Company: PDCC
Filing Date: 2025-09-03
Form Type: N-CSRS
Source: 0001398344-25-017467
Chunk: 0

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-03
Form: N-CSRS
Chunk 0
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<div align='center'>UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-23912

PEARL DIVER CREDIT COMPANY INC.

(Exact name of Registrant as specified in charter)

747 Third Avenue

Suite 3603

New York, New York 10017

(Address of principal Executive Offices)

(833) 736-6777

(Registrant’s telephone number, including Area Code)

The Corporation Trust Company

1209 Orange Street

Wilmington, Delaware 19801

(Name and address of agent for service)

Copies of Communications to:

Sean Graber

Jack O’Brien

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, DC 20004-2541

Date of fiscal year end:

Date of reporting period:</div>

Item 1. Reports to Stockholders.

| (a) | The Report to Stockholders of Pearl Diver Credit Company Inc. (the “Registrant” or the “Fund”) is attached 
 herewith.                                                                                                  |

TableofContents

| Letter to Shareholders and Management’s Discussion of Fund Performance (unaudited) |  1 |
| Summary of Certain Unaudited Portfolio Characteristics                             |  3 |
| Schedule of Investments                                                            |  5 |
| Statement of Assets and Liabilities                                                |  7 |
| Statement of Operations                                                            |  8 |
| Statement of Changes in Net Assets                                                 |  9 |
| Statement of Cash Flows                                                            | 10 |
| Financial Highlights                                                               | 11 |
| Notes to Financial Statements                                                      | 12 |
| Dividend Reinvestment Plan (unaudited)                                             | 23 |
| Additional Information (unaudited)                                                 | 24 |

| Pearl Diver Credit Company Inc. | Letter to Stockholders and Management’s 
 Discussion of Company Performance       |

June 30, 2025 (Unaudited)

August 29, 2025

Dear Stockholders,

We are pleased to provide you with the inaugural semi-annual
report of Pearl Diver Credit Company, Inc. (“we”, “us”, “our”, “Company” or “PDCC”)
for the period beginning on January 1, 2025 and ending on June 30, 2025.

The Company is