May 7 (Reuters) - Nuveen Churchill Direct Lending Corp NCDL.N on Thursday reported a drop in first-quarter net investment income, hurt by lower interest income and investment losses, while its net asset value declined from the year-end.

The business development company said net investment income fell to $20 million from $27.5 million a year earlier. Total investment income dropped to $46.3 million from $53.6 million, as interest income declined to $42.9 million from $50.8 million.

Net asset value per share fell to $17.50 as of March 31 from $17.72 at the end of December, while total net assets declined to $864.1 million from $875.2 million.

Nuveen Churchill posted $3.3 million in net realized losses and $8.1 million in net unrealized depreciation during the reported quarter.

Its investment portfolio was valued at about $1.98 billion, compared with a cost basis of $2.02 billion.