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…
Earnings analysis · 10-Q
NCDL earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.24
- Gross margin
- 100%
What stood out
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Revenue Declines 13% YoY
Total revenue fell to $46.3 million in Q1 2026 from $53.6 million in Q1 2025.
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EPS Drops to $0.24
Diluted EPS decreased to $0.24 in Q1 2026, down from $0.29 in Q1 2025.
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Stable Gross Margin at 100%
Gross margin remained consistent at 100%, unchanged from previous periods.
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Net Investment Income at $20.0 Million
Net investment income reported at $20.0 million, down from $27.5 million year-over-year.
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Strong Liquidity Position
Cash and cash equivalents totaled $233.0 million, sufficient for near-term investing activities.
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New Investment Activity with New Commitments
New commitments amounted to $82.9 million despite a challenging market.
What to watch
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Decreased Investment Income
Investment income decreased to $46.3 million from $53.6 million, due to lower portfolio value and funding costs.
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Increased Operating Expenses
Total expenses rose slightly to $26.2 million from $28.4 million in Q1 2025.
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Macro-Economic Conditions Impact
Ongoing geopolitical tensions and inflationary pressure may affect future operational stability.
Management's outlook
Management anticipates continued market volatility, impacting investment deployment and returns.
Earlier filings 3
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 itself. Analysis can contain errors; check the source document for full context.