Forensic Analysis · General / Diversified · as of Aug 11, 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.

D · Weak — demands caution

Forensic grade

Clean

Earnings quality

Forensic signals

10.4

P / E (ttm)

7.5%

ROE

$619M

Market cap

11.49%

Dividend yield

-11.3%

Revenue growth

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 (red flags, auditor quality, say on pay, board independence). 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 D (Weak — demands caution) forensic quality grade. 3 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, 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.

+29.3%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +116% over the last 3 years to FY2025 (+29.3%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. Note: the share count shows a large one-time jump around FY2022, consistent with a reverse split or bankruptcy reorg rather than gradual buybacks, so the earlier shrinkage doesn't reflect real repurchase discipline. That's ~29.3% 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 FY2022 has been diluted ~54%.

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.

Key fundamentals

Return on Equity7.5%

Debt / Equity1.27x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.