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Nuveen Churchill Direct Lending (NCDL) Operating Expenses (2022 - 2025)

Nuveen Churchill Direct Lending (NCDL) has disclosed Operating Expenses for 4 consecutive years, with $28.2 million as the latest value for Q4 2025.

  • Quarterly Operating Expenses fell 8.38% to $28.2 million in Q4 2025 from the year-ago period, while the trailing twelve-month figure was $116.6 million through Dec 2025, down 1.65% year-over-year, with the annual reading at $116.6 million for FY2025, 1.65% down from the prior year.
  • Operating Expenses hit $28.2 million in Q4 2025 for Nuveen Churchill Direct Lending, down from $29.7 million in the prior quarter.
  • In the past five years, Operating Expenses ranged from a high of $34.3 million in Q3 2024 to a low of $5.1 million in Q1 2022.
  • Historically, Operating Expenses has averaged $21.9 million across 4 years, with a median of $24.7 million in 2023.
  • Biggest five-year swings in Operating Expenses: soared 218.38% in 2023 and later fell 13.32% in 2025.
  • Year by year, Operating Expenses stood at $15.0 million in 2022, then surged by 53.21% to $23.1 million in 2023, then soared by 33.51% to $30.8 million in 2024, then fell by 8.38% to $28.2 million in 2025.
  • Business Quant data shows Operating Expenses for NCDL at $28.2 million in Q4 2025, $29.7 million in Q3 2025, and $30.3 million in Q2 2025.