Company: PDCC
Filing Date: 2025-09-16
Form Type: N-2/A
Source: 0001214659-25-013826
Chunk: 57

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-16
Form: N-2/A
Chunk 57
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 may be higher or lower than those
appearing in the table below.

| Assumed Return on Our Portfolio (Net of Expenses) |     |   -10 | % |     |   -5 | % |     |    0 | % |     |   5 | % |     |   10 | % |
| Corresponding Return to Common Stockholder(1)     |     | -15.9 | % |     | -9.3 | % |     | -2.6 | % |     | 4.0 | % |     | 10.7 | % |

| (1) | Assumes                                                                                    
 (i) $167.2 million in total assets as of June 30, 2025; (ii) $41.7 million in total debt   
 as of June 30, 2025; and (iii) an annualized average interest rate on our indebtedness and 
 preferred equity, as of June 30, 2025, of 7.97%.                                           |

Based on our assumed leverage described above,
our investment portfolio would have been required to experience an annual return of at least 1.977% to cover interest payments on our
assumed indebtedness.

| 37 |

Our investments may be highly subordinated and subject to leveraged securities risk.

Our portfolio includes equity investments in CLOs,
which involve a number of significant risks. CLOs are typically very highly levered (with CLO equity securities being leveraged nine to
13 times), and therefore the equity tranches in which we intend to invest will be subject to a higher degree of risk of total loss. In
particular, investors in CLO securities indirectly bear risks of the collateral held by such CLOs. We generally have the right to receive
payments only from the CLOs, and generally not have direct rights against the underlying borrowers or the entity that sponsored the CLO.
While the CLOs we target generally enable an equity investor to acquire interests in a pool of senior secured loans without the expenses
associated with directly holding the same investments, we will generally pay a proportionate share of the CLO’s administrative,
management, and other expenses if we make a CLO equity investment. In addition, we may have the option in certain CLOs to contribute additional
amounts to the CLO issuer for purposes of acquiring additional assets or curing coverage tests, thereby increasing our overall exposure
and capital at risk to such CLO. Although