CNL Strategic Capital, LLC 8-K

What Happened

• CNL Strategic Capital filed an 8‑K on April 24, 2026 reporting the Board’s determination of net asset value (NAV) per share as of March 31, 2026 and approving new public offering prices and May distributions. Aggregate NAV across all share classes was $1,451,051 (in thousands) — about $1.451 billion — and the company reported total assets of approximately $1.51 billion as of March 31, 2026.
• NAV per share by class as of March 31, 2026: Class FA $43.58; Class A $38.61; Class T $38.54; Class D $38.33; Class I $39.03; Class S $44.07. NAV per share rose versus the prior month by $0.24–$0.38, driven mainly by fair value increases in 13 of 18 portfolio company investments.

Key Details

• New public offering prices (effective April 30, 2026): Class A $42.20; Class T $40.46; Class D $38.33; Class I $39.03. Purchase price for shares bought under the distribution reinvestment plan equals the March 31, 2026 NAV for A, T, D, and I classes.
• Upfront fees: Selling commissions per share — Class A $2.53, Class T $1.21; Dealer manager fees per share — Class A $1.06, Class T $0.71.
• Declared cash distributions (record date May 26, payment May 27, 2026): Class FA/A/I/S $0.104167 per share; Class T $0.083333; Class D $0.093750.
• Performance highlights through March 31, 2026: YTD returns ranged ~1.7%–2.1% across classes (e.g., Class FA YTD 2.1%, 1‑year 12.3%); annualized return since inception for Class FA 11.0% (cumulative 134.3%).
• Distribution funding (Q1 2026): Total distributions declared $11,206k; 66.5% ($7,447k) from net investment income and 33.5% ($3,759k) from offering proceeds. No expense support (reimbursement) was due from the Manager/Sub‑Manager for Q1 2026.

Why It Matters

• NAV and portfolio fair‑value moves show the fund’s underlying investments gained value in March (13 of 18 investments increased), which lifted per‑share NAVs modestly month‑over‑month. That matters for existing holders who track NAV changes and reinvestment pricing.
• The Board’s new public offering prices (effective Apr 30) and stated upfront fees affect the cost for new investors buying shares through the offering. Retail investors should compare NAV, offering price and sales loads when considering purchases.
• The distribution declaration and Q1 funding breakdown show a meaningful portion of declared distributions (33.5%) came from offering proceeds rather than realized gains — an important fact for income investors assessing sustainability of distributions. The filing also includes standard forward‑looking statement cautions.