SCHEDULE: Blue Owl Capital Reports 6.26% Stake in Nuveen Churchill

Blue Owl Capital Holdings LP has reported a 6.26% beneficial ownership stake in Nuveen Churchill Direct Lending Corp. as of September 30, 2025.

Summary

• Blue Owl Capital Holdings LP filed a Schedule 13G, indicating beneficial ownership in Nuveen Churchill Direct Lending Corp.
• The reporting person beneficially owns 3,091,553 shares of Nuveen Churchill Direct Lending Corp. common stock.
• This stake represents 6.26% of the issuer's common stock outstanding.
• The percentage is calculated based on 49,387,065 shares of common stock outstanding as of November 3, 2025, as reported in the Issuer's quarterly report on Form 10-Q filed on November 4, 2025.
• The shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: A Schedule 13G filing is a factual report of beneficial ownership and does not inherently convey positive or negative sentiment regarding the issuer's performance or outlook. It simply reports a significant stake by an institutional investor.

Positives

• Blue Owl Capital Holdings LP, a significant financial entity, has taken a substantial 6.26% stake in Nuveen Churchill Direct Lending Corp., potentially signaling confidence in the company's prospects.

Negatives

• NA

Risks

• The filing explicitly states the shares were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer.

Future Outlook

This Schedule 13G filing does not contain any forward-looking statements or guidance regarding the future outlook of Nuveen Churchill Direct Lending Corp. or Blue Owl Capital Holdings LP's investment strategy beyond the stated passive intent.

Management Comments

• Karen Hager, Chief Compliance Officer of Blue Owl Capital Holdings LP, certified that the securities were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer.

Industry Context

This filing indicates a significant institutional investment in a direct lending corporation. Such investments are common in the financial services sector, particularly for alternative asset managers like Blue Owl Capital. It reflects ongoing capital allocation within the broader financial industry, where large investment firms take passive stakes in publicly traded entities.

Comparison to Industry Standards

• A 6.26% stake is a notable position for an institutional investor, often indicating a long-term, passive investment strategy, which is consistent with the purpose of a Schedule 13G filing.
• Blue Owl Capital's investment in Nuveen Churchill Direct Lending Corp. aligns with its stated focus on providing capital solutions to private companies, suggesting a strategic fit within its portfolio.
• Compared to activist investors who might file a Schedule 13D for stakes over 5% with intent to influence management, Blue Owl's 13G filing signals a passive investment, which is a standard practice for many large asset managers.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional investor taking a 6.26% stake could be viewed positively, potentially increasing confidence in the company's stock.

Next Steps

• Nuveen Churchill Direct Lending Corp. will continue its operations.
• Blue Owl Capital Holdings LP will continue to hold its stake, subject to future investment decisions.

Key Dates

Recommendation

This Schedule 13G filing merely reports a passive beneficial ownership stake by Blue Owl Capital Holdings LP in Nuveen Churchill Direct Lending Corp. It does not contain financial performance data, strategic updates, or forward-looking guidance from the issuer that would warrant a change in investment recommendation. The filing explicitly states the stake is for ordinary course of business and not for control purposes. Therefore, based solely on this document, a 'hold' recommendation is appropriate as it provides no new fundamental information to alter an existing investment thesis.

Keywords

Blue Owl Capital Holdings, Nuveen Churchill Direct Lending, Schedule 13G, Beneficial Ownership, Institutional Investor, Common Stock, Investment, SEC Filing