Nuveen Churchill Direct Lending Corp.

Churchill Downs Lending Corporation is a specialty finance company that primarily invests in senior secured loans to U.S. middle market companies owned by private equity firms. The company is externally managed by Churchill DLC Advisor LLC, with sub-advisers Churchill Asset Management LLC and Nuveen Asset Management. These advisers are affiliates and subsidiaries of Nuveen, the investment management division of TIAA. Churchill Downs Lending Corporation focuses on directly originated senior secured loans, which typically have floating interest rates and hold a senior position in the capital structure, above junior debt and equity. The company partners with private equity-owned middle market companies that have strong management teams and long-term growth strategies. The private equity sponsors supporting these businesses often provide additional capital and operational assistance. Formed as a Delaware limited liability company in March 2018, it converted to a Maryland corporation in June 2019. It operates as a closed-end, externally managed, non-diversified management investment company regulated as a business development company (BDC) under the Investment Company Act of 1940. The company also intends to qualify annually as a regulated investment company (RIC) for U.S. federal income tax purposes. On January 29, 2024, the company completed its initial public offering, issuing 5.5 million shares of common stock at $18.05 per share, generating approximately $99.3 million in cash proceeds. Its common stock began trading on the New York Stock Exchange (NYSE) under the symbol "NCDL" on January 25, 2024.