Logo

NXC

Nuveen California Select Tax-Free Income Portfolio

NXC

Nuveen California Select Tax-Free Income Portfolio • NYSE
$13.24 ▲ 0.16% (+0.02)
Market Cap $85.40 M
52w High $13.72
52w Low $12.41
Dividend Yield 0.54%
P/E -33.96
Volume 2.62K
Outstanding Shares 6.45M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2024 $507.615K ▼ $-67.584K ▼ $972.93K ▼ 191.667% ▲ $0.15 ▼ $979.132K ▼
Q2-2024 $1.86M ▲ $179.307K ▲ $1.276M ▼ 68.595% ▼ $0.2 ▼ $1.276M ▼
Q4-2023 $1.848M ▼ $155.049K ▼ $4.111M ▲ 222.507% ▲ $1.29 ▲ $4.113M ▲
Q2-2023 $1.848M ▲ $1.249M ▼ $986.521K ▲ 53.386% ▲ $-0.49 ▼ $986.638K ▲
Q4-2022 $1.819M $1.533M $287.456K 15.802% $0.045 $-1.375M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $390.878K ▼ $88.787M ▼ $362.394K ▲ $88.424M ▼
Q2-2024 $1.291M ▲ $88.861M ▼ $352.971K ▼ $88.508M ▼
Q4-2023 $118.749K ▼ $89.344M ▲ $375.24K ▲ $88.969M ▲
Q2-2023 $706.779K ▼ $86.978M ▼ $265.825K ▼ $86.556M ▼
Q4-2022 $959.415K $87.591M $267.474K $87.224M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2024 $972.93K ▼ $0 $0 $0 $0 $0
Q2-2024 $1.276M ▼ $0 $0 $0 $0 $0
Q4-2023 $2.549M ▼ $0 $0 $0 $0 $0
Q2-2023 $2.549M ▲ $0 $0 $0 $0 $0
Q4-2022 $-2.996M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement The fund’s income profile looks relatively steady over time, with small but generally positive earnings, except for one weak year recently where results swung negative. Since this is a bond-focused closed‑end fund, the main story is not rapid growth but the ability to consistently generate tax‑free income after expenses. Earnings per share have bounced around from year to year, which reflects shifts in bond prices and interest rates more than operational changes. Overall, profitability appears modest but generally intact, with sensitivity to market conditions in the municipal bond market clearly visible in the one down year.

Balance Sheet

Balance Sheet The balance sheet is simple and fairly conservative. Assets have held roughly stable over the last several years, and the fund is essentially financed entirely by shareholder equity, with no reported debt. That means there is no balance‑sheet leverage risk from borrowing, which is a plus from a risk standpoint, though it can also limit return potential compared with levered peers. Asset levels have not materially expanded, suggesting the fund is in a mature, steady state rather than a growth phase.

Cash Flow

Cash Flow Reported cash flow figures are essentially flat, which is common for a closed‑end fund structure where the main activity is collecting interest from bonds and paying it out as distributions. Operating and free cash flow are not as informative here as they would be for an operating company. The key takeaway is that there is no sign of heavy spending or capital investment needs, and the fund’s model remains straightforward: hold a portfolio of bonds, collect tax‑free income, and distribute it to shareholders.

Competitive Edge

Competitive Edge NXC competes in a niche space: California municipal bond income, targeting investors who value state and federal tax exemption. Its competitive strength comes mostly from being managed by Nuveen, a large, established municipal bond manager with deep research resources and strong market access. That backing supports credit research quality and trade execution. On the other hand, the fund is relatively small and focused on a single state, which concentrates risk in California’s fiscal and economic health. The proposed merger into a larger, nationally diversified Nuveen fund would fundamentally change this positioning—swapping the California specialty and state tax benefit for broader diversification, more scale, and potentially better trading liquidity.

Innovation and R&D

Innovation and R&D Innovation here is less about traditional R&D and more about portfolio tools and product design. NXC benefits from Nuveen’s proprietary municipal research, including ESG scoring methods and sophisticated risk systems used across its fixed‑income platforms. These tools help Nuveen assess issuer quality and manage portfolio risk more systematically. Strategically, the big ‘innovation’ on the horizon is structural: the proposed merger into a larger national tax‑free fund, and Nuveen’s broader push toward more technologically enabled, tax‑aware solutions. Together, these suggest that while NXC itself is not a technology leader, it rides on Nuveen’s evolving analytics and product strategy.

Summary

Overall, NXC looks like a conservative, income‑oriented municipal bond fund with a long history, modest but generally positive earnings, and a clean, unlevered balance sheet. Its historical appeal has been clear: tax‑free income for California residents, backed by Nuveen’s municipal expertise. The main risks are tied less to operations and more to external factors—interest‑rate moves, municipal credit conditions, and the concentration in one state. The proposed reorganization is the key turning point: if completed, it would transform the fund’s identity from a California‑specific vehicle into part of a broader national portfolio, trading away state‑specific tax benefits for scale, diversification, and potentially lower costs. The fund today appears stable but strategically at a crossroads, with its future profile likely to look meaningfully different from its past.

NEWS

November 12, 2025 · 8:45 AM UTC

Immix Biopharma Appoints Chief Commercial Officer to Drive NXC-201 Launch

Read more

November 3, 2025 · 8:45 AM UTC

Immix Biopharma's NXC-201 NEXICART-2 Clinical Trial Results Selected for Oral Presentation at ASH 2025

Read more