PEARL DIVER CREDIT COMPANY INC (NYSE:PDCC)

Q1 2026 Pearl Diver Credit Company Inc Earnings Call Transcript

May 19, 2026 / 03:00 PM GMT

Release Date Price: $10.94 (-5.65%)

Transcript

Key Points

Positve

The portfolio continues to generate strong recurring cash flows, comfortably in excess of distributions and expenses.
Nearly the entire portfolio is composed of CLOs with reinvestment period end dates of 2026 and later, allowing managers to manage exposure to individual credits or sector weaknesses.
Loan price softness makes new CLO equity more attractive with assets available at meaningfully lower prices.
The company completed four resets and refinancings, reducing the weighted average cost of debt by 22 basis points.
Recurring cash flows from the CLO portfolio remained solid, totaling $10.5 million, exceeding distributions and expenses by $0.56 per share.

Negative

The first quarter results were mostly driven by unrealized losses, which are non-cash in nature and driven by market-based movements.
The loan index declined amid concerns around AI-exposed sectors and geopolitical tensions.
Net unrealized losses on investments were $25.1 million, contributing to a net loss for the quarter of $22.5 million.
Net asset value per share decreased from $14.42 as of December 31 to $10.48 as of March 31.
The dividend was reduced to realign with the near-term outlook for net investment income, indicating potential challenges in maintaining previous dividend levels.

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

PDCC.N - Pearl Diver Credit Company Inc
Q1 2026 Pearl Diver Credit Company Inc Earnings Call
May 19, 2026 / 03:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to the Pearl Driver Credit Company Incorporated first quarter earnings conference call.

At this time, all participants are on a listen-only mode. A question-and-answer session will follow the formal presentation.

If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I would now like to turn the conference over to your host. Melissa Lin from Investor Relations.

Thank you. You may begin.

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Unidentified_2 [2]
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