Cliffwater LLC

Q3 2025 13F-HR Holdings

Location
Marina Del Rey, CA
Holdings as of
9/30/2025
Date filed
11/13/2025
Form type
13F-HR
Num holdings
22
Total value ($000)
$474,694
Net value change ($000)
-11,633 (-2.4%)
New positions
0
Sold out positions
2
Turnover %
2.3%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/13/2025 Next filing: 2/12/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
VTI 7,802 7.3%
VTHR 5,089 7.9%
ACWX 4,268 6.7%
VGIT 3,875 9.1%
VEA 2,187 5.0%
VWO 969 9.4%
SPY 590 7.8%
EEM 208 10.7%
VNQ 165 2.6%
CVNA 76 12.1%
Top Reduces (Value $000, Stocks/ETFs)
OTF -19,973 -19.6%
FBRT -10,934 -100.0%
CGBD -4,914 -65.5%
VCSH -487 -6.3%
CVBF -362 -4.4%
PAY -124 -100.0%
BBDC -49 -4.2%
TOST -35 -17.7%
RBRK -23 -8.1%
OSCR -11 -11.6%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type