PEARL DIVER CREDIT COMPANY INC (NYSE:PDCC)

Q4 2025 Pearl Diver Credit Company Inc Earnings Call Transcript

Feb 17, 2026 / 04:00 PM GMT

Release Date Price: $12.05 (-4.97%)

Transcript

Key Points

Positve

PEARL DIVER CREDIT COMPANY INC (PDCC) reported sequential improvement in recurring cash flows, comfortably exceeding distributions and expenses.
The company successfully improved its net investment income sequentially.
PDCC remains optimistic about the CLO market, citing it as an attractive investment opportunity with high demand.
The company completed several refinancings and resets, reducing the weighted average cost of debt and boosting cash flows for CLO equity positions.
PDCC's investment platform, which combines machine learning and traditional analysis, provides a competitive advantage in managing risk and identifying opportunities.

Negative

The broader CLO equity market faced challenges due to tight spreads, impacting PDCC's results with unrealized losses.
Significant spread tightening in underlying loans created headwinds for CLO equity, leading to downward pressure on net asset values.
Despite refinancing and reset activities, these were insufficient to fully compensate for spread compression in underlying loans.
The company's net asset value per share decreased from $16.89 to $14.42 over the quarter.
PDCC recorded net unrealized losses on investments amounting to $15.7 million, contributing to a net loss for the quarter.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PDCC.N - Pearl Diver Credit Company Inc
Q4 2025 Pearl Diver Credit Company Inc Earnings Call
Feb 17, 2026 / 04:00PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings and welcome to the Pearl Diver Credit Company 2025 Q4 earnings call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. Should anyone require operator assistance during the conference, please press 0 on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host Emma Little investor relations.

Thank you. You may begin.

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Unidentified_2 [2]
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Good day ladies and gentlemen.

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