NCDL · Nuveen Churchill Direct Lending Corp. · Holdings

$10.81 +0.32 (+3.05%) At close · Oct 27 Q2 2026 earnings call transcript

Market Cap

$518.07M

49.39M

Volume · Oct 27 358.58K Avg daily vol (3M) 220.3K

Institutional ownership from SEC Form 13F filings. Investment managers with more than $100 million in U.S. equities must disclose their positions every quarter, within 45 days of quarter-end, so the holdings shown can lag the market by up to a quarter.

Use institutional holdings through the 13F API or MCP → See every holder of NCDL: 13F, 13D and 13G, insiders and funds →

The Sep 30, 2026 filing window is still open — showing the latest known positions. Funds that have not filed yet carry their prior-quarter positions; a fund that filed without this stock counts as sold out. Each fund's Change is measured against its own previous reported quarter, shown in the Reported column. Pick a completed quarter in the Quarter selector below to put every fund on one quarter and see the stock-wide activity breakdown.

Quarter:

Holders: 71

Total Value: $193,331,627

Total Shares: 15,745,713

Institutional Ownership Trend

11 quarters

Superinvestors Holding NCDL

All superinvestors →

Joel Greenblatt $248,400

Holder Concentration

Across 68 13F filers

Top Holder

13.6%

of institutional value

Top 5

42.2%

of institutional value

Top 10

64.2%

of institutional value

HHI

561

Broadly held

Who Holds NCDL

Last 8 quarters through Sep 30, 2026 (filing window open)

Each kind of 13F filer's share of the common shares 13F filers report. Holder type comes from regulatory records, never the filer's name; style, turnover and horizon are measured from each filer's own 13F book. The quarter selector does not change this card.

Jun 30, 2026, the newest closed quarter: 68 filers, like-for-like change +2.9%; actively managed books +1.3%; index-like books +20.9%.

Holder type	Share	Filers	Change	New	Exited
Registered adviser	49.7%	35	+4.8%	5	5
Exempt adviser	0.1%	1	-15.1%	1	1
Adviser	23.3%	4	-0.5%	0	0
Bank	15.2%	8	+15.7%	2	0
Non-US	0.1%	1	+510.7%	0	0
Holding company	3.7%	5	+4.3%	2	0
Broker-dealer	0.0%	0	-100.0%	0	1
Unknown	7.8%	14	-17.3%	2	4

Style	Share	Filers	Change	New	Exited
Index-like	9.5%	4	+20.9%	0	0
Systematic-like	4.6%	4	-22.9%	2	1
Concentrated	31.2%	9	+0.2%	1	5
Diversified active	54.7%	51	+4.7%	9	5
Not measured	0.0%	0	—	0	0
Unknown	0.0%	0	—	0	0

Turnover	Share	Filers	Change	New	Exited
Low turnover	57.3%	42	+12.5%	5	5
Medium turnover	33.1%	16	+11.9%	4	0
High turnover	8.5%	7	-46.3%	3	5
Unknown	1.1%	3	+31.3%	0	1
Not measured	0.0%	0	—	0	0

Holding horizon	Share	Filers	Change	New	Exited
Short horizon	18.7%	7	-20.1%	2	3
Medium horizon	7.3%	10	+31.6%	2	1
Long horizon	64.6%	46	+9.0%	7	7
Unknown	9.4%	5	+4.4%	1	0
Not measured	0.0%	0	—	0	0

13F book size	Share	Filers	Change	New	Exited
Under $1B	30.0%	18	-6.0%	2	2
$1B to $10B	16.1%	17	+22.2%	4	5
$10B to $100B	22.3%	17	+1.7%	4	0
$100B or more	31.6%	16	+4.8%	2	4
Not measured	0.0%	0	—	0	0

Client base	Share	Filers	Change	New	Exited
Individuals and high net worth	23.4%	20	+23.9%	4	3
Pooled investment vehicles	18.0%	7	-16.8%	1	2
Registered funds and BDCs	6.7%	3	+36.3%	0	0
Pension and profit sharing plans	0.8%	3	+14.2%	0	0
Governments and sovereign funds	0.8%	1	-35.4%	0	0
Diversified	0.1%	1	0.0%	0	0
Other investment advisers	0.0%	0	—	0	0
Unknown	50.3%	33	+1.0%	7	6

Private funds	Share	Filers	Change	New	Exited
Hedge funds	17.1%	11	-18.0%	2	3
Private equity funds	0.1%	1	+1114.1%	1	1
Real estate funds	3.0%	2	+901.8%	1	0
Other private funds	0.3%	2	0.0%	0	0
Mixed private funds	2.5%	1	-11.5%	0	1
Private funds, type not stated	4.9%	1	+49.5%	0	0
No private funds	21.9%	18	+9.9%	2	1
Securitized asset funds	0.0%	0	—	0	0
Unknown	50.1%	32	+1.0%	6	5

Location	Share	Filers	Change	New	Exited
United States	93.1%	60	+1.6%	8	9
Outside the US	6.9%	8	+22.7%	4	2

The Sep 30, 2026 filing window is still open, so its bar carries the Jun 30, 2026 positions of filers that have not filed yet.

How the mix is measured

Shares are 13F common shares restated to today's split basis; options and principal amounts are left out. The change compares only filers with a 13F in both quarters and keeps each filer in its bucket of the later quarter on both sides; a filer that continues under a new CIK is compared through its successor. Holder type comes from each filer's current regulatory profile; client base and private funds come from the Form ADV roster current at each quarter end (rosters from December 2019, so an earlier quarter reads Unknown). Style, turnover, horizon and book size are measured from each filer's 13F book in the newest measured quarter, and Not measured means none was. Actively managed books are those measured systematic-like, concentrated or diversified active.

Excluded 1 holder with no observed 2026-03-31 13F and 1 holder with no observed 2026-06-30 13F.

Conviction and Crowding

68 13F filers, quarter ended Jun 30, 2026

Measured across every 13F filer's common-share book once the quarter's filing window closed. Crowding counts filers with high turnover or that advise private funds on Form ADV.

Conviction holders

2.94% of filers hold it in their top 10

Mar 31, 2026: 3

Holders above 5%

median weight 0.006%

Mar 31, 2026: 1

Crowding

8.95%

of shares outstanding, 27th percentile

Mar 31, 2026: 9.03%

Private-fund advisers

8.89%

of shares outstanding

Institutional ownership

31.8%

32.0% of the estimated free float

Top 10 holders

64.2%

of 13F shares, Herfindahl 0.056

Active holders

+1.3%

like-for-like share change of active filers

5% stakes on record

0 13D, 2 13G (2 institutional, 0 passive, 0 exempt)

How long holders have held it value-weighted 7.3 quarters

Under 1 year 11.9% 1 to 3 years 88.1% 3 years or more 0.000% Since coverage start 0.000%

Managers in the top fifth by current three-year FundScore alpha were net buyers of $0 (0 buying, 0 selling).

Estimated Holder Cost Basis

Quarter ended Jun 30, 2026, on that quarter's share basis

Estimated, never filed: each 13F buy is costed at its quarter's average traded price and each sale keeps the average cost, so this is what holders paid on average if they traded evenly through each quarter.

Estimated avg cost

$15.72

estimated per share

Mar 31, 2026: $15.99

Quarter-end price

$12.42

implied by 13F values

Estimated gain or loss

-21.0%

price against the estimated cost

Estimated at a loss

100.0%

of costed 13F value

Estimated cost covers 98.9% of the 13F shares; positions already held when a filer's 13F history starts, or bought in a quarter without a trusted average price, have no estimate.

Shared Holders

Companies NCDL's active holders also own, quarter ended Jun 30, 2026

#	Company	Shared holders	Similarity
1	CCAP Crescent Capital BDC, Inc.	6	0.281
2	BBDC Barings BDC, Inc.	6	0.247
3	TCPC BlackRock TCP Capital Corp.	4	0.237
4	MSDL Morgan Stanley Direct Lending Fund	6	0.229
5	CGBD Carlyle Secured Lending, Inc.	5	0.225
6	GSBD Goldman Sachs BDC, Inc.	6	0.203
7	OTF Blue Owl Technology Finance Corp.	6	0.191
8	BCSF Bain Capital Specialty Finance, Inc.	4	0.177
9	RWAY Runway Growth Finance Corp.	3	0.162
10	NMFC New Mountain Finance Corp	3	0.154

Shareholder Targets

13F filers that own its peers but not NCDL, quarter ended Jun 30, 2026

Found through its holder-overlap peers: CCAP, BBDC, TCPC, MSDL, CGBD, GSBD, OTF, BCSF, RWAY, NMFC, FSK, KBDC, CION, CNNE, GBDC, TRIN, MFIC, OBDC, BXSL, TSLX. 1,208 filers in all.

#	Filer	In peers	Of book	Largest peers
1	STRS OHIO Benefit plan, Diversified active	$571,119,606 4 held	2.14%	GBDC, OBDC, TSLX
2	REGENTS OF THE UNIVERSITY OF CALIFORNIA Benefit plan, Concentrated	$451,513,285 1 held	10.4%	OTF
3	Mubadala Investment Co PJSC Unknown, Concentrated	$308,303,771 1 held	0.890%	OTF
4	Generali Asset Management SPA SGR Unknown, Diversified active	$228,348,666 6 held	4.10%	BXSL, OBDC, GBDC
5	Sound Income Strategies, LLC Registered adviser, Diversified active	$219,514,140 9 held	9.86%	GBDC, TSLX, OBDC
6	Orange County Employees Retirement System Unknown, Unknown	$210,106,562 1 held	75.1%	OTF
7	OMERS ADMINISTRATION Corp Benefit plan, Diversified active	$184,066,405 6 held	1.10%	BXSL, GBDC, TSLX
8	BlackRock, Inc. Holding company, Index-like	$184,052,583 19 held	0.000%	CNNE, OBDC, BXSL
9	CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM Benefit plan, Index-like	$179,396,575 2 held	0.170%	OBDC, CNNE
10	Muzinich & Co., Inc. Registered adviser, Concentrated	$170,286,691 14 held	58.2%	BXSL, OBDC, GBDC

Fund Ownership of NCDL by Fund Type

Registered funds' Form N-PORT reports for the quarter ended Jun 30, 2026

Index funds and index ETFs hold 3.84% of shares outstanding.

Fund type	Of shares outstanding	Change	Shares	Funds
Index funds	0.00%	0.00 pp	0	0
Index ETFs	3.84%	+0.70 pp	1,894,516	5
Active ETFs	0.11%	0.00 pp	52,154	1
Active funds	0.63%	+0.15 pp	308,953	5
Unclassified	0.00%	0.00 pp	0	0
All registered funds	4.57%	+0.86 pp	2,255,623	11

How fund types are measured

Each fund series counts once, with its latest Form N-PORT report dated inside the quarter; only long share positions count, restated to today's split basis. The fund type is the series' latest Form N-CEN answer on or before the quarter end (the index-fund box and the exchange-traded flag), never its name. Unclassified funds have no usable N-CEN; unit investment trusts are among them, so index ownership is a floor. Funds sit inside their advisers' 13F reports, so these shares overlap the 13F figures and are never added to them.

Holder type: Registered adviser 36 Exempt adviser 1 Adviser 4 Bank 8 Non-US 1 Holding company 5 Unknown 16

Showing 71 of 71

All Common Calls Puts

Compact Export CSV

Holder

Value (USD)

% of 13F

Blue Owl Capital Holdings LP

$26,623,834

13.77%

2,143,626

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Blue Owl Insurance Advisors LLC	2,143,626	$26,623,834	100.0%	Defined

Corient Private Wealth LLC

$20,034,677

10.36%

1,613,098

UBS Group AG

$12,392,599

6.41%

997,794

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
UBS Financial Services Inc	3,885	$48,251	0.4%	Defined
UBS AG	977,007	$12,134,426	97.9%	Defined
UBS Switzerland AG	16,902	$209,922	1.7%	Defined

ARES MANAGEMENT LLC

$11,908,618

6.16%

958,826

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Ares Capital Management III LLC	958,826	$11,908,618	100.0%	Defined

BROWN BROTHERS HARRIMAN & CO

$11,450,966

5.92%

921,978

Invesco Ltd.

$11,094,189

5.74%

893,252

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Invesco Capital Management LLC	893,252	$11,094,189	100.0%	Defined

VAN ECK ASSOCIATES CORP

$9,537,963

4.93%

767,952

Diameter Capital Partners LP

$7,509,690

3.88%

604,645

Opal Wealth Advisors, LLC

$7,269,953

3.76%

646,793

TWO SIGMA INVESTMENTS, LP

$6,858,125

3.55%

552,184

Cresset Asset Management, LLC

$5,779,125

2.99%

465,308

MORGAN STANLEY

$5,669,443

2.93%

456,477

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
MORGAN STANLEY & CO. LLC	30,100	$373,842	6.6%	Defined
MORGAN STANLEY CAPITAL SERVICES, LLC	42,071	$522,521	9.2%	Defined
MORGAN STANLEY SMITH BARNEY LLC	384,306	$4,773,080	84.2%	Defined

Callodine Capital Management, LP

$4,948,128

2.56%

398,400

Hennion & Walsh Asset Management, Inc.

$4,438,080

2.30%

394,847

Centurion Wealth Management LLC

$3,834,683

1.98%

341,164

STIFEL FINANCIAL CORP

$3,808,555

1.97%

306,647

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
STIFEL NICOLAUS & CO INC \MO\	2,600	$32,292	0.8%	Defined
1919 Investment Counsel, LLC	304,047	$3,776,263	99.2%	Defined

Bulldog Investors, LLP

$3,117,842

1.61%

251,034

WELLS FARGO & COMPANY/MN

$3,011,638

1.56%

242,483

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC	234,396	$2,911,198	96.7%	Defined
WELLS FARGO CLEARING SERVICES, LLC	8,087	$100,440	3.3%	Defined

Nuveen, LLC

$2,816,421

1.46%

226,765

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
TEACHERS ADVISORS, LLC joint	226,765	$2,816,421	100.0%	Defined

BANK OF AMERICA CORP /DE/

$2,763,636

1.43%

222,515

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BANK OF AMERICA NA	90,993	$1,130,133	40.9%	Defined
MERRILL LYNCH, PIERCE, FENNER & SMITH INC.	131,522	$1,633,503	59.1%	Defined

GraniteShares Advisors LLC

$2,506,070

1.30%

201,777

AMERIPRISE FINANCIAL INC

$2,214,970

1.15%

178,339

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Ameriprise Financial Services, LLC	178,339	$2,214,970	100.0%	Defined

Saba Capital Management, L.P.

$2,207,977

1.14%

177,776

Trexquant Investment LP

$1,623,641

0.84%

130,728

Closed-End Fund Advisors, Inc.

$1,569,006

0.81%

126,329

Adams Asset Advisors, LLC

$1,439,832

0.74%

128,099

Aprio Wealth Management, LLC

$1,304,311

0.67%

105,017

Vise Technologies, Inc.

$1,073,895

0.56%

86,465

WEALTH ENHANCEMENT ADVISORY SERVICES, LLC

$983,938

0.51%

87,539

Almitas Capital LLC

$871,387

0.45%

70,160

CONFLUENCE INVESTMENT MANAGEMENT LLC

$794,600

0.41%

70,694

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
First Trust Advisors LP	54,744	$615,322	77.4%	Defined
Held directly	15,950	$179,278	22.6%	Sole

NEUBERGER BERMAN GROUP LLC

$791,775

0.41%

63,750

RENAISSANCE TECHNOLOGIES LLC

$782,460

0.40%

63,000

Y-Intercept (Hong Kong) Ltd

$769,782

0.40%

68,486

COMMONWEALTH EQUITY SERVICES, LLC

$733,736

0.38%

59,077

Lido Advisors, LLC

$714,274

0.37%

57,510

BEARING POINT CAPITAL, LLC

$679,374

0.35%

54,700

World Investment Advisors

$537,748

0.28%

43,297

GOLDMAN SACHS GROUP INC

$529,824

0.27%

42,659

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
GOLDMAN SACHS & CO. LLC	42,659	$529,824	100.0%	Defined

Global Retirement Partners, LLC

$513,914

0.27%

41,378

NOTTINGHAM ADVISORS, INC.

$488,764

0.25%

39,353

Hudson Value Partners, LLC

$468,482

0.24%

37,720

Accurate Wealth Management, LLC

$445,980

0.23%

39,678

NewEdge Wealth, LLC

$437,581

0.23%

35,232

Beacon Bridge Wealth Partners, LLC

$411,263

0.21%

33,113

XTX Topco Ltd

$368,041

0.19%

29,633

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
XTX EXECUTION SERVICES LLC joint	29,633	$368,041	100.0%	Defined

BI Asset Management Fondsmaeglerselskab A/S

$343,235

0.18%

30,537

Virtus Investment Advisers, LLC

$325,155

0.17%

26,180

Gotham Asset Management, LLC

$248,400

0.13%

20,000

Snowden Capital Advisors LLC

$225,100

0.12%

18,124

DUDLEY CAPITAL MANAGEMENT, LLC

$188,270

0.10%

16,750

Cerity Partners LLC

$183,791

0.10%

14,798

GW HENSSLER & ASSOCIATES LTD

$183,077

0.09%

16,288

OSAIC HOLDINGS, INC.

$176,724

0.09%

14,229

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
CW Advisors, LLC	14,229	$176,724	100.0%	Sole

PARK AVENUE SECURITIES LLC

$150,852

0.08%

13,421

NOMURA HOLDINGS INC

$149,040

0.08%

12,000

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
NOMURA GLOBAL FINANCIAL PRODUCTS INC	12,000	$149,040	100.0%	Defined

Clearstead Advisors, LLC

$144,606

0.07%

11,643

Prota Financial, LLC

$137,577

0.07%

12,240

QTR Family Wealth, LLC

$124,498

0.06%

10,024

Procyon Advisors, LLC

$122,032

0.06%

10,857

BNP PARIBAS ARBITRAGE, SA

$121,355

0.06%

9,771

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BNP PARIBAS SECURITIES CORP	7,971	$98,999	81.6%	Sole
Held directly	1,800	$22,356	18.4%	Defined

EJMK Ventures LLC

$112,411

0.06%

10,001

NewEdge Advisors, LLC

$63,006

0.03%

5,073

Arax Advisory Partners

$57,132

0.03%

4,600

PNC FINANCIAL SERVICES GROUP, INC.

$49,059

0.03%

3,950

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
PNC Bank, National Association	3,950	$49,059	100.0%	Defined

BARCLAYS PLC

$41,035

0.02%

3,304

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BARCLAYS BANK PLC	3,304	$41,035	100.0%	Defined

Clayton Financial Group LLC

$28,302

0.01%

2,518

ROYAL BANK OF CANADA

$20,468

0.01%

1,648

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
RBC Capital Markets, LLC	1,000	$12,420	60.7%	Defined
RBC Dominion Securities Inc.	648	$8,048	39.3%	Defined

Tower Research Capital LLC (TRC)

$3,726

0.00%

300

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Tower Research Capital Investments LLC	300	$3,726	100.0%	Other

FIFTH THIRD BANCORP

$1,800

0.00%

145

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Fifth Third Bank, National Association	145	$1,800	100.0%	Defined

Caitong International Asset Management Co., Ltd

$186

0.00%

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