Nuveen Churchill Direct Lending Corp.

Nuveen Churchill Direct Lending Corp. is a closed-end business development company (BDC) incorporated in Maryland and listed on the NYSE. The firm operates as an externally managed, non-diversified investment company regulated under the Investment Company Act of 1940. Its primary objective is to generate returns through current income by deploying capital into private debt instruments targeting the U.S. middle market.

The company invests principally in senior secured loans extended to private equity-owned companies with approximately $10 million to $100 million in EBITDA. The portfolio is expected to comprise mainly first-lien senior secured debt and unitranche loans, with selective opportunistic exposure to junior capital investments including second-lien loans, subordinated debt, and equity-related securities. The firm focuses on privately originated debt to performing companies rather than traded or syndicated instruments.

Nuveen Churchill Direct Lending is externally managed, with operations headquartered in New York. As a BDC, the company's revenue derives from interest income on loans held in its investment portfolio, supplemented by fees and other investment-related income. The firm does not operate traditional business segments; its earnings structure reflects typical BDC economics, where performance depends on portfolio credit quality, reinvestment rates, and the spread between borrowing costs and lending yields.