First Enhanced Equity Income Fund (FFA) vs Nuveen Churchill Direct Lending (NCDL)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 10, 2026.
Summary
Nuveen Churchill Direct Lending is the larger company by market cap ($533.9 million vs $451.9 million), about 1.2 times the size. On valuation, First Enhanced Equity Income Fund trades at a lower trailing P/E (4.8x vs 11.4x for Nuveen Churchill Direct Lending). First Enhanced Equity Income Fund pays a dividend yielding 6.86%, while Nuveen Churchill Direct Lending does not currently pay one.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | FFA | NCDL |
|---|---|---|
| Share price | $22.61 | $10.81 |
| Market cap | $451.93M | $533.87M |
| 1-day change | +1.16% | -0.73% |
| YTD return | — | -18.97% |
| 1-year return | — | -18.78% |
| P/E ratio (TTM) | 4.75 | 11.38 |
| Forward P/E | — | 7.04 |
| EPS (TTM) | $4.76 | $0.95 |
| Dividend yield | 6.86% | 14.06% |
| Annual dividend | $1.55 | $0.00 |
| 52-week high | $23.82 | $15.07 |
| 52-week low | $19.50 | $10.54 |
| Distance from 52-week high | -5.08% | -28.27% |
| Analyst consensus | — | none |
| Avg. price target upside | — | +26.73% |
| Average volume | 26.01K | 200.01K |
| Shares outstanding | 19.99M | 49.39M |
| Sector | Finance | Financial Services |
| Industry | Investment Managers | Asset Management |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- Nuveen Churchill Direct Lending trades at a higher earnings multiple (11.4x vs 4.8x trailing P/E).
- Nuveen Churchill Direct Lending offers a meaningfully higher dividend yield (14.06% vs 6.86%).
- The two companies sit in different sectors: First Enhanced Equity Income Fund in Finance and Nuveen Churchill Direct Lending in Financial Services.
About First Enhanced Equity Income Fund
FFA stock →First Trust Enhanced Equity Income Fund is a closed-ended equity mutual fund launched and managed by First Trust Advisors L.P. The fund is co-managed by Chartwell Investment Partners, L.P.
Finance · Investment Managers
About Nuveen Churchill Direct Lending
NCDL stock →Nuveen Churchill Direct Lending Corp. (the Company) is business development company and was formed on March 13, 2018, as a limited liability company under the laws of the State of Delaware and was converted into a Maryland corporation on June 18, 2019 prior to the commencement of operations.
Financial Services · Asset Management
FFA vs NCDL FAQ
Which is bigger, First Enhanced Equity Income Fund or Nuveen Churchill Direct Lending?
Nuveen Churchill Direct Lending (NCDL) is larger, with a market capitalization of $533.87M compared with $451.93M for First Enhanced Equity Income Fund (FFA).
Which has the lower P/E ratio, FFA or NCDL?
FFA has the lower trailing P/E at 4.8, versus 11.4 for NCDL. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, First Enhanced Equity Income Fund or Nuveen Churchill Direct Lending?
Nuveen Churchill Direct Lending has the higher yield at 14.06%, compared with 6.86% for First Enhanced Equity Income Fund.
Are First Enhanced Equity Income Fund and Nuveen Churchill Direct Lending in the same industry?
No. First Enhanced Equity Income Fund is in the Finance sector, while Nuveen Churchill Direct Lending is in Financial Services.