# Churchill DLC Advisor LLC

> Churchill DLC Advisor LLC is an SEC-registered investment advisory firm in New York, NY, registered since 2019, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 304945
- Filed as: CHURCHILL DLC ADVISOR LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/304945
- AdvisorCensus page: https://advisorcensus.com/firm/churchill-dlc-advisor-llc-new-york-ny-304945

## Quick answers

**How is Churchill DLC Advisor LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Churchill DLC Advisor LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is Churchill DLC Advisor LLC located?**
Churchill DLC Advisor LLC's principal office is in New York, NY, according to its Form ADV; the April 2026 filing also lists 4 other offices (Schedule D, Section 1.F).

**Is Churchill DLC Advisor LLC registered with the SEC or a state?**
Churchill DLC Advisor LLC is an SEC-registered investment advisory firm, registered since 2019. Status as filed: Approved. CRD 304945.

**How much does Churchill DLC Advisor LLC manage?**
Churchill DLC Advisor LLC reports $2,054,468,628 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Churchill DLC Advisor LLC's assets and staff changed since 2021?**
In the Form ADV data for Churchill DLC Advisor LLC: Regulatory assets under management: $353,460,307 in the October 2021 data and $2,054,468,628 in the October 2026 data, up 481%. Total employees: 90 in October 2021 and 206 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Churchill DLC Advisor LLC serve?**
By number of clients on Form ADV Item 5.D: business development companies (1).

**Does Churchill DLC Advisor LLC report any disciplinary disclosures?**
Reports 2 disclosure items on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a violation) and 11.D(4) (another regulator's order in the past ten years). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/304945

**What changed in Churchill DLC Advisor LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 73 to 79. Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $2,054,468,628
- Discretionary: $2,054,468,628
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Business development companies | 1 | $2,054,468,628 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)

### Firm details
- Registered since: 2019 (7 years)
- Employees: 206 total, 79 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: TX
- Disclosures (Item 11): Reports 2 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
- 11.D(4): In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/304945

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Charlotte, NC
- Chicago, IL
- El Segundo, CA
- Palm Beach Gardens, FL

### Websites listed on Form ADV (Item 1.I)
- churchillam.com
- ncdl.com
- LinkedIn @churchill-asset-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $353,460,307 | 90 | March 31, 2021 |
| October 2022 | $771,956,511 | 114 | April 30, 2022 |
| October 2023 | $1,613,675,438 | 149 | June 30, 2023 |
| October 2024 | $1,730,863,962 | 167 | April 2, 2024 |
| October 2025 | $2,143,724,982 | 198 | March 31, 2025 |
| October 2026 | $2,054,468,628 | 206 | March 31, 2026 |

Regulatory assets under management: $353,460,307 in the October 2021 data and $2,054,468,628 in the October 2026 data, up 481%.
Total employees: 90 in October 2021 and 206 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 73 to 79.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Churchill DLC Advisor LLC (CRD 304945): Form ADV filing data as of October 2026.