# EDGAR Filing Document

**Accession Number:** 0001684682
**File Stem:** 0001999371-26-003968
**Filing Date:** 2026-2
**Character Count:** 23746
**Document Hash:** df7d868fbf55e89545f374bd3b856b44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-003968.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0001999371-26-003968

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260223

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

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CNL Strategic Capital, LLC
- **CENTRAL INDEX KEY:** 0001684682
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 320503849
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56162
- **FILM NUMBER:** 26666475

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 4920
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32802
- **BUSINESS PHONE:** 407-650-1000

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 4920
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32802

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

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM 8-K**

**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 CAPITAL, LLC** 

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

------

---

| | | |
|:---|:---|:---|
| **delaware** | **000-56162** | **32-0503849** |
|  **(State or Other Jurisdiction of**<br> **Incorporation or Organization)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification Number)** |

---

**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**

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:

---

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

---

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 Revolving Loan Agreement*

On February 23, 2026, CNL Strategic Capital B, Inc. ("Borrower"), a wholly-owned subsidiary of CNL Strategic Capital, LLC (the "Company") and Valley National Bank, a Tennessee banking corporation, (referred to as "Valley National Bank") entered into an Amendment ("Amendment") to the Loan and Security Agreement (the "Loan Agreement") previously entered into by such parties for a revolving line of credit (the "Line of Credit"). Under the Amendment, unless further extended, the Line of Credit has a new maturity date of May 15, 2026.

The foregoing description of the Amendment in this Item 1.01 does not purport to be complete in scope and is qualified in its entirety by the full text of such agreement included as Exhibit 10.1 to this filing and incorporated by reference herein.

---

| | |
|:---|:---|
| **Item 2.03** | **Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.** |

---

The information set forth in Item 1.01 regarding the Amendment is incorporated by reference into this Item 2.03.

---

| | |
|:---|:---|
| **Item 8.01** | **Other Events.** |

---

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

On February 23, 2026, the board of directors (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, as described under "Determination of Net Asset Value" in the Company's Prospectus. This table provides the Company's aggregate net asset value and net asset value per share for its Class FA, Class A, Class T, Class D, Class I, and Class S shares as of January 31, 2026 (in thousands, except per share data):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Month Ended** <br> **January 31, 2026**<br>| **Class FA** | **Class A** | <br>**Class T** | <br>**Class D** | **Class I** | <br>**Class S** | **Total** |
| Net Asset Value | $160447 | $349363 | $80840 | $116252 | $652010 | $73577 | $1432489 |
| Number of Outstanding Shares | 3724 | 9128 | 2116 | 3059 | 16849 | 1688 | 36564 |
| Net Asset Value, Per Share | $43.08 | $38.28 | $38.20 | $38.00 | $38.70 | $43.59 |  |
| Net Asset Value, Per Share Prior Month | $42.98 | $38.21 | $38.15 | $37.94 | $38.64 | $43.48 |  |
| Increase/Decrease in Net Asset Value, Per Share from Prior Month | $0.10 | $0.07 | $0.05 | $0.06 | $0.06 | $0.11 |  |

---

The change in the Company's net asset value per share for each applicable share class for the month ended January 31, 2026 was primarily driven by the increases in the fair value of twelve out of eighteen of the Company's portfolio company investments. The fair value of five of the Company's portfolio company investments decreased during the same period. The fair value of one of the Company's portfolio company investments did not change. As of January 31, 2026, the Company had total assets of approximately $1.46 billion.

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

On February 23, 2026, the Board approved the new per share public offering price for each share class in the Company's offering. The new public offering prices will be effective as of February 27, 2026 and will be used for the Company's next monthly closing for subscriptions on February 27, 2026. The purchase price for Class A, Class T, Class D, and Class I 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. The following table provides the new public offering prices and applicable upfront selling commissions and dealer manager fees for each share class available in this offering:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class T** | **Class D** | **Class I** |
| Public Offering Price, Per Share | $41.84 | $40.10 | $38.00 | $38.70 |
| Selling Commissions, Per Share | $2.51 | $1.20 |  |  |
| Dealer Manager Fees, Per Share | $1.05 | $0.70 |  |  |

---

We have also posted this information on our website at www.cnlstrategiccapital.com. A subscriber may also obtain this information by calling us by telephone at (866) 650-0650.

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

On February 23, 2026, the Board declared cash distributions on the outstanding shares of all classes of our common shares based on a monthly record date, as set forth below:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Declared Distribution Per Share for Each Share Class** | **Declared Distribution Per Share for Each Share Class** | **Declared Distribution Per Share for Each Share Class** | **Declared Distribution Per Share for Each Share Class** | **Declared Distribution Per Share for Each Share Class** | **Declared Distribution Per Share for Each Share Class** |
| **Distribution** <br>**Record Date** | **Distribution**<br>**Payment Date** | **Class FA** | **Class A** | **Class T** | **Class D** | **Class I** | **Class S** |
| &nbsp;&nbsp;March 26, 2026 | &nbsp;&nbsp;March 27, 2026 | &nbsp;&nbsp;$0.104167 | $0.104167 | $0.083333 | $0.093750 | $0.104167 | $0.104167 |

---

**<u>Return Information</u>**

The following table illustrates year-to-date ("YTD"), trailing 12 months ("1-Year Return"), 3-Year Return, 5-Year Return, Annualized Return Since Inception, and cumulative total returns through January 31, 2026 ("Cumulative Total Return"), with and without upfront sales load, as applicable:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **YTD Return<sup>(1)</sup>** | **1-Year Return<sup>(2)</sup>** | **3-Year Return<sup>(3)</sup>** | **5-Year**<br> **Return<sup>(4)</sup>** | **Annualized Return Since Inception<sup>(5)</sup>** | **Cumulative Total Return<sup>(5)</sup>** | **Cumulative Return Period** |
| Class FA (no sales load) | 0.5% | 12.2% | 33.6% | 69.5% | 11.0% | 130.7% | February 7, 2018 – January 31, 2026 |
| Class FA (with sales load) | -6.1% | 4.9% | 24.9% | 58.5% | 10.1% | 115.7% | February 7, 2018 – January 31, 2026 |
| Class A (no sales load) | 0.5% | 11.3% | 30.1% | 57.8% | 10.0% | 110.9% | April 10, 2018 – January 31, 2026 |
| Class A (with sales load) | -8.1% | 1.8% | 19.0% | 44.4% | 8.8% | 93.0% | April 10, 2018 – January 31, 2026 |
| Class I | 0.4% | 11.1% | 29.6% | 57.5% | 10.1% | 112.3% | April 10, 2018 – January 31, 2026 |
| Class T (no sales load) | 0.4% | 10.2% | 27.0% | 52.3% | 9.1% | 95.1% | May 25, 2018 – January 31, 2026 |
| Class T (with sales load) | -4.4% | 5.0% | 21.0% | 45.0% | 8.4% | 85.9% | May 25, 2018 – January 31, 2026 |
| Class D | 0.4% | 10.9% | 29.2% | 56.9% | 9.5% | 99.4% | June 26, 2018 – January 31, 2026 |
| Class S (no sales load) | 0.5% | 12.2% | 34.2% | 68.9% | 12.1% | 94.9% | March 31, 2020 – January 31, 2026 |
| Class S (with sales load) | -3.0% | 8.3% | 29.5% | 63.0% | 11.4% | 88.0% | March 31, 2020 – January 31, 2026 |

---

<sup>(1)</sup> For the period from January 1, 2026 through January 31, 2026.

<sup>(2)</sup> For the period from February 1, 2025 through January 31, 2026.

<sup>(3)</sup> For the period from February 1, 2023 through January 31, 2026.

<sup>(4)</sup> For the period from February 1, 2021 through January 31, 2026.

<sup>(5)</sup> For the period from the date the first share was issued for each respective share class through January 31, 2026. The Annualized Return Since Inception captures the average annual performance over the return period. It is calculated as a geometric average, meaning it captures the effects of compounding over time.

Total return is calculated for each share class as the change in the net asset value for such share class during the period and assuming all distributions are reinvested. The Company's performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. For details regarding applicable sales load, please see the "Plan of Distribution" section in the Company's Prospectus. Class I and Class D shares have no upfront sales load.

For the month ended January 31, 2026, sources of declared distributions on a GAAP basis were as follows:

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| | | |
|:---|:---|:---|
|  | **Month Ended** <br> **January 31, 2026** | **Month Ended** <br> **January 31, 2026** |
|  | **Amount**<br> **(in 000s)** | **% of Total Distributions Declared** |
| Net investment income<sup>1</sup> | $2225 | 60.1% |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;⸺ | &nbsp;&nbsp;&nbsp;&nbsp;⸺% |
| Distributions in excess of net investment income and net realized gains<sup>2</sup> | 1475 | 39.9% |
| Total distributions declared | $3700 | 100.0% |

---

Cash distributions net of distributions reinvested during the period presented were funded from the following sources:

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| | | |
|:---|:---|:---|
|  | **Month Ended** <br> **January 31, 2026** | **Month Ended** <br> **January 31, 2026** |
|  | **Amount**<br> **(in 000s)** | **% of Cash Distributions Net of Distributions Reinvested** |
| Net investment income before expense support (reimbursement) | $2120 | 120.6% |
| Expense support (reimbursement) | 105 | 6.0% |
| Net investment income | $2225 | 126.6% |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ⸺ | &nbsp;&nbsp;&nbsp;&nbsp; ⸺% |
| Cash distributions net of distributions reinvested in excess of net investment income and net realized gains<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ⸺ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⸺% |
| Cash distributions declared net of distributions reinvested<sup>3</sup> | $1758 | 100.0% |

---

 

<sup>1</sup> Net investment income includes expense support, net due from the Manager and Sub-Manager of $105 for the month ended January 31, 2026.

<sup>2</sup> Consists of distributions made from offering proceeds for the period presented.

<sup>3</sup> For the month ended January 31, 2026, excludes $1,942 of distributions reinvested pursuant to our distribution reinvestment plan.

For the years ended December 31, 2025, 2024, 2023, 2022, 2021, 2020, 2019, and 2018 distributions were paid from multiple sources and these sources included net investment income before expense support (reimbursement) of 47.4%, 55.6%, 76.9%, 76.3%, 65.2%, 42.3%, 61.7%, and 85.2%, 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%, 23.7%, 34.8%, 24.5%, 14.8% and 3.7%, respectively. For the year ended December 31, 2025, 4.5% of distributions were additionally paid from realized gains. If the Company receives additional expense support now or in the future, it will be required to repay expense support to the Manager and Sub-Manager in future periods which may reduce future income available for distributions. For additional information regarding sources of distributions, please see the annual and quarterly reports the Company files with the Securities and Exchange Commission.

We have also posted this information on our website at www.cnlstrategiccapital.com. A subscriber may also obtain this information by calling us by telephone at (866) 650-0650. The calculation of the Company's net asset value is a calculation of fair value of the Company's assets less the Company's outstanding liabilities.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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**(d)** **Exhibits** 

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| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Description</u>** |
| **10.1** | [Amendment to the Loan and Security Agreement by and between CNL Strategic Capital B, Inc. and Valley National Bank dated February 15, 2026](ex10-1.htm) (Filed herewith). |
| **104** | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**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 "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2024 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 23, 2026 |  | CNL Strategic Capital, LLC<br> a Delaware limited liability company |
|  | By: | /s/ Chirag J. Bhavsar |
|  |  | Chirag J. Bhavsar<br> Chief Executive Officer |

---

## Exhibit 10.1

[CNL Strategic Capital, LLC 8-K](cnl-8k_022326.htm)

**Exhibit 10.1**

![](ex-01.jpg)

February 15, 2026

CNL Strategic Capital B, Inc. <br> 450 South Orange Avenue <br> Orlando, FL. 32801

Attention: Tammy Tipton

Re: $50,000,000.00 Line of Credit identified with loan #25005901 (the "<u>**Facility**</u>")

Ladies and Gentlemen:

We refer to that certain promissory note governing the captioned Facility made by CNL Strategic Capital B, Inc., a Delaware Corporation ([individually and collectively, as the context requires, but in each case jointly and severally,] "<u>**Borrower**</u>" or "<u>**you**</u>") and Valley National Bank ("<u>**Lender**</u>", "<u>**we**</u>" or "<u>**us**</u>") dated February 15, 2024 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "<u>**Note**</u>"), together with any and all loan agreements, guaranties, security agreements, mortgages, deed of trust, instruments and other documents executed in connection with or relating to the Facility or any collateral therefor (as each may have been amended, restated, amended and restated, supplemented or otherwise modified from time to time, together with the Note, collectively, the "<u>**Loan Documents**</u>").

You have requested, and Lender has agreed, to extend the maturity date of the Facility on the terms and conditions set forth herein.

**NOW, THEREFORE**, the parties hereto agree as follows:

**Section 1. <u>Amendments</u>**. The current maturity date of the Facility of February 15, 2026 is hereby extended until May 15, 2026 (the "<u>**New Maturity Date**</u>"). The Note and all other applicable Loan Documents shall be deemed amended, without further action, to reflect such New Maturity Date.

**Section 2. <u>Acknowledgements</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically amended herein, the Loan
Documents shall remain in full force and effect in accordance with their respective terms. The amendments contained herein shall not be
construed as a waiver or amendment of any other provision of the Loan Documents. During the extension period, Borrower shall continue
to make regularly scheduled payments of principal and interest (if any), as set forth in the Note or the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Each undersigned pledgor and guarantor (each, an
" <u>**other Obligor**</u> "), if any, hereby confirms and agrees that the
respective guarantee(s) and pledge(s), as applicable, delivered by it to Lender in connection with the Facility are hereby ratified and
confirmed and remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All collateral as set forth in the Loan Documents
and any and all mortgages, deeds of trust, security and pledge agreements delivered in connection therewith, is and shall continue to
be collateral security for the obligations under the Loan Documents, each as amended hereby.

**Section 3. <u>Representations</u>.** In order to induce Lender to enter into this Amendment, Borrower hereby represents, warrants and agrees that: (i) the representations and warranties contained in the Loan Documents are true and correct on and as of the date hereof as though made on and as of such date, except for those representations and warranties given as of a specific date, (ii) no default or Event of Default, as defined in any Loan Document, has occurred and is continuing; (iii) it has full power, right and legal authority to execute, deliver and perform its obligations under this Amendment; and (iv) it has taken all action necessary to authorize the execution and delivery of, and the performance of its obligations under this Amendment.

**Section 4. <u>Miscellaneous</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) This Amendment shall be governed and construed in
accordance with the substantive laws set forth in the Loan Documents. The provisions of this Amendment and all other agreements and documents
referred to herein are to be deemed severable, and the invalidity or unenforceability of any provision shall not affect or impair the
remaining provisions which shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;(b) This Amendment may be signed in any number of counterparts
with the same effect as if the signatures thereto and hereto were upon the same instrument. This Amendment may be executed and authenticated
by each party by electronic or digital means, and each party hereto expressly consents to the use of an electronic version of this Amendment
to embody the entire agreement and understanding between us. An authorized, electronically affixed or digitally affixed signature, when
received shall be binding for all purposes as if an original signature.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Loan Documents and all agreements, instruments
and documents executed and delivered in connection therewith, shall each be deemed amended hereby to the extent necessary, if any, to
give effect to the provisions of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This Amendment shall be effective as of the date
hereof, upon receipt by Lender of a duly executed copy hereof by Borrower and, if applicable, each other Obligor.

[No further text on this page; signatures follow]

Please indicate your agreement and acceptance of the terms set forth above by signing and returning a copy of this Amendment to the undersigned.

Very truly yours,

**VALLEY NATIONAL BANK**

By:

/s/ Kyle Hicks

Name:

Kyle Hicks

Title:

Vice President

**AGREED TO** as of the date hereof:

**BORROWER(S):**

CNL Strategic Capital B, Inc.

By:<u> </u>

/s/ Tammy Tipton

Name:

Tammy Tipton

Title:

CFO/Senior Vice President

**GUARANTOR:**

CNL Strategic Capital, LLC

By:

/s/ Tammy Tipton

Name:

Tammy Tipton

Title:

CFO/ Senior Vice President