Company: PDCC
Filing Date: 2025-09-16
Form Type: N-2/A
Source: 0001214659-25-013826
Chunk: 122

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-16
Form: N-2/A
Chunk 122
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 as the portfolios managed for the Adviser’s and such affiliates’
other clients.

Securities Owned in the Company by Portfolio Managers.The table below sets forth the dollar range of the value of the shares of our Company’s common stock that are
owned beneficially by each portfolio manager as of June 30, 2025. For purposes of this table, beneficial ownership is defined to mean
a direct or indirect pecuniary interest.

| Portfolio Manager      |     | Dollar Range         
 of Equity Securities 
 in the Company(1)    |
| Indranil (Neil) Basu   |     | Over $1,000,000      |
| Chandrajit Chakraborty |     | Over $1,000,000      |
| Matthew Layton         |     | None                 |
| Kerrill Gaffney        |     | None                 |
| Michael Brown          |     | None                 |
| Patrick Chan           |     | None                 |

| (1) | Reflects intended ownership in connection with this offering. Dollar ranges are as follows: None, $1 – $10,000, $10,001 – $50,000, $50,001 – $100,000, $100,001 – $500,000, $500,001 – $1,000,000 and over $1,000,000. |

Investment Process

The Adviser regularly sources and evaluates potential
investment opportunities in both the primary and secondary market. We believe the Adviser’s investment analysis and due diligence
process, which includes a strong emphasis on assessing the skill of CLO collateral managers and analyzing the structure of a CLO, differentiates
our approach to investing in CLO securities. This process, augmented by the first-hand CLO industry experience of the Investment Team,
is designed to be repeatable and is focused on key areas for analysis that the Adviser believes are most relevant to potential future
performance.

The Adviser seeks to implement its investment
process in a methodical and disciplined fashion, as described below.

| 79 |

Sourcing of Investment Opportunities

The Adviser has extensive relationships at banks,
other funds, brokerage houses and other participants in the securitized products market. Through these relationships, the Adviser is notified
of a wide range of investment opportunities in CLOs and other securitized products. These investment opportunities are notified to the
Adviser either in the course of particular auction processes or as part of private bilateral negotiations with investors or financial