Company: PDCC
Filing Date: 2025-03-11
Form Type: N-CSR
Source: 0001398344-25-005419
Chunk: 33

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-03-11
Form: N-CSR
Chunk 33
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 basis consistent with
the Fund’s internal organizational structure.

The Fund uses the management approach to determine
reportable operating segments. The management approach considers the internal organization and reporting used by the Fund’s chief
operating decision maker (“CODM”) for making decisions, allocating resources, and assessing performance. The Fund’s
CODM has been identified as the Chief Executive Officer, who reviews consolidated results presented within the Fund’s financial
statements when making decisions about allocating resources and assessing performance of the Fund. The CODM determined that the Fund has
only one operating segment as defined by ASU 2023-07. This is supported by the single investment strategy of the Fund, against which the
CODM assesses performance.

13. SUBSEQUENT EVENTS

On January 6, 2025, the underwriters of the Series
A Preferred Stock Due 2029 offering fully exercised their overallotment option, purchasing an additional 180,000 preferred shares from
the Company at a public offering price of $25.00 per share. In total, 1,380,000 preferred shares were sold in the offering, resulting
in net proceeds of approximately $33.2 million, which will be used to acquire investments in accordance with the Company’s investment
objectives and strategies and for general working capital purposes.

On January 3, 2025, we announced monthly dividends
on our preferred shares of $0.2389 per share for January 2025, and $0.1667 per share for February, March, and April 2025.

On February 3, 2025, we announced monthly dividends on our common stock
of $0.22 per share, for February, March, and April 2025.

|                                 | Report of Independent Registered |
| Pearl Diver Credit Company Inc. | Public Accounting Firm           |

To the shareholders and the Board of Directors of Pearl Diver Credit Company
Inc.

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets
and liabilities of Pearl Diver Credit Company Inc. (the “Fund”), including the schedule of investments, as of December 31, 2024,
and the related statements of operations, changes in net assets, cash flows, and financial highlights for the period from July 9, 2024
(date of reorganization) to December 31, 2024, and the related notes. In our opinion, the financial statements and financial highlights
present fairly, in all material respects