Company: PDCC
Filing Date: 2025-09-16
Form Type: N-2/A
Source: 0001214659-25-013826
Chunk: 128

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-16
Form: N-2/A
Chunk 128
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 Net Investment Income exceeds the hurdle rate, therefore there is an incentive fee.

Incentive fee = (100% × “Catch-Up”) +
(the greater of 0% AND (15% × (Pre-Incentive Fee Net Investment Income – 2.353%)))

= (100.0% × (Pre-Incentive Fee Net Investment Income – 2.00%))
+ 0%

= 100.0% × (2.175% – 2.00%)

= 100.0% × 0.175%

= 0.175%

Alternative 3:

Assumptions

Investment income (including interest, distributions, fees,
etc.) = 3.50%

Hurdle rate¹ = 2.00%

Base management fee² = 0.375%

Other expenses (legal, accounting, custodian, transfer agent,
etc.)³ = 0.25%

Pre-Incentive Fee Net Investment Income

(investment income – (base management
fee + other expenses)) = 2.875%

Pre-Incentive Fee Net Investment Income exceeds the hurdle rate, therefore there is an incentive fee.

Incentive fee = (100% × “Catch-Up”) +
(the greater of 0% AND (15% × (Pre-Incentive Fee Net Investment Income – 2.353%)))

= (100.0% × (2.353% – 2.00%))
+ (15% × (Pre-Incentive Fee Net Investment Income – 2.353%))

= (100.0% × (2.353% – 2.00%))
+ (15% × (2.875% – 2.353%))

= 0.353% + 0.0783%

= 0.4313%

| * | The hypothetical amount of Pre-Incentive Fee Net Investment Income shown is based on a percentage of net assets. |

(1) Represents 8.00% annualized hurdle rate.

(2) Represents 1.50% annualized base management fee.

(3) Excludes organizational and offering expenses.

| 84 |

Payment of Expenses.The Adviser’s
Investment Team, when and to the extent engaged in providing investment advisory and management services, and the compensation and routine
overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser. We bear all other costs and
expenses of our operations and transactions, including