Cliffwater LLC's SEC 13F Portfolio ($377.4M)

Sector-focusedQuality / disciplined sizingConcentrated strategy

Total reported value

$377.4M

Reporting period: 2026-03-31 · Number of holdings: 20

Cliffwater LLC disclosed 20 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $377.4M and a quarterly turnover rate of 24.0%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "C"

Personality snowflake

Concentration: 68.5
Portfolio Stability: 24.01
Momentum/Contrarian: 50
Sector conviction: 100
Diversification: 40
Sizing Uniformity: 84.02

Recent moves

Add VTI
-6.5%　-$12.2M
Add VEA
0.0%　$1.2M
Add VTHR
0.0%　-$2.6M
Add VGIT
0.0%　-$293.4K
Add OTF
0.0%　-$12.7M
Add VWO
0.0%　$60.4K

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	VTI	Vanguard Total Stock Mkt ETF	ETF-Other	27.34%	+3.13%	-6.51%
2	OTF	Blue Owl Technology Finance	Stock-Other	19.40%	+1.37%	—
3	VTHR	Vanguard Russell 3000	ETF-Other	15.66%	+2.70%	—
4	VEA	Vanguard Ftse Developed ETF	ETF-Other	13.08%	+2.98%	—
5	VGIT	Vanguard Intermediate-term T	ETF-Other	12.18%	+2.47%	—
6	VWO	Vanguard Ftse Emerging Marke	ETF-Emerging Markets	2.98%	+0.63%	—
7	CVBF	Cvb Financial CORP	Stock-Other	2.12%	+0.51%	—
8	VCSH	Vanguard S/t CORP Bond ETF	ETF-Corp Bonds	1.88%	+0.37%	-0.77%
9	SPY	Ss Spdr S&p 500 ETF Trust-us	ETF-Large Cap & Growth	1.85%	+0.10%	-11.90%
10	VNQ	Vanguard Real Estate ETF	ETF-Other	1.64%	+0.34%	—
11	EEM	Ishares Msci Emerging Market	ETF-Emerging Markets	0.61%	+0.15%	—
12	CGBD	Carlyle Secured Lending INC	Stock-Other	0.60%	+0.06%	—
13	BBDC	Barings Bdc INC	Stock-Other	0.28%	+0.04%	—
14	CVNA	Carvana Co	Stock-Consumer Disc	0.16%	-0.01%	—
15	TOST	Toast Inc-class A	Stock-Tech	0.07%	—	—
16	RBRK	Rubrik Inc-a	Stock-Tech	0.04%	-0.01%	—
17	NU	Nu Holdings Ltd.	Stock-Financials	0.04%	+0.01%	—
18	BKLN	Invesco Senior Loan ETF	ETF-Other	0.03%	—	—
19	IEFA	Ishares Core Msci Eafe ETF	ETF-Other	0.02%	—	—
20	OSCR	Oscar Health INC - Class A	Stock-Healthcare	0.01%	—	—

Portfolio Performance

Performance for Q3 2026

+2.5%

Performance Last 4 Quarters

+19.4%

Based on 53% of reported portfolio value with available pricing

Stdev: +9.9%
Beta: +0.64
Alpha: +0.9%
Max Drawdown: -5.8%
Annualized Perf: +13%
Batting Avg vs S&P: +36.1%
Sortino: +2.41
Stutzer: +0.37
Treynor: +0.2
Sterling: +0.88
Calmar: +2.24
Information Ratio: -0.8
Tracking Error: +7.1%
Stdev Down: +5.3%
Winning Months %: +69.4%
Losing Months %: +30.6%
Best 12 Months: +23.8%
Worst 12 Months: +5.7%
Efficiency Ratio: +0.49
Sharpe: +1.28
Stdev Sectors: +18.1%
Skewness: -0.16
Kurtosis: -0.2
Upside Potential: +4.07

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	20	$377.4M	24	1VTI 2OTF 3VTHR Top holdings2026-03-31 1.VTI 2.OTF 3.VTHR 4.VEA 5.VGIT 6.VWO 7.CVBF 8.VCSH 9.SPY 10.VNQ
2025-12-31	22	$476.4M	4	1VTI 2OTF 3ACWX Top holdings2025-12-31 1.VTI 2.OTF 3.ACWX 4.VTHR 5.VEA 6.VGIT 7.VWO 8.SPY 9.CVBF 10.VCSH
2025-09-30	22	$474.7M	34	1VTI 2OTF 3VTHR Top holdings2025-09-30 1.VTI 2.OTF 3.VTHR 4.ACWX 5.VGIT 6.VEA 7.VWO 8.SPY 9.CVBF 10.VCSH
2025-06-30	24	$486.3M	0	1VTI 2OTF 3VTHR Top holdings2025-06-30 1.VTI 2.OTF 3.VTHR 4.ACWX 5.VEA 6.VGIT 7.FBRT 8.VWO 9.CVBF 10.VCSH
2025-03-31	23	$382.5M	100	1VTI 2VTHR 3ACWX Top holdings2025-03-31 1.VTI 2.VTHR 3.ACWX 4.VGIT 5.VEA 6.FBRT 7.VWO 8.VCSH 9.CVBF 10.SPY
2024-12-31	19	$408.7M	0	1VTI 2VTHR 3ACWX Top holdings2024-12-31 1.VTI 2.VTHR 3.ACWX 4.VGIT 5.VEA 6.MSDL 7.FBRT 8.VWO 9.CVBF 10.VCSH
2024-09-30	23	$432.4M	0	1VTI 2ACWX 3VTHR Top holdings2024-09-30 1.VTI 2.ACWX 3.VTHR 4.VGIT 5.MSDL 6.VEA 7.FBRT 8.VWO 9.VCSH 10.CVBF
2024-06-30	26	$467.3M	0	1VTI 2ACWX 3VTHR Top holdings2024-06-30 1.VTI 2.ACWX 3.VTHR 4.MSDL 5.VGIT 6.VEA 7.FBRT 8.ARCC 9.VWO 10.TSLX
2024-03-31	25	$371.0M	0	1VTI 2MSDL 3VGIT Top holdings2024-03-31 1.VTI 2.MSDL 3.VGIT 4.VEA 5.FBRT 6.VTHR 7.TSLX 8.ARCC 9.VWO 10.VCSH
2023-12-31	23	$349.7M	0	1VTI 2VGIT 3VEA Top holdings2023-12-31 1.VTI 2.VGIT 3.VEA 4.FBRT 5.TSLX 6.ARCC 7.VTHR 8.OBDC 9.GBDC 10.NMFC
2023-09-30	26	$305.3M	0	1VTI 2VEA 3FBRT Top holdings2023-09-30 1.VTI 2.VEA 3.FBRT 4.TSLX 5.VTHR 6.ARCC 7.OBDC 8.GBDC 9.NMFC 10.VWO
2023-06-30	26	$304.6M	0	1VTI 2VEA 3FBRT Top holdings2023-06-30 1.VTI 2.VEA 3.FBRT 4.VTHR 5.TSLX 6.ARCC 7.OBDC 8.GBDC 9.NMFC 10.VCSH
2023-03-31	26	$312.5M	0	1VTI 2VEA 3FBRT Top holdings2023-03-31 1.VTI 2.VEA 3.FBRT 4.VTHR 5.TSLX 6.ARCC 7.OBDC 8.GBDC 9.NMFC 10.BBDC
2022-12-31	26	$355.0M	0	1VTI 2VEA 3FBRT Top holdings2022-12-31 1.VTI 2.VEA 3.FBRT 4.ARCC 5.NMFC 6.VTHR 7.TSLX 8.GBDC 9.TCPC 10.OBDC
2022-09-30	25	$296.1M	0	1VTI 2VEA 3VTHR Top holdings2022-09-30 1.VTI 2.VEA 3.VTHR 4.NMFC 5.ARCC 6.GBDC 7.TSLX 8.TCPC 9.BBDC 10.OBDC
2022-06-30	25	$309.7M	0	1VTI 2VEA 3VTHR Top holdings2022-06-30 1.VTI 2.VEA 3.VTHR 4.ARCC 5.OBDC 6.TCPC 7.NMFC 8.BBDC 9.GBDC 10.TSLX
2022-03-31	25	$381.2M	0	1VTI 2VEA 3VTHR Top holdings2022-03-31 1.VTI 2.VEA 3.VTHR 4.OBDC 5.NMFC 6.TSLX 7.TCPC 8.ARCC 9.GBDC 10.BBDC
2021-12-31	25	$384.9M	0	1VTI 2VEA 3ARCC Top holdings2021-12-31 1.VTI 2.VEA 3.ARCC 4.VTHR 5.OBDC 6.GBDC 7.TSLX 8.NMFC 9.TCPC 10.BBDC
2021-09-30	24	$381.1M	0	1VTI 2VEA 3VTHR Top holdings2021-09-30 1.VTI 2.VEA 3.VTHR 4.NMFC 5.ARCC 6.TSLX 7.GBDC 8.OBDC 9.TCPC 10.VCSH
2021-06-30	24	$379.6M	100	1VTI 2VEA 3VTHR Top holdings2021-06-30 1.VTI 2.VEA 3.VTHR 4.NMFC 5.TSLX 6.ARCC 7.OBDC 8.TCPC 9.GBDC 10.VCSH
2021-03-31	24	$419.8M	23	1VEA 2VTI 3NMFC Top holdings2021-03-31 1.VEA 2.VTI 3.NMFC 4.TCPC 5.ARCC 6.GBDC 7.OBDC 8.TSLX 9.VTHR 10.VCSH
2020-12-31	24	$463.4M	33	1VTI 2VEA 3TSLX Top holdings2020-12-31 1.VTI 2.VEA 3.TSLX 4.GBDC 5.ARCC 6.NMFC 7.TCPC 8.VTHR 9.OBDC 10.VCSH
2020-09-30	24	$335.5M	15	1VEA 2VTI 3VCSH Top holdings2020-09-30 1.VEA 2.VTI 3.VCSH 4.ARCC 5.GBDC 6.TSLX 7.NMFC 8.VTHR 9.OBDC 10.TCPC
2020-06-30	23	$293.9M	34	1VEA 2VTI 3GBDC Top holdings2020-06-30 1.VEA 2.VTI 3.GBDC 4.VCSH 5.ARCC 6.NMFC 7.OBDC 8.TSLX 9.TCPC 10.VWO
2020-03-31	22	$226.3M	31	1VEA 2VTI 3VCSH Top holdings2020-03-31 1.VEA 2.VTI 3.VCSH 4.GBDC 5.OBDC 6.ARCC 7.TSLXUSD 8.VWO 9.NMFC 10.CVBF
2019-12-31	22	$303.2M	27	1VTI 2VEA 3GBDC Top holdings2019-12-31 1.VTI 2.VEA 3.GBDC 4.VCSH 5.CVBF 6.ARCC 7.TSLXUSD 8.OBDC 9.NMFC 10.TCPC
2019-09-30	21	$256.0M	49	1VTI 2VEA 3CVBF Top holdings2019-09-30 1.VTI 2.VEA 3.CVBF 4.VCSH 5.ARCC 6.GBDC 7.TSLXUSD 8.NMFC 9.OBDC 10.TCPC
2019-06-30	20	$288.1M	27	1CVBF 2VEA 3VTI Top holdings2019-06-30 1.CVBF 2.VEA 3.VTI 4.ARCC 5.NMFC 6.GBDC 7.TSLXUSD 8.TCPC 9.VCSH 10.SPY
2019-03-31	18	$338.7M	20	1CVBF 2VTI 3VEA Top holdings2019-03-31 1.CVBF 2.VTI 3.VEA 4.TSLXUSD 5.ARCC 6.NMFC 7.TCPC 8.GBDC 9.SPY 10.VCSH
2018-12-31	20	$296.7M	27	1CVBF 2VEA 3VTI Top holdings2018-12-31 1.CVBF 2.VEA 3.VTI 4.ARCC 5.TSLXUSD 6.TCPC 7.NMFC 8.GBDC 9.SPY 10.VCSH
2018-09-30	20	$247.5M	84	1CVBF 2VEA 3VTI Top holdings2018-09-30 1.CVBF 2.VEA 3.VTI 4.TSLXUSD 5.ARCC 6.SPY 7.GBDC 8.NMFC 9.TCPC 10.VCSH
2018-06-30	19	$115.7M	3	1VEA 2VTI 3VCSH Top holdings2018-06-30 1.VEA 2.VTI 3.VCSH 4.SPY 5.ARCC 6.IWM 7.GBDC 8.87238Q 9.NMFC 10.TSLXUSD
2018-03-31	19	$114.6M	3	1VEA 2VTI 3VCSH Top holdings2018-03-31 1.VEA 2.VTI 3.VCSH 4.SPY 5.ARCC 6.GBDC 7.87238Q 8.TSLXUSD 9.IWM 10.NMFC
2017-12-31	19	$115.4M	—	1VEA 2VTI 3VCSH Top holdings2017-12-31 1.VEA 2.VTI 3.VCSH 4.SPY 5.ARCC 6.TSLXUSD 7.87238Q 8.NMFC 9.GBDC 10.IWM

Holding changes this quarter

Cliffwater LLC's most significant position changes for 2026-03-31: Sold out: Ishares Msci Acwi Ex US ETF (ACWX); Sold out: Ishares Russell 2000 ETF (IWM); Trim: Vanguard Total Stock Mkt ETF (VTI) — shares -6.51%; Trim: Vanguard S/t CORP Bond ETF (VCSH) — shares -0.77%; Trim: Ss Spdr S&p 500 ETF Trust-us (SPY) — shares -11.90%.

Position changes disclosed by Cliffwater LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	VTI	Vanguard Total Stock Mkt ETF	+3.1%	-6.51%	Trim
2	VEA	Vanguard Ftse Developed ETF	+3%	—	Unchanged
3	VTHR	Vanguard Russell 3000	+2.7%	—	Unchanged
4	VGIT	Vanguard Intermediate-term T	+2.5%	—	Unchanged
5	OTF	Blue Owl Technology Finance	+1.4%	—	Unchanged
6	VWO	Vanguard Ftse Emerging Marke	+0.6%	—	Unchanged
7	CVBF	Cvb Financial CORP	+0.5%	—	Unchanged
8	VCSH	Vanguard S/t CORP Bond ETF	+0.4%	-0.77%	Trim
9	VNQ	Vanguard Real Estate ETF	+0.3%	—	Unchanged
10	EEM	Ishares Msci Emerging Market	+0.2%	—	Unchanged
11	SPY	Ss Spdr S&p 500 ETF Trust-us	+0.1%	-11.90%	Trim
12	CGBD	Carlyle Secured Lending INC	+0.1%	—	Unchanged
13	BBDC	Barings Bdc INC	0%	—	Unchanged
14	NU	Nu Holdings Ltd.	0%	—	Unchanged
15	TOST	Toast Inc-class A	—	—	Unchanged
16	OSCR	Oscar Health INC - Class A	—	—	Unchanged
17	BKLN	Invesco Senior Loan ETF	—	—	Unchanged
18	IEFA	Ishares Core Msci Eafe ETF	—	—	Unchanged
19	CVNA	Carvana Co	0%	—	Unchanged
20	RBRK	Rubrik Inc-a	0%	—	Unchanged
21	ACWX	Ishares Msci Acwi Ex US ETF	—	EXIT	Sold out
22	IWM	Ishares Russell 2000 ETF	—	EXIT	Sold out

FAQ

What is Cliffwater LLC and what type of investor is it?

Cliffwater LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $377.4M, spread across 20 disclosed positions.

What are Cliffwater LLC's largest equity positions?

Based on the latest 13F filing, Cliffwater LLC's top holdings by market value are: 1. Vanguard Total Stock Mkt ETF (VTI) — $103.2M (27.3%) 2. Blue Owl Technology Finance (OTF) — $73.2M (19.4%) 3. Vanguard Russell 3000 (VTHR) — $59.1M (15.7%) 4. Vanguard Ftse Developed ETF (VEA) — $49.4M (13.1%) 5. Vanguard Intermediate-term T (VGIT) — $46.0M (12.2%)

What changes did Cliffwater LLC make in its most recent portfolio filing?

In the latest quarter, Cliffwater LLC took a more defensive posture — trimming 3 positions and completely exiting 2 holdings. The largest of these moves: Sold out: Ishares Msci Acwi Ex US ETF (ACWX); Sold out: Ishares Russell 2000 ETF (IWM); Trim: Vanguard Total Stock Mkt ETF (VTI) — shares -6.51%; Trim: Vanguard S/t CORP Bond ETF (VCSH) — shares -0.77%; Trim: Ss Spdr S&p 500 ETF Trust-us (SPY) — shares -11.90%

What sectors does Cliffwater LLC focus on?

Cliffwater LLC is concentrated in the following sectors based on its current disclosed equity portfolio: • Consumer Discretionary: 49.5% • Information Technology: 34.6% • Financials: 11.5% • Health Care: 4.3%

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Cliffwater LLC's SEC 13F Portfolio ($377.4M)

Sector-focusedQuality / disciplined sizingConcentrated strategy

Total reported value

$377.4M

Reporting period: 2026-03-31 · Number of holdings: 20

Cliffwater LLC disclosed 20 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $377.4M and a quarterly turnover rate of 24.0%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "C"

Personality snowflake

Concentration: 68.5
Portfolio Stability: 24.01
Momentum/Contrarian: 50
Sector conviction: 100
Diversification: 40
Sizing Uniformity: 84.02

Recent moves

Add VTI
-6.5%　-$12.2M
Add VEA
0.0%　$1.2M
Add VTHR
0.0%　-$2.6M
Add VGIT
0.0%　-$293.4K
Add OTF
0.0%　-$12.7M
Add VWO
0.0%　$60.4K

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	VTI	Vanguard Total Stock Mkt ETF	ETF-Other	27.34%	+3.13%	-6.51%
2	OTF	Blue Owl Technology Finance	Stock-Other	19.40%	+1.37%	—
3	VTHR	Vanguard Russell 3000	ETF-Other	15.66%	+2.70%	—
4	VEA	Vanguard Ftse Developed ETF	ETF-Other	13.08%	+2.98%	—
5	VGIT	Vanguard Intermediate-term T	ETF-Other	12.18%	+2.47%	—
6	VWO	Vanguard Ftse Emerging Marke	ETF-Emerging Markets	2.98%	+0.63%	—
7	CVBF	Cvb Financial CORP	Stock-Other	2.12%	+0.51%	—
8	VCSH	Vanguard S/t CORP Bond ETF	ETF-Corp Bonds	1.88%	+0.37%	-0.77%
9	SPY	Ss Spdr S&p 500 ETF Trust-us	ETF-Large Cap & Growth	1.85%	+0.10%	-11.90%
10	VNQ	Vanguard Real Estate ETF	ETF-Other	1.64%	+0.34%	—
11	EEM	Ishares Msci Emerging Market	ETF-Emerging Markets	0.61%	+0.15%	—
12	CGBD	Carlyle Secured Lending INC	Stock-Other	0.60%	+0.06%	—
13	BBDC	Barings Bdc INC	Stock-Other	0.28%	+0.04%	—
14	CVNA	Carvana Co	Stock-Consumer Disc	0.16%	-0.01%	—
15	TOST	Toast Inc-class A	Stock-Tech	0.07%	—	—
16	RBRK	Rubrik Inc-a	Stock-Tech	0.04%	-0.01%	—
17	NU	Nu Holdings Ltd.	Stock-Financials	0.04%	+0.01%	—
18	BKLN	Invesco Senior Loan ETF	ETF-Other	0.03%	—	—
19	IEFA	Ishares Core Msci Eafe ETF	ETF-Other	0.02%	—	—
20	OSCR	Oscar Health INC - Class A	Stock-Healthcare	0.01%	—	—

Portfolio Performance

Performance for Q3 2026

+2.5%

Performance Last 4 Quarters

+19.4%

Based on 53% of reported portfolio value with available pricing

Stdev: +9.9%
Beta: +0.64
Alpha: +0.9%
Max Drawdown: -5.8%
Annualized Perf: +13%
Batting Avg vs S&P: +36.1%
Sortino: +2.41
Stutzer: +0.37
Treynor: +0.2
Sterling: +0.88
Calmar: +2.24
Information Ratio: -0.8
Tracking Error: +7.1%
Stdev Down: +5.3%
Winning Months %: +69.4%
Losing Months %: +30.6%
Best 12 Months: +23.8%
Worst 12 Months: +5.7%
Efficiency Ratio: +0.49
Sharpe: +1.28
Stdev Sectors: +18.1%
Skewness: -0.16
Kurtosis: -0.2
Upside Potential: +4.07

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	20	$377.4M	24	1VTI 2OTF 3VTHR Top holdings2026-03-31 1.VTI 2.OTF 3.VTHR 4.VEA 5.VGIT 6.VWO 7.CVBF 8.VCSH 9.SPY 10.VNQ
2025-12-31	22	$476.4M	4	1VTI 2OTF 3ACWX Top holdings2025-12-31 1.VTI 2.OTF 3.ACWX 4.VTHR 5.VEA 6.VGIT 7.VWO 8.SPY 9.CVBF 10.VCSH
2025-09-30	22	$474.7M	34	1VTI 2OTF 3VTHR Top holdings2025-09-30 1.VTI 2.OTF 3.VTHR 4.ACWX 5.VGIT 6.VEA 7.VWO 8.SPY 9.CVBF 10.VCSH
2025-06-30	24	$486.3M	0	1VTI 2OTF 3VTHR Top holdings2025-06-30 1.VTI 2.OTF 3.VTHR 4.ACWX 5.VEA 6.VGIT 7.FBRT 8.VWO 9.CVBF 10.VCSH
2025-03-31	23	$382.5M	100	1VTI 2VTHR 3ACWX Top holdings2025-03-31 1.VTI 2.VTHR 3.ACWX 4.VGIT 5.VEA 6.FBRT 7.VWO 8.VCSH 9.CVBF 10.SPY
2024-12-31	19	$408.7M	0	1VTI 2VTHR 3ACWX Top holdings2024-12-31 1.VTI 2.VTHR 3.ACWX 4.VGIT 5.VEA 6.MSDL 7.FBRT 8.VWO 9.CVBF 10.VCSH
2024-09-30	23	$432.4M	0	1VTI 2ACWX 3VTHR Top holdings2024-09-30 1.VTI 2.ACWX 3.VTHR 4.VGIT 5.MSDL 6.VEA 7.FBRT 8.VWO 9.VCSH 10.CVBF
2024-06-30	26	$467.3M	0	1VTI 2ACWX 3VTHR Top holdings2024-06-30 1.VTI 2.ACWX 3.VTHR 4.MSDL 5.VGIT 6.VEA 7.FBRT 8.ARCC 9.VWO 10.TSLX
2024-03-31	25	$371.0M	0	1VTI 2MSDL 3VGIT Top holdings2024-03-31 1.VTI 2.MSDL 3.VGIT 4.VEA 5.FBRT 6.VTHR 7.TSLX 8.ARCC 9.VWO 10.VCSH
2023-12-31	23	$349.7M	0	1VTI 2VGIT 3VEA Top holdings2023-12-31 1.VTI 2.VGIT 3.VEA 4.FBRT 5.TSLX 6.ARCC 7.VTHR 8.OBDC 9.GBDC 10.NMFC
2023-09-30	26	$305.3M	0	1VTI 2VEA 3FBRT Top holdings2023-09-30 1.VTI 2.VEA 3.FBRT 4.TSLX 5.VTHR 6.ARCC 7.OBDC 8.GBDC 9.NMFC 10.VWO
2023-06-30	26	$304.6M	0	1VTI 2VEA 3FBRT Top holdings2023-06-30 1.VTI 2.VEA 3.FBRT 4.VTHR 5.TSLX 6.ARCC 7.OBDC 8.GBDC 9.NMFC 10.VCSH
2023-03-31	26	$312.5M	0	1VTI 2VEA 3FBRT Top holdings2023-03-31 1.VTI 2.VEA 3.FBRT 4.VTHR 5.TSLX 6.ARCC 7.OBDC 8.GBDC 9.NMFC 10.BBDC
2022-12-31	26	$355.0M	0	1VTI 2VEA 3FBRT Top holdings2022-12-31 1.VTI 2.VEA 3.FBRT 4.ARCC 5.NMFC 6.VTHR 7.TSLX 8.GBDC 9.TCPC 10.OBDC
2022-09-30	25	$296.1M	0	1VTI 2VEA 3VTHR Top holdings2022-09-30 1.VTI 2.VEA 3.VTHR 4.NMFC 5.ARCC 6.GBDC 7.TSLX 8.TCPC 9.BBDC 10.OBDC
2022-06-30	25	$309.7M	0	1VTI 2VEA 3VTHR Top holdings2022-06-30 1.VTI 2.VEA 3.VTHR 4.ARCC 5.OBDC 6.TCPC 7.NMFC 8.BBDC 9.GBDC 10.TSLX
2022-03-31	25	$381.2M	0	1VTI 2VEA 3VTHR Top holdings2022-03-31 1.VTI 2.VEA 3.VTHR 4.OBDC 5.NMFC 6.TSLX 7.TCPC 8.ARCC 9.GBDC 10.BBDC
2021-12-31	25	$384.9M	0	1VTI 2VEA 3ARCC Top holdings2021-12-31 1.VTI 2.VEA 3.ARCC 4.VTHR 5.OBDC 6.GBDC 7.TSLX 8.NMFC 9.TCPC 10.BBDC
2021-09-30	24	$381.1M	0	1VTI 2VEA 3VTHR Top holdings2021-09-30 1.VTI 2.VEA 3.VTHR 4.NMFC 5.ARCC 6.TSLX 7.GBDC 8.OBDC 9.TCPC 10.VCSH
2021-06-30	24	$379.6M	100	1VTI 2VEA 3VTHR Top holdings2021-06-30 1.VTI 2.VEA 3.VTHR 4.NMFC 5.TSLX 6.ARCC 7.OBDC 8.TCPC 9.GBDC 10.VCSH
2021-03-31	24	$419.8M	23	1VEA 2VTI 3NMFC Top holdings2021-03-31 1.VEA 2.VTI 3.NMFC 4.TCPC 5.ARCC 6.GBDC 7.OBDC 8.TSLX 9.VTHR 10.VCSH
2020-12-31	24	$463.4M	33	1VTI 2VEA 3TSLX Top holdings2020-12-31 1.VTI 2.VEA 3.TSLX 4.GBDC 5.ARCC 6.NMFC 7.TCPC 8.VTHR 9.OBDC 10.VCSH
2020-09-30	24	$335.5M	15	1VEA 2VTI 3VCSH Top holdings2020-09-30 1.VEA 2.VTI 3.VCSH 4.ARCC 5.GBDC 6.TSLX 7.NMFC 8.VTHR 9.OBDC 10.TCPC
2020-06-30	23	$293.9M	34	1VEA 2VTI 3GBDC Top holdings2020-06-30 1.VEA 2.VTI 3.GBDC 4.VCSH 5.ARCC 6.NMFC 7.OBDC 8.TSLX 9.TCPC 10.VWO
2020-03-31	22	$226.3M	31	1VEA 2VTI 3VCSH Top holdings2020-03-31 1.VEA 2.VTI 3.VCSH 4.GBDC 5.OBDC 6.ARCC 7.TSLXUSD 8.VWO 9.NMFC 10.CVBF
2019-12-31	22	$303.2M	27	1VTI 2VEA 3GBDC Top holdings2019-12-31 1.VTI 2.VEA 3.GBDC 4.VCSH 5.CVBF 6.ARCC 7.TSLXUSD 8.OBDC 9.NMFC 10.TCPC
2019-09-30	21	$256.0M	49	1VTI 2VEA 3CVBF Top holdings2019-09-30 1.VTI 2.VEA 3.CVBF 4.VCSH 5.ARCC 6.GBDC 7.TSLXUSD 8.NMFC 9.OBDC 10.TCPC
2019-06-30	20	$288.1M	27	1CVBF 2VEA 3VTI Top holdings2019-06-30 1.CVBF 2.VEA 3.VTI 4.ARCC 5.NMFC 6.GBDC 7.TSLXUSD 8.TCPC 9.VCSH 10.SPY
2019-03-31	18	$338.7M	20	1CVBF 2VTI 3VEA Top holdings2019-03-31 1.CVBF 2.VTI 3.VEA 4.TSLXUSD 5.ARCC 6.NMFC 7.TCPC 8.GBDC 9.SPY 10.VCSH
2018-12-31	20	$296.7M	27	1CVBF 2VEA 3VTI Top holdings2018-12-31 1.CVBF 2.VEA 3.VTI 4.ARCC 5.TSLXUSD 6.TCPC 7.NMFC 8.GBDC 9.SPY 10.VCSH
2018-09-30	20	$247.5M	84	1CVBF 2VEA 3VTI Top holdings2018-09-30 1.CVBF 2.VEA 3.VTI 4.TSLXUSD 5.ARCC 6.SPY 7.GBDC 8.NMFC 9.TCPC 10.VCSH
2018-06-30	19	$115.7M	3	1VEA 2VTI 3VCSH Top holdings2018-06-30 1.VEA 2.VTI 3.VCSH 4.SPY 5.ARCC 6.IWM 7.GBDC 8.87238Q 9.NMFC 10.TSLXUSD
2018-03-31	19	$114.6M	3	1VEA 2VTI 3VCSH Top holdings2018-03-31 1.VEA 2.VTI 3.VCSH 4.SPY 5.ARCC 6.GBDC 7.87238Q 8.TSLXUSD 9.IWM 10.NMFC
2017-12-31	19	$115.4M	—	1VEA 2VTI 3VCSH Top holdings2017-12-31 1.VEA 2.VTI 3.VCSH 4.SPY 5.ARCC 6.TSLXUSD 7.87238Q 8.NMFC 9.GBDC 10.IWM

Holding changes this quarter

Position changes disclosed by Cliffwater LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	VTI	Vanguard Total Stock Mkt ETF	+3.1%	-6.51%	Trim
2	VEA	Vanguard Ftse Developed ETF	+3%	—	Unchanged
3	VTHR	Vanguard Russell 3000	+2.7%	—	Unchanged
4	VGIT	Vanguard Intermediate-term T	+2.5%	—	Unchanged
5	OTF	Blue Owl Technology Finance	+1.4%	—	Unchanged
6	VWO	Vanguard Ftse Emerging Marke	+0.6%	—	Unchanged
7	CVBF	Cvb Financial CORP	+0.5%	—	Unchanged
8	VCSH	Vanguard S/t CORP Bond ETF	+0.4%	-0.77%	Trim
9	VNQ	Vanguard Real Estate ETF	+0.3%	—	Unchanged
10	EEM	Ishares Msci Emerging Market	+0.2%	—	Unchanged
11	SPY	Ss Spdr S&p 500 ETF Trust-us	+0.1%	-11.90%	Trim
12	CGBD	Carlyle Secured Lending INC	+0.1%	—	Unchanged
13	BBDC	Barings Bdc INC	0%	—	Unchanged
14	NU	Nu Holdings Ltd.	0%	—	Unchanged
15	TOST	Toast Inc-class A	—	—	Unchanged
16	OSCR	Oscar Health INC - Class A	—	—	Unchanged
17	BKLN	Invesco Senior Loan ETF	—	—	Unchanged
18	IEFA	Ishares Core Msci Eafe ETF	—	—	Unchanged
19	CVNA	Carvana Co	0%	—	Unchanged
20	RBRK	Rubrik Inc-a	0%	—	Unchanged
21	ACWX	Ishares Msci Acwi Ex US ETF	—	EXIT	Sold out
22	IWM	Ishares Russell 2000 ETF	—	EXIT	Sold out