NCDL: Too Many Uncertainties To Go Long

Hiroshi Watanabe The Nuveen Churchill Direct Lending Corporation (NYSE:NCDL) is one of the BDCs that have capitalized on the prevailing tailwinds and went public this year (late January). While NCDL's net asset base is quite large, compared to Morgan Stanley Direct Lending BDC (MSDL), which is another BDC that has carried out an IPO this year, the total size is roughly 2x smaller. In April, I wrote an article on MSDL, assessing the underlying fundamentals to understand whether they are attractive enough to ...