Company: PDCC
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001214659-25-013974
Chunk: 22

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-19
Form: 424B2
Chunk 22
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 that mature
in one year or less, which we expect will have returns substantially lower than the returns that we anticipate earning from investments
in CLO securities and related investments. Investors should expect, therefore, that before we have fully invested the proceeds of this
offering in accordance with our investment objectives and policies, assets invested in these instruments would earn interest income at
a modest rate, which may not exceed our expenses during this period. To the extent that the net proceeds from an offering have not been
fully invested in accordance with our investment objectives and strategies prior to the next payment of a distribution to our stockholders,
a portion of the proceeds may be used to pay such distribution and may represent a return of capital.

<div align='center'>DESCRIPTION OF OUR CAPITAL
STOCK</div>

For a description of the particular terms of our
common stock, see “Description of our Capital Stock — Common Stock” in the accompanying prospectus.

<div align='center'>PLAN OF DISTRIBUTION</div>

We have
entered into the Equity Distribution Agreement with Lucid acting as our placement agent. Pursuant to the Equity Distribution Agreement,
we may at any time and from time to time offer and sell shares of our common stock.

Upon
written instructions from us, the Placement Agent will use its commercially reasonable efforts consistent with its normal sales and trading
practices to sell, as our agent or principal, our common stock under the terms and subject to the conditions set forth in the Equity Distribution
Agreement and our instructions. We will instruct the Placement Agent as to the amount of common stock to be sold by it and the minimum
price below which sales of common stock may not be made. We may instruct the Placement Agent not to sell common stock if the sales cannot
be effected at or above the price designated by us in any instruction, or for any other reason. The sales price per share of our common
stock offered by this prospectus supplement and the accompanying prospectus, less commissions payable under the Equity Distribution Agreement
and discounts, if any, will not be less than the net asset value per share of our common stock at the time of such sale. We or the Placement
Agent may suspend the offering of shares of our common stock upon proper notice and subject to other conditions.

Pursuant to certain SEC
rules, in no event will we sell our securities in a public primary offering with a value exceeding more than one-third of our public float
in any 12-month period so long as our public float remains below $75.