Nuveen Churchill Direct Lending (NCDL) Incentive Fees (2024 - 2026)
Nuveen Churchill Direct Lending (NCDL) reported Incentive Fees of $2.81 million for Q3 2026, down 14.6% from $3.29 million a year earlier but up 335.3% from the prior quarter.
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Analysis
Nuveen Churchill Direct Lending (NCDL) Incentive Fees (2024 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Nuveen Churchill Direct Lending's Incentive Fees came in at $7.8 million, down 39.0% year-over-year; for FY2025, it came in at $11.18 million, down 35.9% from FY2024.
- By year, Incentive Fees came in at $17.45 million in FY2024.
- Five-year quarterly Incentive Fees spans a low of $646,000 in Q2 2026 and a high of $5.5 million in Q3 2024.
- Year over year, Incentive Fees has now declined in each of the last seven quarters, with an average decline of 36.8% over the last seven quarters.
- Per Business Quant data, the three quarters before Q3 2026 came in at $646,000 (Q2 2026), $1.54 million (Q1 2026) and $2.81 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Incentive Fees (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 | - | 82.00 Mn |
| 9 | Annaly Capital Management | 13.83 Bn | 4.86 Bn | - | - |
| 10 | Nuveen Churchill Direct Lending | 581.78 Mn | 549.38 Mn | - | 2.81 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 2.81 Mn |
| Jun 30, 2026 | 646,000.00 |
| Mar 31, 2026 | 1.54 Mn |
| Dec 31, 2025 | 2.81 Mn |
| Sep 30, 2025 | 3.29 Mn |
| Jun 30, 2025 | 2.83 Mn |
| Mar 31, 2025 | 2.25 Mn |
| Dec 31, 2024 | 4.42 Mn |
| Sep 30, 2024 | 5.50 Mn |
| Jun 30, 2024 | 3.08 Mn |
| Mar 31, 2024 | 4.46 Mn |
API Access
Nuveen Churchill Direct Lending Incentive 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=incentive-fees&ticker=NCDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "incentive-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=incentive-fees&ticker=NCDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();