Company: PDCC
Filing Date: 2025-03-11
Form Type: N-CSR
Source: 0001398344-25-005419
Chunk: 1

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-03-11
Form: N-CSR
Chunk 1
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 the Investment Company Act of 1940, as amended (the “1940 Act”) and is advised by Pearl Diver Capital
LLP (the “Adviser”). The Company’s primary investment objective is to maximize our portfolio’s total return with
a secondary objective to generate high current income. CLOs represent an efficient way for investors to access diversified portfolios
of broadly syndicated secures loans. We seek to invest in CLO securities that the Adviser believes have the potential to generate attractive
risk-adjusted returns and to outperform other similar CLO securities issued within the respective vintage period, in the primary CLO market
(i.e., acquiring securities at the inception of a CLO), as well as in the secondary CLO market (i.e., acquiring existing CLO securities).
We intend to pursue a differentiated strategy within the CLO equity market premised upon the Adviser’s strong emphasis on assessing
the skill of CLO collateral managers, analysis of CLO structure and application of fundamental credit analysis to analyze the collateral
loans of each CLO investment. In addition, the Adviser intends to leverage its CLO structuring expertise and deep experience in negotiations
of CLO documents in order to optimize for CLO investment returns.

Common Stock

On July 17, 2024, the Company announced the pricing
of its initial public offering (or “IPO”) of 2,530,000 shares of common stock at a public offering price of $20.00 per share.
On a pro forma basis, after giving effect to the sale of 2,530,000 shares and the payment of certain offering expenses, the Company’s
net asset value (“NAV”) was $135.9 million, or $20.00 per share. The Company’s common shares trade on the New York Stock
Exchange under the symbol “PDCC”. Our common share price may differ from the NAV per share.

From commencement of operations through December 31, 2024, the Company paid distributions to common shareholders totaling $1.10 per share. The Company also declared monthly distributions of $0.22 per common share for January 2025.1

For the period from July 9, 2024 to September 30, 2024, the Company recorded net investment income (“NII”) of $0.40 per weighted average common share, and for the quarter ended December 31, 2024, the Company recorded NII of $0.80 per weighted average common share.