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Cliffwater LLC

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13F filer, CIK 1659851, MARINA DEL REY, CA

Cliffwater LLC reported $408,723,083 across 19 holdings for the quarter ended 2024-12-31, in a 13F-HR filed 2025-02-14. Its ten largest share positions make up 95.88% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001104659-25-013716

Period
2024-12-31
Reported value
$409M
Holdings
19
Top 10 weight
95.88%
New
2
Sold out
6

Largest buys vs the previous quarter

SecurityShares changeApprox. value
VTHRadded+61,414$16M
TOSTnew+3,197$117K
NUnew+5,472$56.7K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
ACWXreduced-306,768-$16M
MSDLreduced-678,014-$14M
VTIreduced-1,166-$338K
TSLXexited-8,501-$175K
NMFCexited-12,057-$144K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2024

Share positions as resolved from 13F-HR 0001104659-25-013716, largest first. % of portfolio is the value over $408,723,083, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
VTIVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 351,962 shares; 2024Q4: 350,796 shares 350,796$102M24.87%-1,166Timeline
VTHRVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 200,672 shares; 2024Q4: 262,086 shares 262,086$68.1M16.66%+61,414Timeline
ACWXISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,405,445 shares; 2024Q4: 1,098,677 shares 1,098,677$57.3M14.02%-306,768Timeline
VGITVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 767,859 shares; 2024Q4: 767,859 shares 767,859$44.5M10.9%0Timeline
VEAVANGUARD TAX-MANAGED FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 775,030 shares; 2024Q4: 774,022 shares 774,022$37M9.06%-1,008Timeline
MSDLMORGAN STANLEY DIRECT LENDINQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,124,028 shares; 2024Q4: 1,446,014 shares 1,446,014$29.9M7.31%-678,014Timeline
FBRTFRANKLIN BSP RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,196,171 shares; 2024Q4: 2,196,171 shares 2,196,171$27.5M6.74%0Timeline
VWOVANGUARD INTL EQUITY INDEX FQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 210,943 shares; 2024Q4: 209,303 shares 209,303$9.22M2.26%-1,640Timeline
CVBFCVB FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 412,247 shares; 2024Q4: 412,247 shares 412,247$8.83M2.16%0Timeline
VCSHVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,955 shares; 2024Q4: 100,189 shares 100,189$7.82M1.91%-766Timeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,204 shares; 2024Q4: 12,204 shares 12,204$7.15M1.75%0Timeline
VNQVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,923 shares; 2024Q4: 69,923 shares 69,923$6.23M1.52%0Timeline
EEMISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 40,400 shares; 2024Q4: 40,400 shares 40,400$1.69M0.41%0Timeline
BBDCBARINGS BDC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 119,607 shares; 2024Q4: 119,607 shares 119,607$1.14M0.28%0Timeline
IWMISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,213 shares; 2024Q4: 1,213 shares 1,213$268K0.07%0Timeline
BKLNINVESCO EXCH TRADED FD TR IIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,902 shares; 2024Q4: 5,902 shares 5,902$124K0.03%0Timeline
TOSTTOAST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 3,197 shares 3,197$117K0.03%newTimeline
IEFAISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,036 shares; 2024Q4: 1,036 shares 1,036$72.8K0.02%0Timeline
NUNU HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 5,472 shares 5,472$56.7K0.01%newTimeline

Sold out in Q4 2024

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
TSLXSIXTH STREET SPECIALTY LENDI8,501$175Kshares
NMFCNEW MTN FIN CORP12,057$144Kshares
BXSLBLACKSTONE SECD LENDING FD4,135$121Kshares
OBDCBLUE OWL CAPITAL CORPORATION8,298$121Kshares
OCSLOAKTREE SPECIALTY LENDING4,154$67.8Kshares
SCMSTELLUS CAP INVT CORP981$13.3Kshares

How Q4 2024 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001104659-25-013716 base2025-02-14acceptance time not in the bulk data set