Nuveen Churchill Direct Lending (NCDL) Dividend Coverage Ratio (2019 - 2026)
Nuveen Churchill Direct Lending's (NCDL) Dividend Coverage Ratio was 0.85 for Q3 2026, up 2.0% from 0.84 a year earlier and up 369.0% from the prior quarter.
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Analysis
Nuveen Churchill Direct Lending (NCDL) Dividend Coverage Ratio (2019 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Nuveen Churchill Direct Lending's Dividend Coverage Ratio came in at 0.53, down 27.4% 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 Q3 2026 figure ranks as the highest quarterly Dividend Coverage Ratio since Q4 2024.
- Year over year, Dividend Coverage Ratio gained in 1 of the last eight quarters, with an average decline of 38.3%.
- 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 Q3 2026 came in at 0.18 (Q2 2026), 0.39 (Q1 2026) and 0.72 (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Div. Cover (Qtr) |
|---|---|---|---|---|---|
| 1 | Royalty Pharma | 39.80 Bn | 40.13 Bn | - | - |
| 2 | Rocket Companies | 38.90 Bn | 27.72 Bn | - | 59.08 |
| 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 | - | 7.85 |
| 6 | Affirm Holdings | 22.07 Bn | 15.11 Bn | - | - |
| 7 | Royal Gold | 21.71 Bn | 20.92 Bn | 402.46 Mn | 5.65 |
| 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 | - | 0.85 |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 0.85 |
| 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 |
| Dec 31, 2021 | 0.40 |
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();