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+0.93%
Close of 9 Nov 2026, in USD
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About Nuveen Churchill Direct Lending
From its filings with the US Securities and Exchange Commission
Nuveen Churchill Direct Lending is based in New York, New York and is incorporated in Maryland. Its shares trade on NYSE under the ticker NCDL. In the fiscal year to 31 December 2025, it reported net income of $65.6m. At that date it held total assets of $2.05bn and shareholders' equity of $875.2m.
We were formed as a Delaware limited liability company in March 2018 and we converted into a Maryland corporation in June 2019. We are 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”). In addition, we have elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (a “RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
On January 29, 2024, we closed our initial public offering (“IPO”), issuing 5.5 million shares of common stock at a public offering price of $18.05. We received cash proceeds of approximately $99.3 million. Our common stock began trading on the New York Stock Exchange (“NYSE”) under the symbol “NCDL” on January 25, 2024.
Our investment objective is to generate attractive risk-adjusted returns through current income by investing primarily in senior secured loans to private equity-owned U.S. middle market companies, which we define as companies with $10 million to $250 million of EBITDA. We primarily focus on investments in U.S. middle market companies with $10 million to $100 million of EBITDA, which we consider the core middle market. Our portfolio is comprised primarily of first-lien senior secured debt and unitranche loans.
Quoted from its 10-K, filed 26 Feb 2026. Read the filing on SEC.gov ↗
Company facts
- Sector
- Financials
- Industry
- Capital Markets
- Listed since
- 25 Jan 2024
- Employees
- 500
- Head office
- 375 PARK AVENUE, NEW YORK, NY, 10152
- Incorporated in
- MD
- Filer status
- Large accelerated filer
Leadership
Pay as last reported
- Mr. Kenneth KencelChairman of the Board, President, Chief Executive Officer, since 2019
- Mr. Shai VichnessChief Financial Officer, Treasurer
- Ms. Charmagne KukulkaChief Compliance Officer
- Mr. John MccallyVice President, Company Secretary
- Ms. Marissa ShortController
- Mr. Michael PerryInterested Director
- Dr. Reena AggarwalIndependent Director$75,000
- Mr. David KirchheimerIndependent Director$75,000
- Mr. Kenneth MirandaIndependent Director$75,000
- Mr. Stephen PotterIndependent Director$75,000
- Mr. James RitchieIndependent Director$82,500
Environmental, social and governance
Scores out of 100, from our data supplier
- Overall
- 0
- Environment
- 0
- Social
- 0
- Governance
- 0
SWOT analysis
AI-generated by our data supplier. Not written or checked by our editors.
Strengths
- Nuveen Churchill Direct Lending Corp targets 80-100% first-lien senior secured debt investments in US middle market companies.
- The company focuses on floating interest rate loans with senior capital structure priority.
- Churchill DLC externally manages the firm with expertise in private equity-owned middle market companies.
Weaknesses
- The company has 0 full-time employees despite being listed in 2024.
- Nuveen Churchill Direct Lending Corp operates with a small employee count of 500.
- The firm's IPO occurred on 25 January 2024, indicating recent market entry.
Opportunities
- The US middle market segment offers growth potential for senior secured loan investments.
- Floating interest rates provide flexibility in changing economic conditions.
- Private equity-owned companies represent a stable investment target for the firm.
Threats
- The Capital Markets industry faces regulatory challenges in the US financial sector.
- Nuveen Churchill Direct Lending Corp's recent IPO may face market volatility.
- Competition in the Financial Services sector could impact investment returns.
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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