Pearl Diver Credit Co (PDCC) Company Report

Pearl Diver Credit Company Inc. (PDCC) declared a regular monthly dividend of $0.22 per share on its common stock for February, March, April, and May 2026.
A monthly dividend of $0.1667 per share was also declared for the Company's 8.00% Series A Term Preferred Stock Due 2029 for the same months, representing an 8.00% annual distribution rate.
Common stock dividends will be automatically reinvested unless stockholders opt out of the Dividend Reinvestment Plan (DRIP).

Jan 28, 2026, 10:02 PM

Press Release

Pearl Diver Credit Company Reports Q3 2025 Net Loss, Highlights Strong Recurring Cash Flows and Portfolio Activity

PDCC

Earnings

Dividends

New Projects/Investments

Pearl Diver Credit Company reported a net loss of $4.3 million or $0.64 per share for Q3 2025, primarily due to $6.9 million or $1.02 per share in net unrealized losses on investments, reflecting softer credit market conditions.
Despite the net loss, recurring cash flows from the CLO portfolio were strong at $8.7 million or $1.28 per share for Q3 2025, exceeding distributions and expenses by $0.26 per share, an increase from the prior quarter.
The company actively managed its portfolio, completing eight resets and refinancings which contributed to an increase in the weighted average GAAP yield to 13.07% as of September 30, 2025, up from 12.75% as of June 30, 2025.
As of September 30, 2025, Net Asset Value (NAV) per share was $16.89, with leverage at 25.7% of total assets, within the target range of 25% to 35%. The company also issued approximately 26,600 shares for $400,000 net proceeds through its ATM program through November 5.
Management views the rates market pricing in two to three quarter-point rate cuts as broadly positive for CLO equity, anticipating tighter credit spreads and increased LBO activity, with $200 billion in LBO deals announced in 2025 already surpassing 2024's total.

Nov 18, 2025, 4:00 PM

Transcript

Pearl Diver Credit Company Reports Q3 2025 Financial Results Amidst Market Headwinds

PDCC

Earnings

Dividends

New Projects/Investments

Pearl Diver Credit Company reported a net loss of $4.3 million or $0.64 per share for Q3 2025, primarily due to $6.9 million in net unrealized losses on investments.
Despite the net loss, the company generated strong recurring cash flows of $8.7 million or $1.28 per share from its CLO portfolio, exceeding distributions and expenses.
The portfolio's weighted average gap yield increased to 13.07% as of September 30, 2025, up from 12.75% in the prior quarter, driven by eight resets and refinancings and new position additions.
As of September 30, 2025, total net assets were $114.9 million, with a net asset value per share of $16.89, and leverage stood at 25.7% of total assets.
The company maintains a positive outlook for CLO equity, anticipating benefits from expected rate cuts, which could stimulate LBO activity (already $200 billion in Q1-Q3 2025) and improve arbitrage opportunities.

Nov 18, 2025, 4:00 PM

Transcript

Pearl Diver Capital Announces Q3 2025 Financial and Portfolio Highlights

PDCC

Earnings

Dividends

New Projects/Investments

Pearl Diver Capital (PDCC) reported net investment income of $3.0 million, or $0.44 per share, and a net loss of $4.3 million, or $0.64 per share, for the quarter ended September 30, 2025.
As of September 30, 2025, the company's portfolio NAV was $114.9 million, with a NAV per share of $16.89. PDCC distributed a $0.22 per common share dividend monthly in July, August, and September 2025, resulting in an annualized dividend yield of 16.0%.
The company generated recurring cash flows of $8.7 million, or $1.28 per share, and invested $9.5 million in secondary CLO equity investments during the quarter. The total portfolio weighted average effective yield increased to 13.07% from 12.75% as of June 30, 2025.

Nov 18, 2025, 4:00 PM

Presentation

Pearl Diver Credit Company Reports Q3 2025 Net Loss Amid Strong CLO Cash Flows and Active Portfolio Management

PDCC

Earnings

Dividends

New Projects/Investments

Pearl Diver Credit Company reported a net loss of $4.3 million, or $0.64 per share, for Q3 2025, with net asset value (NAV) per share at $16.89 as of September 30, 2025. Despite the net loss, the CLO portfolio generated strong recurring cash flows of $8.7 million, or $1.28 per share, comfortably exceeding distributions and expenses.
The company actively managed its portfolio, completing eight resets and refinancings and adding new positions, which contributed to an increase in the weighted average gap yield to 13.07% as of September 30, 2025, up from 12.75% in the prior quarter.
The portfolio consists of 53 CLO equity positions managed by 33 distinct CLO managers, with minimal exposure to the First Brands bankruptcy. The company views anticipated rate cuts and the $200 billion in LBO deals announced in Q1-Q3 2025 as broadly positive for CLO equity.
Leverage was $40.4 million, representing 25.7% of total assets, which is within the target range of 25%-35%. The company also issued approximately 26,600 shares through its ATM program for net proceeds of approximately $0.4 million through November 5.

Nov 18, 2025, 4:00 PM

Transcript

Pearl Diver Credit Company Reports Q3 2025 Results

PDCC

Earnings

Dividends

New Projects/Investments

Pearl Diver Credit Company reported a net loss of $4.3 million, or $0.64 per share, for Q3 2025, primarily due to $6.9 million in net unrealized losses on investments.
Despite the net loss, recurring cash flows from the CLO portfolio were strong at $8.7 million, or $1.28 per share, comfortably exceeding distributions and expenses.
As of September 30, 2025, the company's Net Asset Value per share was $16.89, with total assets at $157.5 million and leverage at 25.7% of total assets, which is within its target range.
Pearl Diver Credit Company increased its weighted average gap yield to 13.07% by quarter-end, having refinanced over 35% of its portfolio and completing eight resets and refinancings during Q3 2025.
The company distributed $0.22 per common share in dividends for July, August, September, and October, representing an annualized dividend yield of approximately 16% based on the share price at the end of September.

Nov 18, 2025, 4:00 PM

Transcript

Pearl Diver Credit Company Inc. Announces Third Quarter 2025 Financial Results

PDCC

Earnings

Dividends

Pearl Diver Credit Company Inc. announced its third quarter 2025 financial results on November 18, 2025.
The company reported a net asset value per share of common stock of $16.89 as of September 30, 2025, a decrease from $18.19 per share as of June 30, 2025.
For the quarter, GAAP net loss was $4.3 million, or $0.64 per share, while net investment income was $3.0 million, or $0.44 per share.
Recurring cash flows from CLO investments increased to $8.7 million, or $1.28 per share, for the quarter ended September 30, 2025, compared to $8.0 million, or $1.18 per share, in the preceding quarter.
The company declared monthly dividends of $0.22 per share of common stock for November and December 2025, and January 2026.

Nov 18, 2025, 1:00 PM

Press Release

Pearl Diver Credit Company Inc. Declares Monthly Dividends

PDCC

Dividends

Pearl Diver Credit Company Inc. (PDCC) announced a regular monthly dividend of $0.22 per share on its common stock for November and December 2025, and January 2026.
The company also declared a monthly dividend of $0.1667 per share for its 8.00% Series A Term Preferred Stock Due 2029 for the same months, reflecting an 8.00% annual distribution rate on a $25 liquidation preference per share.
Pearl Diver Credit Company Inc. is an externally managed, non-diversified, closed-end management investment company that primarily invests in equity and junior debt tranches of CLOs.

Nov 4, 2025, 10:02 PM

Press Release

Pearl Diver Credit Company Inc. announces "at the market" equity offering

PDCC

Pearl Diver Credit Company Inc. (PDCC) has initiated an "at the market" equity offering for its common stock.
The offering authorizes the sale of common stock with an aggregate maximum offering price of up to $75,000,000 under an Equity Distribution Agreement.
A prospectus supplement was filed on September 19, 2025, for the proposed issuance of Offered Shares with an aggregate offering price of up to $15,000,000.
Lucid Capital Markets, LLC will act as the placement agent, earning a commission of the lesser of 2.00% of the gross sales price or the difference between the gross sale price and the net asset value per share.
The net proceeds from the sale of shares are intended to help the company meet the requirements for qualification and taxation as a Regulated Investment Company (RIC).