Nuveen Churchill Direct Lending Corp. Announces \$50 Million Share Repurchase Plan

Key Points for Investors:

• Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) has announced the adoption of a significant share repurchase plan, authorizing the repurchase of up to \$50 million of its outstanding common stock.
• The repurchase will occur in the open market at prices below the company’s then-current Net Asset Value (NAV) per share.
• The plan is structured under Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, ensuring compliance and allowing repurchases even during periods when the company might otherwise be restricted from trading due to insider trading laws.
• BofA Securities, Inc. will act as the agent executing repurchases on behalf of the company.
• The plan is designed to increase the volume of repurchases as the company’s share price declines, subject to volume restrictions and other conditions.
• The plan becomes effective on March 24, 2026, and will remain in effect until the earliest of: one year from the effective date (with suspension periods excluded from the count), the purchase of \$50 million in aggregate, or the occurrence of certain other events described in the plan.

What Shareholders Need to Know

• This is a potentially price-sensitive action. Share repurchase programs often act as a signal to the market that management believes the shares are undervalued, and can provide direct price support by increasing demand for shares and reducing supply.
• The fact that repurchases will be made at prices below NAV indicates management’s confidence in the intrinsic value of the company and their willingness to deploy capital to enhance shareholder value.
• The plan’s structure under Rule 10b5-1 allows for repurchases even during blackout periods, ensuring the company can act opportunistically in the market.

Plan Details:

• Effective Date: March 24, 2026
• Maximum Aggregate Repurchase: \$50 million
• Termination: The earliest of (i) 12 months from effective date (excluding suspensions), (ii) when \$50 million is spent, or (iii) certain other events as per the plan.
• Price Condition: Only at prices below the most recently reported NAV per share, including any publicly announced corrections or updates.
• Agent: BofA Securities, Inc.
• Volume Adjustments: The company will increase the volume of share repurchases as the market price declines, subject to regulatory volume limits.

Potential Share Price Impact

• The announcement of a large share repurchase program can have a positive effect on the share price in the short and medium term, as it reduces the float and signals management’s view that shares are undervalued.
• Investors may interpret management’s willingness to allocate up to \$50 million as a commitment to shareholder value, which may support or increase the trading price of NCDL shares.
• However, there is no assurance that the full amount will be spent or that the repurchases will result in a sustained increase in share price. The plan is subject to market conditions and other factors outlined in the repurchase plan document.

Leadership: The plan and filing were signed by Kenneth J. Kencel, Chief Executive Officer and President of Nuveen Churchill Direct Lending Corp., on March 20, 2026.

Disclaimer:
This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Investors should conduct their own due diligence and consult with their financial advisor before making investment decisions. The information provided is based on the company’s SEC Form 8-K filing as of March 20, 2026, and may be subject to change without notice.

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