CNL Strategic Capital Boosts Share Values

The company also declared fresh distributions and revised public offering prices ahead of year-end subscription closing.

December 23, 2025

CNL Strategic Capital Reports Asset Growth, Declares Distributions, and Adjusts Share Prices

CNL Strategic Capital has released its latest performance update, showing steady gains in net asset value across all share classes for the month ended November 30, 2025. These increases were driven primarily by upward adjustments in the fair value of most of its portfolio companies, and come alongside new distribution declarations and updated share pricing.

The company’s Board approved NAV changes on December 22, with values rising across the board—between $0.18 and $0.29 per share depending on the class. As of November 30, total NAV stood at $1.42 billion, supported by total assets of approximately $1.47 billion. The underlying driver: fair value increases in thirteen out of seventeen portfolio companies. Three positions declined in value and one remained flat, but the overall trend was positive.

Updated Share Prices for December Subscription

That same day, CNL also approved new public offering prices that take effect on December 29. These prices will apply to the next round of monthly subscriptions closing on December 31. Class A, T, D, and I shares will be priced in line with updated NAVs and reflect the structure of associated commissions and fees. Class A, for example, will be priced at $41.45 per share, including all charges, while Class D and I shares are available at NAV.

New Distributions Declared Across All Share Classes

In addition to pricing changes, the Board declared cash distributions for all share classes, with payments scheduled for January 27, 2026. Distribution amounts vary slightly by share class, ranging from $0.083333 to $0.104167 per share. These distributions continue CNL’s practice of delivering regular shareholder payments tied to monthly record dates.

Performance Metrics Remain Strong

Looking at performance, return figures show consistent growth over time. Class FA and Class S shares lead the pack with annualized returns since inception of 11.0% and 12.2%, respectively (excluding sales loads). Other share classes follow closely behind, with returns largely holding steady across one-, three-, and five-year periods.

Sources of Distributions and Cash Flow

Declared distributions for the year through November totaled $39.07 million. Of that amount:

41% came from net investment income

3.7% came from realized gains

59% was funded through offering proceeds

When isolating cash distributions net of reinvestments:

83% was funded by net investment income (including expense support)

7.4% came from gains

The remainder was supported by offering proceeds

Context for Investors

CNL’s update also included historical context on distribution sources dating back to 2018, with a breakdown of how distributions were funded year over year. This helps investors understand how payout strategies have evolved alongside the company’s portfolio and capital structure.

With net asset values trending upward, public offering prices aligned for year-end subscriptions, and distributions in place across all share classes, CNL is entering the final stretch of the year with momentum. Investors now have updated figures to work from as they evaluate their next moves heading into 2026.