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): ~~January~~February 2623, 2026

CNL STRATEGIC CAPITAL, LLC

(Exact name of registrant as specified in its charter)

delaware

000-56162

32-0503849

(State or Other Jurisdiction of

Incorporation or Organization)

(Commission

File Number)

(IRS Employer

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 81.01 ~~Other~~Entry ~~Events.~~into a Material Definitive Agreement

~~Determination~~Amendment ofto ~~Net~~Revolving ~~Asset Value for Outstanding Shares for~~Loan ~~the month ended December 31, 2025~~Agreement

On ~~January 26~~February 23, 2026, ~~the~~CNL ~~board of~~Strategic ~~directors~~Capital ~~(the~~B, Inc. (“~~Board~~Borrower”), ~~determined~~a ~~the~~wholly-owned ~~Company’s~~subsidiary ~~net~~of ~~asset~~CNL ~~value~~Strategic ~~per~~Capital, ~~share~~LLC ~~for~~( ~~each~~the “Company”) ~~share~~and ~~class~~Valley inNational Bank, a ~~manner~~Tennessee ~~consistent with~~banking ~~the~~corporation, ~~Company’s~~(referred ~~valuation~~to ~~policy,~~ as ~~described~~“Valley ~~under~~National ~~“Determination~~Bank”) entered ofinto ~~Net~~an ~~Asset~~Amendment ~~Value~~(“Amendment”) into the ~~Company’s~~Loan ~~Prospectus. This~~and ~~table~~Security ~~provides~~Agreement (the ~~Company’s~~“Loan ~~aggregate~~Agreement”) ~~net~~previously ~~asset~~entered into ~~value~~by ~~and~~such ~~net~~parties ~~asset~~for ~~value~~a ~~per~~revolving ~~share~~line ~~for~~of ~~its~~credit ~~Class FA,~~(the ~~Class A,~~“Line ~~Class T, Class D,~~of ~~Class I~~Credit”). Under the Amendment, ~~and~~unless ~~Class S~~further ~~shares~~extended, the asLine of ~~December~~Credit ~~31,~~has ~~2025~~a ~~(in~~new ~~thousands,~~maturity ~~except~~date ~~per~~of ~~share~~May ~~data):~~15, 2026.

Month Ended December 31, 2025	Class FA		Class A		Class T		Class D		Class I		Class S		Total
Net Asset Value	$	160,072	$	344,908	$	82,816	$	115,767	$	641,400	$	73,394	$	1,418,357
Number of Outstanding Shares		3,724		9,026		2,171		3,051		16,598		1,688		36,258
Net Asset Value, Per Share	$	42.98	$	38.21	$	38.15	$	37.94	$	38.64	$	43.48
Net Asset Value, Per Share Prior Month	$	42.54	$	37.93	$	37.81	$	37.63	$	38.45	$	43.08
Increase/Decrease in Net Asset Value, Per Share from Prior Month	$	0.44	$	0.28	$	0.34	$	0.31	$	0.19	$	0.40

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.

~~The~~Item change in the Company’s net asset value per share for each applicable share class for the month ended December 31, 2025 was primarily driven by the increases in the fair value of eleven out of eighteen of the Company’s portfolio company investments2.03 ~~The~~Creation ~~fair value~~ of ~~six~~a ofDirect ~~the~~Financial ~~Company’s portfolio~~Obligation ~~company~~or ~~investments~~an ~~decreased~~Obligation ~~during~~under ~~the~~an ~~same~~Off-Balance ~~period.~~Sheet ~~The~~Arrangement ~~fair value~~ of ~~one~~a ~~of the Company’s portfolio company investments did not change~~Registrant. ~~As of December 31, 2025, the Company had total assets of approximately $1.5 billion.~~

~~Public~~The ~~Offering~~information ~~Price~~set ~~Adjustment~~forth in Item 1.01 regarding the Amendment is incorporated by reference into this Item 2.03.

OnItem ~~January 26, 2026, the Board approved the new per share public offering price for each share class in the Company’s offering~~8.01 ~~The~~Other ~~new public offering prices will be effective as of January 30, 2026 and will be used for the Company’s next monthly closing for subscriptions on January 30, 2026~~Events. 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 December 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	$41.76	$40.05	$37.94	$38.64
Selling Commissions, Per Share	$2.51	$1.20
Dealer Manager Fees, Per Share	$1.04	$0.70

Determination of Net Asset Value for Outstanding Shares for the month ended January 31, 2026

WeOn ~~have~~February ~~also~~23, ~~posted~~2026, ~~this~~the ~~information~~board of ondirectors ~~our~~(the “Board”) determined the Company’s net asset value per share for each share class in a manner consistent ~~website~~with atthe ~~www~~Company’s valuation policy, as described under “Determination of Net Asset Value” in the Company’s Prospectus.~~cnlstrategiccapital.com.~~ This Atable ~~subscriber~~provides ~~may~~the ~~also~~Company’s ~~obtain~~aggregate ~~this~~net ~~information~~asset byvalue ~~calling~~and usnet asset value per share for its Class FA, Class A, Class T, byClass D, ~~telephone~~Class I, atand Class S shares as of January 31, 2026 (~~866)~~in ~~650-0650.~~thousands, except per share data):

Declaration of Distributions

Month Ended January 31, 2026	Class FA		Class A		Class T		Class D		Class I		Class S		Total
Net Asset Value	$	160,447	$	349,363	$	80,840	$	116,252	$	652,010	$	73,577	$	1,432,489
Number of Outstanding Shares		3,724		9,128		2,116		3,059		16,849		1,688		36,564
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

OnThe ~~January~~change ~~26,~~in ~~2026,~~the Company’s net asset value per share for each applicable share class for the ~~Board~~month ~~declared~~ended ~~cash~~January 31, 2026 ~~distributions~~was primarily driven by the increases onin the ~~outstanding~~fair ~~shares~~value of ~~all~~twelve ~~classes~~out of ~~our~~eighteen ~~common~~of ~~shares~~the ~~based~~Company’s onportfolio acompany ~~monthly~~investments. ~~record~~The ~~date~~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, as2026, ~~set~~the ~~forth~~Company ~~below:~~had total assets of approximately $1.46 billion.

Declared Distribution Per Share for Each Share Class

Distribution Record Date

Distribution Payment Date

Class FA

Class A

Class T

Class D

Class I

Class S

February 26, 2026

February 27, 2026

$0.104167

$0.083333

$0.093750

$0.104167

Public Offering Price Adjustment

~~Return~~On ~~Information~~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:

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 December 31, 2025 (“Cumulative Total Return”), with and without upfront sales load, as applicable:

	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

	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)	11.7%	11.7%	34.9%	71.8%	11.1%	129.6%	February 7, 2018 – December 31, 2025
Class FA (with sales load)	4.5%	4.5%	26.1%	60.6%	10.2%	114.7%	February 7, 2018 – December 31, 2025
Class A (no sales load)	10.8%	10.8%	31.2%	60.6%	10.1%	109.9%	April 10, 2018 – December 31, 2025
Class A (with sales load)	1.4%	1.4%	20.1%	46.9%	8.8%	92.1%	April 10, 2018 – December 31, 2025
Class I	10.6%	10.6%	30.8%	60.3%	10.2%	111.4%	April 10, 2018 – December 31, 2025
Class T (no sales load)	9.8%	9.8%	28.2%	54.9%	9.1%	94.5%	May 25, 2018 – December 31, 2025
Class T (with sales load)	4.5%	4.5%	22.1%	47.5%	8.4%	85.2%	May 25, 2018 – December 31, 2025
Class D	10.5%	10.5%	30.4%	59.6%	9.6%	98.6%	June 26, 2018 – December 31, 2025
Class S (no sales load)	11.8%	11.8%	35.4%	71.9%	12.2%	93.9%	March 31, 2020 – December 31, 2025
Class S (with sales load)	7.9%	7.9%	30.7%	65.9%	11.5%	87.1%	March 31, 2020 – December 31, 2025

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.

~~(1)~~Declaration ~~For~~of ~~the period from January 1, 2025 through December 31, 2025.~~Distributions

~~(2)~~On ~~For~~February 23, 2026, the ~~period~~Board ~~from~~declared ~~January~~cash 1,distributions on ~~2025~~the ~~through~~outstanding ~~December~~shares 31of all classes of our common shares based on a monthly record date, ~~2025.~~ as set forth below:

(3) For the period from January 1, 2023 through December 31, 2025.

Distribution

Distribution

Declared Distribution Per Share for Each Share Class

Record Date

Payment Date

Class FA

Class A

Class T

Class D

Class I

Class S

March 26, 2026

March 27, 2026

$0.104167

$0.083333

$0.093750

$0.104167

~~(4)~~Return ~~For the period from January 1, 2021 through December 31, 2025.~~Information

~~(5)~~The ~~For~~following ~~the~~table ~~period from the~~ illustrates year-to-date (“YTD”), ~~the~~trailing ~~first~~12 ~~share~~months ~~was~~(“1-Year ~~issued~~Return”), 3-Year ~~for~~Return, ~~each~~5-Year ~~respective share class through December 31~~Return, ~~2025. The~~ Annualized Return Since Inception, ~~captures~~and ~~the~~cumulative ~~average~~total ~~annual~~returns through ~~performance over~~January ~~the~~31, ~~return~~2026 ~~period.~~(“Cumulative Total ItReturn”), iswith ~~calculated~~and aswithout aupfront ~~geometric~~sales ~~average~~load, ~~meaning~~as ~~it captures the effects of compounding over time.~~applicable:

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.

	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)	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

(1) For the ~~year~~period ~~ended~~from ~~December~~January 311, ~~2025,~~ ~~sources~~2026 ofthrough ~~declared~~January ~~distributions on a GAAP basis were as follows:~~31, 2026.

	Year Ended December 31, 2025
	Amount (in 000s)		% of Total Distributions Declared
Net investment income1	$	21,244		49.6	%
Net realized gains		1,928		4.5	%
Distributions in excess of net investment income and net realized gains2		21,549		50.4	%
Total distributions declared	$	42,793		100.0	%

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

~~Cash~~(3) ~~distributions~~For ~~net of distributions reinvested during~~ the period ~~presented~~from ~~were~~February ~~funded~~1, ~~from~~2023 ~~the~~through ~~following~~January ~~sources:~~31, 2026.

	Year Ended December 31, 2025
	Amount (in 000s)		% of Cash Distributions Net of Distributions Reinvested
Net investment income before expense support (reimbursement)	$	20,294		96.2	%
Expense support (reimbursement)		950		4.5	%
Net investment income	$	21,244		100.7	%
Net realized gains		1,928		9.1	%
Cash distributions net of distributions reinvested in excess of net investment income and net realized gains2		–		–	%
Cash distributions declared net of distributions reinvested3	$	21,087		100.0	%

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

1(5) ~~Net~~For ~~investment~~the period from the date the first share was issued ~~income~~for ~~includes~~each ~~expense~~respective ~~support~~share class through January 31, ~~net~~2026. ~~due~~The ~~from~~Annualized ~~the~~Return ~~Manager~~Since ~~and~~Inception ~~Sub-Manager~~captures ofthe ~~$950~~average ~~for~~annual performance over the ~~year~~return ~~ended~~period. ~~December 31~~It is calculated as a geometric average, ~~2025~~ meaning it captures the effects of compounding over time.

2Total ~~Consists~~return is calculated for ofeach ~~distributions~~share ~~made~~class ~~from~~as ~~offering~~the ~~proceeds~~change in the net asset value for such share class during the period ~~presented~~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.

3 For the ~~year~~ month ended ~~December~~January 31, ~~2025~~ 2026, ~~excludes~~sources ~~$21,706~~ of declared distributions ~~reinvested~~on ~~pursuant~~a toGAAP ~~our~~basis ~~distribution~~were ~~reinvestment~~as ~~plan.~~follows:

For the years ended December 31, 2024, 2023, 2022, 2021, 2020, 2019, and 2018 distributions were paid from multiple sources and these sources included net investment income before expense support of 55.6%, 76.9%, 76.3%, 65.2%, 42.3%, 61.7%, and 85.2%, reimbursable expense support of 0.1%, 0.0%, 0.0%, 0.0%, 33.2%, 23.5% and 11.1%, and offering proceeds of 44.3%, 23.1%, 23.7%, 34.8%, 24.5%, 14.8% and 3.7%, respectively. 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.

	Month Ended January 31, 2026
	Amount (in 000s)		% of Total Distributions Declared
Net investment income¹	$	2,225		60.1	%
Net realized gains		⸺		⸺	%
Distributions in excess of net investment income and net realized gains²		1,475		39.9	%
Total distributions declared	$	3,700		100.0	%

WeCash ~~have~~distributions ~~also~~net ~~posted~~of ~~this~~distributions ~~information on~~reinvested ~~our~~during ~~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~~period ~~the~~presented ~~Company’s~~were ~~assets~~funded ~~less~~from the ~~Company’s~~following ~~outstanding liabilities.~~sources:

Cautionary Note Regarding Forward-Looking Statements

	Month Ended January 31, 2026
	Amount (in 000s)		% of Cash Distributions Net of Distributions Reinvested
Net investment income before expense support (reimbursement)	$	2,120		120.6	%
Expense support (reimbursement)		105		6.0	%
Net investment income	$	2,225		126.6	%
Net realized gains		⸺		⸺	%
Cash distributions net of distributions reinvested in excess of net investment income and net realized gains²		⸺		⸺	%
Cash distributions declared net of distributions reinvested³	$	1,758		100.0	%

~~Statements~~1 inNet ~~this~~investment ~~Current Report~~income onincludes ~~Form 8-K,~~expense ~~including intentions~~support, ~~beliefs,~~net ~~expectations~~due orfrom ~~projections relating to~~ the ~~items~~Manager ~~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. ForwardSub-~~looking~~Manager 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~~$105 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~~month ended ~~December~~ January 31, ~~2024~~ ~~and the other documents filed by the Company with the Securities and Exchange Commission~~2026.

~~SIGNATURE~~2 Consists of distributions made from offering proceeds for the period presented.

~~Pursuant~~3 toFor the ~~requirements of~~month ~~the~~ended ~~Securities~~January ~~Exchange~~31, ~~Act of 1934~~2026, asexcludes ~~amended~~$1,942 ~~the~~of ~~Registrant~~distributions ~~has~~reinvested ~~duly~~pursuant ~~caused this Current Report on Form 8-K~~ to beour ~~signed~~distribution onreinvestment ~~its behalf by the undersigned hereunto duly authorized~~plan.

Date: January 26, 2026		CNL Strategic Capital, LLC a Delaware limited liability company
	By:	/s/ Chirag J. Bhavsar
		Chirag J. Bhavsar Chief Executive Officer

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.

(d)

Exhibits


Exhibit Number				Description

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 (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.


Date: February 23, 2026		CNL Strategic Capital, LLC a Delaware limited liability company

	By:	/s/ Chirag J. Bhavsar
		Chirag J. Bhavsar Chief Executive Officer

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