Nuveen Churchill Direct Lending (NCDL) Assets (2022 - 2026)
Nuveen Churchill Direct Lending (NCDL) reported Assets of $1.99 billion for Q2 2026, down 4.2% from $2.07 billion a year earlier and down 3.0% from the prior quarter.
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Analysis
Nuveen Churchill Direct Lending (NCDL) Assets (2022 - 2026) Analysis & Trends
At the end of FY2025, Nuveen Churchill Direct Lending posted Assets of $2.05 billion, down 4.2% from FY2024.
- Assets has a three-year compound annual growth rate of 17.9% (FY2022 to FY2025).
- By year, Assets came in at $2.14 billion in FY2024 (+23.9%), $1.73 billion in FY2023 (+38.0%) and $1.25 billion in FY2022.
- The Q2 2026 figure ranks as the lowest quarterly Assets since Q1 2024.
- Year over year, Assets has now declined in each of the last five quarters, with growth averaging 7.5% over the last eight quarters.
- The high point for year-over-year Assets in five years was Q2 2024 (growth of 47.6%); the low point was Q1 2026 (a decline of 5.7%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $2.05 billion (Q1 2026), $2.05 billion (Q4 2025) and $2.04 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Assets (Qtr) |
|---|---|---|---|---|---|
| 1 | Rocket Companies | 43.26 Bn | 28.94 Bn | - | 60.98 Bn |
| 2 | Orix | 42.40 Bn | 42.90 Bn | - | 114.54 Bn |
| 3 | Royalty Pharma | 33.56 Bn | 33.47 Bn | - | 19.82 Bn |
| 4 | Federal National Mortgage Association Fannie Mae | 24.47 Bn | 24.47 Bn | - | 4,332.34 Bn |
| 5 | Affirm Holdings | 23.34 Bn | 17.03 Bn | - | 15.79 Bn |
| 6 | Synchrony Financial | 23.06 Bn | -44.91 Bn | - | 121.93 Bn |
| 7 | Royal Gold | 19.98 Bn | 19.21 Bn | 390.45 Mn | 9.45 Bn |
| 8 | Annaly Capital Management | 14.18 Bn | 5.27 Bn | - | 143.74 Bn |
| 9 | Ares Capital | 13.71 Bn | 11.15 Bn | - | 30.50 Bn |
| 10 | Nuveen Churchill Direct Lending | 555.60 Mn | 555.60 Mn | - | 1.99 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 1.99 Bn |
| Mar 31, 2026 | 2.05 Bn |
| Dec 31, 2025 | 2.05 Bn |
| Sep 30, 2025 | 2.04 Bn |
| Jun 30, 2025 | 2.07 Bn |
| Mar 31, 2025 | 2.17 Bn |
| Dec 31, 2024 | 2.14 Bn |
| Sep 30, 2024 | 2.14 Bn |
| Jun 30, 2024 | 2.08 Bn |
| Mar 31, 2024 | 1.88 Bn |
| Dec 31, 2023 | 1.73 Bn |
| Sep 30, 2023 | 1.54 Bn |
| Jun 30, 2023 | 1.41 Bn |
| Mar 31, 2023 | 1.32 Bn |
| Dec 31, 2022 | 1.25 Bn |
API Access
Nuveen Churchill Direct Lending Assets 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=assets&ticker=NCDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "assets", "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=assets&ticker=NCDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();