Highlights:
As of Sept. 30, 2025, CNL Strategic Capital's portfolio consisted of equity and debt investments in 17 portfolio companies and had approximately $1.4 billion in total assets, compared with approximately $1.3 billion as of Dec. 31, 2024.
For the nine months ended Sept. 30, 2025, the Company recognized a net change in unrealized appreciation on investments of approximately $83.4 million, including unrealized foreign currency gain and had total investment income of approximately $60.6 million. That compares with a net change in unrealized appreciation on investments of $50.7 million, including unrealized foreign currency gain, and total investment income of approximately $51.8 million during the first nine months of 2024.
The annualized return since inception based on net asset value (NAV) and through Sept. 30, 2025, was approximately 11.1% for Class FA shares, 10.0% for Class A shares, 9.1% for Class T shares, 9.5% for Class D shares, 10.1% for Class I shares and 12.2% for Class S shares.1 These returns are prior to any applicable sales load and assume shareholders reinvested their distributions.
For the nine months ended Sept. 30, 2025, CNL Strategic Capital received approximately $118.5 million in net offering proceeds, including approximately $16.0 million received through the distribution reinvestment plan. Since beginning operations in February 2018 until Sept. 30, 2025, CNL Strategic Capital raised approximately $1.3 billion, including $62.4 million received through the distribution reinvestment plan.
Cash distributions declared net of distributions reinvested were funded from the following sources (in thousands):
Nine Months Ended Sept. 30,
2025
2024
Amount
Percentage2
Amount
Percentage2
Net investment income before Expense Support (reimbursement)
$ 13,453
85.7 %
$ 17,618
120.6 %
Expense Support (reimbursement)
1,017
6.5
--
--
Net investment income
$ 14,470
92.2 %
$ 17,618
120.6 %
Net realized gains
1,432
9.1
--
--
Cash distributions declared, net of distributions reinvested3
$ 15,703
100.0 %
$ 14,604
100.0 %
Additionally, the Company accrued expense support due from ...
