CNL Strategic Capital, LLC 8-K

What Happened
CNL Strategic Capital, LLC filed an 8‑K on December 22, 2025 announcing its determined net asset value (NAV) per share as of November 30, 2025, approved new public offering prices effective December 29, 2025, scheduled the next quarterly share repurchase for December 31, 2025, and declared monthly cash distributions. The company reported total NAV across all share classes of $1,420,672 (amounts shown in the filing are in thousands) and total assets of approximately $1.47 billion as of November 30, 2025.

Key Details

• NAV per share (Nov 30, 2025): Class FA $42.54, Class A $37.93, Class T $37.81, Class D $37.63, Class I $38.45, Class S $43.08. Each class’s NAV rose modestly vs. prior month (increases of $0.18–$0.29).
• Aggregate NAV and shares (filing table): Total NAV $1,420,672 (in thousands); total outstanding shares 36,557 (per table). Total assets ≈ $1.47 billion.
• Public offering prices (effective Dec 29, 2025): Class A $41.45, Class T $39.70, Class D $37.63, Class I $38.45. Upfront selling commissions: Class A $2.49/share; Class T $1.19/share. Dealer manager fees: Class A $1.03/share; Class T $0.70/share. (Class D and Class I have no upfront sales load.)
• Distributions: Board declared monthly cash distributions with a record date of January 26, 2025 and payment date January 27, 2025 (as stated in the filing). For the eleven months ended Nov 30, 2025, total distributions declared were $39,066,000: 41.0% from net investment income, 3.7% from net realized gains and 59.0% from distributions in excess of net investment income and realized gains (i.e., funded from offering proceeds on a GAAP basis). Cash distributions net of reinvested amounts totaled $19,277,000 for the period, with expense support of $4,224,000 included in net investment income.
• Repurchase program: Quarterly repurchases allow shareholders to sell shares back at NAV as of the last day of the month before the repurchase; the next repurchase date is scheduled for December 31, 2025.
• Performance snapshot (through Nov 30, 2025): YTD returns ~8.5%–10.5% depending on class; annualized returns since inception range ~9.1%–12.2% across classes (see filing for class‑by‑class details).

Why It Matters
This filing gives investors updated NAVs, the new public offering prices that will apply to December subscriptions, and the timing for the next share repurchase (Dec 31, 2025). The NAV increases were driven mainly by fair‑value gains in most portfolio investments. Importantly, a material portion of declared distributions for the period came from offering proceeds (reported as “distributions in excess of net investment income and net realized gains”), and expense support from the manager was used in the period and may need to be repaid in future periods — factors investors should consider when assessing distribution sustainability. As always, past performance is not a guarantee of future results; see the company’s SEC filings for full details and risk disclosures.