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

Nuveen Churchill Direct Lending's Operating Expenses history runs 5 years deep, the most recent figure standing at $26.2 million for Q1 2026.

• In Q1 2026, Operating Expenses fell 7.65% year-over-year to $26.2 million; the TTM figure through Mar 2026 stood at $114.4 million (down 5.14% YoY), while the FY2025 annual figure 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.
• A 5-year average of $22.1 million and a median of $26.2 million in 2026 frame the typical range for Operating Expenses.
• Across the five-year window, Operating Expenses surged 218.38% in 2023 and decreased 13.32% in 2025, its largest moves.
• Nuveen Churchill Direct Lending's Operating Expenses stood at $15.0 million in 2022, then jumped by 53.21% to $23.1 million in 2023, then surged by 33.51% to $30.8 million in 2024, then decreased by 8.38% to $28.2 million in 2025, then slipped by 7.06% to $26.2 million in 2026.
• According to Business Quant data, Operating Expenses over the past three periods registered $26.2 million, $28.2 million, and $29.7 million for Q1 2026, Q4 2025, and Q3 2025 respectively.

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