NCDL overview

Access the income and return potential of private capital

Nuveen Churchill Direct Lending Corp. (NYSE Ticker: NCDL) is a business development company (BDC) focused primarily on investing in senior secured loans to private equity-owned U.S. middle market companies. Our investment objective is to generate attractive risk-adjusted returns through current income by investing primarily in senior secured loans to private equity-owned U.S. middle market companies.

Learn more about Nuveen/Churchill

Differentiated competitive advantages

Scaled platform with extensive private credit expertise

Churchill is one of the most active direct lenders in the U.S. middle market. The scale of Churchill’s platform provides NCDL with the ability to invest in larger transactions with limited concentration in its portfolio. We believe that the breadth and depth of Churchill’s expertise, coupled with its long history of disciplined investment across industries and various economic cycles, provides differentiated strengths when sourcing and evaluating large and complex investment opportunities.

Strong private equity relationships

Churchill has a long-standing portfolio of limited partner capital commitments which provides the ability to source and originate differentiated investment opportunities across the platform, often on an early look, first access basis. Churchill believes it has established itself as a highly value-additive capital provider and partner of choice for leading private equity firms given its ability to provide a full array of scaled solutions across the capital structure. NCDL has benefited from this differentiated sourcing model and disciplined and rigorous investment approach resulting in a sizable, broadly diversified portfolio and attractive dividend yield.

Well positioned for today’s market environment

NCDL’s allocation strategy, anchored in primarily senior secured loans, benefits from Churchill’s broader platform that offers exposure to a wide range of transactions including hard-to-source junior capital and private equity co-investments. Having the latitude to pivot across capital solutions differentiates Churchill compared to most other direct lenders in situations when capital requirements changed during a transaction and thereby has positioned it as the preferred capital partner for private equity sponsors.

1. As of March 31, 2024, assets under management across Nuveen Investments affiliates and TIAA investment management teams are $1,235 billion.

2. Rankings published in the Private Debt Investor Magazine's Global Investor 50, December 2023. Private Debt Investor Magazine's research and analytics team carried out primary and secondary research on more than 100 institutions to produce rankings on the world's largest institutional private debt investors based on the market value of private debt portfolios. Nuveen submitted data to the research and analytics team. There were no fees paid in connection with this recognition.

NCDL highlights

Investment portfolio at fair value1
First-lien term loans2
Portfolio companies
Average position size
Weight average annual EBITDA3
Learn more about our portfolio

As of March 31, 2024
For complete information regarding our financials, please refer to our regulatory filings.
1. Represents total investment portfolio at fair value. Total par value of debt investment commitments is $1,986M which includes approximately $179M of unfunded delayed draw term loan commitments.
2. 35% of first lien term loans are unitranche positions.
3. Weighted based on fair market value of private debt investments as of March 31, 2024 for which fair value is determined by the Company’s investment adviser (the “Adviser”) in its capacity as the valuation designee of the Board of Directors, and excludes quoted assets. Amounts are weighted based on fair market value of each respective investment as of its most recent quarterly valuation, which are derived from the most recently available portfolio company financial statements. EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization. EBITDA amounts are estimated from the most recent portfolio company financial statements, have not been independently verified by NCDL and may reflect a normalized or adjusted amount. Accordingly, NCDL makes no representation or warranty in respect of this information.

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Investment criteria

NCDL primarily focuses on lending to private equity-owned U.S. middle market companies with $10 to$100 million in EBITDA. Our criteria pillars create the foundation for us to invest in market leading businesses, across a diverse range of industries,to support compelling risk-adjusted returns through economic cycles.

  • Leading market position and high barriers to entry
  • Backing from high-quality private equity sponsors
  • Proven management teams
  • History of strong financial performance with high cash flow conversion
  • Diversification of products, customers and suppliers
  • Operating in an attractive, non-cyclical industry

Investment types


  • First-lien senior secured debt and unitranche loans


  • Secured second-lien debt
  • Subordinated loan (both secured and unsecured)


  • Equity co-investment

Industry composition

Portfolio composition by investment type<sup>1</sup>



Services: Business 19.0%
Healthcare & Pharmaceuticals 11.9%
High Tech Industries 10.6%
Beverage, Food & Tobacco 7.3%
Services: Consumer 5.0%
Capital Equipment 4.6%
Construction & Building 4.5%
Containers, Packaging & Glass 3.9%
Automotive 3.8%
Banking, Finance, Insurance, Real Estate 3.6%
Others (16) 25.7%
Total 100%

As of March 31, 2024
For complete information regarding our financials, please refer to our regulatory filings.
1. Industry diversification based on Moody's industry classification. Measured as the fair value of investments for each category against the total fair value of all investments. Totals may not sum due to rounding.

Proven leadership team with industry expertise

Averaging over 25 years of experience in the middle market, Churchill’s senior leadership team has worked together to establish a cycle-tested track record in direct lending and private capital investments since 2006. The majority of the leadership team has worked together for over a decade and have demonstrated an ability to prudently invest across various economic cycles at Churchill and its predecessor entities. Our team’s consistency and strong culture anchored in fundamental credit analysis continues to be highly valued by investors and private equity firms alike.