Company: PDCC
Filing Date: 2025-07-18
Form Type: N-2
Source: 0001214659-25-010613
Chunk: 114

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-07-18
Form: N-2
Chunk 114
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ks. No assurance can be given that our strategy and use of derivatives will be successful, and our investment performance could diminish
compared with what it would have been if Derivative Transactions were not used.

We have claimed an exclusion from the definition
of the term “commodity pool operator” pursuant to CFTC No-Action Letter 12-38 issued by the staff of the CFTC Division of
Swap Dealer and Intermediary Oversight on November 20, 2012, and we currently intend to operate in a manner that would permit us to continue
to claim such exclusion. See “Risk Factors — Risks Relating to Our Business and Structure — We are subject to the risk of legislative and regulatory changes impacting our business or the markets in which we invest” and “Risk Factors — Risks Related to Our Investments — We are subject to risks associated with any hedging or Derivative Transactions in which we participate.”

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Illiquid Transactions. Generally,
investments will be purchased or sold by us in private markets, including securities that are not publicly traded or that are otherwise
illiquid and securities acquired directly from the issuer.

Temporary Defensive Position. We
may take a temporary defensive position and invest all or a substantial portion of our total assets in cash or cash equivalents, government
securities, or short-term fixed income securities during periods in which we believe that adverse market, economic, political or other
conditions make it advisable to maintain a temporary defensive position. As the CLOs and loan accumulation facilities in which we invest
are generally illiquid in nature, we may not be able to dispose of such investments and take a defensive position. To the extent that
we invest defensively, we likely will not achieve our investment objectives.

Co-Investment with Affiliates. 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. We and the Adviser have obtained exemptive relief from the SEC on January 22, 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. A copy of the application for exemptive relief, including all of the conditions, and the related order are available
on the SEC’s website