# EDGAR Filing Document

**Accession Number:** 0001911066
**File Stem:** 0001911066-26-000082
**Filing Date:** 2026-6
**Character Count:** 61068
**Document Hash:** fd812fdb8a8cce3441d64e237a9e7035
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001911066-26-000082.hdr.sgml**: 20260612

**ACCESSION NUMBER**: 0001911066-26-000082

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260611

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260612

**DATE AS OF CHANGE**: 20260611

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuveen Churchill Private Capital Income Fund
- **CENTRAL INDEX KEY:** 0001911066

**ORGANIZATION NAME:**
- **EIN:** 886187397
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01494
- **FILM NUMBER:** 261084389

**BUSINESS ADDRESS:**
- **STREET 1:** 375 PARK AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152
- **BUSINESS PHONE:** (212) 478-9200

**MAIL ADDRESS:**
- **STREET 1:** 375 PARK AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152

?xml version='1.0' encoding='ASCII'? ncpif-20260611

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT PURSUANT TO**

**SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): June 11, 2026**

**Nuveen Churchill Private Capital Income Fund**

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **000-56412** | **88-6187397** |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification No.)** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **375 Park Avenue, 9th Floor, New York, NY** | **10152** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

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**Registrant's telephone number, including area code: (212) 478-9200**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| None | N/A | N/A |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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. ☐

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**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure**

Nuveen Churchill Private Capital Income Fund ("PCAP," the "Fund" or "we") is a perpetual life, non-traded business development company ("BDC") that offers exposure to a diversified portfolio anchored in middle market senior loans while seeking to provide interest rate stability through select junior capital investments and attractive upside through private equity co-investment.

We believe PCAP provides a compelling opportunity for investors to access the benefits of private capital through an award-winning manager with a differentiated strategy and proven track record. Since its 2006 inception, Churchill Asset Management LLC ("Churchill"), PCAP's investment sub-adviser, has been providing flexible financing solutions to U.S. based companies backed by leading private equity sponsors primarily focused on the traditional or "core" middle market, typically companies with $10 to $100 million in annual earnings before interest, taxes, depreciation and amortization ("EBITDA").

***Market Update***

The first quarter of 2026 began in a manner similar to how 2025 ended, defined by market volatility, negative private credit headlines, and geopolitical tensions. This was driven in part by market concerns of AI disruption and software exposure, increased redemption activity in non-traded BDCs and interval funds, and the conflict in the Middle East. Notwithstanding the foregoing, we believe there is a significant disconnect between the prevailing media narrative and the underlying fundamentals in private credit, particularly within our own portfolio, where credit metrics have continued to demonstrate meaningful strength.

During the first quarter, we observed that spreads in the direct lending market have begun to widen by approximately 25 to 50 basis points in response to these dynamics, a notable development following several quarters of relative stability. At the same time, interest rate expectations also have recalibrated away from aggressive cuts to a more sustained "higher-for-longer" environment, driven by persistent inflation, a resilient labor market, and geopolitical uncertainty. We believe the current interest rate environment can serve as a tailwind for floating rate private credit returns.

***A Word on Software and AI***

Amid growing market focus on AI's implications for software businesses, we want to emphasize that PCAP has limited software exposure overall, and relatively modest exposure to application software companies that we believe may be most susceptible to AI displacement. As of March 31, 2026, PCAP's software exposure represented 6% of its portfolio at fair value, with no recurring revenue loans.<sup>1</sup>

In our view, AI will inevitably create both winners and losers across software and other industries. While we do not believe AI will disrupt every industry equally or immediately, we believe periods of technological transition require heightened discipline and selectivity. Churchill has been monitoring AI as both a potential opportunity and risk factor across the platform well ahead of the recent increase in market attention. Through active dialogue with management teams and private equity sponsors, combined with rigorous ongoing portfolio monitoring, Churchill maintains an informed and real-time perspective on these evolving industry dynamics and company-specific developments as it relates to AI.

***Portfolio Update***

Despite a challenging market backdrop, we believe PCAP delivered a strong first quarter, generating a 0.87% quarterly return with respect to Class I shares and bringing the annualized inception to date returns to 10.69% for that class.<sup>2</sup> The annualized net distribution rate for Class I shares was 8.5% in the first quarter. We believe the investment portfolio demonstrated resilience, with a

<sup>1</sup> As of March 31, 2026, 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' 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. The foregoing estimates are unaudited, and 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.

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net asset value (NAV) of $24.02 per Class I share as of March 31, 2026.<sup>2</sup> Redemptions for the first quarter 2026 amounted to approximately 2.9% of NAV, with subscriptions (including proceeds received from the distribution reinvestment plan) totaling $120.0 million for the first quarter, resulting in solid net inflows of $78.0 million.

We remain focused on investing in the core middle market, which we define as businesses generating $10 to $100 million EBITDA. We believe this segment offers investors an attractive opportunity to generate long-term value with less volatility and enhance portfolio diversification. Key attributes of our focus on this segment include:

Expansive opportunity set. We believe the core middle market reflects a vast universe of companies at multiple stages of growth, allowing us to remain selective and focus on businesses with strong operating models, market leading positions and steady profit margins. We aim to construct highly diverse portfolios, reflected in PCAP's $2.4 billion portfolio (at cost), which, as of March 31, 2026, consisted of 337 positions across 30 industries, with an average position size of 0.3%, which we believe limits idiosyncratic exposure to any single credit. As of March 31, 2026, PCAP's top 10 largest investments represented only 10.8% of the total portfolio, with the largest at approximately 1.2%.<sup>3</sup>

<u>Disciplined deal structures.</u> With the continued expansion of private credit and evolving competitive landscape, we believe the core middle market has been relatively insulated from increasingly aggressive deal structures and loosening terms more prevalent in the upper end of the middle market and broadly syndicated market. Our target companies tend to be lower levered and our investments are typically governed by traditional financial maintenance covenants.<sup>4</sup> Credit fundamentals within PCAP's portfolio reflect Churchill's deal structuring discipline developed over 20 years underwriting across multiple cycles. As of March 31, 2026, the

<sup>2</sup> **Performance data shown represents past performance and does not predict or guarantee future results.** Actual individual investor performance may differ from the aggregated share class performance. All returns shown assume reinvestment of distributions pursuant to the Fund's distribution reinvestment plan, are derived from unaudited financial information and are net of all expenses, including general and administrative expenses, transaction related expenses, management fees, incentive fees and share class specific fees, but exclude the impact of early repurchase deductions on the repurchase of shares that have been outstanding for less than one year. The returns have been prepared using unaudited data and valuations of the underlying investments in the Fund's portfolio, which are estimates of fair value and form the basis for the Fund's NAV. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated. Class I does not charge any upfront selling commissions or dealer manager fees. Returns are annualized for periods longer than one year. The annualized distribution rate is calculated by multiplying the sum of the month's base distribution per share and any supplemental distribution per share by twelve and dividing the result by the prior month's NAV per share. The annualized distribution rate shown may be rounded and is net of applicable servicing fees. Distribution amounts and the frequency of distribution payments are subject to approval by the Board of Trustees of the Fund (the "Board") and may change. Distributions are not guaranteed and may be suspended. As of March 31, 2026, all distributions since inception were funded from net investment income or net realized capital gains. No distributions paid were classified as return of capital. A return of capital (i) is a return of the original amount invested, (ii) does not constitute earnings or profits and (iii) will have the effect of reducing the basis such that when a shareholder sells its shares the sale may be subject to taxes even if the shares are sold for less than the original purchase price. We cannot guarantee that we will make distributions, and if we do, distributions, may be funded from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources. Distributions may also be funded, in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by Churchill PCIF Advisor LLC (the "Adviser") or its affiliates that may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to such affiliates will reduce future distributions to which an investor would otherwise be entitled. For further information, please see our annual reports on Form 10-K and quarterly reports on Form 10-Q on the SEC's website at <u>www.sec.gov</u>. Inception date for Class I is March 20, 2022. Inception date for Class S and Class D shares is October 2, 2023. Total Net Return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested) divided by the beginning NAV per share. Returns greater than one year are annualized. Inception-to-date ("ITD") total return for Class S (no/with upfront placement fee): 8.97%/7.65%. ITD total return for Class D (no/with upfront placement fee): 9.84%/9.28%. Quarter-to-date ("QTD") total return for Class S (no/with upfront placement fee): 0.62%/(2.10)%. QTD total return for Class D (no/with upfront placement fee): 0.80%/(0.34)%. NAV is calculated as total assets (i.e. investments at fair market value, cash, trade receivables and other assets) less total liabilities (i.e. drawn leverage, unsettled trade payables and other liabilities). NAV is calculated based on the valuation process of the Adviser, in its capacity as the valuation designee (the "Valuation Designee"). The valuation process is subject to the review of and oversight by the Board to determine that the Valuation Designee selected and consistently applied the appropriate valuation methodologies in connection with the Valuation Designee's determination of the fair value of the Fund's portfolio securities. For information on the calculation of our NAV, see the "Determination of Net Asset Value" section of our prospectus.

<sup>3</sup> Diversification is a technique to help reduce risk. It is not guaranteed to protect against loss. Average position size is calculated as a percentage of total fair value of the investment portfolio.

<sup>4</sup> As of March 31, 2026, approximately 73.0% of our senior loan and junior capital debt investments have one or more financial maintenance covenants (excluding debt investments in liquid fixed-income securities (including broadly syndicated loans)). Including debt investments in liquid fixed-income securities, approximately 67.95% of our total debt investments have financial maintenance covenants.

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weighted average LTV of PCAP's debt portfolio based on fair value was 41.8%,<sup>5</sup> with total net leverage of 4.7x<sup>6</sup> and interest coverage of 2.6x<sup>7</sup> on core middle market first lien loans.

Continuous deployment opportunities. We believe the core middle market presents a compelling source of ongoing deployment. Due to the size and stage of growth trajectory of top performing companies in this segment of the market, we see meaningful and continuous incremental financing opportunities to support buy-and-build strategies and other significant growth initiatives, regardless of broader macroeconomic conditions or fluctuations in LBO activity. For the first quarter, nearly 60% of PCAP's deal activity was from incremental or add-on investments,<sup>8</sup> a testament to the depth of our existing portfolio relationships and the compounding nature of Churchill's origination model.

***Outlook***

Transaction activity slowed earlier in the first quarter but has since regained momentum. With modest spread widening and continued conservative leverage, particularly in the core middle market, we are encouraged by the steady growth in our pipeline and the quality of businesses seeking financing solutions. We believe broader economic indicators also remain constructive, with stable GDP growth, subdued unemployment, and solid corporate earnings providing a very supportive foundation. We continue to view private credit, particularly direct lending, as a compelling asset class. Given our deliberate positioning and focus on the core middle market, we believe PCAP is well positioned to deploy capital into high quality, sponsor-backed companies as these opportunities emerge.

We believe Churchill's leadership and fully scaled capital solutions in the core middle market, highly differentiated sourcing as an LP in over 350 private equity funds, and 20-year track record of investing across interest rate and economic cycles provide a strong foundation for continued success. Sponsor-backed direct lending as an asset class, Churchill's primary focus, continues to demonstrate resilience, with KBRA DLD reporting just a 1.1% default rate for the trailing twelve month period ending April 2026, and forecasting a modest increase in 2026 to 1.75%.<sup>9</sup> During the first quarter, PCAP's performance was similarly strong. As of March 31, 2026, our internally risk rated "watchlist" credits made up only 3.4% of the portfolio at fair value, with an investment in one portfolio company on non-accrual status at a fair value of $0.<sup>10</sup>

In the current environment, we believe that leading managers that demonstrate discipline, cycle-tested processes and consistent performance will remain the most attractive partners for investors seeking stability and long-term value as the macroeconomic environment continues to evolve.

***Deal Highlights\****

Churchill served as sole lead arranger and administrative agent for a first lien senior secured facility to support Alpine Investors' refinancing of Canopy Service Partners ("CSP"). CSP, acquired by Alpine in 2023 (underlying brand age over 30 years) and headquartered in Chicago, IL, is a tree and plant care services platform that provides high-skill tree and plant services to homeowners and commercial customers. Churchill was selected to lead due to its scale and corresponding ability to commit to the entire financing, and its ability to move quickly, leveraging deep industry knowledge from the incumbent sponsor.

<sup>5</sup> 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.

<sup>6</sup> 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.

<sup>7</sup> 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 60.67% of our total investments, and 65.31% of our total first lien loan investments, in each case based upon fair value.

<sup>8</sup> Based on the total number of deals closed during the first quarter of 2026, but excluding investments in liquid fixed-income securities (including broadly syndicated loans).

<sup>9</sup> KBRA DLD Direct Lending Default April 2026 Report. As of April 28, 2026.

<sup>10</sup> Excludes liquid investments managed by the leveraged finance division of Nuveen Asset Management LLC.

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Churchill served as a lead arranger and bookrunner for a first lien senior secured facility to support The Sterling Group's acquisition of Healthcare Linen Services Group ("HLSG"). Founded in 1915 and headquartered in St. Charles, IL, HLSG is a provider of outsourced linen laundry and management services to healthcare institutions across the United States. Churchill was selected as a lead arranger due to its flexibility to support continued growth of the business and its ability to efficiently leverage relevant industry knowledge within the portfolio through a long-standing investment with a company in the same space.

\*These investments are not representative of all of PCAP's investments of a given type or of investments generally and is for illustrative purposes only. This does not constitute investment advice or recommendation of past investments. There can be no assurance that PCAP will achieve its investment objective, implement its investment strategy, or avoid significant losses. The deals presented herein reflect a nonperformance-based standard of showing deals allocated to PCAP where Churchill was the lead agent during the quarter ended March 31, 2026.

***Important Disclosure Information***

**The information in this Current Report on Form 8-K is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information in this Current Report on Form 8-K shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing. This Current Report on Form 8-K shall not be deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely by Regulation FD.**

**The information in this Current Report on Form 8-K is neither an offer to sell nor a solicitation of an offer to buy any securities.**

**Past performance does not predict future returns.** The opinions expressed herein reflect the current opinions of Churchill as of the date appearing in this material only. There can be no assurance that views and opinions expressed in this document will come to pass. The above is not intended to be indicative of future results to be achieved by PCAP; actual results may differ materially from the information generated through the use of illustrative components of return. While Churchill believes that these assumptions are reasonable under the circumstances, there is no assurance that the results will be obtained, and unpredictable general economic conditions and other factors may cause actual results to vary materially. Any variations could be adverse to the actual results.

**Case Studies.** The selected investment examples, case studies and/or transaction summaries presented or referred to herein may not be representative of all transactions of a given type or of investments generally and are intended to be illustrative of the types of investments that have been made or may be made by the Fund in employing the Fund's investment strategies. It should not be assumed that the Fund will make equally successful or comparable investments in the future. Moreover, the actual investments to be made by the Fund will be made under different market conditions from those investments presented or referenced in this Current Report on Form 8-K and may differ substantially from the investments presented herein as a result of various factors. Certain investment examples described herein may be owned by investment vehicles managed by Churchill and by certain other third-party equity partners, and in connection therewith Churchill may own less than a majority of the equity securities of such investment. Further investment details are available upon request.

**Opinions.** Opinions expressed reflect the current opinions of Churchill as of the date appearing in this Current Report on Form 8-K only and are based on Churchill opinions of the current market environment, which is subject to change. Certain information contained in this Current Report on Form 8-K discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice.

**Forward Looking Statements.** This Current Report on Form 8-K 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. You can generally identify forward-looking statements by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue" or the negative of these words or other variations on these words or comparable terminology. All statements other than statements of historical facts, including statements regarding our plans and objectives for future operations, and including plans and objectives relating to future growth and availability of funds, are forward-looking statements. Forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Fund, our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. These statements are based on information available to us as of the date hereof and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These forward-

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looking statements involve risks and uncertainties and are based on assumptions that may be incorrect, and we cannot assure you that the projections included in these forward-looking statements will come to pass. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those expressed or implied by the forward-looking statements. The forward-looking statements outlined herein, in the Fund's prospectus, and in any applicable prospectus supplement may include statements as to: changes in the markets in which the Fund invests and changes in financial and lending markets generally; an economic downturn and its impact on the ability of the Fund's portfolio companies to operate and the investment opportunities available to the Fund; the impact of geopolitical conditions; interest rate volatility; and the impact of supply chain constraints, labor shortages; and fluctuating levels of inflation. The Fund is providing the information as of this date (unless otherwise specified) and assumes no obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

**Item 9.01 Financial Statements and Exhibits** 

(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Shareholder Communication of Nuveen Churchill Private Capital Income Fund](pcap-ex991xshareholderfl.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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**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 hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | **Nuveen Churchill Private Capital Income Fund** | **Nuveen Churchill Private Capital Income Fund** |
| Date: June 11, 2026 | By: | /s/ Kenneth J. Kencel |
|  |  | Kenneth J. Kencel<br>Chief Executive Officer and President |

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## Exhibit 99.1

![](pcap-ex991xshareholderfl001.jpg)

Diversification and discipline: a winning combination through any cycle Nuveen Churchill Private Capital Income Fund ("PCAP" or the "Fund") is anchored in the core middle market — companies with $20–$100M in EBITDA – a highly diverse and unique intersection of quality, structural discipline and continuous opportunity. Shareholder communication As of 31 Mar 2026 Advantages of our core middle market focus 1,553 4,022617 1,261 1,819 2,244 3,989 7,527 Public Private Core middle market • Largest segment among U.S. private companies • Meaningful U.S. revenue and job growth contribution • Broad industry and subsector diversity • Predominantly domestic footprint helps mitigate global macro shock exposure Meaningful opportunity resides in the core middle market 10.7 5.83.9 -0.1 PCAP (Class I)Leveraged loansHigh YieldIG bonds Since inception return performance (%) Performance data shown represents past performance and does not predict or guarantee future results. None of the indices presented are benchmarks or targets for PCAP. Please see end of document for additional disclosures regarding indices presented. Performance is presented since inception PCAP (Class I) on March 30, 2022 through March 31, 2026. Source: Bloomberg as of March 31, 2026. "High Yield" is represented by the Bloomberg US Corporate High Yield Index. "IG bonds" is represented by the Bloomberg US Corporate Bond Index. "Leveraged loans" is represented by Morningstar LSTA US Leveraged Loan. Returns are measured by annualized returns calculated based on quarterly returns. Refer to 'performance endnotes' for additional important information. Additional information and performance data current to the most recent month-end is available at www.nuveen.com/pcap. Number of U.S. companies by revenue > $100 million. Source: S&P Capital IQ, 31 Mar 2026. Note: All information as of March 31, 2026, unless otherwise indicated. Past performance does not guarantee future results. See Important Disclosure Information and Risk Factors for additional information. 1 Average overlap reflects the average percentage of PCAP's portfolio by fair market value (FMV) that overlaps with each of private credit peers ' portfolios; individual peer overlap varies. Please see end of document for additional disclosures regarding BDC peers. 2. Add-on financing is based on the total number of deals closed in Q1 2026, but excluding investments in liquid fixed-income securities (including broadly syndicated loans). REVENUE RANGE ($M)  Large corporates $1,000+  Upper middle market $500 - $1,000  Core middle market $100 - $499 Number of U.S. companies by revenue >$100 million Broad opportunity set and significant diversification in the core middle market has resulted in limited overlap with majority of non-traded BDCs1 ~5% AVERAGE OVERLAP PCAP 42% AVERAGE LOAN-TO-VALUE >50% OF DEALS FROM ADD-ON FINANCINGS Conservative capital structures and strong investor protections complement rigorous underwriting Growth through scale and M&A drive continuous deployment opportunities, while exits to other sponsors create meaningful incumbency advantages2 Key Advantages nuveenchurchillpcap.comNOT FDIC INSURED \| NO BANK GUARANTEE \| MAY LOSE VALUE PCAP results: Rooted in selectivity and experience FOR EXISTING NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND SHAREHOLDERS ONLY

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![](pcap-ex991xshareholderfl002.jpg)

Nuveen Churchill Private Capital Income Fund \| As of 31 Mar 2026 FOR EXISTING NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND SHAREHOLDERS ONLY Note: All information as of March 31, 2026, unless otherwise indicated. Past performance does not guarantee future results. See Important Disclosure Information and Risk Factors for additional information. Portfolio metrics presented calculated based on the total fair market value of PCAP's investment portfolio, excluding cash and cash equivalents. 1 Data is derived from publicly available information, including U.S. Securities and Exchange Commission filings. 2 Industry diversification based on Moody's Industry Classification Groups 3 Average borrower age excludes any positions in broadly syndicated loans. A portfolio built to weather cycles Significant diversification: 330+ portfolio companies across 30 industries (#1 business services at 18%), with no position larger than 1.2% of the portfolio (average 0.3%) nuveenchurchillpcap.comNOT FDIC INSURED \| NO BANK GUARANTEE \| MAY LOSE VALUE Conservative capital structures1: Modest deal leverage results in ample interest coverage of 2.6x, higher than private credit peers at 2.1x, while low loan-to-value average of 42% compared to private credit peers at 43% allows for significant cushion to help navigate potential issues Strong credit quality1: Only 1 portfolio company out of 330+ with a loan on non-accrual status, representing 0.01% at cost, well below the private credit peer average of 2.2%, while the watchlist has remained low Focus on stability1: Limited exposure to public markets and potential volatility with 11% of the portfolio valued using quoted prices (7% in broadly syndicated loans), well below non-traded private credit peers of 15% on average, while software exposure remains low at 6% INTEREST COVERAGE: LOAN-TO-VALUE: NON-ACCRUALS (%, at cost): SOFTWARE EXPOSURE: 2.6x 2.1x PCAP Peers PCAP PEERS 42% 43% PCAP Peers 0.01 2.2 PCAP Peers 6% 19% PCAP Peers PCAP PEERS PCAP PEERS PCAP PEERS BUSINESS SERVICES 18% • Commercial/facility services • Staffing and human capital management • Outsourced professional services • Training and education services • Testing, inspection and certification services  Healthcare and pharmaceuticals 14%  High tech industries 9%  Capital equipment 8%  Construction and building 6%  Banking, finance, insurance 6%  Beverage, food and tobacco 5%  Services: Consumer 5%  Environmental industries 4%  Utilities: Electric 4% Portfolio composition2 30 INDUSTRIES ~35 YEARS' (AVERAGE BORROWER AGE)3 337 NUMBER OF PORTFOLIO COMPANIES

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Well positioned for disciplined growth PCAP benefits from a cycle-tested direct middle market lending team and the scale of the Churchill platform with a diverse base of long-term capital sources Clients want PCAP has delivered Income and rate resilience  96% floating rate loan exposure Credit quality confidence  Diversified deal sourcing and highly selective underwriting, contributing to low non-accrual rates Meaningful diversification  Low correlation with public markets with 330+ positions in private middle market, 30 industries Platform stability, established reputation  Exclusively middle market focused U.S. private capital manager backed by TIAA – Churchill's largest client and ultimate parent Institutional-quality access  Access to Churchill's long-standing platform serving over 600 institutional clients globally in addition to wealth investors through innovative fund structures nuveenchurchillpcap.comNOT FDIC INSURED \| NO BANK GUARANTEE \| MAY LOSE VALUE Note: All information as of March 31, 2026, unless otherwise indicated. Past performance does not guarantee future results. See Important Disclosure Information and Risk Factors for additional information. 1 Year to date as of the respective period end. 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Senior secured debt (%) 90 93 94 96 96 96 96 96 96 Weighted average EBITDA ($mm) 69 75 76 82 85 85 91 87 90 Weighted average interest coverage ratio for our first-lien loans (x) 2.4 2.2 2.2 2.2 2.6 2.4 2.5 2.6 2.6 PIK Income as a % of total investment income1 5.4 5.3 4.9 4.6 3.6 3.6 3.8 3.7 4.6 Non-accruals (at cost) (%) 0.0 0.0 0.0 0.4 1.3 1.1 0.4 0.0 0.0 Managed by Churchill Asset Management, an award- winning private capital platform affiliated with Nuveen and owned by TIAA, PCAP remains committed to delivering institutionally validated stability in an ever-changing investment environment. #2 MOST ACTIVE U.S. BUYOUTS LENDER IN 2025 BY PITCHBOOK #3 MOST ACTIVE U.S. DIRECT LENDER IN 2025 BY KBRA DLD Historical portfolio information PCAP has maintained consistent discipline investing in the core middle market Nuveen Churchill Private Capital Income Fund \| As of 31 Mar 2026 FOR EXISTING NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND SHAREHOLDERS ONLY

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For more information, contact nuveenchurchillpcap.com Financial Professionals 800.752.8700 Investors 833.688.3368 nuveenchurchillpcap.comNOT FDIC INSURED \| NO BANK GUARANTEE \| MAY LOSE VALUE Important Disclosure Information Forward Looking Statements. This material 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. You can generally identify forward-looking statements by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue" or the negative of these words or other variations on these words or comparable terminology. All statements other than statements of historical facts, including statements regarding our plans and objectives for future operations, and including plans and objectives relating to future growth and availability of funds, are forward-looking statements. Forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Fund, our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. These statements are based on information available to us as of the date hereof and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These forward-looking statements involve risks and uncertainties and are based on assumptions that may be incorrect, and we cannot assure you that the projections included in these forward-looking statements will come to pass. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those expressed or implied by the forward-looking statements. The forward-looking statements outlined herein may include statements as to: changes in the markets in which the Fund invests and changes in financial and lending markets generally; an economic downturn and its impact on the ability of the Fund's portfolio companies to operate and the investment opportunities available to the Fund; the impact of geopolitical conditions; interest rate volatility; and the impact of supply chain constraints, labor shortages; and fluctuating levels of inflation. The Fund is providing the information as of this date (unless otherwise specified) and assumes no obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Performance - endnotes: Inception date for Class I shares is 20 Mar 2022. Inception date for Class S and Class D shares: 02 Oct 2023. Total Net Return is calculated as the change in net asset value ("NAV") per share during the period, plus distributions per share (assuming dividends and distributions are reinvested) divided by the beginning NAV per share. Returns greater than one year are annualized. Inception-to-date ("ITD") total return for Class S (no/with upfront placement fee): 8.97%/7.65%. ITD total return for Class D (no/with upfront placement fee): 9.84%/9.28%. Quarter-to-date ("QTD") total return for Class S (no/with upfront placement fee): 0.62%/(2.10)%. QTD total return for Class D (no/with upfront placement fee): 0.80%/(0.34)%. All returns shown assume reinvestment of distributions pursuant to the Fund's distribution reinvestment plan, are derived from unaudited financial information and are net of all expenses, including general and administrative expenses, transaction related expenses, management fees, incentive fees and share class specific fees, but exclude the impact of early repurchase deductions on the repurchase of shares that have been outstanding for less than one year. The returns have been prepared using unaudited data and valuations of the underlying investments in the Fund's portfolio, which are estimates of fair value and form the basis for the Fund's NAV. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated. Class I does not charge any upfront selling commissions or dealer manager fees. Returns are annualized for periods longer than one year. Software exposure: As of March 31, 2026, 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. The foregoing estimates are unaudited, and 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. BDC Peer Set: PCAP's peers or peer set ("private credit peers") includes 25 externally managed business development companies comprised of 11 publicly traded BDCs ("traded BDCs" or "traded peers") and 14 non-traded BDCs ("non-traded BDCs" or "non-traded peers") with broad exposure across industries and are not sector-focused. Traded peers include BDCs which had market capitalizations greater than $1 billion as of December 31, 2025. Non-traded peers include BDCs which had effective registration statements as of December 31, 2025 and net asset values in excess of $1 billion as of December 31, 2025. Data is derived from publicly available information, including U.S. Securities and Exchange Commission filings and third-party sources. Comparisons to the peer set are subject to limitations, including differences in strategy, portfolio composition, leverage, fees and reporting, and may not be indicative of relative performance. Source: www.sec.gov and company public disclosures. Index Disclosure Indices are provided for illustrative purposes only and not indicative of any investment. They have not been selected to represent appropriate benchmarks or targets for PCAP. Rather, the indices shown are provided solely to illustrate the performance of well-known and widely recognized indices. Any comparisons herein of the investment performance of PCAP to an index are qualified as follows (i) the volatility of such index will likely be materially different from that of PCAP; (ii) such index will, in many cases, employ different investment guidelines and criteria than PCAP and, therefore, holdings in such fund will differ significantly from holdings of the securities that comprise such index and such fund may invest in different asset classes altogether from the illustrative index, which may materially impact the performance of PCAP relative to the index; and (iii) the performance of such index is disclosed solely to allow for comparison on PCAP's performance to that of a well-known index. Comparisons to indices have limitations because indices have risk profiles, volatility, asset composition and other material characteristics that will differ from PCAP. The indices do not reflect the deduction of fees or expenses. You cannot invest directly in an index. No representation is being made as to the risk profile of any benchmark or index relative to the risk profile of PCAP presented herein. There can be no assurance that the future performance of any specific investment, or product will be profitable, equal any corresponding indicated historical performance or be suitable for a portfolio. • The Bloomberg US Corporate High Yield Index measures the market of USD-denominated, non- investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. The index excludes emerging market debt. • The Bloomberg US Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers. • Morningstar LSTA US Leveraged Loan 100 Index is designed to measure the performance of the 100 largest facilities in the leveraged loan market. Index constituents are market-value weighted, subject to a single loan facility weight cap of 2%. Weighted Average EBITDA includes all private debt investments for which fair value is determined by Churchill PCIF Advisor LLC (the "Adviser"), in its capacity as the Board's valuation designee (the "Valuation Designee") and excludes quoted assets. Including all quoted assets, our portfolio companies had a weighted average EBITDA of $186.7M. EBITDA amounts are derived from the most recently available portfolio company financial statements and are weighted based on fair market value of each respective investment. Amounts have not been independently reviewed by us and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information. Weighted Average Interest Coverage: 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. 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 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. Data as of latest quarter end. Floating rate: As a percentage of debt investments in PCAP's portfolio. Awards, Honors or Other Rankings: Any published third-party rankings, awards or similar groupings have inherent limitations and qualifications, and are not indicative of the experience of any client or investor or of the future performance of any product described herein. #2 Most Active U.S. Buyouts Lender In 2025 by PitchBook: PitchBook 2025 Annual Lending League Table as of December 31, 2025. Rankings determined by PitchBook Data based on the total number of eligible transactions from January 1, 2025, to December 31, 2025. Eligible transactions include U.S.- based, private equity-backed company deals categorized as buyouts. #3 KBRA Direct Lending Deals' Lender Mandates as of 31 Dec 2025. Based on eligible transactions from 1 Jan 2025 to 31 Dec 2025. Eligible transactions are U.S. non-syndicated loans to private equity- backed companies. The league table comprises the top 247 lenders. Ranking includes only senior transactions (Traditional Middle Market and Upper Middle Market). Opinions & Trends. Opinions expressed reflect the current opinions of Churchill as of the date appearing in the materials only and are based on Churchill's opinions of the current market environment, which is subject to change. Certain information contained in the materials discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. There can be no assurances that any of the trends described herein will continue or will not reverse. Past events and trends do not imply, predict or guarantee, and are not necessarily indicative of, future events or results. Nuveen Churchill Private Capital Income Fund \| As of 31 Mar 2026 FOR EXISTING NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND SHAREHOLDERS ONLY

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5562131 nuveenchurchillpcap.comNOT FDIC INSURED \| NO BANK GUARANTEE \| MAY LOSE VALUE Important Disclosure Information This material does not constitute an offer to sell or a solicitation of an offer to buy any security. An offering is made only by a prospectus to individuals who meet minimum suitability requirements. This sales literature must be read in conjunction with a prospectus in order to understand fully all the implications and risks of the offering of securities to which it relates. A copy of the prospectus must be made available to you in connection with such offering. Neither the Securities and Exchange Commission nor any other state securities regulator has approved or disapproved of our securities or determined if the prospectus is truthful or complete. Any representation to the contrary is a criminal offense. These materials and the presentations of which they are a part, and the summaries contained herein, do not purport to be complete and no obligation to update or otherwise revise such information is being assumed. Nothing shall be relied upon as a promise or representation as to the future performance of the Fund. Such information is qualified in its entirety by reference to the more detailed discussions contained elsewhere in the Fund's prospectus and public filings with the SEC. An investment in the Fund is speculative and involves a high degree of risk. There can be no guarantee that the Fund's investment objective will be achieved. The Fund may engage in other investment practices that may increase the risk of investment loss. An investor could lose all or substantially all of his, her or its investment. The Fund may not provide periodic valuation information to investors, and there may be delays in distributing important tax information. The Fund's fees and expenses may be considered high and, as a result, such fees and expenses may offset the Fund's profits. Diversification does not assure profit or protect against loss. Past performance does not predict future returns. Actual results may vary. Diversification of an investor's portfolio does not assure a profit or protect against loss. Nuveen Churchill Private Capital Income Fund is a non-exchange traded BDC that expects to invest in private credit investments, including private debt and equity investments, in U.S. middle market companies owned by private equity firms issued in private offerings or issued by private companies. Summary of Risk Factors Investing in our Common Shares involves a high degree of risk. You should purchase these securities only if you can afford the complete loss of your investment. You should read the prospectus carefully for a description of the risks associated with an investment in PCAP. See full information pertaining to "Risk Factors" in the prospectus. Also consider the following: • There is no assurance that we will achieve our investment objective. • You should not expect to be able to sell your Common Shares regardless of how we perform. • You should consider that you may not have access to the money you invest for an extended period of time. • We do not intend to list our Common Shares on any securities exchange, and we do not expect a secondary market in our Common Shares to develop. • Because you may be unable to sell your Common Shares, you will be unable to reduce your exposure in any market downturn. • We have implemented a share repurchase program, but only a limited number of Common Shares are eligible for repurchase and repurchases are subject to available liquidity and other significant restrictions and limitations. See "Share Repurchase Program" and "Risk Factors." • An investment in our Common Shares is not suitable for you if you need access to the money you invest. See "Suitability Standards" and "Share Repurchase Program." • We cannot guarantee that we will make distributions, and if we do, we may fund such distributions from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such other sources. • Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by the Adviser or its affiliates, which may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled. • We use and expect to continue to use leverage, which will magnify the potential for loss on amounts invested in us. See "Risk Factors - Risks Related to Debt Financing" • We intend to invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may also be illiquid and difficult to value. • An investor will pay a sales load of up to 3.50% and offering expenses of up to 0.75% on the amounts it invests in Class S shares. If you pay the maximum aggregate 4.25% for sales load and offering expenses for Class S shares at a purchase price of $25.00, you must experience a total return on your net investment of 4.44% in order to recover these expenses. Additionally, Class S shares are subject to a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV as of the beginning of the first calendar day of the month, payable monthly. • An investor will pay a sales load of up to 1.50% and offering expenses of up to 0.75% on the amounts it invests in Class D shares. If you pay the maximum aggregate 2.25% for sales load and offering expenses for Class D shares at a purchase price of $25.00, you must experience a total return on your net investment of 2.30% in order to recover these expenses. Additionally, Class D shares are subject to a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV as of the beginning of the first calendar day of the month, payable monthly. • An investor will pay offering expenses of up to 0.75% on the amounts it invests in Class I shares. Accordingly, you must experience a total return on your net investment of 0.76% in order to recover the expenses for Class I shares This material must be read in conjunction with the PCAP prospectus in order to fully understand all the implications and risks of an investment in PCAP. This material is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus, which must be made available to you prior to making a purchase of shares and is available at nuveenchurchillpcap.com. Prior to making an investment, investors should read the prospectus, including the "Risk Factors" section therein, which contains a discussion of the risks and uncertainties that we believe are material to our business, operating results, prospects and financial condition. Neither the SEC nor any state securities regulator has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Securities regulators have also not passed upon whether this offering can be sold in compliance with existing or future suitability or conduct standards, including the "Regulation Best Interest" standard, to any or all purchasers. Any representation to the contrary is a criminal offense. Distributed by Nuveen Securities, LLC, Dealer Manager / Member FINRA. Churchill Asset Management is a registered investment advisor and an affiliate of Nuveen, LLC. For more information, contact nuveenchurchillpcap.com Financial Professionals 800.752.8700 Investors 833.688.3368 Nuveen Churchill Private Capital Income Fund \| As of 31 Mar 2026 FOR EXISTING NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND SHAREHOLDERS ONLY

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