CNL Strategic Capital Increases NAV

Valuations rose for most portfolio holdings in June, supporting new public offering prices and steady payouts.

July 25, 2025

NAV Movement Driven by Portfolio Strength

CNL Strategic Capital wrapped up June with net asset values up across all share classes, thanks to higher valuations in the majority of its portfolio companies. On July 24, the board approved new NAVs and public offering prices, alongside a fresh round of distributions for shareholders.

As of June 30, total net asset value hit $1.32 billion. Class FA, Class A, Class T, Class D, Class I, and Class S shares all posted increases, with per-share NAVs climbing between $0.31 and $0.40 from the previous month. The biggest driver? Fair value gains in eleven of CNL’s seventeen investments. Five saw decreases, and one held steady. Taken together, these shifts pushed total assets to approximately $1.39 billion.

This monthly snapshot plays an important role in setting expectations. With NAVs on the rise, investors can get a clearer read on how each share class is tracking.

Updated Offering Prices Coming Into Effect

CNL also approved new public offering prices that take effect July 31. These apply to Class A, T, D, and I shares and reflect updated NAVs alongside relevant commissions and fees. For investors reinvesting through the company’s distribution plan, the purchase price will be tied directly to the June 30 NAV.

In short, if you’re subscribing or reinvesting this cycle, you’re buying in at prices that reflect the most current data on portfolio performance.

Monthly Distributions Stay on Course

Distributions remain a central piece of the investor experience. The board declared August distributions for all share classes, payable on the 27th to shareholders of record as of the 26th. Most classes will receive $0.104167 per share, with Class T and Class D seeing slightly lower amounts. These payouts offer consistent income while giving investors the option to reinvest as they see fit.

Share Class Performance Across Time Horizons

Looking at return metrics through June 30, the numbers reinforce what the NAVs already suggest: performance has been steady across multiple timeframes. Class FA and Class S shares led on cumulative total return since inception, clocking in at 116.7% and 83.2% respectively (excluding sales loads). Annualized returns since inception ranged from 8.3% to 12.2%, depending on share class and sales treatment.

Year-to-date, returns across classes fell between 4.4% and 5.6%. These figures reflect the company’s approach to generating long-term value while navigating ongoing market shifts.

Where Distributions Are Coming From

For the first six months of 2025, declared distributions totaled $20.9 million. Just over 44% came from net investment income, while 55.7% was classified as distributions in excess of that income. Cash distributions—after accounting for reinvestments—were primarily funded by:

• $5.4 million from net investment income before expense support


• $3.9 million in reimbursements from the manager and sub-manager

This support covered nearly 89% of net cash payouts, helping sustain the monthly distributions. Investors should keep in mind that ongoing reimbursements may affect future income, particularly if repayment obligations emerge later. But for now, the current structure supports both consistent distributions and reinvestment flexibility.

Bottom Line

With NAVs moving up, updated offering prices locked in, and distributions maintained across share classes, CNL Strategic Capital continues to position itself for a steady second half of the year. The next checkpoint is July 31, when new subscriptions will be processed at the revised prices. Until then, shareholders have a clear view of how their investments are performing—and what to expect moving forward.