Company: PDCC
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001214659-25-013974
Chunk: 18

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-19
Form: 424B2
Chunk 18
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 Offering</div>

The common stock offered in this offering will be sold in “at the market offerings”.

Investors who purchase shares of our common stock
in this offering at different times will likely pay different prices, and so may experience different outcomes in their investment results.
We will have discretion, subject to market demand, to vary the timing, prices and numbers of shares sold, and subject to certain limitations
in the Equity Distribution Agreement, there is no minimum or maximum sales price. Investors may experience a decline in the value of the
shares they purchase and dilution as a result of sales made at prices lower than the prices they paid.

| S-11 |

Future sales, or the possibility of future sales, of a substantial number of shares of our common stock could adversely affect the market price of our common stock.

In order to raise additional capital, we may in
the future offer additional shares of our common stock or other securities convertible into or exchangeable for our common stock at prices
that may not be the same as the price per share in this offering. Additionally, the sale of a substantial number of shares of our common
stock pursuant to this offering, or the anticipation of such sales, could make it more difficult for us to sell equity or equity-related
securities in the future at a time and at a price that we might otherwise wish to effect sales. Pursuant to the Equity Distribution Agreement,
we may offer and sell our common stock from time to time through or to the Placement Agent in an amount not to exceed the lesser of the
amount registered on an effective registration statement and for which we have filed a prospectus supplement and accompanying prospectus,
and the amount authorized from time to time to be issued and sold under the Equity Distribution Agreement by the Board or a duly authorized
committee thereof. As a result, we may increase the amount of our common stock that may be sold from time to time pursuant to the Equity
Distribution Agreement at any time by filing additional prospectus supplements to the registration statement to which this prospectus
supplement relates, or by otherwise increasing the amount registered on an effective registration statement for which we have filed a
prospectus, and any such increases could be material. We continue to monitor funding markets for opportunities to raise additional debt,
equity or equity-linked capital (including potentially by registering additional shares of our common stock for sale under the Equity
Distribution Agreement) to fund further capital or liquidity needs, and growth plans. We may sell our common stock or other securities
in any other offering