In July 2025, the Company’s board of directors declared a monthly cash distribution on the outstanding shares of all classes of common shares of record on August 26, 2025 of $0.104167 per share for Class FA shares, $0.104167 per share for Class A shares, $0.083333 per share for Class T shares, $0.093750 per share for Class D shares, $0.104167 per share for Class I shares and $0.104167 per share for Class S shares.

In July 2025, the Company’s board of directors approved new per share offering prices for each share class in the Second Follow-On Public Offering. The new offering prices are effective as of July 31, 2025. The following table provides the new offering prices and applicable upfront selling commissions and dealer manager fees for each share class available in the Second Follow-On Public Offering:


	Class A		Class T		Class D		Class I
Effective July 31, 2025:
Offering Price, Per Share	$	40.28	$	38.62	$	36.58	$	37.35
Selling Commissions, Per Share	2.42		1.16		—		—
Dealer Manager Fees, Per Share	1.00		0.67		—		—

During the period July 1, 2025 through August 6, 2025, the Company received additional net proceeds from the Second Follow-On Public Offering and distribution reinvestment plan of the following (in thousands except per share data):


	Proceeds from Second Follow-On Public Offering							Distribution Reinvestment Plan			Total
Share Class	Shares	Gross Proceeds		Sales Load		Net Proceeds to Company		Shares	Gross Proceeds		Shares	Net Proceeds to Company		Average Net Proceeds per Share

Class A	1	$	15	$	(1)	$	14	17	$	633	18	$	647	$	36.86
Class T	65	2,503		(118)		2,385		3	126		68	2,511		36.79
Class D	7	275		—		275		5	172		12	447		36.58
Class I	285	10,650		—		10,650		24	883		309	11,533		37.35

	358	$	13,443	$	(119)	$	13,324	49	$	1,814	407	$	15,138	$	37.21

In July 2025 and August 2025, the Company repaid $11.3 million and $18.7 million, respectively, of the amount outstanding under the 2024 Line of Credit. As of August 6, 2025, there was no amount outstanding under the 2024 Line of Credit.

On August 1, 2025, we, through our wholly-owned subsidiary, DM Strategic Capital EquityCo, LLC, sold it’s approximately 90% indirect equity ownership interest in the capital stock of Douglas Machines Corp. ("Douglas") to an unaffiliated third-party buyer for aggregate consideration of approximately $37.6 million, subject to certain customary escrow related hold-backs and post-closing adjustments. In connection with this sale, our debt investment of approximately $15.0 million in Douglas in the form of senior secured notes was repaid in full and extinguished.