Company: PDCC
Filing Date: 2025-09-03
Form Type: N-CSRS
Source: 0001398344-25-017467
Chunk: 9

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-03
Form: N-CSRS
Chunk 9
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 of unamortized deferred issuance cost of $1,044,523 |     | $ |         33,455 |      |     | $ |             28,990 |      |
| PORTFOLIO TURNOVER RATE(e)                                                                    |     |   |              6 | %    |     |   |                 16 | %    |

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

| (b) | Total investment return is calculated                                                                                                     
 assuming a purchase of shares at the opening on the first day and a sale at closing on the last day of the period reported. Dividends     
 and distributions are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund’s dividend reinvestment 
 plan. Total investment returns do not reflect brokerage commissions, if any, and are not annualized.                                      |

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

| (d) | Annualized (except incentive fees). |

| (e) | Not annualized. |

See Notes to Financial Statements.

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

June 30, 2025 (Unaudited)

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 contribution under Section
351(a) of the Internal Revenue Code of 1986, as amended. The Private Fund contributed a total market value of $88,570,541 of investments,
which was comprised of a cost basis of investments contributed of $86,493,313 and unrealized appreciation