Company: PDCC
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001214659-25-013974
Chunk: 54

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-19
Form: 424B2
Chunk 54
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 Fee Risk. Our inventive fee structure and the formula for calculating the fee                                                  
 payable to the Adviser may incentivize the Adviser to pursue speculative investments and use leverage in a manner that adversely impacts 
 our performance.                                                                                                                         |

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| · | Refinancing Risk. If we incur debt financing and subsequently refinance such debt, the replacement                                        
 debt may be at a higher cost and on less favorable terms and conditions. If we fail to extend, refinance, or replace such debt financings 
 prior to their maturity on commercially reasonable terms, our liquidity will be lower than it would have been with the benefit of such    
 financings, which would limit our ability to grow.                                                                                        |

| · | Key Personnel Risk. We are dependent upon the key personnel of the Adviser for our future 
 success.                                                                                  |

| · | Tax Risk. In order to qualify as a RIC each year, the Company must satisfy both an annual                                                           
 income and asset diversification test. The Company intends to take certain positions regarding the qualification of CLO equity under the            
 asset diversification test for which there is a lack of guidance. If the Internal Revenue Service were to disagree with the Company’s               
 position and none of the applicable mitigation provisions are available, we could fail to qualify as a RIC. If we fail to qualify for               
 tax treatment as a RIC under Subchapter M of the Code for any reason, or become subject to corporate income tax, the resulting corporate            
 taxes could substantially reduce our net assets, as well as the amount of income available for distributions, and the amount of such distributions, 
 to our common stockholders and for payments to the holders of our other obligations.                                                                |

| · | Global Economy Risk. Global economies and financial markets are becoming increasingly interconnected,                                          
 and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region, or financial 
 market.                                                                                                                                        |

<div align='center'>Our Corporate Information</div>

Our offices are located at 747 Third Avenue,
Suite 3603, New York, NY 10017, and our telephone number is (833) 736-6777.

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<div align='center'>SUMMARY OF OFFERING</div>

We may offer, from time to time, in one or
more offerings or series, together or separately, up to $100,000,000 of our common stock, which we also refer to as the “securities”.
We may