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NCDL

Nuveen Churchill Direct Lending Corp.

NCDL

Nuveen Churchill Direct Lending Corp. • NYSE
$14.82 ▲ 0.82% (+0.12)
Market Cap $731.92 M
52w High $18.01
52w Low $13.15
Dividend Yield 1.90%
P/E 9.75
Volume 43.60K
Outstanding Shares 49.39M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $39.961M ▲ $2.918M ▼ $18.658M ▲ 46.691% ▲ $0.38 ▲ $18.662M ▲
Q2-2025 $38.194M ▼ $2.959M ▼ $16.016M ▼ 41.933% ▼ $0.32 ▼ $15.924M ▼
Q1-2025 $53.586M ▲ $7.744M ▲ $27.413M ▼ 51.157% ▼ $0.53 ▼ $48.095M ▲
Q4-2024 $48.309M ▼ $-717K ▲ $29.451M ▼ 60.964% ▼ $0.54 ▼ $29.764M ▼
Q3-2024 $56.047M $-2.865M $36.643M 65.379% $0.67 $36.625M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $46.333M ▲ $2.042B ▼ $1.161B ▼ $881.485M ▼
Q2-2025 $44.008M ▼ $2.074B ▼ $1.187B ▼ $887.738M ▼
Q1-2025 $49.178M ▲ $2.173B ▲ $1.253B ▲ $920.02M ▼
Q4-2024 $43.254M ▼ $2.144B ▲ $1.173B ▲ $970.32M ▼
Q3-2024 $69.304M $2.14B $1.15B $990.609M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $18.658M ▲ $12.205M ▼ $25.047M ▼ $-34.927M ▲ $2.325M ▲ $12.205M ▼
Q2-2025 $16.016M ▲ $56.004M ▲ $81.141M ▲ $-142.315M ▼ $-5.17M ▼ $56.004M ▲
Q1-2025 $15.021M ▼ $-4.139M ▼ $-4.669M ▲ $14.682M ▲ $5.874M ▲ $-4.139M ▼
Q4-2024 $29.451M ▼ $43.629M ▲ $-31.642M ▼ $-38.037M ▼ $-26.05M ▼ $43.629M ▲
Q3-2024 $36.643M $-42.267M $0 $40.585M $-1.682M $-42.267M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, showing that NCDL is scaling its lending platform at a consistent pace. Profitability has generally improved as the business has grown, with recent results indicating healthy earnings relative to revenue after a softer year in the middle of the period. The firm appears to be managing expenses reasonably well, and operating performance looks solid for a relatively young listed vehicle. That said, earnings have shown some year‑to‑year volatility, which is common in credit-focused businesses and can reflect changes in interest rates, portfolio mix, and credit costs.

Balance Sheet

Balance Sheet The balance sheet shows a clear growth story: assets have expanded meaningfully as NCDL has built out its loan portfolio. This growth has been funded by a mix of equity and a rising level of debt, which means leverage is now an important feature of the capital structure. Equity has increased over time but not as quickly as total assets, so the business is gradually leaning more on borrowings, which is typical for a direct lender but does raise sensitivity to credit cycles and funding markets. Cash balances are modest, suggesting most capital is deployed into loans rather than held idle, which supports earnings but leaves limited liquidity cushion on the face of the numbers alone.

Cash Flow

Cash Flow Historically, the company generated positive operating and free cash flow, but the most recent period shows a meaningful outflow. For a lender, negative operating cash flow often reflects rapid portfolio growth rather than underlying weakness, as cash is being put to work in new loans. There is essentially no traditional capital expenditure, which is normal for an asset management and lending vehicle. The key question going forward is whether the loans being originated can support stable, recurring cash inflows over time, especially through less favorable credit conditions.

Competitive Edge

Competitive Edge NCDL benefits from a strong and differentiated position in private credit. It sits within the larger Churchill platform, backed by Nuveen and ultimately TIAA, giving it deep resources, brand strength, and access to sizable, long-term capital. Its long-standing relationships with private equity sponsors provide a steady pipeline of deals and often early access to opportunities. The ability to structure a range of financing solutions and to lead larger transactions makes it a preferred partner for many sponsors. The main competitive risks come from a crowded direct lending market, pressure on loan terms as capital chases deals, and the need to maintain discipline if credit conditions tighten.

Innovation and R&D

Innovation and R&D Innovation here is more about process and platform design than about traditional research and development. NCDL’s edge lies in a refined underwriting framework, extensive credit data built over many years, and an integrated platform that can provide tailored financing across the capital structure. Its “one‑stop” approach for private equity sponsors—offering senior loans, junior capital, and co‑investments—acts as a commercial innovation that deepens relationships and improves deal flow. Future evolution is likely to come from expanding specialized credit products, scaling the platform into larger segments of the middle market, and further enhancing data‑driven risk management rather than from headline‑grabbing technology projects.

Summary

Overall, NCDL presents as a growing direct lender with strengthening revenues, generally solid profitability, and a rapidly expanding balance sheet built around a leveraged loan book. The negative recent cash flow appears tied to aggressive portfolio growth rather than operational strain, but it heightens the importance of credit quality and disciplined underwriting. Its most distinctive strengths are institutional backing from Nuveen/TIAA, deep private equity relationships, and a flexible financing toolkit, all of which support a durable competitive moat in the U.S. middle market. The main things to watch are how it manages leverage, maintains credit performance through different economic cycles, and balances growth with risk in an increasingly competitive private credit landscape.

NEWS

November 4, 2025 · 7:15 AM UTC

Nuveen Churchill Direct Lending Corp. Announces Third Quarter 2025 Results

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October 14, 2025 · 4:30 PM UTC

Nuveen Churchill Direct Lending Corp. Schedules Third Quarter 2025 Earnings Release and Conference Call

Read more