# EDGAR Filing Document

**Accession Number:** 0001998043
**File Stem:** 0001697228-25-000013
**Filing Date:** 2025-9
**Character Count:** 10931
**Document Hash:** 3f7953bcde69d7db02ccc78c3a1866e3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001697228-25-000013.hdr.sgml**: 20250910

**ACCESSION NUMBER**: 0001697228-25-000013

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250910

**DATE AS OF CHANGE**: 20250910

**SUBJECT COMPANY**: 

**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:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94567
- **FILM NUMBER:** 251305230

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** University of Wisconsin Foundation
- **CENTRAL INDEX KEY:** 0001697228

**ORGANIZATION NAME:**
- **EIN:** 390743975
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 1 SOUTH PINCKNEY ST.
- **STREET 2:** SUITE 900
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53703
- **BUSINESS PHONE:** 608-308-5222

**MAIL ADDRESS:**
- **STREET 1:** 1848 UNIVERSITY AVENUE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53726

### Attached PDF Documents

**Attachment 1:** `UWF_Exhibit_1.pdf`

_No text found in this document._

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Pearl Diver Credit Co Inc.**

*(Name of Issuer)*

**Common Stock**

*(Title of Class of Securities)*

**70476Q100**

*(CUSIP Number)*

**Sean Arp**<br>1848 University Ave<br>Madison WI 53726<br>608-234-0630

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**09/10/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **70476Q100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**University of Wisconsin Foundation** | Name of reporting person<br>**University of Wisconsin Foundation** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**WISCONSIN** | Citizenship or place of organization<br>**WISCONSIN** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**1459021.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**1459021.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1459021.00** | Aggregate amount beneficially owned by each reporting person<br>**1459021.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**21.5%** | Percent of class represented by amount in Row (11)<br>**21.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock

**(b) Name of Issuer:**
Pearl Diver Credit Co Inc.

**(c) Address of Issuer's Principal Executive Offices:**
747 THIRD AVENUE, 747 THIRD AVENUE, NEW YORK, WI, 10017

**Item 4. Purpose of Transaction**

Item 4 of the Original Schedule 13D is hereby amended and restated in its entirety as follows:

The shares of Common Stock were acquired by the Reporting Person for the purpose of investment.

The Reporting Person intends to continue to evaluate the Issuer's business, prospects and financial condition, the market for the Common Stock, monetary and stock market conditions and other further developments.  As a part of such evaluation, the Reporting Person may participate in meetings or hold discussions with the Issuer's management, other shareholders, including Isthmus, and other persons in which the Reporting Person may express its views with respect to offerings of shares of Common Stock or potential changes in the operations, assets, capital structure or ownership of the Issuer as a means of enhancing shareholder value. Such expression of views may relate to one or more of the transactions specified in clauses (a) through (j) of Item 4 of this Schedule 13D.

Depending upon, among other things, the factors set forth above, as well as the liquidity and market price of the shares of Common Stock, the Reporting Person may dispose of all or part of its investment in the Common Stock at any time, including through periodic sales occurring from time to time.  Additionally, depending upon factors such as those described above, the Reporting Person reserves the right to (i) acquire additional shares of Common Stock by tender offer, in the open market, in private transactions or otherwise, (ii) propose a merger or similar business combination with the Issuer or its affiliates,  or (iii) take any other action with respect to the Issuer.

Except as set forth in this Item 4, neither the Reporting Person nor, to the Reporting Person's knowledge without independent verification, any Governing Person has any present plans or proposals that relate to or that would result in any of the following actions:

(a)	The acquisition by any person of additional securities of the Issuer, or the disposition of securities of the Issuer;

(b)	An extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries;

(c)	A sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries;

(d)	Any change in the present board of directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board;

(e)	Any material change in the present capitalization or dividend policy of the Issuer;

(f)	Any other material change in the Issuer's business or corporate structure, including but not limited to, any plans or proposals to make any changes in its investment policy for which a vote is required by Section 13 of the Investment Company Act of 1940;

(g)	Changes in the Issuer's charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person;

(h)	Causing a class of securities of the Issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association;

(i)	A class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act; or

(j)	Any action similar to any of those enumerated above.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5 of the Original Schedule 13D is hereby amended and restated in its entirety as follows:

The Reporting Person is the beneficial owner of 1,459,021 shares of Common Stock, which constitutes approximately 21.5% of the outstanding shares of Common Stock. The percentage of shares of Common Stock reported as beneficially owned by the Reporting Person is based upon 6,796,473 shares of Common Stock outstanding as of June 30, 2025.

Except as set forth in this Schedule 13D, to the Reporting Person's knowledge without independent verification, none of the Governing Persons is the beneficial owner of any shares of Common Stock.

**(b)**
The Reporting Person has sole voting and dispositive power over the 1,459,021 shares of Common Stock directly held by the Reporting Person.

**(c)**
During the past 60 days, the Reporting Person has not effected any transactions in the Common Stock.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Original Schedule 13D is hereby amended and restated in its entirety as follows:

The Isthmus LLC Agreement provides that the managers of Isthmus, acting pursuant to the affirmative vote of such managers required by the terms of the Isthmus LLC Agreement, have the right to manage and dispose of the shares of Common Stock held by Isthmus (the "Isthmus Shares"). The managers of the Isthmus are elected and may be removed with the consent of a majority in interest of the members.  Pursuant to the amendment to the Isthmus LLC Agreement and subject to certain thresholds, the Reporting Person delegated the voting authority attributable to its interests to the other members of Isthmus. Such delegation will terminate more than 60 days following the occurrence of certain events.

To the best knowledge of the Reporting Person, except as otherwise described in this Schedule 13D, there are no contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Person and any Governing Person or between the Reporting Person and any other person with respect to any securities of the Issuer, including any class of the Issuer's securities used as a reference security, in connection with any of the following: call options, put options, security-based swaps or any other derivative securities, transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** University of Wisconsin Foundation

**Signature:** Sean Arp

**Name/Title:** Chief Operating Officer

**Date:** 09/10/2025