CNL Strategic Capital, LLC 8-K

What Happened

• CNL Strategic Capital, LLC filed an 8‑K on Feb 23, 2026 disclosing (1) an amendment to its revolving Loan and Security Agreement between its subsidiary CNL Strategic Capital B, Inc. (the borrower) and Valley National Bank that sets a new Line of Credit maturity date of May 15, 2026 (unless extended); and (2) the board’s determination of net asset value (NAV) per share as of January 31, 2026 and related distribution and public offering price actions.
• As of January 31, 2026 the Company reported total net asset value of $1,432,489 (reported in thousands) and total assets of approximately $1.46 billion. NAV per share by class: Class FA $43.08, Class A $38.28, Class T $38.20, Class D $38.00, Class I $38.70, Class S $43.59.

Key Details

• Loan amendment: Agreement dated Feb 15, 2026 between CNL Strategic Capital B, Inc. and Valley National Bank; new maturity date May 15, 2026; amendment filed as Exhibit 10.1.
• NAV and offering prices: Board set new public offering prices effective Feb 27, 2026 — Class A $41.84, Class T $40.10, Class D $38.00, Class I $38.70. Selling commissions and dealer manager fees per share: Class A — $2.51 commission / $1.05 dealer manager fee; Class T — $1.20 commission / $0.70 dealer manager fee.
• Distributions: Board declared monthly cash distributions with record date March 26, 2026 and payment date March 27, 2026. Distribution per share: Class FA $0.104167, Class A $0.104167, Class T $0.083333, Class D $0.093750, Class I $0.104167, Class S $0.104167.
• Sources of January distributions: Total distributions declared $3,700,000 — net investment income $2,225,000 (60.1%); distributions in excess of net investment income $1,475,000 (39.9%). Cash distributions net of reinvested amounts were funded by net investment income before expense support ($2,120,000) and expense support ($105,000).

Why It Matters

• The credit amendment pushes the Line of Credit maturity to mid‑May 2026, providing near‑term liquidity runway for the Company’s operations or portfolio activity; investors should note the maturity remains relatively short-term.
• NAVs rose modestly month‑over‑month for each class (e.g., Class I +$0.06), driven mainly by increases in fair value for 12 of 18 portfolio investments. Total net asset value and per‑share NAVs are key measures of the Company’s underlying value and used for pricing and distributions.
• The declared distributions and the disclosure of funding sources show that, for January, a meaningful portion of distributions (≈40%) came from amounts in excess of net investment income (historically including offering proceeds). Investors should note the Company’s disclosures that distributions may be funded from multiple sources and that expense support may need to be repaid in future periods.

For more details, the Company posted the NAV, new offering prices and related tables on its website (www.cnlstrategiccapital.com) and the loan amendment is filed as Exhibit 10.1 to the 8‑K.