NCDL earnings analysis
What we found in NCDL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Nuveen Churchill Direct Lending Corp. reported a decline in total revenue to $46.3 million for Q1 2026, down from $53.6 million in Q1 2025. EPS similarly decreased from $0.29 to $0.24 in the same period, although gross margin remained stable at 100%. Management highlighted challenges due to macroeconomic conditions impacting investment income, which dropped significantly, alongside varying interest rates affecting portfolio performance.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Declines 13% YoY
- Total revenue fell to $46.3 million in Q1 2026 from $53.6 million in Q1 2025.
- EPS Drops to $0.24
- Diluted EPS decreased to $0.24 in Q1 2026, down from $0.29 in Q1 2025.
- Stable Gross Margin at 100%
- Gross margin remained consistent at 100%, unchanged from previous periods.
- Net Investment Income at $20.0 Million
- Net investment income reported at $20.0 million, down from $27.5 million year-over-year.
- Strong Liquidity Position
- Cash and cash equivalents totaled $233.0 million, sufficient for near-term investing activities.
- New Investment Activity with New Commitments
- New commitments amounted to $82.9 million despite a challenging market.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decreased Investment Income
- Investment income decreased to $46.3 million from $53.6 million, due to lower portfolio value and funding costs.
- Increased Operating Expenses
- Total expenses rose slightly to $26.2 million from $28.4 million in Q1 2025.
- Macro-Economic Conditions Impact
- Ongoing geopolitical tensions and inflationary pressure may affect future operational stability.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.24
- Gross margin
- 100%
What they said about what is next.
Management anticipates continued market volatility, impacting investment deployment and returns.
The filing reads worse than the one before it.
What came before.
- 10-Q · November 4, 2025
- Nuveen Churchill Direct Lending Corp. reported third-quarter 2025 earnings with revenues of $51 million and diluted EPS of $0.38, both of which saw declines compared to the previous quarter and the same period last…
- 10-Q · August 6, 2025
- Nuveen Churchill Direct Lending Corp. reported Q2 2025 earnings with total revenue declining to $53.1 million, a decrease from both the prior quarter and year, against expectations, while EPS remained flat at $0.46.…
- 10-Q · May 8, 2025
- Nuveen Churchill Direct Lending Corp. reported a decline in EPS and revenue in Q1 2025 compared to both the prior quarter and year. Revenue decreased to $53.6 million from $60 million year-over-year, and diluted EPS…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing NCDL makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever