# EDGAR Filing Document

**Accession Number:** 0001998043
**File Stem:** 0001049169-25-000811
**Filing Date:** 2025-11
**Character Count:** 38416
**Document Hash:** 98d1dbe8e56012fb070e8d11d242f4cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-25-000811.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001049169-25-000811

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pearl Diver Credit Co Inc.
- **CENTRAL INDEX KEY:** 0001998043

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23912
- **FILM NUMBER:** 251521159

**BUSINESS ADDRESS:**
- **STREET 1:** 747 THIRD AVENUE
- **STREET 2:** SUITE 3603
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 44 207 967 8033

**MAIL ADDRESS:**
- **STREET 1:** 747 THIRD AVENUE
- **STREET 2:** SUITE 3603
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Pearl Diver Credit Company, LLC
- **DATE OF NAME CHANGE:** 20231018

## Nport-Ex

---

| |
|:---|
| **Pearl Diver Credit Company Inc.** |
| **Schedule of Investments (UNAUDITED)** |
| **9/30/2025** |
| **(Expressed in United States Dollars)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issuer<sup>(1)</sup>** | **Investment** | **Acquisition**<br> **Date<sup>(2)</sup>** | **Principal/ Shares** | **Cost** | **Fair Value<sup>(3)</sup>** | **Percentage of<br> Net Assets** |
| **Investments at Fair Value<sup>(4)</sup>** |  |  | | | |  |
| ***Collateralized Loan Obligations - Debt - 0.43%<sup>(5)(6)</sup>*** | ***Collateralized Loan Obligations - Debt - 0.43%<sup>(5)(6)</sup>*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**United States<sup>(7)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM 42, Ltd. | Secured Note - Class F, (3M CME TERM SOFR + 8.08%, due 01/15/2038) | 11/18/2024 | $250000 | $230462 | $247279 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding XXVII, Ltd. | Secured Note - Class FR, (3M CME TERM SOFR + 7.83%, due 04/20/2038) | 2/3/2025 | 250000 | 247544 | 243766 | 0.21% |
| **Total Collateralized Loan Obligations - Debt** | **Total Collateralized Loan Obligations - Debt** |  |  | $**478006** | $**491045** |  |
| ***Collateralized Loan Obligations - Equity - 133.82%<sup>(6)(8)</sup>*** | ***Collateralized Loan Obligations - Equity - 133.82%<sup>(6)(8)</sup>*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**United States<sup>(7)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 Capital Clo 1, Ltd. | Subordinated Note (effective yield 2.28%, maturity 10/16/2034) | 10/26/2023 | 8500000 | 4903069 | 3777983 | 3.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 Capital CLO II | Subordinated Note (effective yield 10.76%, maturity 7/17/2034) | 9/20/2024 | 7849885 | 4545684 | 3656476 | 3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALM VII R, Ltd. SERIES 144A | Subordinated Note (effective yield 3.72%, maturity 1/15/2036) | 10/30/2024 | 8042000 | 2138848 | 1909853 | 1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMMC CLO 24, Ltd. | Subordinated Note (effective yield 14.48%, maturity 1/22/2035) | 8/17/2023 | 7800000 | 4968842 | 4555083 | 3.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anchorage Capital CLO 21, Ltd. | Subordinated Note (effective yield 19.05%, maturity 10/20/2034) | 8/12/2025 | 2500000 | 1216587 | 1192522 | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anchorage Capital CLO 7, Ltd. | Subordinated Note (effective yield 13.85%, maturity 4/28/2037) | 8/20/2024 | 12000000 | 3334531 | 3409200 | 2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Credit CLO 2021-II LLC | Subordinated Note (effective yield 13.13%, maturity 10/20/2034) | 11/22/2023 | 3450000 | 1458186 | 1548722 | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares LIX CLO, Ltd. | Subordinated Note (effective yield 20.07%, maturity 4/25/2034) | 10/31/2023 | 3500000 | 1783739 | 1807855 | 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;ARES Loan Funding III, Ltd.<sup>(9)</sup> | Subordinated Note (effective yield 22.08%, maturity 7/25/2036) | 10/31/2023 | 4000000 | 2500879 | 2688729 | 2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARES LX CLO, Ltd. | Subordinated Note (effective yield 20.62%, maturity 7/18/2034) | 7/31/2025 | 3400000 | 1665379 | 1738284 | 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares LXIII CLO, Ltd. | Subordinated Note (effective yield 14.61%, maturity 10/15/2038) | 10/26/2023 | 2272000 | 1515915 | 1563136 | 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARES XLIV CLO, Ltd. | Subordinated Note (effective yield 27.93%, maturity 4/15/2034) | 5/22/2025 | 656000 | 140283 | 153417 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARES XLVII CLO, Ltd. | Subordinated Note (effective yield 12.40%, maturity 4/15/2030) | 6/26/2025 | 12500000 | 888700 | 273875 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2024-3, Ltd.<sup>(9)</sup> | Subordinated Note (effective yield 8.54%, maturity 7/16/2037) | 8/29/2024 | 3790000 | 2801431 | 2397592 | 2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balboa Bay Loan Funding 2021-1, Ltd. | Subordinated Note (effective yield 23.61%, maturity 7/20/2034) | 8/6/2024 | 2626500 | 1158930 | 1210212 | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain 2022-35A SUB | Subordinated Note (effective yield 10.65%, maturity 10/22/2037) | 1/24/2024 | 4500000 | 2899678 | 2551455 | 2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXXII, Ltd. | Subordinated Note (effective yield 11.88%, maturity 10/16/2034) | 9/19/2023 | 6400548 | 3679823 | 3263191 | 2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridge Street CLO III, Ltd. | Subordinated Note (effective yield 16.33%, maturity 10/20/2037) | 2/21/2025 | 1000000 | 634947 | 621460 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSP 2021-23A SUB | Subordinated Note (effective yield 10.12%, maturity 4/25/2034) | 11/7/2023 | 5000000 | 3505567 | 3404900 | 2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar Funding VI CLO, Ltd. | Subordinated Note (effective yield 18.51%, maturity 4/20/2034) | 7/30/2025 | 5000000 | 2455528 | 2153335 | 1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2015-IV, Ltd. | Subordinated Note (effective yield 11.24%, maturity 4/20/2034) | 7/26/2023 | 10000000 | 3257869 | 2847100 | 2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CQS US CLO 2023-3, Ltd. | Subordinated Note (effective yield 8.98%, maturity 1/25/2037) | 11/13/2024 | 10866666 | 6920842 | 7231223 | 6.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 123 CLO, Ltd. | Subordinated Note (effective yield 11.82%, maturity 3/15/2038) | 2/20/2025 | 7500000 | 7183283 | 6375000 | 5.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 43 Senior Loan Fund | Subordinated Note (effective yield 20.34%, maturity 4/20/2034) | 9/3/2025 | 6477500 | 1850917 | 1871847 | 1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Generate Clo 11, Ltd.<sup>(9)</sup> | Subordinated Note (effective yield 12.45%, maturity 10/20/2037) | 11/7/2023 | 5000000 | 3669446 | 2915100 | 2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Generate CLO 14, Ltd.<sup>(9)</sup> | Subordinated Note (effective yield 4.05%, maturity 4/22/2037) | 7/24/2024 | 4000000 | 3114256 | 2034400 | 1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Harvest US CLO 2024-1, Ltd.<sup>(9)</sup> | Subordinated Note (effective yield 6.78%, maturity 4/20/2037) | 7/25/2024 | 7437582 | 4898397 | 4255413 | 3.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Harvest US CLO 2024-2, Ltd.<sup>(9)</sup> | Subordinated Note (effective yield 11.48%, maturity 10/15/2037) | 8/1/2024 | 5000000 | 3911760 | 3641000 | 3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HPS Loan Management 2021-16, Ltd. | Subordinated Note (effective yield 9.14%, maturity 1/23/2035) | 11/20/2023 | 1800000 | 981375 | 928242 | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco CLO 2021-1, Ltd. | Subordinated Note (effective yield 19.19%, maturity 4/15/2034) | 6/25/2025 | 8000000 | 2640462 | 2469126 | 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR CLO 31, Ltd. | Subordinated Note (effective yield 17.43%, maturity 4/20/2034) | 8/20/2025 | 3000000 | 1101145 | 1038090 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM 39, Ltd. | Income Note (effective yield 18.34%, maturity 10/16/2034) | 7/25/2023 | 7675000 | 5115771 | 4014102 | 3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM 42, Ltd. | Income Note (effective yield 16.62%, maturity 1/15/2038) | 11/18/2024 | 10000000 | 8525458 | 7282500 | 6.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marble Point CLO XXI, Ltd. | Subordinated Note (effective yield 15.38%, maturity 10/17/2034) | 3/14/2024 | 3800000 | 1784060 | 962958 | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oaktree 2019-3A SUB<sup>(9)</sup> | Subordinated Note (effective yield 16.36%, maturity 1/20/2038) | 11/8/2023 | 6000000 | 3117950 | 3373080 | 2.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree CLO 2021-2, Ltd. | Subordinated Note (effective yield 14.27%, maturity 1/16/2035) | 7/28/2023 | 5000000 | 3004741 | 3041800 | 2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP CLO 2023-26, Ltd. | Subordinated Note (effective yield 37.83%, maturity 4/17/2037) | 11/14/2023 | 4250 | 2769399 | 3471315 | 3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta XIX Funding, Ltd. | Subordinated Note (effective yield 9.68%, maturity 4/20/2035) | 9/11/2024 | 7653000 | 5542583 | 4980725 | 4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta XXII Funding, Ltd. | Subordinated Note (effective yield 12.45%, maturity 7/20/2035) | 9/29/2023 | 1250000 | 909582 | 885725 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockford Tower CLO 2021-1, Ltd. | Subordinated Note (effective yield 6.44%, maturity 7/20/2034) | 9/18/2023 | 1000000 | 619548 | 414940 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockford Tower CLO 2025-1, Ltd. | Subordinated Note (effective yield 12.68%, maturity 4/15/2038) | 2/4/2025 | 5000000 | 4561668 | 4477900 | 3.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RR 19, Ltd. | Subordinated Note (effective yield 12.79%, maturity 4/16/2040) | 7/27/2023 | 7589000 | 5817164 | 6085164 | 5.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RR 20, Ltd. | Subordinated Note (effective yield 9.38%, maturity 7/15/2037) | 8/8/2023 | 3600000 | 2696769 | 2544515 | 2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RR 23, Ltd. | Subordinated Note (effective yield 8.27%, maturity 7/15/2037) | 10/5/2023 | 5580000 | 3036159 | 3363233 | 2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RR 37, Ltd. | Subordinated Note (effective yield 13.76%, maturity 4/15/2038) | 1/22/2025 | 7000000 | 6333724 | 6189680 | 5.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shackleton 2019-XIV Clo, Ltd. | Subordinated Note (effective yield 11.46%, maturity 7/20/2034) | 2/1/2024 | 3000000 | 1984836 | 1890895 | 1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signal Peak CLO 14, Ltd. | Subordinated Note (effective yield 14.94%, maturity 1/22/2038) | 12/23/2024 | 8000000 | 6494902 | 6348560 | 5.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;TCW CLO 2024-2, Ltd.<sup>(9)</sup> | Subordinated Note (effective yield 12.33%, maturity 7/17/2037) | 7/12/2024 | 6050000 | 4466471 | 3672048 | 3.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture 50 Clo, Ltd. | Subordinated Note (effective yield 15.59%, maturity 10/20/2037) | 10/30/2024 | 5000000 | 3895594 | 3218400 | 2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vibrant CLO XIV, Ltd. | Subordinated Note (effective yield 8.42%, maturity 10/20/2034) | 1/23/2024 | 3000000 | 1605701 | 1382331 | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO 2025-1, Ltd. | Subordinated Note (effective yield 12.94%, maturity 4/20/2038) | 2/12/2025 | 7500000 | 7202191 | 6681900 | 5.82% |
| **Total Collateralized Loan Obligations - Equity** | **Total Collateralized Loan Obligations - Equity** |  |  | $**167210569** | $**153765592** |  |
| **Total Investments *134.25%*** |  |  |  | $**167688575** | $**154256637** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Short-Term Investments - 2.42%** | **Shares** | **Shares** | **Cost** | **Fair Value** | **Percentage of<br> Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;US BANK MMDA, 3.06%<sup>(10)</sup> |  | 2782033 | 2782033 | 2782033 | 2.42% |
| ***Total Short-Term Investments*** |  |  | $**2782033** | $**2782033** |  |
| **Series A Cumulative Perpetual Preferred Shares - (30.02%)** | **Series A Cumulative Perpetual Preferred Shares - (30.02%)** |  |  | $**(34500000)** |  |
| **Liabilities in Excess of Other Assets- (6.65%)** | **Liabilities in Excess of Other Assets- (6.65%)** |  |  | **(7630669)** |  |
| **Net Assets - 100.00%** | **Net Assets - 100.00%** |  |  | $**114908001** |  |

---

*<sup>(1)</sup>* *The Company is not affiliated with, nor does it "control" (as such term is defined in the Investment Company Act of 1940 (the "1940 Act")), any of the issuers listed. In general, under the 1940 Act, the Company would be presumed to "control" an issuer if we owned 25% or more of its voting securities*

*<sup>(2)</sup>* *Acquisition date represents the initial purchase date of investment.*

*<sup>(3)</sup>* *Fair value is determined by the Adviser in accordance with written valuation policies and procedures, subject to oversight by the Company's Board of Directors, in accordance with Rule 2a-5 under the 1940 Act.*

*<sup>(4)</sup>* *The fair value of CLO Debt and CLO equity investments are classified as Level II investments.*

*<sup>(5)</sup>* *Variable rate investment. Interest rate shown reflects the rate in effect at the reporting date. Investment description includes the reference rate and spread.*

*<sup>(6)</sup>* *All securities exempt from registration under the Securities Act of 1933, as amended and are deemed to be "restricted securities".*

*<sup>(7)</sup>* *Country represents the principal country of risk where the investment has exposure.*

*<sup>(8)</sup>* *CLO equity investments are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying assets less contractual payments to debt holders and fund expenses. The effective yield is estimated based on the current projection of the amount and timing of these recurring distributions in addition to the estimated amount of terminal principal payment. The effective yield and investment cost may ultimately not be realized.*

*<sup>(9)</sup>* *All or a portion of the security is pledged as collateral for reverse repurchase agreements as of September 30, 2025. Securities in the amount of $24,977,362 were pledged as collateral at September 30, 2025.*

*<sup>(10)</sup>* *The rate shown is the annualized 7-day yield as of September 30, 2025.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | | | |
| **Counterparty** | **Interest Rate** | **Acquisition Date** | <br>**Maturity Date** |<br>**Amount Borrowed** |<br>**Amount Payable** |
| Goldman Sachs | 7.82% | 07/23/2025 | 03/20/2026 | $700000 | $710637 |
| Goldman Sachs | 7.84% | 03/21/2025 | 03/23/2026 | 1005000 | 1047460 |
| Goldman Sachs | 7.84% | 03/21/2025 | 03/23/2026 | 1078449 | 1124012 |
| Goldman Sachs | 7.84% | 03/21/2025 | 03/23/2026 | 975000 | 1016193 |
| Goldman Sachs | 7.84% | 03/21/2025 | 03/23/2026 | 705888 | 735711 |
| Goldman Sachs | 7.82% | 03/20/2025 | 03/20/2026 | 925000 | 964181 |
| Goldman Sachs | 7.82% | 03/20/2025 | 03/20/2026 | 600000 | 625415 |
| Goldman Sachs | 7.82% | 03/20/2025 | 03/20/2026 | 937750 | 977472 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Pearl Diver Credit Company Inc.

- **b. Investment Company Act file number:** 811-23912

- **c. CIK number of Registrant:** 0001998043

- **d. LEI of Registrant:** 213800HEGMDL5QM8DW11

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 747 THIRD AVENUE SUITE 3603

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **Telephone number:** 44 207 967 8033

**Item A.2. Information about the Series.**

- **a. Name of Series:** Pearl Diver Credit Company Inc.

- **c. LEI of Series:** 213800HEGMDL5QM8DW11

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $158519686.63

**Total Liabilities:** $43611685.66

**Net Assets:** $114908000.97

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -8.68%               | 9.26%                | -4.35%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-129462.54              | $2637314.91                                |
| Month 2  | $-294928.12              | $-6530761.45                               |
| Month 3  | $0.00                    | $-3029499.03                               |

### Schedule of Portfolio Investments

| Name                                  | Title                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Dryden Senior Loan Fund               | Dryden 123 CLO, Ltd.                 | CUSIP: 26253PAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   7500000 | PA      | $6375000.00   | 5.55%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Bridge Street Clo Ltd                 | Bridge Street CLO III, Ltd.          | CUSIP: 10806GAC3<br>LEI: 254900PNW8DFFG2S8664 | Long             | ABS-O            | CORP              | KY        |   1000000 | PA      | $621460.00    | 0.54%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Bluemountain Clo Ltd                  | BlueMountain CLO XXXII, Ltd.         | CUSIP: 09631FAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   6400548 | PA      | $3263191.39   | 2.84%             |  |  |  | Yes           |                  2 | On Loan: No      |
| 37 Capital Clo Ltd                    | 37 Capital CLO II                    | CUSIP: 88429NAC1<br>LEI: 54930051RXN9JV692N02 | Long             | ABS-O            | CORP              | JE        |   7849885 | PA      | $3656476.43   | 3.18%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Lcm Ltd Partnership                   | LCM 42, Ltd.                         | CUSIP: 52113CAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  10000000 | PA      | $7282500.00   | 6.34%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Rr Ltd                                | RR 37, Ltd.                          | CUSIP: 78110YAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   7000000 | PA      | $6189680.00   | 5.39%             |  |  |  | Yes           |                  2 | On Loan: No      |
| N/A                                   | REVERSE REPO                         | CUSIP: RP49TAC45<br>LEI: N/A                  | Short            | RA               | CORP              | US        |   -600000 | NS      | $-600000.00   | -0.52%            |  |  |  | No            |                  2 | On Loan: No      |
| ALM VII(R) Ltd.                       | ALM VII R, Ltd. SERIES 144A          | CUSIP: 00163J200<br>LEI: 549300RLLUH00ZYECJ34 | Long             | ABS-O            | CORP              | KY        |   8042000 | PA      | $1909852.76   | 1.66%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Cedar Funding Ltd                     | Cedar Funding VI CLO, Ltd.           | CUSIP: 15032CAB9<br>LEI: 549300PQ60B57EBTK013 | Long             | ABS-O            | CORP              | KY        |   5000000 | PA      | $2153335.00   | 1.87%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Tcw Ltd                               | TCW CLO 2024-2, Ltd.                 | CUSIP: 87252HAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   6050000 | PA      | $3672047.50   | 3.20%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Rockford Tower Clo Ltd                | Rockford Tower CLO 2021-1, Ltd.      | CUSIP: 77341JAC8<br>LEI: 5493000QG193Z8ZVLY16 | Long             | ABS-O            | CORP              | KY        |   1000000 | PA      | $414940.00    | 0.36%             |  |  |  | Yes           |                  2 | On Loan: No      |
| 37 Capital Clo Ltd                    | 37 Capital Clo 1, Ltd.               | CUSIP: 88430QAC1<br>LEI: 549300GZ8MP9ZGVMJ424 | Long             | ABS-O            | CORP              | KY        |   8500000 | PA      | $3777983.10   | 3.29%             |  |  |  | Yes           |                  2 | On Loan: No      |
| N/A                                   | REVERSE REPO                         | CUSIP: RP49JAC62<br>LEI: N/A                  | Short            | RA               | CORP              | US        |   -925000 | NS      | $-925000.00   | -0.80%            |  |  |  | No            |                  2 | On Loan: No      |
| Rr Ltd                                | RR 19, Ltd.                          | CUSIP: 74983BAC5<br>LEI: 549300RJ4N2AJDFNE876 | Long             | ABS-O            | CORP              | KY        |   7589000 | PA      | $6085163.76   | 5.30%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Ares Clo Ltd                          | ARES XLIV CLO, Ltd.                  | CUSIP: 04016NAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    656000 | PA      | $153416.62    | 0.13%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Cqs Us Clo Ltd                        | CQS US CLO 2023-3, Ltd.              | CUSIP: 223930AC2<br>LEI: 254900OIQPM0JE7KVZ52 | Long             | ABS-O            | CORP              | JE        |  10866666 | PA      | $7231222.89   | 6.29%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Lcm Ltd Partnership                   | LCM 39, Ltd.                         | CUSIP: 50204RAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |   7675000 | PA      | $4014101.75   | 3.49%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Ares Clo Ltd                          | Ares LIX CLO, Ltd.                   | CUSIP: 04018GAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   3500000 | PA      | $1807854.65   | 1.57%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Anchorage Capital Clo Ltd             | Anchorage Capital CLO 21, Ltd.       | CUSIP: 03331LAC1<br>LEI: 54930063NKPB83QNUF90 | Long             | ABS-O            | CORP              | KY        |   2500000 | PA      | $1192522.00   | 1.04%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Ares Clo Ltd                          | ARES Loan Funding III, Ltd.          | CUSIP: 04019PAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   4000000 | PA      | $2688729.20   | 2.34%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Generate Clo Ltd.                     | Generate CLO 14, Ltd.                | CUSIP: 37149TAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   4000000 | PA      | $2034400.00   | 1.77%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd           | Balboa Bay Loan Funding 2021-1, Ltd. | CUSIP: 05765YAC3<br>LEI: 549300G0EX8VHFWPJW18 | Long             | ABS-O            | CORP              | KY        |   2626500 | PA      | $1210212.41   | 1.05%             |  |  |  | Yes           |                  2 | On Loan: No      |
| American Money Management Corporation | AMMC CLO 24, Ltd.                    | CUSIP: 00177MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2050000 | PA      | $1197169.25   | 1.04%             |  |  |  | Yes           |                  2 | On Loan: No      |
| American Money Management Corporation | AMMC CLO 24, Ltd.                    | CUSIP: 00177MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   5750000 | PA      | $3357913.75   | 2.92%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BENEFIT STREET PARTNERS CLO XXIII L   | BSP 2021-23A SUB                     | CUSIP: 08186XAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $3404900.00   | 2.96%             |  |  |  | Yes           |                  2 | On Loan: No      |
| N/A                                   | REVERSE REPO                         | CUSIP: RP56XAC11<br>LEI: N/A                  | Short            | RA               | CORP              | US        |   -975000 | NS      | $-975000.00   | -0.85%            |  |  |  | No            |                  2 | On Loan: No      |
| Generate Clo Ltd.                     | Generate Clo 11, Ltd.                | CUSIP: 37149JAC6<br>LEI: 549300LO5FP76OLGQK93 | Long             | ABS-O            | CORP              | KY        |   5000000 | PA      | $2915100.00   | 2.54%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Ocp Clo Ltd                           | OCP CLO 2023-26, Ltd.                | CUSIP: 67351PAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |   4250000 | PA      | $3471315.00   | 3.02%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Cifc Funding Ltd                      | CIFC Funding 2015-IV, Ltd.           | CUSIP: 12550VAE0<br>LEI: 549300ZXX0SJBZWIWI81 | Long             | ABS-O            | CORP              | KY        |  10000000 | PA      | $2847100.00   | 2.48%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Kkr Financial Clo Ltd                 | KKR CLO 31, Ltd.                     | CUSIP: 48254MAC7<br>LEI: 5493005MGEI63K1CMN61 | Long             | ABS-O            | CORP              | KY        |   3000000 | PA      | $1038090.00   | 0.90%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Invesco Clo 2021-1, Ltd               | Invesco CLO 2021-1, Ltd.             | CUSIP: 46090YAC3<br>LEI: 25490016C8NV86EY2059 | Long             | ABS-O            | CORP              | KY        |   8000000 | PA      | $2469126.40   | 2.15%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Vibrant Clo Ltd                       | Vibrant CLO XIV, Ltd.                | CUSIP: 92557VAC9<br>LEI: 5493000EYXFKXA2VRV24 | Long             | ABS-O            | CORP              | KY        |   3000000 | PA      | $1382331.00   | 1.20%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Harvest Us Clo Ltd                    | Harvest US CLO 2024-1, Ltd.          | CUSIP: 41755XAC2<br>LEI: 213800RQBB83K4W6BX61 | Long             | ABS-O            | CORP              | KY        |   7437582 | PA      | $4255412.54   | 3.70%             |  |  |  | Yes           |                  2 | On Loan: No      |
| N/A                                   | US BANK MMDA                         | CUSIP: 8AMMF0A84<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2782033 | NS      | $2782032.90   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockford Tower Clo Ltd                | Rockford Tower CLO 2025-1, Ltd.      | CUSIP: 77341BAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   5000000 | PA      | $4477900.00   | 3.90%             |  |  |  | Yes           |                  2 | On Loan: No      |
| N/A                                   | REVERSE REPO                         | CUSIP: RP85UAC80<br>LEI: N/A                  | Short            | RA               | CORP              | US        |   -705888 | NS      | $-705887.50   | -0.61%            |  |  |  | No            |                  2 | On Loan: No      |
| Rr Ltd                                | RR 23, Ltd.                          | CUSIP: 78111FAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BM        |   5580000 | PA      | $3363233.40   | 2.93%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Ares Clo Ltd                          | ARES XLVII CLO, Ltd.                 | CUSIP: 04016WAC7<br>LEI: 5493001J0ZSE1Y09WE50 | Long             | ABS-O            | CORP              | KY        |  12500000 | PA      | $273875.00    | 0.24%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Voya Clo Ltd                          | Voya CLO 2025-1, Ltd.                | CUSIP: 92945LAB4<br>LEI: 54930043I9VQ10YJ1Z07 | Long             | ABS-O            | CORP              | KY        |   7500000 | PA      | $6681900.00   | 5.81%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Venture Cdo Ltd                       | Venture 50 Clo, Ltd.                 | CUSIP: 92333DAC0<br>LEI: 2549002JL5N18ARIHX27 | Long             | ABS-O            | CORP              | KY        |   5000000 | PA      | $3218400.00   | 2.80%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Oaktree Clo Ltd                       | Oaktree CLO 2021-2, Ltd.             | CUSIP: 67389CAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   5000000 | PA      | $3041800.00   | 2.65%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Ares Clo Ltd                          | ARES LX CLO, Ltd.                    | CUSIP: 04018JAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   3400000 | PA      | $1738284.00   | 1.51%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Ares Clo Ltd                          | Ares LXIII CLO, Ltd.                 | CUSIP: 039938AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2272000 | PA      | $1563136.00   | 1.36%             |  |  |  | Yes           |                  2 | On Loan: No      |
| OAKTREE CLO 2019-3 LTD                | Oaktree 2019-3A SUB                  | CUSIP: 67400GAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $3373080.00   | 2.94%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Anchorage Capital Clo Ltd             | Anchorage Capital CLO 7, Ltd.        | CUSIP: 03328UAE2<br>LEI: 54930014PVHLSZJQK139 | Long             | ABS-O            | CORP              | KY        |  12000000 | PA      | $3409200.00   | 2.97%             |  |  |  | Yes           |                  2 | On Loan: No      |
| N/A                                   | REVERSE REPO                         | CUSIP: RP19PAC95<br>LEI: N/A                  | Short            | RA               | CORP              | US        |   -700000 | NS      | $-700000.00   | -0.61%            |  |  |  | No            |                  2 | On Loan: No      |
| Rr Ltd                                | RR 20, Ltd.                          | CUSIP: 74989TAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BM        |   3600000 | PA      | $2544514.56   | 2.21%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit Clo, Limited      | Bain Capital Credit CLO 2024-3, Ltd. | CUSIP: 05685UAC8<br>LEI: 254900SOM2S14IE3BZ76 | Long             | ABS-O            | CORP              | KY        |   3790000 | PA      | $2397591.90   | 2.09%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Marble Point Clo Xxi Ltd.             | Marble Point CLO XXI, Ltd.           | CUSIP: 56606TAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   3800000 | PA      | $962958.00    | 0.84%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Hps Loan Management Ltd               | HPS Loan Management 2021-16, Ltd.    | CUSIP: 40441AAC4<br>LEI: 529900WV2JMUABMCHN18 | Long             | ABS-O            | CORP              | KY        |   1800000 | PA      | $928242.00    | 0.81%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Signal Peak Clo, Llc                  | Signal Peak CLO 14, Ltd.             | CUSIP: 82667HAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   8000000 | PA      | $6348560.00   | 5.52%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Lcm Ltd Partnership                   | LCM 42, Ltd.                         | CUSIP: 52113BAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    250000 | PA      | $247279.53    | 0.22%             | 2038-01-15      | Floating      | 8.08%                 | Yes           |                  2 | On Loan: No      |
| N/A                                   | REVERSE REPO                         | CUSIP: RP55XAC20<br>LEI: N/A                  | Short            | RA               | CORP              | US        |  -1078449 | NS      | $-1078449.39  | -0.94%            |  |  |  | No            |                  2 | On Loan: No      |
| Regatta Xxii Funding Ltd.             | Regatta XXII Funding, Ltd.           | CUSIP: 758969AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1250000 | PA      | $885725.00    | 0.77%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Apex Credit Clo Llc                   | Apex Credit CLO 2021-II LLC          | CUSIP: 58406DAC3<br>LEI: 254900H6CNZLCIDMYC58 | Long             | ABS-O            | CORP              | KY        |   3450000 | PA      | $1548722.25   | 1.35%             |  |  |  | Yes           |                  2 | On Loan: No      |
| N/A                                   | REVERSE REPO                         | CUSIP: RP00GAC33<br>LEI: N/A                  | Short            | RA               | CORP              | US        |  -1005000 | NS      | $-1005000.00  | -0.87%            |  |  |  | No            |                  2 | On Loan: No      |
| Regatta Xix Funding Ltd               | Regatta XIX Funding, Ltd.            | CUSIP: 75888CAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   7653000 | PA      | $4980725.46   | 4.33%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Shackleton Clo Ltd                    | Shackleton 2019-XIV Clo, Ltd.        | CUSIP: 81880YAC4<br>LEI: 549300HOHPZON6E4VH77 | Long             | ABS-O            | CORP              | KY        |   3000000 | PA      | $1890894.60   | 1.65%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund               | Dryden 43 Senior Loan Fund           | CUSIP: 26245BAA3<br>LEI: 5493002P75UIPU4MC757 | Long             | ABS-O            | CORP              | KY        |   6477500 | PA      | $1871847.22   | 1.63%             |  |  |  | Yes           |                  2 | On Loan: No      |
| N/A                                   | REVERSE REPO                         | CUSIP: RP52HAC88<br>LEI: N/A                  | Short            | RA               | CORP              | US        |   -937750 | NS      | $-937750.00   | -0.82%            |  |  |  | No            |                  2 | On Loan: No      |
| Harvest Us Clo Ltd                    | Harvest US CLO 2024-2, Ltd.          | CUSIP: 41756XAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   5000000 | PA      | $3641000.00   | 3.17%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BlueMountain Clo 2014-4 Limited       | BlueMountain 2022-35A SUB            | CUSIP: 09631TAE4<br>LEI: 5493001B57JU7XEJXM59 | Long             | ABS-O            | CORP              | US        |   4500000 | PA      | $2551455.00   | 2.22%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Madison Park Funding Ltd              | Madison Park Funding XXVII, Ltd.     | CUSIP: 55820XAG4<br>LEI: 549300Z310EWX0EQ8310 | Long             | ABS-O            | CORP              | KY        |    250000 | PA      | $243766.01    | 0.21%             | 2038-04-20      | Floating      | 7.83%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Pearl Diver Credit Company Inc.

**Signature:** Echo Chan

**Name of Signer:** Echo Chan

**Title:** Senior Operations Director