Company: PDCC
Filing Date: 2025-09-03
Form Type: N-CSRS
Source: 0001398344-25-017467
Chunk: 30

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-03
Form: N-CSRS
Chunk 30
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risk of loss to be remote.

11. ASSET COVERAGE

Under the provisions of the 1940 Act, the Company
is permitted to issue senior securities, including debt securities and preferred stock, and borrow from banks or other financial institutions,
provided that the Company satisfies certain asset coverage requirements.

With respect to senior securities that are stocks,
such as the Preferred Stock, the Company is required to have asset coverage of at least 200%, as measured at the time of issuance of any
such senior securities that are stocks and calculated as the ratio of the Company’s total assets, less all liabilities and indebtedness
not represented by senior securities, over the aggregate amount of the Company’s outstanding senior securities representing indebtedness
plus the aggregate liquidation preference of any outstanding shares of senior securities that are stocks.

With respect to senior securities representing indebtedness,
such as any bank borrowings (other than temporary borrowings as defined under the 1940 Act), the Company is required to have asset coverage
of at least 300%, as measured at the time of borrowing and calculated as the ratio of the Company’s total assets, less all liabilities
and indebtedness not represented by senior securities, over the aggregate amount of the Company’s outstanding senior securities
representing indebtedness.

If the Company’s asset coverage declines below
300% (or 200%, as applicable), the Company would be prohibited under the 1940 Act from incurring additional debt or issuing additional
preferred stock and from declaring certain distributions to its stockholders.

The following table summarizes the Company’s asset coverage with
respect to its Preferred Stock as of June 30, 2025:

|                                  |     | As               
 of June 30, 2025 |             |   |
|:---------------------------------|:----|:-----------------|------------:|:--|
| Total Assets(1)                  |     | $                | 167,173,260 |   |
| Less liabilities not represented 
 by senior securities             |     |                  |  (2,107,062 | ) |
| Net total assets and liabilities |     | $                | 165,066,198 |   |
| Preferred Shares                 |     |                  |  34,500,000 |   |
| Reverse Repurchase Agreements    |     |                  |   6,962,552 |   |
|                                  |     |                  |  41,462,552 |   |
| Asset coverage of preferred      
 stock(2)                         |     |