CNL Strategic Capital, LLC 8-K

What Happened

• CNL Strategic Capital, LLC filed an 8-K on June 23, 2026 announcing its net asset value (NAV) per share as of May 31, 2026, new public offering prices effective June 30, 2026, and a monthly cash distribution declared for July 2026.
• As of May 31, 2026 the company reported aggregate NAV of approximately $1,497,016 (in thousands) across all share classes and total assets of about $1.54 billion. NAV per share by class: Class FA $44.10, Class A $39.02, Class T $38.90, Class D $38.71, Class I $39.46, Class S $44.61.
• The Board said NAV increases in May were primarily driven by fair value gains in 14 of 18 portfolio companies. The company’s quarterly share repurchase window is scheduled for June 30, 2026.

Key Details

• New public offering prices effective June 30, 2026: Class A $42.64, Class T $40.84, Class D $38.71, Class I $39.46.
  • Upfront selling commissions: Class A $2.56/share; Class T $1.23/share.
  • Dealer manager fees: Class A $1.06/share; Class T $0.71/share.
• July distribution (record date July 27, payment July 28, 2026): per-share declared amounts — 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 distributions (five months ended May 31, 2026): 40% from net investment income and 60% from distributions in excess of income (offering proceeds). Cash distributions net of reinvested amounts were 84% funded by net investment income (including $1.866M expense support) and 16% from offering proceeds.

Why It Matters

• NAV and the new offering prices determine purchase and repurchase pricing (including the June 30 repurchase date) and affect valuation transparency for current and prospective investors.
• The declared monthly distribution and the breakdown of its funding sources show how much distributions are being paid from operating income versus offering proceeds or sponsor support; investors should note a meaningful portion of recent distributions came from offering proceeds and expense support, which may affect sustainability.
• Performance and return tables (included in the filing) show positive YTD and multi-year returns through May 31, 2026, but the company cautions future results may differ and expense support may need to be repaid in future periods.