Company: PDCC
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001214659-25-013974
Chunk: 16

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-19
Form: 424B2
Chunk 16
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 of the incentive fee which would either not be payable or would have 
 an insignificant impact on the expense amounts shown above. Our actual rate of return may be greater or less than the hypothetical 5%     
 return shown in the example.                                                                                                              |

<div align='center'>CAPITALIZATION</div>

We are offering up to $15,000,000 aggregate
offering price of our common stock pursuant to this prospectus supplement and the accompanying prospectus. The Equity Distribution
Agreement provides that we may offer and sell up to $75,000,000 of our common shares, from time to time, through the Placement
Agent, pursuant to this prospectus supplement and future prospectus supplements. The table below assumes that we will sell
$15,000,000 of shares of our common shares at a price of $18.55 per share (a 2.0% premium over the net asset value of our common
shares at June 30, 2025), but there is no guarantee that there will be any sales of shares of our common shares pursuant to this
prospectus supplement and the accompanying prospectus. Actual sales, if any, of our common shares under this prospectus supplement
and the accompanying prospectus may be less than as set forth in the table below. In addition, the price per share of any such sale
may be greater or less than $18.55, depending on the market price of shares of our common shares at the time of any such sale, which
may be below NAV per share of our common shares.

The following table sets forth our capitalization
as of June 30, 2025:

| · | on an actual basis; and |

| · | on an adjusted basis giving effect to the assumed sale of $15,000,000 of shares of our common shares                              
 at a price of $18.55 per share (a 2.0% premium over the net asset value per share of our common shares at June 30, 2025) less     
 Placement Agent commissions and estimated offering expenses and application of the net proceeds as discussed in more detail under 
 “Use of Proceeds”.                                                                                                                |

| S-10 |

You should read this table in conjunction with
“Use of Proceeds” and the financial statements contained elsewhere or incorporated by reference in this prospectus
supplement and the accompanying prospectus.

|                                                                                                                                                                 |     | Pearl Diver Credit Company Inc. 
 (unaudited)                     
 June 30,