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Cliffwater LLC

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

Cliffwater LLC reported $486,327,395 across 24 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-13. Its ten largest share positions make up 94.6% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001104659-25-077496

Period
2025-06-30
Reported value
$486M
Holdings
24
Top 10 weight
94.6%
New
4
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
OTFnew+6,678,147$102M
CGBDnew+548,617$7.51M
CVNAnew+1,865$628K
PAYnew+3,789$124K
TOSTadded+1,279$56.6K

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
FBRTreduced-1,173,383-$12.5M
VTHRreduced-26,150-$7.13M
MSDLexited-242,195-$4.83M
VGITreduced-57,772-$3.46M
ACWXreduced-50,056-$3.05M

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, Q2 2025

Share positions as resolved from 13F-HR 0001104659-25-077496, largest first. % of portfolio is the value over $486,327,395, 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; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 351,962 shares; 2024Q4: 350,796 shares; 2025Q1: 350,519 shares; 2025Q2: 350,195 shares 350,195$106M21.89%-324Timeline
OTFBLUE OWL TECHNOLOGY FIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 6,678,147 shares 6,678,147$102M20.94%newTimeline
VTHRVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 200,672 shares; 2024Q4: 262,086 shares; 2025Q1: 262,086 shares; 2025Q2: 235,936 shares 235,936$64.4M13.23%-26,150Timeline
ACWXISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,405,445 shares; 2024Q4: 1,098,677 shares; 2025Q1: 1,098,677 shares; 2025Q2: 1,048,621 shares 1,048,621$63.9M13.14%-50,056Timeline
VEAVANGUARD TAX-MANAGED FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 775,030 shares; 2024Q4: 774,022 shares; 2025Q1: 773,638 shares; 2025Q2: 771,122 shares 771,122$44M9.04%-2,516Timeline
VGITVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 767,859 shares; 2024Q4: 767,859 shares; 2025Q1: 767,859 shares; 2025Q2: 710,087 shares 710,087$42.5M8.73%-57,772Timeline
FBRTFRANKLIN BSP RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,196,171 shares; 2024Q4: 2,196,171 shares; 2025Q1: 2,196,171 shares; 2025Q2: 1,022,788 shares 1,022,788$10.9M2.25%-1,173,383Timeline
VWOVANGUARD INTL EQUITY INDEX FQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 210,943 shares; 2024Q4: 209,303 shares; 2025Q1: 209,303 shares; 2025Q2: 208,613 shares 208,613$10.3M2.12%-690Timeline
CVBFCVB FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 412,247 shares; 2024Q4: 412,247 shares; 2025Q1: 412,247 shares; 2025Q2: 412,247 shares 412,247$8.16M1.68%0Timeline
VCSHVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,955 shares; 2024Q4: 100,189 shares; 2025Q1: 99,427 shares; 2025Q2: 96,812 shares 96,812$7.7M1.58%-2,615Timeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,204 shares; 2024Q4: 12,204 shares; 2025Q1: 12,204 shares; 2025Q2: 12,204 shares 12,204$7.54M1.55%0Timeline
CGBDCARLYLE SECURED LENDING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 548,617 shares 548,617$7.51M1.54%newTimeline
VNQVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,923 shares; 2024Q4: 69,923 shares; 2025Q1: 69,923 shares; 2025Q2: 69,923 shares 69,923$6.23M1.28%0Timeline
EEMISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 40,400 shares; 2024Q4: 40,400 shares; 2025Q1: 40,400 shares; 2025Q2: 40,400 shares 40,400$1.95M0.4%0Timeline
BBDCBARINGS BDC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 119,607 shares; 2024Q4: 119,607 shares; 2025Q1: 126,753 shares; 2025Q2: 126,753 shares 126,753$1.16M0.24%0Timeline
CVNACARVANA COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,865 shares 1,865$628K0.13%newTimeline
RBRKRUBRIK INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 3,184 shares; 2025Q2: 3,184 shares 3,184$285K0.06%0Timeline
IWMISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,213 shares; 2024Q4: 1,213 shares; 2025Q1: 1,213 shares; 2025Q2: 1,213 shares 1,213$262K0.05%0Timeline
TOSTTOAST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 3,197 shares; 2025Q1: 3,197 shares; 2025Q2: 4,476 shares 4,476$198K0.04%+1,279Timeline
PAYPAYMENTUS HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,789 shares 3,789$124K0.03%newTimeline
BKLNINVESCO EXCH TRADED FD TR IIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,902 shares; 2024Q4: 5,902 shares; 2025Q1: 5,902 shares; 2025Q2: 5,902 shares 5,902$123K0.03%0Timeline
OSCROSCAR HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 4,431 shares; 2025Q2: 4,431 shares 4,431$95K0.02%0Timeline
IEFAISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,036 shares; 2024Q4: 1,036 shares; 2025Q1: 1,036 shares; 2025Q2: 1,036 shares 1,036$86.5K0.02%0Timeline
NUNU HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 5,472 shares; 2025Q1: 5,472 shares; 2025Q2: 5,472 shares 5,472$75.1K0.02%0Timeline

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
MSDLMORGAN STANLEY DIRECT LENDIN242,195$4.83Mshares
TEMTEMPUS AI INC13,824$667Kshares
TECXTECTONIC THERAPEUTIC INC15,369$272Kshares

How Q2 2025 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 0001104659-25-077496 base2025-08-13acceptance time not in the bulk data set