NCDL on NYSE
Nuveen Churchill Direct Lending Corp.
We are a specialty finance company focused primarily on investing in senior secured loans to private equity-owned U.S. middle market companies.2
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Last updated Oct 19, 2026.
Overview
- TickerNCDL on NYSE2
- HeadquartersBaltimore, United States2
- Incorporated inMD3
- Business address375 Park Avenue, 9Th Floor, New York, Ny 101523
- Filer categoryLarge accelerated filer3
- Legal formCorporation2
- Kind of organizationInvestment fund2
- LEI254900X3ULEP6XX7HG392
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O CSC-LAWYERS INCORPORATING SERVICE COMPANY, 21202 Baltimore, United States2
- Registered withBusiness Services (Maryland Department of Assessments and Taxation), D197474682
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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 man…4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Payment-in-kind interest income | $9.9M | $8.3M | $3.6M |
| Dividend income | $402.0K | $614.0K | $101.0K |
| Other income | $1.7M | $2.0M | $1.1M |
| Interest and debt financing expenses | $77.9M | $79.9M | $61.2M |
| Management fees (See Note 6) | $19.3M | $14.7M | $10.5M |
| Incentive fees on net investment income (See Note 6) | $11.2M | $17.4M | $0 |
| Professional fees | $3.1M | $3.1M | $3.5M |
| Directors' fees | $624.0K | $510.0K | $383.0K |
| Administration fees (See Note 6) | $2.3M | $1.9M | $1.6M |
| Other general and administrative expenses | $2.1M | $1.1M | $751.0K |
| Total expenses before expense support and incentive fees waived | $116.6M | $118.5M | $77.9M |
| Expense support (See Note 6) | $0 | $0 | -$158.0K |
| Incentive fees waived (See Note 6) | -$2.3M | -$17.4M | $0 |
| Net expenses after expense support and incentive fees waived | $114.3M | $101.1M | $77.7M |
| Net investment income before excise taxes | $93.5M | $122.9M | $84.0M |
| Excise taxes | $186.0K | $551.0K | $6.0K |
| Net investment income | $93.3M | $122.4M | $84.0M |
| Net realized gain (loss) on non-controlled/non-affiliated company investments | -$6.0M | -$13.2M | -$8.0M |
| Non-controlled/non-affiliated company investments | -$21.6M | $7.3M | $714.0K |
| Income tax (provision) benefit | -$154.0K | -$830.0K | |
| Net increase (decrease) in net assets resulting from operations | $65.6M | $116.3M | $75.9M |
| Net investment income per share - basic (in dollars per share) | $1.86 | $2.26 | $2.52 |
| Net investment income per share - diluted (in dollars per share) | $1.86 | $2.26 | $2.52 |
| Net increase (decrease) in net assets resulting from operations per share - basic and diluted (in dollars per share) | $1.30 | $2.15 | $2.27 |
| Weighted average common shares outstanding - basic (in shares) | 50.3M shares | 54.1M shares | 33.4M shares |
| Weighted average common shares outstanding - diluted (in shares) | 50.3M shares | 54.1M shares | 33.4M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 8 quarters (quarterly), latest first.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Non-controlled/non-affiliated company investments, at fair value (cost of $2,001,207 and $2,098,575, respectively) | $2.0B | $2.1B | |||
| Cash | $8.6M | $2.4M | $2.9M | ||
| Cash equivalents | $53.9M | $40.8M | $64.5M | ||
| Restricted cash | $0 | $50.0K | |||
| Interest receivable | $13.7M | $18.0M | |||
| Derivative asset, at fair value (Note 4) | $15.0M | $0 | |||
| Receivable for investments sold | $518.0K | $1.0M | |||
| Other assets | $327.0K | $47.0K | |||
| Total assets | $2.1B | $2.1B | |||
| Debt (net of $8,511 and $6,668 deferred financing costs, respectively, and net of unamortized discount of $471 and $0, respectively) (See Note 7) | $1.1B | $1.1B | |||
| Payable for investments purchased | $0 | $15.0M | |||
| Interest payable | $15.3M | $13.0M | |||
| Incentive fees payable | $2.8M | $0 | |||
| Management fees payable | $5.0M | $4.0M | |||
| Collateral due to broker | $14.8M | $0 | |||
| Distributions payable | $22.2M | $29.5M | |||
| Directors fees payable | $156.0K | $128.0K | |||
| Accounts payable and accrued expenses | $3.9M | $3.7M | |||
| Total liabilities | $1.2B | $1.2B | |||
| Common shares, $0.01 par value, 500,000,000 and 500,000,000 shares authorized, 49,387,065 and 53,387,277 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $494.0K | $534.0K | |||
| Paid-in-capital in excess of par value | $930.4M | $996.3M | |||
| Total distributable earnings (loss) | -$55.7M | -$26.5M | -$29.2M | ||
| Total net assets | $875.2M | $970.3M | $747.9M | $525.0M | $374.1M |
| Total liabilities and net assets | $2.1B | $2.1B | |||
| Net asset value per share (in dollars per share) | $17.72 | $18.18 | $18.13 | $18.32 | $19.39 |
| Amortized cost | $2.0B | $2.1B | |||
| Deferred financing costs | $8.5M | $6.7M | |||
| Unamortized discount | $471.0K | $0 | |||
| Common shares, par value (in dollars per share) | $0.01 | $0.01 | |||
| Common shares, authorized (in shares) | 500.0M shares | 500.0M shares | |||
| Common shares, issued (in shares) | 49.4M shares | 53.4M shares | |||
| Common shares, outstanding (in shares) | 49.4M shares | 53.4M shares | 41.2M shares | 28.7M shares | 19.3M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|---|---|---|
| Non-controlled/non-affiliated company investments, at fair value (cost of $2,001,207 and $2,098,575, respectively) | $2.0B | $2.1B | ||||||
| Cash | $8.6M | $2.4M | $2.9M | |||||
| Cash equivalents | $53.9M | $40.8M | $64.5M | |||||
| Restricted cash | $0 | $50.0K | ||||||
| Interest receivable | $13.7M | $18.0M | ||||||
| Derivative asset, at fair value (Note 4) | $15.0M | $0 | ||||||
| Receivable for investments sold | $518.0K | $1.0M | ||||||
| Other assets | $327.0K | $47.0K | ||||||
| Total assets | $2.1B | $2.1B | ||||||
| Debt (net of $8,511 and $6,668 deferred financing costs, respectively, and net of unamortized discount of $471 and $0, respectively) (See Note 7) | $1.1B | $1.1B | ||||||
| Payable for investments purchased | $0 | $15.0M | ||||||
| Interest payable | $15.3M | $13.0M | ||||||
| Incentive fees payable | $2.8M | $0 | ||||||
| Management fees payable | $5.0M | $4.0M | ||||||
| Collateral due to broker | $14.8M | $0 | ||||||
| Distributions payable | $22.2M | $29.5M | ||||||
| Directors fees payable | $156.0K | $128.0K | ||||||
| Accounts payable and accrued expenses | $3.9M | $3.7M | ||||||
| Total liabilities | $1.2B | $1.2B | ||||||
| Common shares, $0.01 par value, 500,000,000 and 500,000,000 shares authorized, 49,387,065 and 53,387,277 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $494.0K | $534.0K | ||||||
| Paid-in-capital in excess of par value | $930.4M | $996.3M | ||||||
| Total distributable earnings (loss) | -$55.7M | -$26.5M | -$29.2M | |||||
| Total net assets | $875.2M | $970.3M | $747.9M | $525.0M | $374.1M | $157.6M | $66.2M | |
| Total liabilities and net assets | $2.1B | $2.1B | ||||||
| Net asset value per share (in dollars per share) | $17.72 | $18.18 | $18.13 | $18.32 | $19.39 | $18.74 | $20.00 | $19.48 |
| Amortized cost | $2.0B | $2.1B | ||||||
| Deferred financing costs | $8.5M | $6.7M | ||||||
| Unamortized discount | $471.0K | $0 | ||||||
| Common shares, par value (in dollars per share) | $0.01 | $0.01 | ||||||
| Common shares, authorized (in shares) | 500.0M shares | 500.0M shares | ||||||
| Common shares, issued (in shares) | 49.4M shares | 53.4M shares | ||||||
| Common shares, outstanding (in shares) | 49.4M shares | 53.4M shares | 41.2M shares | 28.7M shares | 19.3M shares | 8.4M shares | 3.3M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net increase (decrease) in net assets resulting from operations | $65.6M | $116.3M | $75.9M |
| Purchases of investments | -$350.7M | -$863.6M | -$589.0M |
| Proceeds from principal repayments and sales of investments | $456.2M | $430.0M | $146.4M |
| Payment-in-kind interest | -$9.9M | -$8.3M | -$3.3M |
| Amortization of (premium)/accretion of discount, net | -$4.2M | -$3.7M | -$2.7M |
| Net realized (gain) loss on investments | $6.0M | $13.2M | $8.0M |
| Net change in unrealized (appreciation) depreciation on investments | $21.6M | -$7.3M | -$714.0K |
| Net adjustment for hedging transaction | -$5.0M | $0 | $0 |
| Amortization of deferred financing costs and original issue discount | $3.9M | $4.2M | $2.2M |
| Amortization of offering costs | $0 | $0 | -$23.0K |
| Due from adviser for expense support | $0 | $0 | $1.1M |
| Interest receivable | $4.2M | -$297.0K | -$5.8M |
| Receivable for investments sold | $506.0K | $2.9M | -$3.2M |
| Prepaid expenses | $0 | -$34.0K | $28.0K |
| Other assets | -$280.0K | $127.0K | $0 |
| Payable for investments purchased | -$15.0M | $15.0M | -$56.0K |
| Interest payable | $2.4M | $3.1M | $1.0M |
| Due to adviser for expense support | $0 | -$632.0K | -$515.0K |
| Incentive fee payable | $2.8M | $0 | $0 |
| Management fees payable | $1.1M | $950.0K | $795.0K |
| Collateral due to broker | $14.8M | $0 | $0 |
| Directors fees payable | $28.0K | $32.0K | $0 |
| Accounts payable and accrued expenses | $248.0K | $863.0K | $206.0K |
| Net cash provided by (used in) operating activities | $194.2M | -$297.2M | -$369.5M |
| Proceeds from issuance of common shares | $0 | $241.7M | $218.9M |
| Shareholder distributions | -$102.3M | -$95.2M | -$63.2M |
| Repurchases of common shares | -$65.7M | -$33.5M | $0 |
| Proceeds from debt | $918.1M | $884.1M | $810.9M |
| Repayments on debt | -$919.5M | -$721.1M | -$564.5M |
| Payments of deferred financing costs | -$5.6M | -$2.9M | -$4.5M |
| Net cash provided by (used in) financing activities | -$175.0M | $273.1M | $397.6M |
| Net increase (decrease) in cash and cash equivalents and restricted cash | $19.2M | -$24.1M | $28.1M |
| Cash paid during the period for interest | $71.8M | $72.6M | $58.0M |
| Taxes, including excise tax, paid during the period | $704.0K | $6.0K | $0 |
| Distributions payable | $22.2M | $29.5M | $22.7M |
| Reinvestment of shareholder distributions | $0 | $12.3M | $9.7M |
No quarter-by-quarter statement was filed.
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Leadership
Who has led Nuveen Churchill Direct Lending Corp., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
2025
- Chief executive officerKenneth J. Kencel Feb 21, 2020 to now10
- PresidentKenneth J. Kencel Feb 21, 2020 to now10
- Chief financial officerShaul Vichness Feb 21, 2020 to now11
Board members and other officers (11)
- Chief Compliance OfficerCharmagne Kukulka Mar 6, 2024 to Mar 6, 202412
- Vice President and SecretaryJohn McCally Feb 21, 2020 to now13
- ControllerMarissa Short Feb 21, 2020 to now14
- CCOThomas Grenville Feb 21, 2020 to Jan 21, 202215
- Board memberDavid M. Kirchheimer Feb 21, 2020 to Jan 8, 202416
- Board memberJames Joseph Ritchie Feb 21, 2020 to now17
- Board memberKenneth J. Kencel Feb 21, 2020 to now10
- Board memberKenneth M. Miranda Feb 21, 2020 to now18
- Board memberMichael A. Perry Feb 21, 2020 to Jan 8, 202419
- Board memberReena Aggarwal Feb 21, 2020 to Jan 8, 202420
- Board memberStephen N. Potter Feb 21, 2020 to Jan 8, 202421
Former names
Timeline
Filings
269 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 65 major events, 103 insider forms, 9 large holders, 3 private raises, 69 other. The latest 20:
- Sep 15, 20264 EDGAR
- Aug 6, 20268-K EDGAR
- Aug 6, 202610-Q EDGAR
- Jul 10, 2026497AD EDGAR
- Jul 10, 20268-K EDGAR
- Jul 9, 2026424B2 EDGAR
- Jul 8, 2026497AD EDGAR
- Jul 8, 2026FWP EDGAR
- Jul 8, 2026424B2 EDGAR
- Jun 24, 20264 EDGAR
- Jun 17, 2026EFFECT EDGAR
- Jun 11, 2026POS AM EDGAR
- May 28, 20268-K EDGAR
- May 15, 20264 EDGAR
- May 13, 20264 EDGAR
- May 7, 20268-K EDGAR
- May 7, 202610-Q EDGAR
- Apr 9, 2026DEFA14A EDGAR
- Apr 7, 2026DEFA14A EDGAR
- Apr 7, 2026DEFA14A EDGAR
The 269 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
101 open-market trades by officers, directors and large owners since October 2021: 101 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 14, 2026 | Vichness ShaulChief Financial Off./Treasurer | Buy | 5,000 | $12.25 | $61.2K | Form 4 |
| May 15, 2026 | McCally JohnVice President & Secretary | Buy | 7,500 | $13.27 | $99.5K | Form 4 |
| May 14, 2026 | Vichness ShaulChief Financial Off./Treasurer | Buy | 5,000 | $13.20 | $66.0K | Form 4 |
| May 12, 2026 | Hassen MarissaChief Accounting Officer | Buy | 3,782 | $13.21 | $50.0K | Form 4 |
| Mar 12, 2026 | Vichness ShaulChief Financial Off./Treasurer | Buy | 5,000 | $13.13 | $65.7K | Form 4 |
| Mar 10, 2026 | RITCHIE JAMES JOSEPHDirector | Buy | 17,857 | $13.71 | $244.8K | Form 4 |
| Mar 6, 2026 | Linett Mat | Buy | 2,000 | $13.05 | $26.1K | Form 4 |
| Mar 5, 2026 | McCally JohnVice President & Secretary | Buy | 2,000 | $13.30 | $26.6K | Form 4 |
| Mar 4, 2026 | Strife Jason | Buy | 7,690 | $13.40 | $103.0K | Form 4 |
| Mar 3, 2026 | Kencel Kenneth J.CEO & President | Buy | 10,000 | $13.04 | $130.4K | Form 4 |
| Mar 3, 2026 | Kencel Kenneth J.CEO & President | Buy | 10,000 | $13.04 | $130.4K | Form 4 |
| Mar 3, 2026 | Miranda Kenneth M.Director | Buy | 3,000 | $12.83 | $38.5K | Form 4 |
| Nov 19, 2025 | Miranda Kenneth M.Director | Buy | 2,000 | $14.10 | $28.2K | Form 4 |
| Nov 17, 2025 | Vichness ShaulChief Financial Off./Treasurer | Buy | 5,000 | $14.20 | $71.0K | Form 4 |
| Nov 6, 2025 | Kencel Kenneth J.CEO & President | Buy | 20,000 | $14.22 | $284.4K | Form 4 |
| Sep 16, 2025 | Vichness ShaulChief Financial Off./Treasurer | Buy | 5,000 | $14.85 | $74.2K | Form 4 |
| Jun 16, 2025 | Vichness ShaulChief Financial Off./Treasurer | Buy | 5,000 | $16.30 | $81.5K | Form 4 |
| Jun 6, 2025 | Hassen MarissaChief Accounting Officer | Buy | 4,630 | $16.18 | $74.9K | Form 4 |
| May 23, 2025 | Miranda Kenneth M.Director | Buy | 3,103 | $15.68 | $48.7K | Form 4 |
| May 21, 2025 | Linett Mat | Buy | 3,000 | $15.92 | $47.8K | Form 4 |
All 101 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Blue Owl CapitalSCHEDULE 13G/A, 3 filings Nov 14, 2024 to Feb 12, 202622
- Peakline Partners, LLCSCHEDULE 13G, 1 filing Dec 19, 202523
- TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICASC 13G/A, 2 filings Feb 13, 2023 to Feb 15, 202424
- Kuvare Insurance Services LPSC 13G/A, 3 filings Feb 14, 2022 to Feb 14, 202425
Money raised
Private offerings the company reported to the SEC on Form D.
- Apr 28, 2023Raised $1.2 million in a private offering of equity Form D: 12 investors so far Form D
- Apr 15, 2022Raised $21.5 million in a private offering of equity Form D: 107 investors so far Form D
- Dec 31, 2019Raised $691.6 million in a private offering of equity Form D: $1 billion offered in all Form D
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 68. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Blue Owl Capital Holdings LP | 2,143,626 | $26.6M | 4.0% | No change |
| Corient Private Wealth LP | 1,613,098 | $20.0M | 0.0% | −119,521 |
| UBS Group AG | 997,794 | $12.4M | 0.0% | +315,661 |
| Ares Management LLC | 958,826 | $11.9M | 0.5% | +383,988 |
| Brown Brothers Harriman & Co | 921,978 | $11.5M | 0.1% | No change |
| Invesco Ltd. | 893,252 | $11.1M | 0.0% | −285 |
| Van Eck Associates Corp | 767,952 | $9.5M | 0.0% | +254,335 |
| Opal Wealth Advisors, LLC | 634,271 | $7.9M | 1.7% | +9,056 |
| Diameter Capital Partners LP | 604,645 | $7.5M | 1.0% | −774,716 |
| Two Sigma Investments, LP | 552,184 | $6.9M | 0.0% | −78,563 |
| Cresset Asset Management, LLC | 465,308 | $6.0M | 0.0% | +418,400 |
| Morgan Stanley | 456,477 | $5.7M | 0.0% | +87,046 |
| Hennion & Walsh Asset Management, Inc. | 442,680 | $5.5M | 0.2% | +12,646 |
| Callodine Capital Management, LP | 398,400 | $4.9M | 0.3% | −51,600 |
| Centurion Wealth Management LLC | 312,308 | $3.9M | 0.9% | New |
| Stifel Financial Corp | 306,647 | $3.8M | 0.0% | −29,100 |
| Bulldog Investors, LLP | 251,034 | $3.1M | 0.7% | +26,212 |
| Wells Fargo & Company/mn | 242,483 | $3.0M | 0.0% | −68,787 |
| Nuveen, LLC | 226,765 | $2.8M | 0.0% | No change |
| Bank Of America Corp /de/ | 222,515 | $2.8M | 0.0% | +74,606 |
| GraniteShares Advisors LLC | 201,777 | $2.5M | 1.6% | +26,400 |
| Ameriprise Financial Inc | 178,339 | $2.2M | 0.0% | −29,206 |
| Saba Capital Management, L.P. | 177,776 | $2.2M | 0.1% | New |
| Adams Asset Advisors, LLC | 132,279 | $1.6M | 0.2% | +41,258 |
| Trexquant Investment LP | 130,728 | $1.6M | 0.0% | −71,683 |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 14SEC EDGARMarissa Short, Controller
- 15SEC EDGARThomas Grenville, CCO
- 16SEC EDGARDavid M. Kirchheimer, Board member
- 17SEC EDGARJames Joseph Ritchie, Board member
- 18SEC EDGARKenneth M. Miranda, Board member
- 19SEC EDGARMichael A. Perry, Board member
- 20SEC EDGARReena Aggarwal, Board member
- 21SEC EDGARStephen N. Potter, Board member
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