Pearl Diver Credit Company Inc. reported a net asset value per share of $16.9 as of September 30, 2025, down from $18.2 per share as of June 30, 2025. The company recorded a GAAP net loss of $4.3 million, or $0.6 per share, for the third quarter. Net investment income for the quarter was $3.0 million, or $0.4 per share, while total investment income was $5.4 million, or $0.8 per share. Expenses totaled $2.4 million, or $0.4 per share. The company reported a net change in unrealized depreciation on investments of $6.9 million, or $1.0 per share, compared to unrealized appreciation of $0.5 million, or $0.1 per share, in the previous quarter. Recurring cash flows from CLO investments were $8.7 million, or $1.3 per share, up from $8.0 million, or $1.2 per share, in the prior quarter. During the period through November 14, 2025, the company issued 28,366 shares of common stock through its at-the-market offering, generating approximately $0.5 million in net proceeds.