Company: PDCC
Filing Date: 2025-03-11
Form Type: N-CSR
Source: 0001398344-25-005419
Chunk: 9

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-03-11
Form: N-CSR
Chunk 9
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 of expenses to average net assets                                                       |     |                    |    3.84 | %(c) |
| Ratio of net investment income to average net assets                                          |     |                    |   11.44 | %(c) |
| RATIOS TO AVERAGE NET ASSETS (EXCLUDING INTEREST EXPENSE AND INCENTIVE FEES)                  |     |                    |         |      |
| Ratio of expenses to average net assets                                                       |     |                    |    2.97 | %(c) |
| Asset coverage per $1,000 of Preferred Stock                                                  |     |                    |     469 | %    |
| Asset coverage per $1,000 of reverse repurchase agreements                                    |     |                    |   2,589 | %    |
| Involuntary liquidating preference per unit of Series A Term Preferred Stock                  |     | $                  |      25 |      |
| Series A Term Preferred Stock (000’s) Net of unamortized deferred issuance cost of $1,009,756 |     | $                  |  28,990 |      |
| PORTFOLIO TURNOVER RATE(b)                                                                    |     |                    |      16 | %    |

| (a) | Per share numbers have been calculated using the average shares method. |

| (b) | Not annualized. |

| (c) | Annualized (except incentive fees and non-recurring expenses). |

| (d) | Performance approximates the total return from the initial public offering. |

See Notes to Financial Statements.

1. ORGANIZATION

Pearl Diver Credit Company Inc. (the “Company”)
is a newly organized, externally managed, non-diversified closed-end management investment company that has registered as an investment
company under the Investment Company Act of 1940, as amended, or the “1940 Act”. We intend to qualify annually as a regulated
investment company, or “RIC”, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the “Code”,
beginning with our tax year ending December 31, 2024. We were organized as Pearl Diver Credit Company, LLC, or the “Private Fund”,
a Delaware limited liability company, on April 12, 2023. Effective July 9, 2024, we converted from a Delaware limited liability company
to a Delaware corporation under the name Pearl Diver Credit Company Inc. The Private Fund completed the tax-free