{"url_path":"/sec/cik-0001684682/8-k/2026-06-23/item-8-01","section_key":"item-8-01","section_title":"Item 8.01 Other Events.**","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-06-23","source_url":"https://www.sec.gov/Archives/edgar/data/1684682/0001999371-26-013287-index.html","accession_number":"0001999371-26-013287","cik":"0001684682","ticker":null,"issuer_name":"CNL Strategic Capital, LLC","edgar_url":"https://www.sec.gov/Archives/edgar/data/1684682/0001999371-26-013287-index.html","primary_entity_key":"0001684682","primary_entity_name":"CNL Strategic Capital, LLC"},"word_count":1747,"has_tables":true,"body_markdown":"** **\n\n**Item\n8.01 Other Events.**\n\n \n\n**Determination\nof Net Asset Value for Outstanding Shares for the month ended May 31, 2026**\n\n \n\nOn\nJune 23, 2026, the board of directors (the “Board”) determined the Company’s net asset value per share for each\nshare class in a manner consistent with the Company’s valuation policy, as described under “Determination of Net Asset\nValue” in the Company’s Prospectus. Additionally, pursuant to our share repurchase program, we conduct quarterly share\nrepurchases to allow our shareholders to sell all or a portion of their shares back to us at a price equal to the net asset value\nper share as of the last date of the month immediately prior to the repurchase date. The repurchase date for our next quarterly\nrepurchase will be June 30, 2026. This table provides the Company’s aggregate net asset value and net asset value per share\nfor its Class FA, Class A, Class T, Class D, Class I, and Class S shares as of May 31, 2026 (in\nthousands, except per share data):\n\n \n\nMonth Ended\nMay 31, 2026 \nClass FA \nClass A \nClass T \nClass D \nClass I \nClass S \nTotal\n\nNet Asset Value \n$161,424 \n$366,298 \n$75,904 \n$115,965 \n$702,893 \n$74,532 \n$1,497,016\n\nNumber of Outstanding Shares \n3,660 \n9,389 \n1,951 \n2,996 \n17,812 \n1,671 \n37,479\n\nNet Asset Value, Per Share \n$44.10 \n$39.02 \n$38.90 \n$38.71 \n$39.46 \n$44.61 \n \n\nNet Asset Value, Per Share Prior Month \n$43.63 \n$38.61 \n$38.53 \n$38.33 \n$39.02 \n$44.11 \n \n\nIncrease/Decrease in Net Asset Value, Per Share from Prior Month \n$0.47 \n$0.41 \n$0.37 \n$0.38 \n$0.44 \n$0.50 \n \n\n \n\nThe\nchange in the Company’s net asset value per share for each applicable share class for the month ended May 31, 2026 was\nprimarily driven by the increases in the fair value of fourteen out of eighteen of the Company’s portfolio company investments.\nThe fair value of three of the Company’s portfolio company investments decreased during the same period. The fair value of one\nof the Company’s portfolio company investments did not change. As of May 31, 2026, the Company had total assets of approximately\n$1.54 billion.\n\n \n\n**Public\nOffering Price Adjustment**\n\n \n\nOn\nJune 23, 2026, the Board approved the new per share public offering price for each share class in the Company’s offering. The new\npublic offering prices will be effective as of June 30, 2026 and will be used for the Company’s next monthly closing for subscriptions\non June 30, 2026. The purchase price for Class A, Class T, Class D, and Class I shares purchased under our distribution\nreinvestment plan will be equal to the net asset value per share for each share class as of May 31, 2026. The following table provides\nthe new public offering prices and applicable upfront selling commissions and dealer manager fees for each share class available in this\noffering:\n\n \n\n  \nClass A \nClass T \nClass D \nClass I\n\nPublic Offering Price, Per Share \n$42.64 \n$40.84 \n$38.71 \n$39.46\n\nSelling Commissions, Per Share \n$2.56 \n$1.23 \n  \n \n\nDealer Manager Fees, Per Share \n$1.06 \n$0.71 \n  \n \n\n \n\nWe\nhave also posted this information on our website at www.cnlstrategiccapital.com. A subscriber\nmay also obtain this information by calling us by telephone at (866) 650-0650.\n\n \n\n \n\n \n\n \n\n**Declaration\nof Distributions**\n\n \n\nOn\nJune 23, 2026, the Board declared cash distributions on the outstanding shares of all classes of our common shares based on a monthly\nrecord date, as set forth below:\n\n \n\nDistribution\nRecord Date \nDistribution\nPayment Date \nDeclared Distribution Per Share for Each Share Class\n\n  \n  \nClass FA \nClass A \nClass T \nClass D \nClass I \nClass S\n\nJuly 27, 2026 \nJuly 28, 2026 \n$0.104167 \n$0.104167 \n$0.083333 \n$0.093750 \n$0.104167 \n$0.104167\n\n \n\n**Return\nInformation**\n\n \n\nThe\nfollowing table illustrates year-to-date (“YTD”), trailing 12 months (“1-Year\nReturn”), 3-Year Return, 5-Year Return, Annualized Return Since Inception, and cumulative total returns through May\n31, 2026 (“Cumulative Total Return”), with and without upfront sales load, as applicable:\n\n \n\n  \n**YTD Return(1)** \n**1-Year Return(2)** \n**3-Year Return(3)** \n**5-Year Return(4)** \n**Annualized Return Since Inception(5)** \n**Cumulative Total Return(5)** \nCumulative Return Period\n\nClass FA (no sales load) \n3.8% \n11.3% \n36.1% \n63.1% \n11.0% \n138.2% \nFebruary 7, 2018 – May 31, 2026\n\nClass FA (with sales load) \n-3.0% \n4.1% \n27.3% \n52.5% \n10.1% \n122.7% \nFebruary 7, 2018 – May 31, 2026\n\nClass A (no sales load) \n3.5% \n10.4% \n32.6% \n53.0% \n10.0% \n117.3% \nApril 10, 2018 – May 31, 2026\n\nClass A (with sales load) \n-5.3% \n1.0% \n21.4% \n40.0% \n8.8% \n98.8% \nApril 10, 2018 – May 31, 2026\n\nClass I \n3.5% \n10.2% \n32.1% \n52.5% \n10.1% \n118.8% \nApril 10, 2018 – May 31, 2026\n\nClass T (no sales load) \n3.1% \n9.5% \n29.6% \n47.8% \n9.1% \n100.5% \nMay 25, 2018 – May 31, 2026\n\nClass T (with sales load) \n-1.8% \n4.3% \n23.4% \n40.8% \n8.4% \n90.9% \nMay 25, 2018 – May 31, 2026\n\nClass D \n3.3% \n10.0% \n31.8% \n52.1% \n9.5% \n105.1% \nJune 26, 2018 – May 31, 2026\n\nClass S (no sales load) \n3.8% \n11.3% \n36.5% \n63.5% \n12.0% \n101.3% \nMarch 31, 2020 – May 31, 2026\n\nClass S (with sales load) \n0.2% \n7.4% \n31.7% \n57.8% \n11.4% \n94.3% \nMarch 31, 2020 – May 31, 2026\n\n \n\n**(1)**\nFor the period from January 1, 2026 through May 31, 2026.\n\n**(2)**\nFor the period from June 1, 2025 through May 31, 2026.\n\n**(3)**\nFor the period from June 1, 2023 through May 31, 2026.\n\n**(4)**For the period from June 1, 2021 through May 31, 2026.\n\n**(5)**For the period from the date the first share was issued for each respective share class through May 31, 2026. The Annualized\nReturn Since Inception captures the average annual performance over the return period. It is calculated as a geometric average, meaning\nit captures the effects of compounding over time.\n\n \n\nTotal\nreturn is calculated for each share class as the change in the net asset value for such share class during the period and assuming all\ndistributions are reinvested. The Company’s performance changes over time and currently may be different than that shown above.\nPast performance is no guarantee of future results. For details regarding applicable sales load, please see the “Plan of Distribution”\nsection in the Company’s Prospectus. Class I and Class D shares have no upfront sales load.\n\n \n\n \n\n \n\n \n\nFor\nthe five months ended May 31, 2026, sources of declared distributions on a GAAP basis were as follows:\n\n \n\n  \nFive Months Ended\nMay 31, 2026 \n\n  \nAmount\n(in 000s)  \n% of Total\nDistributions\nDeclared \n\nNet investment income1 \n$7,503  \n 40.0%\n\nNet realized gains \n ⸺  \n ⸺%\n\nDistributions in excess of net investment income and net realized gains2 \n 11,249  \n 60.0%\n\nTotal distributions declared \n$18,752  \n 100.0%\n\n \n\nCash\ndistributions net of distributions reinvested during the period presented were funded from the following sources:\n\n \n\n  \nFive Months Ended\nMay 31, 2026 \n\n  \nAmount\n(in 000s)  \n% of Cash\nDistributions Net\nof Distributions\nReinvested \n\nNet investment income before expense support (reimbursement) \n$5,637  \n 63.1%\n\nExpense support (reimbursement) \n 1,866  \n 20.9%\n\nNet investment income \n$7,503  \n 84.0%\n\nNet realized gains \n          ⸺  \n ⸺%\n\nCash distributions net of distributions reinvested in excess of net investment income and net realized gains2 \n 1,425  \n 16.0%\n\nCash distributions declared net of distributions reinvested3 \n$8,928  \n 100.0%\n\n \n\n1Net\ninvestment income includes expense support, net due from the Manager and Sub-Manager of $1,866 for the five months ended May 31, 2026.\n\n2Consists\nof distributions made from offering proceeds for the period presented.\n\n3For\nthe five months ended May 31, 2026, excludes $9,824 of distributions reinvested pursuant to our distribution reinvestment plan.\n\n \n\nFor\nthe years ended December 31, 2025, 2024, 2023, 2022, 2021, 2020, 2019, and 2018 distributions were paid from multiple sources and these\nsources included net investment income before expense support (reimbursement) of 47.4%, 55.6%, 76.9%, 76.3%, 65.2%, 42.3%, 61.7%, and\n85.2%, reimbursable expense support of 2.2%, 0.1%, 0.0%, 0.0%, 0.0%, 33.2%, 23.5% and 11.1%, and offering proceeds of 45.9%, 44.3%, 23.1%,\n23.7%, 34.8%, 24.5%, 14.8% and 3.7%, respectively. For the year ended December 31, 2025, 4.5% of distributions were additionally paid\nfrom realized gains. If the Company receives additional expense support now or in the future, it will be required to repay expense support\nto the Manager and Sub-Manager in future periods which may reduce future income available for distributions. For additional information\nregarding sources of distributions, please see the annual and quarterly reports the Company files with the Securities and Exchange Commission.\n\n \n\nWe\nhave also posted this information on our website at www.cnlstrategiccapital.com. A subscriber\nmay also obtain this information by calling us by telephone at (866) 650-0650. The calculation of the Company’s net asset value\nis a calculation of fair value of the Company’s assets less the Company’s outstanding liabilities.\n\n \n\n \n\n \n\n \n\n**Cautionary\nNote Regarding Forward-Looking Statements**\n\n \n\nStatements\nin this Current Report on Form 8-K, including intentions, beliefs, expectations or projections relating to the items described herein,\nare forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange\nAct of 1934, as amended. These statements are based on the beliefs and assumptions of the Company’s management and on the information\ncurrently available to management at the time of such statements. Forward-looking statements generally can be identified by the words\n“believes,” “expects,” “intends,” “plans,” “will,” “estimates”\nor similar expressions that indicate future events. Forward-looking statements are subject to substantial risks and uncertainties, many\nof which are difficult to predict and are generally beyond the Company’s control. Any forward-looking statement made by us in this\nCurrent Report is based only on information currently available to us and speaks only as of the date on which it is made. We undertake\nno obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether\nas a result of new information, future developments or otherwise. Important risks, uncertainties and factors that could cause actual\nresults to differ materially from those in the forward-looking statements include the risks associated with the Company’s ability\nto pay distributions and the sources of such distribution payments, the Company’s ability to locate and make suitable investments,\nthe economy and the broader financial markets, which may have a significant negative impact on the Company's (and its businesses) financial\ncondition, results of operations, cash flows and net asset value per share and other risks described in the “Risk Factors”\nsection of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and the other documents\nfiled by the Company with the Securities and Exchange Commission.\n\n \n\n \n\n \n\n** **\n\n**SIGNATURE**\n\n \n\nPursuant\nto the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Current Report on Form 8-K\nto be signed on its behalf by the undersigned hereunto duly authorized.\n\n \n\nDate: June 23, 2026\n \nCNL Strategic\nCapital, LLC\n\na Delaware limited liability company\n\n \n \n \n \n\n \n \nBy:\n/s/\nChirag J. Bhavsar\n\n \n \n \nChirag J. Bhavsar\n\nChief Executive Officer"}