PDCC - Pearl Diver Credit Co

What this means for you

University of Wisconsin Foundation has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

1. May 5, 2026

   Eagle Point Credit Management LLC cut its stake to 26.8% of the fund's preferred shares (from 27%), not the common shares most holders own.

   Original document →

2. Feb 12, 2026

   Eagle Point Credit Management LLC cut its stake to 27% of the fund's preferred shares (from 27.2%), not the common shares most holders own.

   Original document →

3. Nov 14, 2025

   Eagle Point Credit Management LLC cut its stake to 27.2% of the fund's preferred shares (from 27.3%), not the common shares most holders own.

   Original document →

4. Sept 19, 2025

   The fund said it may sell new shares.

   Original document →

5. Sept 16, 2025

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by Pearl Diver Capital LLP. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $77.3 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 37% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. About 75% of that is money the fund has borrowed by selling preferred shares. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 2.3% a year in management fees; 10.1% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 84 charge a lower management fee and 83 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $2.64 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $14.42. The shares traded at $13.93, about 3.4% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 0.2% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2023.

How this has changed

• Payouts per share: $2.64 in the fiscal year ended Dec 31, 2025; $1.10 in the year ended Dec 31, 2024.As of Dec 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: none in the year ended Dec 31, 2025; $0.02 in the year ended Dec 31, 2024.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 8.24% a year in the fiscal year ended Dec 31, 2025; 3.84% a year in the year ended Dec 31, 2024.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $98.5 million at Dec 31, 2025; $135 million at Dec 31, 2024. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →.
• Borrowing: about 31% on top of its own money at Dec 31, 2025; 25% at Dec 31, 2024. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →.
• The fund had about 6.83 million shares at Dec 31, 2025, up 0.5% from Dec 31, 2024.As of Dec 31, 2025, from the fund's annual report. Original document →
  In between, the fund said it may sell new shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned -20.5%, counting payouts; the holdings -15.4%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +8%, counting payouts; the holdings +5.1%. As of Dec 31, 2024, from the fund's annual report. Original document →
• Those two years together: the shares returned -14.1%. $10,000 of shares bought at the start (Jan 1, 2024) would have become about $8,590 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: -32.6%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 75 funds that invest in bonds with a fiscal year ending within six months of this one, 74 reported a higher share return for that year and 0 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly asset-backed bonds (96%), the rest cash and short-term holdings and derivatives. About 8% issued in the U.S.

1. Rr Ltd - 13.1%
2. Lcm Ltd Partnership - 10.1%
3. Voya CLO 2025-1, Ltd. - 7.4%
4. Harvest Us Clo - 7.2%
5. Dryden Senior Loan Fund, Dryden 123 CLO, Ltd. - 6.7%
6. CQS US CLO 2023-3, Ltd. - 6.5%
7. 37 Capital Clo - 6.3%
8. Signal Peak CLO 14, Ltd. - 6.1%
9. Kennedy Lewis Clo - 5.9%
10. Regatta XIX Funding, Ltd. - 5.6%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →