Shareholder equity has eroded to $148.4 million from $164.2 million in 2024Q4, while the current ratio of 0.41 indicates a precarious mismatch between short-term assets and obligations.
| Total Current Assets | 2.85M | 1.05M | 230.1K | 19.49M |
| Cash & Short-Term Investments | - | - | - | - |
| Cash Only | - | - | - | - |
| Short-Term Investments | - | - | - | - |
| Accounts Receivable | - | - | - | - |
| Days Sales Outstanding | - | - | - | - |
| Inventory | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 154.69M | 140.3M | 178.84M | 76.98M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Long-Term Investments | 154.26M | 139.94M | 0 | 0 |
| Other Non-Current Assets | - | - | - | - |
| Total Assets | 157.54M | 141.35M | 179.07M | 96.46M |
| Asset Turnover | 0.00x | 0.16x | 0.10x | 0.02x |
| Asset Growth % | 0% | -21.07% | 85.64% | - |
| Total Current Liabilities | 6.93M | 6.93M | 6.26M | 18.76K |
| Accounts Payable | 0 | 0 | 6.26M | 0 |
| Days Payables Outstanding | - | - | - | - |
| Short-Term Debt | 6.93M | 6.93M | 6.64M | 0 |
| Deferred Revenue (Current) | 0 | - | - | - |
| Other Current Liabilities | 0 | 0 | -6.64M | 0 |
| Current Ratio | 0.41x | 0.15x | 0.04x | 1038.54x |
| Quick Ratio | 0.41x | 0.15x | 0.04x | 1038.54x |
| Cash Conversion Cycle | - | - | - | - |
| Total Non-Current Liabilities | 2.18M | 2.29M | 37.6M | 18.76K |
| Long-Term Debt | 0 | 0 | 6.64M | 0 |
| Capital Lease Obligations | 0 | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - |
| Other Non-Current Liabilities | - | - | - | - |
| Total Liabilities | 9.11M | 9.21M | 43.86M | 18.76K |
| Total Debt | 6.93M | 6.93M | 6.64M | 0 |
| Net Debt | 6.88M | 6.83M | 6.45M | -19.49M |
| Debt / Equity | 0.05x | 0.05x | 0.05x | - |
| Debt / EBITDA | 0.90x | - | 0.44x | - |
| Net Debt / EBITDA | 0.90x | - | 0.43x | -2.32x |
| Interest Coverage | 4.61x | -4.78x | 214.34x | - |
| Total Equity | 148.43M | 132.13M | 135.22M | 96.44M |
| Equity Growth % | 0% | -2.28% | 40.2% | - |
| Book Value per Share | 22.09 | 18.98 | 16.91 | 12.58 |
| Total Shareholders' Equity | 148.43M | 132.13M | 135.22M | 96.44M |
| Common Stock | 6.8K | 6.83K | 6.8K | 0 |
| Retained Earnings | -14.43M | -36.59M | 1.51M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
Critical Liquidity Shortfall
According to recent financial statements, PDCC's total assets declined from $179.1 million in 2024Q4 to $157.5 million by 2025Q3, signaling a contraction in the investment portfolio that warrants close monitoring as the firm attempts to navigate its early-stage operational phase within the structured credit market.
The reduction in asset base suggests that the company may be struggling to maintain its portfolio scale amidst market volatility or capital outflows. This downward trajectory in total assets, coupled with the accumulation of retained earnings losses, implies that the business model has yet to achieve the necessary stability to preserve its initial capital base.
As reported in quarterly filings, PDCC's current ratio plummeted to 0.41 in 2025Q3, reflecting a severe liquidity mismatch where current assets are insufficient to cover short-term obligations, a trend that underscores the firm's extreme vulnerability to even minor disruptions in its quarterly CLO distribution receipts.
The rapid depletion of cash reserves from $29.9 million in 2024Q4 to just $2.8 million in 2025Q3 indicates a high burn rate relative to the company's ability to generate internal liquidity. Investors should consider this liquidity profile as a primary indicator of operational risk, as the firm lacks a sufficient buffer to absorb unexpected credit events or market-driven margin calls.
Based on the provided balance sheet data, PDCC's equity position has deteriorated from $164.2 million in 2024Q4 to $148.4 million in 2025Q3, primarily driven by the accumulation of a $14.4 million deficit in retained earnings that reflects the company's ongoing struggle to achieve profitable operations.
The consistent growth of the retained earnings deficit suggests that the firm's investment income is failing to offset its operating expenses and dividend distributions. This erosion of equity may limit the company's future capacity to raise non-dilutive capital, potentially forcing management to rely on equity issuance to sustain the current business model.
Data from recent filings indicates that PDCC's entire asset base consists of Level 3 CLO securities, which, as noted in financial disclosures, rely heavily on internal management models rather than observable market prices, creating a significant risk of future downward valuation adjustments that could further impair the balance sheet.
Because these assets are inherently illiquid and complex, the reported NAV may not accurately reflect the realizable value in a distressed market scenario. The lack of transparency in these valuations means that the balance sheet signal may be overly optimistic, masking potential impairments that could arise if default rates in the underlying loan pools exceed current management assumptions.
Quick answers to the most common questions about buying PDCC stock.
As of 2025, Pearl Diver Credit Company Inc. (PDCC) had total assets of $141.3M including $1.0M in current assets.
Pearl Diver Credit Company Inc. (PDCC) carries total debt of $6.9M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Pearl Diver Credit Company Inc. (PDCC) has total shareholders' equity (book value) of $132.1M ($18.98 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Pearl Diver Credit Company Inc. (PDCC) reported a current ratio of 0.15x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.