Company: PDCC
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001214659-25-013974
Chunk: 59

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-19
Form: 424B2
Chunk 59
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 called), including the Series A Term Preferred Stock, if any. The figure shown in the table above reflects our assumption 
 that we incur leverage in an amount equal to approximately 25% of our total assets (as determined immediately after the leverage is  
 incurred). These base management fees are indirectly borne by holders of our common stock and are not borne by the holders of        
 preferred stock, if any, or the holders of any other securities that we may issue. See “The Adviser and the Administrator            
 — Investment Advisory Agreement — Base Management Fee and Incentive Fee.”                                                            |

| 5 | We have agreed to pay the Adviser as compensation under the Investment Advisory Agreement a quarterly                                        
 incentive fee equal to 15% of our Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter, subject to a       
 quarterly preferred return, or hurdle, of 2.00% (8.00% annualized) and a catch-up feature. Pre-Incentive Fee Net Investment Income 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%