Company: PDCC
Filing Date: 2025-07-18
Form Type: N-2
Source: 0001214659-25-010613
Chunk: 35

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-07-18
Form: N-2
Chunk 35
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 includes, 
 in the case of investments with a deferred interest feature (such as original issue discount, debt instruments payment-in-kind interest      
 and zero coupon securities), accrued income that the Company has not yet received in cash. No incentive fee is payable to the Adviser        
 on capital gains whether realized or unrealized. The incentive fee is paid to the Adviser as follows:                                        |

| • | no incentive fee in any calendar quarter in which our 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 2.35294% in any calendar quarter (9.42% 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 2.35294% 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 (9.42% annualized) is payable to the Adviser (that is, once the hurdle is reached and the catch-up is achieved, 15% of 
 all Pre-Incentive Fee Net Investment Income thereafter is paid to the Adviser).                                                         |

For a more detailed discussion of the
calculation of this fee, see “The Adviser and the Administrator — Investment Advisory Agreement — Base Management Fee and Incentive Fee.”

| 6 | This assumes that we incur borrowings or issue preferred stock or debt securities in an amount equal to                                
 approximately 25% of our total assets (as determined immediately after the leverage is incurred) with an assumed interest rate of 8.0% 
 per annum, based on current market rates.                                                                                              |

<div align='center'>Example</div>

The following example is furnished in response
to the requirements of the SEC and illustrates the various costs and expenses that you would pay, directly or indirectly, on a $1,000
investment in shares of our