Chandrajit Chakraborty
About Chandrajit Chakraborty
Chief Financial Officer and Secretary of Pearl Diver Credit Company Inc. since 2024; also Chief Investment Officer and Managing Partner of Pearl Diver Capital LLP, the Company’s investment adviser, with 26+ years in structured finance across Wachovia Securities, Nomura Securities, Deutsche Bank, UBS, Old Mutual, Fitch Ratings and JP Morgan . Education: Electronics Engineering (IIT) and a Master’s in Finance (Financial Engineering) with Distinction from London Business School . Born in 1970; tenure at PDCC since 2024 . Operational performance context during his tenure includes Q2 2025 net investment income of $3.1M and NAV per share of $18.19 (6/30), with a subsequent NAV per share of $18.48 (7/31) and monthly common dividends of $0.22 producing an annualized yield of ~14.7% as of June 2025 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Wachovia Securities | Structured finance banker/structurer/trader (prior role) | Not disclosed | Originated and structured innovative transactions (incl. leveraged loan CLOs; PE- and hedge fund–backed securitizations); managed a trading book focused on corporate credit and sovereign debt . |
| Nomura Securities | Structured finance banker/structurer/trader (prior role) | Not disclosed | Originated/structured securitizations; trading and structuring expertise in corporate credit and sovereign debt . |
| Deutsche Bank | Structured finance banker/structurer/trader (prior role) | Not disclosed | Structured credit experience; securitization origination/structuring . |
| UBS | Structured finance banker/structurer/trader (prior role) | Not disclosed | Structured transactions and trading in credit/sovereign debt . |
| Old Mutual | Structured finance (prior role) | Not disclosed | Structured transactions; securitization expertise . |
| Fitch Ratings | Structured finance (prior role) | Not disclosed | Rating/analytical foundation for structured products . |
| JP Morgan | Structured finance (prior role) | Not disclosed | Structured transactions; trading background . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Pearl Diver Capital LLP (PDCC’s Adviser) | Chief Investment Officer and Managing Partner | 2008–present | Adviser AUM ~$3.0B for investment in CLO securities as of Aug 31, 2025; Adviser is owned by Indranil (Neil) Basu and Chandrajit Chakraborty . |
Fixed Compensation
| Component | PDCC disclosure |
|---|---|
| Base salary ($) | Not disclosed by PDCC; the Company states “none of the Company’s officers is directly compensated by the Company” . |
| Target bonus (%) | Not disclosed by PDCC; officers not directly compensated by PDCC . |
| Actual bonus ($) | Not disclosed by PDCC; officers not directly compensated by PDCC . |
| Perquisites | Not disclosed by PDCC . |
Performance Compensation
| Plan/metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Company executive incentive plan (officers) | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
PDCC’s proxy does not disclose any Company-level executive incentive plan for officers; officers are not directly compensated by PDCC (compensation occurs at the Adviser) .
Equity Ownership & Alignment
| As-of date | Security | Amount/interest | Ownership form | Notes |
|---|---|---|---|---|
| 07/16/2024 | Common Stock | 106,662 shares | Indirect (via Isthmus Capital, LLC) | Form 3 filed by Mr. Chakraborty; remarks note his indirect ownership in Isthmus Capital, LLC (then PDCC’s sole stockholder) . |
| 07/16/2024 | Common Stock | 4,266,473 shares | Direct (Isthmus Capital, LLC) | Form 3 (Isthmus Capital) reporting majority block; Mr. Chakraborty is a co-owner of the Adviser; see control context below . |
| 09/10/2025 (referenced in proxy) | Common Stock | Majority voting interest (Isthmus Capital) | Shared voting/dispositive power (Isthmus Capital) | Proxy footnote: Isthmus Capital had shared voting/dispositive power over 4,266,473 common shares, “representing a majority voting interest” (as per 13D/A Sep 10, 2025) . |
| 10/15/2025 (Record Date) | Officers & Directors as a group | <1% of common stock | — | Proxy states officers and directors, in aggregate, own less than 1% of common stock . |
| 10/15/2025 (Record Date) | Shares outstanding | 6,803,959 common; 1,380,000 preferred | — | Outstanding counts per proxy . |
| 07/16/2024 | Derivative securities | None reported | — | Form 3 for Mr. Chakraborty reported no derivative securities (Table II empty) . |
- Stock pledging/hedging: No pledging or hedging disclosures found in PDCC’s proxy for officers .
- Stock ownership guidelines: No executive ownership guideline disclosures identified for officers in the proxy .
- Compliance with guidelines: Not disclosed .
Employment Terms
| Term | Disclosure |
|---|---|
| Title(s) | Chief Financial Officer and Secretary . |
| Start/tenure | Served since 2024; no set term . |
| Employer of record | Officer of PDCC; PDCC discloses officers are not directly compensated by the Company (compensation at Adviser) . |
| Contract term/expiration | Not disclosed . |
| Auto-renewal | Not disclosed . |
| Non-compete / Non-solicit | Not disclosed . |
| Garden leave / Post-termination consulting | Not disclosed . |
| Severance / Change-of-control (trigger type, multiples, acceleration) | Not disclosed . |
| Clawback provisions | Not disclosed . |
| D&O insurance | Company has directors’ and officers’ liability insurance on behalf of directors and officers . |
Performance & Track Record (operational context during tenure)
| Metric ($USD) | Q2 2025 (quarter ended 06/30/2025) | Subsequent (as of 07/31/2025) |
|---|---|---|
| Investment income | $5.5M | — |
| Total expenses | $2.4M | — |
| Net investment income (NII) | $3.1M | — |
| Net unrealized gains | $0.5M | — |
| Net realized loss | $0.07M | — |
| Net income | $3.5M | — |
| Total assets | $166.1M | — |
| Total net assets | $123.6M | — |
| NAV per share | $18.19 (6/30/2025) | $18.48 (7/31/2025) |
| Common dividends | $0.22 per share for Apr–Oct 2025 | — |
| Dividend yield (annualized) | ~14.7% (based on share price at June) | — |
Notable responsibilities and capital markets activity: executed as signatory in CFO and Secretary capacities on certificates and the Equity Distribution Agreement supporting the Company’s at-the-market program (and related 8-K exhibits) .
Compensation Committee Analysis (governance)
- PDCC has no separate compensation committee; the Governance and Nominating Committee (independent directors) recommends compensation for Independent Directors, while the Board nominates officers; executive officer pay is not set or paid by PDCC .
- Independent Director pay structure: $100,000 annual fee; Audit Chair +$10,000; Governance & Nominating Chair +$5,000; interested directors/officers receive $0 from PDCC; D&O insurance in place .
Related Party Transactions (adviser alignment and potential conflicts)
- Adviser relationship: PDCC is externally managed under an Advisory Agreement, with Pearl Diver Capital LLP as Adviser; the Adviser is owned by Indranil (Neil) Basu and Chandrajit Chakraborty; senior members also hold indirect interests in the Adviser’s parent .
- Adviser scale: ~$3.0B AUM for investment in CLO securities as of Aug 31, 2025 .
- Control dynamics: Isthmus Capital, LLC held shared voting/dispositive power over 4,266,473 common shares (majority voting interest), while University of Wisconsin Foundation owned 21.5% of PDCC common and has majority interests in Isthmus but delegated certain voting authority such that it is not a control person, per the proxy footnote .
Performance Compensation (detail table template)
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed in PDCC filings for officers | — | — | — | — | — |
No PDCC officer performance metrics, targets, or vesting schedules are disclosed; officers are not directly compensated by PDCC .
Investment Implications
- Direct cash/equity incentive alignment at the Company level appears limited because PDCC does not directly compensate officers; incentives likely reside at the Adviser (Pearl Diver Capital LLP), where Chakraborty is a co-owner and CIO—this can align him with Adviser economics and AUM growth rather than PDCC’s per-share outcomes .
- Control/ownership structure: Isthmus Capital’s majority voting interest and Chakraborty’s connection to the Adviser/ownership layer centralize influence; while this can stabilize leadership/retention, it also concentrates governance power outside minority common stockholders, a consideration for trading around governance catalysts .
- Insider selling pressure from vesting is low at the Company level (no PDCC RSU/option awards disclosed for officers), but liquidity events could occur through the Isthmus/Adviser level rather than individual PDCC equity grants; no pledging/hedging disclosures were found for officers .
- Operational delivery: NII generation and NAV stability (Q2 2025 NII $3.1M; NAV per share increased to $18.48 by 7/31) and sustained $0.22 monthly dividends support a yield-centric profile; positive carry can be a short-term confidence signal but is sensitive to CLO cash flow dynamics and loan repricing cycles cited in the call .
- Governance oversight: With no separate comp committee and Independent Director compensation set by Governance & Nominating, investors should focus engagement on Adviser contract terms and Board oversight of risk, fees, and conflicts to ensure alignment with per-share total return objectives .