Pearl Diver Credit returns to GAAP profit of $8.5 million in Q2 FY26; revenue falls to $4.2 million
PDCC•Quarterly results and net asset value
Pearl Diver Credit posted GAAP net income of $8.5 million, or $1.23 a share, swinging from a $22.5 million loss.
Net asset value per common share rose to $11.15 from $10.48 at March 31; leverage edged down to 32.9%.
Investment income and portfolio returns
Net investment income slipped to $1.9 million, or $0.28 a share, while unrealized gains were $6.7 million versus prior-quarter losses.
Recurring cash flows from CLO investments fell to $8.8 million, or $1.27 a share; weighted average effective yield eased to 10.33%.
Management commentary and dividend update
Management cited a CLO equity market recovery with spread tightening; July 31 NAV was $10.96, dividends set at $0.13 monthly for Sep-Nov.
