---
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"
generated_at: "2026-11-10T21:33:06.039463+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001999371-26-025086
- form_type: 8-K
- cik: 0001684682
- company_name: CNL Strategic Capital, LLC
- filed_at: 2026-11-10T21:31:24+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001999371-26-025086
- JSON: https://secwatch.observer/filing/0001999371-26-025086.json
- Plain text: https://secwatch.observer/filing/0001999371-26-025086.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.