| Pearl Diver Credit Company Inc. | ||||||
| Schedule of Investments (UNAUDITED) | ||||||
| 3/31/2026 | ||||||
| (Expressed in United States Dollars) |
| Issuer(1) | Investment | Acquisition Date(2) | Principal/ Shares | Cost | Fair Value(3) | Percentage of Net Assets | ||||||||||||||
| Investments at Fair Value(4) | ||||||||||||||||||||
| Collateralized Loan Obligations - Debt - 0.63%(5)(6) | ||||||||||||||||||||
| United States(7) | ||||||||||||||||||||
| LCM 42, Ltd. | Secured Note - Class F, (3M CME TERM SOFR + 8.08%, due 01/15/2038) | 11/18/2024 | $ | 250,000 | $ | 230,794 | $ | 230,352 | 0 .32% | |||||||||||
| Madison Park Funding XXVII, Ltd. | Secured Note - Class FR, (3M CME TERM SOFR + 7.83%, due 04/20/2038) | 2/3/2025 | 250,000 | 247,588 | 225,013 | 0 .31% | ||||||||||||||
| Total Collateralized Loan Obligations - Debt | $ | 478,382 | $ | 455,365 | ||||||||||||||||
| Collateralized Loan Obligations - Equity - 154.24%(6)(8) | ||||||||||||||||||||
| Ireland(7) | ||||||||||||||||||||
| Madison Park Euro Funding XVII DAC | Subordinated Note (effective yield 25.63%, maturity 7/27/2034) | 1/16/2026 | 5,087,500 | 2,693,245 | 2,475,655 | 3 .44% | ||||||||||||||
| United States(7) | ||||||||||||||||||||
| 37 Capital Clo 1, Ltd. | Subordinated Note (effective yield 0.00%, maturity 10/16/2034) | 10/26/2023 | 8,500,000 | 4,367,846 | 1,840,535 | 2 .56% | ||||||||||||||
| 37 Capital CLO II | Subordinated Note (effective yield 2.23%, maturity 7/17/2034) | 9/20/2024 | 7,849,885 | 4,169,260 | 2,411,249 | 3 .35% | ||||||||||||||
| ALM VII R, Ltd. SERIES 144A | Subordinated Note (effective yield 3.68%, maturity 1/15/2036) | 10/30/2024 | 8,042,000 | 941,169 | 985,627 | 1 .37% | ||||||||||||||
| AMMC CLO 24, Ltd. | Subordinated Note (effective yield 8.92%, maturity 1/22/2035) | 8/17/2023 | 7,800,000 | 4,537,866 | 2,969,304 | 4 .12% | ||||||||||||||
| Anchorage Capital CLO 21, Ltd. | Subordinated Note (effective yield 15.03%, maturity 10/20/2034) | 8/12/2025 | 2,500,000 | 1,141,541 | 619,750 | 0 .86% | ||||||||||||||
| Anchorage Capital CLO 7, Ltd. | Subordinated Note (effective yield 9.76%, maturity 4/28/2037) | 8/20/2024 | 12,000,000 | 3,261,941 | 2,697,600 | 3 .75% | ||||||||||||||
| Apex Credit CLO 2021-II LLC | Subordinated Note (effective yield 0.00%, maturity 10/20/2034) | 11/22/2023 | 3,450,000 | 1,336,852 | 723,450 | 1 .00% | ||||||||||||||
| Apidos CLO XI | Subordinated Note (effective yield 19.68%, maturity 1/17/2023) | 11/5/2025 | 11,945,750 | 2,639,891 | 1,642,541 | 2 .28% | ||||||||||||||
| Ares LIX CLO, Ltd. | Subordinated Note (effective yield 16.74%, maturity 4/25/2034) | 10/31/2023 | 3,500,000 | 1,707,408 | 1,003,310 | 1 .39% | ||||||||||||||
| ARES Loan Funding III, Ltd.(9) | Subordinated Note (effective yield 18.66%, maturity 7/25/2036) | 10/31/2023 | 4,000,000 | 2,388,591 | 1,445,480 | 2 .01% | ||||||||||||||
| ARES LX CLO, Ltd. | Subordinated Note (effective yield 17.89%, maturity 7/18/2034) | 7/31/2025 | 3,400,000 | 1,601,529 | 980,084 | 1 .36% | ||||||||||||||
| Ares LXIII CLO, Ltd. | Subordinated Note (effective yield 48.86%, maturity 10/15/2038) | 10/26/2023 | 2,272,000 | 1,468,294 | 922,455 | 1 .28% | ||||||||||||||
| ARES XLIV CLO, Ltd. | Subordinated Note (effective yield 26.38%, maturity 4/15/2034) | 5/22/2025 | 2,656,000 | 604,372 | 320,048 | 0 .44% | ||||||||||||||
| ARES XLVII CLO, Ltd. | Subordinated Note (effective yield 17.82%, maturity 4/15/2030) | 6/26/2025 | 12,500,000 | 380,675 | 163,250 | 0 .23% | ||||||||||||||
| Bain Capital Credit CLO 2021-1, Ltd. | Subordinated Note (effective yield 5.30%, maturity 4/18/2034) | 11/20/2025 | 4,550,000 | 1,311,750 | 830,002 | 1 .15% | ||||||||||||||
| Bain Capital Credit CLO 2024-3, Ltd.(9) | Subordinated Note (effective yield 26.73%, maturity 7/16/2037) | 8/29/2024 | 3,790,000 | 2,742,888 | 1,540,294 | 2 .14% | ||||||||||||||
| Balboa Bay Loan Funding 2021-1, Ltd. | Subordinated Note (effective yield 14.74%, maturity 7/20/2034) | 8/6/2024 | 2,626,500 | 1,066,862 | 760,687 | 1 .06% | ||||||||||||||
| BlueMountain 2022-35A SUB | Subordinated Note (effective yield 14.60%, maturity 10/22/2037) | 1/24/2024 | 4,500,000 | 2,817,220 | 1,367,325 | 1 .90% | ||||||||||||||
| BlueMountain CLO XXXII, Ltd. | Subordinated Note (effective yield 7.86%, maturity 10/16/2034) | 9/19/2023 | 6,400,548 | 3,410,638 | 1,809,179 | 2 .51% | ||||||||||||||
| Bridge Street CLO III, Ltd. | Subordinated Note (effective yield 26.30%, maturity 10/20/2037) | 2/21/2025 | 1,000,000 | 614,595 | 458,350 | 0 .64% | ||||||||||||||
| BSP 2021-23A SUB | Subordinated Note (effective yield 14.59%, maturity 4/25/2034) | 11/7/2023 | 5,000,000 | 3,271,409 | 2,253,000 | 3 .13% | ||||||||||||||
| Cathedral Lake VIII, Ltd. | Subordinated Note (effective yield 12.20%, maturity 1/20/2035) | 11/5/2025 | 1,978,750 | 578,233 | 399,114 | 0 .55% | ||||||||||||||
| Cedar Funding VI CLO, Ltd. | Subordinated Note (effective yield 6.62%, maturity 4/20/2034) | 7/30/2025 | 5,000,000 | 2,254,496 | 1,425,950 | 1 .98% | ||||||||||||||
| CIFC Funding 2015-IV, Ltd. | Subordinated Note (effective yield 6.25%, maturity 1/20/2039) | 7/26/2023 | 10,000,000 | 3,013,512 | 2,478,000 | 3 .44% | ||||||||||||||
| CQS US CLO 2023-3, Ltd. | Subordinated Note (effective yield 12.27%, maturity 1/25/2037) | 11/13/2024 | 10,866,666 | 6,802,611 | 5,332,164 | 7 .41% | ||||||||||||||
| Crown Point CLO 8, Ltd. | Subordinated Note (effective yield 15.61%, maturity 10/20/2034) | 10/23/2025 | 1,000,000 | 457,382 | 294,000 | 0 .41% | ||||||||||||||
| Crown Point CLO 9, Ltd. | Subordinated Note (effective yield 21.55%, maturity 7/14/2034) | 10/31/2025 | 1,000,000 | 458,395 | 270,180 | 0 .38% | ||||||||||||||
| Dryden 123 CLO, Ltd.(9) | Subordinated Note (effective yield 2.04%, maturity 3/15/2038) | 2/20/2025 | 7,500,000 | 6,596,866 | 4,646,250 | 6 .45% | ||||||||||||||
| Dryden 43 Senior Loan Fund | Subordinated Note (effective yield 8.52%, maturity 4/20/2034) | 9/3/2025 | 6,477,500 | 1,633,434 | 905,425 | 1 .26% | ||||||||||||||
| Harvest US CLO 2024-1, Ltd.(9) | Subordinated Note (effective yield 10.05%, maturity 4/20/2037) | 7/25/2024 | 7,437,582 | 4,759,997 | 3,548,693 | 4 .93% | ||||||||||||||
| Harvest US CLO 2024-2, Ltd.(9) | Subordinated Note (effective yield 13.68%, maturity 10/15/2037) | 8/1/2024 | 5,000,000 | 3,795,717 | 2,771,650 | 3 .85% | ||||||||||||||
| HPS Loan Management 2021-16, Ltd. | Subordinated Note (effective yield 3.76%, maturity 1/23/2035) | 11/20/2023 | 1,800,000 | 906,424 | 644,713 | 0 .90% | ||||||||||||||
| Invesco CLO 2021-1, Ltd. | Subordinated Note (effective yield 24.79%, maturity 4/15/2034) | 6/25/2025 | 8,000,000 | 2,470,948 | 1,060,000 | 1 .47% | ||||||||||||||
| Kennedy Lewis CLO 11, Ltd.(9) | Subordinated Note (effective yield 0.01%, maturity 10/20/2037) | 11/7/2023 | 5,000,000 | 3,523,518 | 1,598,900 | 2 .22% | ||||||||||||||
| Kennedy Lewis CLO 14, Ltd.(9) | Subordinated Note (effective yield 18.35%, maturity 4/22/2037) | 7/24/2024 | 4,000,000 | 3,001,408 | 1,431,360 | 1 .99% | ||||||||||||||
| Kennedy Lewis CLO 17, Ltd. | Subordinated Note (effective yield 14.42%, maturity 10/22/2037) | 11/20/2025 | 5,000,000 | 2,642,375 | 2,185,350 | 3 .04% | ||||||||||||||
| KKR CLO 31, Ltd. | Subordinated Note (effective yield 12.78%, maturity 4/20/2034) | 8/20/2025 | 3,000,000 | 1,015,458 | 579,735 | 0 .81% | ||||||||||||||
| LCM 39, Ltd./Jersey | Income Note (effective yield 15.14%, maturity 10/16/2034) | 7/25/2023 | 7,675,000 | 4,828,073 | 2,273,335 | 3 .16% | ||||||||||||||
| LCM 42, Ltd. | Income Note (effective yield 12.75%, maturity 1/15/2038) | 11/18/2024 | 10,000,000 | 8,075,541 | 5,133,000 | 7 .13% | ||||||||||||||
| Marble Point CLO XXI, Ltd. | Subordinated Note (effective yield 14.20%, maturity 10/17/2034) | 3/14/2024 | 3,800,000 | 1,701,852 | 1,007,000 | 1 .40% | ||||||||||||||
| Oaktree 2019-3A SUB(9) | Subordinated Note (effective yield 12.32%, maturity 1/20/2038) | 11/8/2023 | 6,000,000 | 2,919,932 | 2,567,760 | 3 .57% | ||||||||||||||
| Oaktree CLO 2021-2, Ltd. | Subordinated Note (effective yield 23.75%, maturity 1/16/2035) | 7/28/2023 | 5,000,000 | 2,715,950 | 1,985,683 | 2 .76% | ||||||||||||||
| OCP CLO 2023-26, Ltd. | Subordinated Note (effective yield 11.93%, maturity 4/17/2037) | 11/14/2023 | 4,250,000 | 2,745,717 | 2,634,660 | 3 .66% | ||||||||||||||
| Regatta XIX Funding, Ltd. | Subordinated Note (effective yield 10.95%, maturity 4/20/2035) | 9/11/2024 | 9,053,000 | 5,843,929 | 4,431,896 | 6 .16% | ||||||||||||||
| Regatta XXII Funding, Ltd. | Subordinated Note (effective yield 0.00%, maturity 1/15/2039) | 9/29/2023 | 1,250,000 | 891,178 | 755,887 | 1 .05% | ||||||||||||||
| Rockford Tower CLO 2021-1, Ltd. | Subordinated Note (effective yield 9.22%, maturity 7/20/2034) | 9/18/2023 | 1,000,000 | 579,948 | 182,500 | 0 .25% | ||||||||||||||
| Rockford Tower CLO 2025-1, Ltd. | Subordinated Note (effective yield 10.82%, maturity 4/15/2038) | 2/4/2025 | 5,000,000 | 3,821,029 | 2,655,100 | 3 .69% | ||||||||||||||
| RR 19, Ltd. | Subordinated Note (effective yield 8.68%, maturity 4/16/2040) | 7/27/2023 | 4,000,000 | 2,970,610 | 2,561,400 | 3 .56% | ||||||||||||||
| RR 20, Ltd. | Subordinated Note (effective yield 13.56%, maturity 7/15/2037) | 8/8/2023 | 3,600,000 | 2,544,433 | 1,658,196 | 2 .30% | ||||||||||||||
| RR 23, Ltd. | Subordinated Note (effective yield 8.66%, maturity 10/15/2035) | 10/5/2023 | 5,580,000 | 2,861,602 | 2,577,123 | 3 .58% | ||||||||||||||
| RR 37, Ltd. | Subordinated Note (effective yield 9.88%, maturity 4/15/2038) | 1/22/2025 | 7,000,000 | 6,129,802 | 4,803,190 | 6 .67% | ||||||||||||||
| Shackleton 2019-XIV Clo, Ltd. | Subordinated Note (effective yield 4.86%, maturity 7/20/2034) | 2/1/2024 | 3,000,000 | 1,781,592 | 1,095,600 | 1 .52% | ||||||||||||||
| Signal Peak CLO 14, Ltd. | Subordinated Note (effective yield 11.98%, maturity 1/22/2038) | 12/23/2024 | 8,000,000 | 6,334,276 | 4,648,960 | 6 .46% | ||||||||||||||
| TCW CLO 2024-2, Ltd.(9) | Subordinated Note (effective yield 6.96%, maturity 7/17/2037) | 7/12/2024 | 6,050,000 | 4,284,041 | 2,354,781 | 3 .27% | ||||||||||||||
| Venture 50 Clo, Ltd. | Subordinated Note (effective yield 2.19%, maturity 10/20/2037) | 10/30/2024 | 5,000,000 | 3,664,456 | 1,787,950 | 2 .48% | ||||||||||||||
| Vibrant CLO XIV, Ltd. | Subordinated Note (effective yield 9.88%, maturity 10/20/2034) | 1/23/2024 | 3,000,000 | 1,505,130 | 837,540 | 1 .16% | ||||||||||||||
| Voya CLO 2025-1, Ltd.(9) | Subordinated Note (effective yield 9.88%, maturity 4/20/2038) | 2/12/2025 | 7,500,000 | 6,674,674 | 5,288,550 | 7 .35% | ||||||||||||||
| Total Collateralized Loan Obligations - Equity | $ | 165,260,381 | $ | 111,030,770 | ||||||||||||||||
| Total Investments 154.87% | $ | 165,738,763 | $ | 111,486,135 | ||||||||||||||||
| Short-Term Investments - 0.97% | Shares | Cost | Fair Value | Percentage of Net Assets | ||||||||||
| First American Government Obligations Fund Class X, 3.577%(10) | 698,455 | 698,455 | 698,455 | 0 .97% | ||||||||||
| Total Short-Term Investments | $ | 698,455 | $ | 698,455 | ||||||||||
| Series A Cumulative Perpetual Preferred Shares - (47.93%) | $ | (34,500,000 | ) | |||||||||||
| Liabilities in Excess of Other Assets- (7.91%) | (5,699,197 | ) | ||||||||||||
| Net Assets - 100.00% | $ | 71,985,393 | ||||||||||||
| (1) | 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 |
| (2) | Acquisition date represents the initial purchase date of investment. |
| (3) | 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. |
| (4) | The fair value of CLO Debt and CLO equity investments are classified as Level II investments. |
| (5) | Variable rate investment. Interest rate shown reflects the rate in effect at the reporting date. Investment description includes the reference rate and spread. |
| (6) | All securities exempt from registration under the Securities Act of 1933, as amended and are deemed to be “restricted securities”. |
| (7) | Country represents the principal country of risk where the investment has exposure. |
| (8) | 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. |
| (9) | All or a portion of the security is pledged as collateral for reverse repurchase agreements as of March 31, 2026. Securities in the amount of $27,193,718 were pledged as collateral at March 31, 2026. |
| (10) | The rate shown is the annualized 7-day yield as of March 31, 2026. |
| OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS | ||||||||||||||||||||||
| Counterparty | Settlement Date | Fund Receiving | U.S. $ Value at March 31, 2026 | Fund Delivering | U.S. $ Value at March 31, 2026 | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
| Credit Agricole | 10/27/26 | USD | 801,105 | EUR | 784,396 | $ | 16,709 | |||||||||||||||
| Credit Agricole | 01/27/27 | USD | 803,935 | EUR | 786,661 | 17,274 | ||||||||||||||||
| State Street Corporation | 04/27/26 | USD | 181,513 | EUR | 164,337 | 17,176 | ||||||||||||||||
| State Street Corporation | 07/27/26 | USD | 797,389 | EUR | 781,843 | 15,546 | ||||||||||||||||
| $ | 66,705 | |||||||||||||||||||||
| Credit Agricole | 10/27/26 | EUR | 165,504 | USD | 169,506 | $ | (4,002 | ) | ||||||||||||||
| Credit Agricole | 01/27/27 | EUR | 165,982 | USD | 170,113 | (4,131 | ) | |||||||||||||||
| State Street Corporation | 04/27/26 | EUR | 164,337 | USD | 168,191 | (3,854 | ) | |||||||||||||||
| State Street Corporation | 07/27/26 | EUR | 164,964 | USD | 168,908 | (3,944 | ) | |||||||||||||||
| State Street Corporation | 04/27/27 | USD | 620,659 | EUR | 622,350 | (1,691 | ) | |||||||||||||||
| $ | (17,622 | ) | ||||||||||||||||||||
| Reverse Repurchase Agreements | ||||||||||||
| Counterparty | Interest Rate | Acquisition Date | Maturity Date | Amount | ||||||||
| Goldman Sachs | 7.18 | % | 03/23/2026 | 07/20/2026 | $ | 600,000 | ||||||
| Goldman Sachs | 7.18 | % | 03/23/2026 | 07/20/2026 | 330,000 | |||||||
| Goldman Sachs | 7.18 | % | 03/23/2026 | 07/20/2026 | 1,237,500 | |||||||
| Goldman Sachs | 7.18 | % | 03/23/2026 | 07/20/2026 | 412,500 | |||||||
| Goldman Sachs | 7.18 | % | 03/23/2026 | 07/20/2026 | 300,000 | |||||||
| Goldman Sachs | 7.18 | % | 03/23/2026 | 07/20/2026 | 453,750 | |||||||
| Goldman Sachs | 7.18 | % | 03/23/2026 | 07/20/2026 | 539,225 | |||||||
| Goldman Sachs | 7.18 | % | 03/23/2026 | 07/20/2026 | 487,500 | |||||||
| Goldman Sachs | 7.18 | % | 03/23/2026 | 07/20/2026 | 355,312 | |||||||
| Goldman Sachs | 7.18 | % | 03/23/2026 | 04/20/2026 | 1,125,000 | |||||||
| $ | 5,840,787 | |||||||||||