Company: PDCC
Filing Date: 2025-07-18
Form Type: N-2
Source: 0001214659-25-010613
Chunk: 100

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-07-18
Form: N-2
Chunk 100
---
 2025 was $17.98, which represented a 1.1% discount to NAV per share. As of July 14, 2025, there was
one stockholder of record of the Company’s common stock (which does not reflect holders whose shares are held in street name by
a broker, bank or other nominee).

| 55 |

<div align='center'>BUSINESS</div>

The Company is a newly organized, externally managed,
non-diversified, closed-end management investment company that has registered as an investment company under the 1940 Act.

Our Structure

We were organized as Pearl Diver Credit Company,
LLC, a Delaware limited liability company, on April 12, 2023 and, effective July 9, 2024, we converted from a Delaware limited liability
company into a Delaware corporation under the name Pearl Diver Credit Company Inc.

Investment Strategy

Our primary investment objective is to maximize
our portfolio’s total return with a secondary objective to generate high current income. CLOs represent an efficient way for investors
to access diversified portfolios of broadly syndicated secures loans. We seek to invest in CLO securities that the Adviser believes have
the potential to generate attractive risk-adjusted returns and to outperform other similar CLO securities issued within the respective
vintage period, in the primary CLO market (i.e.,acquiring securities at the inception of a CLO), as well as in the secondary CLO
market (i.e.,acquiring existing CLO securities). We intend to pursue a differentiated strategy within the CLO equity market premised
upon the Adviser’s strong emphasis on assessing the skill of CLO collateral managers, analysis of CLO structure and application
of fundamental credit analysis to analyze the collateral loans of each CLO investment. In addition, the Adviser intends to leverage its
CLO structuring expertise and deep experience in negotiations of CLO documents in order to optimize for CLO investment returns.

We will seek to achieve our investment objectives
by investing primarily in equity and junior debt tranches of CLOs, where underlying corporate debt is primarily senior secured floating-rate
debt, issued by US companies. We may also invest in other securities and instruments that are related to these investments or that the
Adviser believes are consistent with our investment objectives, including, senior debt tranches of CLOs and CLO Warehouse first loss investments.
The amount that we will invest in other securities and instruments will vary from time