Company: PDCC
Filing Date: 2025-03-11
Form Type: N-CSR
Source: 0001398344-25-005419
Chunk: 41

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-03-11
Form: N-CSR
Chunk 41
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to be paid by the Company, including the cost of services to be provided by the Adviser; (3) comparative information on fees and expenses
borne by other comparable registered investment companies and BDCs and certain other accounts advised by the Adviser; (4) the extent to
which economies of scale would be realized as the Company grows and whether the proposed fee levels reflect these economies of scale for
the benefit of the Company’s investors; and (5) various other factors.

The Board’s decision to approve the Investment
Advisory Agreement was not based on any single factor, but rather was based on a comprehensive consideration of the information provided
to the Board. The Board did not assign relative weights to the factors considered by it as the Board conducted an overall analysis of
these factors. Individual members of the Board may have given different weights to different factors.

Nature, Extent and Quality of Services to be Provided.
The Directors reviewed and considered the nature, extent and quality of the services proposed to be provided by the Adviser under the
Investment Advisory Agreement.

They reviewed the most recent Form ADV for the Adviser,
as included in the Meeting materials, as well as responses to a detailed series of questions that, among other things, requested information
about the Adviser’s business, services, and financial condition. The responses also included information about the background and
experience of the staff and personnel of the Adviser that would be primarily responsible for the day-to-day portfolio management of the
Company, including their experience in managing portfolios of collateralized loan obligation (“CLO”) securities and the CLO
industry knowledge of the Adviser’s senior investment team. The Directors also evaluated the ability of the Adviser to attract and
retain high-caliber professional employees.

In addition, the Directors reviewed information about
the Adviser’s investment process, investment and risk management programs and legal and compliance programs, and the Company’s
anticipated use of leverage, the form of leverage potentially to be used by the Company, the effect that such use of leverage may have
on the Company’s portfolio and performance, and the use of leverage by the investment companies identified by the Adviser as the
Company’s peer funds (the “Peer Funds”).

The Directors noted that the Company is a new fund
and therefore had no historical performance for the Directors to review at such time. The Board considered the Adviser’s capabilities
in managing investment strategies involving CLO equity, as described in the materials provided in connection with the Meeting. The Directors