Company: PDCC
Filing Date: 2025-09-03
Form Type: N-CSRS
Source: 0001398344-25-017467
Chunk: 4

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-03
Form: N-CSRS
Chunk 4
---
 the landscape. Over the past 12 months, LMEs represented roughly 72% of restructurings by count.
Credit fundamentals continue to show discipline, with leverage levels stable and interest coverage at healthy levels. Overall, the first
half of 2025 highlighted the market’s ability to navigate periods of volatility while maintaining a constructive backdrop for new
issuance.

Subsequent Developments

As of July 31, 2025, our estimated NAV per common
share was $18.48, a 1.6% increase from June 30, 2025, mainly driven by unrealized gains in the portfolio that resulted from strong loan
market technical boosting CLO NAVs, refinancing activity and subsequent increase in CLO Equity marks.

On August 5, 2025, we announced monthly dividends
on our common stock of $0.22 per share and monthly dividends on our preferred shares of $0.1667 per share for August, September, and October
2025.

We thank our stockholders for their confidence and support.

Indranil Basu

Chief Executive Officer

This letter is intended to assist stockholders in
understanding the Company’s performance for the period beginning on January 1, 2025, and ending on June 30, 2025. The views and
opinions in this letter were current as of August 29, 2025. Statements other than those of historical facts included herein may constitute
forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual
results may differ materially from those in the forward-looking statements as a result of a number of factors. The Company undertakes
no duty to update any forward-looking statement made herein. Information contained on our website is not incorporated by reference into
this stockholder letter and you should not consider information contained on our website to be part of this stockholder letter or any
other report we file with the Securities and Exchange Commission.

| 2 | www.pearldivercreditcompany.com |

| Pearl Diver Credit Company Inc. | Summary of Certain                  
 Unaudited Portfolio Characteristics |

June 30, 2025 (Unaudited)

A summary of common stock data as of June 30, 2025, is illustrated below:

| COMMON STOCK DATA           |                 |
| Ticker Symbol               |            PDCC |
| Total Net Asset Value       | $123.60 million |
| Net Asset Value Per Share   |          $