Nuveen Churchill Direct Lending (NCDL) Operating Expenses (2022 - 2026)
Nuveen Churchill Direct Lending (NCDL) posted Operating Expenses of $26.2 million for Q1 2026, down 7.06% sequentially from $28.2 million in Q4 2025, and down 7.65% YoY from $28.4 million in Q1 2025.
Nuveen Churchill Direct Lending (NCDL) Operating Expenses (2022 - 2026) Analysis & Trends
Nuveen Churchill Direct Lending has reported Operating Expenses for 5 years, with the latest figure at $26.2 million in Q1 2026.
- Quarterly Operating Expenses fell 7.65% year-over-year to $26.2 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $114.4 million (down 5.14% YoY) and the FY2025 annual result came in at $116.6 million, down 1.65% from the prior year.
- Operating Expenses eased to $26.2 million in Q1 2026 per NCDL's latest filing, from $28.2 million in the prior quarter.
- Over five years, Operating Expenses peaked at $34.3 million in Q3 2024 and troughed at $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.
- The sharpest annual moves came in 2023 and 2025: Operating Expenses soared 218.38% in 2023, then slipped 13.32% in 2025.
- Over 5 years, 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 slipped by 8.38% to $28.2 million in 2025, then dropped 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.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 176.99 Bn | 163.12 Bn | - | 4.62 Bn |
| 2 | Blackstone | 113.16 Bn | 110.65 Bn | - | 2.38 Bn |
| 3 | Kkr | 96.05 Bn | -181.02 Bn | - | 5.41 Bn |
| 4 | Brookfield | 92.54 Bn | 45.14 Bn | - | 14.94 Bn |
| 5 | Brookfield Asset Management | 82.31 Bn | 80.81 Bn | - | 659.00 Mn |
| 6 | Apollo Global Management | 77.14 Bn | 51.77 Bn | 10.54 Bn | 8.74 Bn |
| 7 | State Street | 50.64 Bn | 50.64 Bn | - | 2.66 Bn |
| 8 | Ameriprise Financial | 50.31 Bn | 39.27 Bn | 4.72 Bn | 3.50 Bn |
| 9 | Northern Trust | 33.61 Bn | 33.61 Bn | - | 1.64 Bn |
| 10 | Nuveen Churchill Direct Lending | 612.40 Mn | 571.64 Mn | - | 24.11 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 24.11 Mn |
| Mar 31, 2026 | 26.21 Mn |
| Dec 31, 2025 | 28.20 Mn |
| Sep 30, 2025 | 29.72 Mn |
| Jun 30, 2025 | 30.28 Mn |
| Mar 31, 2025 | 28.39 Mn |
| Dec 31, 2024 | 30.78 Mn |
| Sep 30, 2024 | 34.29 Mn |
| Jun 30, 2024 | 27.16 Mn |
| Mar 31, 2024 | 26.32 Mn |
| Dec 31, 2023 | 23.06 Mn |
| Sep 30, 2023 | 20.09 Mn |
| Jun 30, 2023 | 18.54 Mn |
| Mar 31, 2023 | 16.22 Mn |
| Dec 31, 2022 | 15.05 Mn |
| Sep 30, 2022 | 10.24 Mn |
| Jun 30, 2022 | 6.77 Mn |
| Mar 31, 2022 | 5.09 Mn |