IPO - Pearl Diver Credit Co Inc.

Form Type: N-CSR

Filing Date: 2025-03-11

Corporate Action: Ipo

Type: New

Accession Number: 000139834425005419

Filing Summary: Pearl Diver Credit Company Inc. (PDCC) provides its inaugural semi-annual report for the period of July 9, 2024, to December 31, 2024, noting their registration under the Investment Company Act of 1940. The company focuses on maximizing portfolio total return and generating high current income through investments primarily in collateralized loan obligations (CLOs). During the period, PDCC launched its IPO, pricing 2,530,000 shares of common stock at $20.00 each, achieving a net asset value (NAV) of $135.9 million. The report includes a detailed discussion of portfolio characteristics and performance metrics, revealing NII per common share of $0.40 from July to September 2024 and $0.80 for the quarter ending December 31, 2024. The NAV per common share slightly decreased to $19.89 due to unrealized portfolio losses. Monthly dividend distributions are detailed, along with a dividend reinvestment plan for stockholders. The investments span 44 CLOs across 29 managers, highlighting a diversified approach to managing risk and optimizing income. Forward-looking statements indicate expectations for refinancing activity to continue into 2025 amid favorable market conditions and interest rate reductions.

Form Type: N-2

Filing Date: 2024-10-29

Corporate Action: Ipo

Type: New

Accession Number: 000121465924018047

Filing Summary: Pearl Diver Credit Company Inc. has filed a registration statement under the Securities Act of 1933 as a closed-end management investment company. This registration enables the company to undertake an initial public offering (IPO) of its Series A Term Preferred Stock, aiming to maximize portfolio total returns while generating high current income. The preferred stock will have a liquidation preference of $25 per share and will be required to redeem all outstanding shares on a specified date in 2029. The company is externally managed and primarily invests in equity and junior debt tranches of collateralized loan obligations supported by senior secured loans from various U.S. companies. Pearl Diver has been established as a Delaware corporation and had its common stock first traded on July 18, 2024. The filing indicates a new registrant under the Investment Company Act, and describes various aspects of the investment company's offering, its operational structure, and the financial risks involved, emphasizing the speculative nature of the investments.