Company: PDCC
Filing Date: 2025-09-16
Form Type: N-2/A
Source: 0001214659-25-013826
Chunk: 24

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-16
Form: N-2/A
Chunk 24
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, origination, structuring, diligence and consulting fees or other fees that
the Company receives from an investment) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter
(including the base management fee and any interest expense and/or dividends paid on any issued and outstanding debt or preferred interests,
but excluding the incentive fee). See “The Adviser and the Administrator — Investment Advisory Agreement — Base Management Fee and Incentive Fee.”

We have also entered into an administration agreement,
which we refer to as the “Services Agreement,” under which we have agreed to reimburse the Administrator for our allocable
portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Services Agreement. See “The Adviser and the Administrator — The Administrator and the Services Agreement.”

<div align='center'>Conflicts of Interest</div>

Our executive officers and directors, and the
Adviser and its officers and employees, including the Investment Team, may have conflicts of interest as a result of the other activities
in which they engage. Our executive officers and directors, as well as other current and potential future affiliated persons, officers,
and employees of the Adviser and certain of its affiliates, may serve as officers, directors, or principals of, or manage the accounts
for, other entities with investment strategies that substantially or partially overlap with the strategy that we intend to pursue. Accordingly,
they may have obligations to investors in those entities, the fulfillment of which obligations may not be in the best interests of us
or our stockholders. The Adviser has entered into, and may in the future enter into additional, business arrangements with certain of
our stockholders. In such cases, such stockholders may have an incentive to vote shares held by them in a manner that takes such arrangements
into account. As a result of these relationships and separate business activities, the Adviser has conflicts of interest in allocating
management time, services, and functions among us, other advisory clients and other business activities. See “Conflicts of Interest.”

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In order to address such conflicts of interest,
we have adopted a code of ethics under Rule 17j-1 of the 1940 Act. Similarly, the Adviser has separately adopted the “Adviser Code
of Ethics.” The Adviser Code of Ethics requires the officers and employees of the Adviser to act in the best interests of the Adviser
and its client accounts (including us), act in good faith and in an ethical manner, avoid conflicts of interests