珍珠潜水公司 2025 年度报告

(a) The Report to Stockholders of Pearl Diver Credit Company Inc. (the “Registrant” or the “Fund”) is attached herewith. December 31, 2025 (Unaudited) February 27, 2026 Dear Stockholders, We are pleased to provide you with the annual report of Pearl Diver Credit Company, Inc. (“we”, “us”, “our”, “Company” or “PDCC”) for the yearended December 31, 2025. The Company is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”)and is advised by Pearl Diver Capital LLP (the “Adviser”). The Company’s primary investment objective is to maximize our portfolio’s total return CLOs represent an efficient way for investors to access diversified portfolios of broadly syndicated senior secured loans. We seek to invest in CLOsecurities that the Adviser believes have the potential to generate attractive risk-adjusted returns and to outperform other similar CLO securities issuedwithin the respective vintage period, in the primary CLO market (i.e. acquiring securities at the inception of a CLO), as well as in the secondary CLOmarket (i.e. acquiring existing CLO securities). We intend to pursue a differentiated strategy within the CLO equity market premised upon the 2025 was a year of unpredictability for the broader markets and CLOs. Tariff pronouncements, geopolitical uncertainty, and a few high-profilebankruptcies in the second half of the year led to a volatile macro environment for much of the year. As the year progressed, spreads significantly That said, there are several reasons for optimism as we enter 2026. CLOs remain a very attractive investment opportunity compared to other creditasset classes – in particular, CLO debt tranches delivered solid full-year returns aided by pull-to-par dynamics across older vintage bonds and despite Additionally, market activity was robust in 2025. Primary CLO issuance in 2025 of $274 billion grew 8% from 2024, while refinancings and resetssurpassed a combined $400 billion in activity in the year. Additionally, secondary market liquidity was also healthy, with $278 billion of secondaryCLO traded during 2025, up 8% from 2024. We also enter 2026 with a resilient macro environment, with inflation continuing to move toward central bank targets, corporate earnings remainingrelatively healthy, and the leveraged loan default rate still below the historical average. This provides us with the opportunity to find attractive CLOinvestments to add to our portfolio utilizing our differentiated machine learning and data science-driven approach to CLO equity investing, which we December 31, 2025 (Unaudited) Common Stock Our common stock trades on the New York Stock Exchange under the symbol “PDCC”. On September 19, 2025, the Company launched an at-the-market (“ATM”) program to sell up to $15 million aggregate amount of its common stock.For the year ended December 31, 2025, the Company issued 38,166 common shares with respect to the ATM program for net proceeds of $0.6 million. For the year ended December 31, 2025, the Company paid distributions to common shareholders totaling $2.64 per share. The Company also declared The Company recorded net investment income (“NII”) of $1.89 per weighted average common share for the year and, for the quarter ended December31, 2025, the Company recorded NII of $0.49 per weighted average common share.2 Recurring cash flows from the portfolio totaled $34.2 million, or $5.03 per share, exceeding expenses and distributions by $0.93 per share. As ofDecember 31, 2025, the Company’s NAV was $14.42 per common share. The Company’s dividend reinvestment plan allows common stockholders to have their distributions automatically reinvested into new shares ofcommon stock. If the prevailing market price of our common stock exceeds our NAV per share, such reinvestment is at a discount (up to five percent) Preferred Stock The Company’s preferred shares trade on the New York Stock Exchange under the symbol “PDPA”. As of December 31, 2025, we had debt composed of the preferred stock and reverse repurchase agreements of $40.5 million outstanding, which totaledapproximately 28.7% of our total assets. Over time and under normal market conditions, the Company expects to employ leverage within a range of25% to 35% of total assets, although the actual amount of leverage will vary over time. As market conditions change, the Company may incur leverage Portfolio UpdateDuring the year, we deployed $58.13 million into CLO equity investments across 26 CLO investments, including new issue transactions, resettransactions and secondary market purchases. 1Distributions on common stock are generally paid from NII (regular interest and dividends) and may also include capital gains and/or a return ofcapital. The specific tax characteristics of the distributions will be reported to the Company’s stockholders on Form 1099 after the end of the 2025calendar year. December 31, 2025 (Unaudited) As of December 31, 2025