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1 Pearl Diver Credit Company Inc. (NYSE: PDCC, PDPA) 2026 Q2 Earnings Presentation August 27, 2026
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2 Disclaimer This presentation and the information and views included herein do not constitute investment advice, or a recommendation or an offer to enter into any transaction with Pearl Diver Credit Company Inc. (“PDCC” or the “Company”) or any of its affiliates. This presentation is provided for informational purposes only, does not constitute an offer to sell securities of the Company or a solicitation of an offer to purchase any such securities, and is not a prospectus. From time to time, the Company may have a registration statement relating to one or more of its securities on file with the Securities and Exchange Commission (“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 filed with the SEC is effective. This presentation is solely for the use of the intended recipient(s). The information and its contents are the property of Pearl Diver Capital LLP (the “Adviser”) and/or the Company. Any unauthorized dissemination, copying or use of this presentation is strictly prohibited and may be in violation of law. This presentation is being provided for informational purposes only. Investors should read the Company’s prospectus and 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. Investors should consider the Company’s investment objectives, risks, charges and expenses carefully before investing in securities of the Company, as described in the prospectus. There is no guarantee that any of the goals, targets or objectives described in this presentation will be achieved. An investment in the Company is not appropriate for all investors. The investment program of the Company is speculative, entails substantial risk and includes investment techniques not employed by traditional mutual funds. An investment in the Company 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. 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. Neither the Adviser nor the Company provides legal, accounting or tax advice. Any statement regarding such matters is explanatory and may not be relied upon as definitive advice. Investors should consult with their legal, accounting and tax advisers regarding any potential investment. The information presented herein is as of the dates noted and is derived from financial and other information of the Company, and, in certain cases, from third party sources and reports (including reports of third party custodians, CLO collateral managers and trustees) that have not been independently verified by the Company. As noted herein, certain of this information is estimated and unaudited, and therefore subject to change. The Company does not represent that such information is accurate or complete, and it should not be relied upon as such. This report does not purport to be complete and no obligation to update or revise any information herein is being assumed. Information contained on our website is not incorporated by reference into this report and you should not consider information contained on our website to be part of this report or any other report we file with the SEC.
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3 Forward-Looking Statements The following presentation includes certain forward-looking statements of the Company’s management. Forward-looking statements are statements that estimate the happening of future events and are not based on historical fact. Forward-looking statements may be identified by the use of forward-looking terminology, such as “may”, “shall”, “could”, “expect”, “estimate”, “anticipate”, “predict”, “probable”, “possible”, “should”, “continue”, or similar terms, variations of those terms or the negative of those terms. Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. Forward-looking statements are based on information the Company has when those statements are made or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. The forward-looking statements specified in the following information have been compiled by the Company’s management on the basis of assumptions made by management and considered by management to be reasonable. The Company’s future operating results, however, are impossible to predict, and no representation, guaranty, or warranty is to be inferred from those forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements include, but are not limited to, the following: • Statements relating to the Company’s future business and financial performance; • Statements relating to the Company’s competitive position; and • Other material future developments that you may take into consideration. Actual results of the Company’s operations may differ materially from information contained in the forward-looking statements as a result of risk factors described in the Company’s registration statement.
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4 Maximizing Diversified CLO Equity Portfolio’s Total Return & Generating High Current Income Portfolio as of June 30, 2026Overview $77.3mm Portfolio NAV 59 CLOs Highly Diverse Portfolio 34 CLO Managers Diversified Across CLO Management Styles 1,800+ Unique Corporate Debt Exposures B+/B Average Credit Rating of Underlying Loans 15.7%1 Annualized Forward Dividend Yield Among the largest teams globally dedicated exclusively to CLO tranche investing Combined 140+ years of experience in analyzing, structuring, and trading CLOs Leverages existing internally developed technology and trading infrastructure curated over 16+ years Actively-managed, agile, and relative value focused approach to investing and portfolio construction 1: Annualized dividend yield as of 6/30/2026 based on 6/30/2026 share price, taking into effect distributions declared for April , May, June, July, and August 2026. If distributions exceed PDCC's investment company taxable income in a tax year, such excess wil l represent a return of capital, which is in effect a partial return of the amount a stockholder invested in PDCC securities. Past performa nce is not indicative of future results.
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5 Differentiated, Machine Learning Approach to CLO Equity Investing Exclusively focused CLO investor with integrated quantitative approach to credit, securitization analytics, and trading Machine learning based origination and pricing Algorithms scrape data from 2,500+ CLOs monthly, generating manager alpha, and style profiles Loan trading price driven algorithm detects stress signals automatically Proprietary loan database Pricing credit risk of 2,500+ loans on a weekly basis Richer information access on stressed credits from multiple CLO manager platforms $70+ billion of control equity driven CLO refinancings executed to date Opportunistic, secular alpha creation themes for every fund offering 80+ active CLO manager relationships Partner owned with significant GP fund commits Machine Learning Based Quantitative Infrastructure Fundamental Credit Analytics Platform Trading, Corporate Restructuring, & Relationship Skills I II III Quant team with engineering and natural sciences backgrounds with proprietary technology mapping massive data volumes from the CLO market Experienced credit team with bottom-up credit analysis skills and proven track record in loan default avoidance Senior partners bring extensive deal structuring experience and “sell-side” perspective to trading and relationship driven market access
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6 Proprietary Technology Drives Enhanced Investment Process and Risk Management Real-time Credit Risk Pricing Take a line-by-line approach to credit, assigning an in-house rating for each loan in every CLO A bespoke default vector is generated based on internal loan-specific rating assumptions Relative Value Driven Analyze CLO trends to identify attractive opportunities within the CLO market Use advanced models to price and assess each investment, ensuring strong risk-adjusted returns Activist Investing Regularly monitor the performance of holdings and aim to influence CLO manager decision-making through regular calls Seek to drive CLO corporate actions to maximize the value of CLO equity holdings Portfolio Construction Balanced Approach: Mitigate risk through diversification across asset sectors, geographies, and CLO manager styles Capital Preservation: Investing in assets with strong fundamentals and downside protection mechanisms Opportunistic and Agile: Quick adjustments made in response to changing market conditions and opportunities Information presented on this page reflects Pearl Diver’s opinion as of the date of this presentation and it is subject to chang e without notice. The information provided above is presented for illustrative purposes only and should not be considered a recommendation regarding the appropriateness of any particular investment or investments in CLOs generally nor should it be relied upon as a promise or a representation as to future performance.
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7 CLO Equity Overview – A Primer SOFR + 2.07% CLO Liabilities (AAA-BB Rated) ~90% of Structure SOFR + 3.70% Diverse Portfolio Primarily Senior Secured Corporate Loans ~150-500 Unique Corporate Loans ~Yields in High-teens CLO Equity ~10% of Structure Primarily floating rate debt PDCC’s Focus Representative CLO Balance Sheet¹ Assets Liabilities & Equity Structure Highlights¹ Cash-flow CLOs fund purchase of a diverse portfolio of senior secured corporate loans Achieved through issuance of long-term CLO notes/liabilities, providing stable funding for CLO equity investments Loan assets acquired and actively managed by CLO manager No forced sales or margin calls based on the performance of loans held by CLOs Optionality to call or refinance liabilities lies with CLO equity CLOs are securitizations of diverse portfolios of senior secured loans 1: Typical loan characteristics and CLO structural features are provided for illustrative purposes only and is a generalizati on of the structure of the CLOs in which PDCC will likely invest. The actual terms of any loan and/or CLO PDCC invests in may vary. Past performance is not indicative of future results.
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8 Broadly Syndicated Corporate Loans – The Feedstock of CLOs Attributes Representative Capital Structure Senior: Senior position in corporate borrower’s capital structure Secured: First lien security interest on corporate borrower’s assets Floating Rate: Mitigates interest rate risk associated with fixed rate bonds Low LTV: Average loan-to-value ratio of ~ 40%-60% Bonds (Senior Unsecured and Subordinated) Senior Secured Loans Equity (Common and Preferred) 30-50% 20-30% 20-40% Recovery Recovery Rate by Seniority (25-yr avg.)² 63.5% 33.8% 26.3% 0% 20% 40% 60% 80% Senior Secured Loans Senior Unsecured Bonds Senior Subordinated Bonds 1: Source: Pearl Diver Capital. Since 2015. Annual default rates for the CLO universe are adjusted by CLO vintage. 2: Source: J.P. Morgan; PitchBook Data, Inc.; Bloomberg Finance L.P. Notes: Recovery rates are issuer -weighted and based on price 30 days after default date. 200 9 Adj. recoveries are based on year -end prices. Typical loan characteristics and CLO structural features are provided for illustrative purposes only and is a generalization of the structure of the CLOs in which PDCC will likely invest. The actual terms of any loan and/or CLO PDCC invests in may vary. Past performance is not indicative of future results. Historical Annualised Loan Default Rates¹ 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Pearl Diver Capital - avg. 0.68% CLO Universe - avg. 0.81% Loan Market - avg. 1.52% Seniority
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9 Q2 Earnings and Portfolio Highlights
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10 Financial Results for the Quarter Ended June 30, 2026 Investment income of $4.2 million, or $0.60 per share Net investment income of $1.9 million, or $0.28 per share Unrealized gain on investments of $6.7 million, or $0.97 per share Net income of $8.5 million, or $1.23 per share Operating Results Recurring cash flows of $8.8 million, or $1.27 per share – in excess of distributions and expenses Total portfolio weighted average effective yield of 10.33%, compared to 11.27% as of March 31, 2026 NAV per share of $11.15 Distributed $0.22 per common share dividend in April, May, and $0.13 per common share in June Annualized forward dividend yield of 15.7% 1 based on the closing share price on June 30, 2026 Issued 65,959 shares in our at- the-market (“ATM”) offering for net proceeds of $0.7 million Portfolio and Investment Activity Dividend and Capital Activity 1: Annualized dividend yield as of 3/31/2026 based on 3/31/2026 share price, taking into effect distributions declared for April , May, June, July, and August 2026. If distributions exceed PDCC's investment company taxable income in a tax year, such excess wil l represent a return of capital, which is in effect a partial return of the amount a stockholder invested in PDCC securities. Past performa nce is not indicative of future results.
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11 Summary Financial Statements for the Quarter Ended June 30, 2026 Statement of Assets and Liabilities at June 30, 2026 (unaudited) Assets Investments, at fair value (Cost $160,530,824) $ 112,975,223 Short-term investments, at fair value (Cost $698,455) 3,162,445 Unrealized appreciation on forward currency contracts 97,406 Cash and cash equivalents 25,088 Interest receivable 24,653 Prepaid expenses and other assets 661,339 Total assets 116,946,154 Liabilities Payable for reverse repurchase agreements $ 4,715,787 Unrealized depreciation on forward currency contracts 25,881 Payable for investments purchased - Incentive fee payable 338,723 Advisory fee payable 420,036 Professional fees payable 78,128 Directors' fees and expenses payable - Administration and fund accounting fees payable 28,985 Payable interest on reverse repurchase agreements 95,447 Transfer agent fees payable 12,420 Accrued expenses and other liabilities 222,582 Total Liabilities 5,937,990 Preferred Shares Series A Term Preferred Shares (net of unamortized deferred issuance costs of $797,485) 33,702,515 Net Assets $ 77,305,649 Common Shares Outstanding 6,935,568 Net Asset Value per Common Share $ 11.15
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12 Summary Financial Statements for the Quarter Ended June 30, 2026 Statement of Operations for the quarter ended June 30, 2026 (unaudited) Investment Income Collateralized Loan Obligations-Equity $ 4,105,044 Collateralized Loan Obligations-Debt 14,858 Interest Income 43,737 4,163,639 Expenses Advisory fees 420,036 Incentive fee 338,723 Directors' fees and expenses 115,046 Administration and fund accounting fees 74,528 Professional fees 25,110 Insurance fees 27,658 Interest expense 779,946 Transfer agent fees 37,689 Offering costs 61,591 Custodian fees 14,150 Other fees 349,727 Total expenses 2,244,204 Net investment income 1,919,435 Net realized loss and change in unrealized appreciation from investments Net realized loss from investments (107,234) Net change in unrealized appreciation on Investments 6,719,470 Net realized loss and unrealized appreciation from investments $ 6,612,237 Net increase in net assets resulting from operations $ 8,531,672
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13 Portfolio Highlights at June 30, 2026
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14 Portfolio Highlights at June 30, 2026
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15 Company Information Pearl Diver Credit Company Inc. 747 Third Ave Suite 3603 New York, NY 10017 www.pearldivercreditcompany.com Contact: PR.IR@Pearldivercap.com US: +1 617 872 0945 UK: +44 (0)20 3967 8032 The Investment Adviser Pearl Diver Capital LLP New York: 747 Third Ave Suite 3603 New York, NY 10017 London: 52 Conduit Street, Level 2, Mayfair London, UK W1S 2YX Dubai: Unit N1402 Level 14, Emirates Financial Towers Dubai International Financial Centre Dubai, United Arab Emirates