Nuveen Churchill Direct Lending (NCDL) Net Investment Income (2019 - 2026)
Nuveen Churchill Direct Lending (NCDL) posted Net Investment Income of $18.78 million for Q3 2026, down 12.2% from $21.39 million a year earlier and down 7.1% from the prior quarter.
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Analysis
Nuveen Churchill Direct Lending (NCDL) Net Investment Income (2019 - 2026) Analysis & Trends
For the trailing twelve months through Sep 30, 2026, Net Investment Income at Nuveen Churchill Direct Lending was $80.69 million, down 20.8% year-over-year; for FY2025, it was $93.34 million, down 23.7% from FY2024.
- Annual Net Investment Income shows a four-year compound annual growth rate of 46.5% (FY2021 to FY2025).
- In prior years, Nuveen Churchill Direct Lending's Net Investment Income was $122.39 million in FY2024 (+45.7%), $84.01 million in FY2023 (+84.7%), $45.48 million in FY2022 (+124.6%) and $20.25 million in FY2021.
- The Q3 2026 figure stands as the lowest quarterly Net Investment Income since Q2 2023.
- On a year-over-year basis, Net Investment Income has declined in each of the last seven quarters, with an average decline of 16.1% over the last eight quarters.
- The strongest year-over-year quarter for Net Investment Income in the past five years was Q1 2023, with growth of 95.2%; the weakest was Q3 2025, with a decline of 32.1%.
- According to Business Quant data, Net Investment Income for the three prior quarters was $20.22 million (Q2 2026), $20.04 million (Q1 2026) and $21.64 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | NII (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 | 1.86 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 | - | 328.00 Mn |
| 9 | Annaly Capital Management | 13.83 Bn | 4.86 Bn | - | - |
| 10 | Nuveen Churchill Direct Lending | 581.78 Mn | 549.38 Mn | - | 18.78 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 18.78 Mn |
| Jun 30, 2026 | 20.22 Mn |
| Mar 31, 2026 | 20.04 Mn |
| Dec 31, 2025 | 21.64 Mn |
| Sep 30, 2025 | 21.39 Mn |
| Jun 30, 2025 | 22.86 Mn |
| Mar 31, 2025 | 27.45 Mn |
| Dec 31, 2024 | 30.16 Mn |
| Sep 30, 2024 | 31.49 Mn |
| Jun 30, 2024 | 31.01 Mn |
| Mar 31, 2024 | 29.73 Mn |
| Dec 31, 2023 | 25.89 Mn |
| Sep 30, 2023 | 21.66 Mn |
| Jun 30, 2023 | 18.71 Mn |
| Mar 31, 2023 | 17.76 Mn |
| Dec 31, 2022 | 14.23 Mn |
| Sep 30, 2022 | 12.42 Mn |
| Jun 30, 2022 | 9.73 Mn |
| Mar 31, 2022 | 9.10 Mn |
| Dec 31, 2021 | 7.69 Mn |
API Access
Nuveen Churchill Direct Lending Net Investment Income 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-investment-income&ticker=NCDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-investment-income", "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-investment-income&ticker=NCDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();