Company: PDCC
Filing Date: 2025-07-18
Form Type: N-2
Source: 0001214659-25-010613
Chunk: 126

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-07-18
Form: N-2
Chunk 126
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= 0.175%

Alternative 3:

Assumptions

Investment income (including interest, distributions, fees,
etc.) = 3.50%

Hurdle rate¹ = 2.00%

Base management fee² = 0.375%

Other expenses (legal, accounting, custodian, transfer agent,
etc.)³ = 0.25%

Pre-Incentive Fee Net Investment Income

(investment income – (base management
fee + other expenses)) = 2.875%

Pre-Incentive Fee Net Investment Income exceeds the hurdle rate, therefore there is an incentive fee.

Incentive fee = (100% × “Catch-Up”) +
(the greater of 0% AND (15% × (Pre-Incentive Fee Net Investment Income – 2.353%)))

= (100.0% × (2.353% – 2.00%))
+ (15% × (Pre-Incentive Fee Net Investment Income – 2.353%))

= (100.0% × (2.353% – 2.00%))
+ (15% × (2.875% – 2.353%))

= 0.353% + 0.0783%

= 0.4313%

| * | The hypothetical amount of Pre-Incentive Fee Net Investment Income shown is based on a percentage of net assets. |

(1) Represents 8.00% annualized hurdle rate.

(2) Represents 1.50% annualized base management fee.

(3) Excludes organizational and offering expenses.

| 72 |

Payment of Expenses.The Adviser’s
Investment Team, when and to the extent engaged in providing investment advisory and management services, and the compensation and routine
overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser. We bear all other costs and
expenses of our operations and transactions, including (without limitation): (1) the cost of calculating our net asset value (including
the costs and expenses of any independent valuation firm or pricing service); (2) interest payable on debt, if any, incurred to finance
our investments; (3) fees and expenses, including legal fees and expenses and travel expenses, incurred by the Adviser or payable to third
parties in performing due diligence on prospective investments, monitoring our investments and, if necessary, enforcing our rights; (4)
amounts payable to third parties relating to, or associated with,