Nuveen Churchill Direct Lending (NCDL) Operating Expenses (2022 - 2026)

Nuveen Churchill Direct Lending has disclosed Operating Expenses across 5 years of filings, most recently posting $26.2 million for Q1 2026.

• Operating Expenses for Q1 2026 came in at $26.2 million, down 7.65% year-over-year; the trailing twelve-month figure through Mar 2026 was $114.4 million (down 5.14% YoY), and the FY2025 annual result was $116.6 million, down 1.65% from the prior year.
• Operating Expenses came in at $26.2 million for Q1 2026 at Nuveen Churchill Direct Lending, down from $28.2 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.
• The 5-year median for Operating Expenses is $26.2 million (2026), against an average of $22.1 million.
• Across the five-year window, Operating Expenses jumped 218.38% in 2023 and retreated 13.32% in 2025, its largest moves.
• Nuveen Churchill Direct Lending's Operating Expenses stood at $15.0 million in 2022, then soared by 53.21% to $23.1 million in 2023, then jumped by 33.51% to $30.8 million in 2024, then retreated by 8.38% to $28.2 million in 2025, then decreased by 7.06% to $26.2 million in 2026.
• The last three Operating Expenses figures came in at $26.2 million (Q1 2026), $28.2 million (Q4 2025), and $29.7 million (Q3 2025), per Business Quant data.