SCHEDULE 13G/A: Karpus Management Discloses 25.31% Passive Stake in Pearl Diver Credit Co Inc. Preferred Shares

Karpus Management, Inc., an investment adviser, has filed an amended Schedule 13G disclosing a 25.31% beneficial ownership stake in the Preferred shares of Pearl Diver Credit Co Inc. as of March 31, 2025.

Summary

• Karpus Management, Inc., operating as Karpus Investment Management, has reported beneficial ownership of 349,300.00 Preferred shares of Pearl Diver Credit Co Inc.
• This ownership represents 25.31% of the Preferred class of securities.
• Karpus Management, Inc. is a registered investment adviser and is controlled by City of London Investment Group plc (CLIG), which is listed on the London Stock Exchange.
• Effective informational barriers are established between Karpus and CLIG, ensuring that voting and investment power over these securities are exercised independently by Karpus, and beneficial ownership is not attributed to CLIG.
• The shares are owned directly by accounts managed by Karpus.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing the control of Pearl Diver Credit Co Inc.

Sentiment

Score: 5

Explanation: The document is a factual regulatory filing (Schedule 13G) disclosing a passive ownership stake. It does not contain information that would typically convey positive or negative sentiment regarding the issuer's performance or outlook, thus a neutral score is appropriate.

Risks

• Potential for misinterpretation of beneficial ownership due to Karpus Management, Inc.'s control by City of London Investment Group plc (CLIG), although this is mitigated by established effective informational barriers ensuring independent exercise of voting and investment power.

Future Outlook

NA

Management Comments

• "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."

Industry Context

This filing is a routine disclosure of a significant passive ownership stake by an investment adviser in a publicly traded company's preferred shares. Such disclosures are common in the financial industry, reflecting institutional investment strategies focused on specific asset classes like preferred stock.

Corporate Governance

Related Party Transactions

• Karpus Management, Inc. is controlled by City of London Investment Group plc (CLIG). However, due to established informational barriers, beneficial ownership is not attributed between Karpus and CLIG, and Karpus exercises independent voting and investment power.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder of preferred shares, confirming a passive investment approach which typically implies no immediate intent to influence company control or operations.

Key Dates

Keywords

Pearl Diver Credit Co Inc., Karpus Management Inc., Schedule 13G, Preferred shares, Beneficial ownership, Investment adviser, SEC filing, Passive stake, Corporate governance, Institutional ownership