Company: PDCC
Filing Date: 2025-09-16
Form Type: N-2/A
Source: 0001214659-25-013826
Chunk: 124

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-16
Form: N-2/A
Chunk 124
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 as well as any purchases and sales that the CLO collateral manager made during the period) and third party
data sources, the Adviser utilizes its internal systems (which capture and facilitate the analysis of this data) to review key metrics
for each CLO security. In addition, based on the Adviser’s screens and general market intelligence, the Adviser focuses discussions
from time to time with CLO collateral managers on particular underlying credits. As part of these discussions, the Adviser also reviews
portfolio activity with applicable CLO collateral managers as well as loan and CLO market developments. Additional factors that the Adviser
actively monitors, which these discussions help to illuminate, include any shifts in investment strategy, personnel changes, or other
organizational developments at the CLO collateral manager which may impact future performance.

| 80 |

Investment Advisory Agreement

Services.Subject to oversight of
our board of directors, the Adviser manages the day-to-day operations of, and provides investment advisory and management services to,
us. Under the terms of our Investment Advisory Agreement, the Adviser:

| · | determines the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes;                |
| · | identifies, evaluates, and negotiates the structure of the investments we make (including performing due diligence on our prospective investments);            |
| · | executes, closes, services and monitors the investments we make;                                                                                               |
| · | determines the securities and other assets that we purchase, retain or sell; and                                                                               |
| · | provides us with such other investment advisory, research and related services as we may from time to time reasonably require for the investment of our funds. |

The Adviser’s services under the Investment
Advisory Agreement are not exclusive, and both it and its members, officers and employees are free to furnish similar services to other
persons and entities so long as its services to us are not impaired.

The Investment Advisory Agreement was approved
by the board of directors on May 31, 2024. A discussion regarding the basis for the board of directors’ approval of the Investment
Advisory Agreement is included in our annual report for the period ending December 31, 2024.

Duration and Termination.Unless
earlier terminated as described below, the Investment Advisory Agreement will remain in effect if approved annually (after an initial
two-year term) by our board of directors or by the affirmative vote of the holders of a majority of our outstanding voting securities