Company: PDCC
Filing Date: 2025-09-03
Form Type: N-CSRS
Source: 0001398344-25-017467
Chunk: 31

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-03
Form: N-CSRS
Chunk 31
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 |         398 | % |
| Asset coverage of reverse        
 repurchase agreements(3)         |     |                  |       2,371 | % |

| (1) | Includes $1,044,523 of unamortized deferred offering costs related 
 to the Series A Term Preferred Stock.                              |

| (2) | Asset coverage of preferred stock is calculated in accordance     
 with Section 18(h) of the 1940 act, as generally described above. |

| (3) | Asset coverage of reverse repurchase agreements is calculated                   
 in accordance with Section 18(h) of the 1940 act, as generally described above. |

12. SUBSEQUENT EVENTS

On August 5, 2025, we announced monthly dividends on our preferred shares
of $0.1667 per share for August, September, and October 2025.

On August 5, 2025, we announced monthly dividends on our common stock of
$0.22 per share for August, September, and October 2025.

| 22 | www.pearldivercreditcompany.com |

| Pearl Diver Credit Company Inc. | Dividend Reinvestment Plan |

June 30, 2025 (Unaudited)

We have established an automatic dividend reinvestment
plan, or “DRIP.” Each registered holder of at least one full share of our common stock will be automatically enrolled in the
DRIP. Under the DRIP, distributions on shares of our common stock are automatically reinvested in additional shares of our common stock
by SS&C GIDS, Inc., or the “DRIP Administrator,” unless a common stockholder opts out of the DRIP. Holders of our common
stock who receive distributions in the form of additional shares of our common stock are nonetheless required to pay applicable federal,
state, and local taxes on the reinvested distribution but will not receive a corresponding cash distribution with which to pay any applicable
tax. Holders of shares of our common stock who opt-out of participation in the DRIP (including those holders whose shares are held through
a broker or other nominee who has opted out of participation in the DRIP) generally will receive all distributions in cash.

We expect to use primarily newly issued shares to
implement the plan, whether our shares are trading at a premium or at a discount to NAV. Under such circumstances, the number of shares
to be credited to each participant is determined by dividing the aggregate dollar amount of the distribution by 95%