Headquartered in New York, NY Fiscal year ends December NYSE: NCDL churchillam.com
Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) is a specialty finance company that has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940.
Business model:
- It invests primarily in senior secured loans to private equity-owned U.S. middle market companies.
- Its income comes mainly from interest, payment-in-kind interest, dividends and fees on a portfolio of floating-rate debt.
- It is externally managed by Churchill DLC Advisor LLC and sub-advised by Churchill Asset Management LLC. Both are subsidiaries of Nuveen, the investment management division of TIAA.
Portfolio (as of September 30, 2026):
- $1.86 billion at fair value across 258 portfolio companies in 25+ industries.
- By asset type: 87.1% first-lien debt, 7.6% subordinated debt, 3.1% equity and 2.2% in its joint venture.
- About 94% floating rate, with an average position size of 0.4%.
- Largest industry exposures are Healthcare & Pharmaceuticals and Business Services.
In July 2026 NCDL formed NCDL Senior Loan Fund I LLC, a non-consolidated, first-lien-focused joint venture with an unaffiliated institutional investor; NCDL owns 87.5%.
NCDL funds itself through CLOs, unsecured 2030 Notes (partly purchased by TIAA) and a corporate revolver. It holds BBB/Baa3 investment-grade ratings and pays quarterly regular plus supplemental distributions. Updated
Net investment income now exactly matches the $0.38 quarterly distribution, leaving no cushion after falling base rates squeezed the portfolio yield. Both lines missed expectations. The dividend's margin of safety is gone.
BofA Securities has four top business development companies rated Buy, and they offer some of the highest dividends across Wall Street.
Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) is a specialty finance company that has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940.
The Wall Street consensus 12-month price target for NCDL is $13.40.
