CNL Strategic Capital cuts base fee to 1.5% from 2.0%, incentive fee to 15% from 20%, effective Jan 1, 2027

CNL Strategic Capital, LLC

Base Management Fee on Non-Founder Shares falls from 2.0% to 1.5% beginning January 1, 2027 under the Eighth Amended and Restated Management Agreement signed November 9, 2026.
Total Return Incentive Fee on Non-Founder Shares cut to 15% from 20%, with the Non-Founder Breakpoint lowered to 8.235% from 8.75%.
Annual Preferred Return used in the Total Return Incentive Fee calculation is unchanged at 7%; the reductions apply only to Non-Founder Shares.
Manager CNL Strategic Capital Management and sub-manager Levine Leichtman Strategic Capital also signed a Fourth Amended and Restated Sub-Management Agreement adjusting incentive-fee sharing.
Both agreements have one-year terms and are renewable by the Company's board for unlimited successive one-year periods.

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