Management Change/Compensation (Form 8-K)

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 23, 2025, Mr. Arthur Levine announced his resignation from the board of directors (the "Board") of CNL Strategic Capital, LLC (the "Company"), effective as of 11:59 p.m. on October 31, 2025, in connection with general succession planning at Levine Leichtman Capital Partners ("LLCP"). Mr. Levine, who served as a member of the Board since 2016, indicated that his resignation was not the result of any disagreement with the Company regarding its operations, policies, practices or otherwise. Mr. Levine will retain his current positions with LLCP.

On October 23, 2025, the Board appointed Andrew M. Schwartz to fill the vacancy on the Board created by Mr. Levine's resignation. The appointment of Mr. Schwartz is effective as of November 1, 2025. Mr. Schwartz was appointed to serve as a Class III director for a remaining term expiring at the Company's 2027 Annual Meeting of Shareholders and until his successor is duly elected and qualified. Mr. Schwartz was selected as an interested director on the Board because of his prior leadership experience at LLCP and his experience acquiring and managing businesses. Mr. Schwartz has not been elected to serve as a member of the Board pursuant to any agreement or understanding with the Company or any other person. Mr. Schwartz will be employed by and will receive compensation from affiliates of our Sub-Manager and as such, the Company will not be separately compensating him for his services as a director of the Company. There are no reportable transactions between Mr. Schwartz and the Company pursuant to Rule 404(a) of Regulation S-K promulgated by the United States Securities and Exchange Commission.

Set for below is biographical information for Mr. Schwartz:

Andrew M. Schwartz, serves as a director on our Board. Mr. Schwartz joined LLCP in 2011 and currently serves as a Partner of LLCP. In this capacity, he is responsible for the day-to-day management of the U.S. Investment Team and is actively involved in sector strategy, deal structuring and due diligence and oversight of the U.S. portfolio. Mr. Schwartz is a member of the Executive and Investment Committees. Prior to joining LLCP, Mr. Schwartz was a Vice President with Liberty Partners, a middle-market private equity firm, and previously an investment banker with Jefferies, both based in New York. Mr. Schwartz attended the University of Pennsylvania where he received a B.S. in Economics with a Concentration in Finance from The Wharton School and a B.S.E. in Computer Science and Engineering from the School of Engineering and Applied Science.

Item 8.01 Other Events.

Determination of Net Asset Value for Outstanding Shares for the month ended September 30, 2025

On October 23, 2025, the Board determined the Company's net asset value per share for each share class in a manner consistent with the Company's valuation policy, as described under "Determination of Net Asset Value" in the Company's Prospectus. This table provides the Company's aggregate net asset value and net asset value per share for its Class FA, Class A, Class T, Class D, Class I, and Class S shares as of September 30, 2025 (in thousands, except per share data):

The change in the Company's net asset value per share for each applicable share class for the month ended September 30, 2025 was primarily driven by the increases in the fair value of ten out of seventeen of the Company's portfolio company investments. The fair value of five of the Company's portfolio company investments decreased during the same period. The fair value of two of the Company's portfolio company investments did not change. As of September 30, 2025, the Company had total assets of approximately $1.43 billion.