Pearl Diver Credit Company Inc. Announces Third Quarter 2024 Financial Results
Pearl Diver Credit Company (NYSE: PDCC) reported its Q3 2024 financial results, marking its first quarterly report since its IPO on July 18, 2024. The company achieved a net asset value of $20.05 per share and net income of $3.3 million ($0.48 per share). Net investment income was $2.7 million ($0.40 per share), comprising $3.9 million in investment income and $1.2 million in expenses. The company's CLO equity portfolio showed a weighted average effective yield of 16.33%. Through its CLO investments, PDCC has exposure to approximately 1,200 unique corporate obligors across $18.8 billion in underlying loans.
Pearl Diver Credit Company (NYSE: PDCC) ha pubblicato i risultati finanziari per il terzo trimestre del 2024, segnando il suo primo rapporto trimestrale dalla IPO avvenuta il 18 luglio 2024. L'azienda ha registrato un valore netto degli attivi di $20,05 per azione e un reddito netto di $3,3 milioni ($0,48 per azione). Il reddito netto da investimenti è stato di $2,7 milioni ($0,40 per azione), composto da $3,9 milioni di reddito da investimenti e $1,2 milioni di spese. Il portafoglio azionario CLO della compagnia ha mostrato un rendimento medio ponderato effettivo del 16,33%. Grazie ai suoi investimenti in CLO, PDCC ha un'esposizione a circa 1.200 obbligati aziendali unici su $18,8 miliardi di prestiti sottostanti.
Pearl Diver Credit Company (NYSE: PDCC) informó sus resultados financieros del tercer trimestre de 2024, marcando su primer informe trimestral desde su IPO el 18 de julio de 2024. La compañía logró un valor neto de activos de $20.05 por acción y un ingreso neto de $3.3 millones ($0.48 por acción). El ingreso neto por inversiones fue de $2.7 millones ($0.40 por acción), que incluye $3.9 millones en ingresos de inversiones y $1.2 millones en gastos. La cartera de acciones CLO de la compañía mostró un rendimiento efectivo promedio ponderado del 16.33%. A través de sus inversiones en CLO, PDCC tiene exposición a aproximadamente 1,200 deudores corporativos únicos en $18.8 mil millones en préstamos subyacentes.
Pearl Diver Credit Company (NYSE: PDCC)는 2024년 3분기 재무 결과를 발표하며, 2024년 7월 18일 상장 이후 첫 분기 보고서를 공개했습니다. 이 회사는 주당 $20.05의 순자산 가치와 $3.3 백만의 순이익 ($0.48 per 주)을 달성했습니다. 순 투자 수익은 $2.7 백만 ($0.40 per 주)으로, $3.9 백만의 투자 수익과 $1.2 백만원의 비용으로 구성되어 있습니다. 회사의 CLO 지분 포트폴리오는 16.33%의 가중 평균 유효 수익률을 나타냈습니다. PDCC는 CLO 투자로 인해 $18.8 백억의 기초 대출에 걸쳐 약 1,200개의 고유한 기업 채무자에 대한 노출을 가지고 있습니다.
Pearl Diver Credit Company (NYSE: PDCC) a publié ses résultats financiers pour le troisième trimestre 2024, marquant son premier rapport trimestriel depuis son introduction en bourse le 18 juillet 2024. L'entreprise a réalisé un valeur nette d'actifs de 20,05 $ par action et un revenu net de 3,3 millions de dollars (0,48 $ par action). Le revenu net d'investissement s'élevait à 2,7 millions de dollars (0,40 $ par action), comprenant 3,9 millions de dollars de revenus d'investissement et 1,2 million de dollars de dépenses. Le portefeuille d'actions CLO de l'entreprise a montré un rendement moyen effectif pondéré de 16,33 %. Grâce à ses investissements en CLO, PDCC a une exposition à environ 1 200 débiteurs d'entreprise uniques sur 18,8 milliards de dollars de prêts sous-jacents.
Pearl Diver Credit Company (NYSE: PDCC) hat ihre finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht, was den ersten Quartalsbericht seit dem Börsengang am 18. Juli 2024 darstellt. Das Unternehmen erzielte einen Nettovermögenswert von $20,05 pro Aktie und ein Nettoeinkommen von $3,3 Millionen ($0,48 pro Aktie). Das Nettoinvestitionseinkommen betrug $2,7 Millionen ($0,40 pro Aktie) und setzte sich aus $3,9 Millionen an Investmenteinnahmen und $1,2 Millionen an Aufwendungen zusammen. Das CLO-Equity-Portfolio des Unternehmens wies eine gewichtete durchschnittliche effektive Rendite von 16,33% auf. Durch seine CLO-Investitionen hat PDCC Zugang zu etwa 1.200 einzigartigen Unternehmensschuldnern in Höhe von $18,8 Milliarden an zugrunde liegenden Darlehen.
- Net income of $3.3 million ($0.48 per share) in first reporting quarter
- Strong weighted average effective yield of 16.33% on CLO equity portfolio
- Successful completion of $50.6 million public offering at $20 per share
- Well-diversified portfolio with exposure to 1,200 unique corporate obligors
- Conservative leverage profile with no debt as of quarter-end
- None.
Insights
The Q3 earnings reveal solid financial performance for PDCC's first quarter as a public company. The
The company's diversified exposure to 1,200 corporate obligors with the largest representing only
Third Quarter 2024 Results
- Net asset value per share of common stock
$20.05 - NII for the period from the Company's initial public offering ("IPO") on July 18, 2024 through September 30, 2024 was
$2.7 million $0.40 $3.9 million $0.58 $1.2 million $0.18 - For the period from July 18, 2024 through September 30, 2024, unrealized gain on investments was
$0.5 million $0.08 - Net income for the period from July 18, 2024 through September 30, 2024 was
$3.3 million $0.48 - 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% .
- The weighted average effective yield of the Company's collateralized loan obligation ("CLO") equity portfolio, based on amortized cost, was
- Completed an underwritten public offering of
$50.6 million $20 - 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.
- The Company, through its CLO investments, had indirect exposure to approximately 1,200 unique corporate obligors and over 1,500 underlying loans, totaling
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
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
US: +1 617 872 0945
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SOURCE Pearl Diver Credit Company Inc.
FAQ
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