Company: PDCC
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001214659-25-013974
Chunk: 165

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-19
Form: 424B2
Chunk 165
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 both observable and third-party market data and prevailing general market assumptions and conventions
as well as those of the Adviser.

Specifically, we utilize a third-party pricing
service in connection with the valuation of our investments in CLO debt. However, if pricing from such third-party pricing service is
determined to be stale or otherwise not reflective of current market conditions, we may use an average of independent broker quotes to
determine fair value. We engage a third-party independent valuation firm as an input to the Company’s valuation of the fair value
of its investments in CLO equity. The valuation firm’s advice is only one factor considered in the valuation of such investments,
and the board of directors does not rely on such advice in determining the fair value of our investments in accordance with the 1940 Act.

Our investment portfolio is valued at least
each month, in accordance with the Adviser’s valuation policies and procedures. Fair valuations are ultimately determined by the
Adviser’s valuation committee, which comprises a majority of non-investment personnel. Our board of directors oversees the valuation
designee and the process that it uses to determine the fair value of our assets. In this regard, our board of directors receives periodic
and, as applicable, prompt reporting regarding certain material valuation matters, as required by Rule 2a-5 under the 1940 Act.

Determinations in Connection with an Offering

We are not generally able to issue and sell
shares of our common stock at a price below NAV per share, except (1) in connection with a rights offering to our existing stockholders,
(2) with the consent of the majority of our common stockholders, (3) upon the conversion of a convertible security in accordance with
its terms, or (4) under such circumstances as the SEC may permit. In connection with any offering of shares of our common stock, we are
required to make the determination that we are not selling shares of our common stock at a price below the then current NAV of our common
stock at the time at which the sale is made. Factors that may be considered in making such determination may include, among others:

| • | the NAV of our common stock disclosed                          
 in the most recent periodic report that we filed with the SEC; |

| • | the Adviser’s assessment                                                                      
 of whether any material change in the NAV of our common stock has occurred (including through 
 the realization of gains on the sale of our portfolio securities) during the period beginning 
 on the date of