0001387131-23-011291.txt : 20230918 0001387131-23-011291.hdr.sgml : 20230918 20230918164006 ACCESSION NUMBER: 0001387131-23-011291 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20230918 ITEM INFORMATION: Other Events FILED AS OF DATE: 20230918 DATE AS OF CHANGE: 20230918 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CNL Strategic Capital, LLC CENTRAL INDEX KEY: 0001684682 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 320503849 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-56162 FILM NUMBER: 231261627 BUSINESS ADDRESS: STREET 1: P.O. BOX 4920 CITY: ORLANDO STATE: FL ZIP: 32802 BUSINESS PHONE: 407-650-1000 MAIL ADDRESS: STREET 1: P.O. BOX 4920 CITY: ORLANDO STATE: FL ZIP: 32802 8-K 1 scap_8k-091823.htm CURRENT REPORT
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 


FORM 8-K

 


 

CURRENT REPORT

Pursuant to section 13 or 15(d)

of the Securities Exchange Act of 1934


Date of Report (Date of Earliest Event Reported): September 18, 2023

 

CNL STRATEGIC CAPITAL, LLC

(Exact name of registrant as specified in its charter)


 

delaware   000-56162   32-0503849

(State or Other Jurisdiction of

Incorporation or Organization)

 

(Commission

File Number)

 

(IRS Employer

Identification Number)

CNL Center at City Commons

450 South Orange Avenue

Orlando, Florida 32801

(Address of Principal Executive Offices; Zip Code)

Registrant’s telephone number, including area code: (407) 650-1000

 


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
None N/A N/A

 

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 
 

 

Item 8.01 Other Events.

 

Determination of Net Asset Value for Outstanding Shares for the month ended August 31, 2023

 

On September 18, 2023, the board of directors (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 this Prospectus. Additionally, pursuant to our share repurchase program, we conduct quarterly share repurchases to allow our shareholders to sell all or a portion of their shares back to us at a price equal to the net asset value per share as of the last date of the month immediately prior to the repurchase date. The repurchase date for our next quarterly repurchase will be September 30, 2023. 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 August 31, 2023 (in thousands, except per share data):

 

Month Ended
August 31, 2023

Class FA

Class A

 

Class T

 

Class D

Class I

 

Class S

Total

Net Asset Value $151,707 $139,205 $89,715 $80,422 $385,835 $64,395 $911,279
Number of Outstanding Shares 4,220 4,198 2,707 2,451 11,478 1,763 26,817
Net Asset Value, Per Share $35.95 $33.16 $33.15 $32.81 $33.61 $36.53  
Net Asset Value, Per Share Prior Month $35.59 $32.82 $32.88 $32.54 $33.29 $36.18  
Increase/Decrease in Net Asset
Value, Per Share from Prior Month
$0.36 $0.34 $0.27 $0.27 $0.32 $0.35  

 

The increase in the Company’s net asset value per share for each applicable share class for the month ended August 31, 2023 was primarily driven by the increases in the fair value of seven out of twelve of the Company’s portfolio company investments. The fair value of four of the Company’s portfolio company investments decreased during the same period. The fair value of one of the Company’s portfolio company investments did not change. As of August 31, 2023, the Company had total assets of approximately $929.9 million.

 

Public Offering Price Adjustment

 

On September 18, 2023, the Board approved the new per share public offering price for each share class in the Company’s offering. The new public offering prices will be effective as of September 25, 2023 and will be used for the Company’s next monthly closing for subscriptions on September 29, 2023. The purchase price for Class A, Class T, Class D, and Class I shares purchased under our distribution reinvestment plan will be equal to the net asset value per share for each share class as of August 31, 2023. The following table provides the new public offering prices and applicable upfront selling commissions and dealer manager fees for each share class available in this offering:

 

 

Class A

Class T

Class D

Class I

Public Offering Price, Per Share $36.24 $34.80 $32.81 $33.61
Selling Commissions, Per Share $2.17 $1.04    
Dealer Manager Fees, Per Share $0.91 $0.61    

 

We have also posted this information on our website at www.cnlstrategiccapital.com. A subscriber may also obtain this information by calling us by telephone at (866) 650-0650.

 

 
 

 

Declaration of Distributions

 

On September 18, 2023, the Board declared cash distributions on the outstanding shares of all classes of our common shares based on a monthly record date, as set forth below:

 

Distribution

Record Date

Distribution

Payment Date

Declared Distribution Per Share for Each Share Class
    Class FA Class A Class T Class D Class I Class S
October 26, 2023 October 27, 2023 $0.104167 $0.104167 $0.083333 $0.093750 $0.104167 $0.104167

 

Return Information

The following table illustrates year-to-date (“YTD”), trailing 12 months (“1-Year Return”), 3-Year Return, 5-year Return, Average Annual Return (“AAR”) Since Inception, and cumulative total returns through August 31, 2023 (“Cumulative Total Return”), with and without upfront sales load, as applicable:

 

  YTD
Return(1)
1-Year
Return(2)
3-Year
Return(3)

5-Year

Return(4)

AAR Since
Inception(5)
Cumulative
Total Return(5)
Cumulative Return Period
Class FA (no sales load) 5.3% 9.8% 38.8% 67.8% 14.3% 79.3% February 7, 2018 – August 31, 2023
Class FA (with sales load) -1.5% 2.6% 29.7% 56.8% 12.2% 67.7% February 7, 2018 – August 31, 2023
Class A (no sales load) 4.8% 8.8% 34.6% 56.3% 12.5% 67.7% April 10, 2018 – August 31, 2023
Class A (with sales load) -4.1% -0.4% 23.2% 43.0% 9.9% 53.4% April 10, 2018 – August 31, 2023
Class I 4.8% 8.6% 34.9% 57.7% 12.9% 69.4% April 10, 2018 – August 31, 2023
Class T (no sales load) 4.2% 8.2% 31.5% 49.2% 11.0% 58.1% May 25, 2018 – August 31, 2023
Class T (with sales load) -0.7% 3.0% 25.2% 42.1% 9.6% 50.6% May 25, 2018 – August 31, 2023
Class D 4.6% 8.7% 34.0% 51.8% 11.4% 59.3% June 26, 2018 – August 31, 2023
Class S (no sales load) 5.6% 10.5% 41.5% N/A 15.0% 51.3% March 31, 2020 – August 31, 2023
Class S (with sales load) 1.9% 6.6% 36.5% N/A 13.4% 46.0% March 31, 2020 – August 31, 2023

 

(1) For the period from January 1, 2023 through August 31, 2023.

(2) For the period from September 1, 2022 through August 31, 2023.

(3) For the period from September 1, 2020 through August 31, 2023.

(4) For the period from September 1, 2018 through August 31, 2023.

(5) For the period from the date the first share was issued for each respective share class through August 31, 2023. The AAR Since Inception is calculated by taking the Cumulative Total Return and dividing it by the return period.

 

Total return is calculated for each share class as the change in the net asset value for such share class during the period and assuming all distributions are reinvested. The Company’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. For details regarding applicable sales load, please see the “Plan of Distribution” section in the Company’s Prospectus. Class I and Class D shares have no upfront sales load.

 

For the eight month period ended August 31, 2023, sources of declared distributions on a GAAP basis were as follows:

 

  

Eight Months Ended

August 31, 2023

  

Amount

(in 000s)

  % of Total
Distributions
Declared
Net investment income1  $13,236   69.8%
Distributions in excess of net investment income2   5,717   30.2%
Total distributions declared  $18,953   100.0%

 

 

 
 

 

Cash distributions net of distributions reinvested during the period presented were funded from the following sources:

 

  

Eight Months Ended

August 31, 2023

  

Amount
(in 000s)

   % of Cash
Distributions
Net of
Distributions
Reinvested
Net investment income before expense support (reimbursement)   $12,599    112.9 %
Expense support (reimbursement)    637       5.7 %
Net investment income   $13,236   118.6 %
Cash distributions net of distributions reinvested3   $11,157   100.0 %

 

1Net investment income includes expense support due from the Manager and Sub-Manager of $637 for the eight months ended August 31, 2023.
2Consists of distributions made from offering proceeds for the period presented.
3For the eight months ended August 31, 2023, excludes $7,796 of distributions reinvested pursuant to our distribution reinvestment plan.

 

For the years ended December 31, 2022, 2021, 2020, 2019, and 2018 distributions were paid from multiple sources and these sources included net investment income before expense support of 76.3%, 65.2%, 42.3%, 61.7%, and 85.2%, reimbursable expense support of 0.0%, 0.0%, 33.2%, 23.5% and 11.1%, and offering proceeds of 23.7%, 34.8%, 24.5%, 14.8% and 3.7%, respectively. The Company will be required to repay expense support to the Manager and Sub-Manager in future periods which may reduce future income available for distributions, however, as of the date of this Current Report, management believes that reimbursement of all expense support is not probable under the terms of the Expense Support and Conditional Reimbursement Agreement. For additional information regarding sources of distributions, please see the annual and quarterly reports the Company files with the Securities and Exchange Commission.

 

We have also posted this information on our website at www.cnlstrategiccapital.com. A subscriber may also obtain this information by calling us by telephone at (866) 650-0650. The calculation of the Company’s net asset value is a calculation of fair value of the Company’s assets less the Company’s outstanding liabilities.

 

Cautionary Note Regarding Forward-Looking Statements

 

Statements in this Current Report on Form 8-K, including intentions, beliefs, expectations or projections relating to the items described herein, are forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on the beliefs and assumptions of the Company’s management and on the information currently available to management at the time of such statements. Forward-looking statements generally can be identified by the words “believes,” “expects,” “intends,” “plans,” “will,” “estimates” or similar expressions that indicate future events. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. Any forward-looking statement made by us in this Current Report is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. Important risks, uncertainties and factors that could cause actual results to differ materially from those in the forward-looking statements include the risks associated with the Company’s ability to pay distributions and the sources of such distribution payments, the Company’s ability to locate and make suitable investments, the economy and the broader financial markets, which may have a significant negative impact on the Company's (and its businesses) financial condition, results of operations, cash flows and net asset value per share and other risks described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and the other documents filed by the Company with the Securities and Exchange Commission.

 

 
 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

       
Date: September 18, 2023    

CNL Strategic Capital, LLC

a Delaware limited liability company

       
    By: /s/ Chirag J. Bhavsar
     

Chirag J. Bhavsar

Chief Executive Officer

 

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