Welcome to our dedicated page for Nuveen Churchill Direct Lending SEC filings (Ticker: NCDL), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
This page provides access to Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) SEC filings, offering detailed insight into the company’s operations as a specialty finance business and business development company. NCDL focuses primarily on investing in senior secured loans to private equity-owned U.S. middle market companies and reports extensively on these activities in its regulatory documents.
Through its annual reports on Form 10-K and quarterly reports on Form 10-Q, NCDL discloses investment income, expenses, net investment income, and realized and unrealized gains and losses on its portfolio of non-controlled, non-affiliated company investments. These filings also describe the composition of the portfolio by first-lien debt, subordinated debt, and equity investments, as well as internal risk ratings, non-accrual positions, and net asset value per share.
Current reports on Form 8-K, such as those furnished in connection with quarterly earnings releases, provide timely updates on results of operations and financial condition. They often include attached press releases and earnings presentations as exhibits, giving additional context on portfolio performance, leverage, liquidity, and distribution declarations.
Investors can also use NCDL’s SEC filings to track information about its capital structure, including secured borrowings, unsecured notes offerings, revolving credit facilities, and debt-to-equity metrics. Disclosures about advisory arrangements, management fees, and incentive fee waivers are set out in the notes to the financial statements and related sections of these reports.
On Stock Titan, NCDL’s filings are paired with AI-powered summaries that highlight key points from lengthy documents, helping readers quickly understand the main drivers of performance, changes in portfolio composition, and important risk disclosures without having to parse every line of the original filings.
Nuveen Churchill Direct Lending Corp. director and CEO Kenneth J. Kencel reported an indirect open-market purchase of 10,000 shares of common stock at $13.0384 per share through his spouse, increasing that holding to 38,117 shares. The filing also reports additional indirect common stock holdings through a trust and a joint account.
Nuveen Churchill Direct Lending Corp. CEO & President Kenneth J. Kencel reported an open-market purchase of 10,000 shares of common stock on March 3, 2026 at an average price of $13.0384 per share. The shares are held indirectly through a trust, which held 58,117 shares after the trade.
The filing also shows additional indirect common stock holdings as of March 3, 2026, including 38,117 shares held by his spouse and 26,824 shares held in a joint account.
Nuveen Churchill Direct Lending Corp. director buys additional shares
Kenneth M. Miranda, a director of Nuveen Churchill Direct Lending Corp., reported an open-market purchase of 3,000 shares of common stock at a price of $12.83 per share. Following this transaction, he indirectly owns 30,000 shares held in a joint trust.
Nuveen Churchill Direct Lending Corp. reported solid but moderating results for the fourth quarter and full year 2025. For the quarter, net investment income was $0.44 per share and the net increase in net assets from operations was $0.32 per share. Net asset value per share edged down to $17.72 from $17.85.
For 2025, net investment income was $93.3 million, or $1.86 per share, down from $2.26 in 2024, while return on equity on net investment income was 9.8%. The company paid $1.90 per share of distributions in 2025 and has reset its regular quarterly distribution, declaring a first-quarter 2026 payout of $0.40 per share (regular $0.36 plus supplemental $0.04). The board also authorized a $50 million share repurchase program.
The investment portfolio stood at $2.0 billion across 227 portfolio companies, with 89.5% in first-lien debt and a weighted average yield of 9.6%. Credit quality remained strong, with only 0.5% of investments at fair value on non-accrual and a weighted average internal risk rating of 4.2. As of December 31, 2025, the company held $62.5 million in cash and cash equivalents, total debt of $1.1 billion, a debt-to-equity ratio of 1.27x, and about $259 million of additional borrowing capacity on its revolving credit facility, supporting total liquidity of roughly $321 million.
Nuveen Churchill Direct Lending Corp. filed its annual report, describing a broad portfolio of private credit investments as of December 31, 2025. The company, incorporated in Maryland and listed on the New York Stock Exchange under the symbol NCDL, focuses on loans to middle-market businesses.
The portfolio is heavily concentrated in senior secured positions, including numerous first lien term loans, first lien debt, and revolving loans across industrial, healthcare, business services, technology, logistics, and consumer-related companies. It also holds subordinated debt, delayed draw loan commitments, and a range of equity and co-investment interests such as common units, preferred units, and limited partnership interests.
The report confirms Nuveen Churchill Direct Lending is a large accelerated filer that has been current with all required Exchange Act reports and has submitted all required interactive data files. Its independent auditor has provided an attestation on the effectiveness of internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act.
Blue Owl Capital Holdings LP filed an amended Schedule 13G reporting beneficial ownership of 2,143,626 shares of Nuveen Churchill Direct Lending Corp. common stock, representing 4.34% of the outstanding shares.
The percentage is based on 49,387,065 common shares outstanding as of November 3, 2025, as cited from the issuer’s Form 10-Q. Blue Owl reports sole voting and dispositive power over all reported shares and certifies the position is held in the ordinary course of business, not to change or influence control of the company.
Nuveen Churchill Direct Lending Corp. is refinancing a term debt securitization through its wholly owned subsidiary Churchill NCDLC CLO-II, LLC. On or around February 20, 2026, the subsidiary expects to amend its existing indenture and issue new notes and loans.
The 2026 Debt is expected to include $125.5 million of AAA Class A-R Notes and $50 million of AAA Class A-L-R Loans, each bearing interest at three-month Term SOFR plus 1.38%, and $37.5 million of AA Class B-R Notes bearing interest at three-month Term SOFR plus 1.70%. The structure also includes $86.7 million of Subordinated Notes, which do not bear interest and will be retained by the Company.
The debt is backed by a diversified portfolio of senior secured and second lien loans. Principal collections on the collateral may be reinvested through January 20, 2031, and the 2026 Debt is expected to mature on January 20, 2039. The Company will continue to act as collateral manager and waive any management fee for these services.
Nuveen Churchill Direct Lending Corp. disclosed that investment adviser Peakline Partners, LLC has filed a Schedule 13G reporting a significant passive ownership stake in its common stock. Peakline reports beneficial ownership of 5,544,912 shares of common stock, representing 11.2% of the outstanding class, with sole power to vote and dispose of all of these shares.
The filing states that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Nuveen Churchill Direct Lending Corp.
Nuveen Churchill Direct Lending Corp. (NCDL) reported an insider share purchase by a director. On November 19, 2025, the reporting person acquired 2,000 shares of NCDL common stock in an open-market purchase at a price of $14.10 per share. This filing is on Form 4, which discloses changes in insider ownership.
After this transaction, the insider beneficially owns 27,000 shares of NCDL as of November 19, 2025. These shares are held indirectly in a joint trust with the insider’s spouse, reflecting prior transfers completed on March 24, 2025.
Nuveen Churchill Direct Lending Corp. (NCDL) reported an insider purchase by its Chief Financial Officer and Treasurer, John McCally. On 11/17/2025, he acquired 5,000 shares of NCDL common stock at a price of $14.20 per share in a transaction coded "P" for purchase. After this trade, he beneficially owns 20,000 shares indirectly through a trust and 13,675 shares directly. The filing is made on Form 4 for a single reporting person and indicates both direct and indirect ownership positions in the company’s stock.