Added to YB: 2025-10-15
Pitch date: 2025-10-13
NCDL [bullish]
Nuveen Churchill Direct Lending Corp.
+7.05%
current return
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Company Info
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.
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Strong Credit, Big Discount: The Case for Nuveen Churchill Direct Lending
NCDL: Bought @ $13.28, 26% NAV discount vs peers' 5-15% despite superior credit (0.4% defaults vs ARCC 2.8%, FSK 5.3%). 90% first lien portfolio, 10% PIK vs peers 14-31%. Target $16-16.5 on credit performance normalization. 13% cushion covers 10% defaults/50% recovery in recession.
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