CNL Strategic Capital Files Prospectus Supplement No. 17

TL;DR

**CNL Strategic Capital just updated its offering prospectus, keeping investors in the loop.**

AI Summary

CNL Strategic Capital, LLC filed a 424B3 prospectus supplement on March 24, 2026, which is Supplement No. 17 to their existing registration statement (File No. 333-277103). This filing updates investors on the company's offering, providing current information about their investment advice business (SIC 6282). For shareholders, this matters because it ensures they have the most up-to-date disclosures regarding the company's ongoing capital raising activities and operational status, which can influence future share value and liquidity.

Why It Matters

This filing provides updated information for investors, ensuring transparency regarding CNL Strategic Capital's ongoing offering and business operations.

Risk Assessment

Risk Level: medium — While a prospectus supplement itself isn't inherently high risk, the nature of investment advice (SIC 6282) and ongoing offerings can carry inherent market and operational risks.

Analyst Insight

An investor should review Supplement No. 17 to understand any updated terms, risks, or material information related to CNL Strategic Capital's ongoing offering before making investment decisions.

Key Numbers

• Supplement No. 17 — Prospectus Supplement Number (Indicates this is the seventeenth update to the original registration statement.)
• 2026-03-24 — Filing Date (The date the 424B3 was filed and accepted by the SEC.)
• 333-277103 — File Number (The registration statement number to which this supplement pertains.)
• 6282 — SIC Code (Identifies the company's primary business as Investment Advice.)

Key Players & Entities

• CNL Strategic Capital, LLC (company) — the Filer of the 424B3 prospectus supplement
• 0001684682 (company) — the CIK (Central Index Key) for CNL Strategic Capital, LLC
• 333-277103 (dollar_amount) — the File Number for the registration statement being supplemented
• March 24, 2026 (date) — the filing and acceptance date of Supplement No. 17

Forward-Looking Statements

• CNL Strategic Capital, LLC will continue to issue further prospectus supplements as their offering progresses. (CNL Strategic Capital, LLC) — high confidence, target: 2027-03-24

FAQ

Key Financial Figures

• $41.93 — s I Public Offering Price, Per Share $41.93 $40.20 $38.09 $38.79 Selling Commi
• $40.20 — blic Offering Price, Per Share $41.93 $40.20 $38.09 $38.79 Selling Commissions,
• $38.09 — ering Price, Per Share $41.93 $40.20 $38.09 $38.79 Selling Commissions, Per Shar
• $38.79 — ice, Per Share $41.93 $40.20 $38.09 $38.79 Selling Commissions, Per Share $2.52
• $2.52 — 38.79 Selling Commissions, Per Share $2.52 $1.21 Dealer Manager Fees, Per Share
• $1.21 — Selling Commissions, Per Share $2.52 $1.21 Dealer Manager Fees, Per Share $1.04
• $1.04 — $1.21 Dealer Manager Fees, Per Share $1.04 $0.70 We have also posted this infor
• $0.70 — Dealer Manager Fees, Per Share $1.04 $0.70 We have also posted this information
• $0.104167 — ass S April 27, 2026 April 28, 2026 $0.104167 $0.104167 $0.083333 $0.093750 $0.10
• $0.083333 — April 28, 2026 $0.104167 $0.104167 $0.083333 $0.093750 $0.104167 $0.104167 1
• $0.093750 — 2026 $0.104167 $0.104167 $0.083333 $0.093750 $0.104167 $0.104167 1 Determinati
• $160,880 — ss I Class S Total Net Asset Value $160,880 $355,232 $77,507 $116,853 $666,035
• $355,232 — s S Total Net Asset Value $160,880 $355,232 $77,507 $116,853 $666,035 $73,787
• $77,507 — Net Asset Value $160,880 $355,232 $77,507 $116,853 $666,035 $73,787 $1,450,29
• $116,853 — set Value $160,880 $355,232 $77,507 $116,853 $666,035 $73,787 $1,450,294 Number

Filing Documents

• scap-424b3_032426.htm (424B3) — 53KB
• 0001999371-26-006808.txt ( ) — 53KB

From the Filing

NO. 17 DATED MARCH 24, 2026 Filed Pursuant to Rule 424(b)(3) Registration No. 333-277103 CNL STRATEGIC CAPITAL, LLC SUPPLEMENT NO. 17 DATED MARCH 24, 2026 TO THE PROSPECTUS DATED APRIL 7, 2025 We are providing this Supplement No. 17 to you in order to supplement our prospectus dated April 7, 2025 (as supplemented to date, the “Prospectus”). This supplement provides information that shall be deemed part of, and must be read in conjunction with, the Prospectus. Capitalized terms used in this supplement have the same meanings in the Prospectus unless otherwise stated herein. The terms “we,” “our,” “us” and “Company” refer to CNL Strategic Capital, LLC. Before investing in our shares, you should read the entire Prospectus and this supplement, and consider carefully our investment objectives, risks, fees and expenses. You should also carefully consider the information disclosed in the section of the Prospectus captioned “Risk Factors” before you decide to invest in our shares. The purpose of this supplement is to disclose the following: the adjusted per share public offering price for each class of our shares; information about our distributions; the Company’s net asset value for the month ended February 28, 2026; and certain return information for all outstanding classes of shares. Public Offering Price Adjustment On March 24, 2026, the board of directors (the “Board”) approved the new per share public offering price for each share class in this offering. The new public offering prices will be effective as of March 31, 2026 and will be used for the Company’s next monthly closing for subscriptions on March 31, 2026. As of the date of this supplement, all references throughout the Prospectus to the per share public offering price for each share class available in this offering are hereby updated to reflect the new per share public offering prices stated in the table below. 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 February 28, 2026. 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 $41.93 $40.20 $38.09 $38.79 Selling Commissions, Per Share $2.52 $1.21 Dealer Manager Fees, Per Share $1.04 $0.70 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 The following table supplements the section entitled “Distribution Policy” which begins on page 54 of this Prospectus. On March 24, 2026, 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 April 27, 2026 April 28, 2026 $0.104167 $0.104167 $0.083333 $0.093750 $0.104167 $0.104167 1 Determination of Net Asset Value for Outstanding Shares for the month ended February 28, 2026 On March 24, 2026, 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 March 31, 2026. 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 February 28, 2026 (in thousands, except per share data): Month Ended February 28, 2026 Class FA Class A Class T Class D Class I Class S Total Net Asset Value $160,880 $355,232 $77,507 $116,853 $666,035 $73,787 $1,450,294 Number of Outstanding Shares 3,724 9,258 2,024 3,067 17,171 1,688 36,932 Net Asset Value, Per Share $43.20 $38.37 $38.29 $38.09 $38.79 $43.71 Net Asset Value, Per Share Prior Month $43.08 $38.28 $38.20 $38.00 $38.70 $43.59 Increase/Decrease in Net Asset Value, Per Share from Prior Month $0.12 $0.09 $0.09 $0.09 $0.09 $0.12 The change in the Company’s net asset value per share for each applicable share class for the mont

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