Nuveen Churchill Direct Lending (NCDL) Invested Capital (2022 - 2026)
Nuveen Churchill Direct Lending (NCDL) recorded Invested Capital of $1.94 billion in Q2 2026, down 3.3% from $2 billion a year earlier and down 3.2% from the prior quarter.
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Analysis
Nuveen Churchill Direct Lending (NCDL) Invested Capital (2022 - 2026) Analysis & Trends
For FY2025, Nuveen Churchill Direct Lending reported Invested Capital of $1.99 billion, down 4.3% from FY2024.
- Annual Invested Capital has a three-year compound annual growth rate of 17.6% (FY2022 to FY2025).
- Across earlier years, Invested Capital came in at $2.08 billion in FY2024 (+22.9%), $1.69 billion in FY2023 (+38.1%) and $1.22 billion in FY2022.
- The Q2 2026 figure is the lowest quarterly Invested Capital since Q1 2024.
- On a year-over-year basis, Invested Capital has declined for five consecutive quarters, with growth averaging 7.6% over the last eight quarters.
- Peak year-over-year performance for Invested Capital in the last five years was growth of 45.9% in Q2 2024, against a decline of 5.6% in Q1 2026 at the low end.
- Per Business Quant, the preceding three quarters came in at $2 billion (Q1 2026), $1.99 billion (Q4 2025) and $1.99 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Invested Cap. (Qtr) |
|---|---|---|---|---|---|
| 1 | Rocket Companies | 43.26 Bn | 28.94 Bn | - | 40.19 Bn |
| 2 | Orix | 42.40 Bn | 42.90 Bn | - | 69.63 Bn |
| 3 | Royalty Pharma | 33.56 Bn | 33.47 Bn | - | 18.75 Bn |
| 4 | Federal National Mortgage Association Fannie Mae | 24.47 Bn | 24.47 Bn | - | - |
| 5 | Affirm Holdings | 23.34 Bn | 17.03 Bn | - | 8.82 Bn |
| 6 | Synchrony Financial | 23.06 Bn | -44.91 Bn | - | 24.41 Bn |
| 7 | Royal Gold | 19.98 Bn | 19.21 Bn | 390.45 Mn | 8.03 Bn |
| 8 | Annaly Capital Management | 14.18 Bn | 5.27 Bn | - | 51.34 Bn |
| 9 | Ares Capital | 13.71 Bn | 11.15 Bn | - | - |
| 10 | Nuveen Churchill Direct Lending | 555.60 Mn | 555.60 Mn | - | 1.94 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 1.94 Bn |
| Mar 31, 2026 | 2.00 Bn |
| Dec 31, 2025 | 1.99 Bn |
| Sep 30, 2025 | 1.99 Bn |
| Jun 30, 2025 | 2.00 Bn |
| Mar 31, 2025 | 2.12 Bn |
| Dec 31, 2024 | 2.08 Bn |
| Sep 30, 2024 | 2.09 Bn |
| Jun 30, 2024 | 2.01 Bn |
| Mar 31, 2024 | 1.82 Bn |
| Dec 31, 2023 | 1.69 Bn |
| Sep 30, 2023 | 1.50 Bn |
| Jun 30, 2023 | 1.38 Bn |
| Mar 31, 2023 | 1.28 Bn |
| Dec 31, 2022 | 1.22 Bn |
API Access
Nuveen Churchill Direct Lending Invested Capital 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=invested-capital&ticker=NCDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "invested-capital", "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=invested-capital&ticker=NCDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();