The company's financial position appears increasingly vulnerable, characterized by a debt-to-equity ratio that has climbed to 1.32 as of 2026Q1 alongside a deepening negative retained earnings balance of -$66.8 million.
| Total Current Assets | 29.52M | 22.28M | 62.3M | 89M | 53.53M | 47.86M | 0 | 0 | 167.46M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | -15.58M | -7.84M | 164.67M |
| Total Non-Current Assets | 1.98B | 0 | 2.08B | 1.64B | 1.2B | 773.06M | 0 | 0 | 164.67M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 3.99B | 1.98B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - |
| Total Assets | 2.05B | 2.05B | 2.14B | 1.73B | 1.25B | 820.92M | 353.46M | 188.37M | 86.91M |
| Asset Turnover | 0.08x | 0.10x | 0.09x | 0.08x | 0.04x | 0.05x | 0.02x | 0.08x | 0.05x |
| Asset Growth % | -14.84% | -4.16% | 23.85% | 38.03% | 52.75% | 132.25% | 87.64% | 116.74% | - |
| Total Current Liabilities | 0 | 0 | 61.06M | 35.31M | 25.78M | 36.38M | 0 | 0 | 180.82M |
| Accounts Payable | 0 | 0 | 61.06M | 35.31M | 25.78M | 36.38M | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 86.91M |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 93.91M |
| Current Ratio | - | - | 1.02x | 2.52x | 2.08x | 1.32x | - | - | 0.93x |
| Quick Ratio | - | - | 1.02x | 2.52x | 2.08x | 1.32x | - | - | 0.93x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.18B | 1.18B | 1.11B | 947.67M | 703.23M | 410.49M | 0 | 0 | 91.12M |
| Long-Term Debt | 1.14B | 1.12B | 1.11B | 943.94M | 699.77M | 406.37M | 188.28M | 118.35M | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 1.18B | 1.18B | 1.17B | 982.98M | 729M | 446.87M | 195.82M | 122.16M | 271.94M |
| Total Debt | 1.14B | 1.12B | 1.11B | 943.94M | 699.77M | 406.37M | 188.28M | 118.35M | 0 |
| Net Debt | 1.12B | 1.11B | 1.07B | 876.54M | 660.5M | 371.18M | 175.67M | 114.93M | -2.24M |
| Debt / Equity | 1.32x | 1.27x | 1.14x | 1.26x | 1.33x | 1.09x | 1.19x | 1.79x | - |
| Debt / EBITDA | 14.69x | 7.76x | 9.51x | 12.30x | 40.43x | 14.90x | 87.77x | 6.19x | - |
| Net Debt / EBITDA | 14.49x | 7.70x | 9.14x | 11.42x | 38.16x | 13.61x | 81.90x | 6.02x | -0.56x |
| Interest Coverage | 1.07x | 1.84x | 1.46x | 1.25x | 0.67x | 2.77x | 0.48x | - | - |
| Total Equity | 864.11M | 875.18M | 970.32M | 747.88M | 524.96M | 374.05M | 157.64M | 66.21M | 249.34M |
| Equity Growth % | -36.9% | -9.8% | 29.74% | 42.47% | 40.34% | 137.28% | 138.09% | -73.45% | - |
| Book Value per Share | 17.50 | 17.40 | 17.93 | 22.40 | 22.55 | 29.11 | 31.75 | 16.29 | 61.33 |
| Total Shareholders' Equity | 864.11M | 875.18M | 970.32M | 747.88M | 524.96M | 374.05M | 157.64M | 66.21M | 164.67M |
| Common Stock | 494K | 494K | 534K | 412K | 287K | 193K | 84K | 33K | 0 |
| Retained Earnings | -66.78M | -55.71M | -26.5M | -29.25M | -23.93M | 3.43M | -3.45M | 2.21M | 70.75M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 70.75M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 84.67M |
Rising leverage and credit risk
As reported in recent SEC filings, NCDL's equity base has contracted from $998.2 million in 2024Q1 to $864.1 million by 2026Q1, signaling a weakening financial position that appears to be driven by persistent negative retained earnings and a struggle to maintain capital buffers amidst portfolio volatility.
The consistent decline in equity suggests that the company is failing to retain earnings, which may indicate that dividend distributions are outpacing the underlying profitability of the loan portfolio. Investors should monitor whether this downward trajectory in net assets continues to compress the company's ability to absorb potential credit losses.
Based on NCDL's reported figures, the debt-to-equity ratio has climbed from 0.82 in 2024Q1 to 1.32 in 2026Q1, suggesting that management is increasingly relying on borrowed capital to sustain operations as the equity cushion thins, which warrants further investigation into the sustainability of this leverage profile.
The shift toward higher leverage levels may indicate a strategic attempt to boost returns on equity, yet it simultaneously increases the sensitivity of the balance sheet to interest rate fluctuations and borrower defaults. This trend appears to be a departure from the more conservative capital structure maintained during the company's initial public entry.
According to quarterly financial statements, NCDL's cash position has dwindled from $67.4 million in 2023Q4 to a mere $15.3 million by 2026Q1, indicating a tightening liquidity buffer that may limit the company's flexibility to deploy capital or manage unexpected shocks in the middle-market credit environment.
The rapid depletion of cash reserves suggests that the company is operating with minimal margin for error, potentially forcing reliance on external financing facilities to meet ongoing obligations. This liquidity profile appears increasingly fragile, especially given the volatility observed in the company's operating cash flow.
As indicated by the company's balance sheet data, retained earnings have remained consistently negative, deepening from -$23.9 million in 2024Q1 to -$66.8 million in 2026Q1, which suggests that the firm is struggling to generate sufficient net income to offset its distribution policy and operational costs.
The persistent negative balance in retained earnings is a concerning indicator of earnings quality, implying that the company is effectively returning capital to shareholders rather than reinvesting in the business. This pattern warrants close scrutiny, as it may indicate that the current dividend model is not supported by organic growth.
Quick answers to the most common questions about buying NCDL stock.
As of 2025, Nuveen Churchill Direct Lending Corp. (NCDL) had total assets of $2.05B including $22.3M in current assets.
Nuveen Churchill Direct Lending Corp. (NCDL) carries total debt of $1.12B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Nuveen Churchill Direct Lending Corp. (NCDL) has total shareholders' equity (book value) of $875.2M ($17.40 book value per share). Book value represents the net worth of the company belonging to common stock holders.