Cliffwater LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Cliffwater LLC reported 22 stock positions worth $476.4 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 24.2% of the portfolio, followed by Blue Owl Technology Finance (OTF, 18.0%) and iShares MSCI Acwi Ex US ETF (ACWX, 14.8%). Compared with Q3 2025, it added to 2 and reduced 3. The biggest buy was Toast Class A (TOST, shares +114%) and the biggest sale Vanguard Russell 3000 (VTHR, shares −13%).

Most Recent 13F
Q2 2026
Location
MARINA DEL REY, CA
CIK
0001659851
Portfolio Value
$476.4M (Q4 2025)
SEC Filing
0001104659-26-014313 ↗ filed Feb 12, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $371.0M Q1 2024 Q2 2024: $467.3M Q2 2024 Q3 2024: $432.4M Q3 2024 Q4 2024: $408.7M Q4 2024 Q1 2025: $382.5M Q1 2025 Q2 2025: $486.3M Q2 2025 Q3 2025: $474.7M Q3 2025 Q4 2025: $476.4M $476.4M Q4 2025 Q1 2026: $377.4M Q1 2026 Q2 2026: $401.7M Q2 2026

Holdings 22 stocks · $476.4M
VTI VG Morningstar TS MKT ETF-US 24.21% 344,018 $115.3M Reduce -1.2%
OTF Blue Owl Technology Finance 18.03% 5,908,955 $85.9M Reduce -0.3%
ACWX iShares MSCI Acwi Ex US ETF 14.78% 1,048,621 $70.4M No change
VTHR Vanguard Russell 3000 12.96% 205,503 $61.7M Reduce -12.9%
VEA Vanguard Ftse Developed ETF 10.10% 770,181 $48.1M No change
VGIT Vanguard Intermediate-Term T 9.71% 772,030 $46.3M No change
VWO Vanguard Ftse Emerging Marke 2.35% 208,320 $11.2M No change
SPY SS SPDR S&P 500 ETF Trust-US 1.75% 12,204 $8.3M No change
CVBF CVB Financial Corp. 1.61% 412,247 $7.7M No change
VCSH Vanguard S/T Corp. Bond ETF 1.51% 90,207 $7.2M No change
VNQ Vanguard Real Estate ETF 1.30% 69,923 $6.2M No change
CGBD Carlyle Secured Lending Inc. 0.54% 207,319 $2.6M No change
EEM iShares MSCI Emerging Market 0.46% 40,400 $2.2M No change
BBDC Barings BDC Inc. 0.24% 126,753 $1.2M No change
CVNA Carvana Co. 0.17% 1,865 $787K No change
TOST Toast Inc. Class A 0.07% 9,591 $341K Add +114.3%
IWM iShares Russell 2000 ETF 0.06% 1,213 $299K No change
RBRK Rubrik Inc. Class A 0.05% 3,184 $244K No change
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.03% 9,485 $159K Add +73.3%
BKLN Invesco Senior Loan ETF 0.03% 5,902 $124K No change
IEFA iShares Core MSCI Eafe ETF 0.02% 1,036 $93K No change
OSCR Oscar Health Inc. Class A 0.01% 4,431 $64K No change

Portfolio Sells Q3 2025 → Q4 2025
VTHR Vanguard Russell 3000 Reduce -12.9% 12.96% −1.67
VTI VG Morningstar TS MKT ETF-US Reduce -1.2% 24.21% +0.15
OTF Blue Owl Technology Finance Reduce -0.3% 18.03% +0.79

Portfolio Buys Q3 2025 → Q4 2025
TOST Toast Inc. Class A Add +114.3% 0.07% +0.04
NU Nu Holdings Ltd./Cayman Isl-A Add +73.3% 0.03% +0.01

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 22$401.7MVTI, VGIT, OTF, VEA, VTHR
Q1 2026 20$377.4MVTI, OTF, VTHR, VEA, VGIT
Q4 2025 22$476.4MVTI, OTF, ACWX, VTHR, VEA
Q3 2025 22$474.7MVTI, OTF, VTHR, ACWX, VGIT
Q2 2025 24$486.3MVTI, OTF, VTHR, ACWX, VEA
Q1 2025 23$382.5MVTI, VTHR, ACWX, VGIT, VEA
Q4 2024 19$408.7MVTI, VTHR, ACWX, VGIT, VEA
Q3 2024 23$432.4MVTI, ACWX, VTHR, VGIT, MSDL
Q2 2024 26$467.3MVTI, ACWX, VTHR, MSDL, VGIT
Q1 2024 25$371.0MVTI, MSDL, VGIT, VEA, FBRT