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

Nuveen Churchill Direct Lending's Operating Expenses history spans 4 years, with the latest figure at $28.2 million for Q4 2025.

  • On a quarterly basis, Operating Expenses fell 8.38% to $28.2 million in Q4 2025 year-over-year; TTM through Dec 2025 was $116.6 million, a 1.65% decrease, with the full-year FY2025 number at $116.6 million, down 1.65% from a year prior.
  • Operating Expenses hit $28.2 million in Q4 2025 for Nuveen Churchill Direct Lending, down from $29.7 million in the prior quarter.
  • Over the last five years, Operating Expenses for NCDL hit a ceiling of $34.3 million in Q3 2024 and a floor 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.
  • Tracing NCDL's Operating Expenses over 4 years: stood at $15.0 million in 2022, then skyrocketed 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.
  • 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.