Nuveen Churchill Direct Lending (NCDL)
Senior-secured lending to private-equity-owned U.S. middle-market companies.
Something off on this page? Send us feedback.
Invests primarily in senior-secured loans to private-equity-owned U.S. middle-market companies to generate current income. The externally managed BDC draws on Churchill’s lending platform, with portfolio management handled by Churchill Asset Management.
Generates current income by investing primarily in senior-secured loans to private-equity-owned U.S. middle-market companies. The listed vehicle is an externally managed business development company, with its portfolio concentrated in first-lien debt.
Churchill DLC Advisor serves as investment adviser, while Churchill Asset Management handles substantially all day-to-day portfolio management. The arrangement links underwriting and investment selection to Churchill’s platform, an affiliate of Nuveen and ultimately TIAA.
The mandate may also access junior-capital and private-equity co-investments through the wider Churchill platform. Operations are shaped by its BDC status under the Investment Company Act and RIC treatment for U.S. federal tax purposes.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 1, 2026 | UBS | Upgrade | Target: $14.75 | Target: $13 |
| Jun 12, 2026 | Wells Fargo | Downgrade | Target: — | Target: $12 |
| May 18, 2026 | UBS | Reiterate | Rating: —Target: $15.50 | Target: $14.75 |
| Apr 20, 2026 | UBS | Reiterate | Rating: —Target: $15 | Target: $15.50 |
| Oct 14, 2025 | UBS | Reiterate | Rating: —Target: $19 | Target: $15 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $5.0M · Total debt $1.09B · Total assets $1.99B · Shareholders' equity $849.0M
- Revenue
- $33.1M
- Operating income
- $19.5M
- Net income
- $3.6M
HistoryDividendAnnual yieldUpcoming
| Institutions | 31.81% | 15.71M shares | |
|---|---|---|---|
| 68 holders · as of Jun 30, 2026 | |||
| Insiders | 0.55% | 270.5K shares | |
| 8 holders · as of Sep 15, 2026 | |||
| Other | 67.64% | 33.41M shares | |
| remainder | |||
49.39M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Peakline Partners, LLCInstitution | 11.23% | 5.54M | filed Dec 19, 2025 |
Blue Owl Capital Holdings LPInstitution | 4.34% | 2.14M | as of Jun 30, 2026 |
Ci Private Wealth, LLCInstitution | 3.27% | 1.61M | as of Jun 30, 2026 |
UBS Group AGInstitution | 2.02% | 997,794 | as of Jun 30, 2026 |
Ares Management LLCInstitution | 1.94% | 958,826 | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 14, 2026 | Shaul Vichness | officer: Chief Financial Off./Treasurer | +5,000 | $12.25 |
| May 15, 2026 | John McCally | officer: Vice President & Secretary | +7,500 | $13.27 |
| May 14, 2026 | Shaul Vichness | officer: Chief Financial Off./Treasurer | +5,000 | $13.20 |
| May 12, 2026 | Marissa Hassen | officer: Chief Accounting Officer | +3,782 | $13.21 |
| Mar 12, 2026 | Shaul Vichness | officer: Chief Financial Off./Treasurer | +5,000 | $13.13 |
- Ares Capital
Direct lending to private U.S. middle-market borrowers, mainly senior secured
- Blue Owl Capital
Direct lending to U.S. middle-market companies, focused on senior secured loans
- Blackstone Secured Lending Fund
First-lien senior-secured debt for private U.S. companies
- Golub Capital BDC
First-lien senior-secured loans to PE-sponsored middle-market companies
- FS KKR Capital
Senior-secured and asset-based credit for private U.S. middle-market companies
- Sixth Street Specialty Lending
Flexible senior-secured financing for U.S. middle-market companies
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Nuveen Churchill Direct Lending | $12.11 | +0.41% | $595.6M | 12.7 | 8.2 | 4.3 | +4.5% |
| Ares Capital | $19.42 | −0.13% | $13.96B | 14.4 | 10.1 | 6.0 | +32.6% |
| Blue Owl Capital | $11.19 | −0.04% | $5.55B | 20.0 | 8.7 | 3.9 | −20.8% |
| Blackstone Secured Lending Fund | $24.87 | −0.36% | $5.81B | 19.6 | 9.5 | 5.5 | +25.9% |
| Golub Capital BDC | $12.60 | +0.36% | $3.27B | 22.8 | 9.8 | 4.6 | −14.2% |
| FS KKR Capital | $11.43 | −0.04% | $3.20B | — | 7.3 | 3.4 | +11.5% |
| Sixth Street Specialty Lending | $18.11 | +0.39% | $1.71B | 19.0 | 10.1 | 5.0 | −13.0% |
| Median | 19.6 | 9.6 | 4.8 | −0.8% |