Key Takeaways
- • Nuveen Churchill Direct Lending (NCDL) reported Q3 2026 earnings of $0.38 per share, missing consensus estimates of $0.39 by $0.01, according to Quiver Quantitative.
- • Revenue of $43.67 million fell short of the $44.60 million analyst estimate, a shortfall of roughly $925,000.
- • Three company insiders bought shares over the past six months, with no insider sales recorded, including CFO and Treasurer Shaul Vichness, who bought 10,000 shares for an estimated $127,250.
- • Institutional holdings were mixed in Q2 2026: 37 investors added positions and 35 reduced them, with Cresset Asset Management and Ares Management among the largest buyers.
- • Wells Fargo maintains an Underweight rating with a $12.00 price target, while UBS's last target was $14.75; the median target is $13.375.
Summary
Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) posted third-quarter 2026 results on Tuesday, November 3, 2026, according to Quiver Quantitative. The business development company reported earnings of $0.38 per share against consensus estimates of $0.39, and revenue of $43,670,000 against estimates of $44,595,083. The article provides no further detail on the drivers of the results.
Insider activity over the past six months was one-directional. Insiders made four open-market purchases and no sales. Chief Financial Officer and Treasurer Shaul Vichness made two purchases totaling 10,000 shares for an estimated $127,250. Vice President and Secretary John McCally bought 7,500 shares for an estimated $99,525, and Chief Accounting Officer Marissa Hassen bought 3,782 shares for an estimated $49,960.
Institutional positioning in the most recent quarter, Q2 2026, was split. Quiver reported that 37 institutional investors increased their NCDL positions and 35 decreased them. Among the largest increases, Cresset Asset Management added 418,400 shares (up 892.0%) for an estimated $5.2 million, and Ares Management added 383,988 shares (up 66.8%) for an estimated $4.8 million. UBS Group, Van Eck Associates and Saba Capital also increased holdings. Millennium Management and Jane Street Group exited their positions entirely, removing 112,037 and 97,707 shares respectively.
Analyst coverage is thin and skews cautious. Quiver counts no buy ratings and one sell-side rating: Wells Fargo's Underweight rating issued on June 12, 2026, with a price target of $12.00 set by analyst Finian O'Shea. UBS analyst Doug Harter set a $14.75 target on May 18, 2026. The median of the two targets is $13.375.
Insider activity over the past six months was one-directional. Insiders made four open-market purchases and no sales. Chief Financial Officer and Treasurer Shaul Vichness made two purchases totaling 10,000 shares for an estimated $127,250. Vice President and Secretary John McCally bought 7,500 shares for an estimated $99,525, and Chief Accounting Officer Marissa Hassen bought 3,782 shares for an estimated $49,960.
Institutional positioning in the most recent quarter, Q2 2026, was split. Quiver reported that 37 institutional investors increased their NCDL positions and 35 decreased them. Among the largest increases, Cresset Asset Management added 418,400 shares (up 892.0%) for an estimated $5.2 million, and Ares Management added 383,988 shares (up 66.8%) for an estimated $4.8 million. UBS Group, Van Eck Associates and Saba Capital also increased holdings. Millennium Management and Jane Street Group exited their positions entirely, removing 112,037 and 97,707 shares respectively.
Analyst coverage is thin and skews cautious. Quiver counts no buy ratings and one sell-side rating: Wells Fargo's Underweight rating issued on June 12, 2026, with a price target of $12.00 set by analyst Finian O'Shea. UBS analyst Doug Harter set a $14.75 target on May 18, 2026. The median of the two targets is $13.375.
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