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Nuveen Churchill Direct Lending Corp. (NCDL)

Nuveen Churchill Direct Lending Corp. (NCDL), initially formed as a Delaware limited liability company on March 13, 2018, and subsequently restructured into a Maryland corporation on June 18, 2019, prior to commencing its business activities, operates as a closed-end, externally managed, non-diversified investment company. It has chosen to be regulated as a Business Development Company (BDC) under the Investment Company Act of 1940, as amended. The firm's principal investment goal is to generate appealing risk-adjusted returns, primarily through current income. This is achieved by predominantly investing in senior secured loans provided to private equity-backed U.S. middle market companies, which NCDL identifies as enterprises with annual earnings before interest, taxes, depreciation, and amortization (EBITDA) generally ranging from $10.0 million to $100.0 million. Its portfolio will largely comprise what it refers to as "Senior Loans," primarily consisting of privately originated first-lien senior secured debt and unitranche loans (excluding "last-out" positions) to these performing U.S. middle market businesses. Additionally, the company selectively pursues "Junior Capital Investments," which include instruments such as second-lien loans, subordinated debt, last-out unitranche loan positions, and various equity-related securities.

Industry: Asset Management

Nuveen Churchill Direct Lending Corp. logo

Nuveen Churchill Direct Lending Corp.

NYSE:NCDLFinancial Services
-0.47%$10.55
AH Close$10.55+0.00%vs close
Mkt Cap$521.03M
Float36.92M
O/S49.39M
Inst Own31.9%
Div Yield15.26%
Dilution
Historical Data
DateOpenHighLowCloseVolume
Key Metrics
Market Cap$521.03M
Enterprise Value--
P/E Ratio11.22
Est. Net Cash/Share--
Institutional Ownership31.86%

based on 49.39M shares outstanding

SectorFinancial Services
IndustryAsset Management
ExchangeNYSE
CountryUSUS
IPO DateJan 25, 2024
Shares Outstanding49.39M
Float36.92M
Company Overview

Nuveen Churchill Direct Lending Corp. (the “Company”) is business development company and was formed on March 13, 2018, as a limited liability company under the laws of the State of Delaware and was converted into a Maryland corporation on June 18, 2019 prior to the commencement of operations. The Company is a closed-end, externally managed, non-diversified 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 Company's investment objective is to generate attractive risk-adjusted returns primarily through current income by investing primarily in senior secured loans to private equity-owned U.S. middle market companies, which the Company defines as companies with approximately $10.0 million to $100.0 million of earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Company will focus on privately originated debt to performing U.S. middle market companies, with a portfolio expected to comprise primarily of first-lien senior secured debt and unitranche loans (other than last-out positions in unitranche loans) (collectively “Senior Loans”). The Company will also opportunistically invest in junior capital opportunities (second-lien loans, subordinated debt, last-out positions in unitranche loans and equity-related securities) (collectively “Junior Capital Investments”).

Leadership

Kenneth Kencel

Director

Stephen Potter

Director

Alona Tolentino Gornick

MD of Senior Investment Strategist & Co-Head of Chicago Office

Charmagne Beth Kukulka

Chief Compliance Officer

Employees

--

Country

US

Sector

Financial Services

Website

churchillam.com

Analyst Coverage
Analyst Coverage
ConsensusBuy
Price Target (median, last 90d)
$13.00+23.2%
Low $13High $13
Ratings Distribution
BUY
3
HOLD
1
SELL
1
TOTAL5
Insider Trading
InsiderTypeShares
Vichness Shaul profile photoVichness ShaulPurchase5.0K
Vichness Shaul profile photoVichness ShaulOther431.156
McCally John profile photoMcCally JohnPurchase7.5K
Vichness Shaul profile photoVichness ShaulPurchase5.0K
Hassen Marissa profile photoHassen MarissaPurchase3.8K
Vichness Shaul profile photoVichness ShaulOther385.77
Shareholders
31.9%
Institutional
(70)
0.1%
Insiderⓘ
(5)
31.9%
5%+ Owners
(3)
of which 20.7% rests on schedules older than 24 months (2 holders)
36.1%
Unattributed (incl. retail)ⓘ
Institutional31.9%
Insider0.1%
5%+ Beneficial31.9%
Unattributed (incl. retail)36.1%
Top Shareholders
NameShares%
Teachers Insurance and Annuity Association of America logo
Teachers Insurance and Annuity Association of America
· may incl. warrants· stale · filed Feb 2024
6.8M13.8%
Peakline Partners, LLC logo
Peakline Partners, LLC
· may incl. warrants· filed Dec 2025
5.5M11.2%
Kuvare Insurance Services LP logo
Kuvare Insurance Services LP
· may incl. warrants· stale · filed Feb 2024
3.4M6.9%
Blue Owl Capital Holdings LP logo
Blue Owl Capital Holdings LP
2.1M4.3%
Blue Owl Capital Holdings LP logo
Blue Owl Capital Holdings LP
· also on 13F· may incl. warrants· filed Feb 2026
2.1M4.3%
Corient Private Wealth LP logo
Corient Private Wealth LP
1.6M3.3%
UBS Group AG logo
UBS Group AG
997.8K2.0%
ARES MANAGEMENT LLC logo
ARES MANAGEMENT LLC
958.8K1.9%
BROWN BROTHERS HARRIMAN & CO logo
BROWN BROTHERS HARRIMAN & CO
922.0K1.9%
Invesco Ltd. logo
Invesco Ltd.
893.3K1.8%
Sources: 13F, Form 4, 13D/13GO/S: 49.4M · as of 5 Aug 2026 · SEC cover page
Insiders & Institutional Holders
52-Week Range
$10.31$15.07
$10.55(5th percentile)
Volume
Average Daily Volume291.28K
224.52K today vs 291.28K avg(-23%)

30d Avg

291.28K

60d Avg

248.81K

90d Avg

219.07K

Earnings
Dividend History
TTM Yield
15.26%
Paid quarterly
Annual (LTM)
$1.61
Latest
$0.3800
Sep 30, 26
5Y Growth
--
Compliance Status
Loading compliance data...