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Cliffwater LLC

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

Cliffwater LLC reported $476,389,762 across 22 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-12. Its ten largest share positions make up 97.01% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001104659-26-014313

Period
2025-12-31
Reported value
$476M
Holdings
22
Top 10 weight
97.01%
New
0
Sold out
0

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TOSTadded+5,115$182K
NUadded+4,013$67.2K

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
VTHRreduced-30,433-$9.14M
VTIreduced-4,086-$1.37M
OTFreduced-15,000-$218K

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 2025

Share positions as resolved from 13F-HR 0001104659-26-014313, largest first. % of portfolio is the value over $476,389,762, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 351,962 shares; 2024Q4: 350,796 shares; 2025Q1: 350,519 shares; 2025Q2: 350,195 shares; 2025Q3: 348,104 shares; 2025Q4: 344,018 shares 344,018$115M24.21%-4,086Timeline
OTFBLUE OWL TECHNOLOGY FIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 6,678,147 shares; 2025Q3: 5,923,955 shares; 2025Q4: 5,908,955 shares 5,908,955$85.9M18.03%-15,000Timeline
ACWXISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,405,445 shares; 2024Q4: 1,098,677 shares; 2025Q1: 1,098,677 shares; 2025Q2: 1,048,621 shares; 2025Q3: 1,048,621 shares; 2025Q4: 1,048,621 shares 1,048,621$70.4M14.78%0Timeline
VTHRVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 200,672 shares; 2024Q4: 262,086 shares; 2025Q1: 262,086 shares; 2025Q2: 235,936 shares; 2025Q3: 235,936 shares; 2025Q4: 205,503 shares 205,503$61.7M12.96%-30,433Timeline
VEAVANGUARD TAX-MANAGED FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 775,030 shares; 2024Q4: 774,022 shares; 2025Q1: 773,638 shares; 2025Q2: 771,122 shares; 2025Q3: 770,181 shares; 2025Q4: 770,181 shares 770,181$48.1M10.1%0Timeline
VGITVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 767,859 shares; 2024Q4: 767,859 shares; 2025Q1: 767,859 shares; 2025Q2: 710,087 shares; 2025Q3: 772,030 shares; 2025Q4: 772,030 shares 772,030$46.3M9.71%0Timeline
VWOVANGUARD INTL EQUITY INDEX FQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 210,943 shares; 2024Q4: 209,303 shares; 2025Q1: 209,303 shares; 2025Q2: 208,613 shares; 2025Q3: 208,320 shares; 2025Q4: 208,320 shares 208,320$11.2M2.35%0Timeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,204 shares; 2024Q4: 12,204 shares; 2025Q1: 12,204 shares; 2025Q2: 12,204 shares; 2025Q3: 12,204 shares; 2025Q4: 12,204 shares 12,204$8.32M1.75%0Timeline
CVBFCVB FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 412,247 shares; 2024Q4: 412,247 shares; 2025Q1: 412,247 shares; 2025Q2: 412,247 shares; 2025Q3: 412,247 shares; 2025Q4: 412,247 shares 412,247$7.67M1.61%0Timeline
VCSHVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,955 shares; 2024Q4: 100,189 shares; 2025Q1: 99,427 shares; 2025Q2: 96,812 shares; 2025Q3: 90,207 shares; 2025Q4: 90,207 shares 90,207$7.19M1.51%0Timeline
VNQVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,923 shares; 2024Q4: 69,923 shares; 2025Q1: 69,923 shares; 2025Q2: 69,923 shares; 2025Q3: 69,923 shares; 2025Q4: 69,923 shares 69,923$6.19M1.3%0Timeline
CGBDCARLYLE SECURED LENDING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 548,617 shares; 2025Q3: 207,319 shares; 2025Q4: 207,319 shares 207,319$2.59M0.54%0Timeline
EEMISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 40,400 shares; 2024Q4: 40,400 shares; 2025Q1: 40,400 shares; 2025Q2: 40,400 shares; 2025Q3: 40,400 shares; 2025Q4: 40,400 shares 40,400$2.21M0.46%0Timeline
BBDCBARINGS BDC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 119,607 shares; 2024Q4: 119,607 shares; 2025Q1: 126,753 shares; 2025Q2: 126,753 shares; 2025Q3: 126,753 shares; 2025Q4: 126,753 shares 126,753$1.16M0.24%0Timeline
CVNACARVANA COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,865 shares; 2025Q3: 1,865 shares; 2025Q4: 1,865 shares 1,865$787K0.17%0Timeline
TOSTTOAST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 3,197 shares; 2025Q1: 3,197 shares; 2025Q2: 4,476 shares; 2025Q3: 4,476 shares; 2025Q4: 9,591 shares 9,591$341K0.07%+5,115Timeline
IWMISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,213 shares; 2024Q4: 1,213 shares; 2025Q1: 1,213 shares; 2025Q2: 1,213 shares; 2025Q3: 1,213 shares; 2025Q4: 1,213 shares 1,213$299K0.06%0Timeline
RBRKRUBRIK INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 3,184 shares; 2025Q2: 3,184 shares; 2025Q3: 3,184 shares; 2025Q4: 3,184 shares 3,184$244K0.05%0Timeline
NUNU HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 5,472 shares; 2025Q1: 5,472 shares; 2025Q2: 5,472 shares; 2025Q3: 5,472 shares; 2025Q4: 9,485 shares 9,485$159K0.03%+4,013Timeline
BKLNINVESCO EXCH TRADED FD TR IIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,902 shares; 2024Q4: 5,902 shares; 2025Q1: 5,902 shares; 2025Q2: 5,902 shares; 2025Q3: 5,902 shares; 2025Q4: 5,902 shares 5,902$124K0.03%0Timeline
IEFAISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,036 shares; 2024Q4: 1,036 shares; 2025Q1: 1,036 shares; 2025Q2: 1,036 shares; 2025Q3: 1,036 shares; 2025Q4: 1,036 shares 1,036$92.7K0.02%0Timeline
OSCROSCAR HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 4,431 shares; 2025Q2: 4,431 shares; 2025Q3: 4,431 shares; 2025Q4: 4,431 shares 4,431$63.7K0.01%0Timeline

How Q4 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 0001104659-26-014313 base2026-02-12acceptance time not in the bulk data set