Nuveen Churchill Direct Lending (NCDL) Administrative Fees (2020 - 2026)
Nuveen Churchill Direct Lending (NCDL) reported Administrative Fees of $252,000 for Q3 2026, down 61.8% from $659,000 a year earlier and down 57.5% from the prior quarter.
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Analysis
Nuveen Churchill Direct Lending (NCDL) Administrative Fees (2020 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Nuveen Churchill Direct Lending's Administrative Fees came in at $2.13 million, up 4.7% year-over-year; for FY2025, it was $2.34 million, up 25.8% from FY2024.
- Administrative Fees has increased for four consecutive years, with a four-year compound annual growth rate of 37.2% (FY2021 to FY2025).
- By year, Administrative Fees came in at $1.86 million in FY2024 (+16.5%), $1.6 million in FY2023 (+43.8%), $1.11 million in FY2022 (+68.3%) and $660,000 in FY2021.
- The Q3 2026 figure ranks as the lowest quarterly Administrative Fees since Q3 2022.
- Year over year, Administrative Fees gained in six of the last eight quarters, with growth averaging 7.8%.
- The high point for year-over-year Administrative Fees in five years was Q4 2025 (growth of 102.0%); the low point was Q3 2026 (a decline of 61.8%).
- Per Business Quant data, the three quarters before Q3 2026 came in at $593,000 (Q2 2026), $680,000 (Q1 2026) and $606,000 (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Administrative Fees (Qtr) |
|---|---|---|---|---|---|
| 1 | Royalty Pharma | 39.80 Bn | 40.13 Bn | - | - |
| 2 | Rocket Companies | 38.90 Bn | 27.72 Bn | - | - |
| 3 | Orix | 38.66 Bn | 9.30 Bn | 13.83 Bn | - |
| 4 | Federal National Mortgage Association Fannie Mae | 26.46 Bn | -16,107.65 Bn | - | - |
| 5 | Synchrony Financial | 22.47 Bn | -45.15 Bn | - | - |
| 6 | Affirm Holdings | 22.07 Bn | 15.11 Bn | - | - |
| 7 | Royal Gold | 21.71 Bn | 20.92 Bn | 402.46 Mn | - |
| 8 | Ares Capital | 13.84 Bn | 11.59 Bn | - | 4.00 Mn |
| 9 | Annaly Capital Management | 13.83 Bn | 4.86 Bn | - | - |
| 10 | Nuveen Churchill Direct Lending | 581.78 Mn | 549.38 Mn | - | 252,000.00 |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 252,000.00 |
| Jun 30, 2026 | 593,000.00 |
| Mar 31, 2026 | 680,000.00 |
| Dec 31, 2025 | 606,000.00 |
| Sep 30, 2025 | 659,000.00 |
| Jun 30, 2025 | 490,000.00 |
| Mar 31, 2025 | 586,000.00 |
| Dec 31, 2024 | 300,000.00 |
| Sep 30, 2024 | 535,000.00 |
| Jun 30, 2024 | 484,000.00 |
| Mar 31, 2024 | 542,000.00 |
| Dec 31, 2023 | 569,000.00 |
| Sep 30, 2023 | 370,000.00 |
| Jun 30, 2023 | 350,000.00 |
| Mar 31, 2023 | 309,000.00 |
| Dec 31, 2022 | 496,000.00 |
| Sep 30, 2022 | 210,000.00 |
| Jun 30, 2022 | 189,000.00 |
| Mar 31, 2022 | 216,000.00 |
| Dec 31, 2021 | 224,000.00 |
API Access
Nuveen Churchill Direct Lending Administrative Fees API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=administrative-fees&ticker=NCDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "administrative-fees", "ticker": "NCDL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=administrative-fees&ticker=NCDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();