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.
NYSE:NCDLFinancial Services · Asset Management
-0.47%$10.55
AH Close$10.55+0.00%vs close
AH Close$10.55+0.00%vs close
Mkt Cap$521.03M
Float36.92M
O/S49.39M
Inst Own31.9%
SI2.1%
Div Yield15.26%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$201.84M
Net Income$65.61M
Total Assets$2.05B
Free Cash Flow$194.16M
Debt & Equity
Debt 56%
Equity 44%
Total Debt$1.12B
Total Equity$875.18M
Shares Outstanding
Short Interest
Split History1 split
- 15:1Forward splitJan 19, 20111 share → 15
Balance Sheet Details
Assets$2.05B
Liabilities$1.18B
Accounts Receivable$13.73M
Accounts Payable$41.47M
Inventory$0
PP&E (Net)$0
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Revenue | $201.84M | $186M | $144.01M | $46.81M | $39.25M | $8.71M | $15.89M | $4.58M |
| YoY Growth | 8.5% | 29.2% | 207.6% | 19.3% | 350.6% | -45.2% | 246.6% | - |
| Cost of Revenue | $30.54M | $74.58M | $57.98M | $23.42M | $9.83M | $4.49M | $1.96M | $502K |
| Gross Profit | $171.31M | $111.42M | $86.03M | $23.39M | $29.43M | $4.22M | $13.93M | $4.08M |
| Gross Margin | 84.9% | 59.9% | 59.7% | 50.0% | 75.0% | 48.5% | 87.7% | 89.0% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $7.61M | $6.54M | $6.19M | $3.99M | $2.68M | $2.5M | $0 | $0 |
| Other | $20.03M | -$11.59M | $3.07M | $2.09M | -$522K | -$424K | -$6.75M | -$2.2M |
| Total Operating Expenses | $27.64M | -$5.05M | $9.26M | $6.08M | $2.16M | $2.08M | -$6.75M | -$2.2M |
| Operating Income (EBIT) | $143.66M | $116.48M | $76.77M | $17.31M | $27.27M | $2.15M | $17.25M | $3.08M |
| Operating Margin | 71.2% | 62.6% | 53.3% | 37.0% | 69.5% | 24.6% | 108.6% | 67.3% |
| Interest Expense | $77.9M | $79.88M | $61.21M | $25.7M | $9.83M | $4.49M | $0 | $0 |
| Interest Income | $195.9M | $213.1M | $160.51M | $80.66M | $35.02M | $13.05M | $0 | $0 |
| Other Income (Expense) | -$77.9M | $0 | $0 | $0 | $0 | $0 | $0 | -$1.65M |
| Income Before Tax (EBT) | $65.76M | $116.48M | $76.77M | $17.31M | $27.27M | $2.15M | $14.03M | $3.64M |
| Income Tax Expense | $149K | $154K | $830K | $24K | $0 | $0 | $14.03M | $3.64M |
| Net Income | $65.61M | $116.32M | $75.94M | $17.29M | $27.27M | $2.15M | $7.29M | $1.44M |
| Net Income Margin | 32.5% | 62.5% | 52.7% | 36.9% | 69.5% | 24.6% | 45.9% | 31.3% |
| Supplementary Data | ||||||||
| EPS | 1.30 | 2.15 | 2.27 | 0.74 | 2.12 | 0.43 | 1.79 | 0.35 |
| Diluted EPS | 1.30 | 2.15 | 2.27 | 0.74 | 2.12 | 0.43 | 1.79 | 0.35 |
| Weighted Average OS | 50.29M | 54.12M | 33.39M | 23.28M | 12.85M | 4.96M | 4.07M | 4.07M |
| EBITDA | $143.66M | $116.48M | $76.77M | $17.31M | $27.27M | $2.15M | $19.11M | $4.03M |
| EBITDA Margin | 71.2% | 62.6% | 53.3% | 37.0% | 69.5% | 24.6% | 120.3% | 87.9% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $8.55M | $43.25M | $67.39M | $39.27M | $35.19M | $12.61M | $3.42M | $2.24M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $8.55M | $43.25M | $67.39M | $39.27M | $35.19M | $12.61M | $3.42M | $2.24M |
| Accounts Receivable | $13.73M | $19M | $21.59M | $14.22M | $12.61M | $2.97M | $4.42M | $556K |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $54.45M | $0 | $0 | $0 | $0 | -$15.58M | -$7.84M | $164.67M |
| Total Current Assets | $76.73M | $62.3M | $89M | $53.53M | $47.86M | $0 | $0 | $167.46M |
| Long-Term Assets | ||||||||
| Property, Plant & Equipment Net | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $1.98B | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $164.67M |
| Other Long-Term Assets | $327K | $2.08B | $1.64B | $1.2B | $773.06M | $0 | $0 | -$164.67M |
| Total Long-Term Assets | $1.98B | $2.08B | $1.64B | $1.2B | $773.06M | $0 | $0 | $164.67M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $353.46M | $188.37M | -$245.21M |
| Total Assets | $2.05B | $2.14B | $1.73B | $1.25B | $820.92M | $353.46M | $188.37M | $86.91M |
| Liabilities | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $41.47M | $61.06M | $35.31M | $25.78M | $36.38M | $0 | $0 | $0 |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $86.91M |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | -$64.24M | $0 | $0 | $0 | $0 | $0 | $0 | $93.91M |
| Total Current Liabilities | $0 | $61.06M | $35.31M | $25.78M | $36.38M | $0 | $0 | $180.82M |
| Long-Term Liabilities | ||||||||
| Long-Term Debt | $1.12B | $1.11B | $943.94M | $699.77M | $406.37M | $188.28M | $118.35M | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $93.91M |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $64.24M | $4.08M | $3.73M | $3.45M | $4.12M | -$188.28M | -$118.35M | -$2.79M |
| Total Long-Term Liabilities | $1.18B | $1.11B | $947.67M | $703.23M | $410.49M | $0 | $0 | $91.12M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $195.82M | $122.16M | $0 |
| Total Liabilities | $1.18B | $1.17B | $982.98M | $729M | $446.87M | $195.82M | $122.16M | $271.94M |
| Stockholders' Equity | ||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $553K |
| Common Stock | $494K | $534K | $412K | $287K | $193K | $84K | $33K | $0 |
| Retained Earnings | -$55.71M | -$26.5M | -$29.25M | -$23.93M | $3.43M | -$3.45M | $2.21M | $70.75M |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $70.75M |
| Other Stockholders' Equity | $930.39M | $996.29M | $776.72M | $548.6M | $370.43M | $161M | $63.97M | $93.91M |
| Total Equity | $875.18M | $970.32M | $747.88M | $524.96M | $374.05M | $157.64M | $66.21M | $164.67M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $84.67M |
| Total Liabilities and Equity | $2.05B | $2.14B | $1.73B | $1.25B | $820.92M | $353.46M | $188.37M | $436.61M |
| Supplementary Data | ||||||||
| Total Debt | $1.12B | $1.11B | $943.94M | $699.77M | $406.37M | $188.28M | $118.35M | $0 |
| Net Debt | $1.11B | $1.07B | $876.54M | $660.5M | $371.18M | $175.67M | $114.93M | -$2.24M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Operating Activities | ||||||||
| Net Income | $65.61M | $116.32M | $75.94M | $17.29M | $27.27M | $2.15M | $7.29M | $1.44M |
| Depreciation & Amortization | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||
| Accounts Receivable | $4.75M | $2.6M | -$7.83M | -$1.16M | -$6.18M | $1.52M | -$3.53M | $308K |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $0 | $16.19M | $430K | -$23.19M | $26.63M | $595K | -$5.22M | $6.14M |
| Other Working Capital | $6.06M | $3.22M | $1.05M | $5.26M | $102K | -$166K | $0 | $0 |
| Total Working Capital Change | $10.8M | $22.01M | -$6.35M | -$19.09M | $20.55M | $1.95M | -$8.76M | $6.45M |
| Other Non-Cash Items | $117.74M | -$1.91M | $3.46M | $26.95M | -$6.5M | $3.42M | -$149K | -$6.06M |
| Net Cash from Operating | $194.16M | $136.42M | $73.05M | $25.14M | $41.32M | $7.52M | -$1.62M | $8.27M |
| Investing Activities | ||||||||
| Capital Expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | $0 | -$863.57M | -$589M | -$502.25M | -$610.69M | -$211.2M | -$107.12M | -$173.51M |
| Sales of Investments | $0 | $429.95M | $0 | $49.26M | $181.07M | $51.94M | $91.27M | $11.46M |
| Other Investing Activities | $0 | $0 | $146.43M | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | $0 | -$433.62M | -$442.57M | -$452.99M | -$429.62M | -$159.25M | -$15.85M | -$162.05M |
| Financing Activities | ||||||||
| Debt Repaid | $1.39M | -$160.16M | -$246.43M | -$292M | -$217.2M | -$69.61M | -$31M | -$86.81M |
| Common Stock Issuance | $0 | $241.66M | $218.9M | $174.59M | $209.21M | $95M | -$6.2M | $70.2M |
| Common Stock Repurchases | -$65.75M | -$33.53M | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | -$102.25M | $0 | -$63.19M | $0 | $0 | $0 | $0 | -$882K |
| Other Financing Activities | -$5.59M | $0 | -$4.48M | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Financing | -$174.98M | $273.06M | $397.65M | $431.93M | $411.7M | $161.33M | $19.17M | $156.13M |
| Forex Effect | $0 | $0 | $0 | $50K | -$819K | -$409K | -$515K | $0 |
| Net Change in Cash | $19.18M | -$24.14M | $28.13M | $4.13M | $22.58M | $9.19M | $1.19M | $2.34M |
| Supplementary Data | ||||||||
| Operating Cash Flow | $194.16M | $136.42M | $73.05M | $25.14M | $41.32M | $7.52M | -$1.62M | $8.27M |
| Capital Expenditure | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | $194.16M | $136.42M | $73.05M | $25.14M | $41.32M | $7.52M | -$1.62M | $8.27M |
| Cash at Beginning | $43.3M | $67.44M | $39.32M | $35.19M | $12.61M | $3.42M | $2.24M | -$104K |
| Cash at End | $62.48M | $43.3M | $67.44M | $39.32M | $35.19M | $12.61M | $3.42M | $2.24M |