Nuveen Churchill Direct Lending (NCDL) Net Increase in Net Assets from Operations (2019 - 2026)
Nuveen Churchill Direct Lending (NCDL) reported Income towards Parent Company of $15.99 million for Q3 2026, down 14.3% from $18.66 million a year earlier but up 344.9% from the prior quarter.
Powered by 
Analysis
Nuveen Churchill Direct Lending (NCDL) Net Increase in Net Assets from Operations (2019 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Nuveen Churchill Direct Lending's Income towards Parent Company came in at $44.19 million, down 44.2% year-over-year; for FY2025, it was $65.61 million, down 43.6% from FY2024.
- Income towards Parent Company has a four-year compound annual growth rate of 24.6% (FY2021 to FY2025).
- By year, Income towards Parent Company came in at $116.32 million in FY2024 (+53.2%), $75.94 million in FY2023 (+339.3%), $17.29 million in FY2022 (-36.6%) and $27.27 million in FY2021.
- Five-year quarterly Income towards Parent Company spans a low of -$2.72 million in Q2 2022 and a high of $36.64 million in Q3 2024.
- Year over year, Income towards Parent Company has now declined in each of the last seven quarters, with an average decline of 37.2% over the last eight quarters.
- The high point for year-over-year Income towards Parent Company in five years was Q4 2023 (growth of 296.2%); the low point was Q2 2026 (a decline of 77.6%).
- Per Business Quant data, the three quarters before Q3 2026 came in at $3.59 million (Q2 2026), $8.69 million (Q1 2026) and $15.92 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (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 | 15.99 Mn |
| Jun 30, 2026 | 3.59 Mn |
| Mar 31, 2026 | 8.69 Mn |
| Dec 31, 2025 | 15.92 Mn |
| Sep 30, 2025 | 18.66 Mn |
| Jun 30, 2025 | 16.02 Mn |
| Mar 31, 2025 | 15.02 Mn |
| Dec 31, 2024 | 29.45 Mn |
| Sep 30, 2024 | 36.64 Mn |
| Jun 30, 2024 | 20.21 Mn |
| Mar 31, 2024 | 30.02 Mn |
| Dec 31, 2023 | 28.77 Mn |
| Sep 30, 2023 | 20.15 Mn |
| Jun 30, 2023 | 14.31 Mn |
| Mar 31, 2023 | 12.72 Mn |
| Dec 31, 2022 | 7.26 Mn |
| Sep 30, 2022 | 6.00 Mn |
| Jun 30, 2022 | -2.72 Mn |
| Mar 31, 2022 | 6.75 Mn |
| Dec 31, 2021 | 9.33 Mn |
API Access
Nuveen Churchill Direct Lending Net Increase in Net Assets from Operations 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=net-increase-in-net-assets-from-operations&ticker=NCDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-increase-in-net-assets-from-operations", "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=net-increase-in-net-assets-from-operations&ticker=NCDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();