Nuveen Churchill Direct Lending (NCDL) Non-Current Debt (2022 - 2026)
Nuveen Churchill Direct Lending's Non-Current Debt came in at $1.09 billion for Q2 2026, down 2.4% from $1.11 billion a year earlier and down 4.3% from the prior quarter.
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Analysis
Nuveen Churchill Direct Lending (NCDL) Non-Current Debt (2022 - 2026) Analysis & Trends
At the end of FY2025, Nuveen Churchill Direct Lending's Non-Current Debt was $1.12 billion, up 0.6% from FY2024.
- Non-Current Debt has increased in each of the last three years, with a three-year compound annual growth rate of 16.8% (FY2022 to FY2025).
- Going back by year, Non-Current Debt was $1.11 billion in FY2024 (+17.4%), $943.94 million in FY2023 (+34.9%) and $699.77 million in FY2022.
- The Q2 2026 figure represents the lowest quarterly Non-Current Debt since Q2 2024.
- Year-over-year, Non-Current Debt increased in six of the last eight quarters, with growth averaging 11.8%.
- The fastest year-over-year change in Non-Current Debt over five years came in Q1 2025 (growth of 46.8%), and the weakest in Q1 2026 (a decline of 5.2%).
- Business Quant data shows NCDL's Non-Current Debt at $1.14 billion (Q1 2026), $1.12 billion (Q4 2025) and $1.11 billion (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Non-Current Debt (Qtr) |
|---|---|---|---|---|---|
| 1 | Rocket Companies | 43.26 Bn | 28.94 Bn | - | 16.64 Bn |
| 2 | Orix | 42.40 Bn | 42.90 Bn | - | 35.93 Bn |
| 3 | Royalty Pharma | 33.56 Bn | 33.47 Bn | - | 8.58 Bn |
| 4 | Federal National Mortgage Association Fannie Mae | 24.47 Bn | 24.47 Bn | - | - |
| 5 | Affirm Holdings | 23.34 Bn | 17.03 Bn | - | 3.33 Bn |
| 6 | Synchrony Financial | 23.06 Bn | -44.91 Bn | - | 7.52 Bn |
| 7 | Royal Gold | 19.98 Bn | 19.21 Bn | 390.45 Mn | 395.89 Mn |
| 8 | Annaly Capital Management | 14.18 Bn | 5.27 Bn | - | 34.37 Bn |
| 9 | Ares Capital | 13.71 Bn | 11.15 Bn | - | - |
| 10 | Nuveen Churchill Direct Lending | 555.60 Mn | 555.60 Mn | - | 1.09 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 1.09 Bn |
| Mar 31, 2026 | 1.14 Bn |
| Dec 31, 2025 | 1.12 Bn |
| Sep 30, 2025 | 1.11 Bn |
| Jun 30, 2025 | 1.11 Bn |
| Mar 31, 2025 | 1.20 Bn |
| Dec 31, 2024 | 1.11 Bn |
| Sep 30, 2024 | 1.09 Bn |
| Jun 30, 2024 | 1.02 Bn |
| Mar 31, 2024 | 817.21 Mn |
| Dec 31, 2023 | 943.94 Mn |
| Sep 30, 2023 | 860.19 Mn |
| Jun 30, 2023 | 818.55 Mn |
| Mar 31, 2023 | 763.71 Mn |
| Dec 31, 2022 | 699.77 Mn |
API Access
Nuveen Churchill Direct Lending Non-Current Debt 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=non-current-debt&ticker=NCDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "non-current-debt", "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=non-current-debt&ticker=NCDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();