Cliffwater LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Cliffwater LLC reported 22 stock positions worth $474.7 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 24.1% of the portfolio, followed by Blue Owl Technology Finance (OTF, 17.2%) and Vanguard Russell 3000 (VTHR, 14.6%). Compared with Q2 2025, it sold out of 2, added to 1 and reduced 6. The biggest buy was Vanguard Intermediate-Term T (VGIT, shares +9%) and the biggest sale Blue Owl Technology Finance (OTF, shares −11%).
- Most Recent 13F
- Q2 2026
- Location
- MARINA DEL REY, CA
- CIK
- 0001659851
- Portfolio Value
- $474.7M (Q3 2025)
- SEC Filing
- 0001104659-25-111024 ↗ filed Nov 13, 2025
Holdings Value
Holdings 22 stocks · $474.7M
| VTI VG Morningstar TS MKT ETF-US | 24.07% | 348,104 | $114.2M | Reduce -0.6% |
| OTF Blue Owl Technology Finance | 17.25% | 5,923,955 | $81.9M | Reduce -11.3% |
| VTHR Vanguard Russell 3000 | 14.63% | 235,936 | $69.4M | No change |
| ACWX iShares MSCI Acwi Ex US ETF | 14.36% | 1,048,621 | $68.2M | No change |
| VGIT Vanguard Intermediate-Term T | 9.76% | 772,030 | $46.3M | Add +8.7% |
| VEA Vanguard Ftse Developed ETF | 9.72% | 770,181 | $46.1M | Reduce -0.1% |
| VWO Vanguard Ftse Emerging Marke | 2.38% | 208,320 | $11.3M | Reduce -0.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.71% | 12,204 | $8.1M | No change |
| CVBF CVB Financial Corp. | 1.64% | 412,247 | $7.8M | No change |
| VCSH Vanguard S/T Corp. Bond ETF | 1.52% | 90,207 | $7.2M | Reduce -6.8% |
| VNQ Vanguard Real Estate ETF | 1.35% | 69,923 | $6.4M | No change |
| CGBD Carlyle Secured Lending Inc. | 0.55% | 207,319 | $2.6M | Reduce -62.2% |
| EEM iShares MSCI Emerging Market | 0.45% | 40,400 | $2.2M | No change |
| BBDC Barings BDC Inc. | 0.23% | 126,753 | $1.1M | No change |
| CVNA Carvana Co. | 0.15% | 1,865 | $704K | No change |
| IWM iShares Russell 2000 ETF | 0.06% | 1,213 | $293K | No change |
| RBRK Rubrik Inc. Class A | 0.06% | 3,184 | $262K | No change |
| TOST Toast Inc. Class A | 0.03% | 4,476 | $163K | No change |
| BKLN Invesco Senior Loan ETF | 0.03% | 5,902 | $124K | No change |
| IEFA iShares Core MSCI Eafe ETF | 0.02% | 1,036 | $90K | No change |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.02% | 5,472 | $88K | No change |
| OSCR Oscar Health Inc. Class A | 0.02% | 4,431 | $84K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| OTF Blue Owl Technology Finance | Reduce -11.3% | 17.25% | −3.69 |
| FBRT Franklin BSP Realty Trust Inc. | Sold out | 0.00% | −2.25 |
| CGBD Carlyle Secured Lending Inc. | Reduce -62.2% | 0.55% | −1.00 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -6.8% | 1.52% | −0.06 |
| PAY Paymentus Holdings Inc. Class A | Sold out | 0.00% | −0.03 |
| VWO Vanguard Ftse Emerging Marke | Reduce -0.1% | 2.38% | +0.26 |
| VEA Vanguard Ftse Developed ETF | Reduce -0.1% | 9.72% | +0.68 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -0.6% | 24.07% | +2.18 |
Portfolio Buys Q2 2025 → Q3 2025
| VGIT Vanguard Intermediate-Term T | Add +8.7% | 9.76% | +1.03 |
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 |