Nuveen Churchill Direct Lending Corp. (NCDL) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 6.61M | 28.57M | 37.25M | 56M | -8.81M | 43.63M | -42.27M | -169.36M | -97.56M | 20.83M | 16.05M | 16.92M | 19.25M | 15.06M | 18.57M | 3.94M | -12.44M | 32.99M | -6.54M | -30.65M |
| Operating CF Margin % | 15.37% | 77.78% | 93.22% | 146.63% | -16.44% | 90.31% | -75.41% | -453.58% | -220.2% | 42.59% | 42.81% | 55.28% | 71.29% | 74.98% | 131.03% | 23.87% | -87.76% | 253.29% | -63.64% | -408.46% |
| Operating CF Growth % | 175% | -34.52% | 188.14% | 133.07% | 90.97% | 109.43% | -363.35% | -1101.07% | -606.86% | 38.28% | -13.59% | 329.06% | 254.72% | -54.34% | 383.79% | 112.87% | -127.33% | 414.97% | -151.65% | -1943.98% |
| Net Income | 8.69M | 15.92M | 18.66M | 16.02M | 15.02M | 29.45M | 36.64M | 20.2M | 30.02M | 28.77M | 20.15M | 14.31M | 12.72M | 7.26M | 6M | -2.72M | 6.75M | 9.33M | 8.64M | 5.4M |
| Depreciation & Amortization | 0 | 0 | 0 | -4.81M | 0 | 0 | 1.28M | 664K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 13.25M | 1.1M | 33.49M | 1.09M | 5.73M | -1.32M | -59.78M | -196.3M | -151.58M | -4.34M | 661K | 3.29M | 3.85M | 6.42M | 6.25M | 12.34M | 1.94M | -1.34M | -2.52M | -1.69M |
| Working Capital Changes | -15.33M | 11.55M | -14.89M | 43.71M | -29.56M | 15.5M | -20.41M | 6.07M | 24M | -3.59M | -4.76M | -674K | 2.68M | 1.38M | 6.33M | -5.67M | -21.13M | 25M | -12.66M | -34.36M |
| Change in Receivables | -358K | 2.47M | 1.42M | 19.12M | -18.27M | 4.79M | -2.83M | 0 | 5.1M | -57K | -6.83M | -1.22M | 278K | 483K | -32K | 13.19M | -14.8M | -485K | -5.02M | -1.6M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -8M | 0 | 0 | 15.04M | 0 | 13.17M | 0 | 0 | 0 | -796K | 727K | -643K | 1.14M | 1.32M | 658K | -18.9M | -6.28M | 25.49M | -7.95M | -32.54M |
| Cash from Investing | -20.34M | 0 | 0 | 81.14M | 0 | -31.64M | 0 | 0 | 0 | -155.54M | -130.38M | -96.34M | -60.31M | -103.33M | -131.36M | -161.32M | -56.97M | -115.2M | -150.61M | -93.52M |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 1.98B | 1.98B | 11.06M | 18.85M | 8.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 1.66M | -12.42M | -34.93M | -142.31M | 14.68M | -38.04M | 40.59M | 176.2M | 94.31M | 166.13M | 104.85M | 75.31M | 51.36M | 90.02M | 117.25M | 167.06M | 57.6M | 102.65M | 138.27M | 134.24M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | -2.69M | -26M | -37.06M | -22.45M | -5.93M | -5.15M | 241.66M | 99.91M | 78.53M | 39.98M | 473K | 59.54M | 114.98M | -29.94M | 30M | 59.21M | 80M | 55M |
| Dividends Paid | -22.22M | -22.22M | -22.3M | -28.27M | -29.47M | -27.86M | -26.55M | -21.49M | -19.33M | -16.73M | -14.78M | -19.07M | -12.61M | -10.66M | -8.88M | -7.92M | -7.2M | -5.97M | -3.69M | -2.73M |
| Share Repurchases | 0 | 0 | -2.69M | -26M | -37.06M | -22.45M | -5.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -1K | 0 | -5.6M | 0 | -152K | -407K | -1.64M | 0 | 0 | 0 | 0 | 0 | -62.12M | 62.12M | 0 | 178K | -145K | -33K |
| Net Change in Cash | -12.08M | 16.15M | 2.33M | -5.17M | 5.87M | -26.05M | -1.68M | 6.84M | -3.25M | 31.42M | -9.48M | -4.12M | 10.3M | 1.76M | 4.6M | 9.62M | -11.84M | 20.01M | -19.25M | 10.13M |
| Free Cash Flow | 6.61M | 28.57M | 37.25M | 56M | -8.81M | 43.63M | -42.27M | -169.36M | -97.56M | 20.83M | 16.05M | 16.92M | 19.25M | 15.06M | 18.57M | 3.94M | -12.44M | 32.99M | -6.54M | -30.65M |
| FCF Margin % | 15.37% | 77.78% | 93.22% | 146.63% | -16.44% | 90.31% | -75.41% | -453.58% | -220.2% | 42.59% | 42.81% | 55.28% | 71.29% | 74.98% | 131.03% | 23.87% | -87.76% | 253.29% | -63.64% | -408.46% |
| FCF Growth % | 175% | -34.52% | 188.14% | 133.07% | 90.97% | 109.43% | -363.35% | -1101.07% | -606.86% | 38.28% | -13.59% | 329.06% | 254.72% | -54.34% | 383.79% | 112.87% | -127.33% | 414.97% | -151.65% | -1943.98% |
| FCF per Share | 0.13 | 0.58 | 0.75 | 1.12 | -0.17 | 0.81 | -0.77 | -3.09 | -1.85 | 0.51 | 0.46 | 0.55 | 0.67 | 0.53 | 0.76 | 0.18 | -0.61 | 1.84 | -0.46 | -2.86 |
| FCF Conversion (FCF/Net Income) | 0.76x | 1.79x | 2.00x | 3.50x | -0.32x | 1.48x | -1.15x | -8.38x | -3.25x | 0.72x | 0.80x | 1.18x | 1.51x | 2.08x | 3.10x | -1.45x | -1.84x | 3.54x | -0.76x | -5.67x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |