Nuveen Churchill Direct Lending (NCDL) Net Margin (2019 - 2026)
Nuveen Churchill Direct Lending's Net Margin came in at 36.61% for Q3 2026, up 0.11 percentage points from 36.51% a year earlier and up 28.51 percentage points from the prior quarter.
Nuveen Churchill Direct Lending (NCDL) Net Margin (2019 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, Nuveen Churchill Direct Lending reported Net Margin of 23.98%, down 12.85 percentage points year-over-year; for FY2025, it came in at 31.57%, down 20.35 percentage points from FY2024.
- Net Margin carries a four-year change of -43.57 percentage points (FY2021 to FY2025).
- Going back by year, Net Margin was 51.92% in FY2024 (+4.97 pp), 46.95% in FY2023 (+25.98 pp), 20.96% in FY2022 (-54.17 pp) and 75.13% in FY2021.
- The Q3 2026 figure represents the highest quarterly Net Margin since Q4 2024.
- Year-over-year, Net Margin increased in 1 of the last eight quarters, with an average year-over-year change of -14.89 percentage points.
- The fastest year-over-year change in Net Margin over five years came in Q2 2023 (a gain of 55.08 percentage points), and the weakest in Q1 2025 (a drop of 30.16 percentage points).
- Business Quant data shows NCDL's Net Margin at 8.11% (Q2 2026), 18.78% (Q1 2026) and 31.82% (Q4 2025) in the three quarters before Q3 2026.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Royalty Pharma | 39.80 Bn | 40.13 Bn | - | 20.96% |
| 2 | Rocket Companies | 38.90 Bn | 27.72 Bn | - | 21.59% |
| 3 | Orix | 38.66 Bn | 9.30 Bn | 13.83 Bn | 25.03% |
| 4 | Federal National Mortgage Association Fannie Mae | 26.46 Bn | -16,107.65 Bn | - | 12.38% |
| 5 | Synchrony Financial | 22.47 Bn | -45.15 Bn | - | 17.58% |
| 6 | Affirm Holdings | 22.07 Bn | 15.11 Bn | - | 13.01% |
| 7 | Royal Gold | 21.71 Bn | 20.92 Bn | 402.46 Mn | 48.93% |
| 8 | Ares Capital | 13.84 Bn | 11.59 Bn | - | 41.81% |
| 9 | Annaly Capital Management | 13.83 Bn | 4.86 Bn | - | -121.54% |
| 10 | Nuveen Churchill Direct Lending | 581.78 Mn | 549.38 Mn | - | 36.61% |
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 36.61% |
| Jun 30, 2026 | 8.11% |
| Mar 31, 2026 | 18.78% |
| Dec 31, 2025 | 31.82% |
| Sep 30, 2025 | 36.51% |
| Jun 30, 2025 | 30.14% |
| Mar 31, 2025 | 28.03% |
| Dec 31, 2024 | 51.60% |
| Sep 30, 2024 | 60.79% |
| Jun 30, 2024 | 36.68% |
| Mar 31, 2024 | 58.19% |
| Dec 31, 2023 | 58.77% |
| Sep 30, 2023 | 48.27% |
| Jun 30, 2023 | 38.56% |
| Mar 31, 2023 | 37.45% |
| Dec 31, 2022 | 24.82% |
| Sep 30, 2022 | 26.53% |
| Jun 30, 2022 | -16.52% |
| Mar 31, 2022 | 47.75% |
| Dec 31, 2021 | 74.06% |
Nuveen Churchill Direct Lending Net Margin 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-margin&ticker=NCDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-margin", "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-margin&ticker=NCDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();