Cliffwater Corporate Lending Fund
Sponsored by Cliffwater. Interval Fund structure focused on private credit.
Interval FundPrivate Credit
- 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
as of 2026-03-31 - 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
Canonical (canonical class) · 2026-03-31 - Net flows, last qtr
- -1.7% qtr ended 2026-03-31
- Distribution coverage (NII)
- 90% period ended 2026-03-31
- Leverage in use
- 36% debt / equity 0.31x
- Total return, 12m
- +7.3% computed from NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
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)
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
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 /
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)
NAV per share fell 2.3% from $10.80 to $10.55 (2024-03-31).
Proposal 5 put to shareholder vote: Approval Of A New Sub-Advisory Agreement With Commonwealth Credit Advisors, Llc. (2021-03-17)
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
- PIK income share
- 3.0% 2026-03-31
| 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
Where exit demand met the cap.
Stated cap: 5% of shares/quarter. The disclosed history shows no rationed period.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2025-09-08 | 2.9% | 100% | 58% | filled |
| 2025-06-09 | 3.4% | 100% | 68% | filled |
| 2025-02-19 | 2.2% | 100% | 45% | filled |
| 2024-11-13 | 2.9% | 100% | 58% | filled |
| 2024-08-14 | 2.6% | 100% | 52% | filled |
| 2024-05-15 | 2.0% | 100% | 40% | filled |
| 2024-02-20 | 2.2% | 100% | 44% | filled |
| 2023-11-13 | 3.2% | 100% | 64% | filled |
| 2023-08-14 | 1.6% | 100% | 33% | filled |
| 2023-05-15 | 3.7% | 100% | 74% | filled |
| 2023-02-21 | 2.6% | 100% | 52% | filled |
| 2022-11-14 | 3.5% | 100% | 71% | filled |
| 2022-08-15 | 2.1% | 100% | 42% | filled |
| 2022-05-16 | 2.9% | 100% | 59% | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
No structured financing components have been captured for this fund.
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.
No filed share-class terms have been captured for this fund; ownership type is therefore not inferred.
Management fee: 1.00% of daily net assets per year. source. 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.
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 | Date not captured |
| 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 | Date not captured |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 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 |
| 2026-02-05 | 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 |
| 2025-08-07 | N-23C3A | 0001213900-25-072928 |
| 2025-06-09 | N-CSR | 0001213900-25-052571 |
| 2025-05-30 | NPORT-P | 0001145549-25-037189 |
| 2025-05-08 | N-23C3A | 0001213900-25-040865 |
| 2025-02-28 | NPORT-P | 0001145549-25-015668 |
| 2025-01-17 | N-23C3A | 0001213900-25-004435 |