What Happened to CNL Financial Group's REITs? Every Public CNL Program and What a Share Became

The roll call: every public CNL program and what one original share became

An EDGAR company search for “CNL” on October 7, 2026 returns well over a hundred filers, most of them single-property LLCs, advisers and private funds. The programs below are the ones sold to the public through brokers that filed their own annual reports. Each row says what the vehicle's own filings record; the last column is the per-share outcome at the exit. Distributions paid along the way are not in that column (the scoreboard further down adds them where the filings give them).

Two things stand out before the details. Exit value alone beat the price paid in 2006 and 2007 for CNL Retirement ($13.50 against $10.00) and CNL Hotels ($20.50 against $20.00), and in 2017 only for CNL Growth Properties ($13.00 against $10.00 to $11.00); CNL Restaurant Properties paid $17.20 against $20 (our arithmetic) but had already distributed $9.81 a share. Second, the CNL Lifestyle and CNL Growth Properties payout figures come from performance charts that CNL itself attached to its final 8-Ks, and the declared distributions in the filings add up to the same totals (our arithmetic).

Who CNL Financial Group is, according to its own filings

CNL Financial Group is private, so there is no 10-K for the parent. What the SEC record gives is the biography of its longtime chairman in CNL Strategic Capital's 10-K for 2025, and it doubles as a list of the group's public vehicles. James M. Seneff Jr. was President of CNL Financial Group, Inc. from 1980 to 1995, Chairman from 1988 to January 2011, Chief Executive Officer from 1995 to January 2011, and has been Executive Chairman since January 2011. The same filing lists his board seats: CNL Hotels & Resorts (1996 to April 2007), CNL Retirement Properties and its advisor (1997 to October 2006), CNL Restaurant Properties and its advisor (1994 to 2005, when it became self-advised), Trustreet Properties (2005 to February 2007), CNL Lifestyle Properties (2003 to 2017), CNL Growth Properties (chairman, August 2009 until 2016) and Global Income Trust (April 2009 until its dissolution in December 2015). He was also on the board of National Retail Properties, a publicly traded REIT, from 1994 to 2005.

Two group companies explain how the programs were sold and what became of the group's other businesses. CNL Securities Corp., a FINRA-registered broker-dealer in which Seneff held a role from 1979 to 2013, received the selling commissions and marketing support fees on CNL Retirement's offerings: 6.5% and 2.0% of gross proceeds under its 2004 offering. And CNLBank, owned by CNLBancshares (where Seneff was chairman and a principal stockholder from 1999 to 2015), was merged into Valley National Bank in 2015. The sponsor today is CNL Financial Group, LLC, described in CNL Strategic Capital's 10-K as “a private investment management firm specializing in alternative investment products.” It controls the manager of CNL Strategic Capital, a fund that owns stakes in middle-market businesses with Levine Leichtman Strategic Capital as sub-manager, and an affiliate of it advises CNL Strategic Residential Credit, a small company that intends to qualify as a REIT, sold privately to accredited investors (we cover both below). None of the public real estate programs from the roll call is still run by CNL.

The advisor was often the buyer or the seller in these exits, which matters for how to read the per-share numbers. The sections that follow show it case by case: the REIT bought its own advisor at CNL Hotels (2006), HCP bought CNL Retirement's advisor alongside the REIT (2006), CNL Lifestyle's advisor took no fee on the sale and was paid to wind the company up (2017), and Global Income Trust's advisor wrote a check to stockholders (2015).

CNL Lifestyle Properties: the offering and what it owned

CNL Lifestyle Properties (CIK 1261159, formerly CNL Income Properties) was organized in Maryland on August 11, 2003 and sold shares to the public from June 2004 to April 2011. In each of its offerings it sold shares at $10.00, with discounts for some categories of buyers. By April 9, 2011 it had raised about $3.2 billion (322.1 million shares) in three public offerings, including about $290.1 million (30.5 million shares) through the distribution reinvestment plan; CNL's final performance chart puts the total, reinvestment included and before upfront fees and redemptions, at $3.3 billion. At the end, 93,810 stockholders of record held the shares (December 31, 2016).

It owned “lifestyle” real estate leased to or run by operators: ski and mountain resorts, attractions, golf, marinas and senior housing. The proxy statement describes how it came apart. In March 2014 it hired Jefferies to look at ways to provide liquidity. During 2014 and 2015 it sold 104 properties and an interest in one joint venture: its entire golf portfolio (48 properties), its multi-family development property, its 81.98% interest in the partnership that owned the Dallas Market Center, its 38 senior housing properties, 12 of its 17 marinas, four attractions and one ski property. Those sales paid down debt and funded the December 2015 special distribution. The 36 properties left (20 attractions, 15 ski properties in the United States and one in Canada) went in the 2017 sale below. Its last annual report, for 2016, reported no pending or threatened proceeding it expected to have a material adverse effect.

CNL Lifestyle's NAV ladder, from $7.31 to $0.10

CNL Lifestyle published an estimated value per share (NAV) once a year or so. The ladder below combines those values with each distribution that came off the top. The value of a share fell from $7.31 in August 2012 to $2.10 in December 2016, or 71% (our arithmetic); adding back the $1.80 of special distributions paid in between (our arithmetic), the decline was about 47%.

The April 20, 2017 NAV of $0.10 was built from $0.20 of cash and $0.02 of other assets less $0.12 of liabilities on 325,182,969 shares, with adjustments for liquidation costs, holdbacks and reserves. The 8-K states that it deviates from the company's valuation policy and from the Investment Program Association's valuation guideline.

The $830 million sale to EPR and Ski Resort Holdings, term by term

On November 2, 2016 CNL Lifestyle agreed to sell everything it had left to two buyers: EPR Properties, a listed REIT, and Ski Resort Holdings LLC, owned by funds affiliated with Och-Ziff Real Estate. The filings give these terms:

Two details matter to a holder. The collar protected the buyers and holders against a wide swing in EPR's price, but it did not fix the value: 8,851,264 shares at a $647 million price implies an EPR average near $73 (our arithmetic), and the value of those shares to a holder was whatever EPR traded at when they landed in the account. And the cash that arrived, $153.2 million, was below the $182.6 million the April 6 8-K said was estimated in the agreement; the same 8-K says the company's cash “remains subject to certain post-closing purchase price adjustments,” and the filing pages we read do not break the difference out.

How the $2.33 was paid, step by step

CNL Lifestyle did not pay one liquidating distribution. It paid a $0.50 special distribution in November 2016, then a combined cash and stock “interim” distribution in April 2017 to holders of record on March 31, 2017, then a final cash payment in December 2017.

CNL's December 2017 letter to stockholders said the $2.33 “exceeds the high-end of our aggregate liquidation range of $2.25 per share that was previously communicated.” The company paid its advisor about $1.77 million to take over remaining assets and liabilities and to perform administrative work in winding up. The 8-K expected articles of dissolution to be filed effective December 31, 2017, and its Form 15 of January 2, 2018 reported no holders of record.

What $10 in CNL Lifestyle returned, by the year you bought

The table that answers most “what did I get back” questions is on the performance chart CNL attached to its December 2017 8-K. It models a hypothetical investor who held a $10.00 share from the first record date of the year shown and took every distribution in cash. The right-hand column is our comparison with the $10.00 price.

The yearly cash paid per share, from the same chart, shows the shape: $0.26 in 2004, $0.54 to $0.66 a year from 2005 to 2011, $0.53 in 2012, $0.43 in 2013 and 2014, $1.50 in 2015 (including the $1.30 special), $0.65 in 2016 (including the $0.50 special) and $2.33 in 2017. Cash paid peaked at $0.66 a share in 2009, which included a $0.035 special distribution, so about 6.3% of the $10.00 price in regular distributions (our arithmetic); it was cut to $0.43 by 2013. CNL's chart does not adjust for inflation, and a 2004 buyer waited 14 years to get back $10.37.

Distributions were mostly a return of the investor's own money for tax purposes. The chart's footnote says approximately 54% of 2015 distributions, 71% of 2013, 100% of 2010, 96% of 2009, 59% of 2008, 42% of 2007, 28% of 2006, 48% of 2005 and 76% of 2004 were a return of capital; for 2014, 2012 and 2011 it was 100%. That lowers a holder's cost basis, so the 2017 liquidating payments are likely to show a different gain or loss than the headline suggests. A tax preparer needs the basis history; the chart is a start, not a substitute.

Selling before the end cost money. The 10-K reports the trades of shares between investors that the company knew about, net of commissions. In the third quarter of 2016 they averaged $2.14 a share (low $1.10); in the fourth quarter, $1.72 (low $0.70). A holder who held through the end collected $2.33 in 2017, or 35% more than the fourth-quarter average (our arithmetic), with the caveat that the $0.50 special distribution of November 2016 went to holders of record on November 1, so the trade date relative to that record date changes the comparison.

The three programs sold in 2006 and 2007: CNL Retirement, CNL Hotels and CNL Restaurant Properties

CNL Retirement Properties (CIK 1055264) raised $2.6 billion in five best-efforts offerings and had 255.5 million shares at the end of 2005 and 91,280 stockholders of record in January 2006. Its offering price was $10.00 and it paid cash distributions of $0.70 (2001 and 2002) and $0.71 (2003 to 2005) a share. HCP's May 2006 merger announcement valued the deal at about $13.50 a share: $11.13 in cash (about 82%) plus 0.0865 of an HCP share, on about 264.2 million shares. At closing on October 5, 2006 each share converted into $11.1293 in cash and 0.0865 of an HCP share, and HCP assumed or refinanced about $1.7 billion of debt. HCP's own 10-Q puts the aggregate at about $5.3 billion: $2.9 billion in cash, 22.9 million HCP shares and the debt. Simultaneously HCP bought CNL Retirement Corp., the REIT's advisor, for 4,378,918 HCP shares split among its 10 stockholders, which HCP's 10-Q values at about $120 million. In June 2006 the REIT wrote to holders about an unsolicited offer from Madison Liquidity Investors for up to 0.7% of the shares at $10.50, telling them the pending merger consideration was about $13.50 at announcement (our tender-offer census shows how that kind of bid looks in 2026). Holders who sold on the secondary market in the fourth quarter of 2005 got an average of $9.12; the merger paid about $13.50 ten months later, so those sellers received about 32% less (our arithmetic).

CNL Hotels & Resorts (CIK 1017022) sold shares at $20 after the reverse stock split of August 2, 2004, and the 2006 10-K shows 157,116,327 shares and about 101,860 holders in March 2007. Cash distributions declared per share (adjusted for the split) were $1.55 (2002 and 2003), $1.49 (2004), $1.10 (2005) and $1.00 (2006), $6.69 in all (our arithmetic). The company could not honor redemption requests from the quarter ended June 30, 2005 through December 31, 2006, because the reinvestment plan did not produce enough funds. Its sale to an affiliate of Morgan Stanley Real Estate Fund V, with other hotels going to an Ashford Hospitality Trust affiliate, offered $20.50 per share in total: a special dividend equal to estimated earnings and profits (including the gain from the asset sales) plus the balance as the merger payment. Stockholders approved it on April 10, 2007, the company expected the asset sales on April 11 and the merger on April 12, and its Form 15-12B of April 12, 2007 reports one holder of record. Two other records matter to a holder. In 2006 the company recorded $84.8 million of “Advisor acquisition expense,” the consideration paid to acquire its former advisor. And it settled a securities class action, In re CNL Hotels & Resorts, Inc. Securities Litigation (Case No. 6:04-cv-1231-Orl-31KRS), by agreeing to pay $35 million to a class of people who bought its securities between August 16, 2001 and August 16, 2004, in installments of $3.7 million (paid by January 15, 2007), $15.65 million (2008) and $15.65 million (2009); the defendants denied liability. Quarterly secondary-market averages in 2006 were $16.20, $15.77, $13.61 and $14.50 a share (net of commissions), so a holder who sold in the third quarter received 34% less than the $20.50 deal price (our arithmetic).

CNL Restaurant Properties (CIK 922981) was sold at $20 a share and had 45,248,670 shares in March 2004; a third-party valuation put its fair value at $17.20 at the end of 2003. Its holders had received $9.81 per share in distributions since inception by September 30, 2004. In the merger with U.S. Restaurant Properties, which closed on February 25, 2005 and renamed the company Trustreet Properties (NYSE: TSY), each CNL Restaurant Properties share became 0.7742 of a Trustreet common share plus 0.16 of a share of 7.5% Series C preferred stock ($25 liquidation value, $19.50 conversion price). The merger proxy valued that at $15.71 a share on August 6, 2004 prices and $18.11 on December 22, 2004. Two years later a GE Capital affiliate bought Trustreet for $17.05 in cash per common share (closed February 26, 2007) and the Series C preferred rolled into a matching preferred of the buyer's merger subsidiary. For one original share that is $13.20 in cash (0.7742 x $17.05) plus 0.16 preferred share with $4.00 of liquidation value, $17.20 against $20.00 paid; with the $9.81 of distributions to September 2004, $27.01 (our arithmetic, before Trustreet and preferred dividends after 2004). We did not trace what became of the Series C preferred afterward.

The 18 CNL Income Funds: per-unit outcomes in the 2005 merger

The CNL Income Funds were finite-life Florida limited partnerships formed between 1986 and 1997 to own triple-net leased restaurant properties; at September 30, 2004 they owned 496 restaurant properties in 38 states between them. When they merged into U.S. Restaurant Properties on February 25, 2005 (about $540.0 million in all, about $450.0 million of it in cash), each unit received cash worth roughly 84% of the total and Series A preferred stock ($25 liquidation value) for roughly 16%. The merger proxy printed each fund's numbers: the unit price, distributions paid per unit since inception to September 30, 2004, cash per unit, preferred shares per unit, and the value of the package at December 22, 2004 prices.

The pattern is the mirror image of the REITs: the older the fund, the more it had already paid out. The first fund's unit holders had received $918.91 on a $500 unit before the merger; Fund XVIII's, formed in 1996, had received $5.75 on a $10 unit. At December 22, 2004 prices the package was worth less than the $10 unit price for seven of the ten $10 funds (IX, X, XIII, XV, XVI, XVII and XVIII) and more for XI, XII and XIV (our arithmetic), so for most of them the distributions already received are what carried the investment. The proxy also states that the general partners of each fund took $1.00 each ($18.00 in aggregate) for their interests, with the rest reallocated to limited partners.

The smaller liquidations: CNL Growth Properties, Global Income Trust and CNL Healthcare Properties II

CNL Growth Properties (CIK 1452168, formerly CNL Macquarie Global Growth Trust) raised $208.3 million from October 2009 to April 2014 and invested in 18 properties, 17 of them Class A multifamily development projects. Shares cost $10.00, rising to $10.84 in July 2013 and $11.00 in January 2014. Stock distributions of 0.02 shares per share, compounded quarterly from July 2010 to October 2014, raised the share count of early buyers by up to 40%. Its estimated NAV was $9.90 at the end of 2013 and $10.63 at the end of 2014, then fell as it paid out: special cash distributions of $1.30 (February 2015) and $1.70 (December 2015), liquidating distributions of $2.35 (August 2016), $2.30 (December 2016) and a final $5.35 (October 2017), after the last property was sold on September 29, 2017. That is $13.00 in cash per share, above the $11.41 to $12.39 range in the June 2016 proxy. For a December 2009 investor, counting the extra shares from stock distributions, CNL puts the total at $18.21 per $10 invested. In all the REIT distributed $293.0 million in cash against $208.3 million raised. The December 2016 NAV of $5.01 sat below the $5.35 final payment.

Global Income Trust (CIK 1459241) sold 8,397,467 shares for $83,748,071 against a $10.00 offering price and spent $12,265,815 on offering expenses, 14.6% of the gross (our arithmetic). It declared $0.65 a share a year from 2011 to 2014, an estimated NAV of $7.43 at the end of 2014, and in 2015 sold its three remaining properties for about $93.7 million less assumed loans to Griffin Capital, netting about $38.6 million; the buyer assigned them to Griffin Capital Essential Asset REIT (our Griffin Capital page covers that REIT's own path). Holders received an aggregate $7.01 a share on about December 31, 2015, which includes a direct payment from the advisor, an affiliate of CNL Financial Group, in respect of expenses it had previously been reimbursed. Counting declared distributions from 2010 to 2014 ($2.76) plus the $7.01, a share held from the start returned about $9.77 (our arithmetic).

CNL Healthcare Properties II (CIK 1648383) raised $51.2 million (4.9 million shares) at $10.00 and closed its offering on October 1, 2018. It paid $0.035 a month in cash from July 2015, $0.048 a month from September 2017, all of it return of capital for 2016 to 2018 per the 10-K, and its estimated value was $10.06 and then $9.92 in March 2019, when it suspended distributions from April 1, 2019. It sold its last two properties for about $48.85 million on February 28, 2020 (net cash about $42.1 million) and paid a final liquidating distribution of $9.32 a share, within the $8.80 to $9.83 range in the July 2019 proxy. It is a different company from CNL Healthcare Properties; our CNL Healthcare Properties page covers the larger REIT.

The two BDCs CNL ran with KKR: Corporate Capital Trust I and II

CNL's other public retail business in this period was credit. Corporate Capital Trust (CIK 1494538) began operations on June 17, 2011, was advised by CNL Fund Advisors Company, an affiliate of CNL Financial Group, with KKR as sub-adviser, and closed its continuous offering in October 2016 after selling 143.09 million shares (as adjusted for its reverse split) for $3.44 billion including reinvested distributions. CNL's advisory role ended in November 2017, the same month the BDC listed on the NYSE. On December 19, 2018 it merged into FS KKR Capital Corp. (FSK) at 2.3552 FSK shares per CCT share, about 292.3 million FSK shares in all, a net-asset-value-for-net-asset-value exchange rather than a price. Corporate Capital Trust II (CIK 1617896) began operations on March 1, 2016, was advised by CNL Fund Advisors II until April 8, 2018, and on December 18, 2019 merged into FS KKR Capital Corp. II at 1.1319 FSK II shares per share, based on a closing NAV of $8.33 for CCT II against $7.36 for FSK II. Neither filing gives a dollar total per original share; for what a BDC share is worth, price it at the acquirer's NAV.

Still open: CNL Healthcare Properties, CNL Strategic Capital and CNL Strategic Residential Credit

CNL Healthcare Properties (CIK 1496454) is the largest of the later REITs. It paid a $2.00 special distribution (about $347.9 million) from property sales, set an estimated NAV of $6.64 at December 31, 2024, and signed a merger with Sonida Senior Living on November 4, 2025: $2.32 in cash plus Sonida stock set at $4.58 at signing (an exchange ratio between 0.2015 and 0.1318 depending on Sonida's price), $6.90 in total at signing (our arithmetic). It filed a Form 15 on March 11, 2026 reporting no holders of record. What the shares were worth at closing, the debt, and the offer MacKenzie made are in our CNL Healthcare Properties page; we do not repeat them here.

CNL Strategic Capital, LLC (CIK 1684682) is not a REIT. It began operations on February 7, 2018 and owns stakes in middle-market businesses with Levine Leichtman Strategic Capital as sub-manager. At June 30, 2026 its Class A NAV was $39.14 and members' equity $1,479,902 thousand. Its enhanced liquidity plan failed at a shareholder meeting concluded on May 27, 2026 (20,122,701 votes for, 510,255 against and 925,448 withheld); the vote, the repurchase queue and the credit line are in our CNL Strategic Capital page.

CNL Strategic Residential Credit, Inc. (CIK 2066337) was formed in January 2025, is advised by CNL Residential Credit Manager, LLC (an affiliate of CNL Financial Group, LLC) with Balbec Capital Management as sub-advisor, and sells shares in a private offering to accredited investors. It had raised $26,969,325 by June 30, 2026. It is open only to accredited investors.

The scoreboard: exit value against price paid

Putting the exits side by side shows which programs returned more than they took. “Exit value” is what the filings show a holder receiving at the end, not counting regular distributions paid earlier, which are in the last column where the filings give them. Percentages are our arithmetic.

Three readings follow from the filings, and none requires guessing at motives. Timing dominated. The three programs sold in 2006 and 2007 paid at or above the price (CNL Restaurant Properties after counting distributions); the ones still holding assets in the 2010s sold into a market where, for CNL Lifestyle, the estimated value had already fallen from $7.31 in 2012 to $2.10 in December 2016, before the sale to EPR and Ski Resort Holdings closed. The late payouts landed above the last estimates. CNL Lifestyle's $2.33 beat the proxy's $2.10 to $2.25 and its $0.10 NAV was followed by $0.16; CNL Growth Properties' $13.00 beat the proxy's $11.41 to $12.39 and its $5.01 NAV was followed by $5.35; CNL Healthcare Properties II's $9.32 fell inside its $8.80 to $9.83 range. The insiders' payoffs differed. CNL Hotels paid $84.8 million to buy its advisor; HCP paid 4,378,918 shares for CNL Retirement's advisor on top of the REIT price; CNL Lifestyle's proxy reports no fee or compensation to its advisor or officers from the sale; Global Income Trust's advisor paid stockholders. Whether any of those was good value for holders depends on what the advisor's contract would otherwise have cost, which the filings do not settle.

CNL's real estate programs ended through sale, merger or liquidation rather than through a listing of their own shares; the one CNL-advised vehicle that listed its own shares was the BDC Corporate Capital Trust (NYSE, November 2017). Our listing discount ladder shows what listing has cost holders of other non-traded REITs in the 2020s.

What a holder, heir or former holder can do with this

• Identify the program from the name on the old statement. CNL Lifestyle Properties was formerly CNL Income Properties; CNL Growth Properties was formerly CNL Macquarie Global Growth Trust. Match the name and the CIK in the roll call above before you look anything up; “CNL Healthcare Properties” and “CNL Healthcare Properties II” are different companies.
• CNL Lifestyle holders: nothing in the filings we read describes any payment after December 2017. The company said it would file articles of dissolution effective December 31, 2017, and its Form 15 of January 2, 2018 reported no holders of record. If the April 2017 EPR shares or the December 2017 cash never reached your account, the people with the records are the broker-dealer that sold you the shares and, for direct holders, Computershare, which CNL's December 2017 letter names as the clearing agent that paid for fractional EPR shares. The letter also said 2017 Forms 1099 would come from CNL Lifestyle, Computershare and/or the broker-dealer, with a flyer on how to get cost basis.
• Cost basis and taxes. For CNL Lifestyle, CNL's chart reports that between 28% and 100% of each year's distributions were a return of capital in every year it lists, and none of the distributions in 2011, 2012 and 2014 were taxable income, so a holder's basis was reduced year after year. For the 2006 and 2007 exits (HCP cash and stock, the Morgan Stanley cash deal, Trustreet) the filings state the consideration but a holder's gain or loss depends on purchase date, price and reinvested distributions, which only your own records and 1099s show. The 2017 8-K tells holders to consult a tax advisor, and so do we.
• Secondary-market sellers. If you sold before the exits, the roll call shows the price gap: 32% below the HCP deal for CNL Retirement sellers in Q4 2005, 34% below the $20.50 for CNL Hotels sellers in Q3 2006 and 26% below the $2.33 for CNL Lifestyle sellers in Q4 2016 (our arithmetic, quarterly averages net of commissions). It is context for a decision already made, not a claim against anyone.
• Recoveries. The one investor settlement in the filings we read is the CNL Hotels class action ($35 million, class period August 16, 2001 to August 16, 2004; installments through January 15, 2009). The payment schedule ran through January 15, 2009. CNL Lifestyle's last 10-K reports no pending or threatened proceeding it expected to be material. We did not search court dockets or FINRA records, so this is not a statement that no other claim exists.
• If you hold what the exits paid in: HCP, EPR, FS KKR and Sonida shares are listed securities with their own filings; the filings above give the terms, not today's value. For CNL Healthcare Properties and CNL Strategic Capital holders, read the two pages linked above.

This is analysis of public documents, not investment, legal or tax advice.

FAQ

Sources, read on October 7, 2026: CNL Lifestyle Properties (CIK 1261159) Forms 10-K for 2011 (0001193125-12-123985) and 2016 (0001628280-17-002921), sale 8-Ks of November 2, 2016 (0001193125-16-757301), March 24, 2017 (0001193125-17-095003), April 6, 2017 (0001193125-17-113918), April 12, 2017 (0001193125-17-121239), April 21, 2017 (0001193125-17-131462) and December 11, 2017 with Exhibits 99.1 and 99.2 (0001193125-17-366112), the sale proxy of January 26, 2017 (0001193125-17-019379) and Form 15-12G of January 2, 2018 (0001193125-18-000003); CNL Hotels & Resorts (CIK 1017022) 10-K for 2006 (0000950123-07-004871), proxy of February 22, 2007 (0000950137-07-002641), 8-K of April 10, 2007 (0000950124-07-002107) and Form 15-12B (0000950137-07-005454); CNL Retirement Properties (CIK 1055264) 10-K for 2005 (0001055264-06-000015), the May 4, 2006 8-K (0001193125-06-100513) and June 21, 2006 letter (0001055264-06-000030), with HCP's October 12, 2006 8-K (0001104659-06-066346) and third-quarter 10-Q (0001104659-06-069383); CNL Restaurant Properties (CIK 922981) 10-K for 2003 (0000922981-04-000006) and merger proxy (0001193125-04-221804), with Trustreet's 8-Ks of March 3, 2005 (0001193125-05-041795) and February 26, 2007 (0001193125-07-039634); CNL Growth Properties (CIK 1452168) 10-K for 2016 (0001628280-17-002685) and 8-K of October 18, 2017 with Exhibit 99.1 (0001193125-17-312776); Global Income Trust (CIK 1459241) 10-K for 2014 (0001193125-15-091441) and 8-K of December 17, 2015 (0001193125-15-405948); CNL Healthcare Properties II (CIK 1648383) 10-K for 2018 (0001564590-19-008625) and 8-Ks of March 4 and 23, 2020 (0001193125-20-061365, 0001193125-20-082425); CNL Healthcare Properties (CIK 1496454) 10-K for 2024 (0001496454-25-000005), 8-K of November 5, 2025 (0001193125-25-265833) and Form 15-12G (0001193125-26-102254); CNL Strategic Capital (CIK 1684682) 10-K for 2025 (0001684682-26-000007), 10-Q for June 30, 2026 (0001684682-26-000019) and 8-K of June 2, 2026 (0001999371-26-011900); CNL Strategic Residential Credit (CIK 2066337) 10-K for 2025 (0001999371-26-007206) and 10-Q for June 30, 2026 (0001437749-26-027584); Corporate Capital Trust (CIK 1494538) 8-K of December 19, 2018 (0001387131-18-006847) and merger proxy (0001193125-18-284397); Corporate Capital Trust II (CIK 1617896) 8-K of December 18, 2019 (0001193125-19-317718) and merger proxy (0001193125-19-219327); CNL Hospitality Properties II (CIK 1292905) withdrawal request of May 2005 (0000911420-05-000201). Sums, ratios and percentages marked “our arithmetic” are ours; per-share values of exits are as of each filing, not today's values. This is analysis of public documents, not investment, legal or tax advice.