Company: PDCC
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001214659-25-013974
Chunk: 147

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-19
Form: 424B2
Chunk 147
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 to the Adviser with respect to Pre-Incentive Fee Net Investment Income.

The portion of such incentive fee that is attributable
to deferred interest (such as PIK interest or original issue discount) will be paid to the Adviser, without interest, only if and to the
extent we actually receive such deferred interest in cash, and any accrual will be reversed if and to the extent such interest is reversed
in connection with any write-off or similar treatment of the investment giving rise to any deferred interest accrual. Any reversal of
such amounts would reduce net income for the quarter by the net amount of the reversal (after taking into account the reversal of incentive
fees payable) and would result in a reduction of the incentive fees for such quarter.

No incentive fee is payable to the Adviser on
capital gains, whether realized or unrealized. In addition, the amount of the incentive fee is not affected by any realized or unrealized
losses that we may suffer.

The payment of monthly dividends on our preferred
stock, if any, (including on any shares of preferred stock that may be held by officers or other affiliates of the Adviser) is not subject
to Pre-Incentive Fee Net Investment Income meeting or exceeding any hurdle rate.

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The following is a graphical representation of
the calculation of the incentive fee as well as examples of its application.

<div align='center'>Quarterly Incentive Fee Based on Net Investment Income

Examples of Quarterly Incentive Fee Calculation (amounts expressed as a percentage of the value of net assets, and are not annualized)*</div>

Alternative 1:

Assumptions

Investment income (including interest, distributions, fees,
etc.) = 1.5%

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)) = 0.875%

Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate, therefore there is no incentive fee.

Alternative 2:

Assumptions

Investment income (including interest, distributions, fees,
etc.) = 2.8%

Hurdle rate¹ = 2.00%

Base management fee² = 0.375%

Other expenses (legal, accounting, custodian, transfer agent,
etc.)