Nuveen Churchill Direct Lending Corp.
- Open
- 12.62
- Day high
- 12.70
- Day low
- 12.53
- Prev close
- 12.54
- Volume
- 159K
- Mkt cap
- $622M
- P/E (TTM)
- 13.2
- EPS (TTM)
- $0.95
- P/B
- 0.7
- P/S
- 4.5
- Yield
- 13.33%
- Per share
- $1.68
- ▲Insiders net buying $100K over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions mixed (13F)
Nuveen Churchill Direct Lending Corp. (NCDL) is a Financial Services company listed on NYSE. The stock is down 21% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4).
Nuveen Churchill Direct Lending Corp. (NCDL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NCDL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.39 | $0.41 | +5.0% | $44M | -5.1% |
| May 7, 2026 | $0.42 | $0.41 | -3.2% | $46M | -3.2% |
| Feb 26, 2026 | $0.43 | $0.64 | +48.8% | $50M | +0.9% |
| Nov 4, 2025 | $0.46 | $0.43 | -6.5% | $40M | -23.2% |
| May 8, 2025 | $0.57 | $0.53 | -7.0% | $54M | -4.3% |
| Feb 27, 2025 | $0.59 | $0.56 | -5.1% | $29M | -51.8% |
| Nov 7, 2024 | $0.59 | $0.58 | -1.7% | $34M | -43.6% |
| May 9, 2024 | $0.51 | $0.56 | +9.8% | $27M | -41.9% |
| Feb 27, 2024 | $0.62 | $0.66 | +6.5% | $47M | +20.2% |
NCDL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 24, 2026 | McCally Johnofficer: Vice President & Secretary | Buy | 7,500 | $13.27 |
| May 15, 2026 | Vichness Shaulofficer: Chief Financial Off./Treasurer | Buy | 5,000 | $13.20 |
| May 13, 2026 | Hassen Marissaofficer: Chief Accounting Officer | Buy | 3,782 | $13.21 |
| Mar 12, 2026 | Vichness Shaulofficer: Chief Financial Off./Treasurer | Buy | 5,000 | $13.13 |
| Mar 11, 2026 | RITCHIE JAMES JOSEPHdirector | Buy | 17,857 | $13.71 |
| Mar 6, 2026 | Linett Matother: Senior Managing Director | Buy | 2,000 | $13.05 |
| Mar 6, 2026 | Strife Jasonother: Member-Sub-Adv's Joint Inv Com | Buy | 7,690 | $13.40 |
| Mar 6, 2026 | McCally Johnofficer: Vice President & Secretary | Buy | 2,000 | $13.30 |
| Mar 5, 2026 | Miranda Kenneth M.director | Buy | 3,000 | $12.83 |
| Mar 5, 2026 | Kencel Kenneth J.director, officer: CEO & President | Buy | 10,000 | $13.04 |
| Nov 21, 2025 | Miranda Kenneth M.director | Buy | 2,000 | $14.10 |
| Nov 17, 2025 | Vichness Shaulofficer: Chief Financial Off./Treasurer | Buy | 5,000 | $14.20 |
| Nov 7, 2025 | Kencel Kenneth J.director, officer: CEO & President | Buy | 20,000 | $14.22 |
| Sep 16, 2025 | Vichness Shaulofficer: Chief Financial Off./Treasurer | Buy | 5,000 | $14.85 |
| Jun 16, 2025 | Vichness Shaulofficer: Chief Financial Off./Treasurer | Buy | 5,000 | $16.30 |
Source: NCDL SEC Form 4 filings, latest Jun 24, 2026. For informational purposes only — not investment advice.
See the full NCDL insider & 13F page →Nuveen Churchill Direct Lending Corp. company profile
Overview
Nuveen Churchill Direct Lending Corp. (NYSE:NCDL) is a business development company that was formed in March 2018 and began operations after converting to a Maryland corporation in June 2019. The company completed its initial public offering on the New York Stock Exchange in January 2024, marking its transition from a private investment vehicle to a publicly traded entity. NCDL operates as a closed-end, externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The company focuses on providing debt financing to middle-market companies across the United States, leveraging its extensive network of private equity relationships to source investment opportunities.
Business
Nuveen Churchill Direct Lending operates in the business development company sector, which is a specialized segment of the asset management industry focused on providing capital to small and medium-sized businesses. A business development company, or BDC, is a type of closed-end investment fund that is required by law to invest at least 70% of its assets in U.S. companies with market values of less than $250 million. NCDL's core business involves providing direct lending solutions to U.S. middle-market companies, which the company defines as businesses with approximately $10 million to $100 million in earnings before interest, taxes, depreciation and amortization (EBITDA). Direct lending refers to loans made directly to companies without going through traditional bank intermediaries, typically offering more flexible terms and faster execution than conventional bank financing. The company's investment portfolio consists of several types of financial instruments. Senior secured loans represent over 90% of the portfolio, including first-lien loans and unitranche loans. First-lien loans are secured by a company's assets and have the highest priority for repayment in case of default. Unitranche loans combine senior and subordinated debt into a single facility, offering borrowers simplified financing structure. The remaining portfolio consists of junior capital investments (approximately 8%), which include second-lien loans, subordinated debt, and equity-related securities that carry higher risk but potentially higher returns. NCDL focuses primarily on companies backed by private equity firms, leveraging relationships with over 500 middle-market private equity firms and maintaining commitments to over 310 funds. This relationship-driven approach allows the company to access proprietary deal flow and participate in transactions that may not be available in the broader market.
Revenue model
Nuveen Churchill Direct Lending generates revenue primarily through interest income from its loan portfolio and dividend income from equity investments. As a direct lender, the company earns interest payments from borrower companies, with a current weighted average portfolio yield of approximately 10.1%. The interest rates on most loans are floating-rate, meaning they adjust with market interest rates, providing some protection against interest rate risk. The company's customers are primarily private equity-backed middle-market companies seeking debt financing for various purposes including leveraged buyouts, growth capital, refinancing, and acquisitions. These companies typically have EBITDA between $15 million and $75 million and operate in non-cyclical, service-oriented industries to reduce exposure to economic downturns. As a business development company, NCDL is required to distribute at least 90% of its taxable income to shareholders in the form of dividends, which creates a consistent income stream for investors. The company currently pays a quarterly dividend of $0.45 per share, with additional special dividends distributed from excess earnings. Several factors can impact NCDL's profitability and margins. Interest rate environment significantly affects both the company's borrowing costs and the yields it can achieve on new investments. Rising rates generally benefit the company as most of its loans have floating rates, while falling rates can compress margins. Credit quality of the portfolio directly impacts returns, as defaults or downgrades can result in losses and reduced income. Competition in the direct lending market can compress spreads and reduce available investment opportunities. Economic conditions affect the performance of portfolio companies and the availability of new investment opportunities, with economic downturns potentially leading to higher default rates and reduced deal flow. The company's leverage strategy also impacts returns to shareholders. NCDL maintains a debt-to-equity ratio of approximately 1.15-1.31x, using borrowed funds to amplify returns on equity investments. This leverage magnifies both gains and losses, making the company's performance more sensitive to portfolio credit quality and interest rate changes.
Competitive moat
Nuveen Churchill Direct Lending's competitive moat is moderately strong but not insurmountable, built primarily on relationship advantages and scale benefits rather than unique proprietary technology or regulatory barriers. The company's primary moat comes from its extensive private equity relationships, with connections to over 500 middle-market private equity firms and advisory board seats on 240+ funds. These relationships provide access to proprietary deal flow that may not be available to competitors, allowing NCDL to participate in higher-quality transactions with better terms. The relationship-driven nature of middle-market lending creates switching costs for private equity sponsors who value reliability, speed of execution, and certainty of funding. Scale advantages provide another layer of competitive protection. As one of the most active direct lenders in the U.S. market according to KBRA DLD, NCDL can offer larger loan sizes and more complex financing solutions than smaller competitors. The company's $2+ billion portfolio allows it to maintain diversification across 210+ companies while still providing meaningful check sizes to borrowers. However, the company's moat faces several challenges. The direct lending market has become increasingly competitive with new entrants including other BDCs, private credit funds, and even some traditional banks re-entering the space. This competition can compress spreads and reduce the availability of attractive investment opportunities. Unlike technology companies with network effects or utilities with regulatory barriers, direct lending is fundamentally a relationship and capital-intensive business where competitors can potentially replicate NCDL's approach given sufficient resources and time. The company's external management structure also creates potential conflicts of interest, as the management team may prioritize growing assets under management over optimizing returns for shareholders. Additionally, regulatory changes affecting BDCs or the broader credit markets could impact the company's competitive position and operating model.
Risks & safety
NCDL presents a moderate margin of safety with solid liquidity but some concerns around leverage and market sensitivity. **Liquidity and Solvency:** - Strong cash position of $49.2 million plus available credit facilities - Debt-to-equity ratio of 1.31x, within management's target range of 1.0-1.25x but at the higher end - Recently issued $300 million in unsecured notes at 6.65% fixed rate, improving liquidity profile - No immediate solvency concerns given diversified funding sources **Credit Quality:** - Very low non-accrual rate of 0.4% of portfolio fair value - Conservative portfolio construction with 90.5% first-lien loans - Portfolio companies maintain reasonable leverage (4.9x net leverage) and coverage (2.4x interest coverage) **Valuation Metrics:** - Trading at 0.96x price-to-book ratio, slight discount to net asset value - P/E ratio of 8.1x appears reasonable for a yield-focused investment - Dividend yield of approximately 12% provides attractive income but requires consistent portfolio performance **Other Considerations:** - Quarterly earnings volatility due to mark-to-market accounting on portfolio investments - Sensitivity to interest rate changes affects both asset yields and funding costs - Concentration risk despite diversification, with middle-market focus creating sector exposure
Recent development
Over the past few years, NCDL has undergone significant strategic development, with the most notable milestone being its initial public offering in January 2024. This transition from a private investment vehicle to a publicly traded BDC marked a major evolution in the company's capital structure and growth strategy, raising approximately $100 million in new capital and providing enhanced liquidity for shareholders. The company has pursued an aggressive portfolio expansion strategy, deploying over $950 million in new investments during 2024, representing a 40% increase year-over-year. This growth has been accompanied by a strategic shift toward traditional middle-market companies, rotating away from some upper middle-market positions to focus on businesses with $15-75 million in EBITDA. This repositioning aligns with the company's core competency in relationship-driven lending and provides access to less competitive market segments. Capital structure optimization has been another key focus area. In January 2025, NCDL issued $300 million in unsecured notes at a 6.65% fixed rate, diversifying its funding sources and reducing reliance on variable-rate credit facilities. The company has also implemented an active share repurchase program, utilizing $20 million to date to buy back shares trading at discounts to net asset value. The company has significantly expanded its private equity relationships, adding 7-10 new fund relationships annually and seeing a 30% increase in new deal firms. This relationship expansion has translated into increased deal flow, with senior lending activity up 60% year-over-year and platform deal activity up 30%. The company now maintains relationships with over 500 middle-market private equity firms and holds advisory board seats on 240+ funds, providing substantial proprietary deal access. NCDL has also enhanced its dividend policy, implementing a supplemental dividend framework that distributes approximately 50% of excess earnings above the base $0.45 quarterly dividend. This approach provides shareholders with additional income during strong performance periods while maintaining a sustainable base dividend level.
NCDL company profile · for informational purposes only — not investment advice.
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