Nuveen Churchill Direct Lending: 9% Expected Adjusted ROE With 26% Discount

Nuveen Churchill Direct Lending Corp. trades at a 26% discount to NAV, near its lowest point in five years. NCDL’s portfolio is 97% invested, with only 0.6% non-accruals and strong diversification across 236 companies and key sectors. Leverage stands at 56%, with a gross asset yield of 10.6% and discount-adjusted ROE of 9.23%, outpacing average BDC OTC bonds. Investment-grade ratings and low non-accruals support the thesis, but floating-rate exposure and economic downturns present credit and market risks.

In today's article, we will examine Nuveen Churchill Direct Lending Corp. ( NCDL ), its last quarter earnings, financial metrics, and the company's common stock, which trаding at a significant discount of around 26% at the time of writing.