Company: PDCC
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001214659-25-013974
Chunk: 15

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-19
Form: 424B2
Chunk 15
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 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” in the accompanying prospectus.

| 5 | 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.                                                                                              |

| S-9 |

<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 common stock for the time periods indicated, assuming (1) total annual expenses of 4.85% of net assets attributable
to the Company’s common stock (including an assumed total sales load or commission of 2.00% and the other estimated offering costs
borne by common shareholders) and (2) a 5% annual return.*

|                                                                                          |     | 1 year |     | 3 years |     | 5 years |     | 10 years |
| You would pay the following expenses on a $1,000 investment, assuming a 5% annual return |     |    $47 |     |    $149 |     |    $261 |     |     $594 |

| * | The example should not be considered a representation of future returns or expenses, and actual returns                                   
 and expenses may be greater or less than those shown. The example assumes that the estimated “other expenses” set forth in                
 the Annual Expenses table are accurate, and that all dividends and distributions are reinvested at NAV. In addition, because the example  
 assumes a 5% annual return, the example does not reflect the payment