Pearl Diver Credit Company (PDCC) investor relations material

Executive summary

• Net asset value per share rose to $11.15 as of June 30, 2026, up from $10.48 at March 31, 2026, reflecting CLO equity market recovery and tighter spreads.

• GAAP net income was $8.5 million ($1.23 per share), driven by strong unrealized gains and recurring cash flows exceeding distributions and expenses.

• Portfolio diversification and reinvestment flexibility remain key strengths, with 70% of assets in CLOs with reinvestment end dates of 2029 or later and exposure to 1,800+ unique corporate debts.

• Annualized forward dividend yield reached 15.7% as of June 30, 2026.

• Risk sentiment improved, liability spreads tightened, and refinancing activity increased.

Financial highlights

• Investment income was $4.2 million ($0.60 per share), down from $4.8 million ($0.70 per share) in Q1.

• Net investment income was $1.9 million ($0.28 per share); net increase in net assets from operations was $8.5 million ($1.26 per share).

• Net unrealized gains of $6.7 million ($0.97 per share) offset a modest net realized loss of $107,000.

• Recurring cash flows from CLO investments were $8.8 million ($1.27 per share), down from $10.4 million ($1.53 per share) in the previous quarter.

• Distributed $0.22 per share in April and May, and $0.13 in June.

Outlook and guidance

• Management is constructive on CLO equity opportunities, supported by active management, proprietary technology, and disciplined credit selection.

• Declared monthly dividends of $0.13 per share for September, October, and November 2026.

• Focus on capital preservation, opportunistic adjustments, and maximizing value through activist investing in CLO equity.