Nuveen Churchill Direct Lending (NCDL) Interest Expense (2019 - 2026)
Nuveen Churchill Direct Lending (NCDL) reported Interest Expenses of $15.64 million for Q3 2026, down 18.6% from $19.21 million a year earlier and down 5.6% from the prior quarter.
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Analysis
Nuveen Churchill Direct Lending (NCDL) Interest Expense (2019 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Nuveen Churchill Direct Lending's Interest Expenses came in at $67.9 million, down 16.1% year-over-year; for FY2025, it was $77.9 million, down 2.5% from FY2024.
- Interest Expenses has a four-year compound annual growth rate of 67.8% (FY2021 to FY2025).
- By year, Interest Expenses came in at $79.88 million in FY2024 (+30.5%), $61.21 million in FY2023 (+138.2%), $25.7 million in FY2022 (+161.5%) and $9.83 million in FY2021.
- The Q3 2026 figure ranks as the lowest quarterly Interest Expenses since Q2 2023.
- Year over year, Interest Expenses has now declined in each of the last five quarters, with an average decline of 4.6% over the last eight quarters.
- The high point for year-over-year Interest Expenses in five years was Q1 2023 (growth of 321.8%); the low point was Q3 2026 (a decline of 18.6%).
- Per Business Quant data, the three quarters before Q3 2026 came in at $16.57 million (Q2 2026), $17.75 million (Q1 2026) and $17.95 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Interest Expense (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 | - | - |
| 9 | Annaly Capital Management | 13.83 Bn | 4.86 Bn | - | - |
| 10 | Nuveen Churchill Direct Lending | 581.78 Mn | 549.38 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 15.64 Mn |
| Jun 30, 2026 | 16.57 Mn |
| Mar 31, 2026 | 17.75 Mn |
| Dec 31, 2025 | 17.95 Mn |
| Sep 30, 2025 | 19.21 Mn |
| Jun 30, 2025 | 20.11 Mn |
| Mar 31, 2025 | 20.64 Mn |
| Dec 31, 2024 | 21.02 Mn |
| Sep 30, 2024 | 23.20 Mn |
| Jun 30, 2024 | 18.72 Mn |
| Mar 31, 2024 | 16.94 Mn |
| Dec 31, 2023 | 18.12 Mn |
| Sep 30, 2023 | 16.05 Mn |
| Jun 30, 2023 | 14.30 Mn |
| Mar 31, 2023 | 12.74 Mn |
| Dec 31, 2022 | 11.14 Mn |
| Sep 30, 2022 | 7.30 Mn |
| Jun 30, 2022 | 4.24 Mn |
| Mar 31, 2022 | 3.02 Mn |
| Dec 31, 2021 | 2.81 Mn |
API Access
Nuveen Churchill Direct Lending Interest Expense 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=interest-expense&ticker=NCDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "interest-expense", "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=interest-expense&ticker=NCDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();