Company: PDCC
Filing Date: 2025-09-03
Form Type: N-CSRS
Source: 0001398344-25-017467
Chunk: 17

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-03
Form: N-CSRS
Chunk 17
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of $1,072,125.

Distributions

The composition of distributions paid to common stockholders
from net investment income and capital gains are determined in accordance with U.S. federal income tax regulations, which differ from
U.S. GAAP. Distributions to common stockholders may be comprised of net investment income, net realized capital gains and return of capital
for U.S. federal income tax purposes and are intended to be paid monthly. Distributions payable to common stockholders are recorded as
a liability on ex-dividend date. Unless a common stockholder opts out of the Company’s dividend reinvestment plan (the “DRIP”),
distributions are automatically reinvested in full shares of the Company as of the payment date, pursuant to the DRIP. The Company’s
common stockholders who opt-out of participation in the DRIP (including those common stockholders whose shares are held through a broker
who has opted out of participation in the DRIP) generally will receive all distributions in cash.

In addition to the regular monthly distributions,
and subject to available taxable earnings of the Company, the Company may make periodic special and/or supplemental distributions representing
the excess of the Company’s net taxable income over the Company’s aggregate monthly distributions paid during the year.

The characterization of distributions paid to common
stockholders, as set forth in the Financial Highlights, reflects estimates made by the Company for federal income tax purposes. Such estimates
are subject to change once the final determination of the source of all distributions has been made and the final tax return has been
filed by the Company. The tax character of the distributions paid by the Company during the year ended December 31, 2024 was $7,333,533
in Ordinary Income and $142,587 in Tax Return of Capital.

| Pearl Diver Credit Company Inc. | Notes to Financial Statements |

June 30, 2025 (Unaudited)

3. INVESTMENTS

Fair value measurements

The Company’s assets and liabilities recorded
at fair value have been categorized based upon a fair value hierarchy as described in the Company’s significant accounting policies
in Note 1. The following table presents information about the Company’s assets measured at fair value as of June 30, 2025:

| Investments in Securities at Value       |     | Level 1 |       |     | Level 2 |             |     | Level 3 |   |     | Total |             |
|:-----------------------------------------|:----|:--------|------:|: