Company: PDCC
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001214659-25-013974
Chunk: 181

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-19
Form: 424B2
Chunk 181
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 determination under the applicable Asset Diversification Tests and there
can be no assurances that the IRS or the courts will agree with our determination.

If we fail to satisfy Qualifying Income Test,
we will nevertheless be considered to have satisfied the test if such failure is due to reasonable cause and not due to willful neglect
and if a penalty tax is paid with respect to the failure to satisfy the applicable requirements. If we fail to meet any of the Asset Diversification
Tests with respect to any quarter of any tax year, we will nevertheless be considered to have satisfied the requirements for such quarter
if we cure such failure within six months and either (i) such failure is de minimis or (ii) (a) such failure is due to reasonable cause
and not due to willful neglect and if a penalty tax is paid with respect to the failure to satisfy the applicable requirements. If we
fail to qualify as a RIC for more than two consecutive taxable years and then seek to re-qualify as a RIC, we generally would be required
to recognize gain to the extent of any unrealized appreciation in our assets unless we elect to pay U.S. corporate income tax on any such
unrealized appreciation during the succeeding 5-year period. In addition, if we enter into a “conversion transaction” within
the meaning of Treasury Regulation Section 1.337(d)-7(a)(2)(ii) (in this case, the conversion from an LLC taxable as a partnership to
a corporation taxable as a RIC) we would be required to recognize any unrealized appreciation allocable to certain corporate members (including
certain tax-exempt members subject to the unrelated business income tax on such allocable portion of gain) of Pearl Diver Credit Company,
LLC with respect to the assets deemed transferred from the LLC to the RIC if those assets are disposed of during the succeeding 5-year
period of the conversion. In such a case, we would be required to pay corporate level tax at the time of the disposition of those assets
while we are a RIC. To avoid incurring such corporate level tax while we are a RIC, we may make a deemed sale election in connection with
our conversion from an LLC to a corporation taxable as a RIC, such that any tax is borne by certain corporate members in the Pearl Diver
Credit Company, LLC prior to the conversion. There can be no assurances we will make such election.

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As a RIC, we generally