Pearl Diver Credit Company (PDCC) Q4 2024 earnings summary

Executive summary

• IPO completed July 18, 2024; portfolio NAV at $135.2M as of December 31, 2024.

• Net asset value per share was $19.89 as of December 31, 2024.

• Net income for Q4 2024 was $3.4M ($0.50/share); investment income totaled $5.4M with $2.0M in expenses.

• Focused on maximizing total return from a diversified CLO equity portfolio, generating high current income.

• Raised $30M in Series A Preferred Stock due 2029, with an additional $4.5M raised in January 2025.

Financial highlights

• Q4 investment income: $5.4M ($0.80/share); net investment income: $3.4M ($0.50/share).

• Net income: $3.4M ($0.50/share); realized loss and unrealized gain on investments both $0.5M ($0.07/share each).

• NAV per share: $19.89; total net assets: $135.2M; cash and equivalents: $29.9M.

• Leverage stood at $35.6M, or 19.9% of total assets as of December 31, 2024.

• Portfolio weighted average effective yield: 14.89%.

Outlook and guidance

• Actively managed, agile, and relative value-focused investment approach.

• Emphasis on risk mitigation through diversification and real-time credit risk pricing.

• Ongoing focus on sourcing high-quality CLO equity and managing risk via deep industry relationships.

• Forward-looking statements subject to risks and uncertainties; actual results may differ materially.