| Pearl Diver Credit Company Inc. | |
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| Schedule of Investments (UNAUDITED) | |
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| 9/30/2024 | |
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| (Expressed in United States Dollars) | |
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| Issuer | |
Investment | |
Acquisition Date(1) | | |
Principal Amount | | |
Cost | | |
Fair Value | | |
Percentage of Net Assets |
| Investments at Fair Value(2) | |
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| Collateralized Loan Obligations - Equity - 98.38%(3) | |
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| United States(4) | |
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| 37 Capital CLO I, Ltd. | |
Subordinated Note (effective yield
14.12%, maturity 10/16/2034) | |
| 10/26/2023 | | |
$ | 8,500,000 | | |
$ | 5,525,390 | | |
$ | 4,746,400 | | |
3.48% |
| 37 Capital CLO II, Ltd. | |
Subordinated Note (effective yield
19.13%, maturity 7/17/2034) | |
| 9/20/2024 | | |
| 7,849,885 | | |
| 5,171,167 | | |
| 5,519,254 | | |
4.05% |
| AMMC CLO 24, Ltd. | |
Subordinated Note (effective yield
16.31%, maturity 1/22/2035) | |
| 8/17/2023 | | |
| 5,750,000 | | |
| 4,055,537 | | |
| 3,889,875 | | |
2.85% |
| Anchorage Capital CLO 7, Ltd. | |
Subordinated Note (effective yield
12.47%, maturity 4/28/2037) | |
| 8/20/2024 | | |
| 12,000,000 | | |
| 3,764,987 | | |
| 3,829,200 | | |
2.81% |
| Apex Credit CLO 2021-II LLC | |
Subordinated Note (effective yield
27.22%, maturity 10/20/2034) | |
| 11/22/2023 | | |
| 3,450,000 | | |
| 1,633,594 | | |
| 1,876,455 | | |
1.38% |
| ARES LIX CLO, Ltd. | |
Subordinated Note (effective yield
19.85%, maturity 4/25/2034) | |
| 10/31/2023 | | |
| 3,500,000 | | |
| 2,039,047 | | |
| 2,371,950 | | |
1.74% |
| ARES Loan Funding III, Ltd. | |
Subordinated Note (effective yield
29.52%, maturity 7/25/2036) | |
| 10/31/2023 | | |
| 4,000,000 | | |
| 2,371,845 | | |
| 3,817,200 | | |
2.80% |
| ARES LXIII CLO, Ltd. | |
Subordinated Note (effective yield
19.86%, maturity 4/20/2035) | |
| 10/26/2023 | | |
| 2,000,000 | | |
| 1,405,275 | | |
| 1,651,000 | | |
1.21% |
| ARES LXIV CLO, Ltd. | |
Subordinated Note (effective yield
13.90%, maturity 10/24/2039) | |
| 8/8/2024 | | |
| 5,072,177 | | |
| 3,522,020 | | |
| 3,877,187 | | |
2.85% |
| ARES XXXIX CLO, Ltd. | |
Subordinated Note (effective yield
15.23%, maturity 7/20/2037) | |
| 9/6/2024 | | |
| 6,246,752 | | |
| 2,761,713 | | |
| 2,832,902 | | |
2.08% |
| Bain Capital Credit CLO 2024-3, Ltd. | |
Subordinated Note (effective yield
12.20%, maturity 7/16/2037) | |
| 8/29/2024 | | |
| 3,790,000 | | |
| 2,956,581 | | |
| 3,097,567 | | |
2.27% |
| Balboa Bay Loan Funding 2021-1, Ltd. | |
Subordinated Note (effective yield
17.83%, maturity 7/20/2034) | |
| 8/6/2024 | | |
| 2,626,500 | | |
| 1,284,341 | | |
| 1,341,091 | | |
0.98% |
| BlueMountain 2022-35A SUB | |
Subordinated Note (effective yield
14.48%, maturity 10/22/2037) | |
| 1/24/2024 | | |
| 4,500,000 | | |
| 3,115,032 | | |
| 2,884,500 | | |
2.12% |
| BlueMountain CLO XXXII, Ltd. | |
Subordinated Note (effective yield
12.82%, maturity 10/16/2034) | |
| 9/19/2023 | | |
| 6,400,548 | | |
| 4,145,661 | | |
| 3,750,081 | | |
2.75% |
| BSP 2021-23A SUB | |
Subordinated Note (effective yield
11.44%, maturity 4/25/2034) | |
| 11/7/2023 | | |
| 5,000,000 | | |
| 3,972,000 | | |
| 3,630,000 | | |
2.66% |
| CIFC Funding 2015-IV, Ltd. | |
Subordinated Note (effective yield
15.30%, maturity 4/20/2034) | |
| 7/26/2023 | | |
| 10,000,000 | | |
| 3,613,172 | | |
| 3,678,000 | | |
2.70% |
| Elmwood CLO 18, Ltd. | |
Subordinated Note (effective yield
25.95%, maturity 7/17/2037) | |
| 10/31/2023 | | |
| 6,000,000 | | |
| 2,682,334 | | |
| 4,114,200 | | |
3.02% |
| Generate CLO 11, Ltd. | |
Subordinated Note (effective yield
24.65%, maturity 10/20/2037) | |
| 11/7/2023 | | |
| 5,000,000 | | |
| 3,618,790 | | |
| 4,333,500 | | |
3.18% |
| Generate CLO 14, Ltd. | |
Subordinated Note (effective yield
13.27%, maturity 4/22/2037) | |
| 7/24/2024 | | |
| 4,000,000 | | |
| 3,355,902 | | |
| 3,295,200 | | |
2.42% |
| Harvest US CLO 2024-1, Ltd. | |
Subordinated Note (effective yield
14.51%, maturity 4/20/2037) | |
| 7/25/2024 | | |
| 7,437,582 | | |
| 5,443,077 | | |
| 5,414,560 | | |
3.97% |
| Harvest US CLO 2024-2, Ltd.( | |
Subordinated Note (effective yield
12.41%, maturity 10/15/2037) | |
| 8/1/2024 | | |
| 5,000,000 | | |
| 4,192,105 | | |
| 4,249,500 | | |
3.12% |
| HPS Loan Management 2021-16, Ltd. | |
Subordinated Note (effective yield
11.31%, maturity 1/23/2035) | |
| 11/20/2023 | | |
| 1,800,000 | | |
| 1,125,539 | | |
| 1,028,700 | | |
0.76% |
| ICG US Clo 2020-1, Ltd. | |
Subordinated Note (effective yield
5.87%, maturity 1/22/2035) | |
| 7/20/2023 | | |
| 5,300,000 | | |
| 2,603,166 | | |
| 1,565,090 | | |
1.15% |
| LCM 39, Ltd. | |
Income Note (effective yield
13.90%, maturity 10/16/2034) | |
| 7/25/2023 | | |
| 7,675,000 | | |
| 5,430,047 | | |
| 6,252,055 | | |
4.59% |
| Marble Point CLO XXI, Ltd. | |
Subordinated Note (effective yield
14.91%, maturity 10/17/2034) | |
| 3/14/2024 | | |
| 3,800,000 | | |
| 2,038,875 | | |
| 1,815,260 | | |
1.33% |
| Oaktree 2019-3A SUB | |
Subordinated Note (effective yield
17.99%, maturity 10/20/2034) | |
| 11/8/2023 | | |
| 6,000,000 | | |
| 3,494,851 | | |
| 3,523,200 | | |
2.59% |
| Oaktree CLO 2021-2, Ltd. | |
Subordinated Note (effective yield
15.11%, maturity 1/16/2035) | |
| 7/28/2023 | | |
| 5,000,000 | | |
| 3,542,725 | | |
| 3,357,000 | | |
2.46% |
| OCP CLO 2023-26, Ltd. | |
Subordinated Note (effective yield
7.81%, maturity 4/17/2036) | |
| 11/14/2023 | | |
| 4,250,000 | | |
| 2,999,845 | | |
| 3,503,700 | | |
2.57% |
| PPM CLO 5, Ltd. | |
Subordinated Note (effective yield
14.67%, maturity 10/18/2034) | |
| 8/2/2024 | | |
| 10,000,000 | | |
| 5,833,623 | | |
| 4,970,000 | | |
3.65% |
| Regatta XIX Funding, Ltd. | |
Subordinated Note (effective yield
14.67%, maturity 4/20/2035) | |
| 9/11/2024 | | |
| 7,653,000 | | |
| 6,281,466 | | |
| 6,482,856 | | |
4.76% |
| Regatta XXII Funding, Ltd. | |
Subordinated Note (effective yield
11.95%, maturity 7/20/2035) | |
| 9/29/2023 | | |
| 1,250,000 | | |
| 1,039,302 | | |
| 1,054,000 | | |
0.77% |
| Rockford Tower CLO 2021-1, Ltd. | |
Subordinated Note (effective yield
8.70%, maturity 7/20/2034) | |
| 9/18/2023 | | |
| 1,000,000 | | |
| 720,584 | | |
| 570,900 | | |
0.42% |
| RR 12, Ltd. | |
Subordinated Note (effective yield
14.71%, maturity 1/15/2036) | |
| 7/30/2024 | | |
| 8,042,000 | | |
| 2,533,064 | | |
| 2,540,741 | | |
1.86% |
| RR 19, Ltd. | |
Subordinated Note (effective yield
10.78%, maturity 10/15/2035) | |
| 7/27/2023 | | |
| 7,242,000 | | |
| 5,769,804 | | |
| 5,498,851 | | |
4.04% |
| RR 20, Ltd. | |
Subordinated Note (effective yield
8.67%, maturity 7/15/2037) | |
| 8/8/2023 | | |
| 3,600,000 | | |
| 2,964,159 | | |
| 2,629,440 | | |
1.93% |
| RR 23, Ltd. | |
Subordinated Note (effective yield
10.74%, maturity 10/15/2035) | |
| 10/5/2023 | | |
| 5,000,000 | | |
| 3,050,452 | | |
| 2,983,000 | | |
2.19% |
| Shackleton 2019-XIV CLO, Ltd. | |
Subordinated Note (effective yield
12.97%, maturity 7/20/2034) | |
| 2/1/2024 | | |
| 3,000,000 | | |
| 2,242,900 | | |
| 2,123,700 | | |
1.56% |
| TCW CLO 2024-2, Ltd. | |
Subordinated Note (effective yield
14.30%, maturity 7/17/2037) | |
| 7/12/2024 | | |
| 6,050,000 | | |
| 4,841,681 | | |
| 5,152,180 | | |
3.78% |
| Vibrant CLO XIII, Ltd. | |
Subordinated Note (effective yield
15.95%, maturity 7/17/2034) | |
| 8/25/2023 | | |
| 5,000,000 | | |
| 3,026,450 | | |
| 3,121,500 | | |
2.29% |
| Vibrant CLO, Ltd. | |
Subordinated Note (effective yield
14.07%, maturity 10/20/2034) | |
| 1/23/2024 | | |
| 3,000,000 | | |
| 1,795,802 | | |
| 1,685,100 | | |
1.24% |
| Total Collateralized Loan Obligations - Equity | |
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$ | 131,963,905 | | |
$ | 134,056,895 | | |
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| Total Investments - 98.38% | |
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$ | 131,963,905 | | |
$ | 134,056,895 | | |
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| Other Assets in Excess of Liabilities - 1.62% | |
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| 2,213,568 | | |
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| Net Assets - 100.00% | |
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$ | 136,270,463 | | |
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