[1]	All investments are U.S. based unless otherwise noted.
[2]	Percentages represent fair value as a percentage of net assets for each investment category.
[3]	Security may be an obligation of one or more entities affiliated with the named company.
[4]	All investment are US based unless otherwise noted.
[5]	Percentages represent fair value as a percentage of net assets for each investment category.
[6]	Security may be an obligation of one or more entities affiliated with the named company.
[7]	LBR is headquartered in the United Kingdom. LBR investment represents 7.5% of net assets based on fair value as of December 31, 2025.
[8]	PIK income is computed at the contractual rate in each applicable agreement and is accrued and recorded as income and capitalized to the principal balance.
[9]	Represents B2 Preferred Shares of LOCI TopCo Limited.

CNL Strategic Capital, LLC 10-K