Nuveen Churchill Direct Lending Corp. $NCDL Shares Sold by Blue Owl Capital Holdings LP

Key Points

• Blue Owl Capital Holdings cut its stake in Nuveen Churchill Direct Lending by 23.5%, selling 948,000 shares to finish the quarter with 3,091,553 shares; NCDL is still Blue Owl’s largest holding (13.2% of its portfolio) and Blue Owl owns about 6.26% of NCDL (~$42.7M).
• The board declared a quarterly dividend of $0.36 (annualized $1.44, ~10.9% yield) but the payout ratio is high at 137%, and the quarter showed a material revenue miss ($26.36M reported vs. ~$49.6M expected) despite a slight EPS beat ($0.44 vs. $0.43).
• Several analysts lowered price targets and trimmed expectations (average rating: “Hold”, average target: $15.40), while insiders purchased shares (about 24,690 shares bought last quarter), signaling mixed market and management views on the stock’s outlook.

Blue Owl Capital Holdings LP decreased its holdings in shares of Nuveen Churchill Direct Lending Corp. (NYSE:NCDL - Free Report) by 23.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,091,553 shares of the company's stock after selling 948,000 shares during the period. Nuveen Churchill Direct Lending comprises 13.2% of Blue Owl Capital Holdings LP's portfolio, making the stock its biggest holding. Blue Owl Capital Holdings LP owned about 6.26% of Nuveen Churchill Direct Lending worth $42,663,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in NCDL. Y Intercept Hong Kong Ltd grew its stake in shares of Nuveen Churchill Direct Lending by 100.0% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 32,820 shares of the company's stock valued at $531,000 after purchasing an additional 16,408 shares during the period. Magnetar Financial LLC bought a new position in shares of Nuveen Churchill Direct Lending during the 2nd quarter worth approximately $773,000. Virtus Investment Advisers LLC boosted its stake in Nuveen Churchill Direct Lending by 12.2% in the 2nd quarter. Virtus Investment Advisers LLC now owns 22,453 shares of the company's stock valued at $364,000 after buying an additional 2,438 shares in the last quarter. Lido Advisors LLC acquired a new stake in Nuveen Churchill Direct Lending in the 2nd quarter valued at $349,000. Finally, Quantbot Technologies LP bought a new stake in Nuveen Churchill Direct Lending in the second quarter valued at $152,000.

Nuveen Churchill Direct Lending Trading Down 0.8%

NCDL stock opened at $13.20 on Friday. The business has a fifty day moving average price of $13.55 and a 200 day moving average price of $14.24. Nuveen Churchill Direct Lending Corp. has a fifty-two week low of $12.54 and a fifty-two week high of $17.59. The stock has a market capitalization of $651.95 million, a price-to-earnings ratio of 10.08 and a beta of 0.44. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.85 and a quick ratio of 1.85.

Nuveen Churchill Direct Lending (NYSE:NCDL - Get Free Report) last posted its quarterly earnings data on Thursday, February 26th. The company reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.43 by $0.01. The company had revenue of $26.36 million for the quarter, compared to analyst estimates of $49.60 million. Nuveen Churchill Direct Lending had a return on equity of 10.48% and a net margin of 31.57%. Analysts expect that Nuveen Churchill Direct Lending Corp. will post 2.28 EPS for the current fiscal year.

Nuveen Churchill Direct Lending Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 28th. Investors of record on Tuesday, March 31st will be given a dividend of $0.36 per share. The ex-dividend date is Tuesday, March 31st. This represents a $1.44 annualized dividend and a yield of 10.9%. Nuveen Churchill Direct Lending's dividend payout ratio is 137.40%.

Analyst Ratings Changes

Several research firms have issued reports on NCDL. Truist Financial dropped their price objective on Nuveen Churchill Direct Lending from $18.00 to $16.00 and set a "buy" rating for the company in a research note on Wednesday. Keefe, Bruyette & Woods reduced their target price on shares of Nuveen Churchill Direct Lending from $16.00 to $15.00 and set a "market perform" rating on the stock in a research note on Friday, February 27th. Wells Fargo & Company lowered their target price on shares of Nuveen Churchill Direct Lending from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Wednesday. Zacks Research upgraded shares of Nuveen Churchill Direct Lending from a "strong sell" rating to a "hold" rating in a research report on Friday, January 9th. Finally, Wall Street Zen downgraded shares of Nuveen Churchill Direct Lending from a "hold" rating to a "sell" rating in a report on Monday, March 2nd. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $15.40.

Nuveen Churchill Direct Lending News Summary

Here are the key news stories impacting Nuveen Churchill Direct Lending this week:

• Positive Sentiment: Multiple insiders are buying stock — including CEO Kenneth J. Kencel (10,000 shares at ~$13.04), Director Kenneth Miranda (3,000 shares at $12.83), Jason Strife (7,690 shares at $13.40), VP John McCally (2,000 shares at $13.30) and Director Mat Linett (2,000 shares at $13.05) — signaling management confidence at current levels. SEC Filing (Jason Strife)
• Positive Sentiment: Institutional investors have been active: Invesco materially increased its stake in the 4Q, and other funds (Virtu, NewEdge, VARCOV, Almitas) adjusted positions — a sign of interest from larger holders. MarketBeat: Insider & institutional details
• Neutral Sentiment: Quarterly EPS marginally beat (reported $0.44 vs. $0.43 est.), which is supportive for income investors, but the beat was slight and leaves forward guidance/credit performance the focus area. Earnings summary
• Neutral Sentiment: The board declared a quarterly dividend of $0.36 (annualized $1.44; ~10.9% yield). While yield is attractive to income buyers, the fund’s payout ratio is high (137%), making the dividend’s sustainability an open question. Dividend & DPR details
• Negative Sentiment: Several analysts cut price targets and trimmed expectations this week (Wells Fargo to $13.00; Truist lowered its prior target and reduced expectations; KBW trimmed its target) — increasing near‑term selling pressure and lowering the stock’s perceived upside. Wells Fargo price target cut Truist note
• Negative Sentiment: Revenue in the quarter materially missed consensus ($26.36M reported vs. ~$49.6M expected), suggesting weaker origination/fee activity or timing effects — a key negative for a credit-focused closed‑end fund. Quarterly revenue miss
• Negative Sentiment: High dividend payout ratio (137%) and headlines indicating a dividend cut or reset increase uncertainty around future distributions — a central driver for valuation of yield‑focused CEFs. Dividend concerns

Insider Buying and Selling at Nuveen Churchill Direct Lending

In related news, Director Mat Linett acquired 2,000 shares of the stock in a transaction on Friday, March 6th. The stock was purchased at an average price of $13.05 per share, for a total transaction of $26,100.00. Following the transaction, the director owned 10,365 shares of the company's stock, valued at $135,263.25. The trade was a 23.91% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kenneth M. Miranda bought 3,000 shares of the company's stock in a transaction on Tuesday, March 3rd. The stock was bought at an average cost of $12.83 per share, with a total value of $38,490.00. Following the completion of the purchase, the director owned 30,000 shares of the company's stock, valued at approximately $384,900. The trade was a 11.11% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 24,690 shares of company stock worth $324,636 over the last quarter. Corporate insiders own 0.62% of the company's stock.

Nuveen Churchill Direct Lending Company Profile

Nuveen Churchill Direct Lending NYSE: NCDL is a closed-end management investment company that seeks to provide shareholders with attractive risk-adjusted returns through a diversified portfolio of direct lending instruments. Established in early 2022, NCDL focuses on privately negotiated debt investments in middle-market companies, primarily within the United States. The fund offers investors access to a segment of the credit markets that has historically been less correlated with public debt markets, aiming to capture yield premiums associated with private lending.

The fund’s investment strategy centers on senior secured loans, unitranche financings and selectively structured mezzanine debt.

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