About NCDL

Nuveen Churchill Direct Lending Corp.(“NCDL”) is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, we have elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Substantially all of the day-to-day portfolio management obligations are managed by its investment sub-adviser, Churchill Asset Management LLC (“Churchill”). Churchill is an affiliate and subsidiary of Nuveen, LLC, a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”).

NCDL seeks to generate attractive risk-adjusted returns primarily through current income by investing primarily in senior secured loans to private equity-owned U.S. middle market companies, which the Company defines as companies with approximately $10 million to $250 million of EBITDA. NCDL primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. NCDL's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Although it is not NCDL's primary strategy, NCDL also opportunistically invests in junior capital opportunities, including second-lien loans, subordinated debt, and equity co-investments and similar equity-related securities.

About the stock

Our common shares are listed and traded on the New York Stock Exchange ("NYSE") under the ticker symbol "NCDL". For more detailed information, please visit our Stock Information page.

The net asset value per share may be obtained in our public filings (i.e., Forms 10-Q and 10-K) with the Securities and Exchange Commission via its website www.sec.gov or by visiting our SEC Filings page.

PricewaterhouseCoopers LLP (PwC)

Our common shares began trading on the NYSE on January 25, 2024.


Yes. NCDL intends to distribute dividends or make distributions to shareholders of record on a quarterly basis. Please note that dividends may not continue at the current level, if at all. To view our historical dividends, please visit our Dividends page. Please note future dividends that have not yet been declared are not guaranteed and require Board approval.

Yes. NCDL has adopted a dividend reinvestment plan, in which we will reinvest in common shares all cash dividends declared by the Board on behalf of all registered shareholders who do not "opt out"of the DRIP, electing to receive their dividends in cash. The DRIP is set up to be automatic unless a shareholder "opts out" and elects to receive cash for dividends instead of additional shares of the company. If you hold your shares through a bank, broker or other intermediary, please contact your bank, broker or other intermediary to inquire about dividend reinvestment options.

No, our dividend is generally not a “qualified dividend” for tax purposes and therefore generally is not eligible for the lower qualified dividend tax rate. As a regulated investment company, NCDL generally does not pay income taxes on its earnings at the corporate level, but passes its income through to shareholders in the nature that it was earned. Therefore, a portion of our dividend is usually taxable to our shareholders at their ordinary income tax rates and a portion may qualify for the long-term capital gains tax rates. For information about taxes in respect of dividends received by you, you should consult your own tax advisor.


After the end of each calendar year, we provide to each of our U.S. registered shareholders a Form 1099-DIV, which details the taxability of the dividends paid in the preceding year, including a breakdown between ordinary income and capital gains. DRIP participants are taxed on the dividends as if they were received in cash. For information about taxes in respect of dividends received by you, you should consult your own tax advisor.


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