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Pearl Diver Credit Company (PDCC) investor relations material
Pearl Diver Credit Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Portfolio NAV reached $114.9M as of September 30, 2025, with 53 CLOs managed by 33 managers and over 1,900 unique corporate debt exposures.
Portfolio generated recurring cash flows exceeding distributions and expenses, despite headwinds in the CLO equity market and the First Brands bankruptcy.
Technology-driven investment platform, including machine learning and data science, enables rapid assessment, risk management, and portfolio construction.
Portfolio is actively managed and diversified, with a 16.0% annualized dividend yield and a B+/B average credit rating of underlying loans.
Nearly all investments remain in reinvestment periods, providing flexibility to manage exposures and sector risks.
Financial highlights
Investment income for Q3 2025 was $5.4M ($0.80/share); net investment income was $3.0M ($0.44/share).
Net unrealized losses on investments totaled $6.9M ($1.02/share); net realized loss was $424K.
Net loss for the quarter was $4.3M ($0.64/share).
Recurring cash flows from the CLO portfolio were $8.7M ($1.28/share), up from $8M ($1.18/share) in Q2.
NAV per share at quarter end was $16.89, with total net assets of $114.9M.
Outlook and guidance
Constructive outlook for CLO equity performance in a gradually easing monetary environment, with rate cuts expected to benefit arbitrage and refinancing conditions.
Management expects near-term headwinds to abate and remains confident in executing the CLO equity investment strategy.
Active portfolio management expected to continue, with focus on secondary CLO equity and selective European junior mezzanine debt.
Monthly dividends of $0.22/share declared for November, December 2025, and January 2026, representing a 16% annualized yield.
Launched a $15M at-the-market offering of common shares to support future growth.
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