Company: PDCC
Filing Date: 2025-09-03
Form Type: N-CSRS
Source: 0001398344-25-017467
Chunk: 11

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-03
Form: N-CSRS
Chunk 11
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 (“ASC”) Topic 946, Financial Services — Investment Companies. The Company maintains its accounting records in U.S. dollars.

Use of Estimates – The financial statements
have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the amounts reported
in the financial statements and accompanying notes. Actual results may differ from those estimates and such differences could be material.
In the normal course of business, the Company may enter into contracts that contain a variety of representations and provide indemnifications.
The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against
the Company that have not yet occurred. However, based upon experience, the Company expects the risk of loss to be remote.

Cash and Cash Equivalents – Cash and
cash equivalents consist of deposits held at custodian banks, and highly liquid investments, which contain investments with original maturities
of three months or less. The Company places its cash equivalents with financial institutions, and, at times, cash held in bank accounts
may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit. Cash equivalents are classified as Level 1 assets
and are included on the Company’s Schedule of Investments. Cash equivalents are carried at cost or amortized cost which approximates
fair value.

As of June 30, 2025, cash and cash equivalents were as follows:

| Cash                            |     | $ | 177,002 |
| Total Cash and Cash Equivalents |     | $ | 177,002 |

Security Valuation – Fair value is defined
as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly
transaction between market participants at the measurement date.

| 12 | www.pearldivercreditcompany.com |

| Pearl Diver Credit Company Inc. | Notes to Financial Statements |

June 30, 2025 (Unaudited)

In determining fair value, the Company uses various
valuation approaches. A fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and
minimizes the use of unobservable inputs by requiring that the most observable inputs are to be used when available. Observable inputs
are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent
of the Company. Unobservable inputs reflect the Company’s assumptions about the inputs market participants would use in pricing
the asset or liability and are determined based