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Nuveen Churchill Direct Lending(NYSE) NCDL

Market Cap$599.07MMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.
Since IPO (2024)-8%
5 YearN/A
1 Year-16%
1 Month+1%
$12.45
+2.64%
+0.32Today
Nuveen Churchill Direct Lending last closing stock price
MetricPriceDate
Last closeUSD 12.452026-07-27
Nuveen Churchill Direct Lending stock price return by period
PeriodPrice returnPrice at period startPeriod start date
1 week-1.27%USD 12.612026-07-20
1 month+0.67%USD 12.372026-06-26
3 month-10.69%USD 13.942026-04-28
Year to date-0.79%USD 12.552025-12-31
1 year-16.37%USD 14.892025-07-25
Since inception-7.57%USD 13.122024-01-25

Nuveen Churchill Direct Lending Financials at a Glance

Market Cap

$599.07MMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Revenue (TTM)

$143.56M

Net Income (TTM)

$59.28M

EPS (TTM)

$1.20

P/E Ratio

10.15

Dividend

$1.62

Beta (Volatility)

0.54 (Low)

Price

$12.45

Volume

258,442.414

Open

$12.26

Previous Close

$12.45

Daily Range

$12.15 - $12.57

52-Week Range

$11.95 - $17.03

Estimated Earnings Date

Aug 5, 2026

NCDL News

No articles available.

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About Nuveen Churchill Direct Lending

Nuveen Churchill helps mid-sized American businesses get the cash they need to grow. It lends money to companies owned by private investment firms. These loans help businesses fund daily operations and new projects.

How the Money Works

  • First-Lien Term Loans: Debt that takes priority for repayment if a borrower fails; represents 89.5% of investment fair value.
  • Subordinated Debt: Higher-yield loans that sit lower in the repayment line than senior debt; accounts for 8.2% of investment fair value.
  • Unitranche Loans: Hybrid funding that combines different types of debt into a single package for a simpler borrowing process.
  • Equity Investments: Small ownership stakes held in businesses alongside private equity partners; makes up 2.3% of investment fair value.

Key Strategic Milestones

  • Closed an initial public offering in January 2024 to raise approximately $99.3 million in cash.
  • Began trading on the New York Stock Exchange under the symbol NCDL in January 2024.
  • Entered into new management and sub-advisory agreements with Churchill DLC Advisor LLC and Nuveen Asset Management in early 2024.
  • Terminated specialized credit facilities with SMBC in November 2024 and Wells Fargo in January 2025 to streamline its debt.

The Sourcing Network

Nuveen Churchill uses the resources of its parent companies, TIAA and Nuveen, to find lending opportunities. Its team reviews about 1,200 potential loan deals every year to maintain a selective investment process. The company primarily targets businesses with $10 million to $100 million in earnings before interest, taxes, depreciation, and amortization (EBITDA).

Tracking Recent Performance

  • Revenue reached $52.1 million in Q4 2025, an increase of 7.8% from the same period in 2024.
  • Operating income rose to $34.3 million in Q4 2025, up 15.3% year-over-year.
  • Net income was $15.9 million in Q4 2025, falling 45.9% compared to Q4 2024.
  • Market capitalization ended 2025 at $658.8 million, down 27.5% from the end of 2024.

Bottom Line

Nuveen Churchill has evolved from a private investment pool into a public firm focused on US middle market debt. Its model relies on strong ties with private equity sponsors to build a diversified portfolio of secured loans.

AI Generated • May 3, 2026

Industry

Capital Markets

Sector

Financials

CEO

Ken Kencel

Website

www.ncdl.com

Headquarters

New York City, NY 10152, US

NCDL Financials

Key Financial Metrics (TTM)

Gross Margin

50.60%

Operating Margin

41.60%

Net Income Margin

41.29%

Return on Equity

6.76%

Return on Capital

7.22%

Return on Assets

2.89%

Earnings Yield

9.85%

Dividend Yield

13.32%

Payout Ratio

1.60%

Stock Overview

Market Cap

$599.07MMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Shares Outstanding

49.39M

Volume

258.44K

Avg. Volume

199.47K

Financials (TTM)

Gross Profit

$72.64M

Operating Income

$59.72M

EBITDA

$59.72M

Operating Cash Flow

$128.43M

Capital Expenditure

$0.00

Free Cash Flow

$128.43M

Cash & ST Invst.

$50.40M

Total Debt

$1.14B

Nuveen Churchill Direct Lending Performance Analysis

Nuveen Churchill Direct Lending annual revenue and year-over-year revenue growth by fiscal year
Fiscal yearPeriod endRevenueYoY growth
20222022-12-31USD 82,191,000121.5%
20232023-12-31USD 153,804,00087.1%
20242024-12-31USD 210,842,00037.1%
20252025-12-31USD 201,845,000-4.3%
Nuveen Churchill Direct Lending sequential (quarter-over-quarter) revenue growth by fiscal quarter
Fiscal quarterPeriod endQoQ growth
Q22025-06-30-28.7%
Q32025-09-304.6%
Q42025-12-31-8.1%
Q12026-03-31-21.9%
Nuveen Churchill Direct Lending annual diluted earnings per share and year-over-year EPS growth by fiscal year
Fiscal yearPeriod endDiluted EPSYoY growth
20222022-12-31USD 0.74-65.0%
20232023-12-31USD 2.27206.3%
20242024-12-31USD 2.15-5.5%
20252025-12-31USD 1.30-39.3%
Nuveen Churchill Direct Lending sequential (quarter-over-quarter) diluted earnings per share growth by fiscal quarter
Fiscal quarterPeriod endQoQ growth
Q22025-06-30-39.6%
Q32025-09-3018.8%
Q42025-12-31-15.8%
Q12026-03-31-43.8%

Revenue Growth Rate

Annual and quarterly growth comparison

Earnings Per Share Growth Rate

Annual and quarterly EPS growth comparison

Quarterly Performance

Name
Q1 2026YOY CHG

Revenue

$28.68M

-46.5%

Gross Profit

$12.53M

-62.0%

Gross Margin

43.67%

N/A

Market Cap

$599.07MMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

N/A

Market Cap/Employee

N/A

N/A

Employees

0

N/A

Net Income

$8.69M

-68.3%

EBITDA

$8.94M

-81.4%

Quarterly Fundamentals

Name
Q1 2026YOY CHG

Total Cash

$50.40M

+2.5%

Total Debt

$1.14B

-5.2%

Accounts Receivable

$14.25M

-61.8%

Inventory

$0.00

N/A

Long Term Debt

$1.14B

-5.2%

Short Term Debt

$0.00

N/A

Return on Assets

2.89%

N/A

Return on Invested Capital

2.98%

N/A

Free Cash Flow

$6.61M

+175.0%

Operating Cash Flow

$6.61M

+175.0%

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Questions About NCDL

What is the current price of Nuveen Churchill Direct Lending?

Nuveen Churchill Direct Lending is trading at $12.45 per share.

What is the 52-week range for Nuveen Churchill Direct Lending?

Over the past 52 weeks, Nuveen Churchill Direct Lending has traded between $11.95 and $17.03.

How much debt does Nuveen Churchill Direct Lending have?

As of the most recent reporting period, Nuveen Churchill Direct Lending reported total debt of $1.14B.

How much cash does Nuveen Churchill Direct Lending have on hand?

Nuveen Churchill Direct Lending reported $50.40M in cash and cash equivalents in its most recent financial results.

What is Nuveen Churchill Direct Lending’s dividend yield?

Nuveen Churchill Direct Lending currently has a dividend yield of 13.32%.

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