I have these sizes of holes (12" dia) at the waterline (only along the dam), below the waterline going straight down and also at the top of the dam which I'm guessing are air holes.
There's also trails leading to the holes but I have no tree damage whatsoever. My pond is surrounded by trees and about 200' north of the dam-side of the pond is an active creek with steep banks. Even at the creek I see no fresh tree damage but there are a few beaver dams but they look they've been there a while.
I've seen muskrat in the pond (which I have better luck shooting than trapping) but nothing else besides mink but I haven't seen one of those for some time.
My pond is 2 acres (oval) and from the dam-side of the pond there's about 15 acres of woods (I'm on 80 acres total). My trail-cams have picked up turkey, coyote, deer, coon, skunk, badger and possibly a woodchuck but no beaver yet.
Could it be these are old beaver holes now being used by muskrat? I'm afraid if they're active holes that I may start losing water. I'm not losing any right now and I'd like to keep it that way!
I've attached a picture of the pond and put black spots where the big holes are, and there's an X where the breather hole is on top of the dam.
Oh, and if this is considered hijacking a post, please let me know and I apologize!