NCDL vs. BCSF

Last updated Apr 1, 2026

Compare and contrast key facts about Nuveen Churchill Direct Lending Corp. (NCDL) and Bain Capital Specialty Finance, Inc. (BCSF).

Performance

NCDL vs. BCSF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Churchill Direct Lending Corp. (NCDL) and Bain Capital Specialty Finance, Inc. (BCSF). The values are adjusted to include any dividend payments, if applicable.

NCDL vs. BCSF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NCDL Nuveen Churchill Direct Lending Corp.	-1.60%	-9.92%	6.15%
BCSF Bain Capital Specialty Finance, Inc.	-7.71%	-9.60%	25.84%

Fundamentals

Market Cap NCDL : $628.20M BCSF : $803.78M
EPS NCDL : $1.89 BCSF : $1.87K
PE Ratio NCDL : 6.74 BCSF : 0.01
PEG Ratio NCDL : 0.22 BCSF : 0.01
PS Ratio NCDL : 3.47 BCSF : 0.00
PB Ratio NCDL : 0.72 BCSF : 0.00
Total Revenue (TTM) NCDL : $181.78M BCSF : $217.36B
Gross Profit (TTM) NCDL : $73.41M BCSF : $0.00
EBITDA (TTM) NCDL : $82.68M BCSF : $0.00

Returns By Period

In the year-to-date period, NCDL achieves a -1.60% return, which is significantly higher than BCSF's -7.71% return.

NCDL

• 1D: 1.76%
• 1M: 2.00%
• YTD: -1.60%
• 6M: -1.68%
• 1Y: -15.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BCSF

• 1D: 1.31%
• 1M: -0.56%
• YTD: -7.71%
• 6M: -5.98%
• 1Y: -14.33%
• 3Y*: 14.05%
• 5Y*: 7.63%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

NCDL vs. BCSF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NCDL

NCDL Risk / Return Rank: 15
NCDL Sharpe Ratio Rank: 13
NCDL Sortino Ratio Rank: 14
NCDL Omega Ratio Rank: 15
NCDL Calmar Ratio Rank: 16
NCDL Martin Ratio Rank: 19

BCSF

BCSF Risk / Return Rank: 15
BCSF Sharpe Ratio Rank: 17
BCSF Sortino Ratio Rank: 17
BCSF Omega Ratio Rank: 18
BCSF Calmar Ratio Rank: 12
BCSF Martin Ratio Rank: 10

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NCDL vs. BCSF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Churchill Direct Lending Corp. (NCDL) and Bain Capital Specialty Finance, Inc. (BCSF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	NCDL	BCSF	Difference
Sharpe ratio Return per unit of total volatility	-0.67	-0.56	-0.11
Sortino ratio Return per unit of downside risk	-0.79	-0.64	-0.15
Omega ratio Gain probability vs. loss probability	0.90	0.92	-0.02
Calmar ratio Return relative to maximum drawdown	-0.70	-0.82	+0.12
Martin ratio Return relative to average drawdown	-1.18	-1.53	+0.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCDL vs. BCSF - Sharpe Ratio Comparison

The current NCDL Sharpe Ratio is -0.67, which is comparable to the BCSF Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of NCDL and BCSF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NCDL	BCSF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.67	-0.56	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.14	0.21	-0.35

Correlation

The correlation between NCDL and BCSF is 0.48, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

NCDL vs. BCSF - Dividend Comparison

NCDL's dividend yield for the trailing twelve months is around 13.76%, less than BCSF's 15.48% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
NCDL Nuveen Churchill Direct Lending Corp.	13.76%	14.24%	12.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
BCSF Bain Capital Specialty Finance, Inc.	15.48%	14.02%	10.27%	10.62%	11.60%	8.94%	11.73%	8.30%	2.44%

Drawdowns

NCDL vs. BCSF - Drawdown Comparison

The maximum NCDL drawdown since its inception was -20.71%, smaller than the maximum BCSF drawdown of -62.42%. Use the drawdown chart below to compare losses from any high point for NCDL and BCSF.

Drawdown Indicators

	NCDL	BCSF	Difference
Max Drawdown Largest peak-to-trough decline	-20.71%	-62.42%	+41.71%
Max Drawdown (1Y) Largest decline over 1 year	-20.71%	-18.06%	-2.65%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.38%	—
Current Drawdown Current decline from peak	-18.17%	-23.35%	+5.18%
Average Drawdown Average peak-to-trough decline	-6.41%	-12.13%	+5.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.25%	9.76%	+2.49%

Volatility

NCDL vs. BCSF - Volatility Comparison

The current volatility for Nuveen Churchill Direct Lending Corp. (NCDL) is 6.49%, while Bain Capital Specialty Finance, Inc. (BCSF) has a volatility of 7.25%. This indicates that NCDL experiences smaller price fluctuations and is considered to be less risky than BCSF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCDL	BCSF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.49%	7.25%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	16.10%	17.11%	-1.01%
Volatility (1Y) Calculated over the trailing 1-year period	22.86%	25.74%	-2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.44%	20.07%	-0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.44%	31.20%	-11.76%

Financials

NCDL vs. BCSF - Profitability Comparison

The chart below illustrates the profitability comparison between Nuveen Churchill Direct Lending Corp. and Bain Capital Specialty Finance, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

NCDL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Nuveen Churchill Direct Lending Corp. reported a gross profit of 0.00 and revenue of 50.04M. Therefore, the gross margin over that period was 0.0%.

BCSF - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Bain Capital Specialty Finance, Inc. reported a gross profit of -83.07M and revenue of 217.22B. Therefore, the gross margin over that period was -0.0%.

NCDL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Nuveen Churchill Direct Lending Corp. reported an operating income of 0.00 and revenue of 50.04M, resulting in an operating margin of 0.0%.

BCSF - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Bain Capital Specialty Finance, Inc. reported an operating income of -73.93M and revenue of 217.22B, resulting in an operating margin of -0.0%.

NCDL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Nuveen Churchill Direct Lending Corp. reported a net income of 31.59M and revenue of 50.04M, resulting in a net margin of 63.1%.

BCSF - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Bain Capital Specialty Finance, Inc. reported a net income of 121.53B and revenue of 217.22B, resulting in a net margin of 56.0%.