Company: PDCC
Filing Date: 2025-09-16
Form Type: N-2/A
Source: 0001214659-25-013826
Chunk: 10

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-16
Form: N-2/A
Chunk 10
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 markets. In acquiring these investments, the Company may employ leverage. See “Risk Factors — Risks Related to Our Investments — We may leverage our portfolio, which would magnify the potential for gain or loss on amounts invested and increase the risk of investing in us.”To the extent that the Company makes a significant investment
in a particular CLO equity tranche, we expect to be generally able to influence the CLO’s key terms and conditions (if acquired
in the primary market). Additionally, the Adviser believes that the protective rights associated with holding a significant position in
a CLO equity tranche (such as the ability to call the CLO after the non-call period, to refinance/reprice certain CLO debt tranches after
a period of time and to influence potential amendments to the governing documents that may arise) may reduce the risk and enhance returns
in these investments. The Company may acquire a significant position in a CLO tranche directly or we may benefit from the advantages of
such position where both the Company and other accounts managed by the Adviser collectively hold a significant position in the same CLO,
subject to any restrictions on the ability to invest alongside such other accounts. See “Business—Other Investment Techniques—Co-Investment with Affiliates.”

The Adviser also intends for the Company to make
short-term investments by participating in or providing CLO Warehouse first loss investments to CLO vehicles for the purposes of enabling
them to acquire portfolios of leveraged loans that are intended to be aggregated for ultimate conversion into CLOs. The Company may also
transact in derivative or other instruments for the purposes of hedging the portfolio, or to manage risks.

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<div align='center'>Pearl Diver Capital LLP</div>

Pearl Diver Capital LLP, our investment adviser,
manages our investments subject to the oversight of our board of directors pursuant to an investment advisory agreement, or the “Investment
Advisory Agreement”. For a description of the fees and expenses that we pay to the Adviser, see “The Adviser and the Administrator — Investment Advisory Agreement — Base Management Fee and Incentive Fee” and “The Adviser and the Administrator — The Administrator and the Services Agreement.”

The Adviser is registered as an investment
adviser with the SEC. As of August 31, 2025, the Adviser had approximately $3.0 billion of total assets under management for investment
in CLO securities, including capital commitments that were undrawn as