Nuveen Churchill Direct Lending Corp. NCDL

NYSE

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.

Last close 10.49 2026-10-26
Market cap $518.1M 2026-06-30 share count
52-week range 10.31 - 15.07

Valuation FY2025 figures against the last close

P/S—
P/E5.6x
P/FCF2.7x
EV/EBITDA—
Dividend yield19.7%
Diluted EPS1.86

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Pre-tax income $66.4M——————
Income tax $823.0K——————
Net income $65.6M$116.3M$75.9M$17.3M$27.3M——
EPS, basic 1.862.262.521.951.58——
EPS, diluted 1.862.262.521.951.58——
Shares, diluted (wtd. avg.) 50.3M54.1M33.4M23.3M12.85B——

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 50M 100M 150M Net income, FY2021: 27.3M Net income, FY2022: 17.3M Net income, FY2023: 75.9M Net income, FY2024: 116.3M Net income, FY2025: 65.6M FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — — — — — — —
Gross profit — — — — — — —
Net income — — $27.3M $17.3M $75.9M $116.3M $65.6M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Material agreement signed Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.