Company: PDCC
Filing Date: 2025-09-03
Form Type: N-CSRS
Source: 0001398344-25-017467
Chunk: 27

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-03
Form: N-CSRS
Chunk 27
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 provided by the Adviser to the Company, and (v) the possibility of obtaining such
services from a third party.

For the period ended June 30, 2025, the Company incurred
a total of $131,607 in administration fees provided by SS&C which are included in the Statement of Operations, and of which $114,331
was payable as of June 30, 2025 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 June 30, 2025 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 to compliance
with applicable regulations and regulatory guidance and the Adviser’s written allocation procedures. The Company and the Adviser
received exemptive relief from the SEC, on February 18, 2025, to permit us and certain of our affiliates to participate in certain negotiated
co-investments alongside other accounts managed by the Adviser or certain of its affiliates, subject to certain conditions.

| 20 | www.pearldivercreditcompany.com |

| Pearl Diver Credit Company Inc. | Notes to Financial Statements |

June 30, 2025 (Unaudited)

6. COMMON STOCK

As of June 30, 2025, there were 200,000,000 shares of common stock authorized,
of which 6,796,473 shares were issued and outstanding.

During the period ended June, 30, 2025