Company: PDCC
Filing Date: 2025-09-03
Form Type: N-CSRS
Source: 0001398344-25-017467
Chunk: 2

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-03
Form: N-CSRS
Chunk 2
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, the Company’s 8.00%
Series A Preferred Stock Due 2029 trade on the New York Stock Exchange under the symbol “PDPA”. The liquidation preference
of the preferred stock is $25.00 per share, and as of June 30, 2025, the closing price of the preferred stock was $25.10 per share.

As of June 30, 2025, we had debt composed of the preferred
stock and reverse repurchase agreements of $40.4 million outstanding which totaled approximately 24.3% of our total assets. Over time
and under normal market conditions, the Company expects to employ leverage within a range of 25% to 35% of total assets, although the
actual amount of leverage will vary over time. As market conditions change, the Company may incur leverage outside of this range, subject
to applicable regulatory and contractual limits.

Portfolio Update

During the period ended June 30, 2025, we deployed $39.53 million into CLO equity and debt investments across 12 CLO investments, including new issue transactions, reset transactions and secondary market purchases.

As of June 30, 2025, our portfolio was diversified
across 52 CLO investments managed by 31 CLO managers. The underlying loan portfolio across all CLO investments consisted of over 1,800
loan issuers across more than 30 sectors on a look-through basis. We believe this strategy of broad diversification enables us to manage
risk effectively, providing us with distribution sustainability and downside protection through changing market conditions.

| 1 | Distributions on common stock are generally paid from NII (regular                                                                           
 interest and dividends) and may also include capital gains and/or a return of capital. The specific tax characteristics of the distributions 
 will be reported to the Company’s stockholders on Form 1099 after the end of the 2025 calendar year.                                         |

| 2 | Weighted average common share is calculated based on the average      
 daily number of shares of common stock outstanding during the period. |

| 3 | Inclusive of unfunded commitments to purchase securities in CLOs 
 which have priced but not yet closed.                            |

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

June 30, 2025 (Unaudited)

Looking ahead, we expect refinancing and reset activity
to continue into the second half of 2025, despite a slowdown in