Nuveen Churchill Direct Lending
Senior-secured lending to private-equity-owned U.S. middle-market companies.
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Profile
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
Categories
Key statistics
Year to date −8.8% · Average volume (30d) 171.8K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jun 12, 2026 | Wells Fargo | Downgrade | Equal Weight | Underweight | $12 | |
| May 18, 2026 | UBS | Reiterate | Neutral | $15.50 | $14.75 | |
| Apr 20, 2026 | UBS | Reiterate | Neutral | $15 | $15.50 | |
| Oct 14, 2025 | UBS | Reiterate | Neutral | $19 | $15 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.39 | $0.41 | +5.0% | $46.7M | $44.3M | −5.1% | +0.24% |
| Aug 5, 2026Q2 FY26 | $0.39 | $0.07 | −82.1% | $46.7M | $44.3M | −5.1% | −1.81% |
| May 7, 2026Q1 FY26 | $0.42 | $0.41 | −3.2% | $47.8M | $46.3M | −3.2% | −2.50% |
| Feb 26, 2026Q4 FY25 | $0.43 | $0.44 | +2.3% | $49.6M | $50.0M | +0.9% | −3.67% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $53.6M | $38.2M | $40.0M | $36.7M | $28.7M | $33.1M | |
| Gross profit | $32.9M | $18.9M | $21.6M | $19.7M | $12.5M | $26.9M | |
| Operating income | $25.2M | $15.9M | $18.7M | $16.2M | $8.9M | $19.5M | |
| Net income | $27.4M | $16.0M | $18.7M | $15.9M | $8.7M | $3.6M | |
| Diluted EPS | $0.53 | $0.32 | $0.38 | $0.32 | $0.18 | $0.07 | |
| Gross margin | 61.5% | 49.4% | 54.0% | 53.5% | 43.7% | 81.3% | |
| Operating margin | 47.0% | 41.7% | 46.7% | 44.1% | 31.2% | 58.9% |
Fiscal years (4-quarter sums)FY21 $37.1M · FY22 $65.0M · FY23 $144.0M · FY24 $186.0M · FY25 $168.5M
Balance sheet, Jun 30, 2026Cash & short-term investments $5.0M · Total debt $1.09B · Total assets $1.99B · Shareholders' equity $849.0M
Dividends
To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 28 | $0.38 | special dividend |
| Mar 31, 2026 | Mar 31 | Apr 28 | $0.40 | special dividend |
| Dec 31, 2025 | Dec 31 | Jan 27 | $0.45 | |
| Sep 30, 2025 | Sep 30 | Oct 28 | $0.45 | |
| Jun 30, 2025 | Jun 30 | Jul 28 | $0.45 | |
| Mar 31, 2025 | Mar 31 | Apr 28 | $0.45 | |
| Feb 12, 2025 | Feb 12 | Apr 28 | $0.10 | special dividend |
| Dec 31, 2024 | Dec 31 | Jan 28 | $0.45 |
Ownership
Shares outstanding 49.39M · Float 42.20M · 85.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Peakline Partners, LLC | 5.54M | 11.20% | 13G | Dec 19, 2025 |
| Blue Owl Capital Holdings LP | 2.14M | 4.34% | 13F | Aug 11, 2026 |
| Ci Private Wealth, LLC | 1.61M | 3.27% | 13F | Aug 27, 2026 |
| UBS Group AG | 997.8K | 2.02% | 13F | Aug 13, 2026 |
| Ares Management LLC | 958.8K | 1.94% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| 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 |
| Mar 10, 2026 | James Joseph Ritchie | director | +17,857 | $13.71 |
Peers
- 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
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Nuveen Churchill Direct Lending | $12.31 | +0.08% | $608.0M | 12.9 | 8.2 | 4.4 | +4.5% |
| Ares Capital | $19.97 | +0.15% | $14.32B | 14.8 | 10.3 | 6.2 | +32.6% |
| Blue Owl Capital | $11.37 | +0.64% | $5.61B | 20.2 | 8.8 | 4.0 | −20.8% |
| Blackstone Secured Lending Fund | $24.83 | +0.35% | $5.76B | 19.6 | 9.5 | 5.4 | +25.9% |
| Golub Capital BDC | $13.03 | +0.04% | $3.39B | 23.7 | 10.1 | 4.7 | −14.2% |
| FS KKR Capital | $12.22 | −0.41% | $3.43B | — | 7.8 | 3.6 | +11.5% |
| Sixth Street Specialty Lending | $18.74 | −0.11% | $1.78B | 19.7 | 10.5 | 5.2 | −13.0% |
| Median | 19.7 | 9.8 | 5.0 | −0.8% |