Company: PDCC
Filing Date: 2025-03-11
Form Type: N-CSR
Source: 0001398344-25-005419
Chunk: 32

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-03-11
Form: N-CSR
Chunk 32
---
 outstanding senior securities
representing indebtedness.

If the Company’s asset coverage declines below
300% (or 200%, as applicable), the Company would be prohibited under the 1940 Act from incurring additional debt or issuing additional
preferred stock and from declaring certain distributions to its stockholders.

The following table summarizes the Company’s asset coverage with
respect to its Preferred Stock as of December 31, 2024:

|                                                       |     | As of December 31, 2024 |             |   |
|:------------------------------------------------------|:----|:------------------------|------------:|:--|
| Total Assets(1)                                       |     | $                       | 180,081,453 |   |
| Less liabilities not represented by senior securities |     |                         |  (8,229,026 | ) |
| Net total assets and liabilities                      |     | $                       | 171,852,247 |   |
| Preferred Shares                                      |     |                         |  30,000,000 |   |
| Reverse Repurchase Agreements                         |     |                         |   6,636,782 |   |
|                                                       |     |                         |  36,636,782 |   |
| Asset                                                 
 coverage of preferred stock(2)                        |     |                         |         469 | % |
| Asset                                                 
 coverage of reverse repurchase agreements(3)          |     |                         |       2,589 | % |

| (1) | Includes $1,009,756 of unamortized deferred offering costs 
 related to the Series A Term Preferred Stock.              |

| (2) | Asset coverage of preferred stock is calculated in accordance     
 with Section 18(h) of the 1940 act, as generally described above. |

| (3) | Asset coverage of reverse repurchase agreements is calculated                   
 in accordance with Section 18(h) of the 1940 act, as generally described above. |

| 24 | www.pearldivercreditcompany.com |

12. ACCOUNTING PRONOUNCEMENTS

The Fund adopted Financial Accounting Standards Board
Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during the
year. The Fund’s adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position
or results of operations. ASU 2023-07 establishes standards for reporting information about operating segments on a