Nuveen Churchill Direct Lending Corp. (NCDL) - Net Assets
Based on the latest financial reports, Nuveen Churchill Direct Lending Corp. (NCDL) has net assets worth $875.18 Million USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($2.05 Billion) and total liabilities ($1.18 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Nuveen Churchill Direct Lending Corp. asset resilience ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $875.18 Million |
| % of Total Assets | 42.6% |
| Annual Growth Rate | N/A |
| 5-Year Change | 133.97% |
| 10-Year Change | N/A |
| Growth Volatility | 55.52 |
Nuveen Churchill Direct Lending Corp. - Net Assets Trend (2018–2025)
This chart illustrates how Nuveen Churchill Direct Lending Corp.'s net assets have evolved over time, based on quarterly financial data. Also explore NCDL current and non-current assets for the complete picture of this company's asset base.
Annual Net Assets for Nuveen Churchill Direct Lending Corp. (2018–2025)
The table below shows the annual net assets of Nuveen Churchill Direct Lending Corp. from 2018 to 2025. For live valuation and market cap data, see NCDL stock market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $875.18 Million | -9.81% |
| 2024-12-31 | $970.32 Million | +29.74% |
| 2023-12-31 | $747.88 Million | +42.47% |
| 2022-12-31 | $524.96 Million | +40.34% |
| 2021-12-31 | $374.05 Million | +137.28% |
| 2020-12-31 | $157.64 Million | +138.09% |
| 2019-12-31 | $66.21 Million | +135.78% |
| 2018-12-31 | $-185.03 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Nuveen Churchill Direct Lending Corp.'s total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 178.7% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $494.00K | 0.06% |
| Other Components | $930.39 Million | 106.31% |
| Total Equity | $875.18 Million | 100.00% |
Nuveen Churchill Direct Lending Corp. Competitors by Market Cap
The table below lists competitors of Nuveen Churchill Direct Lending Corp. ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Nanjing Baose Co Ltd
SHE:300402
|
$664.12 Million |
|
Tipco Asphalt Public Company Limited
BK:TASCO
|
$664.15 Million |
|
Lao Feng Xiang Co Ltd B
SHG:900905
|
$664.17 Million |
|
HANA Micron Inc
KQ:067310
|
$664.53 Million |
|
Yes Optoelectronics Co Ltd Class A
SHE:002952
|
$663.73 Million |
|
Beijing Sanlian Hope Shin-Gosen Technical Service Co Ltd
SHE:300384
|
$663.33 Million |
|
TPG RE Finance Trust Inc
NYSE:TRTX
|
$663.30 Million |
|
China Haisum Engineering Co Ltd
SHE:002116
|
$663.20 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Nuveen Churchill Direct Lending Corp.'s equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 970,320,000 to 875,180,000, a change of -95,140,000 (-9.8%).
- Net income of 65,614,000 contributed positively to equity growth.
- Dividend payments of 102,252,000 reduced retained earnings.
- Share repurchases of 65,745,999 reduced equity.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $65.61 Million | +7.5% |
| Dividends Paid | $102.25 Million | -11.68% |
| Share Repurchases | $65.75 Million | -7.51% |
| Other Changes | $7.24 Million | +0.83% |
| Total Change | $- | -9.81% |
Book Value vs Market Value Analysis
This analysis compares Nuveen Churchill Direct Lending Corp.'s book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.85x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has increased from 0.37x to 0.85x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2018-12-31 | $40.50 | $14.82 | x |
| 2019-12-31 | $16.29 | $14.82 | x |
| 2020-12-31 | $31.75 | $14.82 | x |
| 2021-12-31 | $29.11 | $14.82 | x |
| 2022-12-31 | $22.55 | $14.82 | x |
| 2023-12-31 | $22.40 | $14.82 | x |
| 2024-12-31 | $17.93 | $14.82 | x |
| 2025-12-31 | $17.40 | $14.82 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Nuveen Churchill Direct Lending Corp. utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 7.50%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 32.51%
- • Asset Turnover: 0.10x
- • Equity Multiplier: 2.35x
- Recent ROE (7.50%) is above the historical average (6.68%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2018 | 0.87% | 31.31% | 0.05x | 0.53x | $-15.03 Million |
| 2019 | 11.00% | 45.86% | 0.08x | 2.84x | $663.90K |
| 2020 | 1.36% | 24.62% | 0.02x | 2.24x | $-13.62 Million |
| 2021 | 7.29% | 69.46% | 0.05x | 2.19x | $-10.14 Million |
| 2022 | 3.29% | 36.92% | 0.04x | 2.39x | $-35.21 Million |
| 2023 | 10.15% | 52.73% | 0.08x | 2.31x | $1.15 Million |
| 2024 | 11.99% | 62.54% | 0.09x | 2.21x | $19.29 Million |
| 2025 | 7.50% | 32.51% | 0.10x | 2.35x | $-21.90 Million |
Industry Comparison
This section compares Nuveen Churchill Direct Lending Corp.'s net assets metrics with peer companies in the Asset Management industry.
Industry Context
- Industry: Asset Management
- Average net assets among peers: $1,222,611,667
- Average return on equity (ROE) among peers: 5.00%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Nuveen Churchill Direct Lending Corp. (NCDL) | $875.18 Million | 0.87% | 1.35x | $663.76 Million |
| Acadian Asset Management Inc (AAMI) | $84.00 Million | 95.24% | 7.06x | $1.86 Billion |
| AllianceBernstein Holding L.P. (AB) | $2.07 Billion | 13.23% | 0.00x | $3.60 Billion |
| Associated Capital Group Inc (AC) | $948.70 Million | 4.12% | 0.07x | $78.56 Million |
| Abrdn Emerging Markets Equity Income Fund Inc (AEF) | $79.50 Million | 27.37% | 0.59x | $265.69 Million |
| AgriFORCE Growing Systems Ltd (AGRI) | $2.99 Million | -170.94% | 0.46x | $194.14 Million |
| Alvarium Tiedemann Holdings Inc. (ALTI) | $782.49 Million | -21.16% | 0.62x | $368.87 Million |
| Affiliated Managers Group Inc (AMG) | $962.54 Million | 12.37% | 1.41x | $8.19 Billion |
| Ameriprise Financial Inc (AMP) | $6.55 Billion | 54.41% | 28.15x | $41.87 Billion |
| AMTD IDEA Group (AMTD) | $611.58 Million | 16.58% | 4.02x | $44.19 Million |
| Artisan Partners Asset Management Inc (APAM) | $132.30 Million | 18.75% | 3.39x | $2.65 Billion |
About Nuveen Churchill Direct Lending Corp.
Nuveen Churchill Direct Lending Corp. (the "Company") is business development company and was formed on March 13, 2018, as a limited liability company under the laws of the State of Delaware and was converted into a Maryland corporation on June 18, 2019 prior to the commencement of operations. The Company is a closed-end, externally managed, non-diversified management investment company that has … Read more