CNL Strategic Capital, LLC 8-K

What Happened
CNL Strategic Capital, LLC filed an 8-K on January 26, 2026 reporting its net asset value (NAV) per share by class as of December 31, 2025, approving new public offering prices effective January 30, 2026, and declaring monthly cash distributions to be paid February 27, 2026 (record date Feb 26, 2026). Aggregate net asset value across all share classes was $1,418,357 (in thousands) — about $1.418 billion — and the company reported total assets of approximately $1.5 billion. The month-over-month NAV per share rose for all share classes (e.g., Class FA +$0.44 to $42.98; Class I +$0.19 to $38.64), primarily due to fair value increases in 11 of 18 portfolio investments.

Key Details

• Aggregate NAV (Dec 31, 2025): $1,418,357 (thousands) ≈ $1.418B; total assets ≈ $1.5B.
• NAV per share (Dec 31, 2025): Class FA $42.98, Class A $38.21, Class T $38.15, Class D $37.94, Class I $38.64, Class S $43.48. Month-over-month increases ranged from $0.19–$0.44.
• New public offering prices (effective Jan 30, 2026): Class A $41.76, Class T $40.05, Class D $37.94, Class I $38.64. Selling commissions/dealer manager fees: Class A commissions $2.51 and dealer manager fee $1.04; Class T commissions $1.20 and dealer manager fee $0.70. DRIP purchases for A/T/D/I equal NAV as of Dec 31, 2025.
• Declared February 2026 distribution (record Feb 26; pay Feb 27): Class FA/A/I/S $0.104167 per share; Class T $0.083333; Class D $0.093750.
• Performance highlights through Dec 31, 2025: Class FA YTD/1‑yr return 11.7%, cumulative total return since Feb 7, 2018 = 129.6%; Class I YTD/1‑yr return 10.6%, cumulative = 111.4%.
• Sources of 2025 distributions (GAAP): total declared $42,793 (000s); 49.6% from net investment income, 4.5% from net realized gains, and 50.4% from distributions in excess of net investment income and gains (offering proceeds).

Why It Matters

• Updated NAVs and fair-value changes determine investor account values and the price basis for distributions and reinvestments. The NAV increases reflect portfolio mark‑ups in December 2025 (11 of 18 investments increased in fair value).
• New public offering prices affect new subscriptions and upfront sales costs; DRIP purchases for certain classes will use the Dec 31 NAV.
• Distribution funding shows roughly half of 2025 distributions came from net investment income and half from offering proceeds (distributions in excess), which investors should note when assessing distribution sustainability. The filing also notes expense support exists and may be repayable, which could affect future available income.

For more details, the company posted the information at www.cnlstrategiccapital.com or by calling (866) 650-0650.