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PDPA

Pearl Diver Credit Company Inc.

PDPA

Pearl Diver Credit Company Inc. • NYSE
$25.29 ▲ 0.00% (+0.00)
Market Cap $34.90 M
52w High $26.15
52w Low $24.30
Dividend Yield 1.67%
P/E 0
Volume 40
Outstanding Shares 1.38M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
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

Five-Year Company Overview

Income Statement

Income Statement Pearl Diver is still very small in reported revenues, but it is already showing positive profitability. Both operating profit and net income are in the black, which is unusual for such an early-stage public vehicle. Profitability appears healthy relative to its size, suggesting a fairly lean cost structure and high-margin activities typical of an investment company. However, earnings per share have slipped despite higher total profit, likely reflecting an increased share count or capital raises. Overall, the business is profitable on paper, but it is still in the early stages of scaling up its income base.

Balance Sheet

Balance Sheet The balance sheet looks light but generally sound. Total assets and shareholder equity have grown, which fits a company that is raising and deploying capital into investments. The firm has introduced a small amount of debt, but equity still dominates the capital structure, implying a relatively conservative use of leverage for now. The main concern is the decline in the cash position, which has moved from a comfortable buffer to almost negligible, leaving less room for error if market conditions turn or funding needs rise quickly.

Cash Flow

Cash Flow Despite positive accounting profits, cash generation is currently weak. Operating cash flow has swung from roughly break-even to meaningfully negative, which suggests the company is deploying cash aggressively into new investments or is affected by timing differences in cash receipts. Free cash flow mirrors this negative pattern, as there is essentially no capital spending on physical assets; the cash consumption is in the core investment activity. This is consistent with a growing credit vehicle but means the business is reliant on external capital, realizations, or better future cash generation to sustain and expand its portfolio.

Competitive Edge

Competitive Edge Pearl Diver operates in a very specialized corner of credit markets: equity and junior debt tranches of CLOs. Its edge comes from three intertwined pillars: a deep proprietary data and analytics platform, a highly specialized team, and long-standing relationships with many CLO managers. This gives it informational advantages and potentially better deal access than more generic asset managers. On the other hand, it remains a relatively small, newly public player competing against much larger credit platforms with more capital and broader distribution. Its niche focus and dependence on a complex, cyclical market also heighten exposure to shifts in credit conditions and investor appetite for structured products.

Innovation and R&D

Innovation and R&D Innovation at Pearl Diver is centered on data, models, and process rather than traditional R&D. Over many years it has built a substantial “Data Lake” that pulls in detailed information on leveraged loans, CLO structures, trustee reports, and real-time trading flows. On top of this, the firm uses machine learning and natural language processing to evaluate credit risk, manager behavior, and stress scenarios across thousands of CLO tranches. This systematic, technology-heavy approach is unusual in such a niche market and serves as the core of its differentiation. The key question is how quickly and effectively it can keep improving these tools as competitors upgrade their own analytics and as market structures evolve.

Summary

Pearl Diver Credit Company is a newly listed, niche credit investor that already shows accounting profitability but is consuming cash as it expands its portfolio. Its balance sheet is still equity-heavy, with only modest leverage, but the sharp drop in cash reduces its near-term flexibility and heightens the importance of stable funding and portfolio performance. The firm’s main strength lies in its long-developed technology and data platform, combined with specialist human expertise and strong relationships with CLO managers, which together create a meaningful competitive moat in a complex asset class. At the same time, the business is tied closely to a single, sophisticated segment of the credit market, is sensitive to interest-rate and credit cycles, and has only a short public track record. Future outcomes will depend heavily on how well its data-driven model performs through different market conditions and whether it can translate its analytical edge into sustained, cash-generative growth without overextending its balance sheet.

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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