Company: PDCC
Filing Date: 2025-07-18
Form Type: N-2
Source: 0001214659-25-010613
Chunk: 199

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-07-18
Form: N-2
Chunk 199
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 may be changed by the Board without
stockholder approval.

As referred to above, the
following seven investment restrictions are designated as fundamental policies and, as such, cannot be changed without the approval of
the holders of a majority of our outstanding voting securities:

| (1) | We may not borrow money, except as permitted by (i) the 1940 Act, or interpretations or modifications                            
 by the SEC, 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;                                                                 |

| (2) | We may not engage in the business of underwriting securities issued by others, except to the extent that 
 we may be deemed to be an underwriter in connection with the disposition of portfolio securities;        |

| (3) | We may not purchase or sell physical commodities or contracts for the purchase or sale of physical commodities.                                
 Physical commodities do not include futures contracts with respect to securities, securities indices, currency or other financial instruments; |

| (4) | We may not purchase or sell real estate, which term does not include securities of companies which deal                                  
 in real estate or mortgages or investments secured by real estate or interests therein, except that we reserve freedom of action to hold 
 and to sell real estate acquired as a result of our ownership of securities;                                                             |

| (5) | We may not make loans, except to the extent permitted by (i) the 1940 Act, or interpretations or                                        
 modifications by the SEC, 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. For purposes of this investment restriction, the purchase of 
 debt obligations (including acquisitions of loans, loan participations, or other forms of debt instruments) shall not constitute loans  
 by us;                                                                                                                                  |

| (6) | We may not issue senior securities, 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; and                                          |

| (7) | We may not invest in any security if as a result of such investment, 25% or more of the value of our total                                      
 assets, taken at market value at the time