# EDGAR Filing Document

**Accession Number:** 0001911066
**File Stem:** 0001911066-26-000079
**Filing Date:** 2026-5
**Character Count:** 19609
**Document Hash:** 76cb4fb32180ea955991b3e6acb3c6b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001911066-26-000079.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001911066-26-000079

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260528

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**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:** 261041338

**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-20260528

**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): May 28, 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.)** |

---

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

---

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

---

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

**Not Applicable**

**(Former name or former address, if changed since last report.)**

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 |

---

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 1.01&nbsp;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive Agreement.**

On May 28, 2026, Nuveen Churchill Private Capital Income Fund (the "Fund") entered into an incentive fee waiver agreement (the "Fee Waiver Agreement") with Churchill PCIF Advisor LLC, the Fund's investment adviser (the "Adviser"), pursuant to which the Adviser has agreed to waive 50% of the incentive fee based on income payable by the Fund to the Adviser for the period from April 1, 2026 through April 30, 2026. For the avoidance of doubt, the Fee Waiver Agreement does not amend the calculation of the incentive fee based on income as set forth in the investment advisory agreement, dated as of May 28, 2024, by and between the Fund and the Adviser (as amended on July 30, 2025, the "Advisory Agreement"). Other than the waiver contemplated by the Fee Waiver Agreement, the terms of the Advisory Agreement remain in full force and effect.

**Item 8.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Events.**

***Net Asset Value***

In accordance with Fund's valuation policy, the Fund intends to sell its shares on the first business day of each month at an offering price that it believes reflects the net asset value ("NAV") per share at the end of the preceding month. The table below sets forth the public offering prices for the Fund's Class I, Class S, and Class D shares of beneficial interest (collectively "Common Shares"), which was approximately equal to their respective NAV per share.

---

| | |
|:---|:---|
| | **NAV as of April 30, 2026** |
| Class I shares | $24.00 |
| Class S shares | $23.91 |
| Class D shares | $24.00 |

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As of April 30, 2026, the Fund's aggregate NAV was approximately $1.5 billion, the fair value of its investment portfolio was $2.5 billion, and it had $1.3 billion in secured borrowings outstanding.

As of April 30, 2026, the Fund's Class I, Class S, and Class D shares of beneficial interest generated the following returns:<sup>1</sup>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Inception date** | **1-Month** | **3-Month** | **Year to Date** | **1-Year** | **3-Years** | **Since Inception** |
| Class I shares | March 30, 2022 | 0.62% | 0.96% | 1.50% | 6.83% | 10.77% | 10.69% |
| Class S shares | October 2, 2023 | 0.51% | 0.66% | 1.13% | 5.83% | —% | 8.93% |
| Class D shares | October 2, 2023 | 0.60% | 0.89% | 1.41% | 6.62% | —% | 9.82% |

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***Distributions***

On May 29, 2026, the Fund's board of trustees (the "Board") declared regular distributions for each class of its shares of beneficial interest in the amounts per share set forth below. The regular distributions are payable to shareholders of record as of May 31, 2026 and the payment date is on or about June 29, 2026.

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| | | | |
|:---|:---|:---|:---|
| | **Gross Regular Distributions** | **Shareholder Servicing Fee** | **Net Total Distributions** |
| Class I shares | $0.170 | $— | $0.170 |
| Class S shares | $0.170 | $0.017 | $0.153 |
| Class D shares | $0.170 | $0.005 | $0.165 |

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***Portfolio Update***

As of April 30, 2026, the Fund had debt investments and equity investments in 342 portfolio companies with an aggregate of $2.5 billion in investments (at cost) and an average position size of 0.29%.<sup>2</sup> As of April 30, 2026, the Fund's investments consisted of 92.98% first-lien debt investments, 2.55% second-lien debt investments, 2.12% mezzanine and structured debt investments, and 2.35% equity investments (at fair value). As of April 30, 2026, on a fair value basis, 96.05% of the Fund's debt investments bore interest at a floating rate and 3.95% of the Fund's debt investments bore interest at a fixed rate. As of April 30, 2026, the weighted average yield on the Fund's debt and income producing investments at fair value was 8.74%.<sup>3</sup>

As of April 30, 2026, the Fund's portfolio companies had a weighted average reported EBITDA (including all private debt investments and excluding quoted assets) of $87.4 million. Including all quoted assets as of April 30, 2026, the Fund's portfolio companies had a weighted average reported EBITDA of $183.4 million. EBITDA amounts are derived from the most recently available portfolio company financial statements and are weighted based on the fair market value of each respective investment as of its most recent valuation.

<sup>1</sup> Total return does not include upfront transaction fees, if any.

<sup>2</sup> Average position size is calculated as a percentage of the total fair value of the Fund's investment portfolio.

<sup>3</sup> The weighted average yield of the Fund's debt and income producing securities is not the same as a return on investment for the Fund's shareholders, but rather relates to the Fund's investment portfolio and is calculated before the payment of all of the Fund's and its subsidiaries' 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. Weighted average yield inclusive of debt and income producing investments on non-accrual status at fair value was 8.74%. There can be no assurance that the weighted average yield will remain at its current level.

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The industry composition of the Fund's portfolio as a percentage of fair value as of April 30, 2026 was as follows:

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| | |
|:---|:---|
| **Industry** | **April 30, 2026** |
| Aerospace & Defense | 2.06% |
| Automotive | 1.00% |
| Banking, Finance, Insurance & Real Estate | 5.85% |
| Beverage, Food & Tobacco | 5.68% |
| Capital Equipment | 8.20% |
| Chemicals, Plastics & Rubber | 1.43% |
| Construction & Building | 6.29% |
| Consumer Goods: Durable | 1.37% |
| Consumer Goods: Non-durable | 2.56% |
| Containers, Packaging & Glass | 1.24% |
| Energy: Electricity | 1.84% |
| Energy: Oil & Gas | 0.55% |
| Environmental Industries | 3.74% |
| Healthcare & Pharmaceuticals | 14.03% |
| High Tech Industries | 9.77% |
| Hotel, Gaming & Leisure | 0.38% |
| Media: Advertising, Printing & Publishing | 0.69% |
| Media: Broadcasting & Subscription | 0.14% |
| Media: Diversified & Production | 0.21% |
| Metals & Mining | 0.07% |
| Retail | 0.08% |
| Services: Business | 18.07% |
| Services: Consumer | 5.02% |
| Sovereign & Public Finance | 0.37% |
| Telecommunications | 1.67% |
| Transportation: Cargo | 1.51% |
| Transportation: Consumer | 0.75% |
| Utilities: Electric | 2.79% |
| Utilities: Water | 0.87% |
| Wholesale | 1.76% |
| **Total** | **100.0%** |

---

The Fund's top ten portfolio companies as of April 30, 2026 were as follows:

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| | | |
|:---|:---|:---|
| **Portfolio Company** | **Industry** | **% of Fair Value of Investments** |
| Healthspan Buyer, LLC (Thorne HealthTech) | Healthcare & Pharmaceuticals | 1.21% |
| FirstCall Mechanical Group, LLC | Capital Equipment | 1.20% |
| Transit Buyer, LLC (Propark Mobility) | Services: Business | 1.09% |
| Ovation Holdings, Inc | Capital Equipment | 1.09% |
| Arctiq, Inc. | High Tech Industries | 1.06% |
| Health Management Associates, Inc. | Healthcare & Pharmaceuticals | 1.03% |
| Matador US Buyer, LLC (Insulation Technology Group) | Energy: Electricity | 1.01% |
| Kenco PPC Buyer LLC | Transportation: Cargo | 0.99% |
| AB Centers Acquisition Corporation (Action Behavior Centers) | Healthcare & Pharmaceuticals | 0.97% |
| Commercial Bakeries Corp. | Beverage, Food & Tobacco | 0.95% |

---

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Past performance is not necessarily indicative of future performance, and there can be no assurance that the Fund will achieve comparable investment results, or that any targeted returns will be met.

The information presented above is based on the determination of the Adviser, in its capacity as the valuation designee (the "Valuation Designee") as of April 30, 2026. 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. Consequently, the data set forth in the Fund's Quarterly Report on Form 10-Q for the fiscal quarter ending June 30, 2026 may differ from this information, and any such differences may be material. In addition, the information presented above does not include all of the information regarding the Fund's financial condition and results of operations that may be important to investors. As a result, investors are cautioned not to place undue reliance on the information presented above. Neither PricewaterhouseCoopers LLP, the Fund's independent registered public accounting firm, nor any other independent accountants, have audited, reviewed, compiled or performed procedures with respect to the financial data contained herein. Accordingly, PricewaterhouseCoopers LLP does not express an opinion or any form of assurance with respect thereto and assumes no responsibility for, and disclaims any association with, this information.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | <u>[Incentive Fee Waiver Agreement, dated May 28, 2026, by and between Nuveen Churchill Private Capital Income Fund and Churchill PCIF Advisor LLC](pcap-ex101xincentivefeewai.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: May 29, 2026 | By: | /s/ Kenneth J. Kencel |
|  |  | Kenneth J. Kencel<br>Chief Executive Officer and President |

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## Exhibit 10.1

**Exhibit 10.1**

**INCENTIVE FEE WAIVER AGREEMENT**

This Incentive Fee Waiver Agreement (the "***Agreement***") is made on this 28th day of May 2026, by and between Nuveen Churchill Private Capital Income Fund (the "***Fund***") and Churchill PCIF Advisor LLC, the Fund's investment adviser (the "***Adviser***"). Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Advisory Agreement (as defined below).

**WITNESSETH:**

WHEREAS, the Fund is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "***1940 Act***");

WHEREAS, the Fund and the Adviser entered into that certain Investment Advisory Agreement, dated May 28, 2024, by and between the Fund and the Adviser (as amended on July 30, 2025, the "***Advisory Agreement***"), pursuant to which the Adviser provides investment advisory services to the Fund; <u>and</u>

WHEREAS, the Fund and the Adviser have determined that it is appropriate and in the best interests of the Fund to partially waive the incentive fee on income (the "***Income Based Incentive Fee***") that may be payable by the Fund to the Adviser under the Advisory Agreement pursuant to the terms and for the period set forth herein.

NOW, THEREFORE, in consideration of the premises set forth herein and for other good and valuable consideration, the parties hereby agree as follows:

**1. Partial Waiver of Income Based Incentive Fee Payable under the Advisory Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;(a)The Adviser hereby agrees to waive 50% of the Income Based Incentive Fee payable to the Adviser pursuant to Section 7(b)(i) of the Advisory Agreement for the period beginning April 1, 2026 and ended April 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)For the avoidance of doubt, the purpose of this Agreement is to provide the Fund with a partial waiver in connection with the Income Based Incentive Fee payable by the Fund to the Adviser for the period set forth in Section 1(a) of this Agreement and does not amend the calculation of the Income Based Incentive Fee as set forth in the Advisory Agreement. Other than the partial waiver granted herein by the Adviser, the terms of the Advisory Agreement shall be in full force and effect.

**2. Duration and Termination of this Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Term and Effectiveness</u>. This Agreement shall become binding as of the date of its execution by the parties (the "***Effective Date***"). Upon the Effective Date, the terms of the Advisory Agreement will remain in full force and effect, subject to the partial fee waiver set forth in Section 1 of this Agreement. This Agreement shall remain in effect for the period set forth in Section 1(a) of this Agreement, unless extended by mutual written agreement of the Fund and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Termination</u>. This Agreement may be terminated at any time, without the payment of any penalty: (i) by the Fund upon 60 days' written notice to the Adviser by the vote of the Board of Trustees

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**Execution Version**

of the Fund; or (ii) by the Adviser upon not less than 120 days' written notice to the Fund. This Agreement and the rights and duties of a party hereunder may not be assigned, including by operation of law, by a party without the prior consent of the other party and this Agreement automatically shall terminate in such event. The provisions of Section 1 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement.

**3. Notices**

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at the address listed below or at such other address for a party as shall be specified in a notice given in accordance with this Section 3:

To the Fund:

Attn: John D. McCally, Vice President and Secretary

375 Park Avenue, 9th Floor

New York, NY 10152

To the Adviser:

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

Attn: John D. McCally, Senior Managing Director and General Counsel

375 Park Avenue, 9th Floor

New York, NY 10152

**4. Amendments of this Agreement**

This Agreement may be amended by mutual written consent of the parties. This Agreement automatically shall terminate upon the dissolution of the Fund.

**5. Counterparts**

This Agreement may be executed in counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart.

**6. Governing Law**

This Agreement shall be construed in accordance with laws of the State of New York and the applicable provisions of the 1940 Act, if any. To the extent that the applicable laws of the State of New York or any of the provisions herein conflict with the applicable provisions of the 1940 Act, if any, the latter shall control.

**7. Entire Agreement**

This Agreement and the Advisory Agreement contain the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

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**Execution Version**

*[signature page to follow]*

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**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first written above.

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

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| |
|:---|
| By: <u>/s/ John D. McCally</u> |
| Name: John D. McCally |
| Title: Vice President and Secretary  |

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**CHURCHILL PCIF ADVISOR LLC**

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| |
|:---|
| By: <u>/s/ John D. McCally</u> |
| Name: John D. McCally |
| Title: Vice President and Secretary  |

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