Nuveen Churchill Direct Lending (NCDL) Dividend Coverage Ratio (2022 - 2026)
Nuveen Churchill Direct Lending's (NCDL) Dividend Coverage Ratio was 0.18 for Q2 2026, down 67.9% from 0.57 a year earlier and down 53.5% from the prior quarter.
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Analysis
Nuveen Churchill Direct Lending (NCDL) Dividend Coverage Ratio (2022 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Nuveen Churchill Direct Lending's Dividend Coverage Ratio came in at 0.54, down 37.5% year-over-year; for FY2025, it was 0.64, down 47.5% from FY2024.
- By year, Dividend Coverage Ratio came in at 1.22 in FY2024 (+1.6%), 1.20 in FY2023 (+140.9%), 0.50 in FY2022 (-73.1%) and 1.85 in FY2021.
- The Q2 2026 figure ranks as the lowest quarterly Dividend Coverage Ratio since Q2 2022.
- Year over year, Dividend Coverage Ratio has now declined in each of the last seven quarters, with an average decline of 38.4% over the last eight quarters.
- The high point for year-over-year Dividend Coverage Ratio in five years was Q4 2023 (growth of 152.4%); the low point was Q2 2026 (a decline of 67.9%).
- Per Business Quant data, the three quarters before Q2 2026 came in at 0.39 (Q1 2026), 0.72 (Q4 2025) and 0.84 (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Div. Cover (Qtr) |
|---|---|---|---|---|---|
| 1 | Rocket Companies | 43.26 Bn | 28.94 Bn | - | 38.33 |
| 2 | Orix | 42.40 Bn | 42.90 Bn | - | - |
| 3 | Royalty Pharma | 33.56 Bn | 33.47 Bn | - | - |
| 4 | Federal National Mortgage Association Fannie Mae | 24.47 Bn | 24.47 Bn | - | - |
| 5 | Affirm Holdings | 23.34 Bn | 17.03 Bn | - | - |
| 6 | Synchrony Financial | 23.06 Bn | -44.91 Bn | - | 8.64 |
| 7 | Royal Gold | 19.98 Bn | 19.21 Bn | 390.45 Mn | 5.86 |
| 8 | Annaly Capital Management | 14.18 Bn | 5.27 Bn | - | - |
| 9 | Ares Capital | 13.71 Bn | 11.15 Bn | - | - |
| 10 | Nuveen Churchill Direct Lending | 555.60 Mn | 555.60 Mn | - | 0.18 |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 0.18 |
| Mar 31, 2026 | 0.39 |
| Dec 31, 2025 | 0.72 |
| Sep 30, 2025 | 0.84 |
| Jun 30, 2025 | 0.57 |
| Mar 31, 2025 | 0.51 |
| Dec 31, 2024 | 1.06 |
| Sep 30, 2024 | 1.38 |
| Jun 30, 2024 | 0.94 |
| Mar 31, 2024 | 1.55 |
| Dec 31, 2023 | 1.72 |
| Sep 30, 2023 | 1.36 |
| Jun 30, 2023 | 0.75 |
| Mar 31, 2023 | 1.01 |
| Dec 31, 2022 | 0.68 |
| Sep 30, 2022 | 0.68 |
| Jun 30, 2022 | -0.34 |
| Mar 31, 2022 | 0.94 |
API Access
Nuveen Churchill Direct Lending Dividend Coverage 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=dividend-coverage-ratio&ticker=NCDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "dividend-coverage-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=dividend-coverage-ratio&ticker=NCDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();