Nuveen Churchill Direct Lending (NCDL) PIK Interest Income (2020 - 2026)
Nuveen Churchill Direct Lending (NCDL) reported PIK Interest Income of $2.71 million for Q3 2026, up 14.6% from $2.37 million a year earlier and up 13.5% from the prior quarter.
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Analysis
Nuveen Churchill Direct Lending (NCDL) PIK Interest Income (2020 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Nuveen Churchill Direct Lending's PIK Interest Income came in at $11.1 million, up 19.7% year-over-year; for FY2025, it was $9.87 million, up 18.9% from FY2024.
- PIK Interest Income has increased for four consecutive years, with a four-year compound annual growth rate of 205.7% (FY2021 to FY2025).
- By year, PIK Interest Income came in at $8.3 million in FY2024 (+127.7%), $3.64 million in FY2023 (+361.9%), $789,000 in FY2022 (+598.2%) and $113,000 in FY2021.
- Five-year quarterly PIK Interest Income spans a low of $142,000 in Q1 2022 and a high of $3.12 million in Q1 2026.
- Year over year, PIK Interest Income has now increased in each of the last four quarters, with growth averaging 20.6% over the last eight quarters.
- The high point for year-over-year PIK Interest Income in five years was Q4 2023 (growth of 643.3%); the low point was Q3 2025 (a decline of 5.4%).
- Per Business Quant data, the three quarters before Q3 2026 came in at $2.39 million (Q2 2026), $3.12 million (Q1 2026) and $2.87 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | PIK Income (Qtr) |
|---|---|---|---|---|---|
| 1 | Royalty Pharma | 39.80 Bn | 40.13 Bn | - | - |
| 2 | Rocket Companies | 38.90 Bn | 27.72 Bn | - | - |
| 3 | Orix | 38.66 Bn | 9.30 Bn | 13.83 Bn | - |
| 4 | Federal National Mortgage Association Fannie Mae | 26.46 Bn | -16,107.65 Bn | - | - |
| 5 | Synchrony Financial | 22.47 Bn | -45.15 Bn | - | - |
| 6 | Affirm Holdings | 22.07 Bn | 15.11 Bn | - | - |
| 7 | Royal Gold | 21.71 Bn | 20.92 Bn | 402.46 Mn | - |
| 8 | Ares Capital | 13.84 Bn | 11.59 Bn | - | 58.00 Mn |
| 9 | Annaly Capital Management | 13.83 Bn | 4.86 Bn | - | - |
| 10 | Nuveen Churchill Direct Lending | 581.78 Mn | 549.38 Mn | - | 2.71 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 2.71 Mn |
| Jun 30, 2026 | 2.39 Mn |
| Mar 31, 2026 | 3.12 Mn |
| Dec 31, 2025 | 2.87 Mn |
| Sep 30, 2025 | 2.37 Mn |
| Jun 30, 2025 | 2.26 Mn |
| Mar 31, 2025 | 2.37 Mn |
| Dec 31, 2024 | 2.28 Mn |
| Sep 30, 2024 | 2.50 Mn |
| Jun 30, 2024 | 1.53 Mn |
| Mar 31, 2024 | 1.99 Mn |
| Dec 31, 2023 | 1.82 Mn |
| Sep 30, 2023 | 951,000.00 |
| Jun 30, 2023 | 551,000.00 |
| Mar 31, 2023 | 321,000.00 |
| Dec 31, 2022 | 245,000.00 |
| Sep 30, 2022 | 216,000.00 |
| Jun 30, 2022 | 186,000.00 |
| Mar 31, 2022 | 142,000.00 |
| Dec 31, 2021 | 45,000.00 |
API Access
Nuveen Churchill Direct Lending PIK Interest Income API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=pik-interest-income&ticker=NCDL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "pik-interest-income", "ticker": "NCDL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=pik-interest-income&ticker=NCDL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();