Nuveen Churchill Direct Lending Corp. (NCDL) Balance Sheet
NCDL balance sheet, 2025
December 31, 2025 · U.S. dollars$2.05B assets = $1.18B liabilities + $875.2M equity
Both columns are drawn to the same scale: what NCDL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NCDL financial health
Descriptive bands, not a rating. Fiscal 2025.
NCDL balance sheet trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $86.9M2018 | $2.05B2025 | +57.1%/yr | |
| Total liabilities | $271.9M2018 | $1.18B2025 | +23.3%/yr | |
| Shareholders’ equity | $164.7M2018 | $875.2M2025 | +27.0%/yr | |
| Cash & short-term investments | $2.2M2018 | $8.6M2025 | +21.1%/yr | |
| Total debt | $86.9M2018 | $1.12B2025 | +44.0%/yr | |
| Net cash (debt) | −$84.7M2018 | −$1.11B2025 | −$1.0B | |
| Working capital | −$13.4M2018 | $1.2M2024 | +$14.6M | |
| Book value per share | $29.112021 | $17.402025 | −12.1%/yr | |
| Debt / equity | 0.532018 | 1.272025 | +0.75 | |
| Shares outstanding | 12.8M2021 | 50.3M2025 | +40.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NCDL assets
NCDL liabilities and equity
NCDL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NCDL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & short-term investments | $8.6M | $43.3M | $67.4M | $39.3M | $35.2M | $12.6M | $3.4M | $2.2M |
| Cash & equivalents | $8.6M | $43.3M | $67.4M | $39.3M | $35.2M | $12.6M | $3.4M | $2.2M |
| Short-term investments | — | — | $50,000 | — | — | — | — | — |
| Receivables | $13.7M | $19.0M | $21.6M | $14.2M | $12.6M | $3.0M | $4.4M | $556,000 |
| Inventory | $0 | $0 | −$13,000 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $54.4M | $47,000 | $26,000 | $41,000 | $64,000 | $353.5M | $188.4M | $164.7M |
| Total current assets | $76.7M | $62.3M | $89.0M | $53.5M | $47.9M | $369.0M | $196.2M | $167.5M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $1.98B | $2.08B | $1.64B | $1.20B | $773.0M | $0 | $0 | $0 |
| Other non-current assets | $327,000 | $50,000 | $177,000 | $50,000 | $50,000 | $0 | $0 | $0 |
| Total assets | $2.05B | $2.14B | $1.73B | $1.25B | $820.9M | $353.5M | $188.4M | $86.9M |
| Liabilities | ||||||||
| Accounts payable | $41.5M | $61.1M | $35.3M | $25.8M | $36.4M | — | — | — |
| Short-term debt | — | — | $943.9M | $699.8M | $406.4M | $188.3M | $118.3M | $86.9M |
| Total current liabilities | — | $61.1M | $35.3M | $25.8M | $36.4M | $384.1M | $240.5M | $180.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $1.18B | $1.11B | $947.7M | $703.2M | $410.5M | $180.2M | $114.3M | $91.1M |
| Total liabilities | $1.18B | $1.17B | $983.0M | $729.0M | $446.9M | $195.8M | $122.2M | $271.9M |
| Shareholders' equity | ||||||||
| Common stock & paid-in capital | $494,000 | $534,000 | $412,000 | $287,000 | $193,000 | $84,000 | $33,000 | — |
| Retained earnings (deficit) | −$55.7M | −$26.5M | −$29.2M | −$23.9M | $3.4M | −$3.4M | $2.2M | $70.8M |
| Accumulated other comprehensive income | — | — | $747.9M | $525.0M | $374.1M | $157.6M | $66.2M | $70.8M |
| Total shareholders' equity | $875.2M | $970.3M | $747.9M | $525.0M | $374.1M | $157.6M | $66.2M | $164.7M |
| Key figures | ||||||||
| Total debt | $1.12B | $1.11B | $943.9M | $699.8M | $406.4M | $188.3M | $118.3M | $86.9M |
| Net cash (debt) | −$1.11B | −$1.07B | −$876.5M | −$660.5M | −$371.2M | −$175.7M | −$114.9M | −$84.7M |
| Working capital | — | $1.2M | $53.7M | $27.8M | $11.5M | −$15.1M | −$44.3M | −$13.4M |
| Tangible book value | $875.2M | $970.3M | $747.9M | $525.0M | $374.1M | $157.6M | $66.2M | $164.7M |
| Book value per share | $17.40 | $17.93 | $22.40 | $22.55 | $29.11 | — | — | — |
| Shares outstanding | 50.3M | 54.1M | 33.4M | 23.3M | 12.8M | — | — | — |
| Current ratio | — | 1.02 | 2.52 | 2.08 | 1.32 | 0.96 | 0.82 | 0.93 |
| Quick ratio | — | 1.02 | 2.52 | 2.08 | 1.31 | 0.04 | 0.03 | 0.02 |
| Debt / equity | 1.27 | 1.14 | 1.26 | 1.33 | 1.09 | 1.19 | 1.79 | 0.53 |
| Equity / assets | 42.6% | 45.3% | 43.2% | 41.9% | 45.6% | 44.6% | 35.1% | 189.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $5.0M | $50.4M | $8.6M | $46.3M | $44.0M | $49.2M | $43.3M | $69.3M | $71.0M | $64.1M | $67.4M | $36.0M |
| Cash & equivalents | $5.0M | $50.4M | $8.6M | $46.3M | $44.0M | $49.2M | $43.3M | $69.3M | $71.0M | $64.1M | $67.4M | $36.0M |
| Receivables | $14.3M | $14.3M | $13.7M | $16.7M | $18.1M | $37.3M | $19.0M | $23.8M | $20.9M | $16.5M | $21.6M | $21.6M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $40.8M | $0 | $54.4M | $0 | $0 | $0 | $47,000 | $85,000 | $93,000 | $118,000 | $13,000 | $57,000 |
| Total current assets | $60.1M | $50.4M | $76.7M | $63.1M | $62.2M | $86.4M | $62.3M | $93.2M | $92.0M | $80.8M | $89.0M | $57.6M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $1.93B | $1.98B | $1.98B | $1.98B | $2.01B | $2.09B | $2.08B | $2.05B | $1.99B | $1.79B | $1.64B | $1.48B |
| Other non-current assets | $409,000 | $14.9M | $327,000 | $413,000 | $590,000 | $388,000 | $50,000 | $50,000 | $50,000 | $175,000 | $177,000 | $50,000 |
| Total assets | $1.99B | $2.05B | $2.05B | $2.04B | $2.07B | $2.17B | $2.14B | $2.14B | $2.08B | $1.88B | $1.73B | $1.54B |
| Liabilities | ||||||||||||
| Accounts payable | $35.6M | $33.2M | $44.3M | $39.6M | $45.1M | $48.9M | $61.1M | $51.0M | $72.1M | $56.6M | $35.3M | $35.8M |
| Total current liabilities | — | $46.8M | — | $39.6M | $45.1M | $48.9M | $61.1M | $51.0M | $72.1M | $56.6M | $35.3M | $35.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $1.14B | $1.14B | $1.18B | $1.12B | $1.14B | $1.20B | $1.11B | $1.10B | $1.02B | $820.6M | $947.7M | $863.9M |
| Total liabilities | $1.14B | $1.18B | $1.18B | $1.16B | $1.19B | $1.25B | $1.17B | $1.15B | $1.10B | $877.3M | $983.0M | $899.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $494,000 | $494,000 | $494,000 | $494,000 | $495,000 | $512,000 | $534,000 | $546,000 | $547,000 | $548,000 | $412,000 | $356,000 |
| Retained earnings (deficit) | −$81.9M | −$66.8M | −$55.7M | −$49.6M | −$46.0M | −$39.7M | −$26.5M | −$27.2M | −$33.8M | −$23.9M | −$29.2M | −$35.3M |
| Total shareholders' equity | $849.0M | $864.1M | $875.2M | $881.5M | $887.7M | $920.0M | $970.3M | $990.6M | $986.4M | $998.2M | $747.9M | $639.0M |
| Key figures | ||||||||||||
| Total debt | $1.09B | $1.14B | $1.12B | $1.11B | $1.11B | $1.20B | $1.11B | $1.09B | $1.02B | $817.2M | $943.9M | $860.2M |
| Net cash (debt) | −$1.08B | −$1.09B | −$1.11B | −$1.06B | −$1.07B | −$1.15B | −$1.07B | −$1.03B | −$949.7M | −$753.1M | −$876.5M | −$824.2M |
| Working capital | — | $3.6M | — | $23.5M | $17.1M | $37.5M | $1.2M | $42.1M | $19.9M | $24.1M | $53.7M | $21.8M |
| Tangible book value | $849.0M | $864.1M | $875.2M | $881.5M | $887.7M | $920.0M | $970.3M | $990.6M | $986.4M | $998.2M | $747.9M | $639.0M |
| Book value per share | $17.19 | $17.50 | $17.72 | $17.84 | $17.69 | $17.62 | $17.93 | $18.11 | $18.00 | $18.92 | $18.13 | $18.35 |
| Shares outstanding | 49.4M | 49.4M | 49.4M | 49.4M | 50.2M | 52.2M | 54.1M | 54.7M | 54.8M | 52.8M | 41.2M | 34.8M |
| Current ratio | — | 1.08 | — | 1.59 | 1.38 | 1.77 | 1.02 | 1.83 | 1.28 | 1.43 | 2.52 | 1.61 |
| Quick ratio | — | 1.38 | — | 1.59 | 1.38 | 1.77 | 1.02 | 1.82 | 1.27 | 1.42 | 2.52 | 1.61 |
| Debt / equity | 1.28 | 1.32 | 1.27 | 1.25 | 1.26 | 1.30 | 1.14 | 1.10 | 1.03 | 0.82 | 1.26 | 1.35 |
| Equity / assets | 42.7% | 42.2% | 42.6% | 43.2% | 42.8% | 42.3% | 45.3% | 46.3% | 47.4% | 53.2% | 43.2% | 41.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
NCDL financial position
At the end of fiscal 2025 (December 31, 2025), Nuveen Churchill Direct Lending had total assets of $2.1 billion (down 4.2% from a year earlier), total liabilities of $1.2 billion and shareholders' equity of $875.2 million. It held $8.6 million in cash and short-term investments against $1.1 billion of debt, net debt of $1.1 billion. In the latest quarter (ended June 30, 2026) total assets were $2.0 billion and equity $849.0 million.
Related: NCDL income statement, NCDL cash flow statement, NCDL key metrics. See the NCDL stock overview for the latest quote and news.
NCDL balance sheet FAQ
What are Nuveen Churchill Direct Lending's total assets?
Nuveen Churchill Direct Lending reported total assets of $2.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.1 billion a year earlier.
How much debt does Nuveen Churchill Direct Lending have?
Nuveen Churchill Direct Lending had $1.1 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.27.
How much cash does Nuveen Churchill Direct Lending have?
Nuveen Churchill Direct Lending held $8.6 million in cash and short-term investments at the end of fiscal 2025; with $1.1 billion of debt that is net debt of $1.1 billion.
What is Nuveen Churchill Direct Lending's book value?
Nuveen Churchill Direct Lending's shareholders' equity (book value) was $875.2 million at the end of fiscal 2025, or $17.40 per share.