# EDGAR Filing Document

**Accession Number:** 0001684682
**File Stem:** 0001999371-26-011900
**Filing Date:** 2026-6
**Character Count:** 24919
**Document Hash:** aafa91cfa255005d6c28b4931382220f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-011900.hdr.sgml**: 20260602

**ACCESSION NUMBER**: 0001999371-26-011900

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260527

**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**: Submission of Matters to a Vote of Security Holders

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260602

**DATE AS OF CHANGE**: 20260602

**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:** 261055839

**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'?

**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**

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Date of Report (Date of Earliest Event Reported): **May 27, 2026**

**CNL STRATEGIC CAPITAL, LLC** 

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **delaware** | **000-56162** | **32-0503849** |
| (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. ☐

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| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement** |

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*Amendment to Revolving Loan Agreement*

On May 29, 2026, CNL Strategic Capital B, Inc. (the "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 a Third Amendment (the "Third Amendment") to the Loan and Security Agreement, as amended (the "Loan Agreement"), previously entered into by such parties for a $50.0 million revolving line of credit (the "Line of Credit"). Under the Loan Agreement, in the sole and absolute discretion of Valley National Bank, the Line of Credit may be increased to a maximum commitment amount of $100 million. If increased, the additional commitment amount will be subject to a commitment fee of 0.25% on such an increased Line of Credit amount if utilized. Under the Third Amendment, the Line of Credit may be used to finance the repurchase of the Company's equity securities from its equity holders in an amount not to exceed 90% of Company's trailing six months new net investment proceeds excluding reinvested distributions. Additionally, under the Third Amendment, unless further extended, the Line of Credit has a new maturity date of August 15, 2026. In connection with the Third Amendment, the Borrower paid an additional fee to Valley National Bank of $62,500.00. The foregoing descriptions of the Loan Agreement and the Third Amendment in this Item 1.01 do not purport to be complete in scope and are qualified in their entirety by the full text of such agreements which are incorporated by reference herein.

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

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

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| | |
|:---|:---|
| **Item 5.07** | **Submission of Matters to a Vote of Security Holders** |

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On May 27, 2026, the Company reconvened its special meeting of shareholders (the "Special Meeting") at which a quorum was present in person or by proxy. The Special Meeting was initially called to order on March 30, 2026, and was adjourned on such date until April 30, 2026, at which time it was adjourned again with respect to Proposal No. 1, the enhanced liquidity plan proposal (as defined below), to permit additional time to solicit shareholder votes for such proposal.

The proposals are described in detail in the Company's definitive proxy statement (the "Proxy Statement") filed with the Securities and Exchange Commission ("SEC") on January 29, 2026. As of January 27, 2026, the record date for the determination of shareholders entitled to notice of, and to vote at, the Special Meeting, 36,307,994 shares of limited liability company interests (the "shares") were eligible to be voted, and 21,558,404 of those shares were voted in person or by proxy at the reconvened Special Meeting on May 27, 2026. At the Special Meeting, the Company's shareholders voted on a total of one proposal, as identified below, which was described in the Proxy Statement.

**The following is the voting result on the proposal considered and voted upon at the Special Meeting.**

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| | |
|:---|:---|
| **Proposal 1:** | Approval of an enhanced liquidity plan under which the Company undertakes to repurchase from shareholders during the first four full calendar quarters following the approval of this proposal (the "enhanced liquidity period") up to a requested liquidity percentage to be established following the approval of this proposal. This proposal was not passed, with voting results as follows: |

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| | | |
|:---|:---|:---|
| **For** | **Against** | **Withheld** |
| 20122701 | 510255 | 925448 |

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Refer to the Company's Current Report on Form 8-K filed with the SEC on May 4, 2026 for the voting result with respect to the adjournment proposal considered and voted upon at the Special Meeting reconvened on April 30, 2026. The Special Meeting was concluded on May 27, 2026.

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

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*Certain information about the Special Meeting results*

The primary purpose of the Special Meeting was for shareholders to consider a proposal for an enhanced liquidity plan (the "enhanced liquidity plan proposal") offering up to 25% of the Company's shares for repurchase after the Company's board of directors (the "Board") concluded that continuing the Company as a perpetual life vehicle was in the best interests of the Company and its shareholders. The required approval from two-thirds of the Company's outstanding shareholders for the enhanced liquidity plan proposal was not obtained.

The Company intends to continue to administer its share repurchase program with no change to its terms, including maintaining the program's repurchase limits of up to 10% of the Company's aggregate net asset value per calendar year. To date, the Company's share repurchase program has been sufficient to meet all proper share repurchase requests, including requests during the period of time that the recent proxy vote was being pursued for the Special Meeting.

The Company's current continuous public offering of shares (the "Public Offering") continues as currently structured pursuant to its effective registration statement. The Board will continue to evaluate the Company's options to raise capital beyond the Public Offering, which is scheduled to expire on November 1, 2027.

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

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

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| [10.1](ex10-1.htm) | [Third Amendment to the Loan and Security Agreement by and among CNL Strategic Capital B, Inc., CNL Strategic Capital, LLC, and Valley National Bank dated May 29, 2026.](ex10-1.htm) |
| [10.2](https://www.sec.gov/Archives/edgar/data/1684682/000199937124002542/ex10-1.htm) | [Loan and Security Agreement dated February 15, 2024 by and between CNL Strategic Capital B, Inc. and Valley National Bank (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on February 20, 2024).](https://www.sec.gov/Archives/edgar/data/1684682/000199937124002542/ex10-1.htm) |
| 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 "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and the other documents filed by the Company with the SEC.

**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: June 2, 2026 | CNL Strategic Capital, LLC<br> a Delaware limited liability company | CNL Strategic Capital, LLC<br> a Delaware limited liability company |
|  | By: | /s/ Chirag J. Bhavsar |
|  |  | Chirag J. Bhavsar<br> Chief Executive Officer |

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## Exhibit 10.1

**[CNL Strategic Capital, LLC 8-K](cnl-8k_052726.htm)**

**Exhibit 10.1**

![A blue and black logo Description automatically generated](ex10-1_001.jpg)

Date: as of May 29, 2026

CNL Strategic Capital B, Inc.<br> CNL Strategic Capital, LLC<br> 450 South Orange Avenue<br> Orlando, FL 32801<br> Attention: Tammy Tipton

Re: <u>Third Amendment to Loan and Security Agreement</u>

Ladies and Gentlemen:

We refer to that certain Loan and Security Agreement by and among, CNL Strategic Capital B, Inc., a Delaware Corporation ("**<u>Borrower</u>**") and CNL Strategic Capital, LLC, a Delaware limited liability company ("**<u>Guarantor</u>**" together with Borrower, individually and collectively, as the context requires, but in each case jointly and severally, "**<u>Obligor</u>**" or "**<u>you</u>**") and Valley National Bank ("**<u>Bank</u>**", "**<u>we</u>**" or "**<u>us</u>**") dated February 15, 2024 (as amended, restated, supplemented or otherwise modified, the "**<u>Loan Agreement</u>**"). Unless otherwise defined in this amendment letter (the "**<u>Amendment</u>**"), capitalized terms are used as defined in the Loan Agreement.

You have requested, and Bank has agreed, to (i) extend the Revolving Maturity Date and (ii) make such other changes as are set forth below, all on the terms and conditions set forth herein.

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

**Section 1. <u>Amendments</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Modified Definition of Revolving Line</u>. The definition of "Revolving
Line" set forth in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

**"*Revolving Line*"** means commitments to make Credit Extensions in an amount not to exceed at any one time outstanding Fifty Million Dollars ($50,000,000.00)(the "Maximum Commitment"); <u>provided</u>, <u>however</u>, Bank may, *in its sole and absolute discretion*, increase the Maximum Commitment to up to One Hundred Million Dollars ($100,000,000) by extending additional Credit Extensions up to an additional Fifty Million Dollars ($50,000,000.00) (the "***Uncommitted Line***"). In the event Bank approves a Credit Extension request under the Uncommitted Line (each such approved Credit Extension, an "***Uncommitted Advance***"), Bank will increase the Maximum Commitment by the amount of such requested Credit Extension and the amount of the Uncommitted Line will decrease by the same amount (for example, assume Borrower requests a Credit Extension under the Uncommitted Line for $5,000,000, if Bank approves such request, then upon such approval, the Maximum Commitment will increase from $50,000,000 to $55,000,000 and the amount of the Uncommitted Line will decrease from $50,000,000 to $45,000,000) and such Credit Extension shall be treated as an Advance for all purposes under this Agreement. Bank's determination, if at all, to approve a Credit Extension request under the Uncommitted Line shall be based upon the terms and conditions provided for in the Borrowing Request Procedure set forth in Section 2.1(b) of this Agreement. Bank and Borrower intend, acknowledge and agree that the Uncommitted Line is unconditionally cancellable at Bank's option, and Bank shall have the right to cancel all unused availability and refuse to extend available credit under the Uncommitted Line, at any time and from time to time, without prior notice to Borrower and for any reason, or no reason at all, in its sole and absolute discretion. Moreover, Borrower may request Credit Extensions, which may be under the Uncommitted Line, to finance the redemption, repurchase or buyback of Borrower's equity securities from its equity holders in an amount not to exceed ninety percent (90%) of Guarantor's trailing six (6) months new net investment proceeds excluding reinvested distributions as shown on Borrower's most recent T6M Report (each such Credit Extension, a "**Redemption Advance**"). Each Redemption Advance shall accrue interest at the rate provided for in Section 2.2(a)(i) hereof and shall be payable as provided for in Section 2.2(c) hereof. Each Redemption Advance shall be due on the Advance Due Date.

VNB/CNL Strategic Capital B – Third Amendment

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modified Definition of Revolving Maturity Date</u>. The definition of
"Revolving Maturity Date" set forth in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety to
read as follows:

**"*Revolving Maturity Date*"** means August 15, 2026, unless extended, at Bank's sole option, one additional year, in which instance the Revolving Maturity Date shall be such extended date.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Added Definition of Second Amendment</u>. The definition of "Second
Amendment" is hereby added to Section 1.1 of the Loan Agreement, in alphabetical order, and shall read as follows:

***"Second Amendment"*** means that certain Second Amendment to Loan and Security Agreement dated February 15, 2026 by and between Obligor and Bank.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Added Definition of T6M Report</u>. The definition of "T6M Report"
is hereby added to Section 1.1 of the Loan Agreement, in alphabetical order, and shall read as follows:

***"T6M Report"*** means the monthly report, in form acceptable to Bank, prepared by Borrower and submitted to Bank, in accordance with Section 6.3 of this Agreement, setting forth the details of Guarantor's new net investment proceeds excluding reinvested distributions calculated on a trailing six (6) months basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Added Definition of Third Amendment</u>. The definition of "Third
Amendment" is hereby added to Section 1.1 of the Loan Agreement, in alphabetical order, and shall read as follows:

***"Third Amendment"*** means that certain Third Amendment to Loan and Security Agreement dated May 29, 2026 by and between Obligor and Bank.

&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Added Redemption Advance Request</u>. A new subclause (iv) is hereby
added to Section 2.1(b) of the Loan Agreement, and it shall read as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv) Redemption Advance Request.** Notwithstanding subclauses (i), (ii) and (iii) above, if Borrower desires a Redemption Advance, Borrower will notify Bank by electronic mail, facsimile transmission or telephone no later than 12:00 noon Eastern Time on the date that is least two (2) Business Days prior to the date the Redemption Advance is requested to be made. Each such notification shall be promptly confirmed by a Loan Advance/Paydown Request Form in substantially the form of Exhibit C. Together with such Redemption Advance request, Borrower shall submit to Bank such supporting materials as requested by Bank, including, without limitation, (A) a borrowing base or compliance sheet showing Borrower's calculation with supporting documentation of Borrower's trailing six (6) month net investment proceeds excluding reinvested distributions and (B) Borrower's T6M Report. Each Redemption Advance is subject to Bank approval to be determined in Bank's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Added T6M Report Requirement</u>. Section 6.3(f) of the Loan Agreement
is hereby reidentified as Section 6.3(g), and a new subclause (f) is hereby added to Section 6.3 of the Loan Agreement, immediately following
subclause (e) and before subclause (g), and shall read as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) as soon as available, but in any case not later than thirty (30) days after the end of each month, a monthly T6M Report; and

&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Fee</u>. In consideration for Bank entering into this Amendment, Borrower shall concurrently pay Bank a fee in the amount of Sixty-Two Thousand Five
Hundred Dollars ($62,500.00), which fee shall be fully earned and non-refundable upon receipt thereof by Bank (the "**Third Amendment Fee** "), and is in addition to all interest and other fees payable to Bank under the Loan Documents. Bank is authorized to charge
said fee to Borrower's loan account or any of Borrower's deposit accounts with Bank.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically amended herein, the Loan Agreement shall remain in
full force and effect in accordance with its terms. The amendments contained herein shall not be construed as a waiver or amendment of
any other provision of the Loan Agreement or any other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Each undersigned guarantor and pledgor (each, an "  **<u>other Obligor</u>** "),
if any, hereby confirms and agrees that the respective guarantee(s) and pledge agreement(s) delivered by it to Bank 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 Agreement and any and all security
and pledge agreements delivered in connection therewith, is and shall continue to be collateral security for the Obligations under the
Loan Agreement, as amended hereby.

**Section 3. <u>Representations</u>.** In order to induce Bank to enter into this Amendment, each Obligor 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 internal
laws of the State of Florida.

&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
Bank of a duly executed copy hereof by Borrower and, if applicable, each other Obligor, together with the Amendment Fee set forth in Section
1(h) above.

[No further text on this page; signatures follow]

Please indicate your agreement and acceptance to the terms set forth above by signing and returning a copy of this Amendment to the undersigned, together with the payment of the amendment fee.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **VALLEY NATIONAL BANK** | **VALLEY NATIONAL BANK** |
| By: | /s/ Benjamin Powers |
| Name: | Benjamin Powers |
| Title: | Director |

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| | |
|:---|:---|
| **AGREED TO** as of the date hereof: | **AGREED TO** as of the date hereof: |
| **bORROWER:** | **bORROWER:** |
| **CNL STRATEGIC CAPITAL B, INC.** | **CNL STRATEGIC CAPITAL B, INC.** |
| By: | /s/ Tammy J. Tipton |
| Name: | Tammy J. Tipton |
| Title: | Chief Financial Officer |
| **GUARANTOR:** | **GUARANTOR:** |
| **CNL STRATEGIC CAPITAL, INC.** | **CNL STRATEGIC CAPITAL, INC.** |
| By: | /s/ Tammy J. Tipton |
| Name: | Tammy J. Tipton |
| Title: | Chief Financial Officer |

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