PDCC: NAV $17.41, 15.1% Yield, Top 10 Positions 38% of NAV
Pearl Diver Credit Company Inc. reports a net asset value of $118.32 million, with NAV per share of $17.41 and a closing market price of $17.48, representing a 0.4% premium.
Rhea-AI Filing Summary
Pearl Diver Credit Company Inc. reports a net asset value of $118.32 million, with NAV per share of $17.41 and a closing market price of $17.48, representing a 0.4% premium. The fund shows a 15.1% current dividend yield paid monthly and a total market capitalization of $118.80 million. The portfolio holds 1,948 underlying loans across 1,301 unique obligors with an aggregate loan balance of $25.22 billion and 3.8% cash.
Top concentrations include 10 largest positions totaling 38.0% of NAV, top 10 CLO managers representing 57.0% of NAV, and top 10 obligors at 5.2% of NAV. Industry exposure is led by Software (8.3%) and Health Care Providers & Services (4.6%). Distributions of underlying collateral ratings and loan market price buckets are provided in the filing.
Positive
- High current dividend yield of 15.1% with monthly payments
- Broad obligor diversification: 1,301 unique underlying obligors and 1,948 underlying loans
- Small market premium: closing price is 0.4% above NAV
- Substantial aggregate loan exposure: $25.22 billion in underlying loans
Negative
- Top 10 positions concentration equals 38.0% of NAV, indicating position-level concentration risk
- Top 10 CLO managers account for 57.0% of NAV, showing manager concentration
- Limited cash buffer at 3.8% of the fund, which may constrain liquidity
Insights
TL;DR: Fund yields are high with broad loan exposure but meaningful position and manager concentrations.
The fund presents a high cash yield profile with a 15.1% current dividend yield and a minor market premium of 0.4%. Portfolio breadth is substantial—1,301 obligors and 1,948 loans—supporting diversification at the obligor level. However, concentration is notable at the position and manager levels: the top 10 positions account for 38.0% of NAV while the top 10 CLO managers account for 57.0% of NAV. These concentrations are material when assessing downside risk to NAV during stressed credit cycles.
TL;DR: Underlying collateral appears diversified across ratings, but cash buffer is limited.
Underlying loans aggregate to $25.22 billion with a small 3.8% cash allocation, indicating limited near-term liquidity reserves relative to portfolio size. The filing includes collateral rating and loan price distributions, which detail exposure across ratings bands. Concentration in specific CLO vintages and managers could amplify liquidity and valuation volatility under market stress.
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Filed pursuant to Rule 497
File No. 333-275147
Rule 482ad
PDCC Stock Price Top 10 Obligor Exposure TMK HAWK PARENT, CORP. 0.7% MARAVAI INTERMEDIATE HOLDINGS, LLC 0.6% ASURION, LLC 0.6% ALLIED UNIVERSAL HOLDCO LLC 0.5% TRANSDIGM INC. 0.5% QUIKRETE HOLDINGS, INC. 0.5% CLOUD SOFTWARE GROUP, INC. 0.5% COTIVITI, INC. 0.5% ACRISURE, LLC 0.4% INEOS US FINANCE LLC 0.4% Total 5.2% Top 10 Positions LCM 42 Ltd. 4.7% Voya CLO 2025-1 Ltd. 4.4% Dryden 120 CLO Ltd. 4.3% Signal Peak CLO 14 Ltd. 4.1% RR 37 Ltd. 4.0% RR 19 Ltd. 3.8% CQS US CLO 2023-3 Ltd. 3.8% Regatta XIX Funding Ltd. 3.1% AMMC CLO 24 Ltd. 3.0% Rockford Tower CLO 2025-1 Ltd. 2.8% Total 38.0% Top 10 CLO managers Apollo 12.7% LCM 7.6% Ares 6.9% Investcorp 4.8% Putnam 4.4% Voya 4.4% PGIM 4.3% OakTree 4.1% ORIX 4.1% CQS 3.8% Total 57.0% Top 10 Industry Exposure Software 8.3% Health Care Providers & Services 4.6% Hotels, Restaurants & Leisure 4.4% Chemicals 4.1% Professional Services 3.8% Commercial Services & Supplies 3.7% Media 3.7% Insurance 3.4% Building Products 2.8% Diversified Telecommunication Services 2.6% Total 41.3% CLO Vintage Distribution CLO Reinvestment End Date Distribution 22 20 18 16 14 12 10 Closing Price Per Share ($) NAV Per Share ($) 30% 25% 20% 15% 10% 5% 0% 2013 2015 2016 2017 2018 2019 2021 2022 2023 2024 2025 Closing Date 40% 35% 30% 25% 20% 15% 10% 5% 0% 2023 2026 2027 2028 2029 2030 RED 40% 35% 30% 25% 20% 15% 10% 5% 0% Moody's Rating 70% 60% 50% 40% 30% 20% 10% 0% <70 70-80 80-90 90-95 95-97.5 97.5-100 >=100 Loan Market Price 1 Calculated using market mid prices of loans in CLO portfolios, excluding bonds. Past performance is not indicative of, or a guarantee of, future performance. Please review the important information and notes on page 2. Totals may not always sum due to rounding. 1 PEARL DIVER CREDIT COMPANY INC. August 2025 26.4% 20.9% 19.5% 17.1% 4.2% 1.1% 1.4% 0.1% 2.0% 3.4% 35.8% 22.8% 22.1% 15.2% 1.8% 2.2% Underlying Collateral Rating Distribution Price Distribution of Underlying Obligors1 62.8% 21.2% 2.5% 1.0% 3.4% 4.4% 33.8% 16.9% 18.5% 11.1% 6.2% 5.4% 0.4% 0.3% 0.4% 1.0% 2.0% 1.7% 0.9% 0.2% 1.3% % of Fund NAV % of Fund NAV A3 or higher Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 B1 B2 B3 Caa1 Caa2 Caa3 Below CCC N/R % of Fund NAV % of Fund NAV Common Stock Data as of 8/31/2025 Ticker Symbol PDCC Total Net Asset Value $118.32 million Net Asset Value Per Share $17.41 Closing Price Per Share $17.48 Premium / Discount 0.4% Total Market Capitalization $118.80 million Current Dividend Yield 15.1% Frequency of Payments Monthly Summary of Underlying Portfolio Number of Unique Underlying Obligors 1,301 Number of Underlying Loans 1,948 Average Individual Obligor Exposure 0.08% Aggregate Balance of Underlying Loans $25.22 billion Cash and Short Term Investments % of Fund 3.8% Currency: USD Exposure 100% Filed pursuant to Rule 497 File No. 333-275147 Rule 482ad
1 Calculated using market mid prices of loans in CLO portfolios, excluding bonds.
| Past performance is not indicative of, or a guarantee of, future performance. Please review the important information and notes on page 2. |
| Totals may not always sum due to rounding. |
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Investors should consider Pearl Diver Credit Company Inc.’s (the “Company”) investment objectives, risks, charges and expenses carefully before investing in securities of the Company. The Company’s prospectus contains this and other important information about the fund. Investors should read the Company’s prospectus and Securities and Exchange Commission (“SEC”) filings (which are publicly available on the EDGAR Database on the SEC website at http://www.sec.gov) carefully and consider their investment goals, time horizons and risk tolerance before investing in the Company. The investment program of the Company is speculative and entails substantial risk, including the possible loss of principal. There can be no assurance that Company’s investment objectives will be achieved. An investment in the Company is not appropriate for all investors and is not intended to be a complete investment program. Shares of closed-end investment companies, such as the Company, frequently trade at a discount from their net asset value, which may increase investors’ risk of loss. The Company invests a significant portion of its assets in CLO equity securities, which often involve risks that are different from or more acute than risks associated with other types of credit instruments. Shares of closed-end investment companies, such as the Company, frequently trade at a discount from their net asset value, which may increase investors’ risk of loss. Past performance is not indicative of, or a guarantee of, future performance. The performance and certain other portfolio information quoted herein represents information as of dates noted herein. Nothing herein shall be relied upon as a representation as to the future performance or portfolio holdings of the Company. Investment return and principal value of an investment will fluctuate, and shares, when sold, may be worth more or less than their original cost. The Company’s performance is subject to change since the end of the period noted in this report and may be lower or higher than the performance data shown herein.
From time to time, the Company may have a registration statement relating to one or more of its securities on file with the SEC. Any registration statement that has not yet been declared effective by the SEC, and any prospectus relating thereto, is not complete and may be changed. Any securities that are the subject of such a registration statement may not be sold until the registration statement is filed with the SEC is effective.
The information and its contents are the property of the Company. Any unauthorized dissemination, copying or use of this presentation is strictly prohibited and may be in violation of law.
Investor Contact: Info@Pearldivercap.com
UK: +44 (0)20 3967 8032
US: +1 617 872 0945
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