| Pearl Diver Credit Company Inc. | ||||||||||||||||||||
| Schedule of Investments (UNAUDITED) | ||||||||||||||||||||
| 9/30/2024 | ||||||||||||||||||||
| (Expressed in United States Dollars) | ||||||||||||||||||||
| Issuer | Investment | Acquisition Date(1) | Principal Amount | Cost | Fair Value | Percentage of Net Assets | ||||||||||||||
| Investments at Fair Value(2) | ||||||||||||||||||||
| Collateralized Loan Obligations - Equity - 98.38%(3) | ||||||||||||||||||||
| United States(4) | ||||||||||||||||||||
| 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 | $ | 131,963,905 | $ | 134,056,895 | ||||||||||||||||
| Total Investments - 98.38% | $ | 131,963,905 | $ | 134,056,895 | ||||||||||||||||
| Other Assets in Excess of Liabilities - 1.62% | 2,213,568 | |||||||||||||||||||
| Net Assets - 100.00% | $ | 136,270,463 | ||||||||||||||||||
| (1) | Acquisition date represents the initial purchase date of investment. |
| (2) | The fair value of CLO equity investments are classified as Level II investments. |
| (3) | All securities exempt from registration under the Securities Act of 1933, as amended and are deemed to be “restricted securities”. |
| (4) | Country represents the principal country of risk where the investment has exposure. |
