Company: PDCC
Filing Date: 2025-07-18
Form Type: N-2
Source: 0001214659-25-010613
Chunk: 18

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-07-18
Form: N-2
Chunk 18
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 it is generally entitled to deduct distributions to its stockholders. As a result, a closed-end 
 management investment company will generally not incur any U.S. federal income tax costs, so long as the closed-end management investment   
 company qualifies as a RIC and distributes substantially all of its income to its stockholders on a current basis.                          |

| · | Portfolio level monitoring. Our portfolio monitoring comprises a number of methods. The                                                    
 Adviser uses standard industry technology to analyze and monitor our positions. Such technology includes an industry leading CLO database  
 and cashflow “engine,” or generator, and other analytics suites used to compare CLOs across the market and run cashflow projections        
 and other metrics. We also use other proprietary algorithms and databases to evaluate and model investments on a daily basis. The Adviser, 
 on behalf of its clients, also uses its position as an important participant in the CLO market to have periodic updates with the various   
 CLO managers, which often take the form of a credit review of the underlying CLO loan portfolios. Finally, the Adviser uses its market     
 relationships to contextualize the performance of a given CLO relative to its vintage, its competitors, and to the leveraged loan market   
 at the time.                                                                                                                               |

<div align='center'>Our Structure</div>

We were organized as Pearl Diver Credit Company,
LLC, a Delaware limited liability company, on April 12, 2023 and, effective July 9, 2024, we converted from a Delaware limited liability
company into a Delaware corporation under the name Pearl Diver Credit Company Inc.

| 9 |

<div align='center'>Portfolio Composition</div>

As of June 30, 2025, our investment portfolio
consisted of 51 CLO equity and debt investments managed by 31 CLO managers.

<div align='center'>Financing and Hedging Strategy</div>

Leverage by the Company. We may
use leverage to the extent permitted by the 1940 Act. We are permitted to obtain leverage using any form of financial leverage instruments,
including funds borrowed from banks or other financial institutions, margin facilities, notes, or preferred stock and leverage attributable
to reverse repurchase agreements or similar transactions. Over the long term, management expects us to operate under normal market conditions
generally with leverage within a range of 25% to 35% of total assets, although the actual amount of our leverage will vary over time.
We currently anticipate incurring leverage through the issuance