Company: PDCC
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001214659-25-013974
Chunk: 148

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-19
Form: 424B2
Chunk 148
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³ = 0.25%

Pre-Incentive Fee Net Investment Income

(investment income – (base management
fee + other expenses)) = 2.175%

| 83 |

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% × (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