Pearl Diver Credit Company

What Pearl Diver Credit Company does

Pearl Diver Credit Company Inc. (NYSE: PDCC) is a publicly-traded, externally managed closed-end investment company regulated under the Investment Company Act of 1940. The company invests primarily in equity and junior debt tranches of collateralized loan obligations (CLOs) backed by senior secured floating-rate loans issued by US companies. Its external adviser, Pearl Diver Capital LLP, managed approximately $2.8 billion in assets across multiple private funds as of December 31, 2025, with the listed company's own portfolio totaling $98.6 million across 57 CLOs in Q4 2025. The company serves institutional and high-net-worth investors seeking exposure to CLO equity and floating-rate credit, distributing substantially all of its net investment income through monthly dividends on its common stock (PDCC) and 8.00% Series A Term Preferred Stock (PDPA). Offices are maintained in London (Mayfair) and New York, supporting investor relations and operations across the US, Europe, and Latin America.

The company's investment process is built on a proprietary data and machine learning infrastructure. This includes a fully credit-risk-priced database of 2,000+ leveraged loans, a scraped database of approximately 150,000 CLO trustee reports, a multi-stress cashflow library covering 17,000+ CLO tranches, and an NLP-based engine that captures CLO tranche trade data in real time — all updated daily. Machine learning algorithms are deployed across the portfolio for valuation, relative value identification, NAV preservation, and credit loss minimization, supplemented by 200+ CLO portfolio due diligence calls annually. The investment team consists of CLO specialists with experience structuring, valuing, and investing in CLOs.

Pearl Diver Credit Company generates returns through CLO equity investment income rather than a traditional product revenue model. In Q4 2025, recurring cash flows from CLO investments reached $9.8 million ($1.44 per share). Management and incentive fees paid to Pearl Diver Capital LLP are deducted from portfolio returns. The company distributes monthly cash dividends to shareholders — $0.22 per share from February through May 2026, reduced to $0.13 per share for June through August 2026 — and operates a Dividend Reinvestment Plan administered by SS&C GIDS, Inc. Distribution occurs through NYSE public listings, broker-dealer and wealth management platforms, and third-party analyst coverage from Lucid Capital Markets, Alliance Global Partners, and Kingswood Capital Partners.

Name

Pearl Diver Credit Company

Legal name

Pearl Diver Credit Company Inc.

Website

https://pearldivercreditcompany.com

Company type

Public

Operating status

Operating

Headcount range

11–50 employees

Short description

Pearl Diver Credit Company (NYSE: PDCC) is a publicly-traded closed-end investment company that invests in CLO equity and junior debt tranches backed by US senior secured floating-rate loans, serving institutional and high-net-worth investors through monthly dividend distributions.

Ownership category

akta.pro rank

Product category

Closed-End Investment Management (CLO Equity)

NAICS

Other Financial Vehicles (525990)

SIC

Asset-Backed Securities (6189)

akta.pro primary industry

Collateralized Loan Obligations (CLO) (FSACACAC)

Keywords

• CLO equity investing
• Closed-end fund management
• Leveraged loan investment
• Floating-rate credit portfolio
• CLO tranche analysis

Headquarters

HQ city

Mayfair

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. CLO Investment Returns: Pearl Diver Credit Company generates returns primarily through investment in equity and junior debt tranches of CLOs backed by senior secured floating-rate debt issued by US companies. The company earns recurring cash flows from CLO investments (reported at $9.8 million / $1.44 per share in Q4 2025) including interest income, principal repayments, and appreciation in CLO tranche values. As a closed-end investment company, it distributes substantially all of its net investment income to shareholders through monthly dividends.
2. Management and Incentive Fees: The company pays management fees and potentially incentive fees to its external adviser, Pearl Diver Capital LLP, which are deducted from the investment returns generated by the portfolio. These fees are the primary cost structure of the externally managed investment company model.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Pearl Diver Credit Company Inc. operates as an externally managed, non-diversified closed-end investment company that invests in equity and junior debt tranches of collateralized loan obligations (CLOs) backed by senior secured floating-rate debt issued by US companies. The fund distributes substantially all of its net investment income to shareholders through monthly dividends and provides investors with publicly traded access to a specialized CLO equity portfolio managed using proprietary machine learning and credit risk data infrastructure.

Product overview

Pearl Diver Credit Company (PDCC) is a non-diversified closed-end investment company regulated under the Investment Company Act of 1940, listed on the NYSE under symbols PDCC and PDPA. The company offers two primary investment products: (1) Common Stock (PDCC) representing ownership in the fund that invests in equity and junior debt tranches of CLOs, and (2) 8.00% Series A Term Preferred Stock (PDPA) providing fixed-income style distributions. The fund's investment strategy focuses on maximizing total return and generating high current income through investments in CLO equity and junior debt backed by senior secured floating-rate debt issued by US companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Common Stock (PDCC) Publicly traded common stock listed on NYSE under ticker PDCC that represents ownership in an externally managed, non-diversified closed-end investment company investing in equity and junior debt tranches of CLOs backed by senior secured floating-rate debt issued by US companies. Provides investors with monthly cash dividends and professionally managed CLO equity exposure.
• 8.00% Series A Term Preferred Stock (PDPA) 8.00% Series A Term Preferred Stock listed on NYSE under ticker PDPA, offering a fixed-income style investment with an 8.00% annual distribution rate, monthly dividends of $0.1667 per share, and a mandatory call date in 2029. Features a 563% dividend coverage ratio and 338% NAV coverage ratio.

Quantifiable outcome

• 563% dividend coverage ratio on preferred shares, indicating strong coverage of dividend obligations
• +4 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature5 records

Partnerships

One partnership is on record.

• SS&C GIDS, Inc.coreTechnology or IntegrationSS&C GIDS, Inc. serves as the Dividend Reinvestment Plan (DRIP) administrator for Pearl Diver Credit Company Inc. Under the DRIP, distributions on shares of common stock are automatically reinvested in additional shares of common stock. The DRIP administrator primarily uses newly issued, authorized shares of common stock to implement reinvestment of distributions. The administrator also handles cash distributions for shareholders who opt out of the DRIP.

Scale indicators7 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Carlyle Credit Income Fund: NYSE-listed (CCIF) closed-end fund managed by Carlyle that invests primarily in CLO equity and debt tranches, offering a comparable listed vehicle with institutional CLO manager backing similar to PDCC's Pearl Diver Capital sponsorship.
• CION Investment Corporation: NYSE-listed (CION) externally managed BDC with significant CLO exposure and a focus on senior secured floating-rate loans, comparable in mandate to PDCC's underlying CLO collateral and in structure as a publicly listed yield-oriented vehicle.
• Oxford Square Capital Corp. NASDAQ-listed (OXSQ) closed-end fund that invests in CLO debt and related structured credit, sharing PDCC's closed-end fund structure and CLO-focused mandate, though with a primarily debt-tranche orientation.
• Eagle Point Credit Company: NYSE-listed (ECC) non-diversified closed-end management investment company that invests primarily in CLO equity and junior debt securities. It is the most direct publicly traded peer to Pearl Diver Credit Company in terms of mandate, structure (CEF regulated under the 1940 Act), and monthly distribution model.
• WhiteHorse Finance, Inc. NASDAQ-listed (WHF) externally managed BDC that originates and invests in senior secured loans, including CLO-eligible assets, providing a comparable externally managed, income-oriented listed credit vehicle.
• Eagle Point Income Company: NYSE-listed (EIC) closed-end fund managed by Eagle Point that invests in CLO equity and junior debt securities with a similar monthly distribution structure to PDCC, making it a closely comparable listed CLO vehicle.

Broad incumbents

• Ares Capital Corporation: NASDAQ-listed (ARCC) largest publicly traded BDC and a major CLO issuer/investor through Ares Management, comparable to PDCC as a scaled, sponsor-backed listed credit vehicle but operating with a much broader and more diversified mandate.
• Crescent Capital BDC, Inc. NASDAQ-listed (CCAP) externally managed BDC focused on directly originated senior secured loans to US middle-market companies, broadly comparable to PDCC as a sponsor-backed listed credit vehicle with overlapping exposure to leveraged loan collateral.
• PennantPark Floating Rate Capital: NASDAQ-listed (PFLT) BDC that invests in senior secured floating-rate loans, broadly overlapping with the underlying collateral of PDCC's CLO portfolio while operating as a larger, more diversified credit platform.

Emerging players

• VanEck CLO ETF: Listed ETF (CLOI) providing public-market access to CLO debt exposure; competes with PDCC for retail investor CLO allocation but offers only the debt (rather than equity) tranche, positioning it as a partial-overlap alternative rather than a direct substitute.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pearl Diver Credit Company