Nuveen Churchill Direct Lending: Don't Fall In This Value Trap (Rating Downgrade)
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Roberts Berzins, CFA12.48K FollowersFollow5ShareSavePlay(8min)CommentsSummaryNuveen Churchill Direct Lending Corp. has recently been underperforming some of its closest peers.Yet, despite a material decline in share price, NCDL's P/NAV is almost exactly the same as for the sector median.In the article, I share my views on which direction NCDL is likely headed and why. Klaus Vedfelt/DigitalVision via Getty Images Back in August 2025, when Nuveen Churchill Direct Lending Corp. (NCDL) issued its Q2 2025 earnings report, I quickly went through it to understand whether to remain invested, sell, or add more to take advantageThis article was written byRoberts Berzins, CFA12.48K FollowersFollowRoberts Berzins has over a decade of experience in the financial management helping top-tier corporates shape their financial strategies and execute large-scale financings. He has also made significant efforts to institutionalize REIT framework in Latvia to boost the liquidity of pan-Baltic capital markets. Other policy-level work includes the development of national SOE financing guidelines and framework for channeling private capital into affordable housing stock. Roberts is a CFA Charterholder, ESG investing certificate holder, has had an internship in Chicago board of trade (albeit, being resident and living in Latvia), and is actively involved in "thought-leadership" activities to support the development of pan-Baltic capital markets.Analyst’s Disclosure:I/we have a beneficial long position in the shares of KBDC either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.