Company: PDCC
Filing Date: 2025-03-11
Form Type: N-CSR
Source: 0001398344-25-005419
Chunk: 27

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-03-11
Form: N-CSR
Chunk 27
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 than 90 days’ written notice to us.
The Administration Agreement will remain in effect if approved by the board of directors, including by a majority of our independent directors,
on an annual basis.

When considering the approval of the Administration
Agreement, the board of directors considers, among other factors, (i) the reasonableness of the compensation paid by us to the Administrator
and any third-party service providers in light of the services provided, the quality of such services, any cost savings to us as a result
of the arrangements, and any conflicts of interest, (ii) the methodology employed by the Administrator in determining how certain expenses
are allocated to the Company, the Adviser and other relevant persons, (iii) the breadth, depth, and quality of such administrative services
provided, (iv) the at-cost nature of the compensation provided by the Adviser to the Company, and (v) the possibility of obtaining such
services from a third party.

For the period ended December 31, 2024, the Company
incurred a total of $148,468 in administration fees provided by SS&C which are included in the Statement of Operations, and of which
$69,750 was payable as of December 31, 2024 and reflected on the Statement of Assets and Liabilities.

Director Compensation

As compensation for serving on our Board, each of
our directors who is not an employee of the Adviser receives an annual fee of $100,000, as well as reasonable out-of-pocket expenses incurred
in attending such meetings. The chairman of the audit committee receives an additional annual fee of $10,000 and the chairman of the governance
and nominating committee receives an additional annual fee of $5,000 for their additional services in these capacities. No compensation
is, or is expected to be, paid by us to directors who are employees of the Adviser, or our officers. We have obtained directors’
and officers’ liability insurance on behalf of our directors and officers.

Affiliated Ownership

One of the Company’s shareholders is Isthmus
Capital, LLC, an unregistered fund (The “Feeder Fund”) managed by the Adviser. As of December 31, 2024 the Feeder Fund owned
approximately 62.8% of the Company.

Exemptive Relief

In certain instances, we expect to co-invest on a
concurrent basis with other accounts managed by the Adviser and certain of the Adviser’s affiliates and may do so, subject