Cliffwater LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Cliffwater LLC reported 24 stock positions worth $486.3 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 21.9% of the portfolio, followed by Blue Owl Technology Finance (OTF, 20.9%) and Vanguard Russell 3000 (VTHR, 13.2%). Compared with Q1 2025, it opened 4 new positions, sold out of 3, added to 1 and reduced 8. The biggest buy was a new position in Blue Owl Technology Finance (OTF) and the biggest sale Franklin BSP Realty Trust (FBRT, shares −53%).
- Most Recent 13F
- Q2 2026
- Location
- MARINA DEL REY, CA
- CIK
- 0001659851
- Portfolio Value
- $486.3M (Q2 2025)
- SEC Filing
- 0001104659-25-077496 ↗ filed Aug 13, 2025
Holdings Value
Holdings 24 stocks · $486.3M
| VTI VG Morningstar TS MKT ETF-US | 21.89% | 350,195 | $106.4M | Reduce -0.1% |
| OTF Blue Owl Technology Finance | 20.94% | 6,678,147 | $101.8M | New |
| VTHR Vanguard Russell 3000 | 13.23% | 235,936 | $64.4M | Reduce -10.0% |
| ACWX iShares MSCI Acwi Ex US ETF | 13.14% | 1,048,621 | $63.9M | Reduce -4.6% |
| VEA Vanguard Ftse Developed ETF | 9.04% | 771,122 | $44.0M | Reduce -0.3% |
| VGIT Vanguard Intermediate-Term T | 8.73% | 710,087 | $42.5M | Reduce -7.5% |
| FBRT Franklin BSP Realty Trust Inc. | 2.25% | 1,022,788 | $10.9M | Reduce -53.4% |
| VWO Vanguard Ftse Emerging Marke | 2.12% | 208,613 | $10.3M | Reduce -0.3% |
| CVBF CVB Financial Corp. | 1.68% | 412,247 | $8.2M | No change |
| VCSH Vanguard S/T Corp. Bond ETF | 1.58% | 96,812 | $7.7M | Reduce -2.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.55% | 12,204 | $7.5M | No change |
| CGBD Carlyle Secured Lending Inc. | 1.54% | 548,617 | $7.5M | New |
| VNQ Vanguard Real Estate ETF | 1.28% | 69,923 | $6.2M | No change |
| EEM iShares MSCI Emerging Market | 0.40% | 40,400 | $1.9M | No change |
| BBDC Barings BDC Inc. | 0.24% | 126,753 | $1.2M | No change |
| CVNA Carvana Co. | 0.13% | 1,865 | $628K | New |
| RBRK Rubrik Inc. Class A | 0.06% | 3,184 | $285K | No change |
| IWM iShares Russell 2000 ETF | 0.05% | 1,213 | $262K | No change |
| TOST Toast Inc. Class A | 0.04% | 4,476 | $198K | Add +40.0% |
| PAY Paymentus Holdings Inc. Class A | 0.03% | 3,789 | $124K | New |
| BKLN Invesco Senior Loan ETF | 0.03% | 5,902 | $123K | No change |
| OSCR Oscar Health Inc. Class A | 0.02% | 4,431 | $95K | No change |
| IEFA iShares Core MSCI Eafe ETF | 0.02% | 1,036 | $86K | No change |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.02% | 5,472 | $75K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| FBRT Franklin BSP Realty Trust Inc. | Reduce -53.4% | 2.25% | −5.07 |
| VTHR Vanguard Russell 3000 | Reduce -10.0% | 13.23% | −3.67 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -0.1% | 21.89% | −3.30 |
| VGIT Vanguard Intermediate-Term T | Reduce -7.5% | 8.73% | −3.19 |
| ACWX iShares MSCI Acwi Ex US ETF | Reduce -4.6% | 13.14% | −2.79 |
| MSDL Morgan Stanley Direct Lendin | Sold out | 0.00% | −1.26 |
| VEA Vanguard Ftse Developed ETF | Reduce -0.3% | 9.04% | −1.24 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -2.6% | 1.58% | −0.47 |
| VWO Vanguard Ftse Emerging Marke | Reduce -0.3% | 2.12% | −0.35 |
| TEM Tempus AI Inc. Class A | Sold out | 0.00% | −0.17 |
| TECX Tectonic Therapeutic Inc. | Sold out | 0.00% | −0.07 |
Portfolio Buys Q1 2025 → Q2 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 22 | $401.7M | VTI, VGIT, OTF, VEA, VTHR |
| Q1 2026 | 20 | $377.4M | VTI, OTF, VTHR, VEA, VGIT |
| Q4 2025 | 22 | $476.4M | VTI, OTF, ACWX, VTHR, VEA |
| Q3 2025 | 22 | $474.7M | VTI, OTF, VTHR, ACWX, VGIT |
| Q2 2025 | 24 | $486.3M | VTI, OTF, VTHR, ACWX, VEA |
| Q1 2025 | 23 | $382.5M | VTI, VTHR, ACWX, VGIT, VEA |
| Q4 2024 | 19 | $408.7M | VTI, VTHR, ACWX, VGIT, VEA |
| Q3 2024 | 23 | $432.4M | VTI, ACWX, VTHR, VGIT, MSDL |
| Q2 2024 | 26 | $467.3M | VTI, ACWX, VTHR, MSDL, VGIT |
| Q1 2024 | 25 | $371.0M | VTI, MSDL, VGIT, VEA, FBRT |