Pearl Diver Credit Company Inc. (PDCC) Cash Flow Statement
Where PDCC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $27.8M
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $27.8M 124.8% margin
- Returned to shareholders
- $25.3M 91% of free cash flow
- Change in cash
- −$188,056 cash at year-end $99,688
Drawn to scale: where the cash came from and how it was used. Hover for values.
PDCC operating cash flow, capex and free cash flow
PDCC cash flow trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.2M2023 | $27.8M2025 | +257.7%/yr | |
| Capital expenditures | $02023 | $02025 | — | |
| Free cash flow | $2.2M2023 | $27.8M2025 | +257.7%/yr | |
| Free cash flow margin | 96.9%2023 | 124.8%2025 | +27.9 pts | |
| Operating cash flow / net income | 0.262023 | −1.432024 | −1.69 | |
| Dividends paid | $2.2M2023 | $18.0M2025 | +188.2%/yr | |
| Capex / revenue | 0.0%2023 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PDCC cash flow by activity
PDCC net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PDCC cash flow statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Operating activities | |||
| Net income | −$19.3M | $6.8M | $8.4M |
| Change in working capital | $46,809 | $8.1M | $18,764 |
| Other non-cash items | $47.1M | −$24.6M | −$6.2M |
| Cash from operating activities | $27.8M | −$9.7M | $2.2M |
| Investing activities | |||
| Capital expenditures | $0 | −$4 | $0 |
| Acquisitions & other investing | −$44.3M | −$152.7M | −$70.7M |
| Cash from investing activities | −$44.3M | −$152.7M | −$70.7M |
| Financing activities | |||
| Dividends paid | −$18.0M | −$7.5M | −$2.2M |
| Share repurchases & issuance (net) | −$7.4M | — | — |
| Net borrowing (repayment) | $7.7M | — | — |
| Shares issued | $5.0M | $0 | $0 |
| Other financing | $230,393 | $170.1M | $90.2M |
| Cash from financing activities | −$12.4M | $162.6M | $88.1M |
| Summary | |||
| Net change in cash | −$188,056 | −$19.3M | $19.5M |
| Cash at end of period | $99,688 | $233,980 | $19.5M |
| Free cash flow | $27.8M | −$9.7M | $2.2M |
| Free cash flow margin | 124.8% | −55.5% | 96.9% |
| Capex / revenue | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | — | −1.43 | 0.26 |
| Jun '26 | Mar '26 | Sep '25 | Jun '25 | Dec '24 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | $8.6M | −$22.5M | −$4.3M | $3.5M | $6.8M |
| Change in working capital | −$321,174 | −$1.1M | −$247,926 | $161,348 | $6.4M |
| Other non-cash items | −$1.9M | $31.3M | $12.8M | $31.9M | −$32.7M |
| Cash from operating activities | $6.3M | $7.7M | $8.2M | $35.6M | −$19.5M |
| Investing activities | |||||
| Capital expenditures | −$4 | −$5 | −$3 | $0 | −$4 |
| Acquisitions & other investing | $324,492 | −$2.8M | −$1.2M | −$8.8M | −$137.0M |
| Cash from investing activities | $324,488 | −$2.8M | −$1.2M | −$8.8M | −$137.0M |
| Financing activities | |||||
| Dividends paid | −$4.0M | −$4.5M | −$4.5M | −$4.5M | −$7.5M |
| Shares issued | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$296,410 | −$621,178 | $89,432 | −$34,767 | $170.1M |
| Cash from financing activities | −$4.2M | −$5.1M | −$4.4M | −$4.5M | $162.6M |
| Summary | |||||
| Net change in cash | −$39,846 | $64,934 | −$133,384 | $150,636 | $142,132 |
| Cash at end of period | $25,088 | $64,934 | $43,618 | $177,000 | $188,056 |
| Free cash flow | $6.3M | $7.7M | $8.2M | $35.6M | −$19.5M |
| Free cash flow margin | 156.1% | 161.5% | 164.4% | 653.7% | −205.7% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 0.74 | — | — | 10.13 | −2.89 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
PDCC cash generation
In fiscal 2025 (ended December 31, 2025), Pearl Diver Credit generated $27.8 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of $27.8 million, 124.8% of revenue. It returned $25.3 million to shareholders through dividends ($18.0 million) and net share buybacks ($7.4 million). Cash and equivalents fell by $0.2 million over the year.
Related: PDCC income statement, PDCC balance sheet, PDCC dividend history. See the PDCC stock overview for the latest quote and news.
PDCC cash flow FAQ
What is Pearl Diver Credit's free cash flow?
Pearl Diver Credit's free cash flow was $27.8 million in fiscal 2025: $27.8 million of operating cash flow minus $0 of capital expenditures It was -$9.7 million a year earlier..
How much cash does Pearl Diver Credit generate from operations?
Pearl Diver Credit generated $27.8 million of cash from operating activities in fiscal 2025.
How much stock does Pearl Diver Credit buy back?
Pearl Diver Credit spent $7.4 million on net share repurchases in fiscal 2025.
How much does Pearl Diver Credit pay in dividends?
Pearl Diver Credit paid $18.0 million in dividends in fiscal 2025, 64.6% of free cash flow.