Performance Highlights

CNL Strategic Capital:

Strong first-quarter return of 2.4% as of March 31, 2023

Average annual return of 12.8% since inception

Portfolio consists of equity and debt investments in 12 portfolio companies with approximately $794.9 million in total assets as of March 31, 2023.

For the three months ended March 31, 2023, the total investment income was approximately $13.3 million, compared to approximately $11.7 million for the same period in 2022, representing a 13.4% growth rate.

For more on CNL’s performance, visithttps://www.cnlstrategiccapital.com/performance/

BCRED:

Class D shares delivered a 1.3% monthly return in June (1.3% for Class I)

Year-to-date returns of 6.2% for Class D and 6.3% for Class I

Annualized distribution yield of 9.9% for Class D (10.1% for Class I)

Strong performance attributed to defensive positioning and high-quality investments.

For more on BCRED’s performance, visit https://www.bcred.com/performance/

BREIT:

BREIT’s high conviction sectors and markets have benefited from outsized market rent growth, and it’s fixed-rate balance sheet has mitigated interest rate risk exposure.

Net return of 1.0% in June.

Annualized net return of 11.7% since inception.

BREIT Monthly Distribution and Repurchase Terms:

BCRED Quarterly Distribution Terms:

For more on BREIT’s performance, visit breit.com/performance

Since January 2022, BREIT has sold $10 billion of real estate assets at a meaningful premium to carrying values.

Successful strategic disposition of assets, including the sale of the JW Marriott San Antonio at a $275 million profit.

Rotating out of non-core and lower-growth assets is a hallmark of BREIT’s active portfolio management. Read more about this highly profitable exit and tremendous win for BREIT investors at breit.com/press-releases

Disclosures: The following information applies to CNL Strategic Capital, BCRED, and BREIT:

Represents our view of the current market environment as of the date appearing in this material only. Past performance does not guarantee future results. Financial information is approximate and reflects data as of June 30, 2023, unless otherwise noted. The words “we,” “us,” and “our” refer to the respective investment vehicles, including their consolidated subsidiaries, unless the context requires otherwise.

Distributions for these investment vehicles are not guaranteed. Distributions have been and may in the future be funded through sources other than cash flow from operations, including the sale of assets, borrowings, return of capital, or offering proceeds. As of June 30, 2023, 100% of inception to date distributions were funded from cash flows from operations. Distributions may be funded, directly or indirectly, from temporary waivers or expense reimbursements borne by the fund’s Adviser or its affiliates, which may be subject to reimbursement to the Adviser or its affiliates. No limits have been established on the amounts that may be funded from such sources.

It is important to consider these factors and keep abreast of the latest information when evaluating investments in CNL Strategic Capital, BCRED, and BREIT.

DISCLOSURE-Please note that this commentary is intended solely for the purpose of providing general information. It should not be interpreted as advice on investments, taxes, or legal matters and does not establish an attorney-client relationship. The past performance of any market is not indicative of future results. While the information presented here is sourced from reliable outlets, it is not guaranteed.