Company: PDCC
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001214659-25-013974
Chunk: 202

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-19
Form: 424B2
Chunk 202
---
, limitations or restrictions thereof.                                                                              |

| 116 |

All shares of preferred stock that we may issue
will be of equal rank and identical except as to the particular terms thereof that may be fixed by our board of directors, and all shares
of each series of preferred stock will be identical except as to the dates from which dividends or other distributions, if any, thereon
will be cumulative. You should note, however, that any issuance of preferred stock must comply with the requirements of the 1940 Act.
The 1940 Act requires that (1) immediately after issuance and before any dividend or other distribution is made with respect to our common
stock and before any purchase of our common stock is made, we maintain an asset coverage ratio of at least 200%, as measured at the time
of the issuance of any such shares of preferred stock and calculated as the ratio of our total assets (less all liabilities and indebtedness
not represented by senior securities) over the aggregate amount our outstanding senior securities representing indebtedness plus the aggregate
liquidation preference of any outstanding shares of preferred stock, after deducting the amount of such dividend, distribution or purchase
price, as the case may be, (2) the holders of shares of preferred stock, if any are issued, must be entitled as a class to elect two directors
at all times and to elect a majority of the directors if dividends on such preferred stock are in arrears by two years or more, and (3)
such class of stock have complete priority over any other class of stock as to distribution of assets and payment of dividends or other
distributions, which shall be cumulative. Some matters under the 1940 Act require the separate vote of the holders of any issued and outstanding
preferred stock. We believe that the availability for issuance of preferred stock will provide us with increased flexibility in structuring
future financings and acquisitions.

<div align='center'>BOOK-ENTRY ISSUANCE</div>

Unless otherwise indicated in the applicable prospectus
supplement, securities will be issued in the form of one or more global certificates, or “global securities”, registered in
the name of a depositary or its nominee. Unless otherwise indicated in the applicable prospectus supplement, the depositary will be The
Depository Trust Company, or “DTC”. DTC has informed us that its nominee will be Cede &
Co. Accordingly, we expect Cede & Co. to be the initial registered holder of all securities that
are issued in global form.