Company: PDCC
Filing Date: 2025-03-11
Form Type: N-CSR
Source: 0001398344-25-005419
Chunk: 26

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-03-11
Form: N-CSR
Chunk 26
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 origination, structuring, diligence and consulting fees or other fees that the Company receives from
an investment) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the base management
fee and any interest expense and/or dividends paid on any issued and outstanding debt or preferred interests, but excluding the incentive
fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original
issue discount, payment-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive
Fee Net Investment Income does not include any realized or unrealized capital gains or realized or unrealized losses. 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 2.00% 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 December 31, 2024, the Company recognized incentive fee expense
of $1,085,140. For the period ended December 31, 2024, the Company had an Incentive Fee payable of $604,720.

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