Nuveen Churchill Direct Lending

NCDL • NYSE

Nuveen Churchill Direct Lending is a asset management company in the financial services sector on NYSE, led by Kenneth Kencel, with a market cap of $711.2M. As of Q3 2025, 28% of shares are held by 77 institutional investors, with Blue Owl Capital Holdings LP as the largest holder at 6.26%.

Chief Executive OfficerKenneth Kencel

Market Cap$711.2M

Asset Management

Financial Services

Websitechurchillam.com

Country

United States of America

Overview

Overview of institutional ownership in NCDL as of Q3 2025 with a market cap of $681.5M

All Institutions

Institutions: 77
Value Held: $187.9M
Shares Held: 13.6M
Avg Position: $2.4M
Median Position: $520.5K

Hedge Funds

Hedge Funds: 12
Value Held: $26.4M
Shares Held: 1.9M
Avg Position: $2.2M
Median Position: $1.4M

Ownership Breakdown

Institutional (non-HF)

23.7%

$161.5M

Hedge Funds

3.87%

$26.4M

Retail & Other

72.43%

$493.6M

Based on market cap of $681.5M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in NCDL as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B Blue Owl Capital Holdings LP Institution	-	$42.7M 13.38% of portfolio	6.26% 3.1M shares	Q3 2024 Held for 1y 2m	$318.8M
C CI Private Wealth, LLC RIA/Wealth	Kurt Macalpine CEO	$32.0M 0.05% of portfolio	4.69% 2.3M shares	Q2 2024 Held for 1y 5m	$63.4B
VAN ECK ASSOCIATES CORP ETF Provider	Jan Frederick Vaneck CEO	$10.1M 0.01% of portfolio	1.48% 732.5K shares	Q2 2025 Held for 5 months	$96.6B
Callodine Capital Management, LP Hedge Fund•Long/Short	James Stuart Morrow CEO	$7.9M 0.70% of portfolio	1.16% 572.8K shares	Q1 2024 Held for 1y 8m	$1.1B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$7.4M 0.00% of portfolio	1.08% 534.0K shares	Q1 2024 Held for 1y 8m	$1.65T
Opal Wealth Advisors, LLC RIA/Wealth	Joseph Nino Filosa Managing Partner	$7.3M 2.02% of portfolio	1.06% 525.5K shares	Q2 2024 Held for 1y 5m	$359.3M
UBS Group AG Institution	Sergio P. Ermotti CEO	$6.8M 0.00% of portfolio	1.00% 492.1K shares	Q1 2024 Held for 1y 8m	$511.54B
Hennion & Walsh Asset Management, Inc. RIA/Wealth	Kevin Douglas Mahn President	$5.8M 0.21% of portfolio	0.85% 418.6K shares	Q1 2024 Held for 1y 8m	$2.8B
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	Scott David Hoffman CEO	$5.7M 0.01% of portfolio	0.83% 412.3K shares	Q2 2024 Held for 1y 5m	$50.0B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$5.2M 0.00% of portfolio	0.76% 377.1K shares	Q1 2024 Held for 1y 8m	$488.50B

Net Capital Flow

Institutional buying and selling activity for NCDL in Q3 2025

Traded: −$6.8M
Buyers: 46
Sellers: 31
Total Bought: +$17.8M
Total Sold: −$24.6M
Avg Position: $2.1M

Biggest Buyers

Institution	Net Bought	Current Position
Marshall Wace LLP Institution	+$2.6M +188.6K shares	$2.6M 188.6K shares
Snowden Capital Advisors LLC RIA/Wealth	+$1.7M +119.1K shares	$2.2M 156.5K shares
B BROWN BROTHERS HARRIMAN & CO RIA/Wealth	+$1.5M +108.6K shares	$1.5M 108.6K shares
GOLDMAN SACHS GROUP INC Institution	+$1.4M +100.1K shares	$3.5M 250.9K shares
MORGAN STANLEY RIA/Wealth	+$1.3M +93.6K shares	$7.4M 534.0K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$932.5K +67.6K shares	$932.5K 67.6K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$736.1K +53.3K shares	$1.9M 136.6K shares
Hennion & Walsh Asset Management, Inc. RIA/Wealth	+$697.0K +50.5K shares	$5.8M 418.6K shares
UBS Group AG Institution	+$664.6K +48.2K shares	$6.8M 492.1K shares
Callodine Capital Management, LP Hedge Fund•Long/Short	+$659.6K +47.8K shares	$7.9M 572.8K shares

Biggest Sellers

Institution	Net Sold	Current Position
B Blue Owl Capital Holdings LP Institution	−$13.1M −948.0K shares	$42.7M 3.1M shares
VAN ECK ASSOCIATES CORP ETF Provider	−$1.9M −137.7K shares	$10.1M 732.5K shares
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	−$1.5M −93.7K shares	Sold Off 0 shares
Tranquility Partners, LLC RIA/Wealth	−$1.4M −84.3K shares	Sold Off 0 shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	−$1.0M −73.8K shares	$5.7M 412.3K shares
Magnetar Financial LLC Hedge Fund•Multi-Strategy	−$773.3K −47.8K shares	Sold Off 0 shares
C CI Private Wealth, LLC RIA/Wealth	−$672.5K −48.7K shares	$32.0M 2.3M shares
R ROYAL BANK OF CANADA Institution	−$635.2K −46.0K shares	$71.3K 5.2K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	−$614.8K −44.6K shares	$4.5M 327.6K shares
Y Y-Intercept Ltd Institution	−$531.4K −32.8K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited NCDL in Q3 2025

New Positions: 14
New Value: $4.3M
Exited Positions: 14
Exited Value: $5.4M

New Positions

Institution	Position Value
B BROWN BROTHERS HARRIMAN & CO RIA/Wealth	$1.5M 108.6K shares
M MQS Management LLC Hedge Fund•Global Macro	$603.5K 43.7K shares
Invesco Ltd. ETF Provider	$449.5K 32.6K shares
Q Quadrature Capital Ltd Institution	$410.9K 29.8K shares
O OBERMEYER ASSET MANAGEMENT CO RIA/Wealth	$407.1K 29.5K shares
Q QTR Family Wealth, LLC RIA/Wealth	$280.6K 20.3K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$152.3K 11.0K shares
Quest Partners LLC Hedge Fund•Quant Macro	$135.1K 9.8K shares
Aquatic Capital Management LLC Hedge Fund•Quant	$131.3K 9.5K shares
Global Retirement Partners, LLC RIA/Wealth	$84.6K 6.1K shares

Exited Positions

Institution	Previous Position
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	$1.5M 93.7K shares
Tranquility Partners, LLC RIA/Wealth	$1.4M 84.3K shares
Magnetar Financial LLC Hedge Fund•Multi-Strategy	$773.3K 47.8K shares
Y Y-Intercept Ltd Institution	$531.4K 32.8K shares
S SEI INVESTMENTS CO Institution	$302.4K 18.7K shares
Mount Yale Investment Advisors, LLC RIA/Wealth	$265.1K 16.4K shares
X XTX Topco Ltd Institution	$229.3K 14.2K shares
Catalina Capital Group, LLC RIA/Wealth	$162.5K 10.0K shares
Quantbot Technologies LLC Hedge Fund•Quant	$152.2K 9.4K shares
Farther Finance Advisors, LLC RIA/Wealth	$74.0K 4.6K shares

Options Activity

Institutions with the largest Call and Put options positions in NCDL as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with NCDL as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
B Blue Owl Capital Holdings LP Institution	-	13.38% $42.7M	6.26% 3.1M shares	Q3 2024 Held for 1y 2m	$318.8M
Opal Wealth Advisors, LLC RIA/Wealth	Joseph Nino Filosa Managing Partner	2.02% $7.3M	1.06% 525.5K shares	Q2 2024 Held for 1y 5m	$359.3M
G GraniteShares Advisors LLC Institution	William John Grant Rhind CEO	1.46% $2.5M	0.37% 183.2K shares	Q4 2024 Held for 11 months	$172.8M
Callodine Capital Management, LP Hedge Fund•Long/Short	James Stuart Morrow CEO	0.70% $7.9M	1.16% 572.8K shares	Q1 2024 Held for 1y 8m	$1.1B
M MQS Management LLC Hedge Fund•Global Macro	Robert Yale Gelfond CEO	0.35% $603.5K	0.09% 43.7K shares	Q3 2025 Held for 2 months	$171.4M
Hennion & Walsh Asset Management, Inc. RIA/Wealth	Kevin Douglas Mahn President	0.21% $5.8M	0.85% 418.6K shares	Q1 2024 Held for 1y 8m	$2.8B
Beacon Bridge Wealth Partners, LLC RIA/Wealth	Steven John Krzywicki CEO	0.17% $447.6K	0.07% 32.4K shares	Q2 2024 Held for 1y 5m	$270.6M
D DUDLEY CAPITAL MANAGEMENT, LLC RIA/Wealth	Philip Rowland Church Dudley Managing Partner	0.16% $364.3K	0.05% 26.4K shares	Q3 2024 Held for 1y 2m	$221.6M
H Hudson Value Partners, LLC RIA/Wealth	Paul William Davis Managing Partner	0.16% $520.5K	0.08% 37.7K shares	Q3 2024 Held for 1y 2m	$318.6M
Aprio Wealth Management, LLC RIA/Wealth	Keith M Greenwald Managing Partner	0.16% $1.6M	0.23% 114.2K shares	Q2 2024 Held for 1y 5m	$1.0B