Company: PDCC
Filing Date: 2025-03-11
Form Type: N-CSR
Source: 0001398344-25-005419
Chunk: 48

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-03-11
Form: N-CSR
Chunk 48
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 the accounts for, other entities with investment strategies that substantially or partially overlap with the strategy that
we intend to pursue. Accordingly, they may have obligations to investors in those entities, the fulfillment of which obligations may not
be in the best interests of us or our stockholders. The Adviser has entered into, and may in the future enter into additional, business
arrangements with certain of our stockholders. In such cases, such stockholders may have an incentive to vote shares held by them in a
manner that takes such arrangements into account. As a result of these relationships and separate business activities, the Adviser has
conflicts of interest in allocating management time, services, and functions among us, other advisory clients and other business activities.

In order to address such conflicts of interest, the
Fund has adopted a code of ethics under Rule 17j-1 of the 1940 Act. Similarly, the Adviser has separately adopted the “Adviser Code
of Ethics.” The Adviser Code of Ethics requires the officers and employees of the Adviser to act in the best interests of the Adviser
and its client accounts (including the Fund), 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. The portfolio managers 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.

In certain instances, the Fund expects to co-invest
on a concurrent basis with other accounts managed by the Adviser or certain of the Adviser’s affiliates, subject to compliance with
applicable regulations and regulatory guidance and the Adviser’s written allocation procedures. The Fund and the Adviser have received
exemptive relief from the SEC