Nuveen Churchill Direct Lending (NCDL) Asset Utilization Ratio (2020 - 2026)
Nuveen Churchill Direct Lending's (NCDL) Asset Utilization Ratio stood at 0.09 in Q3 2026, down 9.7% from 0.10 a year earlier and down 0.7% from the prior quarter.
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Analysis
Nuveen Churchill Direct Lending (NCDL) Asset Utilization Ratio (2020 - 2026) Analysis & Trends
For FY2025, Nuveen Churchill Direct Lending's Asset Utilization Ratio came in at 0.10, down 14.4% from FY2024.
- Across earlier years, Asset Utilization Ratio came in at 0.12 in FY2024 (+6.7%) and 0.11 in FY2023.
- The Q3 2026 figure is the lowest quarterly Asset Utilization Ratio since Q2 2023.
- On a year-over-year basis, Asset Utilization Ratio has declined for four consecutive quarters, with an average decline of 1.3% over the last eight quarters.
- Peak year-over-year performance for Asset Utilization Ratio in the last five years was growth of 25.2% in Q1 2024, against a decline of 10.0% in Q2 2026 at the low end.
- Per Business Quant, the preceding three quarters came in at 0.09 (Q2 2026), 0.10 (Q1 2026) and 0.10 (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Asset Util. (Qtr) |
|---|---|---|---|---|---|
| 1 | Royalty Pharma | 39.80 Bn | 40.13 Bn | - | 0.13 |
| 2 | Rocket Companies | 38.90 Bn | 27.72 Bn | - | 0.19 |
| 3 | Orix | 38.66 Bn | 9.30 Bn | 13.83 Bn | 0.39 |
| 4 | Federal National Mortgage Association Fannie Mae | 26.46 Bn | -16,107.65 Bn | - | 0.01 |
| 5 | Synchrony Financial | 22.47 Bn | -45.15 Bn | - | 0.16 |
| 6 | Affirm Holdings | 22.07 Bn | 15.11 Bn | - | 0.28 |
| 7 | Royal Gold | 21.71 Bn | 20.92 Bn | 402.46 Mn | 0.19 |
| 8 | Ares Capital | 13.84 Bn | 11.59 Bn | - | 0.10 |
| 9 | Annaly Capital Management | 13.83 Bn | 4.86 Bn | - | 0.02 |
| 10 | Nuveen Churchill Direct Lending | 581.78 Mn | 549.38 Mn | - | 0.09 |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 0.09 |
| Jun 30, 2026 | 0.09 |
| Mar 31, 2026 | 0.10 |
| Dec 31, 2025 | 0.10 |
| Sep 30, 2025 | 0.10 |
| Jun 30, 2025 | 0.11 |
| Mar 31, 2025 | 0.10 |
| Dec 31, 2024 | 0.10 |
| Sep 30, 2024 | 0.10 |
| Jun 30, 2024 | 0.10 |
| Mar 31, 2024 | 0.10 |
| Dec 31, 2023 | 0.10 |
| Sep 30, 2023 | 0.10 |
| Jun 30, 2023 | 0.09 |
| Mar 31, 2023 | 0.08 |
| Dec 31, 2022 | 0.07 |
| Sep 30, 2022 | 0.06 |
| Jun 30, 2022 | 0.06 |
| Mar 31, 2022 | 0.05 |
| Dec 31, 2021 | 0.05 |
API Access
Nuveen Churchill Direct Lending Asset Utilization Ratio 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=asset-utilization-ratio&ticker=NCDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "asset-utilization-ratio", "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=asset-utilization-ratio&ticker=NCDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();