Company: PDCC
Filing Date: 2025-07-18
Form Type: N-2
Source: 0001214659-25-010613
Chunk: 71

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-07-18
Form: N-2
Chunk 71
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 in the public market of substantial amounts of our common stock may have an adverse effect on the market price of our common stock.

Sales of substantial amounts of our common stock,
including by selling stockholders, or the availability of such common stock for sale, whether or not actually sold, could adversely affect
the prevailing market price of our common stock. If this occurs and continues, it could impair our ability to raise additional capital
through the sale of equity securities should we desire to do so. For a discussion of the adverse effect that the concentration of beneficial
ownership may have on the market price of our common stock, see “— Risks Related to Our Business and Structure — Significant stockholders may control the outcome of matters submitted to our stockholders or adversely impact the market price or liquidity of our securities.”

Our stockholders will experience dilution in their ownership percentage if they do not participate in our dividend reinvestment plan.

All distributions declared in cash payable to
stockholders that are participants in our dividend reinvestment plan are automatically reinvested in shares of our common stock. As a
result, our stockholders that do not participate in our dividend reinvestment plan will experience dilution in their ownership percentage
of our common stock over time.

Legislative or regulatory tax changes could adversely affect investors.

At any time, the federal income tax laws governing
RICs or the administrative interpretations of those laws or regulations may be amended. Any new laws, regulations or interpretations may
take effect retroactively and could adversely affect the taxation of us or our shareholders. Therefore, changes in tax laws, regulations
or administrative interpretations or any amendments thereto could diminish the value of an investment in our shares or the value or the
resale potential of our investments.

<div align='center'>Risks Relating to Our Business
and Structure</div>

We have a limited operating history as a closed-end investment company.

We are an externally managed, non-diversified,
closed-end management investment company that was formed in April 2023 and commenced operations on July 9, 2024. As a result of our limited
operating history, we do not have significant financial information on which you can evaluate an investment in us or our prior performance.
We are subject to all of the business risks and uncertainties associated with any new business, including the risk that we will not achieve
our investment objectives and that the value of your investment could decline substantially or become worthless. We currently anticipate
that it will take approximately three to six months to invest substantially all of