February 28, 2025

March 28, 2025

$0.195

$165

March 28, 2025

March 31, 2025

April 29, 2025

$0.195

$170

April 26, 2025

April 30, 2025

May 29, 2025

$0.195

$173

May 27, 2025

May 31, 2025

June 27, 2025

$0.195

$177

June 27, 2025

June 30, 2025

July 29, 2025

$0.195

$195

$1.170

$1,042

Class I

Declaration Date

Record Date

Payment Date

Distribution per Share

Distribution Amount

January 29, 2025

January 31, 2025

February 28, 2025

$0.200

$6,741

February 27, 2025

February 28, 2025

March 28, 2025

$0.200

$6,901

March 28, 2025

March 31, 2025

April 29, 2025

$0.200

$7,076

April 26, 2025

April 30, 2025

May 29, 2025

$0.200

$7,622

May 27, 2025

May 31, 2025

June 27, 2025

$0.200

$8,019

June 27, 2025

June 30, 2025

July 29, 2025

$0.200

$8,430

$1.200

$44,789

_______________

(1)Distributions are net of distribution and servicing fees.

Distribution Reinvestment Plan

The Fund has adopted a distribution reinvestment plan, pursuant to which it will reinvest all cash distributions declared by the Board on behalf of its shareholders who do not elect to receive their distributions in cash, except for shareholders in certain states. As a result, if the Board authorizes, and the Fund declares, a cash dividend or other distribution, then shareholders who have not opted out of the Fund’s distribution reinvestment plan will have their cash distributions automatically reinvested in additional Common Shares, rather than receiving the cash dividend or other distribution. Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Tennessee, Vermont and Washington investors and clients of certain participating brokers that do not permit automatic enrollment in the distribution reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Common Shares. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

Character of Distributions

The Fund may fund its cash distributions to shareholders from any source of funds available to the Fund, including, but not limited to, offering proceeds, net investment income from operations, capital gain proceeds from the sale of assets, borrowings, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies, and expense support from an affiliate of the Adviser, which is subject to recoupment.

As of June 30, 2026, a portion of the Fund’s distributions resulted from expense support from an affiliate of the Adviser, and future distributions may result from expense support from an affiliate of the Adviser, each of which is subject to repayment by the Fund within three years from the date of payment. The purpose of this arrangement is to avoid distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Fund’s investment performance and can only be sustained if the Fund achieves positive investment performance in future periods and/or an affiliate of the Adviser continues to provide expense support. Shareholders should also understand that the Fund’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Fund will achieve the performance necessary to sustain these distributions or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions.

The following table reflects the source of cash distributions on a U.S. GAAP basis that the Fund has declared on its Common Shares for the six months ended June 30, 2026 (amounts in thousands except share and per share amounts):


	Class S		Class D		Class I
Sources of Distribution	Per Share	Amount	Per Share	Amount	Per Share	Amount
Net investment income	$0.918	$1,746	$0.990	$1,332	$1.020	$59,501
Net realized gains	$—	$—	$—	$—	$—	$—
Total	$0.918	$1,746	$0.990	$1,332	$1.020	$59,501

The following table reflects the source of cash distributions on a U.S. GAAP basis that the Fund has declared on its Common Shares for the six months ended June 30, 2025 (amounts in thousands except share and per share amounts):


	Class S		Class D		Class I
Sources of Distribution	Per Share	Amount	Per Share	Amount	Per Share	Amount
Net investment income	$1.098	$1,148	$1.170	$1,042	$1.200	$44,789
Net realized gains	$—	$—	$—	$—	$—	$—
Total	$1.098	$1,148	$1.170	$1,042	$1.200	$44,789

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

Share Repurchase Program

Beginning with the fiscal quarter ended September 30, 2023, the Fund commenced a share repurchase program in which it intends to repurchase in each quarter, at the discretion of the Board, up to 5% of its Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The Board, in its sole discretion, may amend or suspend the share repurchase program if it deems such action to be in the best interest of the Fund’s shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Fund’s liquidity, adversely affect the Fund’s operations or risk having an adverse impact on the Fund that would outweigh the benefit of the repurchase offer. Following any such suspension, the Board will consider on at least a quarterly basis whether the continued suspension of the share repurchase program is in the best interest of the Fund and shareholders and will reinstate the share repurchase program when and if appropriate and subject to its fiduciary duty to the Fund and shareholders. However, the Board is not required to authorize the recommencement of the share repurchase program within any specified period of time. The Fund intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All Common Shares purchased by the Fund pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued Common Shares.

Under the share repurchase program, to the extent the Fund offers to repurchase Common Shares in any particular quarter, the Fund expects to repurchase Common Shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that Common Shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders. The repurchase of the Adviser’s shares, if any, will be on the same terms and subject to the same limitations as other shareholders under the share repurchase program.

Payment for repurchased Common Shares may require the Fund to liquidate portfolio holdings earlier than the Adviser would otherwise have caused these holdings to be liquidated, potentially resulting in losses, and may increase the Fund’s investment-related expenses as a result of higher portfolio turnover rates. The Adviser intends to take measures, subject to policies as may be established by the Board, to attempt to avoid or minimize potential losses and expenses resulting from the repurchase of shares. Class I shares owned by TIAA will be subject to the following restrictions: TIAA may submit its Class I shares for repurchase beginning on March 31, 2027. Beginning March 31, 2027, the total amount of TIAA shares eligible for repurchase will be limited to no more than 1.67% of the Fund’s aggregate NAV per calendar quarter; provided that, if in any quarter the total amount of aggregate repurchase requests of all classes of Common Shares does not exceed the share repurchase program limit of 5% of the aggregate NAV per calendar quarter, these redemption limits on the TIAA shares will not apply for that quarter, and TIAA will be entitled to submit its shares for repurchase up to the overall share repurchase program limits. Notwithstanding the foregoing, TIAA may sell a portion of its Class I shares to unaffiliated investors in reliance upon an exemption from registration under the Securities Act.

The following table presents the share repurchases completed for the six months ended June 30, 2026 and 2025 (amounts in thousands except share amounts):


Offer Date	Class	Tender Offer Expiration	Repurchase Price per share		Repurchased Amount (1)		Shares Repurchased (2)
February 28, 2026	Class I	March 27, 2026	$	24.02	$	41,392	1,733,371
February 28, 2026	Class D	March 27, 2026	$	24.02	$	119	4,949
February 28, 2026	Class S	March 27, 2026	$	23.94	$	330	13,771
May 29, 2026	Class I	June 29, 2026	$	23.86	$	28,936	1,213,003
May 29, 2026	Class D	June 29, 2026	$	23.86	$	641	26,901
May 29, 2026	Class S	June 29, 2026	$	23.79	$	3,819	160,518

_______________

(1)Amount shown is net of Early Repurchase Deduction.

(2)All repurchase requests were satisfied in full.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)


Offer Date	Class	Tender Offer Expiration	Repurchase Price per share		Repurchased Amount (1)		Shares Repurchased (2)
February 28, 2025	Class I	March 28, 2025	$	24.64	$	5,965	242,124
February 28, 2025	Class D	March 28, 2025	$	24.63	$	135	5,467
May 30, 2025	Class I	June 30, 2025	$	24.54	$	5,131	209,244
May 30, 2025	Class D	June 30, 2025	$	24.54	$	113	4,634
May 30, 2025	Class S	June 30, 2025	$	24.47	$	31	1,257

_______________

(1)Amount shown is net of Early Repurchase Deduction.

(2)All repurchase requests were satisfied in full.

9. BDC V ACQUISITION

On May 1, 2026, the Fund completed its acquisition of substantially all of the assets of BDC V, an affiliated BDC externally managed by Churchill. The BDC V Acquisition was completed pursuant to a Purchase and Sale Agreement, dated April 1, 2026 (the “Purchase Agreement”), by and between BDC V, as seller, and the Fund, as buyer.

Pursuant to the Purchase Agreement, the aggregate purchase price of $346,954 was equal to the net asset value of BDC V as of April 29, 2026 (the “Purchase Price”). Upon closing, BDC V sold, transferred, assigned and conveyed to the Fund substantially all of its assets, and the Fund assumed all of BDC V’s liabilities, including indebtedness outstanding under BDC V’s Scotiabank Credit Facility II (defined in Note 6). The Fund borrowed $337,310 under its Bank of America Credit Facility and Scotiabank Credit Facility I to fund the Purchase Price.

The BDC V Acquisition was accounted for as an asset acquisition in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations - Related Issues (“ASC 805”). Generally, under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair value as of the closing date of net identifiable assets acquired other than “non-qualifying” assets (for example cash) and does not give rise to goodwill.

The following table summarizes the assets and liabilities of BDC V acquired and assumed by the Fund in connection with the BDC V Acquisition:


	April 29, 2026

Assets acquired
Non-controlled/non-affiliated investments, at fair value	$	840,972
Cash and cash equivalents	11,638
Other assets	9,149
Total assets acquired	$	861,759

Liabilities assumed
Secured borrowings (net of $951 deferred financing costs)	$	510,049
Other liabilities	4,756
Total liabilities assumed	$	514,805

Net Assets acquired	$	346,954

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

10. CONSOLIDATED FINANCIAL HIGHLIGHTS

The following is a schedule of consolidated financial highlights for the six months ended June 30, 2026:


	Six months ended June 30, 2026
	Class S			Class D			Class I
Per share data:
Net asset value, beginning of period	$	24.25		$	24.32		$	24.32
Net investment income (1)	0.91			0.99			1.02
Net realized gains (losses) (1)	(0.03)			(0.03)			(0.03)
Net change in unrealized appreciation (depreciation) (1)	(0.43)			(0.43)			(0.43)
Net increase (decrease) in net assets resulting from operations	0.45			0.53			0.56
Shareholder distributions (2)	(0.92)			(0.99)			(1.02)
Early repurchase deduction fees (8)	—			—			—
Other (3)	0.01			—			—
Net asset value, end of period	$	23.79		$	23.86		$	23.86

Supplemental Data:
Net assets, end of period	$	42,436		$	32,202		$	1,401,030
Shares outstanding, end of period	1,783,958			1,349,140			58,705,303
Total return (4)	1.92		%	2.22		%	2.35		%

Ratio to average net assets:
Ratio of net expenses to average net assets before expense support and waived fees (5)(6)	9.04		%	8.16		%	8.03		%
Ratio of net expenses to average net assets after expense support and waived fees (5)(6)	8.78		%	7.91		%	7.78		%
Ratio of net investment income to average net assets (5)	7.87		%	8.32		%	8.61		%
Portfolio turnover rate (7)	5.55		%	5.55		%	5.55		%
Asset coverage ratio (9)	181.71		%	181.71		%	181.71		%

_______________

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The per share data for distributions reflects the actual amount of distributions recorded during the period.

(3)Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end.

(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Fund’s distribution reinvestment plan), divided by the beginning NAV per share. Total return does not include upfront transaction fees, if any. Total return is not annualized for any period shorter than one year.

(5)Average net assets is calculated utilizing quarterly net assets. Ratio of net investment income to average net assets includes the effect of expense support and the waiver of 50% of the income based incentive fees for the period from February 1, 2026 through April 30, 2026. Ratios are annualized for periods less than one year. Income-based incentive fees waiver is accounted for through the expiration date of the waiver and is not annualized.

(6)The ratio of interest and debt financing expenses to average net assets for the six months ended June 30, 2026 was 5.09%, 4.96% and 5.01% for Class S, Class D, and Class I shares, respectively, and is annualized for periods less than one year.

(7)Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported.

(8)The per share amount rounds to less than $0.01 per share in connection with Class S, Class D and Class I repurchased shares during the period.

(9)Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) debt outstanding at the end of the period divided by (ii) total debt outstanding at the end of the period.

100

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

The following is a schedule of consolidated financial highlights for the six months ended June 30, 2025:


	Six months ended June 30, 2025
	Class S			Class D			Class I
Per share data:
Net asset value, beginning of period	$	24.74		$	24.79		$	24.80
Net investment income (1)	1.20			1.30			1.32
Net realized gains (losses) (1)	(0.09)			(0.08)			(0.08)
Net change in unrealized appreciation (depreciation) (1)	(0.27)			(0.31)			(0.30)
Net increase (decrease) in net assets resulting from operations	0.84			0.91			0.94
Shareholder distributions (2)	(1.10)			(1.17)			(1.20)

Other (3)	(0.01)			0.01			—
Net asset value, end of period	$	24.47		$	24.54		$	24.54

Supplemental Data:
Net assets, end of period	$	32,834		$	24,424		$	1,029,260
Shares outstanding, end of period	1,341,605			995,349			41,942,430
Total return (4)	1.92		%	2.22		%	2.35		%

Ratio to average net assets:
Ratio of net expenses to average net assets before expense support and waived fees (5)(6)	10.47		%	9.49		%	9.57		%
Ratio of net expenses to average net assets after expense support and waived fees (5)(6)	9.56		%	8.59		%	8.63		%
Ratio of net investment income to average net assets (5)	9.34		%	9.77		%	10.23		%
Portfolio turnover rate (7)	8.92		%	8.92		%	8.92		%
Asset coverage ratio (8)	221.45		%	221.45		%	221.45		%

_______________

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The per share data for distributions reflects the actual amount of distributions declared during the period.

(5)Average net assets is calculated utilizing quarterly net assets. Ratio of net investment income to average net assets includes the effect of expense support and the waiver of 50% of the management fee and 100% of the income-based incentive fees. Ratios are annualized for periods less than one year. Management fee and income-based incentive fees waivers are annualized through the expiration date of the waivers.

(6)The ratio of interest and debt financing expenses to average net assets for the six months ended June 30, 2025 was 6.45%, 6.24% and 6.41% for Class S, Class D, and Class I shares, respectively, and is annualized for period (s) less than one year.

(7)Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported.

(8)Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) debt outstanding at the end of the period divided by (ii) total debt outstanding at the end of the period.

11. SUBSEQUENT EVENTS

The Fund’s management evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the consolidated financial statements as of June 30, 2026, except as discussed below.

101

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(amounts in thousands, except share and per share data)

Distributions

On July 29, 2026, the Fund declared regular distributions for each class of its Common Shares in the amounts per share set forth below, net of distribution and servicing fees, where applicable. The distributions for each class of Common Shares are payable on or about August 28, 2026 to shareholders of record as of July 31, 2026.


						Net Distribution
Class I Common Shares						$0.170
Class S Common Shares						$0.153
Class D Common Shares						$0.165

Subscriptions

Subsequent to the fiscal quarter ended June 30, 2026, the Fund received approximately $34.0 million in net proceeds, inclusive of distributions reinvested through the Fund’s distribution reinvestment plan, relating to the issuance of Class I shares, Class S shares, and Class D shares as of August 11, 2026. As of August 11, 2026, the Fund has raised total gross proceeds of $1.7 billion in the continuous offering of its Common Shares.

BDC V SPV I Name Change

On July 17, 2026, BDC V SPV I changed its name to NCPCIF SPV VI, LLC (“SPV VI”).

Scotiabank Credit Facility I upsize

On August 6, 2026, the Fund, SPV III and BSL SPV I entered into the third amendment to the Scotiabank Credit Facility I Agreement (the “Scotiabank Credit Facility I Amendment”). The Scotiabank Credit Facility I Amendment, among other things, (1) increases the total revolving commitment from $450,000 to $550,000, (ii) reduces the applicable margin from 2.03% per annum to 1.93% per annum, (iii) extends the reinvestment period end date from May 22, 2027 to August 6, 2028, and (iv) extends the maturity date from May 22, 2034 to August 6, 2035.

Addition of Norinchukin Bank Credit Facility and Termination of Scotiabank Credit Facility II Agreement

On August 6, 2026, the Fund entered into a credit agreement (“Norinchukin Bank Credit Agreement”) with SPV VI, as borrower (the “Borrower”), the Fund, as servicer, the lenders from time to time parties thereto, the Bank of Nova Scotia, as syndication agent, U.S. Bank Trust Company, National Association, as loan agent, collateral agent and collateral administrator, and U.S. Bank National Association, as custodian, that (i) provides for Class A-T Loans in an aggregate principal amount of $247,500 and Class B Loans in an aggregate principal amount of $45,000, in each case subject to availability governed by an overcollateralization test, and (ii) has a reinvestment period ending on July 25, 2030 and a final maturity date on July 25, 2038. In connection therewith, the Fund will transfer to SPV VI certain originated or acquired loans and related assets from time to time pursuant to a loan sale and contribution agreement.

The interest rate charged on the loans under the Norinchukin Bank Credit Agreement is based on Term SOFR plus an applicable margin of 1.58% per annum for Class A-T Loans, and 1.93% per annum for Class B Loans. The obligations of the Borrower under the Norinchukin Bank Credit Agreement are secured by substantially all assets held by the Borrower.

The Fund used the proceeds from the Norinchukin Bank Credit Agreement to pay down and terminate the Scotiabank Credit Facility II Agreement.

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ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q. The information in this section contains forward-looking statements, which relate to future events or the future performance or financial condition of Nuveen Churchill Private Capital Income Fund, including its wholly owned subsidiaries (collectively, "we", "us", "our", or the "Fund") and involves numerous risks and uncertainties, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 and Part II, Item 1A of and elsewhere in this Quarterly Report on Form 10-Q. This discussion should be read in conjunction with the “Forward-Looking Statements” in this Quarterly Report on Form 10-Q. Actual results could differ materially from those implied or expressed in any forward-looking statements.

Overview

We were formed as a Delaware statutory trust on February 8, 2022. We are an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). We have elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

Our investment objective is to generate attractive risk-adjusted returns primarily through current income and, secondarily, long-term capital appreciation, by investing in a diversified portfolio of private debt and equity investments in U.S. middle market companies owned by leading private equity firms, which we define as companies with $10 million to $250 million of annual earnings before interest, taxes, depreciation and amortization (“EBITDA”). We primarily focus on investing in U.S. middle market companies with $10 million to $100 million of EBITDA, which we consider the core middle market.

We primarily invest in first-lien senior secured debt (collectively “Senior Loan Investments”), as well as junior debt investments, such as second-lien loans, unsecured debt, and subordinated debt (including fixed- and floating-rate instruments and instruments with payment-in-kind income) (“Junior Capital Investments”). Senior Loan Investments and Junior Capital Investments may be originated alongside smaller related common equity positions to the same portfolio companies. Our portfolio also will include larger, stand-alone direct equity co-investments in private-equity backed companies that may be originated alongside or separately from Senior Loan Investments and/or Junior Capital Investments to the applicable portfolio company (“Equity Co-Investments”). We target an investment portfolio consisting, directly or indirectly, of 75% to 90% in Senior Loan Investments, 5% to 25% in Junior Capital Investments and up to 10% in Equity Co-Investments. To support our share repurchase program, we also will generally invest 5% to 10% of our assets in cash and cash equivalents, liquid fixed-income securities (including broadly syndicated loans) and other liquid credit instruments (“Liquid Investments”). While we seek to achieve the targets described above, the composition of the Fund’s investment portfolio may vary from time to time due to various factors, such as market conditions and the availability of attractive investment opportunities. For example, it is possible that the Fund will, from time to time, maintain a portfolio exclusively comprised of Senior Loan Investments, Junior Capital Investments or other fixed-income instruments.

Churchill PCIF Advisor LLC (the “Adviser”), a wholly owned subsidiary of Churchill Asset Management LLC (“Churchill”), serves as our investment adviser. Pursuant to the advisory agreement between us and the Adviser (the “Advisory Agreement”), the Adviser is responsible for the overall management of our activities and has delegated substantially all of its daily portfolio management obligations to Churchill pursuant to a sub-advisory agreement by and between the Adviser and Churchill (the “CAM Sub-Advisory Agreement”). The Adviser and Churchill also have engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” and together with the Adviser and Churchill, the “Advisers”), acting through its leveraged finance division, to manage certain of our Liquid Investments, subject to the pace and amount of investment activity in the middle market investment program, pursuant to a sub-advisory agreement by and among the Adviser, Churchill and Nuveen Asset Management (the “NAM Sub-Advisory Agreement”). Each of the Adviser, Churchill and Nuveen Asset Management is an indirect subsidiary of Nuveen, LLC (“Nuveen”), the investment management division of Teachers Insurance and Annuity Association of America (“TIAA”).

Churchill NCPCIF CLO-I LLC (“CLO-I” and f/k/a “SPV I”), Churchill NCPCIF CLO-II LLC (“CLO-II”), NCPIF Equity Holdings LLC (“Equity Holdings”), NCPCIF SPV II, LLC (“SPV II”), NCPCIF SPV III, LLC (“SPV III”), NCPCIF BSL SPV I, LLC (“BSL SPV I”), and NCPCIF SPV V, LLC (“SPV V”) are wholly owned subsidiaries of the Fund and are consolidated in these consolidated financial statements commencing from the date of their respective formation.

On March 31, 2022, prior to our election to be regulated as a BDC under the 1940 Act, TIAA contributed certain portfolio investments to the Fund and SPV I and, in connection therewith, the Fund entered into a promissory note with TIAA and issued Class I shares to TIAA.

On December 11, 2024, we completed the acquisition of substantially all of the assets of Nuveen Churchill Private Credit Fund (“NCPCF” and the acquisition of NCPCF, the “NCPCF Acquisition”) pursuant to a Purchase and Sale Agreement, dated

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October 23, 2024 (the “NCPCF Purchase Agreement”), between the Fund and NCPCF. Prior to NCPCF’s dissolution, the Fund and NCPCF were affiliated BDCs, and NCPCF was externally managed by Churchill. Pursuant to the NCPCF Purchase Agreement, at the Effective Time (as defined in the NCPCF Purchase Agreement), we delivered to NCPCF an aggregate purchase price of $221.0 million, equal to the net asset value of NCPCF as of December 9, 2024, at which time NCPCF sold, transferred, assigned and conveyed to us substantially all of its assets, and we assumed all of NCPCF’s liabilities, including $281.5 million of indebtedness outstanding under the Scotiabank Credit Facility I (as defined below).

Effective May 1, 2026, we completed the acquisition of substantially all assets of Nuveen Churchill BDC V ("BDC V" and the acquisition of BDC V, the “BDC V Acquisition”) through the Purchase and Sale Agreement, dated April 1, 2026 (the "BDC V Purchase Agreement"), between the Fund and BDC V. BDC V was an affiliated BDC externally managed by Churchill. Under the terms of the BDC V Purchase Agreement, at the Effective Time (as defined therein), we paid total consideration of $347.0 million to BDC V, representing BDC V's net asset value as of April 29, 2026, at which time BDC V sold, transferred, assigned and conveyed to us substantially all of its assets, and we assumed all of BDC V’s liabilities, including $511.0 million of indebtedness outstanding under the Scotiabank Credit Facility II (as defined below).

Under the Advisory Agreement, we pay the Adviser a base management fee as well as an incentive fee based on our investment performance. Under the administration agreement (the “Administration Agreement”) with Churchill BDC Administration LLC as our administrator (the “Administrator”), we have agreed to reimburse the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including, but not limited to, our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer and Chief Compliance Officer and their respective staffs. The Adviser, Churchill, Nuveen Asset Management and the Administrator are all affiliates and subsidiaries of Nuveen, the investment management division of TIAA.

Key Components of Our Results of Operations

Investments

Our level of investment activity varies substantially from period to period depending on many factors, including the amount we have available to invest, the amount of debt and equity capital available to middle market companies, the level of merger and acquisition and refinancing activity in the middle market, prevailing interest rates and capital market conditions, the general economic environment, and the competitive environment for the types of investments we make.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements.

As a BDC, we are required to comply with certain regulatory requirements. For instance, we are generally required to invest at least 70% of our total assets in “qualifying assets,” including securities of private or thinly traded public U.S. companies, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less.

As a BDC, we must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Under the 1940 Act, the term “eligible portfolio company” includes all private companies, companies whose securities are not listed on a national securities exchange, and certain public companies that have listed their securities on a national securities exchange and have a market capitalization of less than $250.0 million. In addition, we must be organized in the United States to qualify as a BDC.

Revenues

We generate revenue primarily in the form of interest income on our Senior Loan Investments, our Junior Capital Investments and our Liquid Investments, and capital gains and dividend income from our Equity Co-Investments in our portfolio companies. Our Senior Loan Investments typically bear interest at a floating rate usually determined on the basis of a benchmark, such as the Secured Overnight Financing Rate (“SOFR”). Our Junior Capital Investments generally include cash paying subordinated debt (including fixed-rate subordinated loans, which may have a portion of PIK income, and floating-rate second-lien term loans), subordinated PIK notes (with no current cash payments) and/or equity securities (with no current cash payments). Our Liquid Investments include a portfolio of cash and cash equivalents, liquid fixed-income securities (including broadly syndicated loans) and other liquid credit instruments. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. Original issue discounts and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income.

Expenses

The Advisers and their respective affiliates are responsible for the compensation and routine overhead expenses allocable to personnel providing investment advisory and management services to us. We bear all other out-of-pocket costs and expenses of its

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operations and transactions, including those costs and expenses incidental to the provision of investment advisory and management services to the Fund (such as items (iii) and (iv) listed below). We will not reimburse the Administrator or the Adviser for any rent or depreciation, utilities, capital equipment, expenses or other administrative items incurred by the Sponsor (as defined in the Omnibus Guidelines, as defined below), or salaries, fringe benefits, travel expenses and other administrative items incurred by or allocated to any Controlling Person of the Sponsor (as defined in the Omnibus Guidelines).

(i)organization of the Fund;

(ii)calculating NAV (including the cost and expenses of any independent third-party valuation firm);

(iii)expenses, including travel, entertainment, lodging and meal expenses, incurred by the Adviser, Churchill, Nuveen Asset Management, or members of its investment teams, or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including such expenses related to potential investments that were not consummated, and, if necessary, enforcing the Fund’s rights;

(iv)fees and expenses incurred by the Adviser (and its affiliates), Churchill (and its affiliates), Nuveen Asset Management (and its affiliates), or the Administrator (or its affiliates) payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for the Fund and in conducting research and due diligence on prospective investments and equity sponsors, analyzing investment opportunities, structuring the Fund’s investments and monitoring investments and portfolio companies on an ongoing basis;

(v)any and all fees, costs and expenses incurred in connection with the incurrence of leverage and indebtedness of the Fund, including borrowings, dollar rolls, reverse purchase agreements, credit facilities, securitizations, margin financing and derivatives and swaps, and including any principal or interest on the Fund’s borrowings and indebtedness (including, without limitation, any fees, costs, and expenses incurred in obtaining lines of credit, loan commitments, and letters of credit for the account of the Fund and in making, carrying, funding and/or otherwise resolving investment guarantees);

(vi)offerings, sales, and repurchases of the Common Shares and other securities;

(vii)fees and expenses payable under the Intermediary Manager Agreement and selected dealer agreements, if any;

(viii)investment advisory fees payable under Section 7 of the Advisory Agreement;

(ix)administration fees and expenses, if any, payable under the Administration Agreement (including payments under the Administration Agreement between us and the Administrator, based upon our allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including the allocable portion of the cost of the Fund’s chief financial officer and chief compliance officer, and their respective staffs);

(x)costs incurred in connection with investor relations and Board relations;

(xi)any applicable administrative agent fees or loan arranging fees incurred with respect to portfolio investments by the Adviser, Churchill (and its affiliates) Nuveen Asset Management (and its affiliates), the Administrator or an affiliate thereof;

(xii)any and all fees, costs and expenses incurred in implementing or maintaining third-party or proprietary software tools, programs or other technology for the benefit of the Fund (including, without limitation, any and all fees, costs and expenses of any investment, books and records, portfolio compliance and reporting systems, general ledger or portfolio accounting systems and similar systems and services, including, without limitation, consultant, software licensing, data management and recovery services fees and expenses);

(xiii)transfer agent, dividend agent and custodial fees and expenses;

(xiv)federal and state registration fees;

(xv)all costs of registration and listing the Common Shares on any securities exchange;

(xvi)federal, state and local taxes;

(xvii)independent trustees’ fees and expenses, including reasonable travel, entertainment, lodging and meal expenses, and any legal counsel or other advisors retained by, or at the discretion or for the benefit of, the independent trustees;

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(xviii)costs of preparing and filing reports or other documents required by the SEC, FINRA, U.S. Commodity Futures Trading Commission, or other regulators, and all fees, costs and expenses related to compliance-related matters (such as developing and implementing specific policies and procedures in order to comply with certain regulatory requirements) and regulatory filings related to the Fund’s activities and/or other regulatory filings, notices or disclosures of the Adviser, Churchill, Nuveen Asset Management, and their respective affiliates relating to the Fund and its activities;

(xix)costs of any reports, proxy statements or other notices to shareholders, including printing costs;

(xx)fidelity bond, trustees’ and officers’/errors and omissions liability insurance, and any other insurance premiums;

(xxi)direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors, tax preparers and outside legal costs;

(xxii)proxy voting expenses;

(xxiii)all expenses relating to payments of dividends or interest or distributions in cash or any other form made or caused to be made by the Board to or on account of holders of the securities of the Fund, including in connection with the distribution reinvestment plan or the share repurchase program;

(xxiv)costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Fund’s assets for tax or other purposes;

(xxv)the allocated costs incurred by the Adviser, Churchill, Nuveen Asset Management, and/or the Administrator in providing managerial assistance to those portfolio companies that request it;

(xxvi)allocable fees and expenses associated with marketing efforts on behalf of the Fund;

(xxvii)all fees, costs and expenses of any litigation involving the Fund or its portfolio companies and the amount of any judgments or settlements paid in connection therewith, Trustee and officers’, liability or other insurance (including costs of title insurance) and indemnification (including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating to Fund’s affairs;

(xxviii)fees, costs and expenses of winding up and liquidating the Fund’s assets; and

(xxix)all other expenses incurred by the Fund, the Adviser, Churchill, Nuveen Asset Management, or the Administrator in connection with administering the Fund’s business.

With respect to (i) above, Nuveen Alternative Holdings LLC (“Nuveen Alternative Holdings”), an affiliate of Nuveen Asset Management, agreed to advance (or cause one or more of its affiliates to advance) all of our organization and offering expenses on our behalf through the Escrow Break Date. Unless Nuveen Alternative Holdings elects to cover such expenses pursuant to the expense support and conditional reimbursement agreement with Churchill (the “Expense Support Agreement”), we may be obligated to reimburse Nuveen Alternative Holdings under the terms of the Expense Support Agreement for such advanced expenses. Any reimbursements will not exceed actual expenses incurred by Nuveen Alternative Holdings.

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. We will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders.

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Portfolio and Investment Activity

Portfolio Composition

Our portfolio and investment activity for the three and six months ended June 30, 2026 and 2025 is presented below (amounts in thousands):


	Three Months Ended June 30,
	2026			2025
Net funded investment activity
New gross commitments at par (1) (2)	$	64,615		$	134,466
Net investments funded (2)	103,373			135,676
Investments sold or repaid	(97,456)			(95,317)
Net funded investment activity	$	5,917		$	40,359

Gross commitments at par (1) (2)
First-lien debt	$	57,814		$	128,501
Subordinated debt	1,196			1,989
Equity investments	5,605			3,976
Total gross commitments	$	64,615		$	134,466

Portfolio company activity
Portfolio companies, beginning of period	337			288
Number of new portfolio companies	41			13
Number of exited portfolio companies	(11)			(12)
Portfolio companies, end of period	367			289
Count of investments	714			527
Count of industries	30			30

New Investment Activity
Weighted average annual interest rate on new debt investments at par	8.24		%	9.04		%
Weighted average annual interest rate on new floating rate debt investments at par	8.16		%	9.00		%
Weighted average spread on new floating rate debt investments at par	4.43		%	4.70		%
Weighted average annual coupon on new fixed rate debt investments at par	12.16		%	12.00		%
Weighted average annual interest rate on exited or repaid investments at par	8.66		%	8.94		%

________

(1) Gross commitments at par includes unfunded investment commitments.

(2) Gross commitments at par and investments funded for the three months ended June 30, 2026 excludes gross commitments and funded investments of $878,398 and $840,972, respectively, acquired in connection with the BDC V Acquisition. For additional information, see Note 9 to the consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.

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	Six Months Ended June 30,
	2026			2025
Net funded investment activity
New gross commitments at par (1) (2)	$	427,082		$	341,824
Net investments funded (2)	424,982			351,798
Investments sold or repaid	(144,907)			(159,720)
Net funded investment activity	$	280,075		$	192,078

Gross commitments at par (1) (2)
First-lien debt	$	405,940		$	328,864
Subordinated debt	3,722			7,920
Equity investments	17,420			5,040
Total gross commitments	$	427,082		$	341,824

Portfolio company activity
Portfolio companies, beginning of period	319			275
Number of new portfolio companies	69			30
Number of exited portfolio companies	(21)			(16)
Portfolio companies, end of period	367			289
Count of investments	714			527
Count of industries	30			30

New Investment Activity
Weighted average annual interest rate on new debt investments at par	8.18		%	8.90		%
Weighted average annual interest rate on new floating rate debt investments at par	8.15		%	8.80		%
Weighted average spread on new floating rate debt investments at par	4.46		%	4.51		%
Weighted average annual coupon on new fixed rate debt investments at par	12.05		%	12.98		%
Weighted average annual interest rate on exited or repaid investments at par	8.26		%	9.10		%

________

(1) Gross commitments at par includes unfunded investment commitments.

(2) Gross commitments at par and investments funded for the six months ended June 30, 2026 excludes gross commitments and funded investments of $878,398 and $840,972, respectively, acquired in connection with the BDC V Acquisition. For additional information, see Note 9 to the consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.

As of June 30, 2026, our debt investment portfolio reflected the following characteristics, based on fair value:

•Weighted average reported annual EBITDA of $79.9 million;(1)

•Weighted average of 2.9x interest coverage ratio for our first-lien loans;(2)

•Weighted average of 4.8x net leverage;(3)

•Weighted average loan-to-value of 41.6%;(4) and

•Approximately 79.5% of our debt investments have financial maintenance covenants.(5)

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(1) These calculations include all private debt investments for which fair value is determined by our Adviser in its capacity as the valuation designee (the “Valuation Designee”) of the Fund's board of trustees (the “Board”) and excludes quoted assets. Including quoted assets, the weighted average reporting annual EBITDA is $159.2 million. Amounts are weighted based on the fair market value of each respective investment as of its most recent quarterly valuation, which are derived from the most recently available portfolio company financial statements.

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(2) The interest coverage ratio calculation is derived from the most recently available portfolio company financial information received by the Adviser and is a weighted average based on the fair market value of each respective first lien loan investment as of its most recent reporting to lenders. Such reporting may include assumptions regarding the impact of interest rate hedges established by borrowers to reduce their exposure to floating interest rates (resulting in a reduced hedging rate being used for the total interest expense in respect of such hedges, rather than any higher rates applicable under the documentation for such loans), even if such hedging instruments are not pledged as collateral to lenders in respect of such loans and do not secure the loans themselves. The interest rate coverage ratio excludes Junior Capital Investments and Equity Co-investments and applies solely to traditional middle market first lien loans held by us, which also excludes any upper middle market or other first lien loans investments that do not have financial maintenance covenants and first lien loans that the Adviser has assigned a risk rating of ‘8’ or higher, as well as any portfolio companies with net senior leverage of 15x or greater. As a result of the foregoing exclusions, the interest coverage ratio shown herein applies to 67.09% of our total investments, and 72.42% of our total first lien loan investments, in each case based upon fair value.

(3) Net leverage is the ratio of total debt minus cash divided by EBITDA, taking into account only the debt issued through the tranche in which we are a lender. Leverage is derived from the most recently available portfolio company financial statements and weighted by the fair value of each investment. Net leverage presented excludes equity investments as well as debt instruments to which the Adviser has assigned a risk rating of 8 or higher and any portfolio companies with net leverage of 15x or greater.

(4) Weighted average loan-to-value represents the net ratio of loan-to-value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recently available financial information. Includes all private debt investments for which fair value is determined by the Valuation Designee and excludes quoted assets as well as investments that the Adviser has assigned an internal risk rating of 8 or higher, investments on non-accrual, and portfolio companies with net leverage of 15x or greater. Amounts are weighted on the fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by the Fund, and may reflect a normalized or adjusted amount. Accordingly, the Fund makes no representation or warranty in respect of this information.

(5) Represents the percentage of Senior Loan Investments and Junior Capital Investments with one or more financial maintenance covenants and excludes debt investments in liquid fixed-income securities (including broadly syndicated loans). Including debt investments in liquid fixed-income securities, approximately 75.12% our total debt investments have financial maintenance covenants.

As of June 30, 2026 and December 31, 2025, our investments consisted of the following (amounts in thousands):


	June 30, 2026						December 31, 2025
	Cost		Fair Value		% of Fair Value		Cost		Fair Value		% of Fair Value
First-Lien Debt	$	3,050,951	$	3,016,224	92.64	%	$	2,009,009	$	2,001,896	92.86	%
Subordinated Debt (1)	158,902		155,543		4.78	%	112,927		110,299		5.12	%
Equity Investments	80,939		84,118		2.58	%	42,675		43,651		2.02	%
Total	$	3,290,792	$	3,255,885	100.00	%	$	2,164,611	$	2,155,846	100.00	%
Largest portfolio company investment	$	35,293	$	35,432	1.09	%	$	29,783	$	29,796	1.38	%
Average portfolio company investment	$	8,967	$	8,872	0.27	%	$	6,786	$	6,758	0.31	%

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The industry composition of our portfolio as a percentage of fair value as of June 30, 2026 and December 31, 2025 was as follows:


Industry	June 30, 2026		December 31, 2025
Aerospace & Defense	1.89	%	1.53	%
Automotive	0.79	%	1.37	%
Banking, Finance, Insurance & Real Estate	5.04	%	6.54	%
Beverage, Food & Tobacco	6.86	%	4.82	%
Capital Equipment	7.50	%	7.90	%
Chemicals, Plastics & Rubber	1.52	%	1.53	%
Construction & Building	6.15	%	6.53	%
Consumer Goods: Durable	1.15	%	1.65	%
Consumer Goods: Non-durable	2.24	%	3.02	%
Containers, Packaging & Glass	2.40	%	0.85	%
Energy: Electricity	1.82	%	1.98	%
Energy: Oil & Gas	0.44	%	0.58	%
Environmental Industries	3.58	%	3.92	%
Healthcare & Pharmaceuticals	13.16	%	13.80	%
High Tech Industries	10.26	%	8.13	%
Hotel, Gaming & Leisure	0.31	%	0.32	%
Media: Advertising, Printing & Publishing	0.85	%	0.78	%
Media: Broadcasting & Subscription	0.13	%	0.18	%
Media: Diversified & Production	0.16	%	0.21	%
Metals & Mining	0.07	%	0.07	%
Retail	0.06	%	—	%
Services: Business	18.63	%	18.85	%
Services: Consumer	5.20	%	3.68	%
Sovereign & Public Finance	0.45	%	0.42	%
Telecommunications	2.48	%	1.93	%
Transportation: Cargo	1.30	%	1.73	%
Transportation: Consumer	0.75	%	1.02	%
Utilities: Electric	2.60	%	4.03	%
Utilities: Water	0.68	%	0.69	%
Wholesale	1.53	%	1.94	%
Total	100.00	%	100.00	%

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As of June 30, 2026, our exposure to the software sector represented 6.40% of our total portfolio, at fair value. The estimate of software exposure (i) includes any borrower whose business model reflects the operating or structural characteristics of a software company, regardless of its industry classification, and (ii) excludes technology-adjacent companies, such as managed service providers and systems integrators, that may be assigned to 'High-Tech Industries' under Moody's industry classification, but do not derive revenue from the licensing or subscription of proprietary software. As a result, certain borrowers classified within 'High-Tech Industries' in the table above are excluded from the software sector estimate, while certain borrowers classified in other industries are included, based on whether they derive revenue from proprietary software licensing or subscriptions. We believe this estimate is an accurate representation of our software sector exposure. Results will differ, in some cases significantly, if an alternative industry classification methodology were applied.

The weighted average yields of our investments as of June 30, 2026 and December 31, 2025 was as follows:


	June 30, 2026		December 31, 2025
Weighted average yield on debt and income producing investments, at cost (1)	8.85	%	8.82	%
Weighted average yield on debt and income producing investments, at fair value (2)	8.92	%	8.86	%
Percentage of debt investments bearing a floating rate	95.93	%	95.73	%
Percentage of debt investments bearing a fixed rate	4.07	%	4.27	%

_______________

(1)Weighted average yield inclusive of debt and income producing investments on non-accrual status, at cost, as of June 30, 2026 was 8.77%. Weighted average yield inclusive of debt and income producing investments on non-accrual status, at cost, as of December 31, 2025 was 8.82%.

(2)Weighted average yield inclusive of debt and income producing investments on non-accrual status, at fair value, as of June 30, 2026 was 8.87%. Weighted average yield inclusive of debt and income producing investments on non-accrual status, at fair value, as of December 31, 2025 was 8.86%.

As of June 30, 2026, 89.53% and 89.72% of our floating rate debt and income producing investments at cost and at fair value, respectively, had interest rate floors that govern the minimum applicable interest rates on such loans. As of December 31, 2025, 85.29% and 85.29% of our floating rate debt and income producing investments at cost and at fair value, respectively, had interest rate floors that govern the minimum applicable interest rates on such loans.

The weighted average yield of our debt and income producing securities is not the same as a return on investment for our shareholders, but rather relates to our investment portfolio, and is calculated before the payment of all of our and our subsidiary’s fees and expenses. The weighted average yield was computed using the effective interest rates as of each respective date, including accretion of original issue discount, but excluding investments on non-accrual status. There can be no assurance that the weighted average yield will remain at its current level. Total weighted average yields of our debt and income producing investments, at cost, increase from 8.82% to 8.85% from December 31, 2025 to June 30, 2026.

In the second quarter of 2026, private equity mergers and acquisitions activity was highly selective, as financial sponsor deal activity slowed compared to the first quarter, despite overall global mergers and acquisitions recording new highs. Private equity volumes were relatively light compared to prior periods, driven by continued market volatility, as buyers navigated geopolitical uncertainties and AI-driven disruptions. Existing portfolio companies continue to be a source of deal volume as sponsors pursue inorganic growth through buy and build strategies. The gap between strategic acquirers and private equity sponsors widened, as financial sponsors faced disciplined underwriting and tighter credit constraints. Nevertheless, substantial dry powder remains available, and we believe a stabilization of market conditions could support a resumption of deal activity. Repayment and exit activity in private equity sponsor deals slowed significantly during the quarter amid increased macroeconomic uncertainty and AI-related sector disruptions. While repayment activity may continue to offset new investment deployment, we believe that well-capitalized lenders with available liquidity, existing portfolio company relationships, and strong proprietary sponsor networks are well-positioned to benefit from a market recovery when conditions stabilize.

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In addition to market volatility and uncertainty, certain broader macroeconomic risks remain. Changes to trade policies, including the imposition of new tariffs by the current administration, could disrupt supply chains and may negatively impact the financial condition of certain of our portfolio companies as well as the macroeconomic environment. To the extent tariff policies are modified or customs refunds are processed, such developments could partially mitigate the impact on affected portfolio companies, though the timing and magnitude of any such adjustments remain uncertain. Additionally, rising geopolitical tensions have contributed to capital markets volatility and upward pressure on inflation, further complicating the macroeconomic outlook. While we have not observed significant energy input cost increases affecting our portfolio companies to date, we continue to monitor the potential effect of energy price volatility on portfolio company operating costs and margins. Given that inflation remains above the U.S. Federal Reserve’s targets, expectations for rate cuts for the remainder of the year have diminished with the forward SOFR curve now showing potential rate increases. To the extent the SOFR reference rate increases, such increases could create additional burden on levered portfolio companies in servicing their debt obligations. The rapid evolution and adoption of AI technologies also may create both opportunities and challenges for certain businesses, potentially reshaping competitive dynamics, operational models, and workforce requirements across industries. In light of these dynamics, we are closely monitoring the performance and outlook of our portfolio companies, and we will continue to seek to invest in defensive businesses with low levels of cyclicality, pricing power, strong free cash flow generation, and multiple channels to source products or materials. There can be no assurance that economic conditions or competitive market dynamics will not adversely impact certain of our portfolio companies, which could have an impact on our future results.

Asset Quality

In addition to various risk management and monitoring tools, we use the Advisers’ investment rating system to characterize and monitor the credit profile and expected level of returns on each investment in our portfolio, with the exception of the Liquid Investments managed by the leveraged finance division of Nuveen Asset Management. Churchill, in its capacity as sub-adviser, utilizes a systematic, consistent approach to credit evaluation, with a particular focus on an acceptable level of debt repayment and deleveraging under a “base case” set of projections (the “Base Case”), which reflects a more conservative estimate than the set of projections provided by a prospective portfolio company (the “Management Case”). The following is a description of the conditions associated with each investment rating:

1.Performing - Superior: Borrower is performing significantly above Management Case.

2.Performing - High: Borrower is performing at or near the Management Case (i.e., in a range slightly below to slightly above).

3.Performing - Low Risk: Borrower is operating well ahead of the Base Case to slightly below the Management Case.

4.Performing - Stable Risk: Borrower is operating at or near the Base Case (i.e., in a range slightly below to slightly above). This is the initial rating assigned to all new borrowers.

5.Performing - Management Notice: Borrower is operating below the Base Case. Adverse trends in business conditions and/or industry outlook are viewed as temporary. There is no immediate risk of payment default and only a low to moderate risk of covenant default.

6.Watch List - Low Maintenance: Borrower is operating below the Base Case with declining margin of protection. Adverse trends in business conditions and/or industry outlook are viewed as probably lasting for more than a year. Payment default is still considered unlikely, but there is a moderate to high risk of covenant default.

7.Watch List - Medium Maintenance: Borrower is operating well below the Base Case but has adequate liquidity. Adverse trends are more pronounced than in Internal Risk Rating 6 above. There is a high risk of covenant default, or it may have already occurred. Payments are current, although subject to greater uncertainty, and there is a moderate to high risk of payment default.

8.Watch List - High Maintenance: Borrower is operating well below the Base Case. Liquidity may be strained. Covenant default is imminent or may have occurred. Payments are current, but there is a high risk of payment default. Negotiations to restructure or refinance debt on normal terms may have begun. Further significant deterioration appears unlikely and no loss of principal is currently anticipated.

9.Watch List - Possible Loss: At the current level of operations and financial condition, the borrower does not have the ability to service and ultimately repay or refinance all outstanding debt on current terms. Liquidity is strained. Payment default may have occurred or is very likely in the short term unless creditors grant some relief. Loss of principal is possible.

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10.Watch List - Probable Loss: At the current level of operations and financial condition, the borrower does not have the ability to service and ultimately repay or refinance all outstanding debt on current terms. Payment default is very likely or may have already occurred. Liquidity is extremely limited. The prospects for improvement in the borrower’s situation are sufficiently negative that loss of some or all principal is probable.

Churchill regularly monitors and, when appropriate, changes the investment rating assigned to each investment in our portfolio, excluding Liquid Investments managed by the leveraged finance division of Nuveen Asset Management. Each investment team will review the investment ratings in connection with monthly or quarterly portfolio reviews.

The following table shows the investment ratings of the investments in our portfolio (amounts in thousands):


	June 30, 2026					December 31, 2025
	Fair Value(1)		% of Portfolio		Number of Portfolio Companies(1)	Fair Value(1)		% of Portfolio		Number of Portfolio Companies(1)
1	$	—	—	%	—	$	—	—	%	—
2	—		—		—	—		—		—
3	110,868		3.41	%	9	72,748		3.37		5
4	2,577,361		79.16	%	228	1,707,845		79.22		206
5	287,053		8.82	%	29	130,449		6.05		21
6	73,180		2.25	%	10	70,810		3.28		9
7	7,575		0.23	%	2	—		—		—
8	9,504		0.29	%	2	9,506		0.44		2
9	—		—		—	—		—		—
10	16,728		0.51		2	—		—		—
Total	$	3,082,269	94.67	%	282	$	1,991,358	92.36	%	243

_______________

(1)Liquid Investments managed by the leveraged finance division of Nuveen Asset Management are excluded from the investment ratings table. As of June 30, 2026, there were 85 portfolio companies in the Liquid Investments portfolio, which had a total fair value of $173,616 or 5.33% of the portfolio. As of December 31, 2025, there were 76 portfolio companies in the Liquid Investments portfolio, which had a total fair value of $164,488 or 7.64% of the portfolio.

As of June 30, 2026 and December 31, 2025, the weighted average Internal Risk Rating of our investment portfolio was 4.2 and 4.1, respectively. As of June 30, 2026, we had an investment in three portfolio company on non-accrual status. The cost of the investment on non-accrual status was $27.2 million, which represents approximately 0.83% of total investments at cost. As of December 31, 2025, we had an investment in one portfolio company on non-accrual status. The cost of the investment on non-accrual status was $0.2 million, which represents approximately 0.01% of total investments at cost.

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Results of Operations

Operating results for the three and six months ended June 30, 2026 and 2025 were as follows (amounts in thousands):


	Three Months Ended June 30,
	2026		2025
Investment income:
Non-controlled/non-affiliated company investments:
Interest income	$	63,279	$	43,314
Payment-in-kind interest income	2,414		1,639
Dividend income	3		9
Other income	350		366
Total investment income	66,046		45,328

Expenses:

Interest and debt financing expenses	22,744		15,633

Management fees (See Note 5)	2,767		1,837
Income based incentive fees (See Note 5)	5,538		3,947
Professional fees	780		150
Board of Trustees’ fees	127		126
Administration fees (See Note 5)	617		403
Other general and administrative expenses	1,498		899
Distribution and shareholder servicing fees
Class S	97		62
Class D	16		12
Offering costs	200		242
Total expenses	34,384		23,311
Expense support (See Note 5)	(178)		(255)
Management fees waived (See Note 5)	—		(594)
Incentive fees waived (See Note 5)	(828)		(2,643)
Net expenses	33,378		19,819


Net investment income	32,668		25,509

Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on non-controlled/non-affiliated company investments	205		(3,315)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated company investments	(10,655)		(1,073)
Income tax (provision) benefit	86		(217)
Total net change in unrealized appreciation (depreciation):	(10,569)		(1,290)
Total net realized and unrealized gain (loss) on investments	(10,364)		(4,605)

Net increase (decrease) in net assets resulting from operations	$	22,304	$	20,904

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	Six Months Ended June 30,
	2026		2025
Investment income:
Non-controlled/non-affiliated company investments:
Interest income	$	111,489	$	84,227
Payment-in-kind interest income	4,729		3,183
Dividend income	3		9
Other income	570		542
Total investment income	116,791		87,961

Expenses:

Interest and debt financing expenses	35,733		29,873

Management fees (See Note 5)	5,402		3,439
Income based incentive fees (See Note 5)	10,402		7,823
Professional fees	1,704		630
Board of Trustees’ fees	252		257
Administration fees (See Note 5)	1,131		832
Other general and administrative expenses	2,180		1,309
Distribution and shareholder servicing fees
Class S	191		108
Class D	32		22
Offering costs	436		429
Total expenses	57,463		44,722
Expense support (See Note 5)	(602)		(417)
Management fees waived (See Note 5)	—		(1,395)
Incentive fees waived (See Note 5)	(2,432)		(6,519)
Net expenses	54,429		36,391


Net investment income	62,362		51,570

Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on non-controlled/non-affiliated company investments	(1,817)		(3,103)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated company investments	(26,142)		(11,504)
Income tax (provision) benefit	(280)		(211)
Total net change in unrealized appreciation (depreciation):	(26,422)		(11,715)
Total net realized and unrealized gain (loss) on investments	(28,239)		(14,818)

Net increase (decrease) in net assets resulting from operations	$	34,123	$	36,752

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including the level of new investment commitments, expenses, the recognition of realized gains and losses, and changes in unrealized appreciation and depreciation on the investment portfolio.

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Investment Income

Investment income increased to $66.0 million and $116.8 million for the three and six months ended June 30, 2026, from $45.3 million and $88.0 million for the three and six months ended June 30, 2025, respectively, primarily due to the BDC V Acquisition, which significantly increased the size of our investment portfolio. This increase was partially offset by a decrease in the weighted average yield on our debt and income-producing investments. As of June 30, 2026, the size of our portfolio increased to $3.3 billion from $1.9 billion as of June 30, 2025, at cost. As of June 30, 2026, the weighted average yield of our debt and income-producing investments decreased to 8.85% from 9.41% as of June 30, 2025, at cost, primarily due to the decline in base interest rates, as spreads on newly originated investments have remained relatively stable over the period. Shifting base interest rates, such as SOFR and any applicable alternate rates, also may affect our investment income.

Expenses

Total expenses before expense support and waived fees increased to $34.4 million and $57.5 million for the three and six months ended June 30, 2026, from $23.3 million and $44.7 million, respectively, for the three and six months ended June 30, 2025.

Interest and debt financing expenses increased for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, primarily attributable to higher average daily borrowings, partially offset by a lower average interest rate. The average interest rate for the three and six months ended June 30, 2026 was 5.69% and 5.75%, compared to 6.47% and 6.53%, respectively, for the three and six months ended June 30, 2025. The average daily borrowings for the three and six months ended June 30, 2026 were $1.6 billion and $1.2 billion, compared to $877.7 million and $868.1 million, respectively, for the three and six months ended June 30, 2025, with the increase primarily driven by the BDC V Acquisition, including both borrowings under the Fund's existing credit facilities used to fund the acquisition and the assumption of BDC V's credit facility.

Our Adviser had waived 100% of the management fee from the Escrow Break Date through May 31, 2024, then waived 50% of the management fee for the period from June 1, 2024 through May 31, 2025. The increase in management fees for the three and six months ended June 30, 2026 compared to the same period in 2025, was primarily attributable to the expiration of these fee waivers and the increase in our net assets, including net assets acquired in connection with the BDC V Acquisition

Additionally, our Adviser waived 100% of incentive fees on income through May 31, 2025, and waived 50% of incentive fees on income for the period from February 1, 2026 through April 30, 2026. For the three and six months ended June 30, 2026, income-based incentive fees totaled $5.5 million and $10.4 million, respectively, of which $0.8 million and $2.4 million were waived, respectively. For the three and six months ended June 30, 2025, our income-based incentive fees were $3.9 million and $7.8 million, respectively, of which $2.6 million and $6.5 million were waived, respectively. The increase in incentive fees for the three and six months ended June 30, 2026, compared to the same period in 2025, was primarily attributable to higher net investment income and the expiration of the full incentive fee waiver, partially offset by the 50% waiver of incentive fees for the period from February 1, 2026 through April 30, 2026. As of June 30, 2026, income-based incentive fees payable to the Adviser totaled $4.7 million. No capital gains incentive fees were incurred during the three and six months ended June 30, 2026 or 2025.

Other operating expenses also increased as the Fund grew. Professional fees include legal, audit, tax, valuation, and other professional fees incurred related to the management of the Fund. Administrative fees represent fees paid to the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including our allocable portion of the cost of our chief financial officer and chief compliance officer, and their respective staffs. Other general and administrative expenses include insurance, filing, research, rating agencies, subscriptions and other costs. For the three and six months ended June 30, 2026, professional, administrative, and other general and administrative fees totaled $2.9 million and $5.0 million, respectively, compared to $1.5 million and $2.8 million, respectively, for the three and six months ended June 30, 2025.

The expense support amount represents expenses paid on our behalf under the Expense Support Agreement, which are subject to reimbursement by us in accordance with the terms of the Expense Support Agreement. For the three and six months ended June 30, 2026, expense support totaled $0.2 million and $0.6 million, respectively, compared to $0.3 million and $0.4 million, respectively, for the three and six months ended June 30, 2025.

Net realized gain (loss) and Net change in unrealized gains (losses) on investments

For the three months ended June 30, 2026, we recorded a net realized gain on investments of $0.2 million, compared to a net realized loss of $(3.3) million for the three months ended June 30, 2025. The net realized gain for the three months ended June 30, 2026 was due to full or partial repayments and sales of investments in certain portfolio companies. For the six months ended June 30, 2026, we recorded a net realized loss on investments of $(1.8) million, compared to a net realized loss of $(3.1) million for the six months ended June 30, 2025. The net realized loss for the six months ended June 30, 2026 was primarily driven by sales of certain

116

debt investments and the amendment of an underperforming debt position, partially offset by realized gains from full or partial repayments and sales of investments in portfolio companies.

We recorded a net change in unrealized loss of $(10.7) million and $(26.1) million, respectively, for the three and six months ended June 30, 2026, compared to a net change in unrealized loss of $(1.1) million and $(11.5) million, respectively, for the three and six months ended June 30, 2025. The net change in unrealized loss for the three and six months ended June 30, 2026 compared to the same period in 2025, primarily resulted from decreases in the fair value of certain underperforming portfolio investments.

Financial Condition, Liquidity and Capital Resources

Due to the diverse capital resources available to us at this time, we believe we have adequate liquidity to support our near-term capital requirements. Our liquidity and capital sources are generated primarily from (i) the net proceeds of our offering of Common Shares, (ii) cash flows from income earned from our investments and principal repayments, (iii) proceeds from net borrowings on our financing facilities and CLO debt issuances (discussed further below) and (iv) any future offerings of our equity or debt securities. Due to an uncertain economic outlook, elevated capital market volatility, and increased macroeconomic uncertainties (rising geopolitical tensions), we regularly evaluate our overall liquidity position and take proactive steps to maintain that position based on such circumstances. Our primary uses of cash are (i) the purchase of investments in portfolio companies, (ii) funding the cost of operations (including paying the Adviser and the Administrator), (iii) debt service, repayment and other financing costs of our borrowings, (iv) funding repurchases under our share repurchase program, and (v) cash distributions to the holders of our Common Shares.

As of June 30, 2026, our debt consisted of asset based leverage facilities, a revolving credit facility and debt securitizations. We have and will continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue further debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, we are only permitted to borrow amounts such that our asset coverage, as defined in the 1940 Act, is maintained at a level of at least 150% after such borrowing. As of June 30, 2026, our asset coverage was 181.71%.

Cash and cash equivalents as of June 30, 2026, taken together with our available debt, are expected to be sufficient to fund our investment activities and operating needs in the near term. As of June 30, 2026, we had $16.1 million available under our Bank of America Credit Facility, $54.8 million available under our Citi Credit Facility, $236.1 million available under our Scotiabank Credit Facility I, $40.4 million available under our Scotiabank Credit Facility II, and $100.0 million available under our SMBC Revolving Credit Facility.

Although we have historically been able to obtain sufficient borrowing capacity, a deterioration in economic conditions or any other negative economic developments could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we have previously obtained. These factors may limit our ability to make new investments and adversely impact our results of operations.

For the six months ended June 30, 2026, our cash and cash equivalents balance increased by $13.0 million. During that period, $0.6 billion was used in operating activities, primarily due to investment purchases of $0.4 billion and $335.3 million used in connection with the BDC V Acquisition, net of cash acquired, partially offset by $144.9 million in repayments and sales of investments in portfolio companies. During the same period, $0.6 billion was provided by financing activities, consisting primarily of proceeds from issuance of Common Shares and secured borrowings of $167.2 million and $0.7 billion, respectively, including borrowings used to fund the BDC V Acquisition, partially offset by repayments of secured borrowings of $231.0 million, share repurchases of $55.8 million, and distributions paid to our shareholders of $37.6 million.

For the six months ended June 30, 2025, our cash and cash equivalents balance increased by $58.6 million. During that period, $148.0 million was used in operating activities, primarily due to investment purchases of $351.8 million, offset by $159.7 million in repayments and sales of investments in portfolio companies. During the same period, $206.6 million was provided by financing activities, consisting primarily of proceeds from issuance of Common Shares and secured borrowings of $261.8 million and $640.5 million, respectively, offset by repayments of secured borrowings and distributions paid to our shareholders of $655.4 million and $25.2 million, respectively. .

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Net Worth of Sponsors

The North American Securities Administrators Association (“NASAA”), in its Omnibus Guidelines Statement of Policy, adopted on March 29, 1992 and as amended on May 7, 2007 and from time to time (the “Omnibus Guidelines”), requires that our affiliates and Adviser, or our Sponsor, as defined under the Omnibus Guidelines, have an aggregate financial net worth, exclusive of home, automobiles and home furnishings, of the greater of either $100 thousand, or 5.0% of the first $20 million of both the gross amount of securities currently being offered in our offering and the gross amount of any originally issued direct participation program securities sold by our affiliates and sponsors within the past 12 months, plus 1.0% of all amounts in excess of the first $20 million. Based on these requirements, our Adviser and its affiliates, while not liable directly or indirectly for any indebtedness we may incur, have an aggregate financial net worth in excess of those amounts required by the Omnibus Guidelines.

Equity

We are authorized to issue an unlimited number of Common Shares. As of June 30, 2026, TIAA owned 3,347,667 shares of the Fund’s Class I shares of beneficial interest, both directly and indirectly through a private fund in which TIAA is the sole investor.

As of June 1, 2023 (the “Escrow Break Date”), we satisfied the minimum offering requirement, and the Board authorized the release of proceeds from escrow.

The following table presents transactions in Common Shares during the three and six months ended June 30, 2026 (amounts in thousands except share amounts):


	Three months ended June 30, 2026
	Shares	Amount
CLASS S
Subscriptions	40,058	$	958
Share transfers between classes	(3,264)	(78)
Distributions reinvested	18,308	437
Share repurchases, net of early repurchase deduction	(160,518)	(3,819)
Net increase (decrease)	(105,416)	$	(2,502)
CLASS D
Subscriptions	28,353	$	680
Share transfers between classes	—	—
Distributions reinvested	19,118	457
Share repurchases, net of early repurchase deduction	(26,901)	(641)
Net increase (decrease)	20,570	$	496
CLASS I
Subscriptions	2,387,551	$	57,296
Share transfers between classes	3,252	78
Distributions reinvested	475,755	11,401
Share repurchases, net of early repurchase deduction	(1,213,003)	(28,936)
Net increase (decrease)	1,653,555	$	39,839

118


	Six months ended June 30, 2026
	Shares	Amount
CLASS S
Subscriptions	176,631	$	4,263
Share transfers between classes	(21,320)	(516)
Distributions reinvested	35,380	851
Share repurchases, net of early repurchase deduction	(174,289)	(4,150)
Net increase (decrease)	16,402	$	448
CLASS D
Subscriptions	71,330	$	1,725
Share transfers between classes	—	—
Distributions reinvested	38,312	923
Share repurchases, net of early repurchase deduction	(31,850)	(760)
Net increase (decrease)	77,792	$	1,888
CLASS I
Subscriptions	6,673,260	$	161,232
Share transfers between classes	21,256	516
Distributions reinvested	922,578	22,239
Share repurchases, net of early repurchase deduction	(2,946,374)	(70,328)
Net increase (decrease)	4,670,720	$	113,659

The following table presents transactions in Common Shares during the three and six months ended June 30, 2025 (amounts in thousands except share amounts):


	Three months ended June 30, 2025
	Shares	Amount
CLASS S
Subscriptions	393,583	$	9,662
Share transfers between classes	—	—
Distributions reinvested	8,652	212
Share repurchases, net of early repurchase deduction	(1,257)	(31)
Net increase (decrease)	400,978	$	9,843
CLASS D
Subscriptions	124,957	$	3,077
Share transfers between classes	(123)	(3)
Distributions reinvested	13,453	332
Share repurchases, net of early repurchase deduction	(4,634)	(113)
Net increase (decrease)	133,653	$	3,293
CLASS I
Subscriptions	6,603,294	$	162,612
Share transfers between classes	122	3
Distributions reinvested	413,951	10,203
Share repurchases, net of early repurchase deduction	(209,244)	(5,131)
Net increase (decrease)	6,808,123	$	167,687

119


	Six months ended June 30, 2025
	Shares	Amount
CLASS S
Subscriptions	583,230	$	14,347
Share transfers between classes	(4,050)	(100)
Distributions reinvested	14,191	349
Share repurchases, net of early repurchase deduction	(1,257)	(31)
Net increase (decrease)	592,114	$	14,565
CLASS D
Subscriptions	170,879	$	4,214
Share transfers between classes	(5,807)	(144)
Distributions reinvested	26,027	643
Share repurchases, net of early repurchase deduction	(10,101)	(248)
Net increase (decrease)	180,998	$	4,465
CLASS I
Subscriptions	9,856,478	$	243,224
Share transfers between classes	9,844	244
Distributions reinvested	777,333	19,203
Share repurchases, net of early repurchase deduction	(451,368)	(11,096)
Net increase (decrease)	10,192,287	$	251,575

The following table presents each month-end net offering price for Class S, Class D, and Class I Common Shares, which approximately equals their respective NAV per share, for the six months ended June 30, 2026 and 2025:


	Net Offering Price Per Share
For The Months Ended	Class S	Class D	Class I
January 31, 2026	$24.21	$24.28	$24.28
February 28, 2026	$24.09	$24.16	$24.16
March 31, 2026	$23.94	$24.02	$24.02
April 30, 2026	$23.91	$24.00	$24.00
May 31, 2026	$23.81	$23.88	$23.88
June 30, 2026	$23.79	$23.86	$23.86


	Net Offering Price Per Share
For the Months Ended	Class S	Class D	Class I
January 31, 2025	$24.75	$24.80	$24.81
February 28, 2025	$24.64	$24.69	$24.70
March 31, 2025	$24.58	$24.63	$24.64
April 30, 2025	$24.54	$24.59	$24.60
May 31, 2025	$24.58	$24.63	$24.63
June 30, 2025	$24.47	$24.54	$24.54

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Distributions

The following tables summarize the Fund’s distributions recorded during the for the six months ended June 30, 2026 (amounts in thousands except per share amounts):

Class S

Declaration Date

Record Date

Payment Date

Distribution per Share (1)

Distribution Amount

January 29, 2026

January 31, 2026

February 27, 2026

$0.153

$279

February 25, 2026

February 28, 2026

March 27, 2026

$0.153

$288

March 27, 2026

March 31, 2026

April 28, 2026

$0.153

$291

April 29, 2026

April 30, 2026

May 28, 2026

$0.153

$294

May 29, 2026

May 31, 2026

June 29, 2026

$0.153

$296

June 28, 2026

June 30, 2026

July 28, 2026

$0.153

$298

$0.918

$1,746

Class D

Declaration Date

Record Date

Payment Date

Distribution per Share (1)

Distribution Amount

January 29, 2026

January 31, 2026

February 27, 2026

$0.165

$217

February 25, 2026

February 28, 2026

March 27, 2026

$0.165

$219

March 27, 2026

March 31, 2026

April 28, 2026

$0.165

$220

April 29, 2026

April 30, 2026

May 28, 2026

$0.165

$224

May 29, 2026

May 31, 2026

June 29, 2026

$0.165

$225

June 28, 2026

June 30, 2026

July 28, 2026

$0.165

$227

$0.990

$1,332

Class I

Declaration Date

Record Date

Payment Date

Distribution per Share

Distribution Amount

January 29, 2026

January 31, 2026

February 27, 2026

$0.170

$9,493

February 25, 2026

February 28, 2026

March 27, 2026

$0.170

$9,702

March 27, 2026

March 31, 2026

April 28, 2026

$0.170

$9,994

April 29, 2026

April 30, 2026

May 28, 2026

$0.170

$10,017

May 29, 2026

May 31, 2026

June 29, 2026

$0.170

$10,109

June 28, 2026

June 30, 2026

July 28, 2026

$0.170

$10,186

$1.020

$59,501

_____________

(1)Distributions are net of distribution and servicing fees.

121

The following tables summarize the Fund’s distributions recorded during the six months ended June 30, 2025 (amounts in thousands except per share amounts):

Class S

Declaration Date

Record Date

Payment Date

Distribution per Share (1)

Distribution Amount

January 29, 2025

January 31, 2025

February 28, 2025

$0.183

$156

February 27, 2025

February 28, 2025

March 28, 2025

$0.183

$162

March 28, 2025

March 31, 2025

April 29, 2025

$0.183

$172

April 26, 2025

April 30, 2025

May 29, 2025

$0.183

$183

May 27, 2025

May 31, 2025

June 27, 2025

$0.183

$229

June 27, 2025

June 30, 2025

July 29, 2025

$0.183

$246

$1.098

$1,148

Class D

Declaration Date

Record Date

Payment Date

Distribution per Share (1)

Distribution Amount

January 29, 2025

January 31, 2025

February 28, 2025

$0.195

$162

February 27, 2025

February 28, 2025

March 28, 2025

$0.195

$165

March 28, 2025

March 31, 2025

April 29, 2025

$0.195

$170

April 26, 2025

April 30, 2025

May 29, 2025

$0.195

$173

May 27, 2025

May 31, 2025

June 27, 2025

$0.195

$177

June 27, 2025

June 30, 2025

July 29, 2025

$0.195

$195

$1.170

$1,042

Class I

Declaration Date

Record Date

Payment Date

Distribution per Share

Distribution Amount

January 29, 2025

January 31, 2025

February 28, 2025

$0.200

$6,741

February 27, 2025

February 28, 2025

March 28, 2025

$0.200

$6,901

March 28, 2025

March 31, 2025

April 29, 2025

$0.200

$7,076

April 26, 2025

April 30, 2025

May 29, 2025

$0.200

$7,622

May 27, 2025

May 31, 2025

June 27, 2025

$0.200

$8,019

June 27, 2025

June 30, 2025

July 29, 2025

$0.200

$8,430

$1.200

$44,789

_______________

(1)Distributions are net of distribution and servicing fees.

Distribution Reinvestment Plan

We have adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash distributions declared by the Board on behalf of our shareholders who do not elect to receive their distributions in cash, except for shareholders in certain states. As a result, if the Board authorizes, and we declare, a cash dividend or other distribution, then our shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional Common Shares, rather than receiving the cash dividend or other distribution. Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Tennessee, Vermont and Washington investors and clients of certain participating brokers that do not permit automatic enrollment in our distribution reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Common Shares. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

122

Share Repurchase Program

Beginning with the fiscal quarter ended September 30, 2023, we commenced a share repurchase program in which we intend to repurchase in each quarter, at the discretion of the Board, up to 5% of our Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The Board, in its sole discretion, may amend or suspend the share repurchase program if it deems such action to be in the best interest of our shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on us that would outweigh the benefit of the repurchase offer. Following any such suspension, the Board will consider on at least a quarterly basis whether the continued suspension of the share repurchase program is in the best interest of us and our shareholders and will reinstate the share repurchase program when and if appropriate and subject to its fiduciary duty to us and our shareholders. However, our Board is not required to authorize the recommencement of our share repurchase program within any specified period of time. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act and the 1940 Act. All Common Shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued.

Under the share repurchase program, to the extent we offer to repurchase Common Shares in any particular quarter, we expect to repurchase Common Shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that Common Shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by us for the benefit of remaining shareholders. The repurchase of the Adviser’s shares, if any, will be on the same terms and subject to the same limitations as other shareholders under the share repurchase program.

Payment for repurchased Common Shares may require us to liquidate portfolio holdings earlier than our Adviser would otherwise have caused these holdings to be liquidated, potentially resulting in losses, and may increase our investment-related expenses as a result of higher portfolio turnover rates. Our Adviser intends to take measures, subject to policies as may be established by our Board, to attempt to avoid or minimize potential losses and expenses resulting from the repurchase of shares. Class I shares owned by TIAA will be subject to the following restrictions: TIAA may submit its Class I shares for repurchase beginning on March 31, 2027. Beginning March 31, 2027, the total amount of TIAA shares eligible for repurchase will be limited to no more than 1.67% of our aggregate NAV per calendar quarter; provided that, if in any quarter the total amount of aggregate repurchase requests of all classes of Common Shares does not exceed the share repurchase program limit of 5% of the aggregate NAV per calendar quarter, these redemption limits on the TIAA shares will not apply for that quarter, and TIAA will be entitled to submit its shares for repurchase up to the overall share repurchase program limits. Notwithstanding the foregoing, TIAA may sell a portion of its Class I shares to unaffiliated investors in reliance upon an exemption from registration under the Securities Act.

123

The following table presents the share repurchases completed for the six months ended June 30, 2026 and 2025 (amounts in thousands except share amounts):


Offer Date	Class	Tender Offer Expiration	Repurchase Price per share		Repurchased Amount (1)		Shares Repurchased (2)
February 28, 2026	Class I	March 27, 2026	$	24.02	$	41,392	1,733,371
February 28, 2026	Class D	March 27, 2026	$	24.02	$	119	4,949
February 28, 2026	Class S	March 27, 2026	$	23.94	$	330	13,771
May 29, 2026	Class I	June 29, 2026	$	23.86	$	28,936	1,213,003
May 29, 2026	Class D	June 29, 2026	$	23.86	$	641	26,901
May 29, 2026	Class S	June 29, 2026	$	23.79	$	3,819	160,518

_______________

(1)Amounts shown net of Early Repurchase Deduction.

(2)All repurchase requests were satisfied in full.


Offer Date	Class	Tender Offer Expiration	Repurchase Price per share		Repurchased Amount (1)		Shares Repurchased (2)
February 28, 2025	Class I	March 28, 2025	$	24.64	$	5,965	242,124
February 28, 2025	Class D	March 28, 2025	$	24.63	$	135	5,467
May 30, 2025	Class I	June 30, 2025	$	24.54	$	5,131	209,244
May 30, 2025	Class D	June 30, 2025	$	24.54	$	113	4,634
May 30, 2025	Class S	June 30, 2025	$	24.47	$	31	1,257

_______________

(1)Amounts shown net of Early Repurchase Deduction.

(2)All repurchase requests were satisfied in full.

Income Taxes

We have elected to be regulated as a BDC under the 1940 Act. We also intend to qualify annually to be treated as a RIC under the Code. So long as we maintain our RIC tax treatment, we generally will not be subject to U.S federal income tax on any ordinary income or capital gains that we timely distribute to our shareholders as dividends. Rather, any tax liability related to income earned and distributed by us would represent obligations of our investors and would not be reflected in our financial statements.

We evaluate tax positions taken or expected to be taken in the course of preparing our financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

To qualify for and maintain qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, we must distribute to our shareholders, for each taxable year, at least the sum of (i) 90% of our “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally our ordinary income plus the excess, if any, of our realized net short-term capital gains over our realized net long-term capital losses and (ii) 90% of our net tax-exempt income.

In addition, based on the excise tax distribution requirements, we are subject to a 4% nondeductible U.S. federal excise tax on undistributed income unless we distribute in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of our ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by us that is subject to corporate income tax is considered to have been distributed.

124

Secured Borrowings

See Note 6 to the consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information on our secured borrowings.

Bank of America Credit Facility

Citi Credit Facility

On May 11, 2026, the Fund entered into a credit and security agreement (the “Citi Credit Agreement” and the credit facility thereunder, the “Citi Credit Facility”) with its direct wholly-owned subsidiary, SPV V, as borrower, the Fund, as equityholder and collateral manager, the lenders from time to time parties thereto, Citibank, N.A., as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as document custodian. The Fund will serve as collateral manager to SPV V under the Citi Credit Agreement and will waive any management fee that the Fund is due in consideration for providing these services. The Citi Credit Agreement (i) provides an initial facility amount of up to $150 million and (ii) has a reinvestment period initially ending on November 11, 2026 and a final maturity date on May 10, 2027.

125

from May 11, 2026 through August 11, 2026. Beginning on August 12, 2026, the commitment fee on any unused portion of the Citi Credit Facility will equal (i) 0.25% per annum if the average utilization rate is greater than or equal to 90.0%, (ii) 0.50% per annum if the average utilization rate is less than 90.0% and greater than or equal to 70.0%, and (iii) the Weighted Average Applicable Margin (as defined in the Administrative Agent Fee Letter) if the average utilization rate is less than 70.0%.

Scotiabank Credit Facility I

On July 19, 2024, a wholly owned subsidiary of NCPCF entered into a credit agreement (as amended from time to time, the “Scotiabank Credit Facility I Agreement” and the credit facility thereunder, the “Scotiabank Credit Facility I”) with the lenders from time to time parties thereto, NCPCF, as servicer, the Bank of Nova Scotia, as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as custodian. Effective December 11, 2024, as a result of the NCPCF Acquisition, the Fund became a party to the Scotiabank Credit Facility I Agreement as successor in interest to NCPCF and assumed the Scotiabank Credit Facility I. In connection with an amendment on May 22, 2025, SPV III and BSL SPV I were added as new borrowers (collectively, the “New Borrowers”). In addition, the amendment, among other things: (i) adjusted the total revolving commitment available to $150.0 million (subject to increases up to $450.0 million), subject to availability governed by a collateralization test; (ii) amended the applicable margin for the interest rate payable by each New Borrower, and (iii) extended the final maturity date from July 19, 2033 to May 22, 2034.

The total revolving commitment available was increased to $450.0 million, subject to availability governed by a collateralization test, effective February 22, 2026.

Subsequent to fiscal quarter ended June 30, 2026, on August 6, 2026, the Fund, SPV III and BSL SPV I entered into an amendment to the Scotiabank Credit Facility I Agreement. See “Recent Developments” for more information.

Scotiabank Credit Facility II

126

Borrowings under the Scotiabank Credit Facility II are secured by all of the assets held by BDC V SPV I and bear interest based on an annual rate equal to SOFR determined for any day (“Daily Simple SOFR”) for the relevant interest period, plus the applicable margin. As of June 30, 2026, the Scotiabank Credit Facility II bore interest at a rate of SOFR, reset daily, plus 1. 975% per annum. Interest is payable quarterly. Any amounts borrowed under the Scotiabank Credit Facility II will mature on August 1, 2034. The Fund and BDC V SPV I, as applicable, have made customary representations and warranties and are required to comply with customary covenants and other requirements for similar facilities. The Scotiabank Credit Facility II Agreement includes usual and customary events of default for facilities of this nature.

SMBC Revolving Credit Facility

The initial maximum principal amount available under the SMBC Revolving Credit Facility was $50.0 million, subject to availability under the borrowing base, which is based on the Fund’s portfolio investments and other outstanding indebtedness. Maximum capacity under the SMBC Revolving Credit Facility may be increased to $300.0 million through the exercise by the Fund of an uncommitted accordion feature, through which existing and new lenders may, at their option, agree to provide additional financing. Effective May 22, 2025, in connection with the closing of the 2025 Debt Securitization (discussed further below), the maximum principal amount increased to $100.0 million. The SMBC Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Fund and each Guarantor, subject to certain exceptions, and includes a $25.0 million limit for swingline loans.

The SMBC Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by the Fund of additional indebtedness and on the Fund’s ability to make distributions to its shareholders, or to redeem, repurchase or retire common shares of beneficial interest upon the occurrence of certain events and certain financial covenants related to asset coverage and minimum shareholders’ equity, as well as customary events of default.

CLO-I

On July 16, 2024, the Fund completed a $398.7 million term debt securitization (the “2024 Debt Securitization”).

127

The notes offered in the 2024 Debt Securitization (the “2024 Notes”) were issued by CLO-I (formerly known as SPV I) (the “2024 Issuer”), a direct, wholly owned, consolidated subsidiary of the Fund, pursuant to an indenture and security agreement, dated as of July 16, 2024 (the “2024 Indenture”). The 2024 Notes consist of $197.0 million of AAA-rated Class A 2024 Notes, which bear interest at the three-month Term SOFR plus 1.70%; $48.0 million of AA-rated Class B 2024 Notes, which bear interest at the three-month Term SOFR plus 1.95%; $26.0 million of A-rated Class C 2024 Notes, which bear interest at the three-month Term SOFR plus 2.55%; and $92.7 million of Subordinated 2024 Notes, which do not bear interest. The Fund directly owns all of the Subordinated 2024 Notes, and as such, these notes are eliminated in consolidation.

As part of the 2024 Debt Securitization, CLO-I also entered into a loan agreement, dated July 16, 2024 (the “CLO-I Loan Agreement”), pursuant to which various financial institutions and other persons which are, or may become, parties to the CLO-I Loan Agreement as lenders committed to make $35.0 million of AAA Class A-L 2024 Loans to CLO-I (the “2024 Loans” and, together with the 2024 Notes, the “2024 Debt”). The 2024 Loans bear interest at the three-month Term SOFR plus 1.70% (the “2024 Class A-L Loans”) and were fully drawn upon the closing of the transaction. Any lender may elect to convert all of the 2024 Class A-L Loans held by such lenders into Class A 2024 Notes upon written notice to CLO-I in accordance with the CLO-I Loan Agreement.

The 2024 Debt is backed by a diversified portfolio of senior secured and second lien loans. Each of the 2024 Indenture and the CLO-I Loan Agreement contain certain conditions pursuant to which loans can be acquired by the 2024 Issuer, in accordance with rating agency criteria or as otherwise agreed with certain institutional investors who purchased the 2024 Debt. Through July 20, 2028, all principal collections received on the underlying collateral may be used by the 2024 Issuer to purchase new collateral under the direction of the Fund, in its capacity as collateral manager of the 2024 Issuer, and in accordance with the Fund’s investment strategy, allowing the Fund to maintain the initial leverage in the 2024 Debt Securitization. The 2024 Notes are due on July 20, 2036, and the 2024 Loans mature on July 20, 2036.

The Fund serves as collateral manager to the 2024 Issuer under a collateral management agreement and waives any management fee due to it in consideration for providing these services.

CLO-II

On May 22, 2025, the Fund completed a $499.7 million term debt securitization (the “2025 Debt Securitization”).

The debt offered in the 2025 Debt Securitization (the “2025 Debt”) was issued by CLO-II (formerly known as SPV IV) (the “2025 Issuer”), a direct, wholly owned, consolidated subsidiary of the Fund, pursuant to an indenture and security agreement (the “2025 Indenture”) and Class A-2L and Class B-L loan agreements (collectively, the “CLO-II Loan Agreements”), each dated as of May 22, 2025. The 2025 Debt consists of (i) $290.0 million of AAA-rated Class A-1 Notes, which bear interest at the three-month Term SOFR plus 1.665%; $35.0 million of AA-rated Class B Notes, which bear interest at the three-month Term SOFR plus 2.100%; and $144.7 million of Subordinated Notes, which do not bear interest (collectively, the “2025 Notes”), and (ii) $20.0 million of AAA Class A-2L Loans, which bear interest at the three-month Term SOFR plus 1.850% and $10.0 million of AA Class B-L Loans, which bear interest at the three-month Term SOFR plus 2.100% (collectively, the “2025 Loans”). The 2025 Debt also consists of AAA-rated Class A-2 Notes, which were issued with a $0 principal balance. The Fund directly owns all of the Subordinated Notes and, as such, these notes are eliminated in consolidation.

The Fund serves as collateral manager to the 2025 Issuer under a collateral management agreement and waives any management fee due to it in consideration for providing these services.

Contractual Obligations

The following tables show the contractual maturities of our debt obligations as of June 30, 2026 and December 31, 2025 (amounts in thousands):

128


	Payments Due by Period
As of June 30, 2026	Total		Less than 1 Year		1 to 3 years		3 to 5 years		More than 5 Years
Bank of America Credit Facility	$	332,500	$	—	$	—	$	332,500	$	—
Citi Credit Facility	95,000		95,000
Scotiabank Credit Facility I	209,000		—		—		—		209,000
Scotiabank Credit Facility II	508,500								508,500
SMBC Revolving Credit Facility	—		—		—		—		—
2024 Debt	306,000		—		—		—		306,000
2025 Debt	355,000		—		—		—		355,000
Total debt obligations	$	1,806,000	$	95,000	$	—	$	332,500	$	1,378,500


	Payments Due by Period
As of December 31, 2025	Total		Less than 1 Year		1 to 3 years		3 to 5 years		More than 5 Years
Bank of America Credit Facility	$	67,000	$	—	$	—	$	67,000	$	—
Scotiabank Credit Facility I	46,000		—		—		—		46,000
SMBC Revolving Credit Facility	21,500		—		—		21,500		—
2024 Debt	306,000		—		—		—		306,000
2025 Debt	355,000		—		—		—		355,000
Total debt obligations	$	795,500	$	—	$	—	$	88,500	$	707,000

Related-Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•the Advisory Agreement;

•the CAM Sub-Advisory Agreement;

•the NAM Sub-Advisory Agreement;

•the Administration Agreement; and

•the Expense Support Agreement.

On August 5, 2025, we and certain of our affiliates were granted an order for co-investment exemptive relief by the SEC based on an updated model of co-investment order that was recently granted by the SEC (the “Order”). The Order supersedes the prior exemptive order granted on June 7, 2019 and amended on October 14, 2022. The Order permits us to participate in negotiated co-investment transactions with other funds managed by the Adviser and certain other affiliates pursuant to the conditions of the Order. The Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings with respect to the following, among other things: (1) when we co-invest with an affiliated entity (as defined in the exemptive application) in an issuer where an affiliated entity has an existing investment in the issuer under certain circumstances, and (2) if we dispose of an asset acquired in a co-investment transaction unless the disposition is done on a pro rata basis or the disposition is of a tradable security. Pursuant to the Order, the Board will oversee our participation in the co-investment program. As required by the Order, we have adopted, and the Board has approved, policies and procedures reasonably designed to ensure our compliance with the conditions of the Order, and the Adviser and our Chief Compliance Officer will provide reporting to the Board.

Expense Support Agreement

We have entered into the Expense Support Agreement with Churchill. The Expense Support Agreement provides that, at such times as it determines, Nuveen Alternative Holdings may pay (or cause one or more of its affiliates to pay) certain expenses of the Fund, including organization and offering expenses, provided that no portion of the payment will be used to pay any interest expense and/or shareholder servicing fees of the Fund (each, an “Expense Payment”). Such Expense Payment will be made in any combination of cash or other immediately available funds no later than forty-five days after a written commitment from Nuveen Alternative Holdings to pay such expense and/or by an offset against amounts due from us to Nuveen Alternative Holdings.

129

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to our shareholders based on distributions declared with respect to record dates occurring in such calendar month (such amount referred to as the “Excess Operating Funds”), we will pay such Excess Operating Funds, or a portion thereof (each, a “Reimbursement Payment”), to Nuveen Alternative Holdings that previously paid such expenses, until such time as all Expense Payments made by such entity within three years prior to the last business day of such calendar quarter have been reimbursed. “Available Operating Funds” means the sum of (i) net investment income (including net realized short-term capital gains reduced by net realized long-term capital losses), (ii) net capital gains (including the excess of net realized long-term capital gains over net realized short-term capital losses) and (iii) dividends and other distributions paid to us on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above). The amount of the Reimbursement Payment for any calendar month will equal the lesser of (i) the Excess Operating Funds in such quarter and (ii) the aggregate amount of all Expense Payments made by Nuveen Alternative Holdings to us within three years prior to the last business day of such calendar quarter that have not been previously reimbursed by us to Nuveen Alternative Holdings.

The Expense Support Agreement provides additional restrictions on the amount of each Reimbursement Payment for any calendar quarter, and no Reimbursement Payment will be made for any month if: (1) the annualized rate (based on a 365-day year) of regular cash distributions per share of beneficial interest declared by our Board exclusive of returns of capital, distribution rate reductions due to any fees (including to a transfer agent) payable in connection with distributions, and any declared special dividends or distributions (the “Effective Rate of Distributions Per Share”) declared by us at the time of such Reimbursement Payment, is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates or (2) our Operating Expense Ratio (as defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. The “Operating Expense Ratio” is calculated by dividing Operating Expenses (as defined below), less organizational and offering expenses, base management and incentive fees owed to the Adviser, and interest expense, by our net assets. “Operating Expenses” means all of our operating costs and expenses incurred, as determined in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Nuveen Alternative Holdings may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar quarter, so that such Reimbursement Payment may be reimbursable in a future calendar quarter within three years of the date of the applicable Expense Payment.

Our obligation to make a Reimbursement Payment will automatically become a liability of ours on the last business day of the applicable calendar month, except to the extent Nuveen Alternative Holdings has waived the right to receive such payment for the applicable month.

130

The following table presents a cumulative summary of the expense payments and reimbursement payments since our commencement of operations (amounts in thousands):


For the Quarter Ended	Expense Payments by Adviser		Reimbursement Payments to Adviser		Expired Expense Support		Unreimbursed Expense Payments		Effective Rate of Distribution per Share (1)		Reimbursement Eligibility Expiration	Operating Expense Ratio (2)
March 31, 2022	$	983	$	—	$	(983)	$	—	—	%	March 31, 2025	0.08	%
June 30, 2022	677		—		(677)		—		6.62	%	June 30, 2025	0.19	%
September 30, 2022	379		—		(379)		—		7.23	%	September 30, 2025	0.21	%
December 31, 2022	176		—		(176)		—		9.07	%	December 31, 2025	0.14	%
March 31, 2023	198		—		(198)		—		10.22	%	March 31, 2026	0.22	%
June 30, 2023	113		—		(113)		—		11.69	%	June 30, 2026	0.22	%
September 30, 2023	327		—		—		327		12.19	%	September 30, 2026	0.27	%
December 31, 2023	115		—		—		115		12.13	%	December 31, 2026	0.13	%
March 31, 2024	31		—		—		31		12.19	%	March 31, 2027	0.12	%
June 30, 2024	217		—		—		217		9.72	%	June 30, 2027	0.15	%
September 30, 2024	75		—		—		75		9.70	%	September 30, 2027	0.15	%
December 31, 2024	333		—		—		333		9.68	%	December 31, 2027	0.21	%
March 31, 2025	—		—		—		—		9.74	%	March 31, 2028	0.17	%
June 30, 2025	110		—		—		110		9.78	%	June 30, 2028	0.15	%
September 30, 2025	384		—		—		384		9.82	%	September 30, 2028	0.15	%
December 31, 2025	413		—		—		413		8.88	%	December 31, 2028	0.23	%
March 31, 2026	428		—		—		428		8.49	%	March 31, 2029	0.16	%
June 30, 2026	178		—		—		178		8.55	%	June 30, 2029	0.21	%
Total	$	5,137	$	—	$	(2,526)	$	2,611

__________

(1)The effective rate of distribution per share is expressed as a percentage equal to the projected annualized distribution amount as of the end of the applicable period (which is calculated by annualizing the regular monthly cash distributions per share as of such date without compounding) divided by the Fund’s gross offering price per share as of each quarter ended.

(2)The operating expense ratio is calculated by dividing the quarterly operating expenses, less organizational and offering expenses, base management fee and incentive fees owed to Churchill, and interest expense, by the Fund’s net assets as of each quarter end.

Off-Balance Sheet Arrangements

In the ordinary course of its business, we enter into contracts or agreements that contain indemnifications or warranties. Future events could occur which may give rise to liabilities arising from these provisions against us. We believe that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the consolidated financial statements as of June 30, 2026 and December 31, 2025. We may in the future become obligated to fund commitments such as delayed draw commitments, revolvers, and equity investment commitments.

For more information on our off-balance sheet arrangements, commitments and contingencies see Note 7 to the consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Critical Accounting Policies and Estimates

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies and estimates, including those relating to the valuation of our portfolio investments, are described below. We consider the most significant accounting policies to be those related to our Valuation of Portfolio Investments, Revenue Recognition, and U.S. Federal Income Taxes, which are described below. The valuation of investments is our most significant critical accounting estimate. The critical accounting policies and estimates should be read in connection with our risk factors as disclosed under the heading "Risk Factors” in our Quarterly Report on Form 10-Q for the six months ended June 30, 2026.

Valuation of Portfolio Investments

Consistent with U.S. GAAP and the 1940 Act, we conduct a valuation of our assets, pursuant to which our net asset value is determined.

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Our assets are valued on a quarterly basis, or more frequently if required under the 1940 Act. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as our valuation designee (the “Valuation Designee”) to determine the fair value of our investments that do not have readily available market quotations. Pursuant to our valuation policy approved by the Board, a valuation committee comprised of employees of the Adviser (the “Valuation Committee”) is responsible for determining the fair value of our assets for which market quotations are not readily available, subject to the oversight of the Board.

Investments for which market quotations are readily available are typically valued at those market quotations. Market quotations are obtained from independent pricing services where available. Generally, investments marked in this manner will be marked at the mean of the bid and ask of the quotes obtained. To validate market quotations, we utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations.

With respect to investments for which market quotations are not readily available, we, or an independent third-party valuation firm engaged by the Valuation Designee, will take into account relevant factors in determining the fair value of our investments, including and in combination of: comparison to publicly traded securities, including factors such as yield, maturity and measures of credit quality; the enterprise value of a portfolio company; the nature and realizable value of any collateral; the portfolio company's ability to make payments and its earnings and discounted cash flows; and the markets in which the portfolio company does business. Investment performance data utilized are the most recently available financial statements and compliance certificates received from the portfolio companies as of the measurement date, which in many cases may reflect a lag in information. The independent third-party valuation firm provides a fair valuation report, a description of the methodology used to determine the fair value and their analysis and calculations to support their conclusion.

When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we use the pricing indicated by the external event to corroborate our valuation.

We apply the practical expedient relating to investments in certain portfolio companies that calculate NAV per share (or its equivalent). U.S. GAAP permits an entity holding investments in certain portfolio companies that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share or its equivalent as a practical expedient are not categorized within the fair value hierarchy, as described below.

U.S. GAAP establishes a hierarchical disclosure framework which ranks the level of observability of market price inputs used in measuring investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value. We review pricing and methodologies in order to determine if observable market information is being used as opposed to unobservable inputs.

Our accounting policy on the fair value of our investments is critical because the determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements express the uncertainty with respect to the possible effect of these valuations, and any change in these valuations, on the consolidated financial statements.

For more information on the fair value hierarchy, our framework for determining fair value and the composition of our portfolio, see Note 4 to the consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Revenue Recognition

Our revenue recognition policies are as follows:

Net realized gains (losses) on investments: Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method

Investment Income: Interest income, including amortization of premium and accretion of discount on loans, is recorded on an accrual basis. We accrue interest income based on the effective yield if we expect that, ultimately, we will be able to collect such income. We may have loans in our portfolio that contain payment-in-kind (“PIK”) income provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity.

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Dividend income on preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Other income may include income such as consent, waiver, amendment, unused, and prepayment fees associated with our investment activities, as well as any fees for managerial assistance services rendered by us to our portfolio companies. Such fees are recognized as income when earned or the services are rendered.

Non-accrual: Generally, if a payment default occurs on a loan in the portfolio, or if management otherwise believes that the issuer of the loan will not be able to make contractual interest payments or principal payments, Churchill will place the loan on non-accrual status, and we will cease recognizing interest income on that loan until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible, even though we remain contractually entitled to this interest. We may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated.

Our accounting policy on net realized gains (losses) and investment income recognition is critical because it involves the primary source of our revenue and accordingly is significant to the financial results as disclosed in our consolidated financial statements.

U.S. Federal Income Taxes

We have elected to be regulated as a BDC under the 1940 Act. We have elected, and intend to qualify annually, to be treated as a RIC under the Code; however, no assurance can be given that we will be able to qualify for and maintain RIC tax status. So long as we maintain our qualification as a RIC, we generally will not be subject to U.S. federal income or U.S. federal excise taxes on any ordinary income or capital gains that we timely distribute at least annually to our stockholders as dividends. As a result, any tax liability related to income earned and distributed by us represents obligations of our stockholders and will not be reflected in our consolidated financial statements.

We evaluate tax positions taken or expected to be taken in the course of preparing our financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof. As of June 30, 2026, we did not have any uncertain tax positions that met the recognition or measurement criteria nor did the Fund have any unrecognized tax benefits.

Our accounting policy on income taxes is critical because if we are unable to maintain our status as a RIC, we would be required to record a provision for U.S. federal income taxes, which may be significant to our financial results.

Contractual Obligations

We have entered into the Advisory Agreement with the Adviser to provide us with investment advisory services and the Administration Agreement with the Administrator to provide us with administrative services.

We have entered into the Bank of America Credit Facility, Citi Credit Facility, the Scotiabank Credit Facility I, the Scotiabank Credit Facility II, the SMBC Revolving Credit Facility, the 2024 Debt Securitization, and the 2025 Debt Securitization, and intend to establish additional credit facilities or enter into other financing arrangements in the future to facilitate investments and the timely payment of our expenses. It is anticipated that any such financing facilities will bear interest at floating rates at to-be-determined spreads, such as SOFR. We cannot assure shareholders that we will be able to enter into a financing facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on our operations.

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Recent Developments

Distributions


						Net Distribution
Class I Common Shares						$0.170
Class S Common Shares						$0.153
Class D Common Shares						$0.165

Subscriptions

BDC V SPV I name change

On July 17, 2026, BDC V SPV I changed its name to NCPCIF SPV VI, LLC.

Scotiabank Credit Facility I upsize

On August 6, 2026, the Fund, SPV III and BSL SPV I entered into the third amendment to the Scotiabank Credit Facility I Agreement (the “Scotiabank Credit Facility I Amendment”). The Scotiabank Credit Facility I Amendment, among other things, (1) increases the total revolving commitment from $450.0 million to $550.0 million, (ii) reduces the applicable margin from 2.03% per annum to 1.93% per annum, (iii) extends the reinvestment period end date from May 22, 2027 to August 6, 2028, and (iv) extends the maturity date from May 22, 2034 to August 6, 2035.

Addition of Norinchukin Bank Credit Facility and Termination of Scotiabank Credit Facility II Agreement

On August 6, 2026, the Fund entered into a credit agreement (“Norinchukin Bank Credit Agreement”) with SPV VI as borrower (the “Borrower”), the Fund, as servicer, the lenders from time to time parties thereto, the Bank of Nova Scotia, as syndication agent, U.S. Bank Trust Company, National Association, as loan agent, collateral agent and collateral administrator, and U.S. Bank National Association, as custodian, that (i) provides for Class A-T Loans in an aggregate principal amount of $247.5 million and Class B Loans in an aggregate principal amount of $45.0 million, in each case subject to availability governed by an overcollateralization test, and (ii) has a reinvestment period ending on July 25, 2030 and a final maturity date on July 25, 2038. In connection therewith, the Fund will transfer to SPV VI certain originated or acquired loans and related assets from time to time pursuant to a loan sale and contribution agreement.

The Fund used the proceeds from the Norinchukin Bank Credit Agreement to pay down and terminate the Scotiabank Credit Facility II Agreement.

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ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

Uncertainty with respect to, among other things, inflationary pressures, elevated interest rates, new tariffs and trade barriers, geopolitical conditions, including the ongoing conflict between Russia and Ukraine, the turmoil in Europe and the Middle East, and capital market volatility and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments do not have a readily available market price, and we value these investments at fair value as determined in good faith by the Adviser, as the Valuation Designee, in accordance with our valuation policy, subject to the oversight of the Board and based on, among other things, the input of the independent third-party valuation firms engaged by the Valuation Designee. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Interest Rate Risk

We are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing internals between our assets and liabilities and the effect that interest rates may have on our cash flows. We fund a portion of our investments with borrowings, and therefore, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. Our net investment income is also affected by changes and fluctuations in various interest rates to the extent our debt investments include floating interest rates. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

The Federal Reserve reduced its benchmark interest rate by 0.25% on each of September 17, 2025, October 29, 2025, and December 10, 2025, bringing the benchmark rate to the 3.50% to 3.75% range, representing cumulative cuts of 75 basis points during 2025. The Federal Reserve maintained this range at its meetings in 2026, citing a data-dependent approach as policymakers continued to balance their dual mandate of full employment and progress toward the Federal Reserve's long-run inflation target. While market participants had broadly expected additional rate cuts in 2026 at the start of the year, expectations have shifted toward rates remaining at current levels for longer, as headline inflation remains above the Federal Reserve's 2% target and geopolitical tensions have added further upside pressure to the inflation outlook. Given the evolving economic environment and the Federal Reserve's continued focus on balancing its dual mandate of full employment and progress toward its long-run inflation target, there can be no assurance regarding the magnitude or timing of future federal funds rate adjustments in either direction. In an elevated interest rate environment, our cost of funds would increase, which could reduce our net investment income absent a corresponding increase in interest income generated by our investment portfolio. Conversely, sustained reductions in interest rates will decrease our gross investment income and could result in lower net investment income if declines in base rates, such as SOFR or other benchmark rates, are not offset by corresponding increases in credit spreads on our portfolio investments, reductions in our operating expenses, or decreases in the interest rates on our borrowings.

As of June 30, 2026, on a fair value basis, approximately 4.07% of our debt investments bear interest at a fixed rate, and approximately 95.93% of our debt investments bear interest at a floating rate. As of June 30, 2026, 89.72% of our floating rate debt and income producing investments are subject to interest rate floors. Our credit facilities, along with our debt issued in our collateralized loan obligation, are predominantly subject to floating interest rates and are currently paid based on floating SOFR rates.

The following table estimates the annualized impact of hypothetical base rate changes on net cash flows generated from interest income and expenses should interest rates increase by 100, 200 or 300 basis points or decrease by 100, 200 or 300 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on June 30, 2026. Interest expense is calculated based on the terms of the credit facilities and collateralized loan obligations using the outstanding balance as of June 30, 2026. Interest expense on our credit facilities and the debt issued in our collateralized loan obligations are calculated using the interest rate as of June 30, 2026, adjusted for the impact of hypothetical changes in rates, as shown below. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of June 30, 2026.

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Actual results could differ significantly from those estimated in the table (amounts in thousands).


Changes in Interest Rates	Interest Income		Interest Expense		Net Income (1)
- 300 Basis Points	$	(42,365)	$	(14,787)	$	(27,578)
- 200 Basis Points	$	(30,382)	$	(9,858)	$	(20,524)
- 100 Basis Points	$	(15,206)	$	(4,929)	$	(10,277)

+100 Basis Points	$	15,206	$	4,929	$	10,277
+200 Basis Points	$	30,417	$	9,858	$	20,559
+300 Basis Points	$	45,625	$	14,787	$	30,838

_____________

(1) Excludes the impact of income-based incentive fees.

Although we believe that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments that could affect our net income. Accordingly, there can be no assurance that actual results would not differ materially from the analysis above.

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ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q.

Based on that evaluation, we, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective as of March 31, 2026 and provided reasonable assurance that information required to be disclosed in our periodic Securities and Exchange Commission filings is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information was accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, we recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Part II - Other Information

Item 1. Legal Proceedings

We, our consolidated subsidiaries, and the Advisers are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us or them. From time to time, we, our consolidated subsidiaries and/or the Advisers may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is subject to extensive regulation, which may result in regulatory proceedings against us.

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2025. For a further discussion of our potential risks and uncertainties, see the information under the heading “Risk Factors” in our Annual Report on Form 10-K filed with the SEC on March 6, 2026, which is accessible on the SEC’s website at sec.gov.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Sales of Unregistered Securities

We did not sell any securities during the period covered by this Quarterly Report on Form 10-Q that were not registered under the Securities Act of 1933, as amended.

Issuer Purchases of Equity Securities

The repurchase of the Adviser’s shares, if any, will be on the same terms and subject to the same limitations as other shareholders under the share repurchase program. Class I shares owned by TIAA will be subject to the following restrictions: TIAA may submit its Class I shares for repurchase beginning on March 31, 2027. Beginning March 31, 2027, the total amount of TIAA shares eligible for repurchase will be limited to no more than 1.67% of our aggregate NAV per calendar quarter; provided that, if in any quarter the total amount of aggregate repurchase requests of all classes of Common Shares does not exceed the share repurchase program limit of 5% of the aggregate NAV per calendar quarter, these redemption limits on the TIAA shares will not apply for that quarter, and TIAA will be entitled to submit its shares for repurchase up to the overall share repurchase program limits.

During the six months ended June 30, 2026, we repurchased the following shares pursuant to the share repurchase program (amounts in thousands, except share and per share data):

138


Offer Date	Class	Tender Offer Expiration	Repurchase Price per share		Repurchased Amount (1)		Shares Repurchased (2)
February 28, 2026	Class I	March 27, 2026	$	24.02	$	41,392	1,733,371
February 28, 2026	Class D	March 27, 2026	$	24.02	$	119	4,949
February 28, 2026	Class S	March 27, 2026	$	23.94	$	330	13,771
May 29, 2026	Class I	June 29, 2026	$	23.86	$	28,936	1,213,003
May 29, 2026	Class D	June 29, 2026	$	23.86	$	641	26,901
May 29, 2026	Class S	June 29, 2026	$	23.79	$	3,819	160,518

_______________

(1)Amount shown is net of Early Repurchase Deduction.

(2)All repurchase requests were satisfied in full. Amount shown is net of Early Repurchase Deduction.

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

Not applicable

Item 5. Other Information

(a)None.

(b)None.

(c)For the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Fund has entered into any (i) contract, instruction or written plan for the purchase or sale of securities of the Fund intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

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ITEM 6. EXHIBITS


3.1						Sixth Amended and Restated Declaration of Trust of the Registrant(1)
3.2						Fifth Amended and Restated Bylaws of the Registrant(3)
4.1						Form of Subscription Agreement(4)
4.2						Amended Distribution Reinvestment Plan(2)
10.1						Purchase and Sale Agreement, dated April 1, 2026, by and between Nuveen Churchill BDC V, as seller, and Nuveen Churchill Private Capital Income Fund, as buyer(5)
10.2						Credit and Security Agreement, dated as of May 11, 2026, by and among NCPCIF SPV V, LLC, as borrower, Nuveen Churchill Private Capital Income Fund, as collateral manager and equityholder, the lenders party thereto, Citibank, N.A., as administrative agent, U.S. Bank, National Association, as document custodian, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator(6)
10.3						Loan Sale and Contribution Agreement, dated as of May 11, 2026, by and between Nuveen Churchill Private Capital Income Fund, as seller, and NCPCIF SPV V, LLC, as buyer(6)
31.1						Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended*
31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended*
32						Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended*
101.INS						Inline XBRL Instance Document
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

__________________

*Filed herewith

(1)Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on November 5, 2024.

(2)Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on July 24, 2025.

(3)Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on August 5, 2025.

(4)Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q filed on November 10, 2025.

(5)Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on April 2, 2026.

(6)Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q filed on May 12, 2026.

140

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			Nuveen Churchill Private Capital Income Fund

			By:			/s/ Kenneth Kencel
						Name: Kenneth Kencel
						Title: Chief Executive Officer, President, Trustee and Chairman (principal executive officer)