Company: PDCC
Filing Date: 2025-07-18
Form Type: N-2
Source: 0001214659-25-010613
Chunk: 156

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-07-18
Form: N-2
Chunk 156
---
 a RIC for U.S. federal income tax
purposes, we must derive at least 90% of our gross income each tax year from dividends, interest, payments with respect to securities
loans, gains from the sale or other disposition of stock, securities or foreign currencies, net income derived from an interest in a qualified
publicly traded partnership, or other income (including, but not limited to, gains from options, futures or forward contracts) derived
with respect to our business of investing in such stock, securities and currencies, or the “Qualifying Income Test.” A “qualified
publicly traded partnership” is a publicly traded partnership that meets certain requirements with respect to the nature of its
income. To qualify as a RIC, we must also satisfy certain requirements with respect to the diversification of our assets. We must have,
at the close of each quarter of the tax year, at least 50% of the value of our total assets represented by cash, cash items, U.S. government
securities, securities of other RICs and other securities that, in respect of any one issuer, do not represent more than 5% of the value
of our assets nor more than 10% of the outstanding voting securities of such issuer. In addition, at the close of each quarter of the
tax year, not more than 25% of the value of our assets may be invested, including though corporations in which we own a 20% or more voting
stock interest, in securities (other than U.S. government securities or the securities of other RICs) of any one issuer, or of two or
more issuers, which we control and which are engaged in the same or similar trades or businesses or related trades or businesses, or of
one or more qualified publicly traded partnerships, or the “Asset Diversification Tests.”

For purposes of meeting the Asset Diversification
Tests, the term “outstanding voting securities of such issuer” will include the equity securities of a qualified publicly
traded partnership. Also, for purposes of the Asset Diversification Test, the identification of the issuer (or, in some cases, issuers)
of a particular investment can depend on the terms and conditions of that investment. In some cases, identification of the issuer (or
issuers) is uncertain under current law, and an adverse determination or future guidance by the IRS with respect to issuer identification
for a particular type of investment may adversely affect our ability to meet the Asset