PDCC - Pearl Diver Credit Co

What this means for you

One or more large investors own more than 5% of this fund but have told the regulator they are not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Sept 19, 2025

   The fund said it may sell new shares.

   Original document →

2. Sept 16, 2025

   The fund said it may sell new shares.

   Original document →

3. Aug 14, 2025

   Karpus raised its stake to 27% (from 25.3%), as a passive investor.

   Original document →

4. July 18, 2025

   The fund said it may sell new shares.

   Original document →

5. May 14, 2025

   Karpus cut its stake to 25.3% (from 29.2%), as a passive investor.

   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 →
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $2.64 a share, all of it income. 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. Over the last 12 months: -32.6%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• How the holdings did over the fiscal year (ended Dec 31, 2025): the value of the holdings returned -15.4%. How the share price did: the shares returned -20.5% over the same year, counting payouts and the change in the market price. As of Dec 31, 2025, from the fund's annual report. Original document →
• First reported to the regulator in 2023.

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. Voya CLO 2025-1, Ltd. - 7.4%
2. Dryden Senior Loan Fund, Dryden 123 CLO, Ltd. - 6.7%
3. Lcm Ltd Partnership, LCM 42, Ltd. - 6.6%
4. CQS US CLO 2023-3, Ltd. - 6.5%
5. RR 37, Ltd. - 6.5%
6. Signal Peak CLO 14, Ltd. - 6.1%
7. Regatta XIX Funding, Ltd. - 5.6%
8. Harvest US CLO 2024-1, Ltd. - 4%
9. 37 Capital Clo - 3.5%
10. TCW CLO 2024-2, Ltd. - 3.5%

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