MSC Income Fund (MSIF) 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 8, 2026.
Summary
MSC Income Fund (MSIF) has outperformed Nuveen Churchill Direct Lending (NCDL) over the past year, losing 12.9% versus a loss of 21.6%. MSC Income Fund is the larger company by market cap ($531.9 million vs $529.9 million), about 1.0 times the size. On valuation, Nuveen Churchill Direct Lending trades at a lower forward P/E (7.0x vs 8.1x for MSC Income Fund).
MSC Income Fund pays a dividend yielding 11.85%, 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 | MSIF | NCDL |
|---|---|---|
| Share price | $11.73 | $10.73 |
| Market cap | $531.90M | $529.92M |
| 1-day change | +0.95% | +0.37% |
| YTD return | -11.57% | -19.87% |
| 1-year return | -12.89% | -21.57% |
| P/E ratio (TTM) | 5.51 | 11.29 |
| Forward P/E | 8.09 | 6.99 |
| EPS (TTM) | $2.13 | $0.95 |
| Dividend yield | 11.85% | 14.22% |
| Annual dividend | $1.39 | $0.00 |
| 52-week high | $14.46 | $15.07 |
| 52-week low | $10.80 | $10.54 |
| Distance from 52-week high | -18.88% | -28.80% |
| Analyst consensus | none | none |
| Avg. price target upside | +21.14% | +27.68% |
| Average volume | 245.80K | 197.03K |
| Shares outstanding | 45.35M | 49.39M |
| Sector | Finance | Financial Services |
| Industry | Finance/Investors Services | 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 (11.3x vs 5.5x trailing P/E).
- Nuveen Churchill Direct Lending offers a meaningfully higher dividend yield (14.22% vs 11.85%).
- The two companies sit in different sectors: MSC Income Fund in Finance and Nuveen Churchill Direct Lending in Financial Services.
About MSC Income Fund
MSIF stock →MSC Income Fund, Inc. is a Business Development Company specializing in middle market debt and debt and equity investments in lower middle market companies.
Finance · Finance/Investors Services
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
MSIF vs NCDL FAQ
Which is bigger, MSC Income Fund or Nuveen Churchill Direct Lending?
MSC Income Fund (MSIF) is larger, with a market capitalization of $531.90M compared with $529.92M for Nuveen Churchill Direct Lending (NCDL).
Which stock has performed better over the past year, MSIF or NCDL?
MSIF returned -12.89% over the past 12 months, compared with -21.57% for NCDL (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, MSIF or NCDL?
MSIF has the lower trailing P/E at 5.5, versus 11.3 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, MSC Income Fund or Nuveen Churchill Direct Lending?
Nuveen Churchill Direct Lending has the higher yield at 14.22%, compared with 11.85% for MSC Income Fund.
Are MSC Income Fund and Nuveen Churchill Direct Lending in the same industry?
No. MSC Income Fund is in the Finance sector, while Nuveen Churchill Direct Lending is in Financial Services.