Nuveen Churchill Direct Lending (NCDL) Base Management Fees (2019 - 2026)
Nuveen Churchill Direct Lending (NCDL) recorded Base Management Fees of $4.82 million in Q3 2026, down 6.0% from $5.13 million a year earlier and down 2.3% from the prior quarter.
Powered by 
Analysis
Nuveen Churchill Direct Lending (NCDL) Base Management Fees (2019 - 2026) Analysis & Trends
On a TTM basis, Nuveen Churchill Direct Lending's Base Management Fees came in at $19.74 million as of Sep 30, 2026, up 8.6% year-over-year; for FY2025, it was $19.27 million, up 31.2% from FY2024.
- Annual Base Management Fees has increased for four straight years, with a four-year compound annual growth rate of 47.7% (FY2021 to FY2025).
- Across earlier years, Base Management Fees came in at $14.68 million in FY2024 (+39.7%), $10.51 million in FY2023 (+40.8%), $7.46 million in FY2022 (+84.3%) and $4.05 million in FY2021.
- The Q3 2026 figure is the lowest quarterly Base Management Fees since Q1 2025.
- On a year-over-year basis, Base Management Fees rose in six of the last eight quarters, with growth averaging 21.4%.
- Peak year-over-year performance for Base Management Fees in the last five years was growth of 51.7% in Q1 2023, against a decline of 6.0% in Q3 2026 at the low end.
- Per Business Quant, the preceding three quarters came in at $4.93 million (Q2 2026), $4.94 million (Q1 2026) and $5.05 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (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 | - |
| 9 | Annaly Capital Management | 13.83 Bn | 4.86 Bn | - |
| 10 | Nuveen Churchill Direct Lending | 581.78 Mn | 549.38 Mn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 4.82 Mn |
| Jun 30, 2026 | 4.93 Mn |
| Mar 31, 2026 | 4.94 Mn |
| Dec 31, 2025 | 5.05 Mn |
| Sep 30, 2025 | 5.13 Mn |
| Jun 30, 2025 | 5.18 Mn |
| Mar 31, 2025 | 3.91 Mn |
| Dec 31, 2024 | 3.96 Mn |
| Sep 30, 2024 | 3.87 Mn |
| Jun 30, 2024 | 3.59 Mn |
| Mar 31, 2024 | 3.26 Mn |
| Dec 31, 2023 | 3.01 Mn |
| Sep 30, 2023 | 2.72 Mn |
| Jun 30, 2023 | 2.48 Mn |
| Mar 31, 2023 | 2.31 Mn |
| Dec 31, 2022 | 2.21 Mn |
| Sep 30, 2022 | 2.00 Mn |
| Jun 30, 2022 | 1.73 Mn |
| Mar 31, 2022 | 1.52 Mn |
| Dec 31, 2021 | 1.38 Mn |
API Access
Nuveen Churchill Direct Lending Base Management 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=base-management-fees&ticker=NCDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "base-management-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=base-management-fees&ticker=NCDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();