Company: PDCC
Filing Date: 2025-09-16
Form Type: N-2/A
Source: 0001214659-25-013826
Chunk: 205

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-16
Form: N-2/A
Chunk 205
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 or other relief applicable to us from the provisions of the 1940 Act, as amended              
 from time to time. For purposes of this restriction, in the case of investments in loan participations between us and a bank or other           
 lending institution participating out the loan, we will treat both the lending bank or other lending institution and the borrower as “issuers.” 
 For purposes of this restriction, an investment in a CLO, collateralized bond obligation, CDO, or a swap or other derivative will be considered 
 to be an investment in the industry or group of industries (if any) of the underlying or reference security, instrument, or asset.              |

| 1 |

The latter part of certain
of our fundamental investment restrictions (i.e., the references to “except to the extent permitted by (i) the 1940
Act, or interpretations or modifications by the SEC, the SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive
or other relief or permission from the SEC, SEC staff or other authority with appropriate jurisdiction”) provides us with flexibility
to change our limitations in connection with changes in applicable law, rules, regulations, or exemptive relief. The language used in
these restrictions provides the necessary flexibility to allow our Board to respond efficiently to these kinds of developments without
the delay and expense of a stockholder meeting.

Whenever an investment policy
or investment restriction set forth in this Statement of Additional Information states a maximum percentage of assets that may be invested
in any security or other asset or describes a policy regarding quality standards, such percentage limitation or standard shall be determined
immediately after and as a result of our acquisition of such security or asset. Accordingly, any later increase or decrease resulting
from a change in values, assets, or other circumstances or any subsequent rating change made by a rating agency (or as determined by the
Adviser if the security is not rated by a rating agency) will not compel us to dispose of such security or other asset. Notwithstanding
the foregoing, we must always be in compliance with the borrowing policies set forth above.

<div align='center'>Proxy Voting Policies and Procedures</div>

We have delegated our
proxy voting responsibility to the Adviser. The Proxy Voting Policies and Procedures of the Adviser are set forth below. The guidelines
will be reviewed periodically by the Adviser and our independent directors, and, accordingly, are subject to change. For purposes of these
Proxy Voting Policies and Procedures described below, “we,” “our”