CNL Strategic Capital Reports Higher NAV

Portfolio value gains push NAV upward; new public offering prices and performance returns released.

March 24, 2025

NAV Moves Higher Across All Share Classes

CNL Strategic Capital saw steady gains in February, with net asset value (NAV) per share rising across all share classes. The company attributed the move primarily to valuation increases in a majority of its portfolio holdings. That update, released on March 20, also included revised public offering prices, declared cash distributions, and updated performance figures—all key signals for shareholders tracking momentum and positioning.

Total assets reached approximately $1.27 billion, while aggregate NAV came in at $1.26 billion. Every share class posted a month-over-month NAV increase. Class FA and Class S shares led the way, with per-share NAVs hitting $39.76 and $40.32, respectively. These NAV updates will drive pricing for the next quarterly share repurchase, set for March 31.

New Public Offering Prices Take Effect This Month

In preparation for that event, the board also approved new public offering prices that reflect the latest NAV calculations. These changes take effect March 27 and apply to subscriptions closing at the end of the month.

Class A:$39.14 (includes $2.35 in selling commissions and $0.98 in dealer fees)

Class T:$37.62

Class D:$35.54 (no added fees)

Class I:$36.23 (no added fees)

Distributions Announced for April

CNL also locked in April distribution details. Shareholders of record on April 25 will receive cash distributions on April 28, with amounts varying by share class:

Class FA, A, I, S:$0.104167 per share

Class T:$0.083333 per share

Class D:$0.093750 per share

These monthly distributions are designed to align with the company’s income generation and portfolio activity.

Share Class Performance: A Look at the Numbers

Performance data showed consistent long-term growth across share classes. Class FA shares without a sales load delivered an annualized return of 10.9% since inception, with a cumulative return of over 100%. Class A and Class I shares also posted strong historical returns, while even share classes with upfront loads showed solid multi-year performance.

Distribution Sources and Funding

Distributions declared for the first two months of 2025 totaled nearly $6.9 million. Just over half of that came from net investment income, while the remainder was categorized as distributions in excess of income—funded, in part, by offering proceeds.

When looking strictly at cash distributions (excluding reinvestment), 100% were covered by net investment income, which included $276,000 in expense support reimbursements from the manager and sub-manager.