Cliffwater LLC Long-Term Concentrated

CIK: 0001659851 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 12, 2026

Total Value ($000): $476,390 (100.0% shares, 0.0% debt)

Holdings (22)

Increased Positions (2)

TOST TOAST INC 0.1%

Value ($000) $341 (+108.4%) Shares 9,591 (+114.3%) Est. Cost $36.18 Unrealized -0.4%

NU NU HLDGS LTD 0.0%

Value ($000) $159 (+81.2%) Shares 9,485 (+73.3%) Est. Cost $14.47 Unrealized +11.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TOST	TOAST INC	9,591 (+114.3%)	$341 (+108.4%)	0.1%	$36.18	-0.4%	CL A	888787108
NU	NU HLDGS LTD	9,485 (+73.3%)	$159 (+81.2%)	0.0%	$14.47	+11.0%	ORD SHS CL A	G6683N103

Decreased Positions (2)

VTHR VANGUARD SCOTTSDALE FDS 13.0%

Value ($000) $61,719 (-11.1%) Shares 205,503 (-12.9%) Est. Cost $224.54 Unrealized —

VTI VANGUARD INDEX FDS 24.2%

Value ($000) $115,339 (+1.0%) Shares 344,018 (-1.2%) Est. Cost $173.48 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VTHR	VANGUARD SCOTTSDALE FDS	205,503 (-12.9%)	$61,719 (-11.1%)	13.0%	$224.54	—	VNG RUS3000IDX	92206C599
VTI	VANGUARD INDEX FDS	344,018 (-1.2%)	$115,339 (+1.0%)	24.2%	$173.48	—	TOTAL STK MKT	922908769

Unchanged Positions (18)

OTF BLUE OWL TECHNOLOGY FIN CORP 18.0%

Value ($000) $85,916 Shares 5,908,955 Est. Cost $14.58 Unrealized -6.3%

ACWX ISHARES TR 14.8%

Value ($000) $70,394 Shares 1,048,621 Est. Cost $53.13 Unrealized —

VEA VANGUARD TAX-MANAGED FDS 10.1%

Value ($000) $48,113 Shares 770,181 Est. Cost $48.49 Unrealized —

VNQ VANGUARD INDEX FDS 1.3%

Value ($000) $6,187 Shares 69,923 Est. Cost $90.03 Unrealized —

SPY SPDR S&P 500 ETF TR 1.7%

Value ($000) $8,322 Shares 12,204 Est. Cost $266.88 Unrealized —

CVBF CVB FINL CORP 1.6%

Value ($000) $7,668 Shares 412,247 Est. Cost $18.89 Unrealized +0.3%

VWO VANGUARD INTL EQUITY INDEX F 2.4%

Value ($000) $11,199 Shares 208,320 Est. Cost $45.85 Unrealized —

CVNA CARVANA CO 0.2%

Value ($000) $787 Shares 1,865 Est. Cost $274.18 Unrealized +35.6%

VGIT VANGUARD SCOTTSDALE FDS 9.7%

Value ($000) $46,268 Shares 772,030 Est. Cost $59.38 Unrealized —

BBDC BARINGS BDC INC 0.2%

Value ($000) $1,164 Shares 126,753 Est. Cost $5.92 Unrealized +46.8%

EEM ISHARES TR 0.5%

Value ($000) $2,210 Shares 40,400 Est. Cost $50.70 Unrealized —

OSCR OSCAR HEALTH INC 0.0%

Value ($000) $64 Shares 4,431 Est. Cost $14.85 Unrealized +16.5%

RBRK RUBRIK INC. 0.1%

Value ($000) $244 Shares 3,184 Est. Cost $68.27 Unrealized +12.4%

VCSH VANGUARD SCOTTSDALE FDS 1.5%

Value ($000) $7,192 Shares 90,207 Est. Cost $80.27 Unrealized —

IWM ISHARES TR 0.1%

Value ($000) $299 Shares 1,213 Est. Cost $152.47 Unrealized —

IEFA ISHARES TR 0.0%

Value ($000) $93 Shares 1,036 Est. Cost $65.87 Unrealized —

CGBD CARLYLE SECURED LENDING INC 0.5%

Value ($000) $2,589 Shares 207,319 Est. Cost $12.97 Unrealized -7.0%

BKLN INVESCO EXCH TRADED FD TR II 0.0%

Value ($000) $124 Shares 5,902 Est. Cost $21.00 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OTF	BLUE OWL TECHNOLOGY FIN CORP	5,908,955	$85,916	18.0%	$14.58	-6.3%	COMMON STOCK	095924106
ACWX	ISHARES TR	1,048,621	$70,394	14.8%	$53.13	—	MSCI ACWI EX US	464288240
VEA	VANGUARD TAX-MANAGED FDS	770,181	$48,113	10.1%	$48.49	—	VAN FTSE DEV MKT	921943858
VNQ	VANGUARD INDEX FDS	69,923	$6,187	1.3%	$90.03	—	REAL ESTATE ETF	922908553
SPY	SPDR S&P 500 ETF TR	12,204	$8,322	1.7%	$266.88	—	TR UNIT	78462F103
CVBF	CVB FINL CORP	412,247	$7,668	1.6%	$18.89	+0.3%	COM	126600105
VWO	VANGUARD INTL EQUITY INDEX F	208,320	$11,199	2.4%	$45.85	—	FTSE EMR MKT ETF	922042858
CVNA	CARVANA CO	1,865	$787	0.2%	$274.18	+35.6%	CL A	146869102
VGIT	VANGUARD SCOTTSDALE FDS	772,030	$46,268	9.7%	$59.38	—	INTER TERM TREAS	92206C706
BBDC	BARINGS BDC INC	126,753	$1,164	0.2%	$5.92	+46.8%	COM	06759L103
EEM	ISHARES TR	40,400	$2,210	0.5%	$50.70	—	MSCI EMG MKT ETF	464287234
OSCR	OSCAR HEALTH INC	4,431	$64	0.0%	$14.85	+16.5%	CL A	687793109
RBRK	RUBRIK INC.	3,184	$244	0.1%	$68.27	+12.4%	CL A	781154109
VCSH	VANGUARD SCOTTSDALE FDS	90,207	$7,192	1.5%	$80.27	—	SHRT TRM CORP BD	92206C409
IWM	ISHARES TR	1,213	$299	0.1%	$152.47	—	RUSSELL 2000 ETF	464287655
IEFA	ISHARES TR	1,036	$93	0.0%	$65.87	—	CORE MSCI EAFE	46432F842
CGBD	CARLYLE SECURED LENDING INC	207,319	$2,589	0.5%	$12.97	-7.0%	COM	872280102
BKLN	INVESCO EXCH TRADED FD TR II	5,902	$124	0.0%	$21.00	—	SR LN ETF	46138G508