Nuveen Churchill Direct Lending Corp.

Frequently Asked Questions About NCDL

What does NCDL invest in?

Nuveen Churchill Direct Lending Corp. (NCDL), initially formed as a Delaware limited liability company on March 13, 2018, and subsequently restructured into a Maryland corporation on June 18, 2019, prior to commencing its business activities, operates as a closed-end, externally managed, non-diversified investment company. It has chosen to be regulated as a Business Development Company (BDC) under the Investment Company Act of 1940, as amended. The firm's principal investment goal is to generate appealing risk-adjusted returns, primarily through current income. This is achieved by predominantly investing in senior secured loans provided to private equity-backed U.S. middle market companies, which NCDL identifies as enterprises with annual earnings before interest, taxes, depreciation, and amortization (EBITDA) generally ranging from $10.0 million to $100.0 million. Its portfolio will largely comprise what it refers to as "Senior Loans," primarily consisting of privately originated first-lien senior secured debt and unitranche loans (excluding "last-out" positions) to these performing U.S. middle market businesses. Additionally, the company selectively pursues "Junior Capital Investments," which include instruments such as second-lien loans, subordinated debt, last-out unitranche loan positions, and various equity-related securities.

What is the expense ratio of NCDL?

An expense ratio for Nuveen Churchill Direct Lending Corp. (NCDL) is not available from our data sources — neither our market-data feed nor the SEC's structured prospectus and annual-report datasets report one for this share class. The fund's prospectus on the issuer's site carries the authoritative fee.

How big is NCDL?

Nuveen Churchill Direct Lending Corp. (NCDL) manages $600.1M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.

Is NCDL actively managed or an index fund?

NCDL's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.

When was NCDL launched?

Nuveen Churchill Direct Lending Corp. (NCDL) launched in January 2024 and is managed by Nuveen.

How has NCDL performed?

NCDL's total return — price change plus reinvested distributions — is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon.