Forensic Analysis · General / Diversified · as of Nov 9, 2026

Nuveen Churchill Direct Lending Corp. (NCDL)

A forensic read on Nuveen Churchill Direct Lending Corp. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Forensic signals

7.1%

ROE

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Nuveen Churchill Direct Lending Corp. earns a C (Mixed — selective) forensic quality grade. 4 forensic signals were flagged in its latest SEC filings, led by cash conversion.

What the filings flag

-1.83×

FY2023–FY2025

Cash conversion. Over FY2023–FY2025, cumulative operating cash flow was -1.83× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.

+22.7%/yr

FY2023–FY2025

Share-count dilution. Diluted share count changed +51% over the last 2 years to FY2025 (+22.7%/yr). The count is growing — 33.4M shares in FY2023, 50.3M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~22.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~34%.

87% of OCF

FY2025

Shareholder returns. Returned $168M to shareholders (buybacks + dividends) in FY2025 — 87% of operating cash flow. Capex isn't disclosed for FY2025, so this is the ceiling on coverage, not the free-cash-flow payout — actual free-cash coverage is tighter than this reads.

-7%

FY2023→FY2024

Dividend — cut. The payout was CUT ~7% in FY2024 (from FY2023). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.

Key fundamentals

Return on Equity7.1%

Debt / Equity1.27x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.