Cliffwater Corporate Lending Fund

Data through 2026-06-08 · latest filing N-23C3A filed 2026-07-28

Sponsored by Cliffwater. Interval Fund structure focused on private credit.

Interval FundPrivate Credit

Sponsor: Cliffwater
CIK: 0001735964
Liquidity: Periodic repurchase offers at NAV
Inception: 2019

Net assets: $31.31B

source

Monthly portfolio report (Form N-PORT) · filed 2026-05-22 · period 2026-03-31

Net assets (N-PORT Part B, Item B.2)

Method Direct: read from a structured filing field

Open the filing on SEC.gov · Full observation history

Technical locator

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1735964/000173596426000010/xslFormNPORT-P_X01/primary_doc.xml
NAV / share: $10.52

source

Shareholder report (Form N-CSR) · filed 2026-06-08 · period 2026-03-31

financial-highlights end-of-period NAV (fallback)

“Net asset value, end of period $ 10.52”

Method Matched text template against the filing

Open the filing on SEC.gov · Full observation history

Technical locator

https://www.sec.gov/Archives/edgar/data/1735964/000121390026066324/ea0291746-01_ncsr.htm | financial-highlights end-of-period NAV (fallback)
Net flows, last qtr: -1.7%
Distribution coverage (NII): 90%
Leverage in use: 36%
Total return, 12m: Pending

01 / Signals

What changed in the latest filings.

Current findings ordered by severity. Each observation remains traceable to its filed source.

Yellow flag

NAV per share fell 2.3% from $10.77 to $10.52 (2026-03-31).

NAV per share fell 2.3% from $10.77 to $10.52 (2026-03-31). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

Why it matters and what changed

Private-market NAVs move slowly by construction, so a 2%+ single-month markdown is a genuine valuation event, not noise.

10.77 -> 10.52 (down 2.3% vs prior period); trailing 4-period average 10.76; same period prior year 10.83; comparison interval: ~6 months (2025-09-30 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: https://www.sec.gov/Archives/edgar/data/1735964/000121390026066324/ea0291746-01_ncsr.htm | financial-highlights end-of-period NAV (fallback)

Yellow flag

SILVER POINT LOAN NOTE ISSUER LLC / marked down -28% (2025-12-31 $1,436,727,263 -> 2026-03-31 $1,036,201,909) with par balance unchanged (+-2%) -- a valuation mark, not a trade. (2026-03-31)

SILVER POINT LOAN NOTE ISSUER LLC / marked down -28% (2025-12-31 $1,436,727,263 -> 2026-03-31 $1,036,201,909) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 4.56% of portfolio value.

Why it matters and what changed

A portfolio position was written down materially. Marks are management's own estimate of impairment, so a large markdown is a loss being recognized -- the fund-level NAV effect depends on the position's size.

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: nport-diff:2026-03-31:mark:silver point loan note issuer llc /

Yellow flag

Net outflow of 6.0% of NAV in the period ended 2026-03-31.

Net outflow of 6.0% of NAV in the period ended 2026-03-31. (Rule B6: Single-period outflow at gate scale: net outflow >= 5% of NAV in one period; Notify.)

Why it matters and what changed

Net outflows in a single period reached the scale of a typical quarterly repurchase cap. Demand for the exit is at or beyond what the fund's liquidity program is designed to handle.

swung from 1.74 to -6.05 vs prior period; trailing 4-period average -0.96; same period prior year 4.73

Source: derived: net_flows / total_net_assets (parent equity) (nearest prior instant value) * 100

Yellow flag

FBLC SENIOR LOAN FUND LLC / marked down -29% (2025-09-30 $81,882,764 -> 2025-12-31 $58,120,503) with par balance unchanged (+-2%) -- a valuation mark, not a trade. (2025-12-31)

FBLC SENIOR LOAN FUND LLC / marked down -29% (2025-09-30 $81,882,764 -> 2025-12-31 $58,120,503) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.26% of portfolio value.

Why it matters and what changed

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: nport-diff:2025-12-31:mark:fblc senior loan fund llc /

Historical findings (3)

COMVEST STRUCTURED NOTE ISSUER I LLC / marked down -97% (2025-03-31 $649,950,759 -> 2025-06-30 $18,098,329) with par balance unchanged (+-2%) -- a valuation mark, not a trade. (2025-06-30)
COMVEST STRUCTURED NOTE ISSUER I LLC / marked down -97% (2025-03-31 $649,950,759 -> 2025-06-30 $18,098,329) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 2.33% of portfolio value.

NAV per share fell 2.3% from $10.80 to $10.55 (2024-03-31).
NAV per share fell 2.3% from $10.80 to $10.55 (2024-03-31). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

Proposal 5 put to shareholder vote: Approval Of A New Sub-Advisory Agreement With Commonwealth Credit Advisors, Llc. (2021-03-17)
Proposal 5 put to shareholder vote: Approval Of A New Sub-Advisory Agreement With Commonwealth Credit Advisors, Llc.

02 / Trends

How the fund has moved.

Net asset value, total return, capital flows, and distribution coverage across the filing record.

NAV per share

Net capital flows, % of NAV

Distribution coverage

Leverage in use

Filed performance

Window	Class	Basis	Return	Source
2024-04-01 to 2025-03-31 fiscal year · annualization not stated	Class I	basis not stated in the filed row	+11.58%	SEC source 0001213900-25-052571 N-CSR filed 2025-06-09
2024-04-01 to 2024-09-30 semiannual · annualization not stated	Class I	basis not stated in the filed row	+6.52%	SEC source 0001213900-24-106851 N-CSRS filed 2024-12-09
2023-04-01 to 2024-03-31 fiscal year · annualization not stated	Class I	basis not stated in the filed row	+13.34%	SEC source 0001213900-24-050723 N-CSR filed 2024-06-07
2023-04-01 to 2023-09-30 semiannual · annualization not stated	Class I	basis not stated in the filed row	+6.74%	SEC source 0001213900-23-094373 N-CSRS filed 2023-12-08
2022-04-01 to 2022-09-30 semiannual · annualization not stated	Class I	basis not stated in the filed row	+2.57%	SEC source 0001398344-22-024371 N-CSRS filed 2022-12-09

Figures are reproduced from filed disclosures with their exact window, class, and stated basis. They are separate from the calculated NAV-plus-distributions index and from manager-source monthly returns.

Monthly performance eligibility

Canonical class: Class I · basis: no qualifying monthly chain · qualifying history: 0 months.

1y: Pending; 3y: Pending; 5y: Pending Manager-published observations remain distinct from SEC-filed facts and publish only after declared-crawler, robots, class, exact-window, and SEC-precedence gates pass.

03 / Portfolio

What moved inside the book.

Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.

PIK income share: 3.0%

Date	Position change
2026-03-31	SILVER POINT LOAN NOTE ISSUER LLC / marked down -28% (2025-12-31 $1,436,727,263 -> 2026-03-31 $1,036,201,909) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 4.56% of portfolio value.
2026-03-31	MADISON AVENUE CLO I HOLDCO LLC / marked up +99% (2025-12-31 $94,504,518 -> 2026-03-31 $187,607,221) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.30% of portfolio value.
2026-03-31	NXT STRUCTURED NOTES CLO NXT ISSUER I / marked up +37% (2025-12-31 $190,304,855 -> 2026-03-31 $261,078,162) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.60% of portfolio value.
2026-03-31	TCW Marina SL LLC / marked up +29% (2025-12-31 $78,869,632 -> 2026-03-31 $101,670,332) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.25% of portfolio value.
2025-12-31	FBLC SENIOR LOAN FUND LLC / marked down -29% (2025-09-30 $81,882,764 -> 2025-12-31 $58,120,503) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.26% of portfolio value.
2025-12-31	BLACKSTONE TECHNOLOG SERNIOR DIRECT LEND / marked up +28% (2025-09-30 $134,175,631 -> 2025-12-31 $171,764,043) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.43% of portfolio value.
2025-12-31	CRESTLINE STRUCTURED NOTE ISSUER I / marked up +72% (2025-09-30 $122,445,333 -> 2025-12-31 $210,348,816) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.39% of portfolio value.
2025-12-31	KKR Institutional Middle Market Fund / marked up +27% (2025-09-30 $242,022,685 -> 2025-12-31 $306,281,103) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.77% of portfolio value.
2025-09-30	BLACKSTONE TECHNOLOG SERNIOR DIRECT LEND / marked up +50% (2025-06-30 $89,711,813 -> 2025-09-30 $134,175,631) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.30% of portfolio value.
2025-06-30	COMVEST STRUCTURED NOTE ISSUER I LLC / marked down -97% (2025-03-31 $649,950,759 -> 2025-06-30 $18,098,329) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 2.33% of portfolio value.
2025-06-30	BLACKROCK MT. LASSEN SENIOR LOAN XII / marked up +61% (2025-03-31 $274,570,125 -> 2025-06-30 $440,701,303) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.99% of portfolio value.
2025-06-30	CRESTLINE STRUCTURED NOTE ISSUER I / marked up +31% (2025-03-31 $93,361,433 -> 2025-06-30 $122,230,812) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.34% of portfolio value.

Filed portfolio-health history

PIK income share

04 / Redemptions

Where exit demand met the cap.

Stated cap: 5% of shares/offer. The disclosed history shows no rationed period.

Period	Requested	Filled	Cap used	Status
2025-09-08	Pending	100%	Pending	filled
2025-06-09	Pending	100%	Pending	filled
2025-02-19	Pending	100%	Pending	filled
2024-11-13	Pending	100%	Pending	filled
2024-08-14	Pending	100%	Pending	filled
2024-05-15	Pending	100%	Pending	filled
2024-02-20	Pending	100%	Pending	filled
2023-11-13	Pending	100%	Pending	filled
2023-08-14	Pending	100%	Pending	filled
2023-05-15	Pending	100%	Pending	filled
2023-02-21	Pending	100%	Pending	filled
2022-11-14	Pending	100%	Pending	filled
2022-08-15	Pending	100%	Pending	filled
2022-05-16	Pending	100%	Pending	filled

05 / Financing

How the balance sheet is funded.

Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.

Pending

06 / Share classes

How the offering is divided.

A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.

Not attributed 100.0%

Share of total net assets ($31,308,820,100) as of 2026-03-31; the hatched band is net assets the filings do not attribute to a captured class.

Class	Terms-based role description	Load	Servicing	Minimum	Assets
Class I	Pending	Pending	Pending	Pending	Pending

Management fee: 1.00% of daily net assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001213900-26-066324.

Filed fee conditions

Pursuant to the Investment Management Agreement, the Fund pays the Investment Manager (Cliffwater LLC) a monthly Investment Management Fee equal to 1.00% on an annualized basis of the Fund's daily net assets. The Board's most recent annual review separately confirms the Fund's advisory fee is calculated on net assets at 1.00%, below the median of the peer universe reviewed. The prior pass's cached text was cut off (400,000-char cache limit) before reaching this note and had only found a historical waiver mention -- resolved this pass via a live, untruncated fetch.

Canonical-class fee profile

Class	Management	Incentive	Load	Servicing	Gross expenses	Net expenses
Class I	1.00%	None * None. The standardized prospectus fee table contains no incentive/performance-fee line. SEC source 0001213900-25-074891	Pending	Pending	3.31%interest included * Filed label: Ratio of expenses to average net assets (including interest expense) 6 : Before fees waived; period 2026-03-31. before/excluding fee relief (explicit filing row); waiver state: before / excluding. SEC source 0001213900-26-066324 1.36%interest excluded * Filed label: Ratio of expenses to average net assets (excluding interest expense) 6 : Before fees waived and deferred tax expense; period 2026-03-31. before/excluding fee relief (explicit filing row); waiver state: before / excluding. SEC source 0001213900-26-066324	1.36%interest excluded * Filed label: Ratio of expenses to average net assets (excluding interest expense): With fees waived, after taxes; period 2026-03-31. After waiver: not separately stated; interest: excluded; tax: included; incentive compensation: not separately stated; acquired-fund expenses: not separately stated. SEC source 0001213900-26-066324

Expense-ratio caution. These are the issuer’s filed figures for the designated analysis class. They are not placed in a fee ranking because denominators and included expenses are not yet normalized across funds. Hover or click * for the filed label, period, components, and SEC source.

07 / Sources

The evidence beneath the page.

Filed terms and recent documents remain available without crowding the primary research flow.

Term register (2)

Term	Description	Value	Effective
advisory_fee_schedule	Pursuant to the Investment Management Agreement, the Fund pays the Investment Manager (Cliffwater LLC) a monthly Investment Management Fee equal to 1.00% on an annualized basis of the Fund's daily net assets. The Board's most recent annual review separately confirms the Fund's advisory fee is calculated on net assets at 1.00%, below the median of the peer universe reviewed. The prior pass's cached text was cut off (400,000-char cache limit) before reaching this note and had only found a historical waiver mention -- resolved this pass via a live, untruncated fetch.	1.0 pct_annual_of_daily_net_assets	Pending
repurchase_program_terms	Repurchase Offers (Rule 23c-3(b), fundamental policy): quarterly repurchase offers at per-class NAV of not less than 5% of the Fund's outstanding Shares on the repurchase request deadline (regulatory range 5%-25%); pro-rated if oversubscribed. This term row is the regulatory FLOOR, not necessarily any given quarter's actual offer size.	5.0 pct_of_shares_outstanding_per_quarter	Pending

Recent filings

Filed	Form	Accession
2026-07-28	N-23C3A	0001213900-26-082097
2026-06-08	N-CSR	0001213900-26-066324
2026-05-22	NPORT-P	0001735964-26-000010
2026-05-08	N-23C3A	0001213900-26-053701
2026-03-02	NPORT-P	0001735964-26-000003
2026-02-19	N-2	0001213900-26-018433
2026-02-05	N-23C3A	0001213900-26-012614
2025-12-05	N-CSRS	0001213900-25-118573
2025-11-25	NPORT-P	0001193125-25-295368
2025-11-06	N-23C3A	0001213900-25-107013
2025-08-28	NPORT-P	0001145549-25-055751
2025-08-12	424B3	0001213900-25-074891
2025-08-07	N-23C3A	0001213900-25-072928
2025-06-09	N-CSR	0001213900-25-052571
2025-05-30	NPORT-P	0001145549-25-037189