Pearl Diver Credit Company Inc. (PDCC)

Pearl Diver Credit Company Inc. is a closed-end fund whose common stock trades on the New York Stock Exchange. It is managed by Pearl Diver Capital, an investment firm specializing in collateralized loan obligations.

The fund's objective is to generate high current income, with total return as a secondary goal. It invests primarily in the equity tranches of collateralized loan obligations, which hold diversified portfolios of senior secured loans made to below-investment-grade companies, and may also invest in CLO debt tranches and related securities.

Because CLO equity receives the residual cash flows after a CLO's debt holders are paid, the fund's income depends on loan performance and credit conditions. It distributes much of its income to shareholders.