Company: PDCC
Filing Date: 2025-09-03
Form Type: N-CSRS
Source: 0001398344-25-017467
Chunk: 26

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-03
Form: N-CSRS
Chunk 26
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 Pre-Incentive Fee Net Investment Income does not exceed 2.00%; |

| ● | 100% of our Pre-Incentive Fee Net                                                                                                           
 Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate        
 but is less than 2.00% in any calendar quarter (8.00% annualized). We refer to this portion of our Pre-Incentive Fee Net Investment Income  
 (which exceeds the hurdle but is less than 2.35294% as the “catch-up.” The “catch-up” is meant to provide the                               
 Adviser with 15% of our Pre-Incentive Fee Net Investment Income as if a hurdle did not apply if this net investment income meets or exceeds 
 2.50% in any calendar quarter; and                                                                                                          |

| ● | 15% of the amount of our Pre-Incentive                                            
 Fee Net Investment Income, if any, that exceeds 2.35294% in any calendar quarter. |

There is no offset in subsequent quarters for any
quarter in which an Incentive Fee is not earned. For the period ended June 30, 2025, the Company recognized incentive fee expense of $1,151,236.
For the period ended June 30, 2025, the Company had an Incentive Fee payable of $547,708.

Administrator

Certain accounting and other administrative services
have been delegated by the Company to SS&C ALPS. The Administration Agreement may be terminated by us without penalty upon not less
than 60 days’ written notice to the Administrator and by the Administrator upon not less than 90 days’ written notice to us.
The Administration Agreement will remain in effect if approved by the board of directors, including by a majority of our independent directors,
on an annual basis.

When considering the approval of the Administration
Agreement, the board of directors considers, among other factors, (i) the reasonableness of the compensation paid by us to the Administrator
and any third-party service providers in light of the services provided, the quality of such services, any cost savings to us as a result
of the arrangements, and any conflicts of interest, (ii) the methodology employed by the Administrator in determining how certain expenses
are allocated to the Company, the Adviser and other relevant persons, (iii) the breadth, depth, and quality of such administrative services
provided, (iv) the at-cost nature of the compensation