# EDGAR Filing Document

**Accession Number:** 0002066337
**File Stem:** 0001999371-26-004609
**Filing Date:** 2026-2
**Character Count:** 15141
**Document Hash:** 46c4ee3d5441248ac9a6104f89e8f95c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-004609.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001999371-26-004609

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260223

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CNL Strategic Residential Credit, Inc.
- **CENTRAL INDEX KEY:** 0002066337
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 333001463
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56755
- **FILM NUMBER:** 26699462

**BUSINESS ADDRESS:**
- **STREET 1:** 450 SOUTH ORANGE AVE
- **STREET 2:** SUITE 1400
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32801
- **BUSINESS PHONE:** 4076501000

**MAIL ADDRESS:**
- **STREET 1:** 450 SOUTH ORANGE AVE
- **STREET 2:** SUITE 1400
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32801

?xml version='1.0' encoding='ASCII'?

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

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**FORM 8-K**

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**CURRENT REPORT** 

**Pursuant to section 13 or 15(d)** 

**of the Securities Exchange Act of 1934** 

**Date of Report (Date of Earliest Event Reported): February 23, 2026**

**CNL STRATEGIC RESIDENTIAL CREDIT, INC.** 

**(Exact name of registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| **Maryland** | **000-56755** | **33-3001463** |
|  **(State or Other Jurisdiction of**<br> **Incorporation or Organization)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification Number)** |

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**CNL Center at City Commons** 

**450 South Orange Avenue** 

**Orlando, Florida 32801** 

**(Address of Principal Executive Offices; Zip Code)** 

**Registrant's telephone number, including area code: (407) 650-1000**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| None | N/A | N/A |

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Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 1.01 Entry into a Material Definitive Agreement.**

*Amendment to the Expense Support and Conditional Reimbursement Agreement*

On February 27, 2026, the Company entered into Amendment No. 1 to the Expense Support and Conditional Reimbursement Agreement (the "First Amendment") amending that certain the Expense Support and Conditional Reimbursement Agreement by and among the Company, Residential Credit Manager, LLC and Balbec Capital Management, L.P. dated May 6, 2025 (the "Expense Support Agreement"). The First Amendment extends the period where the Expense Support Amount obligation may be equal to any negative Available Operating Funds (as defined in the Expense Support Agreement) from December 31, 2025 to December 31, 2026. The First Amendment has an effective date of January 1, 2026. The foregoing is qualified in its entirety by reference to the full text of the First Amendment, which is attached hereto as Exhibit 10.1, and incorporated herein by reference, and the full text of the Expense Support Agreement, which was previously filed as Exhibit 10.4 to the Company's Registration Statement on Form 10 with the Securities Exchange and Commission on June 2, 2025.

**Item 8.01 Other Events.**

**<u>Determination of Net Asset Value for Outstanding Shares for the month ended January 31, 2026</u>**

On February 27, 2026, the Board determined the Company's net asset value per share for each share class in a manner consistent with the Company's valuation policy. This table provides the Company's aggregate net asset value and net asset value per share for its Class FA and Class E shares as of January 31, 2026 (in thousands, except per share data):

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| | | | |
|:---|:---|:---|:---|
| **Month Ended** <br> **January 31, 2026**<br>| **Class E** | **Class FA** | **Total** |
| Net Asset Value | $24213955 | $355880 | $24569835 |
| Number of Outstanding Shares | 966038 | 14200 | 980238 |
| Net Asset Value, Per Share | $25.07 | $25.06 |  |

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**<u>Offering Price Adjustment</u>**

On February 27, 2026, the Board approved the new per share offering price for each share class in the Company's private offering. As of January 31, 2026, the Company had not sold any Class A, Class T, Class D or Class I shares. The new per share offering prices for the Company's Class A, Class T, Class D and Class I shares are based on the Company's aggregate net asset value per share as of January 31, 2026 and are adjusted for applicable upfront selling commissions and dealer manager fees. The new offering prices will be used for the Company's next monthly closing for subscriptions on February 27, 2026. The purchase price for Class FA shares purchased under our distribution reinvestment plan will be equal to the net asset value per share for each share class as of January 31, 2026. A subscriber may also obtain this information by calling us by telephone at (866) 650-0650. The following table provides the new offering prices and applicable upfront selling commissions and dealer manager fees, if any, for each share class available in the Company's current private offering:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class E** | **Class FA** | **Class A** | **Class T** | **Class D** | **Class I** |
| Public Offering Price, Per Share | $25.07 | $25.06 | $27.39 | $26.31 | $25.06 | $25.06 |
| Selling Commissions, Per Share |  |  | $1.64 | $0.79 |  |  |
| Dealer Manager Fees, Per Share |  |  | $0.69 | $0.46 |  |  |

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**<u>Declaration of Distributions</u>**

On February 27, 2026, the Company's board of directors declared a distribution on outstanding shares of our Class E common stock and Class FA common stock. For additional information regarding sources of distributions, please see the annual and quarterly reports the Company files with the Securities and Exchange Commission. The declared cash distributions on the outstanding shares of our common stock are based on a monthly record date, as set forth below:

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| | | | |
|:---|:---|:---|:---|
| **Distribution Record Date** | **Distribution Payment Date** | **Declared Distribution Per Share for Each Share Class** | **Declared Distribution Per Share for Each Share Class** |
|  |  | **Class E** | **Class FA** |
| March 26, 2026 | March 27, 2026 | $0.166667 | $0.166667 |

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**<u>Portfolio Update</u>**

In January 2026, the Company invested approximately $6.6 million in preferred equity of entities that acquire residential mortgage servicing rights ("MSR") interests. In January and through February 23, 2026, the Company purchased approximately $14.7 million in residential mortgage whole loans.

**<u>Organization and Offering expenses Reimbursement Waiver</u>**

In order to maximize cash available for investment during the launch of the Company, the Company's Advisors have provided written notice to the Company of their agreement to waive, all reimbursement of organizational and offering expenses to which they are entitled under their respective Investment Advisory and Investment Sub-Advisory Agreements, respectively. Accordingly, the Company will not incur charges for organization and offering expenses on capital raised through the period prior to February 1, 2026.

**Item 9.01. Exhibits.**

(d) Exhibits

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| | |
|:---|:---|
| Exhibit Number | Description |
| 10.1 | [Amendment No. 1 to the Expense Support and Conditional Reimbursement Agreement dated February 27, 2026](ex10-1.htm) (Filed herewith.) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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**Cautionary Note Regarding Forward-Looking Statements**

Statements in this Current Report on Form 8-K, including intentions, beliefs, expectations or projections relating to the items described herein, are forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on the beliefs and assumptions of the Company's management and on the information currently available to management at the time of such statements. Forward-looking statements generally can be identified by the words "believes," "expects," "intends," "plans," "will," "estimates" or similar expressions that indicate future events. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. Any forward-looking statement made by us in this Current Report is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. Important risks, uncertainties and factors that could cause actual results to differ materially from those in the forward-looking statements include the risks associated with the Company's ability to pay distributions and the sources of such distribution payments, the Company's ability to locate and make suitable investments, the economy and the broader financial markets, which may have a significant negative impact on the Company's (and its businesses) financial condition, results of operations, cash flows and net asset value per share and other risks described in the Company's reports and the other documents filed by the Company with the Securities and Exchange Commission.

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Date: February 27, 2026 |  | CNL Strategic Residential Credit, Inc.<br> a Maryland corporation |
|  | By: | /s/ Chirag J. Bhavsar |
|  |  | Chirag J. Bhavsar<br> Chief Executive Officer |

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## Exhibit 10.1

[CNL Strategic Residential Credit, Inc. 8-K](cnlstrat-8k_022326.htm)

**Exhibit 10.1**

**Amendment No. 1 to the Expense Support and Conditional Reimbursement Agreement**

This Amendment No. 1 to the Expense Support and Conditional Reimbursement Agreement (this "<u>Amendment</u>") is dated February 27, 2026 by and among CNL Strategic Residential Credit, Inc., a Maryland Corporation (the "<u>Company</u>"), and CNL Residential Credit Manager, LLC, a Delaware limited liability company (the "<u>Advisor</u>") and Balbec Capital Management, L.P. (the "<u>Sub-Advisor</u>," and together with the Advisor, the "<u>Advisors</u>"). This Amendment amends that certain Expense Support and Conditional Reimbursement Agreement (the "<u>Agreement</u>") is dated May 6, 2025 by and among the Company and the Advisors. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Agreement.

<u>RECITALS</u>

WHEREAS, in accordance with Section 8 of the Agreement, the Company and the Advisors desire to amend the Agreement in the manner set forth below.

NOW, THEREFORE, intending to be legally bound, the Company and the Advisors hereby agree to the following:

1. <u>Amendment</u>. Section 2.1 of the Agreement is hereby amended by deleting it in its entirety and replacing
it with the following:

"<u>Annual Obligation</u>. Beginning on the Commencement Date and continuing until the Agreement is terminated as provided in Section 4, the Advisor and the Sub-Advisor shall provide expense support to the Company through reducing the payment of Fees and reimbursements of Reimbursable Expenses in an amount that is equal to the annual (calendar year) *excess of* (a) the Distributions declared and payable to Stockholders *over* (b) Available Operating Funds (the "<u>Expense Support Amount</u>"), <u>provided</u>, however, that for the calendar year ending December 31, 2026, the Expense Support Amount may be equal to any negative Available Operating Funds. The Expense Support Amount payable by the Advisor and the Sub-Advisor, as applicable, shall first be treated as reducing Fees due in the current taxable year to the Advisor or the Sub-Advisor, as applicable, until such Fees, as applicable, have been fully offset, and then such Expense Support Amounts shall be attributable to Reimbursable Expenses. The Expense Support Amount shall be borne equally (50%/50%) by the Advisor and the Sub-Advisor, and shall be calculated as of the last Business Day of the calendar year. The Expense Support Amount with respect to a period will in no event exceed the total of Fees and Reimbursable Expenses incurred for such period."

2. <u>Effect of Amendment</u>. Except as amended by this Amendment,
the terms of the Agreement shall remain in full force and effect. All references in the Agreement to the term "Agreement"
shall mean the Agreement as amended hereby.

Signature Page Follows

\* \* \* \* \*

**IN WITNESS WHEREOF**, the parties have caused this Amendment No. 1. To the Expense Support and Conditional Reimbursement Agreement to be signed by their respective officers thereunto duly authorized, as of the day and year first above written.

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| | |
|:---|:---|
| CNL Strategic Residential Credit, Inc. | CNL Strategic Residential Credit, Inc. |
| By: | /s/ Chirag J. Bhavsar |
| Name: | Chirag J. Bhavsar |
| Title: | Chief Executive Officer |
| CNL Residential Credit Manager, LLC | CNL Residential Credit Manager, LLC |
| By: | /s/ Tammy J. Tipton |
| Name: | Tammy J. Tipton |
| Title: | CFO |
| Balbec Capital Management, L.P. | Balbec Capital Management, L.P. |
| By: | /s/ Jeff Padden |
| Name: | Jeff Padden |
| Title: | Manager |

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