Nuveen Churchill Direct Lending: No Relief In Sight Following Q1 Earnings

Nuveen Churchill Direct Lending remains under pressure from high-interest rates and sector headwinds, leading me to maintain a sell rating. NCDL's NAV continues to erode, with Q1 2026 NAV at $17.50 per share and net investment income declining year-over-year. While the 10.9% dividend yield is currently covered, rising PIK income and persistent NAV declines raise concerns about long-term sustainability.