Company: PDCC
Filing Date: 2025-03-11
Form Type: N-CSR
Source: 0001398344-25-005419
Chunk: 29

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-03-11
Form: N-CSR
Chunk 29
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 of $20.00 per share.

| 22 | www.pearldivercreditcompany.com |

Pursuant to the final prospectus filed on the IPO
Closing Date, on July 17, 2024, the Company issued common stock of 2,530,000 shares at an initial public offering price of $20.00 per
share of common stock for net proceeds of $50,600,000.

Transactions in the Fund’s shares were as follows:

|                                                      |     | Year Ended December 31, 2024 |           |     |        |             |
|:-----------------------------------------------------|:----|:-----------------------------|----------:|:----|:-------|------------:|
|                                                      |     | Shares                       |           |     | Amount |             |
| Shares Sold (net of fees)                            |     |                              | 2,530,000 |     | $      |  50,600,000 |
| Reinvested Dividends                                 |     |                              |         – |     |        |           – |
| Issued in Reorganization                             |     |                              | 4,266,473 |     |        |  85,321,952 |
| Increase (Decrease) in Net Assets Resulting from Net |     |                              | 6,796,473 |     | $      | 135,921,952 |
| Share Transactions                                   |     |                              |           |     |        |             |

7. MANDATORY REDEEMABLE PREFERRED STOCK

As of December 31, 2024, there were 25,000,000 shares
of series A Term Preferred Stock (“Preferred Stock”) authorized, of which 1,200,000 shares were issued and outstanding with
a par value of $0.001 per share. Any related deferred offering costs are amortized over the term of the Preferred Stock.

The Company has accounted for its Preferred Stock as a liability under
ASC 480 due to their mandatory redemption requirements.

Except where otherwise stated in the 1940 Act or the
Company’s certificate of incorporation, each holder of Preferred Stock will be entitled to one vote for each share of preferred
stock held on each matter submitted to a vote of the Company’s stockholders. The Company’s preferred stockholders and common
stockholders will vote together as a single class on all matters submitted to the Company’s stockholders. Additionally, the Company’s
preferred stockholders will have the right to elect two Preferred Directors at