Company: PDCC
Filing Date: 2025-07-18
Form Type: N-2
Source: 0001214659-25-010613
Chunk: 29

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-07-18
Form: N-2
Chunk 29
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 any CLO Warehouse may take the form of notes        
 (“Warehouse Equity”) which are subordinated to the interests of one or more senior lenders under the CLO Warehouse. If the                
 relevant CLO transaction does not proceed for any reason (which may include a decision on the part of the CLO Manager not to proceed with 
 the closing of such transaction (“closing”)), the realized value of the Collateral may be insufficient to repay any outstanding           
 amounts owing to the Company in respect of the Warehouse Equity, after payments have been made to the senior lenders under the terms of   
 the CLO Warehouse, with the consequence that the Company may not receive back all or any of its investment in the CLO Warehouse. This     
 shortfall may be attributable to, amongst other things, a fall in the value of the Collateral between the date of the Company’s           
 participation in the CLO Warehouse and the date that the Collateral is realized.                                                          |

| · | Fair Valuation of Our Portfolio Investments. Generally, there is a more limited public market                                             
 for the CLO investments we target. As a result, we value these securities at least quarterly, or more frequently as may be required from  
 time to time, at fair value. Our determinations of the fair value of our investments have a material impact on our net earnings through   
 the recording of unrealized appreciation or depreciation of investments and may cause our NAV on a given date to understate or overstate, 
 possibly materially, the value that we may ultimately realize on one or more of our investments.                                          |

| · | Limited Investment Opportunities Risk. The market for CLO securities is more limited than                                                 
 the market for other credit related investments. We can offer no assurances that sufficient investment opportunities for our capital will 
 be available.                                                                                                                             |

| · | Non-Diversification Risk. We are a non-diversified investment company under the 1940 Act 
 and may hold a narrower range of investments than a diversified fund under the 1940 Act. |

| · | Currency Risk. Although we intend to primarily make investments denominated in U.S. dollars,                                               
 we may make investments denominated in other currencies. Our investments denominated in currencies other than U.S. dollars will be subject 
 to the risk that the value of such currency will decrease in relation to the U.S. dollar.                                                  |

| · | Hedging Risk. Hedging transactions seeking to reduce risks may result in poorer overall                                                 
 performance than if we had not engaged in such hedging