Nuveen Churchill Direct Lending (NCDL) Debt Ratio (2022 - 2026)
Nuveen Churchill Direct Lending's Debt Ratio came in at 0.55 for Q2 2026, up 1.9% from 0.54 a year earlier but down 1.4% from the prior quarter.
Powered by 
Analysis
Nuveen Churchill Direct Lending (NCDL) Debt Ratio (2022 - 2026) Analysis & Trends
For FY2025, Nuveen Churchill Direct Lending's Debt Ratio was 0.54, up 5.0% from FY2024.
- Going back by year, Debt Ratio was 0.52 in FY2024 (-5.2%), 0.55 in FY2023 (-2.3%) and 0.56 in FY2022.
- The five-year range for quarterly Debt Ratio is 0.44 (Q1 2024) to 0.58 (Q2 2023).
- Year-over-year, Debt Ratio has increased for six consecutive quarters, with growth averaging 4.5% over the last eight quarters.
- The fastest year-over-year change in Debt Ratio over five years came in Q1 2025 (growth of 26.7%), and the weakest in Q1 2024 (a decline of 24.7%).
- Business Quant data shows NCDL's Debt Ratio at 0.56 (Q1 2026), 0.54 (Q4 2025) and 0.54 (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Debt Ratio (Qtr) |
|---|---|---|---|---|---|
| 1 | Rocket Companies | 43.26 Bn | 28.94 Bn | - | 0.27 |
| 2 | Orix | 42.40 Bn | 42.90 Bn | - | 0.35 |
| 3 | Royalty Pharma | 33.56 Bn | 33.47 Bn | - | 0.45 |
| 4 | Federal National Mortgage Association Fannie Mae | 24.47 Bn | 24.47 Bn | - | - |
| 5 | Affirm Holdings | 23.34 Bn | 17.03 Bn | - | 0.21 |
| 6 | Synchrony Financial | 23.06 Bn | -44.91 Bn | - | 0.06 |
| 7 | Royal Gold | 19.98 Bn | 19.21 Bn | 390.45 Mn | 0.04 |
| 8 | Annaly Capital Management | 14.18 Bn | 5.27 Bn | - | 0.24 |
| 9 | Ares Capital | 13.71 Bn | 11.15 Bn | - | - |
| 10 | Nuveen Churchill Direct Lending | 555.60 Mn | 555.60 Mn | - | 0.55 |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 0.55 |
| Mar 31, 2026 | 0.56 |
| Dec 31, 2025 | 0.54 |
| Sep 30, 2025 | 0.54 |
| Jun 30, 2025 | 0.54 |
| Mar 31, 2025 | 0.55 |
| Dec 31, 2024 | 0.52 |
| Sep 30, 2024 | 0.51 |
| Jun 30, 2024 | 0.49 |
| Mar 31, 2024 | 0.44 |
| Dec 31, 2023 | 0.55 |
| Sep 30, 2023 | 0.56 |
| Jun 30, 2023 | 0.58 |
| Mar 31, 2023 | 0.58 |
| Dec 31, 2022 | 0.56 |
API Access
Nuveen Churchill Direct Lending Debt 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=debt-ratio&ticker=NCDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "debt-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=debt-ratio&ticker=NCDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();