Company: PDCC
Filing Date: 2025-09-16
Form Type: N-2/A
Source: 0001214659-25-013826
Chunk: 153

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-16
Form: N-2/A
Chunk 153
---
 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 with the client accounts
to the extent reasonably possible, and identify and manage conflicts of interest to the extent that they arise. Personnel subject to each
code of ethics may invest in securities for their personal investment accounts, including securities that may be purchased or held by
us, so long as such investments are made in accordance with the code’s requirements. Our directors and officers, and the officers
and employees of the Adviser, are also required to comply with applicable provisions of the U.S. federal securities laws and make prompt
reports to supervisory personnel of any actual or suspected violations of law.

Pursuant to the Adviser’s investment allocation
policies and procedures, the Adviser seeks to allocate investment opportunities among accounts in a manner that is fair and equitable
over time. There is no assurance that such opportunities will be allocated to any particular account equitably in the short term or that
any such account, including us, will be able to participate in all investment opportunities that are suitable for it. See “Conflicts of Interest — Code of Ethics and Compliance Procedures.”

| 100 |

Other Accounts

The Adviser is responsible for the investment
decisions made on our behalf. There are no restrictions on the ability of the Adviser and certain of its affiliates to manage accounts
for multiple clients, including accounts for affiliates of the Adviser or their directors, officers or employees, following the same,
similar, or different investment objectives, philosophies, and strategies as those used by the Adviser for our account. In those situations,
the Adviser and its affiliates may have conflicts of interest in allocating investment opportunities between us and any other account
managed by such person. See “— Allocations of Opportunities” below. Such conflicts of interest would be
expected to be heightened where the Adviser manages an account for an affiliate or its directors, officers, or employees. In addition,
certain of these accounts may provide for higher management fees or have incentive fees or may allow for higher expense reimbursements,
all of which may contribute to a conflict of interest and create an incentive for the Adviser to favor such other accounts. Further, accounts
managed by the Adviser or certain of its affiliates may hold certain investments in CLOs, such as equity tranches, which conflict with
the positions held by other accounts in