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PDCC

Pearl Diver Credit Company Inc.

PDCC

Pearl Diver Credit Company Inc. • NYSE
$15.15 ▼ -0.07% (-0.01)
Market Cap $103.08 M
52w High $21.30
52w Low $15.11
Dividend Yield 2.64%
P/E 24.84
Volume 1.74K
Outstanding Shares 6.80M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2024 $9.495M ▼ $0 $6.77M ▲ 71.298% ▲ $0.85 ▲ $6.824M ▲
Q2-2024 $10.172M $0 $3.904M 38.378% $0.51 $3.926M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $177K ▼ $166.129M ▼ $42.525M ▲ $123.604M ▼
Q4-2024 $29.933M ▲ $179.072M ▲ $14.866M ▲ $164.206M ▲
Q2-2024 $45.924K $88.616M $1.787M $86.829M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2024 $6.77M $-19.536M $-136.972M $162.619M $142.132K $-19.536M

Five-Year Company Overview

Income Statement

Income Statement PDCC’s income statement shows a very small but positive profit base, which is notable for a newly listed credit fund. Revenue and operating profit have edged up, but earnings per share have dipped, likely because results are now spread over a larger share count after the IPO. Profitability today looks modest and heavily dependent on investment income from CLO holdings, so results may be uneven from year to year as credit markets move.

Balance Sheet

Balance Sheet The balance sheet has expanded, with assets and shareholder equity both stepping up, suggesting growth in the investment portfolio funded mainly by equity capital. Debt has begun to appear but remains low relative to equity, so leverage is present but not yet aggressive. Cash on hand looks thin, which is typical for a fully invested credit vehicle but means the firm relies on portfolio cash flows and financing lines rather than large idle cash reserves.

Cash Flow

Cash Flow Cash flow paints a picture of a business still ramping up. Operating cash flow has dipped slightly into negative territory and free cash flow is also negative, indicating that cash going out for investments and expenses has been higher than cash coming in during this early phase. There is essentially no spending on hard assets; instead, cash is being directed into financial assets. This makes the company’s ability to fund dividends and growth tightly linked to the timing and resilience of cash flows from its CLO positions and any capital raised in markets.

Competitive Edge

Competitive Edge PDCC sits in a narrow but specialized corner of asset management, focused on CLO equity and junior debt, which are complex and less crowded segments. Its edge comes from being externally managed by a long-standing CLO specialist with a heavy emphasis on technology and data, giving it a deeper and faster view of loan and CLO performance than many traditional peers. The closed-end, exchange-traded structure also makes this type of strategy more accessible and transparent than private funds. On the other hand, the firm competes against much larger global credit platforms, operates in a cyclical, credit-sensitive niche, and is still building its own track record as a public vehicle.

Innovation and R&D

Innovation and R&D Instead of classic R&D, PDCC’s innovation is centered on data, software, and analytics. Its manager has built a large proprietary data lake, daily stress-testing tools, machine learning models for manager and loan behavior, and AI tools to read complex legal documents. This toolkit aims to turn a very opaque asset class into something more measurable and predictable. The platform is also extending into adjacent products like significant risk transfer structures and into new regions, which could diversify revenue over time. The payoff from these innovations will be proven mainly by how the portfolio behaves through tougher credit conditions, not just in calm markets.

Summary

Pearl Diver Credit Company is an early-stage, specialized credit fund that combines a small but positive profit base with a growing asset footprint and modest leverage. Its finances show a business still in ramp-up mode: equity-funded growth, thin cash, and negative free cash flow as capital is deployed into CLO positions. The core story is not about traditional manufacturing or services but about extracting value from complex credit structures using a sophisticated data and AI engine. If the tools and expertise translate into better risk control and more resilient cash flows, PDCC could strengthen its position in a niche area of asset management. Key uncertainties remain around credit cycle sensitivity, reliance on complex models, and the company’s ability to sustain and grow cash distributions through periods of market stress.

NEWS

November 18, 2025 · 8:00 AM UTC

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

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November 11, 2025 · 6:29 PM UTC

Pearl Diver Credit Company Inc. Schedules Third Quarter 2025 Earnings Release and Conference Call

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November 4, 2025 · 5:02 PM UTC

Pearl Diver Credit Company Inc. Declares Monthly Dividends

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