Pearl Diver Credit Company Inc (PDCC) 2026 Q1 法說會逐字稿

Good morning and welcome to the Pearl Driver Credit Company Incorporated first-quarter earnings conference call. (Operator Instructions) Please note this conference is being recorded.

早安，歡迎參加珍珠潛水員信貸公司（Pearl Driver Credit Company Incorporated）第一季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I would now like to turn the conference over to your host, [Melissa Lin] from Investor Relations. Thank you. You may begin.

現在我想把會議交給本次會議主持人——投資人關係部的[Melissa Lin]。謝謝。您可以開始了。

Good day, ladies and gentlemen. Thank you for standing by. Pearl Diver Credit Company refers participants on this call to the investor web pages for the press release, investor information, and filings for the SEC for a discussion of the risks that affect the business.

各位女士、先生，大家好。感謝各位稍候。珍珠潛水員信貸公司請本次電話會議的與會者參閱投資人網頁上的新聞稿、投資人資訊，以及向美國證券交易委員會（SEC）提交的文件，以了解影響本公司業務之風險的相關討論。

Pearl Diver Credit Company specifically referred participants to the presentation furnished today with the SEC and remind participants that some of the comments may contain forward-looking statements and, as such, be subject to risks and uncertainties, which, if they materialize, could materially affect results. Reference is made to the section titled Forward-Looking Statements in the company's press release for the quarter ended March 31, 2026, which is incorporated herein by reference.

珍珠潛水員信貸公司特別請與會者參閱今日向SEC提交的簡報，並提醒與會者，部分評論可能包含前瞻性陳述，因此可能受風險與不確定性影響；若相關風險與不確定性發生，可能對結果造成重大影響。請參閱本公司截至2026年3月31日季度新聞稿中「前瞻性陳述」一節；該節內容以引用方式併入本文。

We note forward-looking statements, whether written or oral, include but are not limited to Pearl Diver Credit Company's expectations or predictions of financial or business performance and conditions, as well as its competitive and industry outlook.

我們指出，前瞻性陳述（無論書面或口頭）包括但不限於珍珠潛水員信貸公司對財務或業務表現與狀況的預期或預測，以及其競爭態勢與產業展望。

Forward-looking statements are subject to risks, uncertainties, and assumptions which, if they materialize, could materially affect results, and such forward-looking statements do not guarantee performance, and as Pearl Diver Credit Company does not give such assurances. Pearl Diver Credit Company is under no obligation, expressively disclaims any obligation to update, alter, or otherwise revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law. In addition, historical data pertaining to operating results and other performance indicators applicable to Pearl Diver Credit Company are not necessarily indicative of results to be achieved in succeeding periods.

前瞻性陳述受風險、不確定性與假設影響；若其發生，可能對結果造成重大影響；且此類前瞻性陳述不保證業績表現，珍珠潛水員信貸公司亦不作任何此類保證。除法律要求外，珍珠潛水員信貸公司不承擔任何義務，並明確否認因新資訊、未來事件或其他原因而更新、變更或以其他方式修訂任何前瞻性陳述之義務。此外，與珍珠潛水員信貸公司相關之歷史營運結果及其他績效指標資料，未必能代表未來期間可達成之結果。

I will now turn the call over to Indranil Basu, Chief Executive Officer of Pearl Diver Credit Company.

現在我將把電話會議交給珍珠潛水員信貸公司執行長Indranil Basu。

Thank you to everyone joining us today for your interest in Pearl Diver Credit Company and welcome to our first-quarter 2026 earnings call.

感謝各位今天加入我們，並關注珍珠潛水員信貸公司；歡迎參加我們2026年第一季財報電話會議。

We'd like to invite you to download our investor presentation from our website, which provides additional information about the company and our portfolio. With me today is our Chief Financial Officer, Chandrajit Chakraborty. And after our prepared remarks, we'll open it up to any questions.

我們誠摯邀請各位至我們網站下載投資人簡報，其中提供關於本公司與投資組合的更多資訊。今天與我一同出席的是本公司財務長Chandrajit Chakraborty。在我們的準備發言結束後，我們將開放提問。

The broader CLO equity market remained challenged in the first quarter, with spreads remaining relatively tight. As the quarter progressed, geopolitical risks spiked with the war in the Middle East, pushing oil prices higher and causing concern once again regarding near-term inflation.

第一季整體CLO股權市場仍面臨挑戰，利差維持相對偏緊。隨著季度推進，中東戰爭使地緣政治風險升高，推升油價，並再次引發市場對短期通膨的擔憂。

Our results for the quarter were mostly driven by unrealized losses, which are non-cash in nature and driven by market-based movements. The portfolio continues to generate strong recurring cash flows, once again, comfortably in excess of our distributions and expenses.

本季業績主要受未實現損失所影響；該等損失屬非現金性質，並由市場價格變動所驅動。投資組合持續產生強勁且可重複的現金流，再次顯著高於我們的配息與費用支出。

The first quarter brought a more challenging backdrop in the loan markets, with a loan index declining from 96.64 to 94.63 amid concerns around AI-exposed sectors and geopolitical tensions. Senior CLO debt tranches held up well, while the equity returns reflected the move in loans, with longer reinvestment period positions are performing shorter profiles.

第一季貸款市場環境更具挑戰，受AI曝險產業與地緣政治緊張情勢的疑慮影響，貸款指數由96.64下滑至94.63。資深級CLO債務分券表現仍相對穩健，而股權報酬反映了貸款價格的變動；較長再投資期間的部位表現優於較短期限的結構。

Despite the above, underlying fundamentals remain constructive. Default rates in loans are still low and weaknesses have been concentrated rather than broad-based. Loan price softness also makes new CLO equity more attractive with assets available at meaningfully lower prices. Nearly our entire portfolio is composed of CLOs with reinvestment period end dates of 2026 and later, allowing managers to manage exposure to individual credits or sector weaknesses.

儘管如此，基本面仍具建設性。貸款違約率仍偏低，弱點呈現集中而非全面性擴散。貸款價格走弱也使新發行CLO股權更具吸引力，因為可用資產的價格明顯更低。我們幾乎整個投資組合皆由再投資期間結束日為2026年及以後的CLO所構成，使管理人得以管理對個別信用或產業弱點的曝險。

As CLO equity investors, we view dislocations like this as a chance to take advantage. Both loan and CLO liability spreads tightened through January and February as risk sentiment remained constructive coming into the year.

作為CLO股權投資人，我們將此類錯位視為可加以把握的機會。由於年初風險情緒仍偏正面，貸款與CLO負債利差在1月與2月期間均呈現收斂。

On our last call in February, we noted we were becoming more optimistic about the CLO environment after a difficult 2025. Shortly after our call, the war in the Middle East began and cast a shadow over the macro environment. Inflation fears returned, while the potential for additional rate cuts were quickly taken off the table.

在2月上次電話會議中，我們提到在艱難的2025年之後，我們對CLO環境正變得更為樂觀。在我們會議後不久，中東戰爭爆發，為總體環境蒙上陰影。通膨疑慮再起，而進一步降息的可能性也迅速被排除。

CLO liability spreads followed loans wider, with AAA and AA tranches remaining relatively well-anchored, while BBB and BB spreads widened more meaningfully before partially retracing into early April. Underlying loan portfolio spreads were modestly tighter quarter over quarter, reflecting elevated repricing activity through January and February before the tightening pace stalled in March.

CLO負債利差隨貸款走勢而擴大；AAA與AA分券仍相對穩定，而BBB與BB利差則更明顯走寬，之後在4月初部分回吐。基礎貸款投資組合利差較前一季小幅收斂，反映1月與2月較高的重新定價活動，惟3月收斂速度停滯。

On the new issue front, primary CLO activity totaled approximately $39 billion in Q1, with volumes building through the quarter even as spreads widened in March, a reflection of continued investor demand and improved entry point on loan assets. Refinancing and reset activity totaled approximately $48 billion, though the pace moderated meaningfully in March as wider primary spreads reduced the economics of refinancing existing liabilities.

在新發行方面，第一季初級市場CLO發行活動合計約390億美元；即使3月利差走寬，發行量仍隨季度推進而增加，反映投資人需求持續，以及貸款資產提供了更佳的進場點。再融資與重設活動合計約480億美元，但3月步伐明顯放緩，因初級利差走寬降低了對既有負債進行再融資的經濟效益。

Looking ahead, a substantial pipeline of 2024 vintage CLOs that exit their non-call period over the course of '26, which, assuming spreads continue to stabilize, should support a pickup in refinancing and reset activity later in the year. We completed four resets and refinancings, approximately 6% of the portfolio, and added one new position that offered attractive relative value.

展望未來，將有大量2024年批次的CLO在2026年期間陸續結束其不可贖回期；若利差持續趨於穩定，應可支持今年稍晚再融資與重設活動回升。我們完成了四筆重設與再融資，約占投資組合的6%，並新增一個具吸引力相對價值的新部位。

Across these deals, we have reduced the weighted average cost of debt by 22 basis points and reduced triple A spreads by 18 basis points. This rotation partially has offset a slight decrease in the portfolio's weighted average GAAP yield to 11.27% at quarter end compared to 12.99% as of December 31.

在這些交易中，我們將加權平均債務成本降低了22個基點，並將AAA利差降低了18個基點。這項輪換在一定程度上抵消了投資組合加權平均GAAP收益率的小幅下滑，季末為11.27%，相較於截至12月31日的12.99%。

As of March 31, our portfolio consisted of 60 CLO equity positions managed by 33 distinct CLO managers. The underlying loan portfolios include approximately 1,400 obligors across more than 30 sectors, with no single CLO position representing more than 4.8% of the portfolio and our largest corporate obligor exposure at just 70 basis points.

截至3月31日，我們的投資組合包含由33家不同CLO管理人管理的60個CLO股權部位。其底層貸款投資組合涵蓋超過30個產業、約1,400名借款人，且沒有任何單一CLO部位占投資組合比重超過4.8%，我們最大的單一企業借款人曝險也僅為70個基點。

Nearly all our investments remain in their reinvestment periods, which gives managers the flexibility to adjust exposures, reinvest repayments at attractive levels, and manage sector-specific risks as the market evolves. We believe this diversification and reinvestment flexibility continue to position the portfolio well.

我們幾乎所有投資仍處於再投資期間，這使管理人能夠隨市場演變靈活調整曝險、在具吸引力的水準再投資回收款項，並管理特定產業風險。我們認為，這種分散化與再投資彈性持續使投資組合處於良好定位。

While the first quarter was marked by geopolitical volatility and pressure in certain areas of the loan market, recent data points to a more stable backdrop for CLO equity with broadly syndicated loan CLO equity distributions beginning to stabilize and weighted average spread compression slowing. We believe this creates a more supportive environment for disciplined CLO equity investing.

儘管第一季受到地緣政治波動以及貸款市場部分領域承壓的影響，近期數據顯示CLO股權的環境更趨穩定：廣泛銀團貸款（BSL）CLO股權分配開始趨於穩定，加權平均利差收斂的速度也在放緩。我們認為，這為嚴謹的CLO股權投資創造了更具支撐性的環境。

Underlying trade performance remains broadly resilient, with loan defaults contained and Moody's projecting US speculative grid defaults to decline to 3% by October 2026 from 5.3% a year earlier. Against this backdrop, we believe CLO equity remains well-positioned to generate attractive cash flows, supported by active collateral management and disciplined credit selection.

底層交易表現整體仍具韌性，貸款違約維持受控，穆迪預測美國投機級違約率將由一年前的5.3%下降至2026年10月的3%。在此背景下，我們認為CLO股權仍具備產生具吸引力現金流的良好條件，並受惠於積極的抵押品管理與嚴謹的信用篩選。

We will continue to monitor the macro environment closely and deploy capital selectively where we see attractive risk-adjusted opportunities. We remain constructive on CLOs and believe our data-driven approach to manager selection and portfolio construction is well suited to this environment. Our focus remains the same: concentrate on disciplined portfolio management, invest opportunistically when we find attractive risk-adjusted positions, and drive long-term total return.

我們將持續密切關注總體環境，並在看到具吸引力的風險調整後機會時選擇性部署資本。我們對CLO仍持建設性看法，並相信我們以數據驅動的管理人遴選與投資組合建構方法非常適合當前環境。我們的重點不變：專注於嚴謹的投資組合管理，在發現具吸引力的風險調整後部位時把握機會投資，並推動長期總回報。

With that, I will now turn the call over to Chandrajit for a more detailed review of our financial highlights for the quarter.

接下來，我將把電話會議交給Chandrajit，請他更詳細回顧本季的財務重點。

Thanks, Indranil, and hello, everyone. For the quarter ended March 31, 2026, we delivered investment income of $4.8 million or $0.70 per share of common stock, compared to $5.7 million in the prior quarter.

謝謝你，Indranil，各位大家好。截至2026年3月31日止的季度，我們的投資收益為480萬美元，或普通股每股0.70美元，較前一季度的570萬美元下降。

Total expenses for the quarter were $2.1 million or $0.31 per share compared to $0.37 in the previous quarter. We recorded net unrealized losses on investments of $25.1 million or $3.67 per share and incurred a modest net realized loss of $24,000. In total, net investment income was $2.6 million or $0.39 per share.

本季總費用為210萬美元，或每股0.31美元，較前一季度的每股0.37美元下降。我們錄得投資未實現損失2,510萬美元，或每股3.67美元，並產生小幅已實現淨損失2.4萬美元。合計之下，淨投資收益為260萬美元，或每股0.39美元。

Our net loss for the quarter was $22.5 million or $3.28 per share. Recurring cash flows from the CLO portfolio remained solid, totaling $10.5 million or $1.53 per share, exceeding distributions and expenses by $0.56 per share, compared to $9.8 million or $1.44 per share in the prior quarter.

本季淨損失為2,250萬美元，或每股3.28美元。來自CLO投資組合的經常性現金流仍然穩健，合計1,050萬美元，或每股1.53美元，超出分配與費用每股0.56美元；相較之下，前一季度為980萬美元，或每股1.44美元。

Moving to our balance sheet. As of March 31, 2026, total assets were $112.8 million and total net assets were $72 million, resulting in net asset value per share of $10.48. This compares to net asset value per share of $14.42 as of December 31.

接著看資產負債表。截至2026年3月31日，總資產為1.128億美元，淨資產總額為7,200萬美元，折合每股淨資產價值（NAV）為10.48美元。相較之下，截至12月31日每股淨資產價值為14.42美元。

Available liquidity consisting of cash and short-term investments net of unsettled trades was approximately $0.8 million and the company had leverage of $39.5 million, composed of $33.6 million of Series A term preferred stock and $5.8 million in short-term reverse repurchase agreements.

可用流動性（由現金及短期投資扣除未結算交易後）約為80萬美元；公司槓桿為3,950萬美元，其中包括3,360萬美元的A系列定期優先股，以及580萬美元的短期逆回購協議。

Our leverage at the end of March was 35% of total assets, which is within our long-term target leverage range of 25% to 35%. Our leverage levels will vary over time as we intend to utilize leverage opportunistically when attractive investment opportunities arise and for short-term cash management purposes.

3月底我們的槓桿占總資產的35%，位於我們25%至35%的長期目標槓桿區間內。隨時間推移，我們的槓桿水準將有所變動，因為我們計畫在出現具吸引力的投資機會時機動運用槓桿，並用於短期現金管理目的。

We continue to execute share issuance through our at-the-market ATM equity issuance program. During the quarter, we issued 34,970 shares for net proceeds of approximately $0.5 million. We distributed dividends of $0.22 per common share in January, February, March and April. And we will distribute our $0.22 per common share dividend later this month. For June, July and August, we declared today that we will distribute a $0.13 per common share dividend.

我們持續透過市場隨售（ATM）股權發行計畫執行股份發行。本季我們發行34,970股，淨募集資金約50萬美元。我們在1月、2月、3月與4月每月均配發普通股每股0.22美元的股利。本月稍晚我們也將配發普通股每股0.22美元的股利。至於6月、7月與8月，我們今日宣告將配發普通股每股0.13美元的股利。

When setting our dividend, our Board looks at a number of factors, including net investment income, taxable income, recurring cash flows from our investments, and the outlook for our investment portfolio. Our Board's decision with respect to the dividend beginning in June both realigns our dividend with our near-term outlook for net investment income and enables us to preserve capital for additional deployment opportunities in order to stabilize and grow our net asset value over time. In summary, we believe our proactively and prudently managed investment portfolio positions us well to deliver attractive, risk-adjusted, and sustainable total return to our shareholders.

在決定股利時，我們董事會會考量多項因素，包括淨投資收益、應稅所得、投資所產生的經常性現金流，以及投資組合的展望。董事會就自6月起的股利所做之決定，一方面使股利與我們對淨投資收益的短期展望重新對齊，另一方面也使我們得以保留資本以把握額外部署機會，從而隨時間推進穩定並提升我們的每股淨資產價值。總結而言，我們相信我們主動且審慎管理的投資組合，使我們具備為股東提供具吸引力、風險調整後且可持續的總回報之良好條件。

I will now turn it back to our CEO, Indranil Basu.

現在我把時間交還給我們的執行長Indranil Basu。

Thanks, Chandrajit. We continue to be excited about the opportunities in the CLO market and the long-term resilience of the asset class in the face of ongoing macro uncertainty. Fundamentally, we believe that CLOs provide investors with an efficient way to access a senior-secured corporate loan asset class and can offer an attractive risk-return profile across various credit cycles. We believe that PDCC remains positioned to provide investors with strong dividend yield and risk-adjusted total returns.

謝謝你，Chandrajit。我們仍對CLO市場的機會以及該資產類別在持續的總體不確定性下所展現的長期韌性充滿期待。從基本面來看，我們認為CLO為投資人提供了一種有效方式，以取得對高順位擔保企業貸款資產類別的曝險，並可在不同信用循環中提供具吸引力的風險—報酬特性。我們相信PDCC仍具備為投資人提供具吸引力的股利殖利率與風險調整後總回報的良好定位。

With that, we thank you for your time and open up the call to Q&A. Operator?

那麼，我們感謝各位撥冗參與，現在開放進入問答環節。接線員？

Thank you, Mr. Basu. At this time, we'll be conducting a question-and-answer session. (Operator Instructions)

謝謝您，Basu 先生。此時我們將進行問答環節。(接線員指示)

Gaurav Mehta, Alliance Global Partners.

Gaurav Mehta，Alliance Global Partners。

Yeah, thank you. Good morning. I wanted to go back to some of your comments. I think you mentioned you have seen some stabilization and spread compression slowing in April. Maybe provide some more color on that.

是的，謝謝。早安。我想回到您剛才的一些評論。我想您提到在 4 月看到一些穩定跡象，且利差收斂的速度放緩。能否再多提供一些說明？

And then it seems like NAV for April was higher than March. So is that driven by your comments around stabilization and spread compression slowing?

另外，看起來 4 月的 NAV 高於 3 月。所以這是否是由您提到的穩定化以及利差收斂放緩所帶動？

Yes, thank you, Gaurav, for the question. Yes, we are seeing some signs of a slowdown in spread compression, specifically. If I look at, for instance -- over the past couple of years, going back over the past couple of years, spreads tightened by an average of roughly 2.5 basis points per month. In April, that figure was closer to only 50 basis points.

是的，謝謝你，Gaurav，謝謝提問。是的，我們確實看到利差收斂，特別是利差收斂速度放緩的一些跡象。例如，如果我回顧過去幾年——回到過去幾年，利差平均每月收窄約 2.5 個基點。而在 4 月，該數字更接近只有 50 個基點。

Through the start of 2024, that compression in loan spreads had been a headwind for equity returns. But this dynamic now appears to be petering out, which is a constructive signal for portfolio yields going forward. In the portfolio, for instance, normally, we deal with about 40% of the underlying loans trading at prices or above par. We are seeing now that number has come down to about 30%.

截至 2024 年初，貸款利差的收斂一直是股權報酬的逆風。但目前這種動態似乎正在逐漸消退，這對未來投資組合收益率而言是正面的訊號。例如在投資組合中，通常約有 40% 的底層貸款以平價或高於平價的價格交易。我們現在看到這個比例已降至約 30%。

Okay, thanks for that color. Second question I want to ask is on the resets and refinancing opportunities. Can you provide some color maybe on how much opportunity you have in your portfolio to do resets and refinancing?

好的，謝謝這些補充說明。我想問的第二個問題是關於重設（reset）與再融資的機會。您能否說明一下，在你們的投資組合中，有多少機會可以進行重設與再融資？

Yes, that's a good question. So about a third of our portfolio is coming out of their lockup period this year. So we think these will be prime candidates for resets and refinancings. So as the CLO liability spreads stabilize and as I mentioned in the call, the AAA, AA, the senior parts of the CLO liability structure have held up well. So I think we're entering into a phase where about a third of the portfolio will become available for research and refinancing through the rest of the year.

是的，這是個好問題。我們的投資組合中約有三分之一會在今年走出其鎖定期。因此我們認為這些將是進行重設與再融資的主要候選標的。隨著 CLO 負債端利差趨於穩定，且如我在電話會議中提到的，AAA、AA 等 CLO 負債結構中較高順位的部分表現維持良好。因此我認為我們正進入一個階段：投資組合約三分之一在今年剩餘期間將可進行重設與再融資。

Okay, thank you. That's all I had.

好的，謝謝。我就這些問題。

Erik Zwick, Lucid Capital Markets.

Erik Zwick，Lucid Capital Markets。

Good morning. You seem to express some optimism about the investment environment today. And I'm wondering if you could just provide some characteristics around the type of investments, some of those that you're seeing that are attractive, and if it's primarily kind of, I would assume, kind of secondary market today, or if you're seeing some increased volume in primary market as well.

早安。您似乎對目前的投資環境表達了一些樂觀。我想請您說明一下您所看到具吸引力的投資類型有哪些特徵；以及目前是否主要是在次級市場（secondary market），或您也看到初級市場（primary market）的成交量有所增加。

Yes, currently, that's a good question. Thank you, Erik. We are definitely currently more geared towards the secondary market. The primary market, we are watching with interest but haven't been that active in the primary market as a participant. Interesting secondary market positions are coming up in the BWIC, and that's really where we are more active currently.

是的，目前這是個好問題。謝謝你，Erik。我們目前確實更偏向次級市場。初級市場我們也在關注並抱持興趣，但作為參與者，我們在初級市場的操作並不活躍。在 BWIC 中會出現一些有趣的次級市場部位，而這正是我們目前較為活躍的地方。

Thank you. And just kind of putting that together with your commentary about resetting the dividends and preserving some capital for investment opportunities, should I take that to mean that we could see the portfolio potentially grow on a cost basis, or will you more just kind of be recycling that capital and the portfolio would stay more consistent from kind of a level basis?

謝謝。把這點與您關於重設股利、並保留部分資本以把握投資機會的評論結合起來看，我是否可以理解為：投資組合可能會以成本基礎擴大規模？還是您主要會回收再投入這些資本，使投資組合在整體規模上大致維持一致？

Yes, I mean, the whole idea is to -- as you know, Pearl Diver is focused more on delivering total returns and the purpose of this reduction in the dividend is to kind of essentially align the portfolio and the company's dividend policy closer to the net interest income. And obviously, we're going to look for opportunities. As net interest income continues to grow, we will obviously look at revising our dividend policy accordingly. The capital that we preserve by doing this current reduction, we expect to invest in attractive opportunities and protect the NAV.

是的，我的意思是，整個想法是——如你所知，Pearl Diver 更著重於提供總報酬，而這次下調股利的目的，基本上是讓投資組合與公司的股利政策更貼近淨利息收入。而且很明顯地，我們會尋找機會。隨著淨利息收入持續成長，我們也會相應地檢視並調整股利政策。透過這次下調所保留下來的資本，我們預期將投資於具吸引力的機會，並保護 NAV。

Excellent. Thank you for taking my questions today.

很好。謝謝您今天回答我的問題。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Indranil Basu for closing comments.

我們已到達問答環節的結束。現在我想把電話交回給 Indranil Basu 作結語。

Thank you, everyone, for joining our first-quarter conference call, and thank you for your support and interest in Pearl Diver Credit Company. Have a nice day.

謝謝各位參加我們的第一季法說會，也謝謝各位對 Pearl Diver Credit Company 的支持與關注。祝各位有美好的一天。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的電話會議到此結束。此時您可以掛斷電話線，並感謝您的參與。