Company: PDCC
Filing Date: 2025-09-03
Form Type: N-CSRS
Source: 0001398344-25-017467
Chunk: 25

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-03
Form: N-CSRS
Chunk 25
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 Advisory Agreement was approved by
the board of directors on May 31, 2024. On July 12, 2024, the Company entered into an investment advisory agreement with the Adviser (the
“Advisory Agreement”). Pursuant to the terms of the Advisory Agreement, the Company pays the Adviser, for its services, a
management fee equal to an annual rate of 1.50% of our Total Equity Base which is calculated quarterly and payable quarterly in arrears.
“Total Equity Base” means the NAV attributable to the common stock (prior to the application of the base management fee or
incentive fee) and the paid-in or stated capital of the preferred interests in the Company (howsoever called), including the Series A
Preferred Shares, if any. For the period from January 1, 2025 through June 30, 2025, the Company was charged a management fee of $1,196,793,
of which $582,405 was payable as of June 30, 2025.

| Pearl Diver Credit Company Inc. | Notes to Financial Statements |

June 30, 2025 (Unaudited)

The incentive fee is calculated and payable quarterly
in arrears and equals 15% of our “Pre-Incentive Fee Net Investment Income” for the immediately preceding calendar quarter,
subject to a hurdle and a “catch up” feature. No incentive fees are payable to our Adviser in respect of any capital gains.
For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including
any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from
an investment) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the base management
fee and any interest expense and/or dividends paid on any issued and outstanding debt or preferred interests, but excluding the incentive
fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original
issue discount, payment-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive
Fee Net Investment Income does not include any realized or unrealized capital gains or realized or unrealized losses. The incentive fee
is paid to the Adviser as follows:

| ● | no incentive fee in any calendar quarter                                    
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