NEW
YORK and LONDON,
Oct. 29,
2024 /PRNewswire/ -- Pearl Diver Credit Company Inc.
(NYSE: PDCC) (the "Company") today announced financial results
for the third quarter ended September 30,
2024.
Third Quarter 2024 Results
- Net asset value per share of common stock $20.05 as of September 30,
2024.
- NII for the period from the Company's initial public offering
("IPO") on July 18, 2024 through
September 30, 2024 was $2.7 million, or $0.40 per share of common stock, comprised of
$3.9 million of investment income, or
$0.58 per share, and $1.2 million of expenses, or $0.18 per share.
- For the period from July 18, 2024
through September 30, 2024,
unrealized gain on investments was $0.5
million, or a gain of $0.08
per share of common stock.
- Net income for the period from July 18,
2024 through September 30,
2024 was $3.3 million, or
$0.48 per share of common stock.
- The Company had no leverage as of September 30, 2024.
- As of September 30, 2024:
- The weighted average effective yield of the Company's
collateralized loan obligation ("CLO") equity portfolio, based on
amortized cost, was 16.33%.
- Completed an underwritten public offering of $50.6 million at $20 per share, or 2.53 million shares.
- As of September 30, 2024, on a
look-through basis, and based on the most recent trustee reports
received by such date:
- The Company, through its CLO investments, had indirect exposure
to approximately 1,200 unique corporate obligors and over 1,500
underlying loans, totaling $18.8
billion.
- The largest look-through obligor represented 0.7% of the loans
underlying the Company's CLO equity portfolio.
- The top ten largest look-through obligors together represented
4.5% of the loans underlying the Company's CLO equity
portfolio.
Conference Call
As previously announced, Pearl Diver
Credit Company Inc. will host a conference call to discuss its
third quarter 2024 results today, October
29, 2024 at 11:00 a.m. Eastern
Time / 3:00pm UK time. The
conference call can be accessed by dialing 1-877-407-9208 (US
callers) or 1-201-493-6784 (international callers) and asking for
the Pearl Diver Credit Company Inc. Third Quarter 2024 Earnings
Call. A live audio webcast of the conference call will be available
on the website at https://pearldivercreditcompany.com/.
A replay of the conference call will be available within two
hours of the conclusion of the call and can be accessed online on
the website.
About Pearl Diver Credit Company Inc.
Pearl Diver
Credit Company Inc. (NYSE: PDCC) is an externally managed,
non-diversified, closed-end management investment company. Its
primary investment objective is to maximize its portfolio's total
return, with a secondary objective of generating high current
income. The Company seeks to achieve these objectives by investing
primarily in equity and junior debt tranches of CLOs collateralized
by portfolios of sub-investment grade, senior secured floating-rate
debt issued by a large number of distinct US companies across
several industry sectors. The Company is externally managed by
Pearl Diver Capital LLP. For more information, visit
www.pearldivercreditcompany.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release may contain "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Statements other than statements of historical
facts included in this press release may constitute forward-looking
statements and are not guarantees of future performance or results
and involve a number of risks and uncertainties. Actual results may
differ materially from those in the forward-looking statements as a
result of a number of factors, including those described in the
prospectus and the Company's other filings with the SEC. The
Company undertakes no duty to update any forward-looking statement
made herein. All forward-looking statements speak only as of the
date of this press release.
Investor Contact:
Info@Pearldivercap.com
UK: +44 (0)20 3967 8032
US: +1 617 872 0945
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SOURCE Pearl Diver Credit Company Inc.