Nuveen Churchill Direct Lending (NCDL) FCF Margin (2022 - 2026)

Nuveen Churchill Direct Lending has disclosed FCF Margin across 5 years of filings, most recently posting 32.05% for Q1 2026.

• FCF Margin for Q1 2026 came in at 32.05%, down 1561.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 102.19% (up 20143.0% YoY), and the FY2025 annual result was 99.11%, up 23858.0% from the prior year.
• FCF Margin came in at 32.05% for Q1 2026 at Nuveen Churchill Direct Lending, down from 75.03% in the prior quarter.
• In the past five years, FCF Margin ranged from a high of 258.12% in Q2 2025 to a low of 991.22% in Q2 2022.
• The 5-year median for FCF Margin is 198.78% (2024), against an average of 202.67%.
• Across the five-year window, FCF Margin jumped 77714 bps in 2023 and slumped 10536 bps in 2024, its largest moves.
• Nuveen Churchill Direct Lending's FCF Margin stood at 301.73% in 2022, then slipped by 1 bps to 305.73% in 2023, then surged by 108 bps to 25.98% in 2024, then surged by 189 bps to 75.03% in 2025, then tumbled by 143 bps to 32.05% in 2026.
• The last three FCF Margin figures came in at 32.05% (Q1 2026), 75.03% (Q4 2025), and 72.89% (Q3 2025), per Business Quant data.