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Eric Zweck

Research Analyst at Lucid Capital Markets

Eric Zweck is an Analyst at Lucid Capital Markets, specializing in credit markets and covering specific companies such as Eagle Point Credit and Pearl Diver Credit. Known for his incisive research, Zweck has engaged directly with management teams on earnings calls, emphasizing NAV performance and portfolio outlooks. His career at Lucid Capital Markets appears to focus on credit investment vehicles, with active participation in quarterly analysis as of 2025. While public information regarding his professional credentials and quantitative performance metrics is limited, his consistent presence on institutional earnings calls marks him as a recognized specialist in credit sector analysis.

Eric Zweck's questions to Pearl Diver Credit Co (PDCC) leadership

Question · Q3 2025

Eric Zweck inquired about the mix of opportunities between U.S. and European CLOs and their relative attractiveness. He also questioned Pearl Diver Credit Company's strategy regarding future ATM equity issuance versus share repurchases, given the stock's discount to NAV, and asked about the outlook for potential portfolio growth over the next one to two quarters, considering leverage flexibility.

Answer

Indranil Basu, CEO, Founder, and Managing Partner, noted that the portfolio is primarily focused on the U.S. CLO market, with occasional consideration for European single B positions for NAV protection, though European equity positions currently lack adequate relative value. He stated that while share repurchases are an option, it's too early in the fund's life to prioritize them over ATMs, and they continuously monitor both. Mr. Basu added that portfolio growth and leverage modulation depend on attractive leverage costs and market conditions, with ATM proceeds and excess cash expected to be invested in secondary market CLO equity and European junior mezzanine debt.

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Question · Q3 2025

Eric Zweck from Lucid Capital Markets asked about the current mix of investment opportunities between U.S. and European CLOs, their relative attractiveness, and the company's strategy regarding ATM issuance versus share repurchases given the current trading discount to NAV. He also questioned the outlook for portfolio growth over the next two quarters, considering leverage flexibility.

Answer

Indranil Basu, CEO, Founder, and Managing Partner, stated that the portfolio primarily focuses on U.S. CLOs, with European single B debt positions occasionally considered for stronger NAV protection due to robust underlying loan portfolios. He noted that European CLO equity currently lacks adequate relative value. Regarding capital allocation, Mr. Basu indicated that both ATM issuance and share repurchases are continuously evaluated, but it's "too early" for repurchases. He added that leverage levels are modulated opportunistically, and ATM proceeds will be invested in CLO equity, including European junior mezzanine debt and U.S. secondary market CLO equity.

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