Company: PDCC
Filing Date: 2025-03-11
Form Type: N-CSR
Source: 0001398344-25-005419
Chunk: 28

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-03-11
Form: N-CSR
Chunk 28
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 to compliance
with applicable regulations and regulatory guidance and the Adviser’s written allocation procedures. The Company and the Adviser
received exemptive relief from the SEC, on February 18, 2025, to permit us and certain of our affiliates to participate in certain negotiated
co-investments alongside other accounts managed by the Adviser or certain of its affiliates, subject to certain conditions.

Exchange of Assets

The assets of the Private Fund acquired by the Registered
Fund (the “Private Fund Assets”) consisted of all property and assets of the Private Fund including, without limitation, cash,
cash equivalents, securities, dividends and receivables owned by the Private Fund and any deferred or prepaid expenses shown as an asset
on the Private Fund’s books as of July 9, 2024.

The Private Fund discharged all of its liabilities
and obligations prior to the Closing Date (defined below), other than liabilities and obligations related to the Private Fund’s
normal investment operations that were incurred prior to July 9, 2024, in the ordinary course of business consistent with past practices
(the “Retained Liabilities”).

Distribution of common shares was accomplished by
SS&C GIDS, Inc., in its capacity as transfer agent for the Registered Fund (the “Transfer Agent”) and issued in the manner
set forth in the Registered Fund’s then current registration statement.

Valuation

The value of the Private Fund Assets acquired by the
Registered Fund was computed as of the close of regular trading on The New York Stock Exchange, Inc. (the “NYSE”) on the Closing
Date (the “Valuation Time”), using the Registered Fund’s valuation procedures which occurred on July 9, 2024 (the “Closing
Date”).

The net asset value of the Registered Fund Shares
issued to Isthmus Capital LLC was based on the net asset value of the Private Fund at the time of the Reorganization.

The number of Registered Fund Shares issued to the
Isthmus Capital LLC in exchange for the Private Fund assets was determined by dividing the net asset value of the Private Fund by the
net asset value of one Registered Fund Share.

6. COMMON STOCK

As of December 31, 2024, there were 200,000,000 shares
of common stock authorized, of which 6,796,473 shares were issued and outstanding.

On July 17, 2024, the Company issued of common stock
in exchange for $85,321,952 of Private Fund net assets at a value