{"schema_version":"secwatch.filing_event.v1","accession":"0001999371-26-025086","form_type":"8-K","ticker":null,"cik":"0001684682","company_name":"CNL Strategic Capital, LLC","filed_at":"2026-11-10T21:31:24+00:00","discovered_at":"2026-11-10T21:33:00.449882+00:00","generated_at":"2026-11-10T21:33:06.039463+00:00","sec_items":["1.01","9.01"],"event_type":"other_material","sentiment":"positive","materiality_score":0.5,"calibrated_materiality_score":0.5,"confidence":"high","headline":"CNL Strategic Capital cuts base fee to 1.5% from 2.0%, incentive fee to 15% from 20%, effective Jan 1, 2027","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001999371-26-025086","json":"https://secwatch.observer/filing/0001999371-26-025086.json","markdown":"https://secwatch.observer/filing/0001999371-26-025086.md","text":"https://secwatch.observer/filing/0001999371-26-025086.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1684682/000199937126025086/0001999371-26-025086-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1684682/000199937126025086/cnl-8k_111026.htm"},"model":{"generated_by":"deepseek-v4.1-flash:cloud@v2","generated_at":"2026-11-10T21:33:06.039463+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}