Business Context and Reporting Period
Company: Nuveen Churchill Direct Lending Corp.
Filing Type: Form 8-K (Current Report)
Date of Report: March 17, 2026
Event: Adoption of a share repurchase plan (Company 10b5-1 Plan).
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on the authorization of a share repurchase program.
Material Changes and Program Details
- Repurchase Authorization: The Company authorized the repurchase of up to $50.0 million in aggregate of its outstanding common stock.
- Purchase Condition: Shares may only be purchased in the open market when the market price is below the then-current Net Asset Value (NAV) per share.
- Execution Agent: BofA Securities, Inc. is designated as the agent to execute purchases on the Company's behalf.
- Purchase Strategy: The agent is instructed to increase purchase volume as the stock price declines, subject to volume restrictions.
- Effective Date: March 24, 2026.
- Termination Conditions: The plan terminates upon the earliest of: (i) 12 months from the effective date; (ii) exhaustion of the $50.0 million authorization; or (iii) occurrence of certain other events defined in the plan.
Guidance, Outlook, and Risks
Management Commentary: The plan is designed to facilitate repurchases during periods when the Company might otherwise be restricted by insider trading laws. Management explicitly states that no assurance can be given that any particular amount of shares will be repurchased, as timing and volume depend on market prices and trading volumes.
Risks: The filing notes that the plan may be suspended, which would toll the 12-month termination period. There is no guarantee the full $50.0 million will be utilized.
Investor Verification Checklist
- Verify the current market price of NCDL relative to the most recently reported NAV per share to assess immediate repurchase eligibility.
- Monitor future filings for updates on the actual volume and value of shares repurchased under the plan.
- Review the Company's latest quarterly report (10-Q) or annual report (10-K) for comprehensive financial data not included in this 8-K.
- Confirm whether the plan has been suspended or terminated prior to the 12-month expiration.