CNL Strategic Capital Appoints Andrew Schwartz as New Director

The company reported a modest rise in net asset value for most share classes and strong long-term returns.

October 27, 2025

Leadership Change on the Board

On October 23, CNL Strategic Capital made two important updates. First, the board accepted the resignation of Arthur Levine, who’s stepping away from board service effective October 31 as part of succession planning at Levine Leichtman Capital Partners (LLCP).

Second, they named Andrew M. Schwartz—also from LLCP—as his replacement. Schwartz brings a strong background in private equity and investment oversight, and will serve as a Class III director through the 2027 shareholder meeting.

Net Asset Value and Portfolio Performance

CNL also released its latest performance data, giving investors a full view of how the portfolio is tracking. As of September 30, total assets stood at approximately $1.43 billion, with an aggregate net asset value (NAV) of $1.37 billion.

Most share classes saw small month-over-month increases in NAV per share. These movements were tied to changes in the fair value of underlying portfolio companies:

10 portfolio companies increased in value

5 saw declines

2 remained unchanged

New Offering Prices

The firm also adjusted its public offering prices across share classes. These new prices, effective October 30, incorporate the latest NAVs and reflect updated selling commissions and dealer manager fees. They’ll apply to the October 31 subscription closing, as well as purchases made through the distribution reinvestment plan.

Declared Distributions

Cash distributions were declared for all share classes, payable November 26 to shareholders of record as of November 25. Rates varied slightly by class, with per-share distribution amounts ranging from $0.083333 to $0.104167.

Performance Metrics

Looking at longer-term performance, the company shared updated return data through September 30:

Class FA shares led in cumulative return since inception, reaching 123.1%(excluding sales load)

Five-year returns across share classes ranged from 56.7% to 74.6%

Annualized returns since inception were generally above 9%

Distribution Sources and Payout Coverage

On a cash basis, distributions declared year-to-date totaled $31.7 million. Approximately:

45.6% came from net investment income

4.5% from realized gains

The remainder from offering proceeds

Importantly, cash distributions net of reinvestments remained fully covered by income and gains, reinforcing the company’s payout discipline.

Maintaining Investor Transparency

These updates reflect a steady hand in portfolio management, and a continued focus on transparency. Between leadership changes, NAV adjustments, and consistent distribution reporting, CNL is keeping its investors informed and positioned for what comes next.