[SCHEDULE 13G/A] Pearl Diver Credit Company Inc. 8.00% Series A Preferred Stock Due 2029 SEC Filing

Rhea-AI Filing Summary

Karpus Management, Inc. reports beneficial ownership of 371,929 shares of Pearl Diver Credit Co Inc. Preferred (CUSIP 70476Q209), representing 26.95% of the class. The filing states Karpus is a registered investment adviser and that the shares are owned directly by accounts it manages. Karpus asserts sole voting and sole dispositive power over the reported shares and notes informational barriers with its parent, City of London Investment Group plc, so voting and investment power are exercised independently by Karpus. The issuer's principal executive office is listed in New York.

Positive

• Material, disclosed stake: Reports ownership of 371,929 shares (26.95%) of the preferred class
• Sole voting and dispositive power over the reported shares, indicating clear control of votes and dispositions
• Registered investment adviser status and statement that shares are owned in managed accounts provides regulatory context
• Informational barriers with parent (City of London Investment Group plc) are disclosed, limiting attribution of control

Negative

• None.

Insights

Financial Analyst

TL;DR: A 26.95% preferred stake under sole voting and dispositive control is a material holding that can influence preferential equity outcomes.

The reported 371,929-share position in the issuer's preferred class is a significant concentrated holding for a single registered investment adviser. Sole voting and dispositive power indicates Karpus can unilaterally direct voting on matters affecting the preferred class and control dispositions of these securities. For investors, this concentration can affect liquidity and any preferred-holder actions (for example, consent-driven changes or restructuring that involve the preferred series). The filing also clarifies governance lines with the disclosed parent via informational barriers, limiting attribution concerns but not operational influence over the stake held in managed accounts.

Corporate Governance Expert

TL;DR: Ownership above 25% of a class with sole voting power is material for corporate governance and creditor/preferred holder dynamics.

Holding 26.95% of the preferred class gives Karpus a material voice in any class-level votes and in negotiations involving preferred-holder rights. The filing's certification that shares are held in the ordinary course of business and not to change control mitigates immediate takeover concerns, but the absolute size of the stake means Karpus could be pivotal on class-specific actions. The explicit statement of independent decision-making from the listed parent addresses attribution risks but does not remove the economic influence inherent in such a concentrated position.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Pearl Diver Credit Co Inc.

(Name of Issuer)

Preferred

(Title of Class of Securities)

70476Q209

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 70476Q209

1

Names of Reporting Persons

KARPUS MANAGEMENT, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 371,929.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 371,929.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

371,929.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

26.95 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Pearl Diver Credit Co Inc.
(b)	Address of issuer's principal executive offices: 747 Third Avenue Suite 3603 New York, NY 10017
Item 2.
(a)	Name of person filing: This statement is being filed by Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus" or the "Reporting Person"). Karpus is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940. Karpus is controlled by City of London Investment Group plc ("CLIG"), which is listed on the London Stock Exchange. However, in accordance with SEC Release No. 34-39538 (January 12, 1998), effective informational barriers have been established between Karpus and CLIG such that voting and investment power over the subject securities is exercised by Karpus independently of CLIG, and, accordingly, attribution of beneficial ownership is not required between Karpus and CLIG. The Shares to which this Schedule 13G relates are owned directly by the accounts managed by Karpus.
(b)	Address or principal business office or, if none, residence: 183 Sully's Trail, Pittsford, New York 14534
(c)	Citizenship: The members of the Karpus Management Committee are US citizens. Karpus is a New York corporation.
(d)	Title of class of securities: Preferred
(e)	CUSIP No.: 70476Q209
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 371,929.00
(b)	Percent of class: 26.95 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 371,929.00
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 371,929.00
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

KARPUS MANAGEMENT, INC.

Signature:	/s/ Jodi L. Hedberg
Name/Title:	Jodi L. Hedberg / Chief Compliance Officer
Date:	08/14/2025

FAQ

How many Pearl Diver Credit Co Inc. preferred shares does Karpus Management own (PDPA)?

Karpus Management beneficially owns 371,929 shares of Pearl Diver Credit Co Inc. preferred stock.

What percentage of the preferred class does Karpus Management hold?

The reported position represents 26.95% of the preferred class.

Does Karpus have voting control over the reported shares?

Yes. The filing states Karpus has sole voting power and sole dispositive power for the 371,929 shares.

Under which CUSIP and security title is this holding reported?

The holding is reported under CUSIP 70476Q209 for the security titled Preferred.

Is Karpus Management affiliated with a parent company?

Karpus is controlled by City of London Investment Group plc, but the filing states informational barriers exist so Karpus exercises voting and investment power independently.