Nuveen Churchill Direct Lending Corp. (NCDL)

About Nuveen Churchill Direct Lending Corp.

Nuveen Churchill Direct Lending Corp. (the “Company”) is business development company and was formed on March 13, 2018, as a limited liability company under the laws of the State of Delaware and was converted into a Maryland corporation on June 18, 2019 prior to the commencement of operations. The Company 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”). The Company's investment objective is 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 $10.0 million to $100.0 million of earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Company will focus on privately originated debt to performing U.S. middle market companies, with a portfolio expected to comprise primarily of first-lien senior secured debt and unitranche loans (other than last-out positions in unitranche loans) (collectively “Senior Loans”). The Company will also opportunistically invest in junior capital opportunities (second-lien loans, subordinated debt, last-out positions in unitranche loans and equity-related securities) (collectively “Junior Capital Investments”).

NCDL passes 1 of our 30 screens today

Each screen prints the exact criteria it used, and the circumstances in which it is wrong.

Super investor ownership

4 of the funds we track reported a position in their latest SEC 13F filing. Largest first:

• Two Sigma, TWO SIGMA INVESTMENTS, LP$8.02M · 0.0% of book
• Renaissance Technologies, RENAISSANCE TECHNOLOGIES LLC$1.93M · 0.0% of book
• Israel Englander, MILLENNIUM MANAGEMENT LLC$1.43M · 0.0% of book
• Joel Greenblatt, Gotham Asset Management, LLC$254.4K · 0.0% of book

A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.

Common questions