Nuveen Churchill Direct Lending Corp. NCDL
We are a specialty finance company focused primarily on investing in senior secured loans to private equity-owned U.S. middle market companies. We are externally managed by our Adviser, Churchill DLC Advisor LLC, and through our Sub-Advisers, Churchill Asset Management LLC and Nuveen Asset Management. Our Adviser and our Sub-Advisers are affiliates and subsidiaries of Nuveen, the investment management division of TIAA and one of the largest asset managers globally. We invest in directly originated senior secured loans that typically pay floating interest rates and are senior in the capital structure to junior debt and equity, as we believe these loans offer us more attractive risk-adjusted returns and stronger protections than investments in the traditional public debt capital markets. We seek to partner with high quality, private equity-owned middle market companies that have strong management teams executing on long-term growth strategies. Additionally, the private equity sponsors that own the businesses we lend to typically have the ability and strong incentive to support their portfolio companies by providing additional capital and managerial and operational assistance. We believe this support could potentially enhance the performance of our portfolio companies and provide additional protections for our investments.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Pre-tax income | $66.4M | — | — | — | — | — | — |
| Income tax | $823.0K | — | — | — | — | — | — |
| Net income | $65.6M | $116.3M | $75.9M | $17.3M | $27.3M | — | — |
| EPS, basic | 1.86 | 2.26 | 2.52 | 1.95 | 1.58 | — | — |
| EPS, diluted | 1.86 | 2.26 | 2.52 | 1.95 | 1.58 | — | — |
| Shares, diluted (wtd. avg.) | $50.3M | $54.1M | $33.4M | $23.3M | $12.85B | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $62.5M | $43.3M | $67.4M | $39.3M | $35.2M | $12.7M | — |
| Total assets | $2.05B | $2.14B | $1.73B | $1.25B | — | — | — |
| Long-term debt | $1.11B | $1.11B | $951.9M | $705.4M | — | — | — |
| Total liabilities | $1.18B | $1.17B | $983.0M | $729.0M | — | — | — |
| Retained earnings | -$55.7M | -$26.5M | -$29.2M | -$23.9M | — | — | — |
| Total equity | $875.2M | $970.3M | $747.9M | $525.0M | $374.1M | $157.6M | $66.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $194.2M | -$297.2M | -$369.5M | -$427.8M | -$389.1M | — | — |
| Financing cash flow | -$175.0M | $273.1M | $397.6M | $431.9M | $411.7M | — | — |
| Dividends paid | $102.3M | $95.2M | $63.2M | $34.7M | $14.7M | — | — |
| Buybacks | $65.7M | $33.5M | $0 | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001737924-26-000014.