Material Event (Form 8-K)

Item 8.01 Other Events.

Determination of Net Asset Value for Outstanding Shares for the month ended March 31, 2025

On April 24, 2025, the board of directors (the "Board") determined CNL Strategic Capital, LLC's (the "Company") 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 March 31, 2025 (in thousands, except per share data):

Month Ended March 31, 2025		Class FA		Class A		Class T		Class D		Class I		Class S		Total
Net Asset Value		$156,247		$299,816		$90,549		$107,710		$531,970		$68,921		$1,255,213
Number of Outstanding Shares		3,922		8,346		2,520		3,021		14,638		1,707		34,154
Net Asset Value, Per Share		$39.84		$35.92		$35.94		$35.65		$36.34		$40.38
Net Asset Value, Per Share Prior Month		$39.76		$35.81		$35.83		$35.54		$36.23		$40.32
Increase in Net Asset Value, Per Share from Prior Month		$0.08		$0.11		$0.11		$0.11		$0.11		$0.06

The increase in the Company's net asset value per share for each applicable share class for the month ended March 31, 2025 was primarily driven by the increases in the fair value of ten out of sixteen of the Company's portfolio company investments. The fair value of six of the Company's portfolio company investments decreased during the same period. As of March 31, 2025, the Company had total assets of approximately $1.29 billion.

Public Offering Price Adjustment

On April 24, 2025, 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 April 30, 2025 and will be used for the Company's next monthly closing for subscriptions on April 30, 2025. 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 March 31, 2025. 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		$39.26		$37.73		$35.65		$36.34
Selling Commissions, Per Share		$2.36		$1.13
Dealer Manager Fees, Per Share		$0.98		$0.66

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.

Declaration of Distributions

On April 24, 2025, 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:

Distribution Record Date

Distribution Payment Date

Declared Distribution Per Share for Each Share Class

Class FA

Class A

Class T

Class D

Class I

Class S

May 27, 2025

May 28, 2025

$0.104167

$0.104167

$0.083333

$0.093750

$0.104167

$0.104167

Return Information

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 March 31, 2025 ("Cumulative Total Return"), with and without upfront sales load, as applicable:

		YTD Return(1)		1-Year Return(2)		3-Year Return(3)		5-Year Return(4)		Annualized Return Since Inception(5)		Cumulative Total Return(5)		Cumulative Return Period
Class FA (no sales load)		1.5%		10.4%		31.9%		72.7%		10.8%		108.7%		February 7, 2018 - March 31, 2025
Class FA (with sales load)		-5.1%		3.2%		23.3%		61.5%		9.8%		95.1%		February 7, 2018 - March 31, 2025
Class A (no sales load)		1.6%		9.7%		28.4%		66.5%		9.8%		92.4%		April 10, 2018 - March 31, 2025
Class A (with sales load)		-7.1%		0.4%		17.5%		52.4%		8.4%		76.1%		April 10, 2018 - March 31, 2025
Class I		1.5%		9.3%		28.0%		66.5%		10.0%		93.9%		April 10, 2018 - March 31, 2025
Class T (no sales load)		1.3%		8.8%		25.7%		59.8%		8.9%		79.5%		May 25, 2018 - March 31, 2025
Class T (with sales load)		-3.5%		3.6%		19.8%		52.2%		8.1%		71.0%		May 25, 2018 - March 31, 2025
Class D		1.5%		9.4%		27.5%		64.7%		9.3%		82.4%		June 26, 2018 - March 31, 2025
Class S (no sales load)		1.5%		10.3%		32.9%		78.7%		12.0%		76.1%		March 31, 2020 - March 31, 2025
Class S (with sales load)		-2.0%		6.5%		28.2%		72.4%		11.2%		69.9%		March 31, 2020 - March 31, 2025

⁽¹⁾ For the period from January 1, 2025 through March 31, 2025.

⁽²⁾ For the period from April 1, 2024 through March 31, 2025.

⁽³⁾ For the period from April 1, 2022 through March 31, 2025.

⁽⁴⁾ For the period from April 1, 2020 through March 31, 2025.

⁽⁵⁾ For the period from the date the first share was issued for each respective share class through March 31, 2025. 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 three months ended March 31, 2025, sources of declared distributions on a GAAP basis were as follows:

		Three Month Ended March 31, 2025
		Amount (in 000s)				% of Total Distributions Declared
Net investment income1		$	8,701				83.9	%
Distributions in excess of net investment income2			1,671				16.1	%
Total distributions declared		$	10,372				100.0	%