Company: PDCC
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001214659-25-013974
Chunk: 197

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-19
Form: 424B2
Chunk 197
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 federal
withholding tax and generally will not be subject to U.S. federal income tax unless, (i) the distributions or gains, as the case may be,
are effectively connected with a U.S. trade or business of the Non-U.S. holder and, if an income tax treaty applies, are attributable
to a permanent establishment maintained by the non-U.S. holder in the United States or (ii) in the case of an individual stockholder,
the stockholder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale or the
receipt of the distributions or gains and certain other conditions are met.

If we distribute our net capital gains in the
form of deemed rather than actual distributions (which we may do in the future), a non-U.S. holder will be entitled to a U.S. federal
income tax credit or tax refund equal to the stockholder’s allocable share of the tax we pay on the capital gains deemed to have
been distributed. In order to obtain the refund, the non-U.S. holder would be required to obtain a U.S. taxpayer identification number
and file a U.S. federal income tax return even if the non-U.S. holder would not otherwise be required to obtain a U.S. taxpayer identification
number or file a U.S. federal income tax return. For a corporate non-U.S. holder, distributions (both actual and deemed), and gains realized
upon the sale of our stock that are effectively connected with a U.S. trade or business may, under certain circumstances, be subject to
an additional “branch profits tax” at a 30% rate (or at a lower rate if provided for by an applicable treaty). Accordingly,
investment in the shares may not be appropriate for a non-U.S. holder.

| 113 |

A non-U.S. holder who is a non-resident alien
individual, and who is otherwise subject to withholding of U.S. federal income tax, may be subject to information reporting and backup
withholding of U.S. federal income tax on distributions unless the non-U.S. holder provides us or the distribution paying agent with an
IRS Form W-8BEN, IRS Form W-8BEN-E, or an acceptable substitute form, or otherwise meets documentary evidence requirements for establishing
that it is a non-U.S. holder or otherwise establishes an exemption from backup withholding.

Non-U.S. holders may also be subject to U.S. estate
tax with respect