UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
CERTIFIED SHAREHOLDER REPORT
OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number 811-23333
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(Exact name of registrant as specified in charter)
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c/o UMB Fund Services, Inc.
235 West Galena Street
Milwaukee, WI 53212
Registrant’s telephone number, including area code: (414) 299-2000
Terrance P. Gallagher
235 West Galena Street
Milwaukee, WI 53212
(Name and address of agent for service)
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Date of fiscal year end: March 31
Date of reporting period:
Explanatory Note:
Item 1. Report to Shareholders
|
(a) |
The semi-annual report of the registrant for the six months ended September 30, 2023 transmitted to shareholders pursuant to Rule 30e-1 promulgated under the Investment Company Act of 1940, as amended (the “1940 Act”), is as follows: |
CLIFFWATER CORPORATE LENDING FUND
Semi-Annual Report
For the Period Ended September 30, 2023
(Unaudited)
|
Cliffwater Corporate Lending Fund |
|
Table of Contents For the Period Ended September 30, 2023 |
|
2 |
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|
4 |
||
|
57 |
||
|
Consolidated Schedule of Foreign Currency Exchange Contracts |
58 |
|
|
59 |
||
|
60 |
||
|
61 |
||
|
62 |
||
|
64 |
||
|
66 |
||
|
109 |
||
|
110 |
This report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Fund’s risks, objectives, fees and expenses, experience of its management and other information.
www.cliffwaterfunds.com
1
To our shareholders:
The Cliffwater Corporate Lending Fund (the “Fund”) recently completed four full years of operation, and we want to thank you for the continued trust you have placed in us.
Performance has been consistently strong relative to our objective. The Fund produced a net 8.81% annualized return from its June 5, 2019 inception, through September 30, 2023. This compares to a 4.74% annualized return for the Morningstar LSTA US Leveraged Loan Index. The Fund also reported relatively consistent monthly returns. Its annualized standard deviation measures 2.01% for the same period compared to 7.63% for the Morningstar LSTA US Leveraged Loan Index.
The Fund experienced strong net investor inflows over the six months ended September 30, 2023, with net-asset-value growing from $11.1 billion on March 31, 2023, to $13.9 billion on September 30, 2023. This asset growth has been supported by significant investment in personnel and technology to grow our platform and the onboarding of additional strategic lending partners to access high quality senior corporate loans. Factors materially affecting the Fund’s performance during the most recently completed quarter include an increased yield as a result of rising interest rates, and very low realized losses.
We remain confident in the Fund’s continued performance despite the uncertain economic environment brought by high interest rates and the prospect of a slowing economy. The Fund’s 11% distribution rate at September 30, 2023, up from 10% at March 31, 2023, remains attractive and we expect it to continue so in a “higher-for-longer” interest rate scenario.
We again sincerely thank you for your support.
Regards,
Stephen L. Nesbitt
Chief Investment Officer
Cliffwater LLC
2
|
Cliffwater Corporate Lending Fund |
|
Letter to Shareholders September 30, 2023 (Unaudited) (Continued) |
Important Disclosures
The Fund’s investment program is speculative and entails substantial risks. There can be no assurance that the Fund’s investment objectives will be achieved or that its investment program will be successful. Investors should consider the Fund as a supplement to an overall investment program and should invest only if they are willing to undertake the risks involved. Investors could lose some or all of their investment.
Shares are an illiquid investment.
We do not intend to list the Fund’s shares (“Shares”) on any securities exchange and we do not expect a secondary market in the Shares to develop.
You should generally not expect to be able to sell your Shares (other than through the limited repurchase process), regardless of how we perform.
Although we are required to implement a Share repurchase program, only a limited number of Shares will be eligible for repurchase by us.
You should consider that you may not have access to the money you invest for an indefinite period of time.
An investment in the Shares is not suitable for you if you have foreseeable need to access the money you invest.
Because you will be unable to sell your Shares or have them repurchased immediately, you will find it difficult to reduce your exposure on a timely basis during a market downturn.
Cybersecurity risks have significantly increased in recent years and the Fund could suffer such losses in the future. One of the fundamental risks associated with the Fund’s investments is the risk that an issuer will be unable to make principal and interest payments on its outstanding debt obligations when due. Other risk factors include interest rate risk (a rise in interest rates causes a decline in the value of debt securities) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).
3
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) |
|
Portfolio Company |
Investment |
Interest Rate |
Reference |
Basis |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans — 77.3% |
|
|
|||||||||||||||||||
|
Business Services — 0.1% |
|
|
|||||||||||||||||||
|
Alpine Intel Intermediate 2, LLC |
Delayed Draw |
1.000% |
12/16/2027 |
USD |
6,250,000 |
(187,500 |
) |
$ |
(179,852 |
)2,4,6 |
|||||||||||
|
Alpine Intel Intermediate 2, LLC |
First Lien Term Loan |
10.158% |
SOFR |
475 |
12/16/2027 |
USD |
6,156,250 |
5,975,765 |
|
|
5,979,095 |
2,3,4 |
|||||||||
|
5,788,265 |
|
|
5,799,243 |
||||||||||||||||||
|
Communications — 2.0% |
|
|
|||||||||||||||||||
|
1236904 B.C. Ltd. |
First Lien Term Loan |
10.931% |
SOFR |
561 |
3/4/2027 |
USD |
2,892,916 |
2,823,210 |
|
|
2,805,550 |
1,2,3,4 |
|||||||||
|
AG-Twin Brook Communication Services |
First Lien Term Loan |
11.316% PIK |
SOFR |
600 |
10/1/2024 |
USD |
24,616,477 |
24,452,731 |
|
|
24,527,464 |
2,3,4,5,9,13 |
|||||||||
|
ARC Media Holdings Limited |
First Lien Term Loan |
12.766% |
SOFR |
725 |
10/31/2027 |
USD |
2,287,764 |
2,207,614 |
|
|
2,206,710 |
2,3,4 |
|||||||||
|
Aspen Opco, LLC |
First Lien Term Loan |
10.810% |
SOFR |
525 |
12/1/2027 |
USD |
21,818,182 |
21,600,000 |
|
|
21,443,733 |
2,3,4 |
|||||||||
|
Aspen Opco, LLC |
Revolver |
0.500% |
12/1/2027 |
USD |
2,840,909 |
— |
|
|
(48,756 |
)2,4,6 |
|||||||||||
|
Blueco 22 Limited |
Delayed Draw |
1.000% |
8/23/2033 |
GBP |
457,303 |
112,654 |
|
|
90,082 |
2,4,6,7 |
|||||||||||
|
Blueco 22 Limited |
First Lien Term Loan |
12.460% PIK |
SONIA |
728 |
8/23/2033 |
GBP |
685,955 |
846,342 |
|
|
812,700 |
2,3,4,7,9,13 |
|||||||||
|
BrightSign |
First Lien Term Loan |
11.290% |
SOFR |
575 |
10/14/2027 |
USD |
4,949,749 |
4,844,551 |
|
|
4,839,980 |
2,3,4 |
|||||||||
|
CM Acquisitions Holdings, Inc. |
Delayed Draw |
10.290% |
SOFR |
475 |
5/6/2025 |
USD |
296,600 |
292,781 |
|
|
287,940 |
2,3,4 |
|||||||||
|
CM Acquisitions Holdings, Inc. |
Incremental Term Loan |
10.290% |
SOFR |
475 |
5/6/2025 |
USD |
3,393,952 |
3,368,355 |
|
|
3,294,859 |
2,3,4 |
|||||||||
|
CSL DualCom Ltd. |
First Lien Term Loan |
10.468% |
SONIA |
528 |
9/25/2027 |
GBP |
1,772,638 |
2,370,306 |
|
|
2,156,057 |
2,3,4,7 |
|||||||||
|
EP Purchaser, LLC |
Second Lien Term Loan |
11.931% |
SOFR |
650 |
11/4/2029 |
USD |
10,000,000 |
9,850,000 |
|
|
9,770,315 |
2,3,4 |
|||||||||
|
Fingerpaint Marketing, Inc. |
Delayed Draw |
11.740% |
SOFR |
625 |
12/30/2026 |
USD |
5,946,649 |
5,874,309 |
|
|
5,770,425 |
2,3,4 |
|||||||||
|
Fingerpaint Marketing, Inc. |
Delayed Draw |
12.240% |
SOFR |
675 |
12/30/2026 |
USD |
2,627,306 |
2,616,682 |
|
|
2,542,692 |
2,3,4 |
|||||||||
|
Fingerpaint Marketing, Inc. |
First Lien Term Loan |
12.240% |
SOFR |
675 |
12/30/2026 |
USD |
3,370,883 |
3,314,237 |
|
|
3,262,322 |
2,3,4 |
|||||||||
|
Fingerpaint Marketing, Inc. |
First Lien Term Loan |
11.740% |
SOFR |
625 |
12/30/2026 |
USD |
8,037,791 |
7,957,413 |
|
|
7,799,598 |
2,3,4 |
|||||||||
|
Fingerpaint Marketing, Inc. |
Revolver |
0.500% |
12/30/2026 |
USD |
336,022 |
(10,081 |
) |
|
(9,958 |
)2,4,6 |
|||||||||||
|
Fingerpaint Marketing, Inc. |
Revolver |
13.750% |
PRIME |
625 |
12/30/2026 |
USD |
1,680,108 |
1,569,220 |
|
|
1,529,513 |
2,3,4,8 |
|||||||||
|
FuseFX, LLC |
First Lien Term Loan |
11.316% PIK |
SOFR |
600 |
10/1/2024 |
USD |
12,219,707 |
12,161,533 |
|
|
12,177,877 |
2,3,4,5,9,13 |
|||||||||
|
HH Global Finance Limited |
First Lien Term Loan |
11.531% |
LIBOR |
600 |
2/25/2027 |
USD |
15,000,000 |
14,887,500 |
|
|
13,960,308 |
2,3,4,5 |
|||||||||
|
HPS Telecommunications |
First Lien Term Loan |
11.420% |
SOFR |
600 |
7/23/2026 |
USD |
10,000,000 |
9,875,259 |
|
|
10,000,000 |
2,3,4,5 |
|||||||||
|
Iconic Purchaser Corporation |
Revolver |
10.924% |
SOFR |
550 |
11/5/2027 |
USD |
1,538,462 |
599,180 |
|
|
611,462 |
2,3,4,8 |
|||||||||
|
Iconic Purchaser Corporation |
First Lien Term Loan |
10.916% |
SOFR |
550 |
11/5/2028 |
USD |
18,184,615 |
17,890,125 |
|
|
18,164,323 |
2,3,4 |
|||||||||
|
KeyImpact Holdings, Inc. |
First Lien Term Loan |
10.233% |
SOFR |
475 |
6/21/2026 |
USD |
7,564,286 |
7,488,643 |
|
|
7,472,397 |
2,3,4 |
|||||||||
|
MBS Holdings, Inc. |
First Lien Term Loan |
11.166% |
SOFR |
575 |
4/6/2027 |
USD |
13,454,237 |
13,286,059 |
|
|
13,088,401 |
2,3,4 |
|||||||||
|
MBS Holdings, Inc. |
Revolver |
11.170% |
SOFR |
575 |
4/6/2027 |
USD |
1,271,186 |
187,500 |
|
|
168,825 |
2,3,4,8 |
|||||||||
|
MBS Services Holdings, LLC |
First Lien Term Loan |
11.931% |
LIBOR |
675 |
4/16/2027 |
USD |
966,102 |
947,000 |
|
|
946,780 |
2,3,4 |
|||||||||
|
Mc Group Ventures Corporation |
Delayed Draw |
10.969% |
SOFR |
550 |
6/30/2027 |
USD |
9,504,567 |
7,777,976 |
|
|
7,836,473 |
2,3,4,8 |
|||||||||
|
Mc Group Ventures Corporation |
First Lien Term Loan |
10.969% |
SOFR |
550 |
6/30/2027 |
USD |
15,076,923 |
14,857,256 |
|
|
14,848,411 |
2,3,4 |
|||||||||
|
OneCare Media, LLC |
First Lien Term Loan |
11.916% |
SOFR |
650 |
9/29/2026 |
USD |
8,937,075 |
8,844,100 |
|
|
8,738,880 |
2,3,4 |
|||||||||
|
OneCare Media, LLC |
Revolver |
0.500% |
9/29/2026 |
USD |
1,333,333 |
(20,000 |
) |
|
(29,569 |
)2,4,6 |
|||||||||||
|
Pavion Corp. |
Delayed Draw |
11.522% |
SOFR |
600 |
10/29/2027 |
USD |
2,079,320 |
1,993,287 |
|
|
2,055,652 |
2,3,4,5,8 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
4
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest Rate |
Reference |
Basis |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Communications (Continued) |
|
|
|||||||||||||||||||
|
Pavion Corp. |
First Lien Term Loan |
11.519% |
SOFR |
600 |
10/29/2027 |
USD |
3,235,745 |
3,145,575 |
|
$ |
3,235,745 |
2,3,4,5 |
|||||||||
|
Permaconn TopCo Pty, Ltd. |
First Lien Term Loan |
10.425% |
BBSY |
625 |
12/8/2027 |
AUD |
2,800,000 |
1,917,043 |
|
|
1,754,955 |
2,3,4,7 |
|||||||||
|
Recorded Books Inc. |
Revolver |
11.661% |
SOFR |
625 |
8/31/2028 |
USD |
2,994,653 |
1,628,877 |
|
|
1,630,404 |
2,3,4,8 |
|||||||||
|
Recorded Books Inc. |
First Lien Term Loan |
11.672% |
SOFR |
625 |
8/31/2030 |
USD |
37,005,347 |
35,987,700 |
|
|
36,515,660 |
2,3,4 |
|||||||||
|
TA TT Buyer |
First Lien Term Loan |
10.390% |
SOFR |
500 |
4/1/2029 |
USD |
11,910,000 |
11,790,900 |
|
|
11,900,055 |
2,3 |
|||||||||
|
Trunk Acquisition, Inc. |
Revolver |
0.500% |
2/19/2026 |
USD |
3,693,049 |
(36,930 |
) |
|
(91,159 |
)2,4,5,6 |
|||||||||||
|
Trunk Acquisition, Inc. |
First Lien Term Loan |
11.290% |
SOFR |
575 |
2/19/2027 |
USD |
22,162,500 |
21,940,875 |
|
|
21,615,442 |
2,3,4 |
|||||||||
|
281,239,782 |
|
|
279,682,548 |
||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Consumer Discretionary — 6.6% |
|
|
|||||||||||||||||||
|
A1 Garage Equity, LLC |
Delayed Draw |
11.990% |
SOFR |
650 |
12/22/2028 |
USD |
4,156,367 |
2,978,033 |
|
|
3,086,518 |
2,3,4,8 |
|||||||||
|
A1 Garage Equity, LLC |
First Lien Term Loan |
11.990% |
SOFR |
650 |
12/22/2028 |
USD |
9,271,591 |
9,018,194 |
|
|
9,186,857 |
2,3,4 |
|||||||||
|
A1 Garage Equity, LLC |
Revolver |
0.500% |
12/22/2028 |
USD |
1,515,152 |
(45,455 |
) |
|
(13,847 |
)2,4,6 |
|||||||||||
|
ADS Buyer, Inc. |
First Lien Term Loan |
10.790% |
SOFR |
525 |
12/31/2026 |
USD |
11,526,867 |
11,382,781 |
|
|
11,271,239 |
2,3,4 |
|||||||||
|
ADS Buyer, Inc. |
First Lien Term Loan |
10.790% |
SOFR |
525 |
12/30/2027 |
USD |
6,459,238 |
6,394,645 |
|
|
6,315,993 |
2,3,4 |
|||||||||
|
AG-Twin Brook Consumer Discretionary |
First Lien Term Loan |
11.402% |
SOFR |
575 |
2/14/2024 |
USD |
22,942,883 |
22,736,125 |
|
|
22,866,661 |
2,3,4,5 |
|||||||||
|
AG-Twin Brook Consumer Discretionary |
First Lien Term Loan |
11.902% |
SOFR |
625 |
4/22/2026 |
USD |
28,482,667 |
28,208,172 |
|
|
28,447,032 |
2,3,4,5 |
|||||||||
|
AG-Twin Brook Consumer Discretionary |
First Lien Term Loan |
10.902% |
SOFR |
525 |
11/30/2026 |
USD |
14,775,000 |
14,664,132 |
|
|
14,760,362 |
2,3,4,5 |
|||||||||
|
AG-Twin Brook Consumer Discretionary |
First Lien Term Loan |
11.152% |
SOFR |
550 |
12/14/2027 |
USD |
22,799,379 |
22,534,325 |
|
|
22,646,512 |
2,3,4,5 |
|||||||||
|
Archimede |
First Lien Term Loan |
9.722% |
EURIBOR |
575 |
10/17/2027 |
EUR |
8,500,000 |
8,946,188 |
|
|
8,804,892 |
2,3,4,7 |
|||||||||
|
Archimede |
Delayed Draw |
9.722% |
EURIBOR |
575 |
10/27/2027 |
EUR |
1,500,000 |
1,804,888 |
|
|
1,553,804 |
2,3,4,7 |
|||||||||
|
Archimede |
First Lien Term Loan |
9.722% |
EURIBOR |
575 |
10/27/2027 |
EUR |
7,800,000 |
8,198,789 |
|
|
8,079,783 |
2,3,4,7 |
|||||||||
|
Astro Acquisition, LLC |
First Lien Term Loan |
11.231% |
LIBOR |
550 |
9/15/2028 |
USD |
10,739,241 |
10,631,849 |
|
|
9,887,052 |
2,3,4,5 |
|||||||||
|
Auveco Holdings, Inc. |
Delayed Draw |
1.000% |
5/5/2028 |
USD |
1,973,684 |
(9,868 |
) |
|
(53,667 |
)2,4,6 |
|||||||||||
|
Auveco Holdings, Inc. |
First Lien Term Loan |
10.822% |
SOFR |
525 |
5/5/2028 |
USD |
9,118,421 |
9,027,237 |
|
|
8,870,480 |
2,3,4 |
|||||||||
|
Auveco Holdings, Inc. |
Revolver |
10.822% |
SOFR |
525 |
5/5/2028 |
USD |
1,315,789 |
126,316 |
|
|
95,801 |
2,3,4,8 |
|||||||||
|
Bendon |
First Lien Term Loan |
13.040% |
SOFR |
750 |
12/11/2025 |
USD |
11,726,404 |
11,662,124 |
|
|
11,219,383 |
2,3,4 |
|||||||||
|
Bendon |
Revolver |
0.500% |
12/11/2025 |
USD |
1,800,000 |
(18,000 |
) |
|
(77,828 |
)2,4,6 |
|||||||||||
|
Chop’t Creative Salad Company |
First Lien Term Loan |
12.666% |
SOFR |
725 |
1/22/2025 |
USD |
2,931,188 |
2,889,742 |
|
|
2,919,098 |
2,3,4,5 |
|||||||||
|
Curriculum Associates, LLC |
First Lien Term Loan |
9.595% |
SOFR |
475 |
1/27/2027 |
USD |
15,000,000 |
14,466,229 |
|
|
14,459,988 |
2,3,4 |
|||||||||
|
Denali Midco 2 LLC |
Delayed Draw |
11.916% |
SOFR |
650 |
12/22/2027 |
USD |
7,488,250 |
4,964,076 |
|
|
5,102,542 |
2,3,4,8 |
|||||||||
|
Denali Midco 2 LLC |
First Lien Term Loan |
11.916% |
SOFR |
650 |
12/22/2027 |
USD |
7,443,750 |
7,252,844 |
|
|
7,358,551 |
2,3,4 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
5
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest Rate |
Reference |
Basis |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Consumer Discretionary (Continued) |
|
|
|||||||||||||||||||
|
EC Group Holdings, LLC |
Delayed Draw |
10.931% |
SOFR |
550 |
6/30/2025 |
USD |
1,931,523 |
155,879 |
|
$ |
162,578 |
2,3,4,5,8 |
|||||||||
|
EC Group Holdings, LLC |
First Lien Term Loan |
10.931% |
SOFR |
550 |
6/30/2025 |
USD |
19,096,127 |
18,930,659 |
|
|
18,971,400 |
2,3,4,5 |
|||||||||
|
EC Group Holdings, LLC |
Revolver |
10.931% |
SOFR |
550 |
6/30/2025 |
USD |
2,283,228 |
1,020,017 |
|
|
1,027,937 |
2,3,4,5,8 |
|||||||||
|
Evergreen Acqco 1 LP |
First Lien Term Loan |
10.902% |
SOFR |
525 |
3/26/2028 |
USD |
6,094,666 |
6,047,433 |
|
|
6,129,711 |
2,3 |
|||||||||
|
Excel Fitness Holdings, Inc. |
Delayed Draw |
1.000% |
4/29/2029 |
USD |
10,657,529 |
(133,219 |
) |
|
(113,924 |
)2,4,6 |
|||||||||||
|
Excel Fitness Holdings, Inc. |
First Lien Term Loan |
10.890% |
SOFR |
550 |
4/29/2029 |
USD |
21,315,057 |
20,792,637 |
|
|
20,820,283 |
2,3,4 |
|||||||||
|
FQSR, LLC |
Delayed Draw |
11.939% PIK |
SOFR |
650 |
5/26/2027 |
USD |
6,092,785 |
2,217,296 |
|
|
1,837,762 |
2,3,4,8,9,13 |
|||||||||
|
Gateway US Holdings, Inc. |
Delayed Draw |
1.000% |
9/22/2026 |
USD |
752,237 |
— |
|
|
(13,834 |
)2,4,6 |
|||||||||||
|
Gateway US Holdings, Inc. |
Delayed Draw |
12.040% |
SOFR |
650 |
9/22/2026 |
USD |
5,978,421 |
5,651,291 |
|
|
5,688,480 |
2,3,4 |
|||||||||
|
Gateway US Holdings, Inc. |
First Lien Term Loan |
12.040% |
SOFR |
650 |
9/22/2026 |
USD |
22,338,453 |
21,896,759 |
|
|
21,927,639 |
2,3,4 |
|||||||||
|
Gateway US Holdings, Inc. |
Revolver |
0.500% |
9/22/2026 |
USD |
854,815 |
— |
|
|
(15,720 |
)2,4,6 |
|||||||||||
|
GSM Acquisition Corp. |
First Lien Term Loan |
10.652% |
SOFR |
526 |
11/16/2026 |
USD |
29,620,253 |
29,412,508 |
|
|
28,526,695 |
2,3,4 |
|||||||||
|
GSV Holding, LLC |
Delayed Draw |
11.540% |
SOFR |
600 |
4/3/2028 |
USD |
49,695,443 |
31,702,718 |
|
|
32,431,895 |
2,3,4,8 |
|||||||||
|
Harbor Purchaser, Inc. |
First Lien Term Loan |
13.816% |
SOFR |
850 |
4/7/2030 |
USD |
17,000,000 |
16,713,404 |
|
|
16,718,966 |
2,3,4 |
|||||||||
|
Home Service Topco IV, Inc. |
Revolver |
0.500% |
12/31/2025 |
USD |
1,066,677 |
(32,000 |
) |
|
(29,004 |
)2,4,5,6 |
|||||||||||
|
Home Service Topco IV, Inc. |
Delayed Draw |
1.000% |
12/31/2027 |
USD |
4,757,325 |
(71,360 |
) |
|
(57,791 |
)2,4,5,6 |
|||||||||||
|
Home Service Topco IV, Inc. |
First Lien Term Loan |
11.469% |
SOFR |
600 |
12/31/2027 |
USD |
5,199,959 |
5,050,956 |
|
|
5,058,566 |
2,3,4,5 |
|||||||||
|
Houghton Mifflin Harcourt Publishing Company |
Second Lien Term Loan |
13.416% |
SOFR |
800 |
4/7/2028 |
USD |
40,000,000 |
38,495,630 |
|
|
38,559,016 |
2,3,4 |
|||||||||
|
HPS Consumer Discretionary |
First Lien Term Loan |
13.540% PIK |
SOFR |
800 |
10/31/2024 |
USD |
4,056,795 |
3,998,736 |
|
|
3,684,403 |
2,3,4,9,13 |
|||||||||
|
HPS Consumer Discretionary |
First Lien Term Loan |
10.916% |
SOFR |
550 |
6/27/2025 |
USD |
5,118,325 |
5,038,597 |
|
|
5,040,072 |
2,3,4,5 |
|||||||||
|
HPS Consumer Discretionary |
First Lien Term Loan |
12.269% |
SOFR |
675 |
7/26/2026 |
USD |
15,085,964 |
14,814,301 |
|
|
14,438,178 |
2,3,4,5 |
|||||||||
|
HPS Consumer Discretionary |
Delayed Draw |
12.180% |
SOFR |
700 |
3/31/2028 |
USD |
610,684 |
591,389 |
|
|
593,838 |
2,3,4,5 |
|||||||||
|
HPS Consumer Discretionary |
First Lien Term Loan |
12.180% |
SOFR |
700 |
3/31/2028 |
USD |
473,209 |
459,178 |
|
|
460,155 |
2,3,4,5 |
|||||||||
|
HS Spa Holdings, Inc. |
Revolver |
11.119% |
SOFR |
575 |
6/2/2028 |
USD |
311,429 |
44,768 |
|
|
44,420 |
2,3,4,8 |
|||||||||
|
HS Spa Holdings, Inc. |
First Lien Term Loan |
11.071% |
SOFR |
575 |
6/2/2029 |
USD |
2,158,200 |
2,120,534 |
|
|
2,156,441 |
2,3,4 |
|||||||||
|
Hudson’s Bay Company |
First Lien Term Loan |
12.843% |
SOFR |
733 |
9/30/2026 |
USD |
7,103,998 |
7,011,732 |
|
|
7,028,676 |
2,3,4,5 |
|||||||||
|
HY Cite Enterprises LLC |
First Lien Term Loan |
14.633% |
SOFR |
900 |
11/1/2026 |
USD |
13,608,061 |
12,835,714 |
|
|
13,374,517 |
2,3,4 |
|||||||||
|
Ingenio, LLC |
First Lien Term Loan |
12.560% |
SOFR |
700 |
8/3/2026 |
USD |
14,530,276 |
14,245,476 |
|
|
14,106,036 |
2,3,4,5 |
|||||||||
|
Innovetive Petcare, LLC |
Delayed Draw |
10.431% |
SOFR |
500 |
12/2/2026 |
USD |
1,933,944 |
1,473,255 |
|
|
1,504,543 |
2,3,4,5,8 |
|||||||||
|
KBP Investments LLC |
Delayed Draw |
12.159% PIK |
SOFR |
650 |
5/26/2027 |
USD |
27,436,988 |
23,553,305 |
|
|
22,283,177 |
2,3,4,5,8,9,13 |
|||||||||
|
Knitwell Borrower LLC |
First Lien Term Loan |
15.000% |
SOFR |
800 |
7/28/2027 |
USD |
2,728,817 |
2,649,614 |
|
|
2,651,468 |
2,3,4 |
|||||||||
|
Leonard Group, Inc. |
First Lien Term Loan |
12.152% |
SOFR |
650 |
2/26/2026 |
USD |
13,509,812 |
13,418,129 |
|
|
13,475,994 |
2,3,4 |
|||||||||
|
Mammoth Holdings, LLC |
First Lien Term Loan |
12.008% |
SOFR |
650 |
10/16/2024 |
USD |
8,606,382 |
8,606,361 |
|
|
8,557,074 |
2,3,4 |
|||||||||
|
Margaritaville Enterprises LLC |
Delayed Draw |
10.150% |
SOFR |
475 |
6/17/2027 |
USD |
2,121,875 |
1,002,586 |
|
|
1,039,719 |
2,3,4,8 |
|||||||||
|
Margaritaville Enterprises LLC |
Revolver |
0.500% |
6/17/2027 |
USD |
312,500 |
(4,688 |
) |
|
— |
2,4,6 |
|||||||||||
See accompanying Notes to Consolidated Financial Statements.
6
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest Rate |
Reference |
Basis |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Consumer Discretionary (Continued) |
|
|
|||||||||||||||||||
|
NKD Group GmbH |
First Lien Term Loan |
11.972% |
EURIBOR |
800 |
3/23/2026 |
EUR |
5,769,231 |
5,985,141 |
|
$ |
6,029,709 |
2,3,4,7 |
|||||||||
|
NL1 Acquire Corp. |
Revolver |
11.008% |
CDOR |
550 |
5/26/2026 |
CAD |
1,330,000 |
1,005,039 |
|
|
969,431 |
2,3,4,7 |
|||||||||
|
NL1 Acquire Corp. |
Delayed Draw |
11.008% |
CDOR |
550 |
5/26/2028 |
CAD |
1,929,422 |
1,495,236 |
|
|
1,406,347 |
2,3,4,7 |
|||||||||
|
NL1 Acquire Corp. |
Delayed Draw |
11.040% |
SOFR |
550 |
5/26/2028 |
USD |
1,416,748 |
225,802 |
|
|
142,448 |
2,3,4,8 |
|||||||||
|
NL1 Acquire Corp. |
First Lien Term Loan |
11.008% |
CDOR |
550 |
5/26/2028 |
CAD |
9,584,400 |
7,547,024 |
|
|
6,986,025 |
2,3,4,7 |
|||||||||
|
NL1 Acquire Corp. |
First Lien Term Loan |
11.040% |
SOFR |
550 |
5/26/2028 |
USD |
2,068,500 |
2,047,815 |
|
|
1,934,877 |
2,3,4 |
|||||||||
|
Orion Group FM Holdings, LLC |
Delayed Draw |
1.000% |
6/30/2029 |
USD |
21,710,526 |
(54,276 |
) |
|
(231,164 |
)2,4,6 |
|||||||||||
|
Orion Group FM Holdings, LLC |
First Lien Term Loan |
11.492% |
SOFR |
625 |
6/30/2029 |
USD |
28,947,368 |
28,525,554 |
|
|
28,276,629 |
2,3,4 |
|||||||||
|
Orion Group FM Holdings, LLC |
Revolver |
11.646% |
SOFR |
625 |
6/30/2029 |
USD |
4,342,105 |
398,026 |
|
|
362,547 |
2,3,4,8 |
|||||||||
|
Owl Rock Consumer |
First Lien Term Loan |
10.250% |
SOFR |
550 |
3/26/2026 |
USD |
29,313,142 |
29,132,030 |
|
|
28,442,588 |
2,3,4,5 |
|||||||||
|
Paperworks Industries, Inc. |
First Lien Term Loan |
13.769% |
SOFR |
825 |
12/18/2025 |
USD |
10,000,000 |
9,817,123 |
|
|
9,828,378 |
2,3,4 |
|||||||||
|
Pareto Health Intermediate Holdings, Inc. |
Revolver |
0.500% |
6/1/2029 |
USD |
1,852,989 |
(55,590 |
) |
|
(50,385 |
)2,4,5,6 |
|||||||||||
|
Pareto Health Intermediate Holdings, Inc. |
First Lien Term Loan |
11.967% |
SOFR |
650 |
6/1/2030 |
USD |
14,401,450 |
13,980,391 |
|
|
14,009,858 |
2,3,4,5 |
|||||||||
|
Pareto Health Intermediate Holdings, Inc. |
First Lien Term Loan |
11.967% PIK |
SOFR |
650 |
6/1/2030 |
USD |
4,128,440 |
4,007,647 |
|
|
4,016,183 |
2,3,4,5,9,13 |
|||||||||
|
PARTS TOWN P.T. INT HL |
First Lien Term Loan |
11.515% |
SOFR |
598 |
11/1/2028 |
USD |
3,871,408 |
3,752,918 |
|
|
3,755,266 |
2,3,4 |
|||||||||
|
Penney Borrower LLC |
First Lien Term Loan |
12.573% |
SOFR |
714 |
12/16/2026 |
USD |
6,060,662 |
6,003,573 |
|
|
6,031,429 |
2,3,4,5 |
|||||||||
|
POY Holdings, LLC |
Delayed Draw |
10.892% |
LIBOR |
550 |
11/17/2027 |
USD |
1,896,337 |
888,168 |
|
|
869,379 |
2,3,4,8 |
|||||||||
|
POY Holdings, LLC |
First Lien Term Loan |
10.892% |
SOFR |
550 |
11/17/2027 |
USD |
19,121,335 |
18,930,121 |
|
|
18,745,228 |
2,3,4 |
|||||||||
|
POY Holdings, LLC |
Revolver |
0.500% |
11/17/2027 |
USD |
2,406,511 |
— |
|
|
(47,335 |
)2,4,6 |
|||||||||||
|
PT Intermediate Holdings III, LLC |
First Lien Term Loan |
11.515% |
SOFR |
598 |
11/1/2028 |
USD |
38,191,420 |
37,547,212 |
|
|
37,045,678 |
2,3,4 |
|||||||||
|
Quality Automotive Services, LLC |
Revolver |
0.500% |
7/16/2027 |
USD |
1,477,132 |
— |
|
|
(43,869 |
)2,4,5,6 |
|||||||||||
|
Race Winning Brands, Inc. |
First Lien Term Loan |
10.666% |
SOFR |
525 |
11/16/2027 |
USD |
34,984,337 |
34,578,672 |
|
|
32,717,360 |
2,3,4 |
|||||||||
|
Race Winning Brands, Inc. |
Revolver |
10.666% |
SOFR |
525 |
11/16/2027 |
USD |
3,125,000 |
1,229,980 |
|
|
1,043,810 |
2,3,4,8 |
|||||||||
|
RCS Consumer Discretionary |
First Lien Term Loan |
11.648% |
SOFR |
625 |
6/6/2025 |
USD |
1,939,850 |
1,917,054 |
|
|
1,921,149 |
2,3,4,5 |
|||||||||
|
RefrigiWear, LLC |
First Lien Term Loan |
10.217% |
SOFR |
450 |
11/2/2027 |
USD |
16,922,188 |
16,752,966 |
|
|
16,462,053 |
2,3,4 |
|||||||||
|
RefrigiWear, LLC |
Revolver |
0.500% |
6/4/2029 |
USD |
2,601,896 |
— |
|
|
(70,749 |
)2,4,6 |
|||||||||||
|
Regent Holding Company, LLC |
Revolver |
13.166% |
SOFR |
775 |
2/25/2026 |
USD |
1,917,293 |
1,916,348 |
|
|
1,840,163 |
2,3,4 |
|||||||||
|
Regent Holding Company, LLC |
First Lien Term Loan |
13.166% |
SOFR |
775 |
2/26/2026 |
USD |
1,092,575 |
1,045,962 |
|
|
1,048,622 |
2,3,4 |
|||||||||
|
S4T Holdings Corp. |
Delayed Draw |
1.000% |
12/27/2026 |
USD |
909,091 |
(11,364 |
) |
|
(8,764 |
)2,4,6 |
|||||||||||
|
Southern Air & Heat |
First Lien Term Loan |
10.163% |
SOFR |
450 |
10/1/2027 |
USD |
35,000,000 |
1,654,435 |
|
|
1,711,045 |
2,3,4,8 |
|||||||||
|
Spanx, LLC |
Revolver |
10.424% |
SOFR |
500 |
11/18/2027 |
USD |
12,096,621 |
3,146,169 |
|
|
2,820,360 |
2,3,4,8 |
|||||||||
|
Spanx, LLC |
First Lien Term Loan |
10.666% |
SOFR |
525 |
11/18/2028 |
USD |
61,845,104 |
60,853,599 |
|
|
59,511,001 |
2,3,4 |
|||||||||
|
Speedstar Holding Corporation |
Delayed Draw |
12.810% |
SOFR |
725 |
1/22/2027 |
USD |
309,569 |
300,282 |
|
|
303,986 |
2,3,4 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
7
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest Rate |
Reference |
Basis |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Consumer Discretionary (Continued) |
|
|
|||||||||||||||||||
|
Speedstar Holding Corporation |
First Lien Term Loan |
12.765% |
SOFR |
725 |
1/22/2027 |
USD |
1,317,517 |
1,282,892 |
|
$ |
1,293,756 |
2,3,4 |
|||||||||
|
Stanton Carpet Corp. |
Revolver |
0.500% |
10/1/2026 |
USD |
1,189,468 |
— |
|
|
(20,414 |
)2,4,6 |
|||||||||||
|
Stanton Carpet Corp. |
First Lien Term Loan |
10.540% |
SOFR |
500 |
10/1/2027 |
USD |
9,060,241 |
8,965,537 |
|
|
8,904,747 |
2,3,4 |
|||||||||
|
Stepping Stones Healthcare Services, LLC |
Revolver |
11.168% |
SOFR |
575 |
12/30/2026 |
USD |
2,000,000 |
80,000 |
|
|
82,043 |
2,3,4,8 |
|||||||||
|
Stepping Stones Healthcare Services, LLC |
Delayed Draw |
11.240% |
SOFR |
575 |
12/30/2028 |
USD |
3,983,300 |
2,529,238 |
|
|
2,536,125 |
2,3,4,8 |
|||||||||
|
Stepping Stones Healthcare Services, LLC |
First Lien Term Loan |
11.240% |
SOFR |
575 |
12/30/2028 |
USD |
13,825,000 |
13,484,306 |
|
|
13,494,671 |
2,3,4 |
|||||||||
|
Summit Buyer, L.L.C. |
Delayed Draw |
1.000% |
1/14/2026 |
USD |
23,636,364 |
(295,455 |
) |
|
(295,455 |
)2,4,6 |
|||||||||||
|
Summit Buyer, L.L.C. |
Delayed Draw |
11.172% |
SOFR |
575 |
1/14/2026 |
USD |
3,270,591 |
2,206,939 |
|
|
2,199,577 |
2,3,4,8 |
|||||||||
|
Summit Buyer, L.L.C. |
Delayed Draw |
10.803% |
SOFR |
535 |
1/14/2026 |
USD |
18,358,140 |
18,001,529 |
|
|
18,006,251 |
2,3,4 |
|||||||||
|
Summit Buyer, L.L.C. |
First Lien Term Loan |
10.803% |
SOFR |
535 |
1/14/2026 |
USD |
14,736,692 |
14,170,224 |
|
|
14,454,219 |
2,3,4 |
|||||||||
|
Summit Buyer, L.L.C. |
Revolver |
13.250% |
PRIME |
475 |
1/14/2026 |
USD |
3,746,615 |
529,218 |
|
|
494,643 |
2,3,4,8 |
|||||||||
|
Treehouse Child Limited |
Delayed Draw |
1.000% |
3/25/2028 |
USD |
1,132,075 |
— |
|
|
— |
2,4,6 |
|||||||||||
|
Treehouse Child Limited |
First Lien Term Loan |
12.750% |
SOFR |
500 |
3/25/2028 |
USD |
5,377,358 |
5,377,359 |
|
|
5,377,358 |
2,3,4 |
|||||||||
|
Truck-Lite Co., LLC |
First Lien Term Loan |
11.687% |
SOFR |
625 |
12/14/2026 |
USD |
41,255,825 |
40,563,498 |
|
|
40,467,839 |
2,3,4 |
|||||||||
|
Truck-Lite Co., LLC |
Delayed Draw |
11.687% |
SOFR |
625 |
12/14/2026 |
USD |
5,921,455 |
5,808,355 |
|
|
5,808,355 |
2,3,4 |
|||||||||
|
VASA Fitness Buyer, Inc. |
Delayed Draw |
1.000% |
8/14/2028 |
USD |
1,253,000 |
(25,060 |
) |
|
(23,485 |
)2,4,6 |
|||||||||||
|
VASA Fitness Buyer, Inc. |
First Lien Term Loan |
13.309% |
SOFR |
750 |
8/14/2028 |
USD |
7,309,167 |
7,022,056 |
|
|
7,025,800 |
2,3,4 |
|||||||||
|
VASA Fitness Buyer, Inc. |
Revolver |
0.500% |
8/14/2028 |
USD |
208,833 |
(8,353 |
) |
|
(8,096 |
)2,4,6 |
|||||||||||
|
Woof Holdings, Inc. |
Second Lien Term Loan |
12.696% |
SOFR |
725 |
12/21/2028 |
USD |
8,000,000 |
7,877,203 |
|
|
7,935,338 |
1,2,3,4 |
|||||||||
|
929,655,504 |
|
|
920,369,127 |
||||||||||||||||||
|
Consumer Staples — 1.1% |
|
|
|||||||||||||||||||
|
Baxters North America Holdings, Inc. |
First Lien Term Loan |
12.388% |
SOFR |
700 |
5/31/2028 |
USD |
23,500,000 |
22,940,397 |
|
|
23,087,260 |
2,3,4 |
|||||||||
|
BCPE North Star US Holdings Co. |
First Lien Term Loan |
9.431% |
SOFR |
400 |
6/10/2028 |
USD |
13,777,000 |
13,673,672 |
|
|
12,677,000 |
2,3 |
|||||||||
|
C.P. Converters, Inc. |
First Lien Term Loan |
13.214% |
ARR CSA |
750 |
9/30/2024 |
USD |
3,235,213 |
3,223,890 |
|
|
3,122,910 |
2,3,4 |
|||||||||
|
City Line Distributors LLC |
Delayed Draw |
1.000% |
8/31/2028 |
USD |
346,107 |
(8,653 |
) |
|
(8,476 |
)2,4,5,6 |
|||||||||||
|
City Line Distributors LLC |
First Lien Term Loan |
11.446% |
ARR CSA |
600 |
8/31/2028 |
USD |
865,269 |
843,897 |
|
|
844,080 |
2,3,4,5 |
|||||||||
|
City Line Distributors LLC |
Revolver |
11.446% |
ARR CSA |
600 |
8/31/2028 |
USD |
1,000 |
125 |
|
|
125 |
2,3,4,5,8 |
|||||||||
|
Jarrow Formulas, Inc. |
First Lien Term Loan |
11.740% |
SOFR |
625 |
11/30/2026 |
USD |
33,555,584 |
33,044,978 |
|
|
32,746,895 |
2,3,4 |
|||||||||
|
JTM Foods, LLC |
Delayed Draw |
10.790% |
SOFR |
525 |
5/14/2027 |
USD |
1,142,921 |
1,013,666 |
|
|
990,553 |
2,3,4,8 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
8
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest Rate |
Reference |
Basis |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Consumer Staples (Continued) |
|
|
|||||||||||||||||||
|
JTM Foods, LLC |
First Lien Term Loan |
10.790% |
SOFR |
525 |
5/14/2027 |
USD |
1,340,575 |
1,329,505 |
|
$ |
1,297,401 |
2,3,4 |
|||||||||
|
JTM Foods, LLC |
First Lien Term Loan |
10.772% |
SOFR |
525 |
5/14/2027 |
USD |
7,567,962 |
7,473,362 |
|
|
7,324,231 |
2,3,4 |
|||||||||
|
JTM Foods, LLC |
Revolver |
10.791% |
SOFR |
525 |
5/14/2027 |
USD |
559,597 |
554,001 |
|
|
541,575 |
2,3,4 |
|||||||||
|
JTM Foods, LLC |
Revolver |
10.772% |
SOFR |
525 |
5/14/2027 |
USD |
1,119,194 |
1,111,429 |
|
|
1,083,150 |
2,3,4 |
|||||||||
|
LJ Perimeter Buyer, Inc. |
Delayed Draw |
12.040% |
SOFR |
650 |
10/31/2028 |
USD |
4,425,388 |
1,943,509 |
|
|
1,987,165 |
2,3,4,8 |
|||||||||
|
LJ Perimeter Buyer, Inc. |
First Lien Term Loan |
12.019% |
SOFR |
650 |
10/31/2028 |
USD |
14,728,342 |
14,721,360 |
|
|
14,713,614 |
2,3,4 |
|||||||||
|
LJ Perimeter Buyer, Inc. |
First Lien Term Loan |
11.695% |
SOFR |
650 |
10/31/2028 |
USD |
7,745,886 |
7,538,315 |
|
|
7,738,140 |
2,3,4 |
|||||||||
|
Nellson Nutraceutical, Inc. |
First Lien Term Loan |
11.147% |
SOFR |
575 |
12/23/2025 |
USD |
14,911,129 |
14,562,200 |
|
|
14,430,906 |
2,3 |
|||||||||
|
Purfoods, LLC |
Delayed Draw |
11.811% |
SOFR |
625 |
8/12/2026 |
USD |
2,954,531 |
2,924,986 |
|
|
2,926,048 |
2,3,4 |
|||||||||
|
Purfoods, LLC |
First Lien Term Loan |
11.765% |
SOFR |
625 |
8/12/2026 |
USD |
4,376,250 |
4,332,488 |
|
|
4,334,061 |
2,3,4 |
|||||||||
|
RB Holdings Interco, LLC |
Delayed Draw |
1.000% |
5/4/2028 |
USD |
2,770,160 |
(27,702 |
) |
|
(54,488 |
)2,4,5,6 |
|||||||||||
|
RB Holdings Interco, LLC |
Revolver |
10.552% |
SOFR |
500 |
5/4/2028 |
USD |
1,385,080 |
1,172,701 |
|
|
1,166,213 |
2,3,4,5,8 |
|||||||||
|
SWK Buyer, Inc. |
First Lien Term Loan |
10.755% |
SOFR |
525 |
3/11/2029 |
USD |
13,069,737 |
12,939,039 |
|
|
11,764,055 |
2,3,4 |
|||||||||
|
SWK Buyer, Inc. |
Revolver |
10.631% |
SOFR |
525 |
3/11/2029 |
USD |
1,228,070 |
796,078 |
|
|
675,560 |
2,3,4,8 |
|||||||||
|
Woodland Foods, Inc. |
First Lien Term Loan |
11.319% |
SOFR |
590 |
12/1/2027 |
USD |
4,949,749 |
4,883,285 |
|
|
4,537,171 |
2,3,4 |
|||||||||
|
ZB Holdco LLC |
Delayed Draw |
1.000% |
2/9/2028 |
USD |
1,320,942 |
(14,861 |
) |
|
(14,176 |
)2,4,5,6 |
|||||||||||
|
ZB Holdco LLC |
First Lien Term Loan |
11.431% |
SOFR |
600 |
2/9/2028 |
USD |
1,056,753 |
1,033,317 |
|
|
1,033,518 |
2,3,4,5 |
|||||||||
|
152,004,984 |
|
|
148,944,491 |
||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Energy — 0.5% |
|
|
|||||||||||||||||||
|
DMC Holdco, LLC |
Delayed Draw |
1.000% |
7/13/2029 |
USD |
3,917,586 |
(48,970 |
) |
|
(41,713 |
)2,4,5,6 |
|||||||||||
|
DMC Holdco, LLC |
First Lien Term Loan |
11.301% |
SOFR |
600 |
7/13/2029 |
USD |
11,752,757 |
11,464,285 |
|
|
11,480,434 |
2,3,4,5 |
|||||||||
|
DMC Holdco, LLC |
Revolver |
11.301% |
SOFR |
600 |
7/13/2029 |
USD |
2,611,724 |
98,149 |
|
|
102,926 |
2,3,4,5,8 |
|||||||||
|
Drilling Info Holdings, Inc. |
Second Lien Term Loan |
13.666% |
SOFR |
825 |
7/30/2026 |
USD |
4,783,546 |
4,712,900 |
|
|
4,715,052 |
2,3,4 |
|||||||||
|
Highpeak Energy, Inc. |
First Lien Term Loan |
12.978% |
SOFR |
750 |
9/30/2026 |
USD |
4,500,000 |
4,388,920 |
|
|
4,387,500 |
2,3,4,5 |
|||||||||
|
Highpeak Energy, Inc. |
First Lien Term Loan |
13.060% |
SOFR |
750 |
9/30/2026 |
USD |
1,125,000 |
1,097,054 |
|
|
1,096,875 |
2,3,4,5 |
|||||||||
|
HPS Energy |
First Lien Term Loan |
13.740% |
SOFR |
825 |
3/12/2026 |
USD |
2,642,412 |
2,620,733 |
|
|
2,628,575 |
2,3,4,5 |
|||||||||
|
Integrated Power Services |
Revolver |
0.500% |
11/22/2027 |
USD |
2,730,835 |
— |
|
|
(67,408 |
)2,4,5,6 |
|||||||||||
|
Kene Acquisition, Inc. |
First Lien Term Loan |
9.790% |
SOFR |
425 |
8/8/2026 |
USD |
24,812,500 |
23,422,635 |
|
|
23,319,124 |
2,3,4 |
|||||||||
|
Pasadena Performance |
Delayed Draw |
1.000% |
6/30/2025 |
USD |
50,000,000 |
(1,500,000 |
) |
|
(1,500,000 |
)2,4,6 |
|||||||||||
|
Service Compression, LLC |
Delayed Draw |
15.416% PIK |
SOFR |
1,000 |
5/6/2027 |
USD |
4,184,368 |
3,822,638 |
|
|
3,947,168 |
2,3,4,5,8,9,13 |
|||||||||
|
Service Compression, LLC |
First Lien Term Loan |
15.416% PIK |
SOFR |
1,000 |
5/6/2027 |
USD |
14,416,756 |
13,200,915 |
|
|
13,546,961 |
2,3,4,5,9,13 |
|||||||||
|
63,279,259 |
|
|
63,615,494 |
||||||||||||||||||
See accompanying Notes to Consolidated Financial Statements.
9
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest Rate |
Reference |
Basis |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Financials — 12.5% |
|
|
|||||||||||||||||||
|
1364720 B.C. LTD |
Delayed Draw |
1.000% |
9/9/2028 |
CAD |
5,000,000 |
(1,294,910 |
) |
$ |
(1,318,928 |
)2,4,6,7 |
|||||||||||
|
1364720 B.C. LTD |
First Lien Term Loan |
9.980% |
CDOR |
450 |
9/9/2028 |
CAD |
11,442,500 |
8,415,381 |
|
|
8,424,133 |
2,3,4,7 |
|||||||||
|
1364720 B.C. LTD |
Revolver |
0.500% |
9/9/2028 |
CAD |
2,000,000 |
(532,934 |
) |
|
(527,571 |
)2,4,6,7 |
|||||||||||
|
Accuserve Solutions, Inc. |
Delayed Draw |
1.000% |
8/11/2029 |
USD |
6,034,482 |
(60,345 |
) |
|
(51,925 |
)2,4,6 |
|||||||||||
|
Accuserve Solutions, Inc. |
First Lien Term Loan |
11.671% |
SOFR |
738 |
8/11/2029 |
USD |
28,965,517 |
28,395,036 |
|
|
28,426,215 |
2,3,4 |
|||||||||
|
Adenza Group, Inc. |
Revolver |
0.500% |
12/3/2025 |
USD |
731,098 |
(7,311 |
) |
|
— |
2,4,6 |
|||||||||||
|
Adenza Group, Inc. |
First Lien Term Loan |
11.181% |
SOFR |
575 |
12/3/2027 |
USD |
10,834,522 |
10,726,177 |
|
|
10,834,522 |
2,3,4 |
|||||||||
|
Alera Group Holdings, Inc. |
Delayed Draw |
11.416% |
SOFR |
600 |
9/30/2028 |
USD |
24,755,557 |
24,508,001 |
|
|
23,958,428 |
2,3,4 |
|||||||||
|
Alera Group Holdings, Inc. |
Delayed Draw |
11.916% |
SOFR |
650 |
9/30/2028 |
USD |
4,983,031 |
3,871,031 |
|
|
3,769,590 |
2,3,4,8 |
|||||||||
|
Alera Group Holdings, Inc. |
First Lien Term Loan |
11.416% |
SOFR |
600 |
9/30/2028 |
USD |
24,748,111 |
24,305,882 |
|
|
23,951,222 |
2,3,4 |
|||||||||
|
Alera Group Holdings, Inc. |
First Lien Term Loan |
11.919% |
SOFR |
650 |
9/30/2028 |
USD |
2,481,250 |
2,437,880 |
|
|
2,381,193 |
2,3,4 |
|||||||||
|
Alera Group Holdings, Inc. |
Delayed Draw |
11.416% |
SOFR |
600 |
10/2/2028 |
USD |
5,912,854 |
5,722,460 |
|
|
5,722,460 |
2,3,4 |
|||||||||
|
Alera Group Holdings, Inc. |
First Lien Term Loan |
11.416% |
SOFR |
600 |
10/2/2028 |
USD |
6,017,714 |
5,832,473 |
|
|
5,823,944 |
2,3,4 |
|||||||||
|
Alku, LLC |
First Lien Term Loan |
11.570% |
SOFR |
625 |
5/23/2029 |
USD |
27,500,000 |
26,840,275 |
|
|
26,951,790 |
2,3,4 |
|||||||||
|
Amba Buyer, Inc. |
Delayed Draw |
1.000% |
7/30/2027 |
USD |
14,257,915 |
(71,290 |
) |
|
(280,446 |
)2,4,6 |
|||||||||||
|
Amba Buyer, Inc. |
First Lien Term Loan |
10.740% |
SOFR |
525 |
7/30/2027 |
USD |
12,319,730 |
12,196,532 |
|
|
12,015,630 |
2,3,4 |
|||||||||
|
Amerilife Holdings LLC |
Revolver |
10.988% |
SOFR |
575 |
8/31/2028 |
USD |
5,181,818 |
589,545 |
|
|
441,231 |
2,3,4,8 |
|||||||||
|
Amerilife Holdings LLC |
Delayed Draw |
10.616% |
SOFR |
575 |
8/31/2029 |
USD |
4,892,727 |
3,174,955 |
|
|
3,126,912 |
2,3,4,8 |
|||||||||
|
Amerilife Holdings LLC |
Delayed Draw |
11.145% |
SOFR |
575 |
8/31/2029 |
USD |
5,436,364 |
3,468,682 |
|
|
3,474,347 |
2,3,4,8 |
|||||||||
|
Amerilife Holdings LLC |
First Lien Term Loan |
11.080% |
SOFR |
575 |
8/31/2029 |
USD |
41,247,273 |
40,312,076 |
|
|
40,155,955 |
2,3,4 |
|||||||||
|
Apus Bidco Limited |
First Lien Term Loan |
10.716% |
SONIA |
553 |
2/9/2028 |
GBP |
10,791,367 |
14,525,898 |
|
|
12,848,224 |
2,3,4,7 |
|||||||||
|
AQ Sage Buyer, LLC |
Delayed Draw |
11.322% |
SOFR |
575 |
1/25/2027 |
USD |
11,268,606 |
11,127,748 |
|
|
10,905,693 |
2,3,4 |
|||||||||
|
AQ Sage Buyer, LLC |
First Lien Term Loan |
11.322% |
SOFR |
575 |
1/25/2027 |
USD |
13,468,514 |
13,335,582 |
|
|
13,034,752 |
2,3,4 |
|||||||||
|
AQ Sunshine, Inc. |
Revolver |
11.790% |
SOFR |
625 |
4/15/2024 |
USD |
2,083,333 |
2,035,417 |
|
|
2,016,317 |
2,3,4,8 |
|||||||||
|
AQ Sunshine, Inc. |
Delayed Draw |
11.790% |
SOFR |
625 |
4/15/2025 |
USD |
22,640,729 |
22,414,693 |
|
|
22,206,751 |
2,3,4 |
|||||||||
|
Ardonagh Midco 3 PLC |
First Lien Term Loan |
1.800% |
7/14/2026 |
USD |
11,541,980 |
(484,000 |
) |
|
(275,778 |
)2,3,4,6 |
|||||||||||
|
Ardonagh Midco 3 PLC |
First Lien Term Loan |
10.493% |
EURIBOR |
600 |
7/14/2026 |
EUR |
5,577,517 |
6,058,020 |
|
|
5,755,630 |
2,3,4,7 |
|||||||||
|
Belmont Buyer, Inc. |
Delayed Draw |
11.972% |
SOFR |
650 |
6/21/2029 |
USD |
2,529,070 |
958,517 |
|
|
982,770 |
2,3,4,8 |
|||||||||
|
Belmont Buyer, Inc. |
First Lien Term Loan |
11.969% |
SOFR |
650 |
6/21/2029 |
USD |
10,706,395 |
10,395,087 |
|
|
10,423,048 |
2,3,4 |
|||||||||
|
Belmont Buyer, Inc. |
Revolver |
0.500% |
6/21/2029 |
USD |
1,264,535 |
— |
|
|
(33,466 |
)2,4,6 |
|||||||||||
|
CC SAG Acquisition Corp. |
Revolver |
0.500% |
6/29/2027 |
USD |
699,301 |
— |
|
|
(10,845 |
)2,4,6 |
|||||||||||
|
CC SAG Acquisition Corp. |
Delayed Draw |
11.181% |
SOFR |
575 |
6/29/2028 |
USD |
5,220,935 |
4,396,666 |
|
|
4,388,218 |
2,3,4,8 |
|||||||||
|
CC SAG Acquisition Corp. |
First Lien Term Loan |
11.181% |
SOFR |
575 |
6/29/2028 |
USD |
18,770,105 |
18,488,553 |
|
|
18,479,008 |
2,3,4 |
|||||||||
|
Cerity Partners, LLC |
Revolver |
0.500% |
7/28/2028 |
USD |
443,192 |
(8,864 |
) |
|
(14,273 |
)2,4,6 |
|||||||||||
|
Cerity Partners, LLC |
Delayed Draw |
12.119% |
SOFR |
675 |
7/28/2029 |
USD |
17,500,000 |
3,831,250 |
|
|
4,074,661 |
2,3,4,8 |
|||||||||
|
Cerity Partners, LLC |
First Lien Term Loan |
12.172% |
SOFR |
675 |
7/28/2029 |
USD |
12,437,500 |
12,112,122 |
|
|
12,224,045 |
2,3,4 |
|||||||||
|
Cerity Partners, LLC |
First Lien Term Loan |
11.869% |
SOFR |
650 |
7/28/2029 |
USD |
7,147,864 |
7,018,126 |
|
|
6,917,662 |
2,3,4 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
10
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest Rate |
Reference |
Basis |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Financials (Continued) |
|
|
|||||||||||||||||||
|
CFGI Holdings, LLC |
First Lien Term Loan |
10.416% |
SOFR |
500 |
11/2/2027 |
USD |
14,649,635 |
14,503,139 |
|
$ |
14,361,484 |
2,3,4 |
|||||||||
|
CFGI Holdings, LLC |
Revolver |
0.500% |
11/2/2027 |
USD |
1,751,825 |
(17,518 |
) |
|
(34,457 |
)2,4,6 |
|||||||||||
|
Cherry Bekaert Advisory LLC |
Revolver |
10.640% |
SOFR |
525 |
6/30/2028 |
USD |
2,373,418 |
1,717,761 |
|
|
1,733,448 |
2,3,4,5,8 |
|||||||||
|
Credit Connection, LLC |
First Lien Term Loan |
11.142% |
SOFR |
575 |
7/30/2026 |
USD |
9,652,500 |
9,419,379 |
|
|
9,547,828 |
2,3,4 |
|||||||||
|
Credit Connection, LLC |
Revolver |
0.500% |
7/30/2026 |
USD |
600,000 |
(12,000 |
) |
|
(6,506 |
)2,4,6 |
|||||||||||
|
Cresset Asset Management, LLC |
First Lien Term Loan |
12.900% PIK |
SOFR |
750 |
4/20/2025 |
USD |
9,057,479 |
9,002,941 |
|
|
8,967,435 |
2,3,4,9,13 |
|||||||||
|
Crystal Bidco Limited |
First Lien Term Loan |
12.750% |
SOFR |
500 |
1/25/2029 |
USD |
7,423,496 |
7,497,644 |
|
|
7,497,731 |
2,3,4,5 |
|||||||||
|
Dreamstart BidCo |
First Lien Term Loan |
9.472% |
EURIBOR |
550 |
3/30/2027 |
EUR |
627,356 |
756,617 |
|
|
655,845 |
2,3,4,7 |
|||||||||
|
EdgeCo Buyer, Inc. |
Delayed Draw |
10.317% |
SOFR |
475 |
6/1/2026 |
USD |
10,000,000 |
1,750,000 |
|
|
1,781,531 |
2,3,4,8 |
|||||||||
|
EdgeCo Buyer, Inc. |
First Lien Term Loan |
10.317% |
SOFR |
475 |
6/1/2026 |
USD |
2,468,750 |
2,442,993 |
|
|
2,439,503 |
2,3,4 |
|||||||||
|
Eisner Advisory Group LLC |
First Lien Term Loan |
10.681% |
SOFR |
525 |
2/22/2030 |
USD |
11,939,850 |
11,491,007 |
|
|
11,937,342 |
2,3 |
|||||||||
|
EP Wealth Advisors, LLC |
Delayed Draw |
11.290% |
SOFR |
575 |
9/4/2026 |
USD |
12,590,100 |
3,702,321 |
|
|
3,900,696 |
2,3,4,8 |
|||||||||
|
EP Wealth Advisors, LLC |
First Lien Term Loan |
11.290% |
SOFR |
575 |
9/4/2026 |
USD |
5,373,000 |
5,243,113 |
|
|
5,282,404 |
2,3,4 |
|||||||||
|
Exegy, Inc. |
First Lien Term Loan |
11.416% |
SOFR |
600 |
5/17/2026 |
USD |
10,752,266 |
10,651,629 |
|
|
10,630,277 |
2,3,4 |
|||||||||
|
Foundation Risk Partners, Corp. |
Revolver |
0.500% |
10/29/2027 |
USD |
1,308,430 |
(41,085 |
) |
|
(41,085 |
)2,4,6 |
|||||||||||
|
Foundation Risk Partners, Corp. |
Delayed Draw |
12.240% |
SOFR |
675 |
10/29/2028 |
USD |
9,863,636 |
9,567,727 |
|
|
9,605,325 |
2,3,4 |
|||||||||
|
Foundation Risk Partners, Corp. |
Delayed Draw |
11.490% |
SOFR |
600 |
10/29/2028 |
USD |
2,661,358 |
2,577,792 |
|
|
2,577,792 |
2,3,4 |
|||||||||
|
Foundation Risk Partners, Corp. |
First Lien Term Loan |
12.240% |
SOFR |
675 |
10/29/2028 |
USD |
21,136,364 |
20,546,603 |
|
|
20,582,838 |
2,3,4 |
|||||||||
|
Foundation Risk Partners, Corp. |
First Lien Term Loan |
11.490% |
SOFR |
600 |
10/29/2028 |
USD |
37,173,534 |
36,060,220 |
|
|
36,006,285 |
2,3,4 |
|||||||||
|
Galway Borrower LLC |
First Lien Term Loan |
11.140% |
SOFR |
575 |
9/30/2028 |
USD |
11,664,000 |
11,343,972 |
|
|
11,473,180 |
2,3,4 |
|||||||||
|
Galway Borrower, LLC |
Revolver |
0.500% |
9/30/2027 |
USD |
2,682,488 |
(2,939 |
) |
|
(45,066 |
)2,4,6 |
|||||||||||
|
Galway Borrower, LLC |
First Lien Term Loan |
10.740% |
SOFR |
525 |
9/29/2028 |
USD |
81,654,664 |
80,333,896 |
|
|
80,282,866 |
2,3,4 |
|||||||||
|
Galway Borrower, LLC |
Delayed Draw |
1.000% |
9/30/2028 |
USD |
17,496,000 |
(174,960 |
) |
|
(113,465 |
)2,4,6 |
|||||||||||
|
Galway Borrower, LLC |
Delayed Draw |
10.740% |
SOFR |
525 |
9/30/2028 |
USD |
524,475 |
521,765 |
|
|
515,664 |
2,3,4 |
|||||||||
|
Gloves Buyer, Inc. |
First Lien Term Loan |
10.431% |
SOFR |
500 |
12/29/2027 |
USD |
20,000,000 |
19,242,294 |
|
|
19,400,000 |
2,3 |
|||||||||
|
Groupe Premium |
First Lien Term Loan |
9.180% |
EURIBOR |
525 |
6/8/2028 |
EUR |
8,500,000 |
9,765,052 |
|
|
8,986,151 |
2,3,4,7 |
|||||||||
|
Helibron Midco B.V. |
First Lien Term Loan |
8.944% |
EURIBOR |
500 |
9/17/2026 |
EUR |
322,466 |
387,516 |
|
|
332,323 |
2,3,4,7 |
|||||||||
|
Helibron Midco B.V. |
First Lien Term Loan |
8.944% |
EURIBOR |
500 |
9/18/2026 |
EUR |
14,409,908 |
15,595,486 |
|
|
14,850,395 |
2,3,4,7 |
|||||||||
|
HG Genesis 9 Sumoco Limited |
First Lien Term Loan |
10.822% PIK |
EURIBOR |
700 |
3/3/2027 |
EUR |
27,226,149 |
27,693,624 |
|
|
28,783,327 |
2,3,4,7,9,13 |
|||||||||
|
Higginbotham Insurance Agency, Inc. |
Delayed Draw |
1.000% |
7/30/2026 |
USD |
48,800,000 |
(259,000 |
) |
|
(244,000 |
)2,4,6 |
|||||||||||
|
Higginbotham Insurance Agency, Inc. |
Delayed Draw |
10.916% |
SOFR |
550 |
7/30/2026 |
USD |
18,668,637 |
18,668,637 |
|
|
18,575,294 |
2,3,4 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
11
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest Rate |
Reference |
Basis |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Financials (Continued) |
|
|
|||||||||||||||||||
|
Higginbotham Insurance Agency, Inc. |
Delayed Draw |
10.916% |
SOFR |
550 |
11/25/2026 |
USD |
32,216,738 |
32,179,506 |
|
$ |
32,055,654 |
2,3,4 |
|||||||||
|
Higginbotham Insurance Agency, Inc. |
First Lien Term Loan |
10.916% |
SOFR |
550 |
11/25/2026 |
USD |
4,673,194 |
4,641,883 |
|
|
4,649,828 |
2,3,4 |
|||||||||
|
Higginbotham Insurance Agency, Inc. |
Delayed Draw |
10.916% |
SOFR |
550 |
11/25/2028 |
USD |
14,907,329 |
14,758,914 |
|
|
14,832,793 |
2,3,4 |
|||||||||
|
Higginbotham Insurance Agency, Inc. |
Delayed Draw |
10.931% |
SOFR |
550 |
11/25/2028 |
USD |
14,907,329 |
14,795,524 |
|
|
14,832,793 |
2,3,4 |
|||||||||
|
Higginbotham Insurance Agency, Inc. |
First Lien Term Loan |
10.916% |
SOFR |
550 |
11/25/2028 |
USD |
18,067,040 |
18,067,040 |
|
|
17,976,705 |
2,3,4 |
|||||||||
|
HPS Financials |
First Lien Term Loan |
9.699% |
EURIBOR |
575 |
9/30/2026 |
EUR |
3,570,450 |
4,147,469 |
|
|
3,659,828 |
2,3,4,5,7 |
|||||||||
|
HPS Financials |
First Lien Term Loan |
10.936% |
SONIA |
575 |
9/30/2026 |
GBP |
4,517,888 |
5,780,202 |
|
|
5,347,669 |
2,3,4,5,7 |
|||||||||
|
HPS Financials |
First Lien Term Loan |
11.918% |
SOFR |
663 |
10/1/2026 |
USD |
4,125,000 |
3,824,743 |
|
|
3,807,993 |
2,3,4,5 |
|||||||||
|
HPS Financials |
Delayed Draw |
10.581% |
SOFR |
525 |
11/12/2027 |
USD |
442,857 |
443,558 |
|
|
443,263 |
2,3,4,5 |
|||||||||
|
HPS Financials |
First Lien Term Loan |
10.581% |
SOFR |
525 |
11/12/2027 |
USD |
182,143 |
182,431 |
|
|
182,310 |
2,3,4,5 |
|||||||||
|
HPS Financials |
First Lien Term Loan |
11.430% |
LIBOR |
625 |
12/11/2027 |
USD |
1,721,311 |
1,729,146 |
|
|
1,728,394 |
2,3,4,5 |
|||||||||
|
HPS Financials |
First Lien Term Loan |
11.181% |
SOFR |
575 |
6/28/2028 |
USD |
2,458,125 |
2,412,940 |
|
|
2,420,003 |
2,3,4,5 |
|||||||||
|
HPS Financials |
Delayed Draw |
11.181% |
SOFR |
575 |
6/29/2028 |
USD |
697,296 |
560,109 |
|
|
563,547 |
2,3,4,5,8 |
|||||||||
|
HPS Financials |
Delayed Draw |
11.916% |
SOFR |
650 |
10/2/2028 |
USD |
415,253 |
312,489 |
|
|
314,133 |
2,3,4,5,8 |
|||||||||
|
HPS Financials |
First Lien Term Loan |
11.919% |
SOFR |
650 |
10/2/2028 |
USD |
206,771 |
198,115 |
|
|
198,433 |
2,3,4,5 |
|||||||||
|
HPS Financials |
First Lien Term Loan |
10.050% |
SOFR |
500 |
5/16/2029 |
USD |
2,474,499 |
2,497,951 |
|
|
2,497,269 |
2,3,4,5 |
|||||||||
|
HPS Specialty Loan Fund V Feeder, L.P. |
First Lien Term Loan |
8.666% |
LIBOR |
300 |
5/14/2031 |
USD |
187,500,000 |
131,570,541 |
|
|
131,570,541 |
2,4,8 |
|||||||||
|
iM Global Partner |
First Lien Term Loan |
9.522% |
EURIBOR |
550 |
4/7/2028 |
EUR |
3,700,000 |
3,734,506 |
|
|
3,813,103 |
2,3,4,7 |
|||||||||
|
Integrity Marketing Acquisition, |
Delayed Draw |
11.542% |
SOFR |
602 |
8/27/2025 |
USD |
24,936,882 |
24,535,399 |
|
|
24,597,741 |
2,3,4 |
|||||||||
|
Integrity Marketing Acquisition, |
Delayed Draw |
11.284% |
SOFR |
602 |
8/27/2025 |
USD |
15,909,334 |
15,516,524 |
|
|
15,636,294 |
2,3,4,5 |
|||||||||
|
Integrity Marketing Acquisition, |
Delayed Draw |
1.000% |
8/27/2025 |
USD |
103,135,316 |
(515,677 |
) |
|
(515,677 |
)2,4,6 |
|||||||||||
|
Integrity Marketing Acquisition, |
Delayed Draw |
11.422% |
SOFR |
600 |
8/27/2025 |
USD |
1,258,066 |
458,744 |
|
|
458,744 |
2,3,4,8 |
|||||||||
|
Integrity Marketing Acquisition, |
Delayed Draw |
11.334% |
SOFR |
600 |
8/27/2025 |
USD |
16,666,667 |
6,049,796 |
|
|
6,233,333 |
2,3,4,8 |
|||||||||
|
Integrity Marketing Acquisition, |
First Lien Term Loan |
11.422% |
SOFR |
600 |
8/27/2025 |
USD |
26,884,167 |
26,364,999 |
|
|
26,614,636 |
2,3,4 |
|||||||||
|
Integrity Marketing Acquisition, |
Revolver |
0.500% |
8/27/2025 |
USD |
10,367,536 |
(254,490 |
) |
|
(108,499 |
)2,4,6 |
|||||||||||
|
J S Held, LLC |
Delayed Draw |
11.040% |
SOFR |
550 |
7/1/2025 |
USD |
20,353,813 |
17,418,963 |
|
|
17,508,519 |
2,3,4,5 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
12
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest Rate |
Reference |
Basis |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Financials (Continued) |
|
|
|||||||||||||||||||
|
J S Held, LLC |
First Lien Term Loan |
11.040% |
SOFR |
550 |
7/1/2025 |
USD |
53,973,114 |
53,973,114 |
|
$ |
54,210,596 |
2,3,4,5 |
|||||||||
|
Kensington Private Equity Fund |
Delayed Draw |
1.000% |
3/28/2026 |
USD |
6,800,000 |
(102,000 |
) |
|
(57,762 |
)2,4,5,6 |
|||||||||||
|
Kensington Private Equity Fund |
Second Lien Term Loan |
12.390% PIK |
SOFR |
700 |
3/28/2026 |
USD |
6,800,000 |
6,712,348 |
|
|
6,742,238 |
2,3,4,5,9,13 |
|||||||||
|
Keystone Agency Investors |
Delayed Draw |
11.040% |
SOFR |
550 |
5/3/2027 |
USD |
24,412,248 |
21,877,281 |
|
|
22,207,622 |
2,3,4,8 |
|||||||||
|
Keystone Agency Investors |
First Lien Term Loan |
11.040% |
SOFR |
550 |
5/3/2027 |
USD |
15,329,138 |
15,154,803 |
|
|
15,312,032 |
2,3,4 |
|||||||||
|
Kriv Acquisition, Inc. |
Delayed Draw |
1.000% |
7/6/2029 |
USD |
4,700,665 |
(70,510 |
) |
|
(62,414 |
)2,4,5,6 |
|||||||||||
|
Kriv Acquisition, Inc. |
First Lien Term Loan |
11.922% |
SOFR |
650 |
7/6/2029 |
USD |
31,494,457 |
30,571,530 |
|
|
30,603,038 |
2,3,4,5 |
|||||||||
|
Kriv Acquisition, Inc. |
Revolver |
0.500% |
7/6/2029 |
USD |
3,760,532 |
(112,816 |
) |
|
(106,438 |
)2,4,5,6 |
|||||||||||
|
KWOR Acquisition, Inc. |
Revolver |
12.250% |
PRIME |
425 |
12/22/2027 |
USD |
2,109,039 |
1,792,683 |
|
|
1,729,412 |
2,3,4,8 |
|||||||||
|
KWOR Acquisition, Inc. |
Delayed Draw |
10.666% |
SOFR |
525 |
12/22/2028 |
USD |
15,313,231 |
3,913,641 |
|
|
3,720,289 |
2,3,4,5,8 |
|||||||||
|
KWOR Acquisition, Inc. |
First Lien Term Loan |
10.666% |
SOFR |
525 |
12/22/2028 |
USD |
35,470,256 |
34,699,645 |
|
|
34,406,148 |
2,3,4 |
|||||||||
|
Lido Advisors, LLC |
Delayed Draw |
11.561% |
SOFR |
600 |
6/15/2027 |
USD |
13,400,000 |
2,037,917 |
|
|
2,075,929 |
2,3,4,5,8 |
|||||||||
|
Mclarens Midco, Inc. |
Revolver |
11.147% |
SOFR |
575 |
12/19/2025 |
USD |
3,485,026 |
3,485,026 |
|
|
3,416,477 |
2,3,4,5 |
|||||||||
|
Minotaur Acquisition, Inc. |
First Lien Term Loan |
10.166% |
SOFR |
475 |
3/27/2026 |
USD |
27,932,793 |
27,277,642 |
|
|
27,282,092 |
2,3,4,5 |
|||||||||
|
More Cowbell II LLC |
Revolver |
11.725% |
SOFR |
625 |
9/1/2029 |
USD |
10,081,307 |
1,782,366 |
|
|
1,787,130 |
2,3,4,8 |
|||||||||
|
More Cowbell II LLC |
Delayed Draw |
1.000% |
9/1/2030 |
USD |
7,836,737 |
(79,053 |
) |
|
(75,311 |
)2,4,6 |
|||||||||||
|
More Cowbell II LLC |
First Lien Term Loan |
11.725% |
SOFR |
625 |
9/1/2030 |
USD |
71,941,247 |
70,500,548 |
|
|
70,523,832 |
2,3,4 |
|||||||||
|
Oakbridge Insurance Agency LLC |
Delayed Draw |
11.166% |
SOFR |
575 |
12/31/2026 |
USD |
15,022,559 |
5,610,486 |
|
|
5,467,455 |
2,3,4,8 |
|||||||||
|
Oakbridge Insurance Agency LLC |
First Lien Term Loan |
11.166% |
SOFR |
575 |
12/31/2026 |
USD |
1,787,716 |
1,767,797 |
|
|
1,753,090 |
2,3,4 |
|||||||||
|
Oakbridge Insurance Agency LLC |
Revolver |
11.166% |
SOFR |
575 |
12/31/2026 |
USD |
603,448 |
280,556 |
|
|
275,956 |
2,3,4,8 |
|||||||||
|
Pathstone Family Office, LLC |
Revolver |
12.181% |
SOFR |
675 |
5/15/2028 |
USD |
2,825,151 |
161,136 |
|
|
161,136 |
2,3,4,5,8 |
|||||||||
|
Pathstone Family Office, LLC |
Delayed Draw |
1.000% |
5/15/2029 |
USD |
4,747,599 |
(71,214 |
) |
|
(142,428 |
)2,4,5,6 |
|||||||||||
|
Pathstone Family Office, LLC |
First Lien Term Loan |
12.182% |
SOFR |
675 |
5/15/2029 |
USD |
16,957,167 |
16,449,165 |
|
|
16,448,452 |
2,3,4,5 |
|||||||||
|
Pathstone Family Office, LLC |
First Lien Term Loan |
12.166% |
SOFR |
675 |
5/15/2029 |
USD |
18,299,836 |
17,768,540 |
|
|
17,750,841 |
2,3,4,5 |
|||||||||
|
Patriot Growth Insurance Services, LLC |
Delayed Draw |
1.000% |
10/14/2028 |
USD |
1,854,545 |
— |
|
|
(17,879 |
)2,4,6 |
|||||||||||
|
Patriot Growth Insurance Services, LLC |
Delayed Draw |
11.290% |
SOFR |
575 |
10/14/2028 |
USD |
33,072,380 |
22,518,336 |
|
|
22,412,267 |
2,3,4,8 |
|||||||||
|
Patriot Growth Insurance Services, LLC |
First Lien Term Loan |
11.290% |
SOFR |
575 |
10/14/2028 |
USD |
22,077,917 |
21,539,684 |
|
|
21,809,720 |
2,3,4 |
|||||||||
|
Patriot Growth Insurance Services, LLC |
Revolver |
0.500% |
10/14/2028 |
USD |
2,660,377 |
(26,604 |
) |
|
(32,318 |
)2,4,6 |
|||||||||||
|
Peter C. Foy & Associates Insurance Services, LLC |
Delayed Draw |
11.431% |
SOFR |
600 |
11/1/2028 |
USD |
53,085,759 |
52,555,014 |
|
|
53,085,759 |
2,3,4 |
|||||||||
|
Peter C. Foy & Associates Insurance Services, LLC |
Delayed Draw |
1.000% |
11/1/2028 |
USD |
1,500,000 |
(15,000 |
) |
|
(15,000 |
)2,4,6 |
|||||||||||
See accompanying Notes to Consolidated Financial Statements.
13
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest Rate |
Reference |
Basis |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Financials (Continued) |
|
|
|||||||||||||||||||
|
Peter C. Foy & Associates Insurance Services, LLC |
First Lien Term Loan |
11.431% |
SOFR |
600 |
11/1/2028 |
USD |
21,214,286 |
21,002,143 |
|
$ |
21,214,286 |
2,3,4 |
|||||||||
|
Peter C. Foy & Associates Insurance Services, LLC |
First Lien Term Loan |
11.816% |
SOFR |
650 |
11/1/2028 |
USD |
1,500,000 |
1,470,807 |
|
|
1,470,807 |
2,3,4 |
|||||||||
|
Petrus Buyer, Inc. |
Delayed Draw |
1.000% |
10/17/2029 |
USD |
5,494,505 |
(82,418 |
) |
|
(66,195 |
)2,4,6 |
|||||||||||
|
Petrus Buyer, Inc. |
First Lien Term Loan |
11.585% |
SOFR |
650 |
10/17/2029 |
USD |
17,538,462 |
17,059,197 |
|
|
17,327,168 |
2,3,4 |
|||||||||
|
Petrus Buyer, Inc. |
Revolver |
0.500% |
10/17/2029 |
USD |
1,923,077 |
(57,692 |
) |
|
(23,168 |
)2,4,6 |
|||||||||||
|
R&T Acquisitions, LLC |
Revolver |
0.500% |
8/31/2029 |
USD |
2,308,228 |
(69,247 |
) |
|
(69,247 |
)2,4,5,6 |
|||||||||||
|
R&T Acquisitions, LLC |
Delayed Draw |
1.000% |
8/31/2030 |
USD |
5,770,569 |
(86,559 |
) |
|
(86,559 |
)2,4,5,6 |
|||||||||||
|
R&T Acquisitions, LLC |
First Lien Term Loan |
11.140% |
SOFR |
575 |
8/31/2030 |
USD |
15,388,185 |
14,928,363 |
|
|
14,926,539 |
2,3,4,5 |
|||||||||
|
Regent Holding Company, LLC |
First Lien Term Loan |
13.166% |
SOFR |
775 |
2/25/2026 |
USD |
11,419,173 |
11,304,541 |
|
|
10,959,793 |
1,2,3,4,11,12 |
|||||||||
|
Retail Services Corporation |
First Lien Term Loan |
13.890% |
SOFR |
835 |
5/20/2025 |
USD |
15,825,631 |
15,699,149 |
|
|
15,427,443 |
2,3,4 |
|||||||||
|
Riser Merger Sub, Inc. |
Delayed Draw |
11.865% |
SOFR |
650 |
8/1/2028 |
USD |
5,150,000 |
2,371,210 |
|
|
2,413,152 |
2,3,4,5,8 |
|||||||||
|
RSC Acquisition, Inc. |
Delayed Draw |
11.019% |
SOFR |
550 |
10/30/2026 |
USD |
2,641,633 |
2,641,633 |
|
|
2,594,348 |
2,3,4,5 |
|||||||||
|
RSC Acquisition, Inc. |
First Lien Term Loan |
11.019% |
SOFR |
550 |
10/30/2026 |
USD |
76,521,571 |
76,076,153 |
|
|
75,151,835 |
2,3,4,5 |
|||||||||
|
RSC Acquisition, Inc. |
Delayed Draw |
1.000% |
11/1/2026 |
USD |
5,036,400 |
(75,546 |
) |
|
(69,229 |
)2,4,6 |
|||||||||||
|
RSC Acquisition, Inc. |
Delayed Draw |
11.072% |
SOFR |
550 |
11/1/2026 |
USD |
291,316 |
291,316 |
|
|
286,101 |
2,3,4 |
|||||||||
|
RSC Acquisition, Inc. |
First Lien Term Loan |
11.072% |
SOFR |
550 |
11/1/2026 |
USD |
17,482,904 |
17,360,012 |
|
|
17,169,960 |
2,3,4 |
|||||||||
|
RSC Acquisition, Inc. |
Revolver |
0.500% |
11/1/2026 |
USD |
8,690,548 |
— |
|
|
(155,561 |
)2,4,5,6 |
|||||||||||
|
SG Acquisition, Inc. |
First Lien Term Loan |
11.416% |
SOFR |
600 |
1/27/2027 |
USD |
12,097,340 |
11,875,163 |
|
|
11,891,998 |
2,3,4 |
|||||||||
|
SitusAMC Holdings Corporation |
First Lien Term Loan |
10.990% |
SOFR |
550 |
12/22/2027 |
USD |
19,551,149 |
19,052,724 |
|
|
19,121,024 |
2,3,4 |
|||||||||
|
The Ultimus Group Midco, LLC |
Revolver |
10.420% |
SOFR |
500 |
2/1/2024 |
USD |
1,424,528 |
134,313 |
|
|
145,498 |
2,3,4,5,8 |
|||||||||
|
THG Acquisition, LLC |
Revolver |
11.166% |
SOFR |
575 |
12/2/2025 |
USD |
743,884 |
157,869 |
|
|
160,001 |
2,3,4,8 |
|||||||||
|
THG Acquisition, LLC |
Delayed Draw |
10.916% |
SOFR |
550 |
12/2/2026 |
USD |
14,192,371 |
11,469,680 |
|
|
11,448,830 |
2,3,4,8 |
|||||||||
|
Turbo Buyer, Inc. |
Delayed Draw |
11.587% |
SOFR |
600 |
12/2/2025 |
USD |
8,387,953 |
5,640,296 |
|
|
5,719,340 |
2,3,4 |
|||||||||
|
Turbo Buyer, Inc. |
First Lien Term Loan |
11.587% |
SOFR |
600 |
12/2/2025 |
USD |
4,162,214 |
4,111,701 |
|
|
4,096,092 |
2,3,4 |
|||||||||
|
USRP Holdings, Inc. |
Delayed Draw |
11.290% |
SOFR |
575 |
7/23/2027 |
USD |
10,000,000 |
1,244,167 |
|
|
1,284,748 |
2,3,4,8 |
|||||||||
|
USRP Holdings, Inc. |
Delayed Draw |
11.180% |
SOFR |
575 |
7/23/2027 |
USD |
15,000,000 |
3,242,978 |
|
|
3,265,933 |
2,3,4,8 |
|||||||||
|
Vale Insurance Services LLC |
First Lien Term Loan |
10.790% |
SOFR |
525 |
12/1/2027 |
USD |
22,241,936 |
22,019,516 |
|
|
21,911,519 |
2,3,4 |
|||||||||
|
Vale Insurance Services LLC |
Revolver |
0.500% |
12/1/2027 |
USD |
2,419,355 |
— |
|
|
(35,941 |
)2,4,6 |
|||||||||||
|
Vista Finanials |
Delayed Draw |
1.000% |
8/27/2026 |
USD |
5,000,000 |
(25,000 |
) |
|
(25,000 |
)2,4,6 |
|||||||||||
|
Wealth Enhancement Group, LLC |
Delayed Draw |
12.092% |
SOFR |
600 |
10/2/2027 |
USD |
25,000,000 |
24,950,000 |
|
|
24,950,000 |
2,3,4 |
|||||||||
|
Wealth Enhancement Group, LLC |
Revolver |
0.500% |
10/4/2027 |
USD |
439,990 |
(47,896 |
) |
|
(880 |
)2,4,5,6 |
|||||||||||
|
Wealth Enhancement Group, LLC |
First Lien Term Loan |
21.250% PIK |
SOFR |
600 |
5/26/2033 |
USD |
18,000,000 |
17,464,860 |
|
|
17,562,103 |
2,3,4,9,13 |
|||||||||
|
World Insurance Associates, LLC |
Delayed Draw |
11.390% |
SOFR |
600 |
4/1/2026 |
USD |
32,233,607 |
31,788,935 |
|
|
30,329,140 |
2,3,4 |
|||||||||
|
World Insurance Associates, LLC |
First Lien Term Loan |
12.140% |
SOFR |
675 |
4/1/2026 |
USD |
14,367,150 |
13,893,870 |
|
|
13,841,524 |
2,3,4,5 |
|||||||||
|
World Insurance Associates, LLC |
First Lien Term Loan |
11.390% |
SOFR |
600 |
4/1/2026 |
USD |
2,671,107 |
2,636,808 |
|
|
2,513,289 |
2,3,4 |
|||||||||
|
1,747,816,469 |
|
|
1,742,065,506 |
||||||||||||||||||
See accompanying Notes to Consolidated Financial Statements.
14
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment Type |
Interest Rate |
Reference |
Basis |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Governments — 0.2% |
|
|
|||||||||||||||||||
|
Govdelivery Holdings, LLC |
Delayed Draw |
11.469% |
SOFR |
600 |
1/29/2027 |
USD |
8,336,421 |
8,196,781 |
|
$ |
8,312,906 |
2,3,4 |
|||||||||
|
Govdelivery Holdings, LLC |
First Lien Term Loan |
10.969% |
SOFR |
550 |
1/29/2027 |
USD |
6,068,453 |
5,934,201 |
|
|
5,978,499 |
2,3,4,8,13 |
|||||||||
|
Govdelivery Holdings, LLC |
Revolver |
11.847% |
SOFR |
650 |
1/29/2027 |
USD |
536,402 |
333,187 |
|
|
333,945 |
2,3,4,8 |
|||||||||
|
Prime Buyer, LLC |
First Lien Term Loan |
10.666% |
SOFR |
525 |
12/22/2026 |
USD |
9,342,731 |
9,100,444 |
|
|
9,278,898 |
2,3,4 |
|||||||||
|
Prime Buyer, LLC |
Revolver |
10.665% |
SOFR |
525 |
12/22/2026 |
USD |
3,856,132 |
353,479 |
|
|
327,132 |
2,3,4,8 |
|||||||||
|
23,918,092 |
|
|
24,231,380 |
||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Health Care — 14.3% |
|
|
|||||||||||||||||||
|
123Dentist, Inc. |
Delayed Draw |
10.905% |
CDOR |
550 |
8/10/2029 |
CAD |
6,347,117 |
(1,175,286 |
) |
|
(1,476,442 |
)2,3,4,7,8 |
|||||||||
|
123Dentist, Inc. |
Delayed Draw |
10.878% |
CDOR |
550 |
8/10/2029 |
CAD |
3,166,667 |
(687,305 |
) |
|
(736,618 |
)2,3,4,7,8 |
|||||||||
|
123Dentist, Inc. |
First Lien Term Loan |
10.878% |
CDOR |
550 |
8/10/2029 |
CAD |
50,321,655 |
37,486,791 |
|
|
35,854,386 |
2,3,4,7 |
|||||||||
|
AAH Topco, LLC |
Delayed Draw |
10.916% |
SOFR |
550 |
12/22/2027 |
USD |
4,347,907 |
3,531,323 |
|
|
3,405,279 |
2,3,4,8 |
|||||||||
|
AAH Topco, LLC |
First Lien Term Loan |
10.916% |
SOFR |
550 |
12/22/2027 |
USD |
4,056,651 |
4,016,084 |
|
|
3,875,148 |
2,3,4 |
|||||||||
|
AAH Topco, LLC |
Revolver |
0.500% |
12/22/2027 |
USD |
423,729 |
(4,237 |
) |
|
(18,958 |
)2,4,6 |
|||||||||||
|
AB Centers Acquisition |
Delayed Draw |
11.420% |
SOFR |
600 |
9/6/2028 |
USD |
7,100,905 |
2,341,524 |
|
|
2,395,332 |
2,3,4,5,8 |
|||||||||
|
AB Centers Acquisition |
First Lien Term Loan |
11.416% |
SOFR |
600 |
9/6/2028 |
USD |
1,775,226 |
1,723,691 |
|
|
1,726,039 |
2,3,4,5 |
|||||||||
|
AB Centers Acquisition |
Revolver |
13.500% |
PRIME |
500 |
9/6/2028 |
USD |
1,420,181 |
312,440 |
|
|
315,695 |
2,3,4,5,8 |
|||||||||
|
Acclaim Midco, LLC |
Delayed Draw |
1.000% |
6/13/2029 |
USD |
3,589,744 |
(53,846 |
) |
|
(4,933 |
)2,4,6 |
|||||||||||
|
Acclaim Midco, LLC |
First Lien Term Loan |
11.655% |
SOFR |
625 |
6/13/2029 |
USD |
8,974,359 |
8,710,787 |
|
|
8,826,921 |
2,3,4 |
|||||||||
|
Acclaim Midco, LLC |
Revolver |
0.500% |
6/13/2029 |
USD |
1,435,897 |
(43,077 |
) |
|
(23,590 |
)2,4,6 |
|||||||||||
|
ACI Group Holdings, Inc. |
Delayed Draw |
10.916% |
SOFR |
550 |
8/2/2028 |
USD |
13,149,829 |
7,476,106 |
|
|
7,495,295 |
2,3,4,8,13 |
|||||||||
|
ACI Group Holdings, Inc. |
First Lien Term Loan |
10.916% |
SOFR |
550 |
8/2/2028 |
USD |
35,096,969 |
34,617,585 |
|
|
34,616,140 |
2,3,4,13 |
|||||||||
|
ADCS Clinics Intermediate Holdings, LLC |
Delayed Draw |
11.937% |
SOFR |
650 |
5/7/2027 |
USD |
2,231,351 |
2,146,696 |
|
|
2,091,460 |
2,3,4 |
|||||||||
|
ADCS Clinics Intermediate Holdings, LLC |
First Lien Term Loan |
11.872% |
SOFR |
650 |
5/7/2027 |
USD |
10,885,289 |
10,734,751 |
|
|
10,134,074 |
2,3,4 |
|||||||||
|
ADMA Bilogics, Inc. |
Delayed Draw |
1.000% |
3/23/2027 |
USD |
3,571,429 |
— |
|
|
— |
2,4,5,6 |
|||||||||||
|
ADMA Bilogics, Inc. |
First Lien Term Loan |
13.916% PIK |
SOFR |
850 |
3/23/2027 |
USD |
22,484,196 |
22,300,148 |
|
|
22,484,196 |
2,3,4,5,9,13 |
|||||||||
|
AEC Parent Holdings, Inc. |
Delayed Draw |
1.000% |
6/13/2029 |
USD |
1,123,541 |
— |
|
|
(10,832 |
)2,4,5,6 |
|||||||||||
|
Affinity Hospice Intermediate Holdings, LLC |
Delayed Draw |
1.000% |
12/17/2027 |
USD |
2,724,335 |
(25,148 |
) |
|
(169,706 |
)2,4,5,6 |
|||||||||||
|
Affinity Hospice Intermediate Holdings, LLC |
First Lien Term Loan |
10.240% |
SOFR |
475 |
12/17/2027 |
USD |
11,097,206 |
11,006,716 |
|
|
10,405,933 |
2,3,4,5 |
|||||||||
|
AG-Twin Brook Healthcare |
Delayed Draw |
12.631% |
SOFR |
700 |
4/2/2024 |
USD |
7,562,426 |
7,468,037 |
|
|
7,559,385 |
2,3,4,13 |
|||||||||
|
AG-Twin Brook Healthcare |
First Lien Term Loan |
12.422% |
SOFR |
700 |
4/2/2024 |
USD |
12,089,498 |
12,026,840 |
|
|
12,086,678 |
2,3,4,13 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
15
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment Type |
Interest Rate |
Reference |
Basis |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Health Care (Continued) |
|
|
|||||||||||||||||||
|
AG-Twin Brook Healthcare |
First Lien Term Loan |
11.956% |
SOFR |
650 |
5/16/2024 |
USD |
19,376,995 |
19,217,364 |
|
$ |
19,117,688 |
2,3,4,5 |
|||||||||
|
AG-Twin Brook Healthcare |
First Lien Term Loan |
12.158% |
SOFR |
650 |
5/16/2024 |
USD |
2,000,000 |
44,285 |
|
|
47,521 |
2,3,4,5,8 |
|||||||||
|
AG-Twin Brook Healthcare |
First Lien Term Loan |
12.652% PIK |
SOFR |
700 |
7/1/2024 |
USD |
28,971,265 |
28,870,963 |
|
|
28,580,105 |
2,3,4,5,9,13 |
|||||||||
|
AG-Twin Brook Healthcare |
First Lien Term Loan |
12.152% |
SOFR |
650 |
11/27/2024 |
USD |
13,713,086 |
13,660,658 |
|
|
13,688,816 |
2,3,4,5 |
|||||||||
|
AG-Twin Brook Healthcare |
First Lien Term Loan |
11.681% |
SOFR |
625 |
7/3/2025 |
USD |
1,672,337 |
1,664,408 |
|
|
1,664,602 |
2,3,4,5 |
|||||||||
|
AG-Twin Brook Healthcare |
First Lien Term Loan |
11.431% |
SOFR |
600 |
9/25/2025 |
USD |
19,699,716 |
19,531,670 |
|
|
19,553,441 |
2,3,4,5 |
|||||||||
|
AG-Twin Brook Healthcare |
First Lien Term Loan |
11.881% PIK |
SOFR |
625 |
3/5/2026 |
USD |
6,904,563 |
6,847,599 |
|
|
2,980,700 |
2,3,4,5,9,13 |
|||||||||
|
AG-Twin Brook Healthcare |
First Lien Term Loan |
11.431% |
SOFR |
600 |
6/10/2026 |
USD |
9,825,693 |
9,696,028 |
|
|
9,788,489 |
2,3,4,5 |
|||||||||
|
AG-Twin Brook Healthcare |
First Lien Term Loan |
11.145% |
CDOR |
575 |
7/23/2026 |
CAD |
24,562,500 |
19,290,191 |
|
|
17,918,469 |
2,3,4,5,7 |
|||||||||
|
AG-Twin Brook Healthcare |
First Lien Term Loan |
12.152% |
SOFR |
650 |
8/20/2026 |
USD |
14,775,000 |
14,552,189 |
|
|
14,679,773 |
2,3,4,5 |
|||||||||
|
AG-Twin Brook Healthcare |
First Lien Term Loan |
11.146% |
SOFR |
525 |
9/22/2026 |
USD |
24,562,500 |
24,312,558 |
|
|
24,319,195 |
2,3,4,5 |
|||||||||
|
AG-Twin Brook Healthcare |
First Lien Term Loan |
11.431% |
SOFR |
600 |
10/8/2026 |
USD |
19,700,000 |
19,498,370 |
|
|
19,601,327 |
2,3,4,5 |
|||||||||
|
AG-Twin Brook Healthcare |
Delayed Draw |
11.652% |
SOFR |
600 |
10/29/2026 |
USD |
19,821,420 |
19,499,321 |
|
|
19,651,738 |
2,3,4,5 |
|||||||||
|
AG-Twin Brook Healthcare |
First Lien Term Loan |
11.431% |
SOFR |
600 |
12/14/2026 |
USD |
19,650,000 |
19,439,893 |
|
|
19,567,342 |
2,3,4,5 |
|||||||||
|
AG-Twin Brook Healthcare |
First Lien Term Loan |
11.652% |
SOFR |
600 |
12/31/2026 |
USD |
14,775,000 |
14,614,776 |
|
|
14,618,113 |
2,3,4,5 |
|||||||||
|
AG-Twin Brook Healthcare |
Delayed Draw |
1.000% |
2/23/2027 |
USD |
9,930,556 |
— |
|
|
(380,572 |
)2,4,6 |
|||||||||||
|
AG-Twin Brook Healthcare |
First Lien Term Loan |
13.652% PIK |
SOFR |
800 |
2/23/2027 |
USD |
14,946,553 |
14,633,475 |
|
|
14,373,751 |
2,3,4,9,13 |
|||||||||
|
AG-Twin Brook Healthcare |
Delayed Draw |
10.250% |
SOFR |
575 |
7/29/2027 |
USD |
50,000,000 |
3,375,000 |
|
|
3,424,785 |
2,3,4,8 |
|||||||||
|
AHR Intermediate, Inc. |
Delayed Draw |
10.902% |
SOFR |
525 |
7/29/2027 |
USD |
10,500,000 |
10,421,250 |
|
|
10,379,205 |
2,3,4 |
|||||||||
|
AHR Intermediate, Inc. |
First Lien Term Loan |
10.902% |
SOFR |
525 |
7/29/2027 |
USD |
24,255,000 |
24,007,728 |
|
|
23,975,963 |
2,3,4 |
|||||||||
|
Alcami Corporation |
Delayed Draw |
1.000% |
12/21/2028 |
USD |
1,908,023 |
(66,781 |
) |
|
(22,987 |
)2,4,6 |
|||||||||||
|
Alcami Corporation |
First Lien Term Loan |
12.416% |
SOFR |
700 |
12/21/2028 |
USD |
22,781,800 |
22,054,165 |
|
|
22,507,338 |
2,3,4 |
|||||||||
|
Alcami Corporation |
Revolver |
0.500% |
12/21/2028 |
USD |
3,052,838 |
(106,849 |
) |
|
(36,779 |
)2,4,6 |
|||||||||||
|
Alegeus Technologies |
First Lien Term Loan |
13.360% |
SOFR |
825 |
9/5/2024 |
USD |
35,253,731 |
34,696,276 |
|
|
34,648,699 |
2,3,4 |
|||||||||
|
Align Enta Intermediate, Inc. |
Delayed Draw |
1.000% |
6/30/2028 |
USD |
4,265,116 |
(63,977 |
) |
|
(51,812 |
)2,4,6 |
|||||||||||
|
Align Enta Intermediate, Inc. |
Delayed Draw |
11.831% |
SOFR |
650 |
6/30/2028 |
USD |
1,279,535 |
1,241,149 |
|
|
1,263,991 |
2,3,4 |
|||||||||
|
Align Enta Intermediate, Inc. |
First Lien Term Loan |
11.816% |
SOFR |
650 |
6/30/2028 |
USD |
2,985,581 |
2,899,245 |
|
|
2,904,400 |
2,3,4 |
|||||||||
|
Align Enta Intermediate, Inc. |
Revolver |
0.500% |
6/30/2028 |
USD |
639,767 |
(19,193 |
) |
|
(17,396 |
)2,4,6 |
|||||||||||
|
American Renal Associates Holdings, Inc. |
First Lien Term Loan |
11.817% |
SOFR |
625 |
1/29/2027 |
USD |
11,790,000 |
11,619,869 |
|
|
11,023,896 |
2,3,4,5 |
|||||||||
|
AVE Holdings III Corp. |
First Lien Term Loan |
11.040% |
SOFR |
550 |
2/25/2028 |
USD |
20,500,000 |
19,758,446 |
|
|
19,727,150 |
2,3,4 |
|||||||||
|
AWC-MH Acquisition LLC |
First Lien Term Loan |
18.430% PIK |
SOFR |
1,300 |
10/12/2025 |
USD |
8,538,390 |
8,377,229 |
|
|
6,463,562 |
2,3,4,9,13 |
|||||||||
|
Bamboo US BidCo LLC |
Revolver |
0.500% |
9/29/2029 |
USD |
943,890 |
(28,317 |
) |
|
(28,317 |
)2,4,5,6 |
|||||||||||
|
Bamboo US BidCo LLC |
Delayed Draw |
1.000% |
9/29/2030 |
USD |
2,250,775 |
(33,762 |
) |
|
(33,762 |
)2,4,6 |
|||||||||||
|
Bamboo US BidCo LLC |
First Lien Term Loan |
9.858% |
EURIBOR |
600 |
9/29/2030 |
EUR |
8,961,104 |
9,182,772 |
|
|
9,189,419 |
2,3,4,7 |
|||||||||
|
Bamboo US BidCo LLC |
First Lien Term Loan |
11.316% |
SOFR |
600 |
9/29/2030 |
USD |
18,103,616 |
17,560,775 |
|
|
17,560,507 |
2,3,4 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
16
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment Type |
Interest Rate |
Reference |
Basis |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Health Care (Continued) |
|
|
|||||||||||||||||||
|
Bausch Receivables Funding LP |
Revolver |
11.965% |
SOFR |
665 |
1/28/2028 |
USD |
42,000,000 |
23,570,000 |
|
$ |
23,588,411 |
2,3,4,5,8 |
|||||||||
|
Biocare Medical LLC |
First Lien Term Loan |
10.772% |
SOFR |
525 |
12/9/2027 |
USD |
21,888,889 |
21,670,000 |
|
|
21,183,943 |
2,3,4 |
|||||||||
|
Biocare Medical LLC |
Revolver |
10.747% |
SOFR |
525 |
12/9/2027 |
USD |
2,777,778 |
135,076 |
|
|
58,688 |
2,3,4,8 |
|||||||||
|
Bridges Consumer Healthcare |
First Lien Term Loan |
11.680% |
SOFR |
619 |
1/20/2027 |
USD |
11,942,244 |
11,822,822 |
|
|
11,527,694 |
2,3,4,5 |
|||||||||
|
Bridges Consumer Healthcare |
First Lien Term Loan |
11.990% |
SOFR |
650 |
1/20/2027 |
USD |
1,154,200 |
1,122,442 |
|
|
1,125,710 |
2,3,4,5 |
|||||||||
|
Carevet LLC |
Delayed Draw |
12.431% |
SOFR |
700 |
9/1/2025 |
USD |
21,914,885 |
19,283,624 |
|
|
19,433,575 |
2,3,4,8 |
|||||||||
|
Carevet LLC |
First Lien Term Loan |
17.431% PIK |
SOFR |
1,200 |
9/1/2025 |
USD |
5,770,629 |
5,683,132 |
|
|
5,732,495 |
2,3,4,8,9,13 |
|||||||||
|
CNSI Holdings LLC |
Revolver |
0.500% |
12/17/2027 |
USD |
1,735,776 |
(60,752 |
) |
|
(34,142 |
)2,4,6 |
|||||||||||
|
CNSI Holdings LLC |
First Lien Term Loan |
11.747% |
SOFR |
650 |
12/17/2028 |
USD |
18,218,563 |
17,639,629 |
|
|
17,860,214 |
2,3,4 |
|||||||||
|
Color Intermediate, LLC |
First Lien Term Loan |
10.990% |
SOFR |
550 |
10/4/2029 |
USD |
40,897,500 |
40,158,237 |
|
|
41,232,860 |
2,3,4 |
|||||||||
|
Community Medical Acquisition Corp. |
Revolver |
10.290% |
SOFR |
475 |
12/15/2027 |
USD |
3,683,963 |
2,652,453 |
|
|
2,607,488 |
2,3,4,8 |
|||||||||
|
Community Medical Acquisition Corp. |
Delayed Draw |
1.000% |
12/15/2028 |
USD |
3,832,795 |
— |
|
|
(94,609 |
)2,4,6 |
|||||||||||
|
Community Medical Acquisition Corp. |
First Lien Term Loan |
10.474% |
SOFR |
475 |
12/15/2028 |
USD |
25,841,162 |
25,393,168 |
|
|
25,008,931 |
2,3,4 |
|||||||||
|
Confluent Health, LLC |
First Lien Term Loan |
12.816% |
SOFR |
750 |
11/30/2028 |
USD |
17,100,143 |
15,958,680 |
|
|
15,980,587 |
2,3,4 |
|||||||||
|
Connect America.com, LLC |
First Lien Term Loan |
12.587% |
LIBOR |
700 |
6/30/2026 |
USD |
7,294,585 |
7,200,141 |
|
|
6,957,238 |
2,3,4 |
|||||||||
|
Connect America.com, LLC |
Revolver |
12.574% |
LIBOR |
700 |
6/30/2026 |
USD |
679,061 |
665,184 |
|
|
645,416 |
2,3,4,8 |
|||||||||
|
CORA Health Holdings Corp. |
Delayed Draw |
11.322% |
ARR CSA |
575 |
6/15/2027 |
USD |
229,916 |
201,181 |
|
|
208,100 |
2,3,4 |
|||||||||
|
CORA Health Holdings Corp. |
First Lien Term Loan |
11.322% PIK |
ARR CSA |
575 |
6/15/2027 |
USD |
13,646,878 |
13,511,352 |
|
|
12,351,972 |
2,3,4,9,13 |
|||||||||
|
CORA Health Holdings Corp. |
Revolver |
11.322% |
ARR CSA |
575 |
6/15/2027 |
USD |
769,231 |
461,239 |
|
|
388,549 |
2,3,4,8 |
|||||||||
|
Covaris Intermediate 3, LLC |
Delayed Draw |
10.790% |
SOFR |
525 |
1/21/2028 |
USD |
5,921,053 |
761,447 |
|
|
691,700 |
2,3,4,8 |
|||||||||
|
Covaris Intermediate 3, LLC |
First Lien Term Loan |
10.790% |
SOFR |
525 |
1/21/2028 |
USD |
7,815,789 |
7,693,538 |
|
|
7,634,623 |
2,3,4 |
|||||||||
|
Covaris Intermediate 3, LLC |
Revolver |
0.500% |
1/21/2028 |
USD |
1,184,211 |
— |
|
|
(27,450 |
)2,4,6 |
|||||||||||
|
CPC/Cirtec Holdings, Inc. |
Revolver |
11.640% |
ARR CSA |
625 |
10/31/2028 |
USD |
1,033,592 |
383,577 |
|
|
393,107 |
2,3,4,8 |
|||||||||
|
CPC/Cirtec Holdings, Inc. |
First Lien Term Loan |
11.640% |
ARR CSA |
625 |
1/30/2029 |
USD |
8,943,992 |
8,659,284 |
|
|
8,768,069 |
2,3,4 |
|||||||||
|
CPF Dental, LLC |
Delayed Draw |
14.902% PIK |
SOFR |
925 |
8/30/2024 |
USD |
14,318,756 |
12,248,024 |
|
|
12,421,187 |
2,3,4,5,8,9,13 |
|||||||||
|
CPF Dental, LLC |
First Lien Term Loan |
14.934% PIK |
SOFR |
925 |
8/30/2024 |
USD |
5,346,635 |
5,319,208 |
|
|
5,288,807 |
2,3,4,5,9,13 |
|||||||||
|
Crossroads Holding, LLC |
First Lien Term Loan |
10.902% PIK |
SOFR |
525 |
12/23/2027 |
USD |
13,849,322 |
13,745,897 |
|
|
10,555,963 |
2,3,4,5,9,13 |
|||||||||
|
D4C Dental Brands, Inc. |
Delayed Draw |
12.055% |
SOFR |
650 |
12/30/2026 |
USD |
4,535,252 |
4,442,497 |
|
|
4,434,675 |
2,3,4 |
|||||||||
|
D4C Dental Brands, Inc. |
First Lien Term Loan |
12.040% |
SOFR |
650 |
12/30/2026 |
USD |
6,441,964 |
6,359,726 |
|
|
6,299,103 |
2,3,4 |
|||||||||
|
D4C Dental Brands, Inc. |
Revolver |
12.061% |
SOFR |
650 |
12/30/2026 |
USD |
714,286 |
714,286 |
|
|
698,445 |
2,3,4 |
|||||||||
|
DCA Holdings LLC |
Delayed Draw |
11.795% |
SOFR |
641 |
3/12/2027 |
USD |
3,925,051 |
3,869,468 |
|
|
3,897,432 |
2,3,4,5 |
|||||||||
|
DCA Holdings LLC |
First Lien Term Loan |
11.890% |
SOFR |
650 |
3/12/2027 |
USD |
438,900 |
426,029 |
|
|
426,029 |
2,3,4 |
|||||||||
|
DCA Holdings LLC |
First Lien Term Loan |
11.795% |
SOFR |
641 |
4/3/2028 |
USD |
22,708,112 |
22,520,970 |
|
|
22,548,322 |
2,3,4 |
|||||||||
|
Deca Dental Holdings, LLC |
Delayed Draw |
11.240% |
SOFR |
575 |
8/26/2028 |
USD |
2,547,222 |
2,444,973 |
|
|
2,453,812 |
2,3,4 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
17
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment Type |
Interest Rate |
Reference |
Basis |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Health Care (Continued) |
|
|
|||||||||||||||||||
|
Deca Dental Holdings, LLC |
First Lien Term Loan |
11.240% |
SOFR |
575 |
8/26/2028 |
USD |
24,198,611 |
23,315,397 |
|
$ |
23,311,215 |
2,3,4 |
|||||||||
|
Deca Dental Holdings, LLC |
Revolver |
11.240% |
SOFR |
575 |
8/26/2028 |
USD |
1,944,444 |
1,218,261 |
|
|
1,117,954 |
2,3,4,8 |
|||||||||
|
Dermatopathology Laboratory Of Central States, LLC |
Delayed Draw |
1.000% |
6/1/2028 |
USD |
2,822,580 |
— |
|
|
(72,220 |
)2,4,6 |
|||||||||||
|
Dermatopathology Laboratory Of Central States, LLC |
First Lien Term Loan |
11.177% |
SOFR |
575 |
6/1/2028 |
USD |
17,165,323 |
16,947,268 |
|
|
16,726,121 |
2,3,4 |
|||||||||
|
Dermatopathology Laboratory Of Central States, LLC |
Revolver |
0.500% |
6/1/2028 |
USD |
1,612,903 |
(22,581 |
) |
|
(41,269 |
)2,4,6 |
|||||||||||
|
Emmes Blocker, Inc. |
Delayed Draw |
10.827% |
SOFR |
550 |
7/7/2028 |
USD |
5,433,841 |
3,912,041 |
|
|
3,939,121 |
2,3,4,8 |
|||||||||
|
Emmes Blocker, Inc. |
Delayed Draw |
10.769% |
SOFR |
550 |
7/7/2028 |
USD |
16,658,922 |
11,914,462 |
|
|
11,972,317 |
2,3,4,5,8 |
|||||||||
|
Emmes Blocker, Inc. |
First Lien Term Loan |
10.769% |
SOFR |
550 |
7/7/2028 |
USD |
16,381,098 |
16,121,316 |
|
|
16,154,373 |
2,3,4 |
|||||||||
|
ENT MSO LLC |
Delayed Draw |
12.490% |
SOFR |
700 |
3/4/2025 |
USD |
6,663,333 |
4,074,902 |
|
|
4,234,104 |
2,3,4,5,8 |
|||||||||
|
ERC Holdings, LLC |
Revolver |
11.070% |
SOFR |
550 |
11/10/2027 |
USD |
8,078,042 |
3,231,216 |
|
|
2,698,039 |
2,3,4,8 |
|||||||||
|
ERC Holdings, LLC |
First Lien Term Loan |
11.152% |
SOFR |
550 |
11/10/2028 |
USD |
15,569,645 |
15,397,804 |
|
|
14,541,998 |
2,3,4 |
|||||||||
|
FH MD Buyer, Inc. |
First Lien Term Loan |
10.431% |
SOFR |
511 |
10/31/2026 |
USD |
14,737,500 |
14,590,125 |
|
|
14,088,463 |
2,3,4 |
|||||||||
|
Finthrive Software Intermediate Holdings, Inc. |
Second Lien Term Loan |
12.181% |
SOFR |
675 |
1/6/2030 |
USD |
20,000,000 |
19,700,000 |
|
|
13,065,447 |
2,3 |
|||||||||
|
Fortis Life Sciences, LLC |
Delayed Draw |
1.000% |
9/17/2027 |
USD |
6,886,201 |
— |
|
|
(221,775 |
)2,4,6 |
|||||||||||
|
Fortis Life Sciences, LLC |
First Lien Term Loan |
10.740% |
SOFR |
525 |
9/17/2027 |
USD |
18,488,773 |
18,241,369 |
|
|
17,893,329 |
2,3,4 |
|||||||||
|
Fortis Life Sciences, LLC |
Revolver |
10.085% |
SOFR |
475 |
9/17/2027 |
USD |
2,434,783 |
1,869,166 |
|
|
1,808,543 |
2,3,4,8 |
|||||||||
|
FYI Optical Acquisitions, Inc. & FYI USA Inc. |
Delayed Draw |
11.250% |
CDOR |
575 |
3/4/2027 |
CAD |
36,758,217 |
28,142,541 |
|
|
26,317,940 |
2,3,4,7 |
|||||||||
|
Helium Acquirer Corporation |
Delayed Draw |
12.490% |
SOFR |
700 |
1/5/2029 |
USD |
21,032,576 |
4,663,287 |
|
|
4,589,350 |
2,3,4,8 |
|||||||||
|
Helium Acquirer Corporation |
First Lien Term Loan |
12.490% |
SOFR |
700 |
1/5/2029 |
USD |
10,877,309 |
10,578,334 |
|
|
10,829,062 |
2,3,4 |
|||||||||
|
Helium Acquirer Corporation |
Revolver |
12.490% |
SOFR |
700 |
1/5/2029 |
USD |
1,656,810 |
537,587 |
|
|
575,641 |
2,3,4,8 |
|||||||||
|
HemaSource, Inc. |
First Lien Term Loan |
11.422% |
SOFR |
600 |
8/31/2029 |
USD |
23,875,000 |
23,218,104 |
|
|
23,223,976 |
2,3,4 |
|||||||||
|
HemaSource, Inc. |
Revolver |
0.500% |
8/31/2029 |
USD |
5,000,000 |
(138,889 |
) |
|
(136,340 |
)2,4,6 |
|||||||||||
|
Heniff Holdco, LLC |
Revolver |
11.166% |
SOFR |
575 |
12/3/2024 |
USD |
2,984,691 |
1,394,249 |
|
|
1,394,249 |
2,3,4,8 |
|||||||||
|
Heniff Holdco, LLC |
First Lien Term Loan |
11.219% |
SOFR |
575 |
12/3/2026 |
USD |
24,820,964 |
24,448,178 |
|
|
24,418,865 |
2,3,4 |
|||||||||
|
HPS Health Care |
First Lien Term Loan |
10.666% |
SOFR |
525 |
6/27/2024 |
USD |
9,596,286 |
9,554,956 |
|
|
9,596,286 |
2,3,4,5 |
|||||||||
|
HPS Health Care |
Delayed Draw |
1.000% |
10/27/2025 |
USD |
598,039 |
(22,574 |
) |
|
(20,191 |
)2,4,5,6 |
|||||||||||
|
HPS Health Care |
Delayed Draw |
18.250% PIK |
LIBOR |
700 |
10/27/2025 |
USD |
697,514 |
671,732 |
|
|
669,725 |
2,3,4,5,9,13 |
|||||||||
|
HPS Health Care |
First Lien Term Loan |
12.290% PIK |
SOFR |
675 |
2/26/2026 |
USD |
3,884,868 |
3,884,868 |
|
|
3,884,868 |
2,3,4,5,9,13 |
|||||||||
|
HPS Health Care |
Delayed Draw |
11.170% |
SOFR |
575 |
8/31/2029 |
USD |
42,629 |
41,094 |
|
|
41,692 |
2,3,4,5 |
|||||||||
|
HPS Health Care |
First Lien Term Loan |
11.566% |
SOFR |
625 |
12/31/2029 |
USD |
3,750,000 |
3,680,499 |
|
|
3,692,698 |
2,3,4,5 |
|||||||||
|
Imagefirst Holdings, LLC |
Delayed Draw |
1.000% |
4/27/2028 |
USD |
214,286 |
(7,500 |
) |
|
(4,215 |
)2,4,5,6 |
|||||||||||
|
Imagefirst Holdings, LLC |
First Lien Term Loan |
10.717% |
SOFR |
500 |
4/27/2028 |
USD |
1,068,750 |
1,033,517 |
|
|
1,047,728 |
2,3,4,5 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
18
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment Type |
Interest Rate |
Reference |
Basis |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Health Care (Continued) |
|
|
|||||||||||||||||||
|
Integrated Oncology Network, |
First Lien Term Loan |
11.397% |
SOFR |
600 |
6/24/2024 |
USD |
4,119,274 |
4,095,241 |
|
$ |
4,119,274 |
2,3,4 |
|||||||||
|
Integrated Oncology Network, |
Revolver |
11.522% |
SOFR |
600 |
6/24/2024 |
USD |
83,957 |
75,351 |
|
|
75,561 |
2,3,4,8 |
|||||||||
|
Integrated Oncology Network, |
Delayed Draw |
11.397% |
SOFR |
600 |
6/24/2025 |
USD |
1,857,432 |
718,166 |
|
|
743,038 |
2,3,4,8 |
|||||||||
|
Integrated Oncology Network, LLC |
First Lien Term Loan |
11.397% |
SOFR |
600 |
6/24/2025 |
USD |
3,265,764 |
3,239,584 |
|
|
3,265,764 |
2,3,4 |
|||||||||
|
Integrated Oncology Network, LLC |
Revolver |
11.522% |
SOFR |
600 |
6/24/2025 |
USD |
134,701 |
119,412 |
|
|
121,231 |
2,3,4,8 |
|||||||||
|
IvyRehab Intermediate II, LLC |
Revolver |
0.500% |
4/21/2028 |
USD |
3,837,719 |
(38,377 |
) |
|
(123,596 |
)2,4,6 |
|||||||||||
|
IvyRehab Intermediate II, LLC |
Delayed Draw |
10.240% |
SOFR |
475 |
4/21/2029 |
USD |
7,632,360 |
7,556,800 |
|
|
7,386,555 |
2,3,4 |
|||||||||
|
IvyRehab Intermediate II, LLC |
First Lien Term Loan |
10.245% |
SOFR |
475 |
4/21/2029 |
USD |
23,251,974 |
23,019,454 |
|
|
22,503,128 |
2,3,4 |
|||||||||
|
Jon Bidco Limited |
First Lien Term Loan |
10.260% |
BKBM |
450 |
12/3/2026 |
NZD |
6,300,000 |
3,859,113 |
|
|
3,676,964 |
2,3,4,7 |
|||||||||
|
Life Science Intermediate Holdings, LLC |
Delayed Draw |
9.815% |
EURIBOR |
625 |
6/10/2027 |
EUR |
6,000,000 |
6,258,936 |
|
|
6,343,165 |
2,3,4,7 |
|||||||||
|
Life Science Intermediate Holdings, LLC |
Delayed Draw |
11.161% |
SONIA |
623 |
6/10/2027 |
GBP |
7,500,000 |
8,762,635 |
|
|
9,150,805 |
2,3,4,7 |
|||||||||
|
Life Science Intermediate Holdings, LLC |
Delayed Draw |
11.669% |
SOFR |
635 |
6/10/2027 |
USD |
15,130,708 |
14,927,396 |
|
|
15,130,708 |
2,3,4 |
|||||||||
|
Life Science Intermediate Holdings, LLC |
Delayed Draw |
11.719% |
SOFR |
635 |
6/10/2027 |
USD |
4,380,290 |
2,393,418 |
|
|
2,481,024 |
2,3,4,8 |
|||||||||
|
Life Science Intermediate Holdings, LLC |
First Lien Term Loan |
11.719% |
SOFR |
635 |
6/10/2027 |
USD |
2,863,631 |
2,836,833 |
|
|
2,863,631 |
2,3,4 |
|||||||||
|
Life Science Intermediate Holdings, LLC |
Revolver |
11.719% |
SOFR |
635 |
6/10/2027 |
USD |
1,806,360 |
1,131,640 |
|
|
1,149,703 |
2,3,4,8 |
|||||||||
|
MB2 Dental Solutions, LLC |
Delayed Draw |
11.416% |
SOFR |
600 |
1/29/2027 |
USD |
15,204,161 |
14,755,164 |
|
|
14,941,130 |
2,3,4 |
|||||||||
|
MB2 Dental Solutions, LLC |
First Lien Term Loan |
11.416% |
SOFR |
600 |
1/29/2027 |
USD |
39,283,950 |
38,445,627 |
|
|
38,604,338 |
2,3,4 |
|||||||||
|
MedMark Services, Inc. |
Delayed Draw |
10.652% |
SOFR |
500 |
6/11/2027 |
USD |
6,060,562 |
6,040,847 |
|
|
6,022,801 |
2,3,4 |
|||||||||
|
MedMark Services, Inc. |
First Lien Term Loan |
10.652% |
SOFR |
500 |
6/11/2027 |
USD |
7,860,000 |
7,781,400 |
|
|
7,811,027 |
2,3,4 |
|||||||||
|
MN Acquisition, Inc. |
First Lien Term Loan |
10.916% |
SOFR |
550 |
8/25/2028 |
USD |
22,331,250 |
21,943,556 |
|
|
21,444,088 |
2,3,4 |
|||||||||
|
MN Acquisition, Inc. |
Revolver |
10.916% |
SOFR |
550 |
8/25/2028 |
USD |
2,500,000 |
1,795,833 |
|
|
1,746,515 |
2,3,4,8 |
|||||||||
|
Myorthos Management, LLC |
Delayed Draw |
11.067% |
SOFR |
525 |
11/1/2027 |
USD |
8,926,793 |
8,835,372 |
|
|
8,639,299 |
2,3,4,5 |
|||||||||
|
Myorthos Management, LLC |
First Lien Term Loan |
11.067% |
SOFR |
525 |
11/1/2027 |
USD |
4,844,405 |
4,808,072 |
|
|
4,688,388 |
2,3,4,5 |
|||||||||
|
National Dentex Labs LLC |
Delayed Draw |
13.540% PIK |
SOFR |
800 |
4/3/2026 |
USD |
3,520,023 |
3,411,377 |
|
|
3,441,431 |
2,3,4,8,9,13 |
|||||||||
|
National Dentex Labs LLC |
First Lien Term Loan |
13.540% PIK |
SOFR |
800 |
4/3/2026 |
USD |
6,996,070 |
6,906,996 |
|
|
6,892,702 |
2,3,4,9,13 |
|||||||||
|
National Dentex Labs LLC |
Revolver |
12.548% |
SOFR |
700 |
4/3/2026 |
USD |
919,540 |
620,690 |
|
|
607,097 |
2,3,4,8 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
19
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment Type |
Interest Rate |
Reference |
Basis |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Health Care (Continued) |
|
|
|||||||||||||||||||
|
Nephron Pharmaceuticals Corporation |
First Lien Term Loan |
14.570% |
SOFR |
900 |
9/11/2026 |
USD |
30,000,000 |
29,112,884 |
|
$ |
29,100,000 |
2,3,4 |
|||||||||
|
New Era Technology, Inc. |
First Lien Term Loan |
11.790% |
SOFR |
625 |
10/31/2026 |
USD |
12,202,466 |
12,038,268 |
|
|
12,001,125 |
2,3,4 |
|||||||||
|
Novotech (Australia) Pty Limited |
Delayed Draw |
10.916% |
BBSY |
557 |
1/14/2028 |
AUD |
18,543,750 |
13,131,428 |
|
|
11,922,941 |
2,3,4,7 |
|||||||||
|
Novotech (Australia) Pty Limited |
Delayed Draw |
1.000% |
1/14/2028 |
USD |
3,125,000 |
(70,313 |
) |
|
(516 |
)2,4,6 |
|||||||||||
|
Novotech (Australia) Pty Limited |
First Lien Term Loan |
10.707% |
SOFR |
568 |
1/14/2028 |
USD |
16,437,500 |
16,156,981 |
|
|
16,434,785 |
2,3,4 |
|||||||||
|
OB Hospitalist Group |
First Lien Term Loan |
11.040% |
SOFR |
550 |
9/27/2027 |
USD |
37,798,111 |
37,222,008 |
|
|
37,244,180 |
2,3,4 |
|||||||||
|
OB Hospitalist Group |
Revolver |
10.916% |
SOFR |
550 |
9/27/2027 |
USD |
1,717,557 |
778,626 |
|
|
753,455 |
2,3,4,8 |
|||||||||
|
Office Ally |
First Lien Term Loan |
10.816% |
SOFR |
550 |
12/20/2028 |
USD |
6,929,825 |
6,816,509 |
|
|
6,741,394 |
2,3,4 |
|||||||||
|
OIA Acquisition, LLC |
Delayed Draw |
10.817% |
ARR CSA |
525 |
10/19/2027 |
USD |
1,822,099 |
1,345,299 |
|
|
1,313,554 |
2,3,4,8 |
|||||||||
|
OIA Acquisition, LLC |
First Lien Term Loan |
10.817% |
ARR CSA |
525 |
10/19/2027 |
USD |
11,060,143 |
10,949,541 |
|
|
10,759,404 |
2,3,4 |
|||||||||
|
OIA Acquisition, LLC |
Revolver |
0.500% |
10/19/2027 |
USD |
1,928,571 |
(19,286 |
) |
|
(52,440 |
)2,4,6 |
|||||||||||
|
OIS Management Services, LLC |
Delayed Draw |
11.240% |
SOFR |
575 |
11/16/2028 |
USD |
4,739,273 |
1,675,033 |
|
|
1,629,131 |
2,3,4,8 |
|||||||||
|
OIS Management Services, LLC |
First Lien Term Loan |
11.240% |
SOFR |
575 |
11/16/2028 |
USD |
12,302,500 |
12,179,475 |
|
|
12,060,516 |
2,3,4 |
|||||||||
|
OIS Management Services, LLC |
Revolver |
0.500% |
11/16/2028 |
USD |
1,423,077 |
— |
|
|
(27,991 |
)2,4,6 |
|||||||||||
|
Ons Mso, LLC |
Revolver |
13.750% |
LIBOR |
475 |
7/8/2024 |
USD |
5,527,184 |
1,289,676 |
|
|
1,236,392 |
2,3,4,5,8 |
|||||||||
|
Org USME Buyer, LLC |
Delayed Draw |
1.000% |
11/24/2026 |
USD |
743,478 |
(9,293 |
) |
|
(27,672 |
)2,4,6 |
|||||||||||
|
Org USME Buyer, LLC |
First Lien Term Loan |
11.269% |
SOFR |
575 |
11/24/2026 |
USD |
16,270,385 |
16,102,864 |
|
|
15,664,799 |
2,3,4 |
|||||||||
|
Org USME Buyer, LLC |
Revolver |
11.269% |
SOFR |
575 |
11/24/2026 |
USD |
936,232 |
596,998 |
|
|
564,342 |
2,3,4,8 |
|||||||||
|
Orthodontic Partners, LLC |
Delayed Draw |
12.016% |
SOFR |
650 |
10/12/2027 |
USD |
14,242,660 |
13,957,807 |
|
|
14,136,864 |
2,3,4 |
|||||||||
|
Orthodontic Partners, LLC |
First Lien Term Loan |
12.026% |
SOFR |
650 |
10/12/2027 |
USD |
9,673,036 |
9,498,937 |
|
|
9,504,201 |
2,3,4 |
|||||||||
|
Pediatric Home Respiratory Services, LLC |
Delayed Draw |
11.666% |
SOFR |
625 |
12/4/2024 |
USD |
2,003,745 |
1,978,774 |
|
|
1,969,356 |
2,3,4 |
|||||||||
|
Pediatric Home Respiratory Services, LLC |
First Lien Term Loan |
11.166% |
SOFR |
575 |
12/4/2024 |
USD |
4,687,355 |
4,671,358 |
|
|
4,606,909 |
2,3,4 |
|||||||||
|
Phynet Dermatology LLC |
Delayed Draw |
1.000% |
8/16/2024 |
USD |
3,099,283 |
(46,489 |
) |
|
(32,054 |
)2,4,5,6 |
|||||||||||
|
Phynet Dermatology LLC |
First Lien Term Loan |
11.872% |
SOFR |
650 |
8/16/2024 |
USD |
5,888,637 |
5,888,637 |
|
|
5,749,778 |
2,3,4,5 |
|||||||||
|
Pinnacle Dermatology Management, LLC |
Delayed Draw |
11.188% |
SOFR |
575 |
12/8/2028 |
USD |
2,533,330 |
1,306,872 |
|
|
1,204,686 |
2,3,4,8 |
|||||||||
|
Pinnacle Dermatology Management, LLC |
First Lien Term Loan |
11.248% |
SOFR |
575 |
12/8/2028 |
USD |
11,234,443 |
11,100,825 |
|
|
10,703,626 |
2,3,4 |
|||||||||
|
Pinnacle Dermatology Management, LLC |
Revolver |
9.505% |
SOFR |
400 |
12/8/2028 |
USD |
1,082,474 |
914,304 |
|
|
917,400 |
2,3,4,8 |
|||||||||
|
Pinnacle Treatment Centers, Inc. |
Delayed Draw |
12.322% |
SOFR |
675 |
1/2/2026 |
USD |
923,804 |
902,999 |
|
|
922,124 |
2,3,4 |
|||||||||
|
Pinnacle Treatment Centers, Inc. |
First Lien Term Loan |
12.322% |
SOFR |
675 |
1/2/2026 |
USD |
14,401,652 |
14,126,339 |
|
|
14,375,471 |
2,3,4 |
|||||||||
|
Pinnacle Treatment Centers, Inc. |
Revolver |
12.290% |
SOFR |
675 |
1/2/2026 |
USD |
285,714 |
276,352 |
|
|
275,832 |
2,3,4,8 |
|||||||||
|
Pinnacle Treatment Centers, Inc. |
Revolver |
12.322% |
SOFR |
675 |
1/2/2026 |
USD |
503,862 |
384,310 |
|
|
393,872 |
2,3,4,8 |
|||||||||
|
PPV Intermediate Holdings LLC |
Delayed Draw |
1.000% |
8/31/2029 |
USD |
61,985,174 |
(309,926 |
) |
|
(309,926 |
)2,4,6 |
|||||||||||
|
PPV Intermediate Holdings LLC |
First Lien Term Loan |
11.172% |
SOFR |
575 |
8/31/2029 |
USD |
40,462,063 |
39,727,395 |
|
|
40,826,752 |
2,3,4 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
20
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment Type |
Interest Rate |
Reference |
Basis |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Health Care (Continued) |
|
|
|||||||||||||||||||
|
PPV Intermediate Holdings LLC |
First Lien Term Loan |
1.000% |
8/31/2029 |
USD |
1,265,000 |
(6,325 |
) |
$ |
(6,325 |
)2,3,4,6 |
|||||||||||
|
PPV Intermediate Holdings LLC |
First Lien Term Loan |
10.879% |
SOFR |
575 |
8/31/2029 |
USD |
20,500,000 |
20,575,761 |
|
|
20,705,000 |
2,3,4 |
|||||||||
|
PPV Intermediate Holdings LLC |
Revolver |
0.500% |
8/31/2029 |
USD |
2,538,076 |
— |
|
|
25,381 |
2,4,6 |
|||||||||||
|
PPV Intermediate Holdings LLC |
Delayed Draw |
1.000% |
8/31/2030 |
USD |
1,121,528 |
(5,608 |
) |
|
(5,608 |
)2,4,6 |
|||||||||||
|
PPV Intermediate Holdings LLC |
Delayed Draw |
13.000% PIK |
8/31/2030 |
USD |
1,976,512 |
1,932,833 |
|
|
1,922,768 |
2,3,4,9,13 |
|||||||||||
|
PPV Intermediate Holdings LLC |
First Lien Term Loan |
14.250% PIK |
8/31/2030 |
USD |
15,000,000 |
14,551,688 |
|
|
14,550,000 |
2,3,4,9,13 |
|||||||||||
|
Practicetek Purchaser, LLC |
Delayed Draw |
1.000% |
8/30/2029 |
USD |
2,076,461 |
(25,956 |
) |
|
(24,708 |
)2,4,5,6 |
|||||||||||
|
Practicetek Purchaser, LLC |
First Lien Term Loan |
11.334% |
SOFR |
600 |
8/30/2029 |
USD |
6,921,539 |
6,750,205 |
|
|
6,752,607 |
2,3,4,5 |
|||||||||
|
Practicetek Purchaser, LLC |
First Lien Term Loan |
14.000% PIK |
8/30/2029 |
USD |
1,000 |
970 |
|
|
971 |
2,3,4,9,13 |
|||||||||||
|
Practicetek Purchaser, LLC |
Revolver |
11.334% |
SOFR |
600 |
8/30/2029 |
USD |
1,000 |
475 |
|
|
476 |
2,3,4,5,8 |
|||||||||
|
Premier Imaging, LLC |
Delayed Draw |
11.652% |
SOFR |
600 |
1/2/2025 |
USD |
4,132,363 |
4,132,359 |
|
|
4,071,803 |
2,3,4 |
|||||||||
|
Premier Imaging, LLC |
First Lien Term Loan |
11.652% |
SOFR |
600 |
1/2/2025 |
USD |
22,954,357 |
22,837,193 |
|
|
22,617,962 |
2,3,4 |
|||||||||
|
Premise Health Holding Corp. |
First Lien Term Loan |
10.337% |
SOFR |
475 |
7/10/2025 |
USD |
14,850,000 |
14,676,233 |
|
|
14,839,386 |
2,3,4 |
|||||||||
|
PSKW Intermediate, LLC |
First Lien Term Loan |
11.666% |
SOFR |
625 |
3/9/2026 |
USD |
20,435,567 |
20,435,567 |
|
|
20,435,567 |
2,3,4 |
|||||||||
|
PTSH Intermediate Holdings, LLC |
First Lien Term Loan |
11.740% |
SOFR |
575 |
12/17/2027 |
USD |
5,208,333 |
4,948,170 |
|
|
4,947,917 |
2,3,4 |
|||||||||
|
Q-Centrix LLC |
First Lien Term Loan |
10.522% |
SOFR |
500 |
5/30/2025 |
USD |
829,092 |
747,570 |
|
|
823,178 |
2,3,4 |
|||||||||
|
Q-Centrix LLC |
First Lien Term Loan |
10.022% |
SOFR |
450 |
5/30/2025 |
USD |
4,860,051 |
4,825,630 |
|
|
4,788,827 |
2,3,4 |
|||||||||
|
Raven Buyer, Inc. |
First Lien Term Loan |
11.572% |
SOFR |
600 |
2/1/2027 |
USD |
12,857,386 |
12,728,251 |
|
|
12,797,908 |
2,3,4 |
|||||||||
|
Raven Buyer, Inc. |
Revolver |
11.572% |
SOFR |
600 |
2/1/2027 |
USD |
2,045,455 |
531,818 |
|
|
522,356 |
2,3,4,8 |
|||||||||
|
Redwood MSO, LLC |
First Lien Term Loan |
11.681% |
SOFR |
625 |
7/3/2025 |
USD |
18,554,950 |
18,446,379 |
|
|
18,477,833 |
2,3,4,5 |
|||||||||
|
Smile Doctors, LLC |
Revolver |
0.500% |
12/23/2027 |
USD |
2,208,481 |
— |
|
|
(27,986 |
)2,4,6 |
|||||||||||
|
Smile Doctors, LLC |
Delayed Draw |
1.000% |
12/23/2028 |
USD |
5,000,000 |
(75,000 |
) |
|
(63,361 |
)2,4,5,6 |
|||||||||||
|
Smile Doctors, LLC |
First Lien Term Loan |
11.147% |
SOFR |
590 |
12/23/2028 |
USD |
22,579,064 |
22,338,787 |
|
|
22,292,936 |
2,3,4 |
|||||||||
|
SSCP Pegasus Midco Limited |
First Lien Term Loan |
11.305% |
SONIA |
600 |
11/16/2027 |
GBP |
1,797,628 |
2,395,837 |
|
|
2,193,299 |
2,3,4,7 |
|||||||||
|
TerSera Therapeutics, LLC |
First Lien Term Loan |
12.140% |
SOFR |
675 |
4/4/2029 |
USD |
6,468,172 |
6,284,872 |
|
|
6,301,056 |
2,3,4 |
|||||||||
|
TerSera Therapeutics, LLC |
Revolver |
0.500% |
4/4/2029 |
USD |
531,828 |
(15,955 |
) |
|
(13,741 |
)2,4,6 |
|||||||||||
|
The Smilist Management, Inc. |
Delayed Draw |
11.916% |
SOFR |
650 |
12/22/2025 |
USD |
5,516,847 |
5,423,889 |
|
|
5,377,903 |
2,3,4,5 |
|||||||||
|
The Smilist Management, Inc. |
First Lien Term Loan |
11.916% |
SOFR |
650 |
12/22/2025 |
USD |
6,714,950 |
5,798,089 |
|
|
5,691,251 |
2,3,4,5,8 |
|||||||||
|
The Smilist Management, Inc. |
Revolver |
11.918% |
SOFR |
650 |
12/22/2025 |
USD |
356,075 |
139,999 |
|
|
133,462 |
2,3,4,5,8 |
|||||||||
|
TheKey, LLC |
Delayed Draw |
10.469% |
SOFR |
500 |
3/30/2027 |
USD |
20,969,662 |
1,277,314 |
|
|
667,855 |
2,3,4,5,8 |
|||||||||
|
Tivity Health, Inc. |
First Lien Term Loan |
11.390% |
SOFR |
600 |
6/28/2029 |
USD |
34,737,500 |
34,216,437 |
|
|
33,526,597 |
2,3,4 |
|||||||||
|
TPC Holdco, LLC |
Second Lien Term Loan |
12.965% |
SOFR |
800 |
3/29/2028 |
USD |
5,000,000 |
4,938,332 |
|
|
4,823,301 |
2,3,4 |
|||||||||
|
Troy Gastroenterology, P.C. |
Delayed Draw |
11.397% |
SOFR |
615 |
11/25/2025 |
USD |
2,741,434 |
2,736,040 |
|
|
2,708,132 |
2,3,4 |
|||||||||
|
Troy Gastroenterology, P.C. |
First Lien Term Loan |
11.397% |
SOFR |
615 |
11/25/2025 |
USD |
4,370,690 |
4,332,626 |
|
|
4,317,596 |
2,3,4 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
21
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment Type |
Interest Rate |
Reference |
Basis |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Health Care (Continued) |
|
|
|||||||||||||||||||
|
Troy Gastroenterology, P.C. |
Revolver |
11.397% |
SOFR |
615 |
11/25/2025 |
USD |
591,133 |
388,177 |
|
$ |
386,908 |
2,3,4,8 |
|||||||||
|
TurningPoint Healthcare Solutions, LLC |
Revolver |
0.500% |
7/14/2027 |
USD |
1,816,524 |
(18,165 |
) |
|
(35,730 |
)2,4,5,6 |
|||||||||||
|
United Digestive MSO Parent, |
Delayed Draw |
1.000% |
3/30/2029 |
USD |
8,233,571 |
(123,504 |
) |
|
(38,089 |
)2,4,5,6 |
|||||||||||
|
United Digestive MSO Parent, |
First Lien Term Loan |
12.290% |
SOFR |
675 |
3/30/2029 |
USD |
31,210,350 |
30,326,326 |
|
|
30,596,459 |
2,3,4,5 |
|||||||||
|
United Digestive MSO Parent, |
Revolver |
0.500% |
3/30/2029 |
USD |
4,116,786 |
(123,504 |
) |
|
(80,975 |
)2,4,5,6 |
|||||||||||
|
United Musculoskeletal Partners Acquisition Holdings, LLC |
First Lien Term Loan |
11.058% |
SOFR |
575 |
7/15/2028 |
USD |
8,275,862 |
8,193,517 |
|
|
8,071,581 |
2,3,4 |
|||||||||
|
United Musculoskeletal Partners Acquisition Holdings, LLC |
Revolver |
0.500% |
7/15/2028 |
USD |
1,724,138 |
(17,241 |
) |
|
(42,559 |
)2,4,6 |
|||||||||||
|
UroGPO, LLC |
First Lien Term Loan |
11.196% |
SOFR |
585 |
12/15/2026 |
USD |
7,000,000 |
7,000,000 |
|
|
6,921,986 |
2,3,4 |
|||||||||
|
Urology Management Holdings, |
Delayed Draw |
1.000% |
6/15/2026 |
USD |
3,266,667 |
(98,000 |
) |
|
(64,254 |
)2,4,6 |
|||||||||||
|
Urology Management Holdings, |
Delayed Draw |
11.580% |
SOFR |
604 |
6/15/2026 |
USD |
14,716,262 |
14,542,661 |
|
|
14,353,007 |
2,3,4 |
|||||||||
|
Urology Management Holdings, |
First Lien Term Loan |
11.790% |
SOFR |
625 |
6/15/2026 |
USD |
6,500,667 |
6,335,743 |
|
|
6,372,802 |
2,3,4 |
|||||||||
|
Urology Management Holdings, |
First Lien Term Loan |
11.580% |
SOFR |
604 |
6/15/2026 |
USD |
5,023,718 |
4,975,803 |
|
|
4,899,712 |
2,3,4 |
|||||||||
|
Urology Management Holdings, |
Revolver |
0.500% |
6/15/2026 |
USD |
1,190,476 |
(17,857 |
) |
|
(29,386 |
)2,4,5,6 |
|||||||||||
|
USHV Management, LLC |
Delayed Draw |
1.000% |
12/23/2027 |
USD |
3,891,892 |
(116,757 |
) |
|
(66,794 |
)2,4,6 |
|||||||||||
|
USHV Management, LLC |
First Lien Term Loan |
11.990% |
SOFR |
650 |
12/23/2027 |
USD |
7,764,324 |
7,549,124 |
|
|
7,631,071 |
2,3,4 |
|||||||||
|
Vardiman Black Holdings, LLC |
Delayed Draw |
12.430% |
SOFR |
700 |
3/18/2027 |
USD |
36,775,808 |
36,212,209 |
|
|
34,665,673 |
2,3,4 |
|||||||||
|
Vardiman Black Holdings, LLC |
First Lien Term Loan |
12.430% |
SOFR |
700 |
3/18/2027 |
USD |
10,073,864 |
9,968,088 |
|
|
9,495,842 |
2,3,4 |
|||||||||
|
Vermont Aus Pty Ltd. |
First Lien Term Loan |
9.947% |
BBSY |
575 |
3/23/2028 |
AUD |
10,754,004 |
7,806,685 |
|
|
6,780,784 |
2,3,4,7 |
|||||||||
|
Vermont Aus Pty Ltd. |
First Lien Term Loan |
11.036% |
SOFR |
565 |
3/23/2028 |
USD |
7,896,297 |
7,736,320 |
|
|
7,744,154 |
2,3,4 |
|||||||||
|
Vital Care Buyer, LLC |
First Lien Term Loan |
11.652% |
SOFR |
600 |
10/19/2025 |
USD |
4,834,134 |
4,834,134 |
|
|
4,762,805 |
2,3,4 |
|||||||||
|
Vital Care Buyer, LLC |
Revolver |
0.500% |
10/19/2025 |
USD |
1,777,778 |
— |
|
|
(26,232 |
)2,4,6 |
|||||||||||
|
VPP Intermediate Holdings, LLC |
Delayed Draw |
12.069% |
12/1/2027 |
USD |
4,480,350 |
(89,607 |
) |
|
(85,827 |
)2,4,5,6 |
|||||||||||
|
Web P.T., Inc. |
First Lien Term Loan |
12.272% |
SOFR |
675 |
1/18/2028 |
USD |
9,000,000 |
8,901,000 |
|
|
8,890,670 |
2,3,4 |
|||||||||
|
Web P.T., Inc. |
Revolver |
11.895% |
LIBOR |
675 |
1/18/2028 |
USD |
1,312,500 |
160,714 |
|
|
144,770 |
2,3,4,8 |
|||||||||
|
Xeris Pharmaceuticals, Inc. |
Delayed Draw |
14.503% |
SOFR |
900 |
3/8/2027 |
USD |
8,333,333 |
8,166,667 |
|
|
8,257,175 |
2,3,4,5 |
|||||||||
|
Xeris Pharmaceuticals, Inc. |
First Lien Term Loan |
14.503% |
SOFR |
900 |
3/8/2027 |
USD |
16,666,667 |
16,465,722 |
|
|
16,514,349 |
2,3,4,5 |
|||||||||
|
Xifin, Inc. |
Revolver |
11.290% |
SOFR |
575 |
2/6/2026 |
USD |
2,141,658 |
2,098,825 |
|
|
2,061,946 |
2,3,4,5 |
|||||||||
|
Zavation Medical Products, LLC |
First Lien Term Loan |
11.490% |
SOFR |
600 |
6/30/2027 |
USD |
12,713,514 |
12,586,378 |
|
|
12,240,315 |
2,3,4 |
|||||||||
|
Zavation Medical Products, LLC |
Revolver |
12.010% |
SOFR |
650 |
6/30/2027 |
USD |
2,027,027 |
283,784 |
|
|
208,338 |
2,3,4,8 |
|||||||||
|
2,022,784,104 |
|
|
1,990,053,441 |
||||||||||||||||||
See accompanying Notes to Consolidated Financial Statements.
22
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest |
Reference |
Basis Points Spread |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Industrials — 17.0% |
|
|
|||||||||||||||||||
|
3SI Holdco, Inc. |
First Lien Term Loan |
12.047% |
SOFR |
650 |
12/15/2024 |
USD |
4,246,042 |
4,188,617 |
|
$ |
4,141,233 |
2,3,4 |
|||||||||
|
Accurus Aerospace Corporation |
First Lien Term Loan |
11.267% |
SOFR |
575 |
4/5/2028 |
USD |
9,900,000 |
9,778,547 |
|
|
9,362,733 |
2,3,4 |
|||||||||
|
Aero Operating LLC |
Incremental Term Loan |
14.397% |
SOFR |
900 |
2/7/2026 |
USD |
14,754,141 |
14,629,010 |
|
|
13,317,178 |
2,3,4 |
|||||||||
|
AG-Twin Brook Aerospace |
First Lien Term Loan |
10.837% |
SOFR |
525 |
12/6/2024 |
USD |
6,925,000 |
6,894,165 |
|
|
6,848,516 |
2,3,4,5 |
|||||||||
|
Air Comm Corporation, LLC |
Delayed Draw |
10.490% |
SOFR |
500 |
7/1/2027 |
USD |
24,631,865 |
22,193,517 |
|
|
20,884,950 |
2,3,4,8 |
|||||||||
|
Air Comm Corporation, LLC |
First Lien Term Loan |
10.490% |
SOFR |
500 |
7/1/2027 |
USD |
13,146,341 |
12,998,403 |
|
|
12,228,539 |
2,3,4 |
|||||||||
|
Air Comm Corporation, LLC |
Revolver |
10.490% |
SOFR |
500 |
7/1/2027 |
USD |
3,623,235 |
1,807,931 |
|
|
1,558,590 |
2,3,4,8 |
|||||||||
|
Any Hour, LLC |
Delayed Draw |
11.594% |
SOFR |
613 |
7/21/2027 |
USD |
23,099,017 |
22,868,131 |
|
|
22,528,842 |
2,3,4 |
|||||||||
|
Any Hour, LLC |
Delayed Draw |
11.465% |
SOFR |
575 |
7/21/2027 |
USD |
1,200,000 |
684,000 |
|
|
688,646 |
2,3,4,8 |
|||||||||
|
Any Hour, LLC |
First Lien Term Loan |
11.594% |
SOFR |
613 |
7/21/2027 |
USD |
11,135,000 |
11,023,650 |
|
|
10,860,144 |
2,3,4 |
|||||||||
|
Any Hour, LLC |
First Lien Term Loan |
11.200% |
SOFR |
575 |
7/21/2027 |
USD |
2,793,000 |
2,715,890 |
|
|
2,720,024 |
2,3,4 |
|||||||||
|
Any Hour, LLC |
First Lien Term Loan |
11.969% |
SOFR |
650 |
7/21/2027 |
USD |
6,783,000 |
6,589,403 |
|
|
6,599,825 |
2,3,4 |
|||||||||
|
Any Hour, LLC |
Revolver |
0.500% |
7/21/2027 |
USD |
2,000,000 |
— |
|
|
(49,368 |
)2,4,6 |
|||||||||||
|
Apex Service Partners, LLC |
Delayed Draw |
11.040% |
SOFR |
550 |
7/31/2025 |
USD |
2,452,148 |
2,372,346 |
|
|
2,446,953 |
2,3,4 |
|||||||||
|
Apex Service Partners, LLC |
Delayed Draw |
10.790% |
SOFR |
525 |
7/31/2025 |
USD |
15,009,416 |
14,971,893 |
|
|
14,977,614 |
2,3,4 |
|||||||||
|
Apex Service Partners, LLC |
First Lien Term Loan |
11.040% |
SOFR |
550 |
7/31/2025 |
USD |
9,275,133 |
9,233,592 |
|
|
9,255,481 |
2,3,4 |
|||||||||
|
Apex Service Partners, LLC |
First Lien Term Loan |
10.790% |
SOFR |
525 |
7/31/2025 |
USD |
7,660,690 |
7,641,538 |
|
|
7,644,458 |
2,3,4 |
|||||||||
|
Apex Service Partners, LLC |
First Lien Term Loan |
12.500% |
PIK |
7/31/2025 |
USD |
10,363,565 |
10,210,223 |
|
|
10,363,565 |
2,4,9,13 |
||||||||||
|
Apex Service Partners, LLC |
Revolver |
10.007% |
SOFR |
525 |
7/31/2025 |
USD |
2,000,000 |
1,250,000 |
|
|
1,245,762 |
2,3,4,8 |
|||||||||
|
Aptean, Inc. |
First Lien Term Loan |
9.666% |
SOFR |
425 |
4/23/2026 |
USD |
3,786,944 |
3,728,795 |
|
|
3,775,791 |
2,3 |
|||||||||
|
Aptean, Inc. |
First Lien Term Loan |
10.816% |
SOFR |
550 |
4/23/2026 |
USD |
8,478,750 |
8,323,097 |
|
|
8,309,175 |
2,3,4 |
|||||||||
|
AQ Carver Buyer, Inc. |
First Lien Term Loan |
11.033% |
SOFR |
550 |
8/2/2029 |
USD |
30,000,000 |
29,403,856 |
|
|
29,400,000 |
2,3,4 |
|||||||||
|
Ardurra Group LLC |
Revolver |
0.500% |
2/1/2029 |
USD |
1,810,345 |
(54,310 |
) |
|
(49,183 |
)2,4,6 |
|||||||||||
|
Ardurra Group LLC |
Delayed Draw |
11.790% |
SOFR |
650 |
2/1/2030 |
USD |
4,525,862 |
563,658 |
|
|
586,293 |
2,3,4,8 |
|||||||||
|
Armada Parent, Inc. |
Delayed Draw |
11.272% |
SOFR |
575 |
10/29/2027 |
USD |
1,992,500 |
962,725 |
|
|
966,098 |
2,3,4,5,8 |
|||||||||
|
Armada Parent, Inc. |
First Lien Term Loan |
11.272% |
SOFR |
575 |
10/29/2027 |
USD |
19,700,000 |
19,401,702 |
|
|
19,438,957 |
2,3,4,5 |
|||||||||
|
Armada Parent, Inc. |
Revolver |
11.114% |
LIBOR |
575 |
10/29/2027 |
USD |
2,400,000 |
16,565 |
|
|
(15,136 |
)2,3,4,5,8 |
|||||||||
|
Arrowhead Holdco Company |
First Lien Term Loan |
8.845% |
EURIBOR |
500 |
8/31/2028 |
EUR |
14,925,000 |
14,622,191 |
|
|
14,360,564 |
2,3,4,7 |
|||||||||
|
Arrowhead Holdco Company |
First Lien Term Loan |
10.048% |
SOFR |
450 |
8/31/2028 |
USD |
4,912,281 |
4,863,158 |
|
|
4,396,906 |
2,3,4,5 |
|||||||||
|
ATI Restoration, LLC |
Delayed Draw |
12.750% |
SOFR |
500 |
7/31/2026 |
USD |
8,372,094 |
231,041 |
|
|
232,744 |
2,3,4,5,8 |
|||||||||
|
ATI Restoration, LLC |
Revolver |
12.750% |
SOFR |
500 |
7/31/2026 |
USD |
627,906 |
69,938 |
|
|
69,593 |
2,3,4,5,8 |
|||||||||
|
Auxey Bidco Limited |
First Lien Term Loan |
11.310% |
SOFR |
600 |
6/29/2027 |
USD |
30,000,000 |
29,113,413 |
|
|
29,107,314 |
2,3,4 |
|||||||||
|
AWP Group Holdings, Inc. |
Revolver |
10.990% |
SOFR |
550 |
12/22/2026 |
USD |
5,239,628 |
2,035,850 |
|
|
2,017,257 |
2,3,4,8 |
|||||||||
|
AWP Group Holdings, Inc. |
Delayed Draw |
10.990% |
SOFR |
550 |
12/22/2027 |
USD |
13,754,025 |
510,864 |
|
|
504,976 |
2,3,4,8 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
23
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest |
Reference |
Basis Points Spread |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Industrials (Continued) |
|
|
|||||||||||||||||||
|
AWP Group Holdings, Inc. |
First Lien Term Loan |
10.990% |
SOFR |
550 |
12/22/2027 |
USD |
25,543,189 |
25,046,997 |
|
$ |
25,047,107 |
2,3,4 |
|||||||||
|
AWT Merger Sub, Inc. |
Delayed Draw |
11.800% |
SOFR |
625 |
12/17/2026 |
USD |
4,863,640 |
4,815,074 |
|
|
4,767,975 |
2,3,4 |
|||||||||
|
AWT Merger Sub, Inc. |
First Lien Term Loan |
11.800% |
SOFR |
625 |
12/17/2026 |
USD |
6,267,857 |
6,205,179 |
|
|
6,144,572 |
2,3,4 |
|||||||||
|
AWT Merger Sub, Inc. |
First Lien Term Loan |
12.300% |
SOFR |
675 |
12/17/2026 |
USD |
714,322 |
694,464 |
|
|
700,272 |
2,3,4 |
|||||||||
|
AWT Merger Sub, Inc. |
Revolver |
11.007% |
LIBOR |
600 |
12/17/2026 |
USD |
1,071,429 |
139,918 |
|
|
121,783 |
2,3,4,8 |
|||||||||
|
BDO USA, P.C. |
First Lien Term Loan |
11.331% |
SOFR |
600 |
8/31/2028 |
USD |
19,897,650 |
19,504,569 |
|
|
19,509,921 |
2,3,4 |
|||||||||
|
Beacon Mobility Corp. |
Delayed Draw |
11.674% |
SOFR |
560 |
5/22/2024 |
USD |
20,712,222 |
20,170,661 |
|
|
20,211,349 |
2,3,4 |
|||||||||
|
Beacon Mobility Corp. |
First Lien Term Loan |
11.684% |
SOFR |
625 |
5/22/2024 |
USD |
2,220,417 |
2,206,094 |
|
|
2,166,722 |
2,3,4 |
|||||||||
|
Beacon Mobility Corp. |
Revolver |
0.500% |
5/22/2024 |
USD |
1,000,000 |
(5,000 |
) |
|
(24,183 |
)2,4,6 |
|||||||||||
|
Blackbird Purchaser, Inc. |
First Lien Term Loan |
9.666% |
SOFR |
425 |
4/8/2026 |
USD |
23,836,828 |
23,643,667 |
|
|
23,248,441 |
2,3,4 |
|||||||||
|
BlueHalo Global Holdings, LLC |
First Lien Term Loan |
12.040% |
SOFR |
650 |
10/31/2025 |
USD |
17,849,080 |
17,738,218 |
|
|
17,485,417 |
2,3,4 |
|||||||||
|
BlueHalo Global Holdings, LLC |
Revolver |
12.059% |
SOFR |
650 |
10/31/2025 |
USD |
1,285,714 |
374,118 |
|
|
347,922 |
2,3,4,8 |
|||||||||
|
BP Purchaser, LLC |
First Lien Term Loan |
11.167% |
SOFR |
550 |
12/10/2028 |
USD |
12,912,500 |
12,701,535 |
|
|
12,739,702 |
2,3,4 |
|||||||||
|
British Engineering Services Holdco Limited |
First Lien Term Loan |
12.208% |
SONIA |
728 |
12/2/2027 |
GBP |
396,237 |
527,940 |
|
|
475,639 |
2,3,4,7 |
|||||||||
|
British Engineering Services Holdco Limited |
Revolver |
12.208% |
SONIA |
728 |
12/2/2027 |
GBP |
950,968 |
1,267,058 |
|
|
1,141,534 |
2,3,4,7 |
|||||||||
|
Cadence Engines Systems Acquisition, Inc. |
Revolver |
12.256% |
SOFR |
675 |
5/3/2028 |
USD |
250,000 |
29,167 |
|
|
22,806 |
2,3,4,8 |
|||||||||
|
Cadence Engines Systems Acquisition, Inc. |
First Lien Term Loan |
12.216% |
SOFR |
685 |
5/3/2029 |
USD |
2,081,667 |
2,022,029 |
|
|
2,028,704 |
2,3,4 |
|||||||||
|
Caldwell & Gregory LLC |
Delayed Draw |
11.152% |
SOFR |
550 |
12/5/2023 |
USD |
14,873,750 |
14,650,687 |
|
|
14,868,953 |
2,3,4 |
|||||||||
|
Caldwell & Gregory LLC |
First Lien Term Loan |
11.152% |
SOFR |
550 |
12/5/2023 |
USD |
14,768,674 |
14,756,950 |
|
|
14,763,911 |
2,3,4 |
|||||||||
|
CC WDW Borrower, Inc. |
Delayed Draw |
1.000% |
1/27/2028 |
USD |
1,631,196 |
(19,472 |
) |
|
(74,283 |
)2,4,6 |
|||||||||||
|
CC WDW Borrower, Inc. |
First Lien Term Loan |
12.269% |
SOFR |
675 |
1/27/2028 |
USD |
3,237,923 |
3,150,373 |
|
|
3,090,471 |
2,3,4 |
|||||||||
|
CGI Parent, LLC |
First Lien Term Loan |
10.058% |
SOFR |
475 |
2/14/2028 |
USD |
21,406,480 |
20,988,605 |
|
|
20,900,897 |
2,3,4 |
|||||||||
|
Citrin Cooperman Advisors, LLC |
Delayed Draw |
10.716% |
SOFR |
557 |
10/1/2027 |
USD |
44,758,711 |
32,955,269 |
|
|
32,892,677 |
2,3,4,5,8 |
|||||||||
|
Citrin Cooperman Advisors, LLC |
First Lien Term Loan |
11.216% |
SOFR |
625 |
10/1/2027 |
USD |
8,094,863 |
7,897,841 |
|
|
7,942,973 |
2,3,4,5 |
|||||||||
|
Citrin Cooperman Advisors, LLC |
First Lien Term Loan |
10.716% |
SOFR |
557 |
10/1/2027 |
USD |
6,099,265 |
5,917,776 |
|
|
5,975,625 |
2,3,4 |
|||||||||
|
Cobham Holdings, Inc. |
Revolver |
0.500% |
1/9/2028 |
USD |
2,343,750 |
(70,313 |
) |
|
(58,745 |
)2,4,6 |
|||||||||||
|
Cobham Holdings, Inc. |
First Lien Term Loan |
12.140% |
SOFR |
675 |
1/9/2030 |
USD |
22,599,609 |
21,966,092 |
|
|
22,010,028 |
2,3,4 |
|||||||||
|
Comar Holding Company, LLC |
Delayed Draw |
11.810% |
SOFR |
625 |
6/18/2024 |
USD |
764,344 |
756,701 |
|
|
739,728 |
2,3,4 |
|||||||||
|
Comar Holding Company, LLC |
First Lien Term Loan |
11.310% |
SOFR |
575 |
6/18/2024 |
USD |
4,859,419 |
4,848,170 |
|
|
4,690,735 |
2,3,4 |
|||||||||
|
Continental Acquisition Holdings, Inc. |
Delayed Draw |
12.040% |
SOFR |
650 |
1/20/2027 |
USD |
2,638,643 |
2,585,862 |
|
|
2,399,386 |
2,3,4 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
24
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest |
Reference |
Basis Points Spread |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Industrials (Continued) |
|
|
|||||||||||||||||||
|
Continental Acquisition Holdings, Inc. |
First Lien Term Loan |
12.040% |
SOFR |
650 |
1/20/2027 |
USD |
7,156,696 |
7,063,925 |
|
$ |
6,507,767 |
2,3,4 |
|||||||||
|
Coretrust Purchasing Group LLC |
Delayed Draw |
1.000% |
9/30/2029 |
USD |
4,511,278 |
(76,128 |
) |
|
(84,835 |
)2,4,6 |
|||||||||||
|
Coretrust Purchasing Group LLC |
First Lien Term Loan |
12.066% |
SOFR |
675 |
9/30/2029 |
USD |
30,822,556 |
30,070,567 |
|
|
30,242,933 |
2,3,4 |
|||||||||
|
Coretrust Purchasing Group LLC |
Revolver |
0.500% |
9/30/2029 |
USD |
4,511,278 |
(211,466 |
) |
|
(333,258 |
)2,4,6 |
|||||||||||
|
CVL 3 |
First Lien Term Loan |
9.084% |
EURIBOR |
515 |
12/21/2028 |
EUR |
5,400,000 |
5,775,724 |
|
|
5,638,783 |
2,3,4,7 |
|||||||||
|
CVL 3 |
First Lien Term Loan |
10.712% |
SOFR |
541 |
12/21/2028 |
USD |
1,100,000 |
1,083,168 |
|
|
1,086,500 |
2,3,4 |
|||||||||
|
Dispatch Acquisition Holdings, LLC |
First Lien Term Loan |
10.165% |
SOFR |
463 |
3/25/2028 |
USD |
2,573,851 |
2,499,052 |
|
|
2,490,184 |
2,3,4 |
|||||||||
|
Dispatch Acquisition Holdings, LLC |
First Lien Term Loan |
9.790% |
SOFR |
425 |
3/25/2028 |
USD |
21,560,000 |
21,447,319 |
|
|
19,422,842 |
2,3 |
|||||||||
|
DMT Solutions Global Corporation |
First Lien Term Loan |
13.448% |
SOFR |
650 |
8/30/2027 |
USD |
32,000,000 |
31,055,404 |
|
|
31,058,887 |
2,3,4 |
|||||||||
|
DTI Holdco, Inc. |
Revolver |
10.119% |
PRIME |
475 |
4/26/2027 |
USD |
881,972 |
522,128 |
|
|
465,772 |
2,3,4,5,8 |
|||||||||
|
Dwyer Instruments, Inc. |
Delayed Draw |
1.000% |
7/21/2027 |
USD |
1,912,917 |
(19,129 |
) |
|
(34,748 |
)2,4,5,6 |
|||||||||||
|
Dwyer Instruments, Inc. |
First Lien Term Loan |
11.240% |
SOFR |
575 |
7/21/2027 |
USD |
14,962,183 |
14,755,787 |
|
|
14,690,393 |
2,3,4 |
|||||||||
|
Dwyer Instruments, Inc. |
Revolver |
11.240% |
SOFR |
575 |
7/21/2027 |
USD |
2,877,190 |
718,151 |
|
|
685,015 |
2,3,4,5,8 |
|||||||||
|
Easy Ice, LLC |
First Lien Term Loan |
10.772% |
SOFR |
525 |
12/31/2024 |
USD |
10,228,231 |
10,159,604 |
|
|
10,103,981 |
2,3,4 |
|||||||||
|
Easy Ice, LLC |
Delayed Draw |
10.772% |
SOFR |
525 |
12/31/2025 |
USD |
7,217,067 |
4,890,013 |
|
|
4,883,064 |
2,3,4,8 |
|||||||||
|
Easy Ice, LLC |
First Lien Term Loan |
10.772% |
SOFR |
525 |
12/31/2025 |
USD |
794,283 |
788,871 |
|
|
784,635 |
2,3,4 |
|||||||||
|
Echo Global Logistics, Inc. |
Second Lien Term Loan |
13.416% |
SOFR |
810 |
11/23/2029 |
USD |
8,000,000 |
7,888,000 |
|
|
7,491,178 |
2,3,4 |
|||||||||
|
EShipping LLC |
First Lien Term Loan |
10.431% |
SOFR |
500 |
11/5/2027 |
USD |
3,490,773 |
3,437,352 |
|
|
3,508,227 |
2,3,4 |
|||||||||
|
Explorer Investor, Inc. |
Delayed Draw |
11.082% |
SOFR |
600 |
6/28/2029 |
USD |
5,232,558 |
1,050,907 |
|
|
792,128 |
2,3,4,8 |
|||||||||
|
Explorer Investor, Inc. |
First Lien Term Loan |
11.140% |
SOFR |
575 |
6/28/2029 |
USD |
24,519,767 |
23,221,838 |
|
|
23,307,131 |
2,3,4 |
|||||||||
|
FCG Acquisitions, Inc. |
First Lien Term Loan |
10.140% |
SOFR |
475 |
5/31/2028 |
USD |
863,875 |
841,225 |
|
|
863,339 |
2,35 |
|||||||||
|
Flint OpCo, LLC |
Revolver |
0.500% |
8/15/2029 |
USD |
1,027,252 |
(25,681 |
) |
|
(25,198 |
)2,4,5,6 |
|||||||||||
|
Flint OpCo, LLC |
Delayed Draw |
1.000% |
8/15/2030 |
USD |
3,490,348 |
(43,629 |
) |
|
(41,967 |
)2,4,5,6 |
|||||||||||
|
Flint OpCo, LLC |
First Lien Term Loan |
10.665% |
SOFR |
525 |
8/15/2030 |
USD |
8,289,580 |
8,084,106 |
|
|
8,086,238 |
2,3,4,5 |
|||||||||
|
Florida Marine, LLC. |
First Lien Term Loan |
13.439% |
SOFR |
800 |
3/17/2028 |
USD |
12,887,112 |
12,552,292 |
|
|
12,691,789 |
2,3,4 |
|||||||||
|
Flow Control Solutions, Inc. |
First Lien Term Loan |
11.411% |
LIBOR |
525 |
3/31/2028 |
USD |
1,262,846 |
1,226,546 |
|
|
1,228,508 |
2,3,4,5 |
|||||||||
|
Flow Control Solutions, Inc. |
Revolver |
11.268% |
LIBOR |
525 |
3/31/2028 |
USD |
420,949 |
80,916 |
|
|
82,098 |
2,3,4,5,8 |
|||||||||
|
FLS Holding, Inc. |
Revolver |
0.500% |
12/17/2027 |
USD |
2,000,000 |
(40,000 |
) |
|
(18,278 |
)2,4,6 |
|||||||||||
|
FLS Holding, Inc. |
Delayed Draw |
10.789% |
SOFR |
525 |
12/17/2028 |
USD |
4,975,000 |
4,875,500 |
|
|
4,929,533 |
2,3,4 |
|||||||||
|
FLS Holding, Inc. |
First Lien Term Loan |
10.789% |
SOFR |
525 |
12/17/2028 |
USD |
22,885,000 |
22,511,154 |
|
|
22,675,853 |
2,3,4 |
|||||||||
|
Fortis Solutions Group, LLC |
Revolver |
0.500% |
10/15/2027 |
USD |
2,787,568 |
(88,962 |
) |
|
(249,551 |
)2,4,6 |
|||||||||||
|
Fortis Solutions Group, LLC |
Delayed Draw |
10.525% |
SOFR |
550 |
10/15/2028 |
USD |
10,050,697 |
600,646 |
|
|
344,008 |
2,3,4,8 |
|||||||||
|
Fortis Solutions Group, LLC |
Delayed Draw |
10.842% |
SOFR |
550 |
10/15/2028 |
USD |
10,027,787 |
316,955 |
|
|
321,888 |
2,3,4,8 |
|||||||||
|
Fortis Solutions Group, LLC |
First Lien Term Loan |
11.040% |
SOFR |
550 |
10/15/2028 |
USD |
27,728,778 |
27,131,569 |
|
|
26,772,301 |
2,3,4 |
|||||||||
|
Gerson Lehrman Group, Inc. |
First Lien Term Loan |
10.790% |
SOFR |
525 |
12/5/2024 |
USD |
63,836,364 |
63,470,988 |
|
|
63,836,364 |
2,3,4 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
25
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest |
Reference |
Basis Points Spread |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Industrials (Continued) |
|
|
|||||||||||||||||||
|
GMES Intermediate Holdings, |
Delayed Draw |
11.740% |
SOFR |
625 |
7/6/2029 |
USD |
6,153,846 |
2,622,379 |
|
$ |
2,669,199 |
2,3,4,8 |
|||||||||
|
GMES Intermediate Holdings, |
First Lien Term Loan |
11.740% |
SOFR |
625 |
7/6/2029 |
USD |
28,307,692 |
27,687,673 |
|
|
27,738,517 |
2,3,4 |
|||||||||
|
GMES Intermediate Holdings, |
Revolver |
0.500% |
7/6/2029 |
USD |
4,102,564 |
(92,308 |
) |
|
(82,489 |
)2,4,6 |
|||||||||||
|
Graffiti Buyer, Inc. |
Delayed Draw |
10.990% |
SOFR |
550 |
8/10/2027 |
USD |
5,033,067 |
3,416,833 |
|
|
3,347,514 |
2,3,4,8 |
|||||||||
|
Graffiti Buyer, Inc. |
First Lien Term Loan |
10.990% |
SOFR |
550 |
8/10/2027 |
USD |
11,069,208 |
10,958,516 |
|
|
10,795,976 |
2,3,4 |
|||||||||
|
Graffiti Buyer, Inc. |
Revolver |
11.001% |
SOFR |
550 |
8/10/2027 |
USD |
2,522,321 |
1,202,400 |
|
|
1,143,182 |
2,3,4,8 |
|||||||||
|
Groundworks, LLC |
Revolver |
0.500% |
3/14/2029 |
USD |
837,696 |
(25,131 |
) |
|
(20,220 |
)2,4,6 |
|||||||||||
|
Groundworks, LLC |
Delayed Draw |
11.798% |
SOFR |
650 |
3/14/2030 |
USD |
2,617,801 |
715,728 |
|
|
739,199 |
2,3,4,8 |
|||||||||
|
Groundworks, LLC |
First Lien Term Loan |
11.808% |
SOFR |
650 |
3/14/2030 |
USD |
14,345,550 |
13,936,601 |
|
|
13,979,801 |
2,3,4 |
|||||||||
|
GS Seer Group Borrower LLC |
Revolver |
0.500% |
4/28/2029 |
USD |
733,945 |
(22,018 |
) |
|
(19,070 |
)2,4,6 |
|||||||||||
|
GS Seer Group Borrower LLC |
Delayed Draw |
1.000% |
4/28/2030 |
USD |
2,752,294 |
(82,569 |
) |
|
(71,513 |
)2,4,6 |
|||||||||||
|
GS Seer Group Borrower LLC |
First Lien Term Loan |
12.140% |
SOFR |
675 |
4/28/2030 |
USD |
6,513,761 |
6,325,764 |
|
|
6,344,513 |
2,3,4 |
|||||||||
|
Guidehouse, Inc. |
First Lien Term Loan |
11.666% |
SOFR |
625 |
10/16/2028 |
USD |
24,811,304 |
24,373,381 |
|
|
24,778,640 |
2,3,4 |
|||||||||
|
Helix Acquisition Holdings, Inc. |
First Lien Term Loan |
12.490% |
ARR CSA |
700 |
3/31/2030 |
USD |
19,000,000 |
18,542,201 |
|
|
18,615,224 |
2,3,4 |
|||||||||
|
Highground Restoration Group, |
Delayed Draw |
10.947% |
ARR CSA |
550 |
11/17/2028 |
USD |
15,000,000 |
14,850,000 |
|
|
14,936,840 |
2,3,4 |
|||||||||
|
Highground Restoration Group, |
First Lien Term Loan |
10.933% |
ARR CSA |
550 |
11/17/2028 |
USD |
11,976,263 |
11,748,610 |
|
|
11,805,372 |
2,3,4 |
|||||||||
|
Highground Restoration Group, |
First Lien Term Loan |
10.939% |
ARR CSA |
550 |
11/17/2028 |
USD |
19,893,684 |
19,536,301 |
|
|
19,609,818 |
2,3,4 |
|||||||||
|
HPS Business Services |
First Lien Term Loan |
13.500% |
SOFR |
800 |
11/2/2025 |
USD |
4,021,875 |
4,021,833 |
|
|
4,021,875 |
2,3,4,5 |
|||||||||
|
HPS Business Services |
Delayed Draw |
1.000% |
11/6/2028 |
USD |
357,715 |
(13,723 |
) |
|
(12,299 |
)2,4,5,6 |
|||||||||||
|
HPS Business Services |
First Lien Term Loan |
10.769% |
SOFR |
525 |
11/6/2028 |
USD |
998,535 |
962,339 |
|
|
964,204 |
2,3,4,5 |
|||||||||
|
HPS Industrials |
First Lien Term Loan |
11.288% |
LIBOR |
575 |
7/25/2025 |
USD |
9,688,529 |
9,653,577 |
|
|
9,688,529 |
2,3,4,5 |
|||||||||
|
HPS Industrials |
First Lien Term Loan |
12.170% |
SOFR |
675 |
10/15/2026 |
USD |
18,288,558 |
17,978,460 |
|
|
18,395,373 |
2,3,4,5 |
|||||||||
|
HPS Industrials |
First Lien Term Loan |
12.170% |
SOFR |
675 |
10/15/2026 |
USD |
541,729 |
546,620 |
|
|
544,893 |
2,3,4,5 |
|||||||||
|
HPS Industrials |
Delayed Draw |
1.000% |
7/1/2027 |
USD |
795,333 |
(31,500 |
) |
|
(28,337 |
)2,4,5,6 |
|||||||||||
|
HPS Industrials |
First Lien Term Loan |
12.290% |
SOFR |
675 |
7/1/2027 |
USD |
3,871,028 |
3,729,479 |
|
|
3,733,107 |
2,3,4,5 |
|||||||||
|
HPS Industrials |
First Lien Term Loan |
12.666% |
SOFR |
725 |
8/16/2028 |
USD |
3,535,469 |
3,431,248 |
|
|
3,433,514 |
2,3,4 |
|||||||||
|
HPS Industrials |
First Lien Term Loan |
11.619% |
SOFR |
625 |
8/4/2029 |
USD |
2,179,291 |
2,136,476 |
|
|
2,139,711 |
2,3,4 |
|||||||||
|
HPS Industrials |
First Lien Term Loan |
12.140% |
SOFR |
675 |
1/9/2030 |
USD |
2,128,848 |
2,086,945 |
|
|
2,090,185 |
2,3,4 |
|||||||||
|
HSI Halo Acquisition, Inc. |
Revolver |
11.272% |
SOFR |
575 |
9/2/2025 |
USD |
1,050,000 |
1,039,500 |
|
|
1,034,612 |
2,3,4,5 |
|||||||||
|
HSI Halo Acquisition, Inc. |
First Lien Term Loan |
11.824% |
SOFR |
575 |
8/31/2026 |
USD |
441,167 |
431,240 |
|
|
431,240 |
2,3,4,5 |
|||||||||
|
iCIMS, Inc. |
Delayed Draw |
1.000% |
8/18/2028 |
USD |
1,211,383 |
(9,475 |
) |
|
(9,475 |
)2,4,6 |
|||||||||||
|
iCIMS, Inc. |
First Lien Term Loan |
12.633% |
SOFR |
725 |
8/18/2028 |
USD |
10,000,000 |
9,844,666 |
|
|
9,903,595 |
2,3,4 |
|||||||||
|
iCIMS, Inc. |
First Lien Term Loan |
12.633% PIK |
SOFR |
725 |
8/18/2028 |
USD |
25,900,992 |
25,562,292 |
|
|
25,708,640 |
2,3,4,9 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
26
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest |
Reference |
Basis Points Spread |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Industrials (Continued) |
|
|
|||||||||||||||||||
|
iCIMS, Inc. |
Revolver |
12.140% |
SOFR |
675 |
8/18/2028 |
USD |
2,394,650 |
362,899 |
|
$ |
377,869 |
2,3,4,8 |
|||||||||
|
ID Images Acquisition |
First Lien Term Loan |
11.669% |
SOFR |
635 |
7/30/2026 |
USD |
14,340,472 |
14,107,300 |
|
|
14,308,649 |
2,3,4 |
|||||||||
|
Individual FoodService |
Revolver |
11.682% |
SOFR |
625 |
11/22/2024 |
USD |
1,379,797 |
139,988 |
|
|
139,988 |
2,3,4,8 |
|||||||||
|
Individual FoodService |
Delayed Draw |
11.666% |
SOFR |
625 |
11/22/2025 |
USD |
3,213,847 |
3,200,670 |
|
|
3,200,670 |
2,3,4 |
|||||||||
|
Individual FoodService |
First Lien Term Loan |
11.769% |
SOFR |
625 |
11/22/2025 |
USD |
2,454,959 |
2,444,894 |
|
|
2,444,894 |
2,3,4 |
|||||||||
|
Infogain Corporation |
First Lien Term Loan |
11.166% |
SOFR |
575 |
7/30/2028 |
USD |
19,800,000 |
19,460,001 |
|
|
19,800,000 |
2,3,4 |
|||||||||
|
Jade Bidco Limited |
First Lien Term Loan |
8.971% |
EURIBOR |
525 |
12/3/2026 |
EUR |
538,430 |
645,613 |
|
|
562,353 |
2,3,4,7 |
|||||||||
|
Jade Bidco Limited |
First Lien Term Loan |
10.315% |
SOFR |
525 |
12/3/2026 |
USD |
3,375,128 |
3,319,017 |
|
|
3,334,383 |
2,3,4 |
|||||||||
|
Jade Bidco Limited |
First Lien Term Loan |
10.315% |
SOFR |
525 |
2/16/2029 |
USD |
20,000,000 |
19,561,825 |
|
|
19,758,553 |
2,3,4 |
|||||||||
|
Jade Bidco Limited |
First Lien Term Loan |
8.971% |
EURIBOR |
525 |
2/16/2029 |
EUR |
2,750,000 |
2,976,642 |
|
|
2,872,186 |
2,3,4,7 |
|||||||||
|
KENG Acquisition, Inc. |
Delayed Draw |
11.640% |
SOFR |
625 |
8/7/2029 |
USD |
9,072,581 |
1,446,623 |
|
|
1,469,586 |
2,3,4,8 |
|||||||||
|
KENG Acquisition, Inc. |
First Lien Term Loan |
11.640% |
SOFR |
625 |
8/7/2029 |
USD |
11,975,806 |
11,799,211 |
|
|
11,951,628 |
2,3,4 |
|||||||||
|
KENG Acquisition, Inc. |
Revolver |
11.640% |
SOFR |
625 |
8/7/2029 |
USD |
3,266,129 |
313,911 |
|
|
356,309 |
2,3,4,8 |
|||||||||
|
Kings Buyer, LLC |
First Lien Term Loan |
12.750% |
SOFR |
650 |
10/29/2027 |
USD |
5,950,957 |
5,861,917 |
|
|
5,861,693 |
2,3,4,5 |
|||||||||
|
Kings Buyer, LLC |
Revolver |
0.500% |
10/29/2027 |
USD |
201,719 |
(3,026 |
) |
|
(3,026 |
)2,4,5,6 |
|||||||||||
|
Komline-Sanderson Group, Inc. |
Delayed Draw |
1.000% |
3/17/2026 |
USD |
4,687,500 |
(48,781 |
) |
|
(146,733 |
)2,4,6 |
|||||||||||
|
Komline-Sanderson Group, Inc. |
Delayed Draw |
11.843% |
SOFR |
600 |
3/17/2026 |
USD |
9,214,717 |
9,118,791 |
|
|
8,926,268 |
2,3,4 |
|||||||||
|
Komline-Sanderson Group, Inc. |
First Lien Term Loan |
11.921% |
SOFR |
600 |
3/17/2026 |
USD |
1,882,536 |
1,868,504 |
|
|
1,823,607 |
2,3,4 |
|||||||||
|
Komline-Sanderson Group, Inc. |
First Lien Term Loan |
11.582% |
SOFR |
600 |
3/17/2026 |
USD |
8,456,174 |
8,391,255 |
|
|
8,191,470 |
2,3,4 |
|||||||||
|
Komline-Sanderson Group, Inc. |
Revolver |
13.250% |
BASE |
500 |
3/17/2026 |
USD |
2,343,750 |
781,250 |
|
|
707,883 |
2,3,4,8 |
|||||||||
|
KPSKY Acquisition, Inc. |
Delayed Draw |
10.877% |
SOFR |
550 |
10/19/2028 |
USD |
6,471,071 |
4,912,754 |
|
|
5,027,321 |
2,3,4 |
|||||||||
|
KPSKY Acquisition, Inc. |
First Lien Term Loan |
10.969% |
SOFR |
550 |
10/19/2028 |
USD |
12,950,421 |
12,743,641 |
|
|
12,708,681 |
2,3,4 |
|||||||||
|
Kriv Acquisition, Inc. |
First Lien Term Loan |
11.929% |
SOFR |
650 |
8/31/2027 |
USD |
2,100,000 |
2,039,585 |
|
|
2,041,554 |
2,3,4 |
|||||||||
|
Lav Gear Holdings, Inc. |
Delayed Draw |
11.790% |
SOFR |
625 |
10/31/2024 |
USD |
6,982,500 |
6,773,025 |
|
|
6,982,500 |
2,3,4 |
|||||||||
|
Lav Gear Holdings, Inc. |
Delayed Draw |
11.769% |
SOFR |
625 |
10/31/2024 |
USD |
14,962,500 |
14,513,625 |
|
|
14,962,500 |
2,3,4 |
|||||||||
|
Lav Gear Holdings, Inc. |
First Lien Term Loan |
11.549% |
SOFR |
603 |
10/31/2024 |
USD |
5,319,181 |
5,232,973 |
|
|
5,319,181 |
2,3,4 |
|||||||||
|
Lav Gear Holdings, Inc. |
First Lien Term Loan |
11.040% |
SOFR |
550 |
10/31/2024 |
USD |
233,275 |
232,154 |
|
|
233,275 |
2,3,4 |
|||||||||
|
Lereta, LLC |
First Lien Term Loan |
10.431% |
SOFR |
500 |
7/30/2028 |
USD |
18,176,250 |
17,994,488 |
|
|
16,969,937 |
2,3 |
|||||||||
|
Liberty Purchaser, LLC |
Revolver |
0.500% |
11/22/2028 |
USD |
133,183 |
— |
|
|
(3,995 |
)2,4,6 |
|||||||||||
|
Liberty Purchaser, LLC |
Delayed Draw |
12.022% |
SOFR |
650 |
11/22/2029 |
USD |
318,934 |
278,780 |
|
|
272,074 |
2,3,4,8 |
|||||||||
|
Liberty Purchaser, LLC |
First Lien Term Loan |
12.022% |
SOFR |
650 |
11/22/2029 |
USD |
1,139,647 |
1,108,316 |
|
|
1,105,458 |
2,3,4 |
|||||||||
|
Lightbeam Bidco, Inc. |
Revolver |
11.713% |
SOFR |
625 |
5/4/2029 |
USD |
934,761 |
124,635 |
|
|
109,342 |
2,3,4,5,8 |
|||||||||
|
Lightbeam Bidco, Inc. |
Delayed Draw |
1.000% |
5/4/2030 |
USD |
1,168,451 |
(11,685 |
) |
|
(7,866 |
)2,4,5,6 |
|||||||||||
|
Lightbeam Bidco, Inc. |
First Lien Term Loan |
11.717% |
SOFR |
625 |
5/4/2030 |
USD |
7,711,775 |
7,562,519 |
|
|
7,585,611 |
2,3,4,5 |
|||||||||
|
Lithium Technologies, LLC |
First Lien Term Loan |
13.360% |
SOFR |
800 |
1/3/2024 |
USD |
9,220,336 |
9,216,917 |
|
|
9,038,977 |
2,3,4 |
|||||||||
|
LJ Avalon Holdings, LLC |
Revolver |
0.500% |
2/1/2029 |
USD |
1,034,483 |
(31,034 |
) |
|
(28,104 |
)2,4,6 |
|||||||||||
See accompanying Notes to Consolidated Financial Statements.
27
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest |
Reference |
Basis Points Spread |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Industrials (Continued) |
|
|
|||||||||||||||||||
|
LJ Avalon Holdings, LLC |
Delayed Draw |
11.790% |
SOFR |
650 |
2/1/2030 |
USD |
2,586,207 |
322,091 |
|
$ |
335,025 |
2,3,4,8 |
|||||||||
|
LJ Avalon Holdings, LLC |
First Lien Term Loan |
11.766% |
SOFR |
625 |
2/1/2030 |
USD |
17,499,246 |
17,006,237 |
|
|
17,023,833 |
2,3,4 |
|||||||||
|
Lynx Franchising, LLC |
First Lien Term Loan |
12.471% |
LIBOR |
675 |
12/18/2026 |
USD |
4,949,239 |
4,882,770 |
|
|
4,894,080 |
2,3,4 |
|||||||||
|
Majco LLC |
Revolver |
0.500% |
SOFR |
450 |
12/23/2027 |
USD |
1,666,667 |
— |
|
|
(53,676 |
)2,4,6 |
|||||||||
|
Majco LLC |
Delayed Draw |
9.897% |
SOFR |
450 |
12/23/2028 |
USD |
9,275,958 |
6,909,317 |
|
|
6,683,810 |
2,3,4,8 |
|||||||||
|
Majco LLC |
First Lien Term Loan |
9.897% |
SOFR |
450 |
12/23/2028 |
USD |
8,887,500 |
8,798,625 |
|
|
8,601,272 |
2,3,4 |
|||||||||
|
Management Consulting & Research, LLC |
Revolver |
11.603% |
SOFR |
600 |
8/16/2027 |
USD |
2,195,341 |
908,009 |
|
|
940,860 |
2,3,4,8 |
|||||||||
|
Management Consulting & Research, LLC |
Delayed Draw |
11.617% |
SOFR |
600 |
10/29/2027 |
USD |
5,192,591 |
4,240,151 |
|
|
4,290,513 |
2,3,4,8 |
|||||||||
|
Marcone Yellowstone Buyer, Inc. |
Delayed Draw |
11.790% |
ARR CSA |
625 |
6/23/2028 |
USD |
6,967,008 |
6,892,358 |
|
|
6,899,843 |
2,3,4 |
|||||||||
|
Marcone Yellowstone Buyer, Inc. |
First Lien Term Loan |
11.790% |
ARR CSA |
625 |
6/23/2028 |
USD |
21,640,152 |
21,423,750 |
|
|
21,268,758 |
2,3,4 |
|||||||||
|
MEI Buyer, LLC |
Delayed Draw |
1.000% |
6/29/2029 |
USD |
2,079,379 |
(31,191 |
) |
|
(27,609 |
)2,4,5,6 |
|||||||||||
|
MEI Buyer, LLC |
First Lien Term Loan |
11.816% |
SOFR |
650 |
6/29/2029 |
USD |
13,196,260 |
12,809,051 |
|
|
12,822,754 |
2,3,4,5 |
|||||||||
|
MEI Buyer, LLC |
Revolver |
0.500% |
6/29/2029 |
USD |
2,287,317 |
(68,620 |
) |
|
(64,740 |
)2,4,5,6 |
|||||||||||
|
Modigent, LLC |
Revolver |
11.650% |
BASE |
500 |
8/23/2027 |
USD |
155,530 |
47,955 |
|
|
47,955 |
2,3,4,5,8 |
|||||||||
|
Modigent, LLC |
Delayed Draw |
11.395% |
SOFR |
625 |
8/23/2028 |
USD |
3,632,656 |
1,093,543 |
|
|
1,107,960 |
2,3,4,5,8 |
|||||||||
|
Monarch Landscape Holdings, LLC |
Delayed Draw |
1.000% |
3/31/2028 |
USD |
3,252,271 |
(32,523 |
) |
|
(26,893 |
)2,4,5,6 |
|||||||||||
|
Monarch Landscape Holdings, LLC |
First Lien Term Loan |
11.140% |
SOFR |
575 |
3/31/2028 |
USD |
4,209,368 |
4,127,817 |
|
|
4,132,394 |
2,3,4,5 |
|||||||||
|
Motion & Control Enterprises LLC |
Delayed Draw |
11.026% |
SOFR |
550 |
6/1/2028 |
USD |
1,640,833 |
1,591,599 |
|
|
1,616,787 |
2,3,4,5 |
|||||||||
|
Motion & Control Enterprises LLC |
First Lien Term Loan |
11.060% |
SOFR |
550 |
6/1/2028 |
USD |
1,799,491 |
1,750,157 |
|
|
1,768,608 |
2,3,4,5 |
|||||||||
|
Motion & Control Enterprises LLC |
Revolver |
0.500% |
6/1/2028 |
USD |
1,410,566 |
— |
|
|
(24,208 |
)2,4,5,6 |
|||||||||||
|
North Star Acquisitionco LLC |
Delayed Draw |
1.000% |
5/3/2029 |
USD |
1,831,999 |
(36,640 |
) |
|
(12,333 |
)2,4,5,6 |
|||||||||||
|
North Star Acquisitionco LLC |
First Lien Term Loan |
11.390% |
SOFR |
600 |
5/3/2029 |
USD |
20,151,984 |
19,767,036 |
|
|
19,822,299 |
2,3,4,5 |
|||||||||
|
North Star Acquisitionco LLC |
Revolver |
0.500% |
5/3/2029 |
USD |
2,198,398 |
(43,968 |
) |
|
(35,966 |
)2,4,5,6 |
|||||||||||
|
Northstar Recycling, Inc. |
First Lien Term Loan |
10.190% |
SOFR |
480 |
10/1/2027 |
USD |
11,163,750 |
10,810,915 |
|
|
11,005,743 |
2,3,4 |
|||||||||
|
Northstar Recycling, Inc. |
Revolver |
0.500% |
10/1/2027 |
USD |
2,000,000 |
— |
|
|
(28,307 |
)2,4,6 |
|||||||||||
|
Omni Intermediate Holdings, LLC |
Revolver |
12.500% |
PRIME |
500 |
12/30/2025 |
USD |
2,253,521 |
557,746 |
|
|
459,163 |
2,3,4,8 |
|||||||||
|
Omni Intermediate Holdings, LLC |
Delayed Draw |
10.416% |
SOFR |
500 |
12/30/2026 |
USD |
14,607,366 |
10,696,738 |
|
|
10,305,175 |
2,3,4,5 |
|||||||||
|
Omni Intermediate Holdings, LLC |
First Lien Term Loan |
10.416% |
SOFR |
500 |
12/30/2026 |
USD |
45,549,995 |
44,907,524 |
|
|
43,443,481 |
2,3,4,5 |
|||||||||
|
Orion Group FM Holdings, LLC |
Delayed Draw |
1.000% |
6/30/2029 |
USD |
1,970,276 |
(24,628 |
) |
|
(20,979 |
)2,4,5,6 |
|||||||||||
|
Orion Group FM Holdings, LLC |
First Lien Term Loan |
11.877% |
SOFR |
625 |
6/30/2029 |
USD |
1,050,813 |
1,025,017 |
|
|
1,026,465 |
2,3,4,5 |
|||||||||
|
Orion Group FM Holdings, LLC |
Revolver |
11.659% |
SOFR |
625 |
6/30/2029 |
USD |
1,000 |
335 |
|
|
337 |
2,3,4,5,8 |
|||||||||
|
P20 Parent, Inc. |
First Lien Term Loan |
12.890% |
SOFR |
750 |
7/12/2028 |
USD |
34,737,500 |
34,141,444 |
|
|
34,228,422 |
2,3,4 |
|||||||||
|
Panda Acquisition LLC |
First Lien Term Loan |
11.740% |
SOFR |
625 |
10/18/2028 |
USD |
15,800,000 |
12,976,591 |
|
|
13,001,854 |
2,3,4 |
|||||||||
|
PCX Holding Corp. |
Delayed Draw |
11.790% |
SOFR |
625 |
4/22/2027 |
USD |
3,073,789 |
3,038,438 |
|
|
3,023,810 |
2,3,4 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
28
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest |
Reference |
Basis Points Spread |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Industrials (Continued) |
|
|
|||||||||||||||||||
|
PCX Holding Corp. |
Delayed Draw |
11.822% |
SOFR |
625 |
4/22/2027 |
USD |
3,094,102 |
3,016,753 |
|
$ |
3,043,793 |
2,3,4 |
|||||||||
|
PCX Holding Corp. |
First Lien Term Loan |
11.790% |
SOFR |
625 |
4/22/2027 |
USD |
6,125,000 |
6,063,750 |
|
|
6,025,410 |
2,3,4 |
|||||||||
|
PCX Holding Corp. |
Revolver |
11.790% |
SOFR |
625 |
4/22/2027 |
USD |
625,000 |
187,500 |
|
|
177,338 |
2,3,4,8 |
|||||||||
|
Pele Buyer LLC |
First Lien Term Loan |
10.527% |
SOFR |
550 |
6/18/2024 |
USD |
9,590,012 |
9,528,029 |
|
|
9,435,044 |
2,3,4 |
|||||||||
|
People Corporation |
Delayed Draw |
11.443% |
CDOR |
600 |
2/18/2028 |
CAD |
5,120,041 |
(1,229,412 |
) |
|
(1,201,235 |
)2,3,4,5,7,8 |
|||||||||
|
Pinstripe Holdings LLC |
Delayed Draw |
11.009% |
SOFR |
550 |
12/23/2027 |
USD |
3,171,429 |
2,139,762 |
|
|
2,143,271 |
2,3,4,8 |
|||||||||
|
Pinstripe Holdings LLC |
First Lien Term Loan |
11.172% |
SOFR |
550 |
12/23/2027 |
USD |
14,071,429 |
13,726,444 |
|
|
13,735,212 |
2,3,4 |
|||||||||
|
Pinstripe Holdings LLC |
Revolver |
0.500% |
12/23/2027 |
USD |
2,539,683 |
(253,968 |
) |
|
(251,374 |
)2,4,6 |
|||||||||||
|
Planet US Buyer LLC |
Revolver |
0.500% |
2/1/2028 |
USD |
814,815 |
— |
|
|
(9,426 |
)2,4,6 |
|||||||||||
|
Planet US Buyer LLC |
First Lien Term Loan |
12.119% |
SOFR |
675 |
2/1/2030 |
USD |
10,159,722 |
9,873,239 |
|
|
10,074,810 |
2,3,4 |
|||||||||
|
Polyphase Elevator Holding Company |
Delayed Draw |
10.990% |
SOFR |
550 |
6/23/2027 |
USD |
3,355,223 |
3,334,812 |
|
|
2,927,496 |
2,3,4 |
|||||||||
|
Polyphase Elevator Holding Company |
First Lien Term Loan |
10.990% |
SOFR |
550 |
6/23/2027 |
USD |
9,824,561 |
9,709,627 |
|
|
8,572,119 |
2,3,4 |
|||||||||
|
Potter Electric Signal Company, |
Delayed Draw |
1.000% |
12/19/2025 |
USD |
1,588,734 |
— |
|
|
(19,300 |
)2,4,5,6 |
|||||||||||
|
Potter Electric Signal Company, |
First Lien Term Loan |
10.138% |
SOFR |
475 |
12/19/2025 |
USD |
1,056,475 |
1,034,274 |
|
|
1,043,641 |
2,3,4,5 |
|||||||||
|
Potter Electric Signal Company, |
Revolver |
0.500% |
12/19/2025 |
USD |
637,591 |
— |
|
|
(7,745 |
)2,4,5,6 |
|||||||||||
|
Pregis TopCo LLC |
Second Lien Term Loan |
13.166% |
SOFR |
775 |
8/1/2027 |
USD |
5,000,000 |
4,931,101 |
|
|
5,000,000 |
2,3,4 |
|||||||||
|
Prime Buyer, LLC |
First Lien Term Loan |
10.666% |
SOFR |
525 |
12/22/2026 |
USD |
13,785,628 |
13,647,772 |
|
|
13,605,721 |
2,3,4 |
|||||||||
|
Process Insights |
Delayed Draw |
1.000% |
7/18/2029 |
USD |
1,620,679 |
(20,258 |
) |
|
(17,256 |
)2,4,5,6 |
|||||||||||
|
Process Insights |
First Lien Term Loan |
11.629% |
SOFR |
625 |
7/18/2029 |
USD |
9,237,871 |
9,011,036 |
|
|
9,023,820 |
2,3,4,5 |
|||||||||
|
Process Insights |
Revolver |
0.500% |
7/18/2029 |
USD |
1,620,679 |
(40,517 |
) |
|
(37,553 |
)2,4,5,6 |
|||||||||||
|
PT Intermediate Holdings III, LLC |
Delayed Draw |
11.515% |
SOFR |
598 |
11/1/2028 |
USD |
23,676,908 |
21,927,337 |
|
|
21,484,360 |
2,3,4 |
|||||||||
|
PT Intermediate Holdings III, LLC |
First Lien Term Loan |
11.515% |
SOFR |
598 |
11/1/2028 |
USD |
2,452,650 |
2,438,338 |
|
|
2,379,071 |
2,3,4 |
|||||||||
|
PT Intermediate Holdings III, LLC |
First Lien Term Loan |
11.890% |
SOFR |
650 |
11/1/2028 |
USD |
3,463,584 |
3,411,314 |
|
|
3,422,305 |
2,3,4 |
|||||||||
|
R1 Holdings LLC |
Delayed Draw |
11.717% |
SOFR |
625 |
12/29/2028 |
USD |
3,504,605 |
1,002,873 |
|
|
1,049,938 |
2,3,4,8 |
|||||||||
|
R1 Holdings LLC |
First Lien Term Loan |
11.717% |
SOFR |
625 |
12/29/2028 |
USD |
13,708,889 |
13,334,076 |
|
|
13,624,848 |
2,3,4 |
|||||||||
|
R1 Holdings LLC |
Revolver |
11.717% |
SOFR |
625 |
12/29/2028 |
USD |
2,714,932 |
536,199 |
|
|
601,004 |
2,3,4,8 |
|||||||||
|
Radwell Parent, LLC |
Revolver |
12.140% |
SOFR |
675 |
4/1/2028 |
USD |
3,270,130 |
654,026 |
|
|
588,738 |
2,3,4,8 |
|||||||||
|
Radwell Parent, LLC |
Delayed Draw |
1.000% |
4/1/2029 |
USD |
7,303,400 |
(109,551 |
) |
|
(152,443 |
)2,4,6 |
|||||||||||
|
Radwell Parent, LLC |
First Lien Term Loan |
12.140% |
SOFR |
675 |
4/1/2029 |
USD |
29,639,460 |
29,656,514 |
|
|
29,650,276 |
2,3,4 |
|||||||||
|
Radwell Parent, LLC |
First Lien Term Loan |
12.015% |
SOFR |
653 |
4/1/2029 |
USD |
54,227,547 |
53,605,436 |
|
|
53,095,659 |
2,3,4 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
29
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest |
Reference |
Basis Points Spread |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Industrials (Continued) |
|
|
|||||||||||||||||||
|
RCS Industrials |
First Lien Term Loan |
10.540% |
SOFR |
500 |
1/31/2025 |
USD |
1,357,609 |
1,347,527 |
|
$ |
1,344,521 |
2,3,4,5 |
|||||||||
|
RCS Industrials |
Revolver |
0.500% |
1/31/2025 |
USD |
285,714 |
— |
|
|
(2,754 |
)2,4,5,6 |
|||||||||||
|
Rocket Bidco Limited |
Delayed Draw |
10.436% |
SONIA |
525 |
9/15/2027 |
GBP |
13,639,922 |
17,411,526 |
|
|
16,438,588 |
2,3,4,5,7 |
|||||||||
|
RPM Intermediate Holdings, Inc. . |
Delayed Draw |
1.000% |
9/11/2028 |
USD |
2,678,571 |
(36,830 |
) |
|
(36,830 |
)2,4,6 |
|||||||||||
|
RPM Intermediate Holdings, Inc. . |
First Lien Term Loan |
10.931% |
SOFR |
708 |
9/11/2028 |
USD |
9,821,429 |
9,553,711 |
|
|
9,551,339 |
2,3,4 |
|||||||||
|
RQM Buyer, Inc. |
Delayed Draw |
11.515% |
SOFR |
575 |
8/12/2026 |
USD |
9,339,844 |
4,605,469 |
|
|
4,624,311 |
2,3,4,8 |
|||||||||
|
RQM Buyer, Inc. |
First Lien Term Loan |
11.402% |
SOFR |
575 |
8/12/2026 |
USD |
19,957,031 |
19,827,949 |
|
|
19,897,133 |
2,3,4 |
|||||||||
|
RQM Buyer, Inc. |
First Lien Term Loan |
11.515% |
SOFR |
575 |
8/12/2026 |
USD |
8,675,152 |
8,565,626 |
|
|
8,650,374 |
2,3,4 |
|||||||||
|
S4T Holdings Corp. |
Delayed Draw |
11.434% |
SOFR |
600 |
12/27/2026 |
USD |
4,537,909 |
4,469,840 |
|
|
4,494,161 |
2,3,4 |
|||||||||
|
S4T Holdings Corp. |
First Lien Term Loan |
11.434% |
SOFR |
600 |
12/27/2026 |
USD |
15,196,970 |
15,033,432 |
|
|
15,050,463 |
2,3,4 |
|||||||||
|
Safety Products Holdings, LLC |
First Lien Term Loan |
11.572% |
SOFR |
600 |
12/15/2026 |
USD |
9,927,273 |
9,755,226 |
|
|
9,537,866 |
2,3,4 |
|||||||||
|
Seacor Holdings, Inc. |
First Lien Term Loan |
12.170% |
SOFR |
675 |
10/15/2026 |
USD |
4,265,750 |
4,179,072 |
|
|
4,290,664 |
2,3,4 |
|||||||||
|
SEI Holding I Corporation |
Delayed Draw |
12.140% |
SOFR |
675 |
3/24/2028 |
USD |
2,331,646 |
1,221,898 |
|
|
1,254,786 |
2,3,4,8 |
|||||||||
|
SEI Holding I Corporation |
First Lien Term Loan |
12.140% |
SOFR |
675 |
3/24/2028 |
USD |
16,146,767 |
15,698,362 |
|
|
15,756,679 |
2,3,4 |
|||||||||
|
SEI Holding I Corporation |
Revolver |
0.500% |
3/24/2028 |
USD |
1,439,535 |
— |
|
|
(34,778 |
)2,4,6 |
|||||||||||
|
Seko Global Logistics Network, |
Revolver |
12.000% |
PRIME |
400 |
12/30/2026 |
USD |
64,717 |
9,708 |
|
|
8,467 |
2,3,4,8 |
|||||||||
|
Seko Worldwide, LLC |
First Lien Term Loan |
8.886% |
EURIBOR |
475 |
12/30/2026 |
EUR |
10,464,289 |
11,707,240 |
|
|
10,850,734 |
2,3,4,7 |
|||||||||
|
Seko Worldwide, LLC |
First Lien Term Loan |
10.467% |
SOFR |
475 |
12/30/2026 |
USD |
9,898,477 |
9,737,369 |
|
|
9,708,743 |
2,3,4 |
|||||||||
|
Shermco Intermediate Holdings, Inc. |
Delayed Draw |
10.953% |
SOFR |
550 |
3/6/2025 |
USD |
776,293 |
84,029 |
|
|
84,283 |
2,3,4,5,8 |
|||||||||
|
Shermco Intermediate Holdings, Inc. |
First Lien Term Loan |
10.953% |
SOFR |
550 |
6/5/2026 |
USD |
1,409,297 |
1,374,807 |
|
|
1,374,525 |
2,3,4,5 |
|||||||||
|
Sonny’s Enterprises, LLC |
Revolver |
0.500% |
8/5/2025 |
USD |
640,244 |
— |
|
|
— |
2,4,6 |
|||||||||||
|
Sonny’s Enterprises, LLC |
First Lien Term Loan |
12.270% |
SOFR |
675 |
8/5/2026 |
USD |
6,664,940 |
6,514,389 |
|
|
6,507,384 |
2,3,4 |
|||||||||
|
Sonny’s Enterprises, LLC |
Revolver |
0.500% |
8/5/2027 |
USD |
1,221,756 |
— |
|
|
— |
2,4,6 |
|||||||||||
|
Sonny’s Enterprises, LLC |
Delayed Draw |
1.000% |
8/5/2028 |
USD |
1,409,719 |
(27,826 |
) |
|
(35,243 |
)2,4,6 |
|||||||||||
|
Sonny’s Enterprises, LLC |
First Lien Term Loan |
12.270% |
SOFR |
675 |
8/5/2028 |
USD |
6,469,124 |
6,348,238 |
|
|
6,316,198 |
2,3,4 |
|||||||||
|
Spartronics LLC |
First Lien Term Loan |
11.670% |
SOFR |
625 |
12/31/2025 |
USD |
11,654,855 |
11,567,443 |
|
|
11,470,026 |
2,3,4 |
|||||||||
|
Spartronics LLC |
Revolver |
11.910% |
SOFR |
625 |
12/31/2025 |
USD |
4,007,350 |
2,908,231 |
|
|
2,844,874 |
2,3,4,8 |
|||||||||
|
Speedstar Holding LLC |
First Lien Term Loan |
12.822% |
SOFR |
725 |
1/22/2027 |
USD |
10,215,993 |
10,113,833 |
|
|
10,031,745 |
2,3,4 |
|||||||||
|
Standard Elevator Systems |
First Lien Term Loan |
11.453% |
SOFR |
575 |
12/2/2027 |
USD |
9,850,000 |
9,697,811 |
|
|
8,880,792 |
2,3,4 |
|||||||||
|
Stats Intermediate Holdings, LLC |
First Lien Term Loan |
10.888% |
SOFR |
525 |
7/10/2026 |
USD |
3,757,570 |
3,700,937 |
|
|
3,550,903 |
2,3 |
|||||||||
|
System Planning and Analysis, |
First Lien Term Loan |
11.487% |
SOFR |
600 |
8/16/2027 |
USD |
15,075,090 |
14,629,121 |
|
|
15,075,090 |
2,3,4 |
|||||||||
|
Tank Holding Corp. |
Delayed Draw |
1.000% |
3/31/2028 |
USD |
1,499,400 |
(22,491 |
) |
|
(22,491 |
)2,4,6 |
|||||||||||
|
Tank Holding Corp. |
First Lien Term Loan |
11.166% |
SOFR |
575 |
3/31/2028 |
USD |
62,587,389 |
61,556,089 |
|
|
60,499,839 |
2,3,4 |
|||||||||
|
Tank Holding Corp. |
First Lien Term Loan |
11.420% |
SOFR |
600 |
3/31/2028 |
USD |
3,489,854 |
3,390,684 |
|
|
3,390,684 |
2,3,4 |
|||||||||
|
Tank Holding Corp. |
Revolver |
11.166% |
SOFR |
575 |
3/31/2028 |
USD |
1,780,415 |
1,543,027 |
|
|
1,483,642 |
2,3,4,8 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
30
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest |
Reference |
Basis Points Spread |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Industrials (Continued) |
|
|
|||||||||||||||||||
|
TecoStar Holdings, Inc. |
First Lien Term Loan |
13.277% |
LIBOR |
850 |
7/7/2029 |
USD |
35,209,146 |
34,350,693 |
|
$ |
34,328,917 |
2,3,4 |
|||||||||
|
Texas Hydraulics, Inc. |
First Lien Term Loan |
11.916% |
SOFR |
650 |
12/22/2026 |
USD |
8,682,087 |
8,555,567 |
|
|
8,682,087 |
2,3,4 |
|||||||||
|
The Arcticom Group, LLC |
Delayed Draw |
12.295% |
SOFR |
675 |
12/22/2027 |
USD |
18,829,763 |
8,423,356 |
|
|
8,531,001 |
2,3,4,8 |
|||||||||
|
The Arcticom Group, LLC |
First Lien Term Loan |
12.152% |
SOFR |
625 |
12/22/2027 |
USD |
37,942,886 |
37,005,553 |
|
|
37,006,717 |
2,3,4 |
|||||||||
|
The Arcticom Group, LLC |
Revolver |
11.934% |
SOFR |
625 |
12/22/2027 |
USD |
2,000,000 |
1,857,052 |
|
|
1,806,817 |
2,3,4,8 |
|||||||||
|
The Vertex Companies, Inc. |
Revolver |
11.666% |
SOFR |
625 |
8/31/2026 |
USD |
1,304,348 |
417,391 |
|
|
408,030 |
2,3,4,8 |
|||||||||
|
The Vertex Companies, Inc. |
Delayed Draw |
11.674% |
SOFR |
625 |
8/31/2027 |
USD |
3,887,727 |
3,829,474 |
|
|
3,801,510 |
2,3,4 |
|||||||||
|
The Vertex Companies, Inc. |
First Lien Term Loan |
11.666% |
SOFR |
625 |
8/31/2027 |
USD |
9,586,957 |
9,443,152 |
|
|
9,374,349 |
2,3,4 |
|||||||||
|
Time Manufacturing Acquisition, |
First Lien Term Loan |
10.283% |
EURIBOR |
650 |
12/1/2027 |
EUR |
11,592,475 |
13,169,918 |
|
|
11,653,609 |
2,3,4,7 |
|||||||||
|
Time Manufacturing Acquisition, |
First Lien Term Loan |
12.072% |
SOFR |
650 |
12/1/2027 |
USD |
17,999,229 |
17,999,229 |
|
|
17,192,247 |
2,3,4 |
|||||||||
|
Time Manufacturing Acquisition, |
Revolver |
12.072% |
SOFR |
650 |
12/1/2027 |
USD |
3,013,699 |
1,639,840 |
|
|
1,508,719 |
2,3,4,8 |
|||||||||
|
Tinicum Voltage Acquisition Corp. |
First Lien Term Loan |
10.169% |
SOFR |
475 |
12/15/2028 |
USD |
23,403,846 |
23,305,766 |
|
|
23,403,846 |
2,3,4 |
|||||||||
|
Titan Group Holdco, LLC |
Delayed Draw |
10.040% |
SOFR |
450 |
8/12/2027 |
USD |
5,474,418 |
5,399,968 |
|
|
5,284,385 |
2,3,4 |
|||||||||
|
Titan Group Holdco, LLC |
First Lien Term Loan |
10.040% |
SOFR |
450 |
8/12/2027 |
USD |
8,596,875 |
8,510,906 |
|
|
8,298,453 |
2,3,4 |
|||||||||
|
Titan Group Holdco, LLC |
Revolver |
0.500% |
8/12/2027 |
USD |
2,500,000 |
— |
|
|
(86,782 |
)2,4,6 |
|||||||||||
|
TPC Wire & Cable Corp. |
First Lien Term Loan |
10.927% |
LIBOR |
550 |
2/16/2027 |
USD |
1,246,875 |
1,217,064 |
|
|
1,217,829 |
2,3,4,5 |
|||||||||
|
Transtar Holding Company |
Delayed Draw |
1.000% |
1/22/2027 |
USD |
1,448,276 |
(14,483 |
) |
|
(26,120 |
)2,4,6 |
|||||||||||
|
Trident Maritime Systems, Inc. |
First Lien Term Loan |
10.990% |
SOFR |
560 |
2/26/2027 |
USD |
16,313,782 |
16,121,405 |
|
|
16,001,079 |
2,3,4 |
|||||||||
|
Trident Maritime Systems, Inc. |
Revolver |
10.924% |
SOFR |
560 |
2/26/2027 |
USD |
1,666,667 |
1,662,778 |
|
|
1,634,720 |
2,3,4 |
|||||||||
|
Trilon Group LLC |
Delayed Draw |
12.072% |
SOFR |
525 |
5/15/2029 |
USD |
5,214,286 |
5,057,857 |
|
|
5,153,036 |
2,3,4,5 |
|||||||||
|
Trilon Group LLC |
First Lien Term Loan |
12.015% |
SOFR |
650 |
5/15/2029 |
USD |
4,773,750 |
4,635,579 |
|
|
4,648,255 |
2,3,4,5 |
|||||||||
|
Trilon Group LLC |
Delayed Draw |
1.000% |
5/27/2029 |
USD |
39,660,256 |
(198,301 |
) |
|
(198,301 |
)2,4,6 |
|||||||||||
|
Trilon Group LLC |
First Lien Term Loan |
11.798% |
SOFR |
525 |
5/27/2029 |
USD |
20,108,974 |
19,507,684 |
|
|
19,505,705 |
2,3,4 |
|||||||||
|
Trystar, Inc. |
First Lien Term Loan |
10.541% |
SOFR |
550 |
9/28/2027 |
USD |
7,783,766 |
7,783,766 |
|
|
7,624,830 |
2,3,4 |
|||||||||
|
Ubeo, LLC |
First Lien Term Loan |
11.041% |
SOFR |
550 |
4/3/2026 |
USD |
22,680,631 |
22,351,546 |
|
|
22,363,418 |
2,3,4 |
|||||||||
|
Ubeo, LLC |
Revolver |
11.041% |
SOFR |
550 |
4/3/2026 |
USD |
2,319,369 |
243,534 |
|
|
245,885 |
2,3,4,8 |
|||||||||
|
USRP Holdings, Inc. |
First Lien Term Loan |
11.290% |
SOFR |
575 |
7/23/2027 |
USD |
23,145,307 |
22,564,899 |
|
|
22,775,685 |
2,3,4 |
|||||||||
|
USRP Holdings, Inc. |
Revolver |
0.500% |
7/23/2027 |
USD |
3,790,774 |
(37,908 |
) |
|
(60,537 |
)2,4,6 |
|||||||||||
|
Utac Ceram |
First Lien Term Loan |
10.872% PIK |
EURIBOR |
690 |
9/28/2027 |
EUR |
1,300,000 |
1,567,713 |
|
|
1,316,307 |
2,3,4,7,9,13 |
|||||||||
|
Valcourt Holdings II, LLC |
First Lien Term Loan |
10.790% |
SOFR |
525 |
1/7/2027 |
USD |
18,880,524 |
18,696,679 |
|
|
18,880,524 |
2,3,4 |
|||||||||
|
VRC Companies, LLC |
Delayed Draw |
11.126% |
SOFR |
575 |
6/29/2027 |
USD |
4,713,869 |
4,369,217 |
|
|
4,431,400 |
2,3,4,8 |
|||||||||
|
VRC Companies, LLC |
First Lien Term Loan |
11.126% |
SOFR |
575 |
6/29/2027 |
USD |
3,883,687 |
3,836,535 |
|
|
3,870,615 |
2,3,4 |
|||||||||
|
VRC Companies, LLC |
First Lien Term Loan |
11.131% |
SOFR |
550 |
6/29/2027 |
USD |
19,427,126 |
19,189,932 |
|
|
19,361,738 |
2,3,4 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
31
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest |
Reference |
Basis Points Spread |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Industrials (Continued) |
|
|
|||||||||||||||||||
|
VRC Companies, LLC |
Revolver |
10.750% |
LIBOR |
450 |
6/29/2027 |
USD |
565,646 |
113,129 |
|
$ |
111,225 |
2,3,4,8 |
|||||||||
|
VSG Acquisition Corp. |
Delayed Draw |
11.265% |
SOFR |
550 |
4/11/2028 |
USD |
8,156,342 |
2,352,684 |
|
|
2,336,330 |
2,3,4,5,8 |
|||||||||
|
VSG Acquisition Corp. |
First Lien Term Loan |
11.265% |
SOFR |
550 |
4/11/2028 |
USD |
17,325,000 |
17,111,967 |
|
|
17,031,139 |
2,3,4,5 |
|||||||||
|
VSG Acquisition Corp. |
Revolver |
11.153% |
SOFR |
550 |
4/11/2028 |
USD |
2,333,333 |
227,486 |
|
|
187,923 |
2,3,4,5,8 |
|||||||||
|
VSTG Acquisition Corp. |
First Lien Term Loan |
10.666% |
SOFR |
525 |
7/13/2029 |
USD |
29,775,000 |
28,930,758 |
|
|
29,649,204 |
2,3,4 |
|||||||||
|
Watlow Electric Manufacturing Company |
First Lien Term Loan |
10.627% |
ARR CSA |
500 |
3/2/2028 |
USD |
29,850,000 |
28,274,959 |
|
|
29,906,118 |
2,3 |
|||||||||
|
2,383,971,816 |
|
|
2,367,273,785 |
||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Materials — 3.0% |
|
|
|||||||||||||||||||
|
ADG Acquisition, LLC |
First Lien Term Loan |
12.948% |
SOFR |
750 |
4/11/2028 |
USD |
7,500,000 |
7,366,179 |
|
|
7,401,769 |
2,3,4 |
|||||||||
|
Alpine Acquisition Corp. |
First Lien Term Loan |
11.180% |
SOFR |
575 |
11/30/2026 |
USD |
50,513,632 |
49,980,479 |
|
|
49,312,350 |
2,3,4 |
|||||||||
|
Alpine Acquisition Corp. |
First Lien Term Loan |
11.430% |
SOFR |
600 |
11/30/2026 |
USD |
2,475,000 |
2,396,179 |
|
|
2,433,765 |
2,3,4 |
|||||||||
|
Alpine Acquisition Corp. |
Revolver |
11.180% |
SOFR |
575 |
11/30/2026 |
USD |
475,868 |
190,347 |
|
|
179,030 |
2,3,4,8 |
|||||||||
|
ASP Unifrax Holdings, Inc. |
First Lien Term Loan |
9.290% |
SOFR |
375 |
12/14/2025 |
USD |
74,031,007 |
71,992,450 |
|
|
69,268,963 |
2,3 |
|||||||||
|
Berlin Packaging LLC |
Second Lien Term Loan |
12.140% |
SOFR |
675 |
12/28/2029 |
USD |
5,100,000 |
3,208,342 |
|
|
3,208,983 |
2,3,4,8 |
|||||||||
|
Berlin Packaging LLC |
Second Lien Term Loan |
11.222% |
EURIBOR |
725 |
12/28/2029 |
EUR |
13,068,750 |
14,538,050 |
|
|
13,358,516 |
2,3,4,7 |
|||||||||
|
Consolidated Label Co. |
First Lien Term Loan |
10.416% |
SOFR |
500 |
7/15/2026 |
USD |
16,571,423 |
16,405,708 |
|
|
16,120,826 |
2,3,4 |
|||||||||
|
Consolidated Label Co. |
Revolver |
0.500% |
7/15/2026 |
USD |
1,917,802 |
(13,393 |
) |
|
(52,147 |
)2,4,6 |
|||||||||||
|
Cyxtera Equipment Leases |
First Lien Term Loan |
8.250% |
1/1/2024 |
USD |
568,839 |
568,839 |
|
|
564,923 |
2,4,5 |
|||||||||||
|
ENS Holdings III Corp. |
First Lien Term Loan |
10.240% |
SOFR |
475 |
12/31/2025 |
USD |
5,631,825 |
5,603,665 |
|
|
5,506,929 |
2,3,4,5 |
|||||||||
|
Indigo Buyer, Inc. |
Delayed Draw |
11.393% |
SOFR |
575 |
5/23/2028 |
USD |
5,000,000 |
4,900,000 |
|
|
4,928,229 |
2,3,4,5 |
|||||||||
|
Indigo Buyer, Inc. |
First Lien Term Loan |
11.727% |
SOFR |
625 |
5/23/2028 |
USD |
12,967,500 |
12,754,263 |
|
|
12,781,363 |
2,3,4,5 |
|||||||||
|
Indigo Buyer, Inc. |
Revolver |
11.727% |
SOFR |
625 |
5/23/2028 |
USD |
2,000,000 |
293,333 |
|
|
304,625 |
2,3,4,5,8 |
|||||||||
|
Kensing, LLC |
First Lien Term Loan |
12.029% |
SOFR |
675 |
11/30/2026 |
USD |
3,541,048 |
3,437,911 |
|
|
3,439,004 |
2,3,4 |
|||||||||
|
Nelipak Holding Company |
First Lien Term Loan |
9.769% |
SOFR |
425 |
7/2/2026 |
USD |
24,742,268 |
24,511,912 |
|
|
24,742,268 |
2,3,4 |
|||||||||
|
New ILC Dover, Inc. |
Revolver |
12.000% |
PRIME |
400 |
2/2/2026 |
USD |
1,265,038 |
657,820 |
|
|
632,937 |
2,3,4,5,8 |
|||||||||
|
Oliver Packaging, LLC |
First Lien Term Loan |
10.540% |
SOFR |
500 |
7/6/2028 |
USD |
8,664,683 |
8,536,307 |
|
|
8,664,683 |
2,3,4 |
|||||||||
|
Oliver Packaging, LLC |
Revolver |
10.451% |
SOFR |
500 |
7/6/2028 |
USD |
1,269,841 |
866,667 |
|
|
888,889 |
2,3,4,8 |
|||||||||
|
Olympic Buyer, Inc. |
First Lien Term Loan |
9.666% |
SOFR |
435 |
6/30/2028 |
USD |
26,101,601 |
25,701,241 |
|
|
25,700,758 |
2,3,4 |
|||||||||
|
Olympic Buyer, Inc. |
Revolver |
9.666% |
SOFR |
435 |
6/30/2028 |
USD |
2,352,941 |
392,157 |
|
|
356,023 |
2,3,4,8 |
|||||||||
|
Optimum Group |
First Lien Term Loan |
9.622% |
EURIBOR |
565 |
6/16/2028 |
EUR |
12,701,000 |
14,321,291 |
|
|
12,981,518 |
2,3,4,7 |
|||||||||
|
Oscar AcquisitionCo, LLC |
First Lien Term Loan |
9.990% |
SOFR |
450 |
4/29/2029 |
USD |
20,000,000 |
19,413,911 |
|
|
19,884,000 |
2,3 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
32
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest |
Reference |
Basis Points Spread |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Materials (Continued) |
|
|
|||||||||||||||||||
|
Rohrer Corporation |
First Lien Term Loan |
10.116% |
LIBOR |
500 |
3/15/2027 |
USD |
11,847,736 |
11,738,891 |
|
$ |
11,377,057 |
2,3,4,5 |
|||||||||
|
Santa Cruz Holdco, Inc. |
First Lien Term Loan |
12.240% |
SOFR |
675 |
12/13/2025 |
USD |
5,923,681 |
5,857,591 |
|
|
5,879,263 |
2,3,4 |
|||||||||
|
SintecMedia NYC, Inc. |
First Lien Term Loan |
12.207% |
SOFR |
700 |
6/21/2029 |
USD |
22,881,356 |
22,215,730 |
|
|
22,259,185 |
2,3,4 |
|||||||||
|
SintecMedia NYC, Inc. |
Revolver |
0.500% |
6/21/2029 |
USD |
2,118,644 |
(63,559 |
) |
|
(57,608 |
)2,4,6 |
|||||||||||
|
StarCompliance Intermediate, LLC |
First Lien Term Loan |
12.240% |
SOFR |
675 |
1/12/2027 |
USD |
1,575,000 |
1,558,389 |
|
|
1,537,946 |
2,3,4 |
|||||||||
|
Sunland Asphalt & Construction, LLC |
Delayed Draw |
1.000% |
6/16/2028 |
USD |
4,453,125 |
(77,408 |
) |
|
(104,115 |
)2,4,6 |
|||||||||||
|
Sunland Asphalt & Construction, LLC |
First Lien Term Loan |
12.890% PIK |
SOFR |
750 |
6/16/2028 |
USD |
10,559,868 |
10,253,137 |
|
|
10,308,432 |
2,3,4,8,9,13 |
|||||||||
|
SureWerx Purchaser III, Inc. |
Revolver |
12.066% |
SOFR |
675 |
12/28/2028 |
USD |
1,000,000 |
587,500 |
|
|
572,845 |
2,3,4,8 |
|||||||||
|
SureWerx Purchaser III, Inc. |
Delayed Draw |
1.000% |
12/28/2029 |
USD |
1,875,000 |
(37,500 |
) |
|
(13,375 |
)2,4,6 |
|||||||||||
|
SureWerx Purchaser III, Inc. |
First Lien Term Loan |
12.140% |
SOFR |
675 |
12/28/2029 |
USD |
9,102,188 |
8,847,994 |
|
|
8,968,795 |
2,3,4 |
|||||||||
|
Tangent Technologies Acquisition, LLC |
Second Lien Term Loan |
13.735% |
SOFR |
875 |
5/30/2028 |
USD |
2,500,000 |
2,500,000 |
|
|
2,482,811 |
2,3,4 |
|||||||||
|
Technimark Holdings, LLC |
Second Lien Term Loan |
12.402% |
SOFR |
675 |
7/9/2029 |
USD |
15,000,000 |
14,710,929 |
|
|
14,557,407 |
2,3,4 |
|||||||||
|
Tilley Chemical Co., Inc. |
Delayed Draw |
11.548% |
SOFR |
600 |
12/31/2026 |
USD |
5,266,667 |
5,214,000 |
|
|
5,220,119 |
2,3,4 |
|||||||||
|
Tilley Chemical Co., Inc. |
First Lien Term Loan |
11.548% |
SOFR |
600 |
12/31/2026 |
USD |
20,308,449 |
20,105,365 |
|
|
20,112,665 |
2,3,4 |
|||||||||
|
Tilley Chemical Co., Inc. |
Revolver |
0.500% |
12/31/2026 |
USD |
2,555,556 |
— |
|
|
(24,637 |
)2,4,6 |
|||||||||||
|
USALCO, LLC |
First Lien Term Loan |
11.431% |
SOFR |
600 |
10/19/2027 |
USD |
24,625,000 |
24,378,750 |
|
|
24,559,661 |
2,3,4 |
|||||||||
|
V Global Holdings LLC |
Revolver |
11.179% |
SOFR |
575 |
12/22/2025 |
USD |
13,733,274 |
4,553,664 |
|
|
4,111,375 |
2,3,4,5,8 |
|||||||||
|
420,367,131 |
|
|
414,356,030 |
||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Real Estate — 1.2% |
|
|
|||||||||||||||||||
|
Associations, Inc. |
Delayed Draw |
12.063% PIK |
SOFR |
650 |
7/2/2027 |
USD |
4,047,302 |
4,007,974 |
|
|
3,970,941 |
2,3,4,9,13 |
|||||||||
|
Associations, Inc. |
Delayed Draw |
12.030% PIK |
SOFR |
650 |
7/2/2027 |
USD |
25,140,792 |
19,324,126 |
|
|
19,099,789 |
2,3,4,8,9,13 |
|||||||||
|
Associations, Inc. |
Delayed Draw |
12.054% PIK |
SOFR |
650 |
7/2/2027 |
USD |
15,098,887 |
11,457,198 |
|
|
11,474,013 |
2,3,4,8,9,13 |
|||||||||
|
Associations, Inc. |
First Lien Term Loan |
12.030% PIK |
SOFR |
650 |
7/2/2027 |
USD |
21,742,822 |
21,532,150 |
|
|
21,332,595 |
2,3,4,9,13 |
|||||||||
|
CRS TH Holdings Corp |
Delayed Draw |
10.166% |
SOFR |
475 |
12/1/2027 |
USD |
6,324,152 |
6,260,911 |
|
|
6,223,861 |
2,3,4 |
|||||||||
|
CRS TH Holdings Corp |
First Lien Term Loan |
10.166% |
SOFR |
475 |
12/1/2027 |
USD |
14,190,678 |
14,048,771 |
|
|
13,965,636 |
2,3,4 |
|||||||||
|
CRS TH Holdings Corp |
Revolver |
0.500% |
12/1/2027 |
USD |
4,237,288 |
— |
|
|
(67,197 |
)2,4,6 |
|||||||||||
|
Eagleview Technology |
Second Lien Term Loan |
13.040% |
SOFR |
750 |
8/14/2026 |
USD |
3,659,574 |
3,605,209 |
|
|
3,616,376 |
2,3,4 |
|||||||||
|
MRI Software LLC |
First Lien Term Loan |
10.990% |
SOFR |
550 |
2/10/2026 |
USD |
26,863,980 |
26,754,866 |
|
|
26,681,840 |
2,3,4 |
|||||||||
|
MRI Software LLC |
First Lien Term Loan |
10.842% |
SOFR |
550 |
2/10/2026 |
USD |
22,843,588 |
22,618,051 |
|
|
22,688,707 |
2,3,4 |
|||||||||
|
MRI Software LLC |
First Lien Term Loan |
11.327% |
SOFR |
550 |
2/10/2026 |
USD |
13,919,325 |
13,782,245 |
|
|
13,824,951 |
2,3,4 |
|||||||||
|
MRI Software LLC |
Revolver |
0.500% |
2/10/2026 |
USD |
6,494,333 |
(42,205 |
) |
|
(45,915 |
)2,4,6 |
|||||||||||
|
Royal Property Company |
First Lien Term Loan |
10.640% |
SOFR |
525 |
2/2/2029 |
USD |
20,000,000 |
19,630,930 |
|
|
19,640,142 |
2,3,4 |
|||||||||
|
162,980,226 |
|
|
162,405,739 |
||||||||||||||||||
See accompanying Notes to Consolidated Financial Statements.
33
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest |
Reference |
Basis Points Spread |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Technology — 18.6% |
|
|
|||||||||||||||||||
|
1WS Intermediate, Inc. |
Delayed Draw |
10.469% |
SOFR |
475 |
7/8/2025 |
USD |
142,788 |
141,488 |
|
$ |
141,483 |
2,3,4 |
|||||||||
|
1WS Intermediate, Inc. |
First Lien Term Loan |
10.413% |
SOFR |
475 |
7/8/2025 |
USD |
10,602,449 |
10,550,153 |
|
|
10,505,552 |
2,3,4 |
|||||||||
|
Abracon Group Holdings, LLC |
Delayed Draw |
11.182% |
SOFR |
575 |
7/6/2028 |
USD |
4,569,231 |
1,695,042 |
|
|
1,679,570 |
2,3,4,8 |
|||||||||
|
Abracon Group Holdings, LLC |
First Lien Term Loan |
11.211% |
SOFR |
575 |
7/6/2028 |
USD |
37,560,462 |
36,886,189 |
|
|
37,104,186 |
2,3,4 |
|||||||||
|
Abracon Group Holdings, LLC |
Revolver |
11.174% |
SOFR |
575 |
7/6/2028 |
USD |
2,596,154 |
2,544,231 |
|
|
2,564,616 |
2,3,4 |
|||||||||
|
Acquia, Inc. |
First Lien Term Loan |
12.337% |
SOFR |
700 |
10/31/2025 |
USD |
2,031,627 |
1,998,923 |
|
|
2,027,323 |
2,3,4 |
|||||||||
|
Acquia, Inc. |
Revolver |
12.559% |
SOFR |
700 |
10/31/2025 |
USD |
301,938 |
147,826 |
|
|
148,406 |
2,3,4,8 |
|||||||||
|
ACS |
First Lien Term Loan |
9.681% |
SOFR |
425 |
10/9/2026 |
USD |
3,850,153 |
3,793,100 |
|
|
3,837,748 |
2,3,4 |
|||||||||
|
ACS |
Second Lien Term Loan |
13.681% |
SOFR |
825 |
10/9/2027 |
USD |
6,876,457 |
6,800,816 |
|
|
6,700,186 |
2,3,4 |
|||||||||
|
Affinipay Midco, LLC |
Delayed Draw |
1.000% |
6/9/2028 |
USD |
4,640,884 |
(46,409 |
) |
|
92,818 |
2,4,6 |
|||||||||||
|
Affinipay Midco, LLC |
First Lien Term Loan |
10.645% |
SOFR |
575 |
6/9/2028 |
USD |
32,817,680 |
32,261,907 |
|
|
33,362,453 |
2,3,4 |
|||||||||
|
Affinipay Midco, LLC |
Revolver |
0.500% |
6/9/2028 |
USD |
2,209,945 |
— |
|
|
36,685 |
2,4,6 |
|||||||||||
|
Afiniti, Inc. |
First Lien Term Loan |
11.250% PIK |
6/13/2024 |
USD |
20,724,327 |
20,585,294 |
|
|
20,206,006 |
2,4,5,9,13 |
|||||||||||
|
AG-Twin Brook Technology |
First Lien Term Loan |
10.902% |
SOFR |
525 |
10/29/2026 |
USD |
8,825,000 |
8,732,782 |
|
|
8,770,200 |
2,3,4,5 |
|||||||||
|
AG-Twin Brook Technology |
First Lien Term Loan |
12.072% |
SOFR |
650 |
10/5/2027 |
USD |
24,725,000 |
24,355,602 |
|
|
24,194,767 |
2,3,4,5 |
|||||||||
|
AIDC Intermediate Co2, LLC |
First Lien Term Loan |
11.746% |
SOFR |
640 |
7/22/2027 |
USD |
54,725,000 |
54,165,780 |
|
|
55,173,745 |
2,3,4 |
|||||||||
|
Anaplan, Inc. |
First Lien Term Loan |
11.816% |
SOFR |
650 |
6/21/2029 |
USD |
25,000,000 |
24,875,000 |
|
|
25,000,000 |
2,3,4 |
|||||||||
|
ANS Midco 3 Limited |
First Lien Term Loan |
13.242% PIK |
SONIA |
806 |
9/8/2027 |
GBP |
12,471,644 |
16,799,345 |
|
|
13,597,379 |
2,3,4,7,9,13 |
|||||||||
|
Appfire Technologies, LLC |
Delayed Draw |
11.072% |
SOFR |
550 |
3/9/2027 |
USD |
8,558,377 |
1,787,689 |
|
|
1,873,273 |
2,3,4,8 |
|||||||||
|
Appfire Technologies, LLC |
First Lien Term Loan |
11.019% |
SOFR |
550 |
3/9/2027 |
USD |
20,218,620 |
20,043,020 |
|
|
20,307,582 |
2,3,4 |
|||||||||
|
Appfire Technologies, LLC |
Revolver |
0.500% |
3/9/2027 |
USD |
980,000 |
— |
|
|
4,312 |
2,4,6 |
|||||||||||
|
Applied Technical Services LLC |
Delayed Draw |
11.540% |
SOFR |
600 |
12/29/2026 |
USD |
8,989,432 |
8,070,890 |
|
|
8,249,757 |
2,3,4,8 |
|||||||||
|
Applied Technical Services LLC |
First Lien Term Loan |
11.540% |
SOFR |
600 |
12/29/2026 |
USD |
7,380,682 |
7,271,817 |
|
|
7,256,781 |
2,3,4 |
|||||||||
|
Applied Technical Services LLC |
Revolver |
13.250% |
PRIME |
475 |
12/29/2026 |
USD |
909,091 |
363,636 |
|
|
348,673 |
2,3,4,8 |
|||||||||
|
Apryse Software Corp. |
Delayed Draw |
1.000% |
7/15/2027 |
USD |
1,625,000 |
(20,313 |
) |
|
(10,054 |
)2,4,6 |
|||||||||||
|
Apryse Software Corp. |
First Lien Term Loan |
10.816% |
SOFR |
550 |
7/15/2027 |
USD |
20,160,289 |
19,847,682 |
|
|
19,672,763 |
2,3,4 |
|||||||||
|
Apryse Software Corp. |
First Lien Term Loan |
11.316% |
SOFR |
600 |
7/15/2027 |
USD |
3,366,563 |
3,288,817 |
|
|
3,320,322 |
2,3,4 |
|||||||||
|
AQA Acquisition Holding, Inc. |
Second Lien Term Loan |
12.969% |
SOFR |
760 |
3/3/2029 |
USD |
5,259,615 |
5,154,252 |
|
|
5,094,373 |
2,3,4 |
|||||||||
|
Arcstor Midco, LLC |
First Lien Term Loan |
13.166% PIK |
SOFR |
775 |
3/16/2027 |
USD |
15,566,691 |
15,170,018 |
|
|
5,841,340 |
2,3,4,8,9,13 |
|||||||||
|
Arcstor Midco, LLC |
First Lien Term Loan |
13.416% PIK |
SOFR |
800 |
3/16/2027 |
USD |
795,586 |
652,171 |
|
|
661,504 |
2,3,4,8,9,13 |
|||||||||
|
ASG II, LLC |
Delayed Draw |
11.769% |
SOFR |
625 |
5/25/2028 |
USD |
4,608,695 |
2,198,717 |
|
|
2,305,730 |
2,3,4,8 |
|||||||||
|
ASG II, LLC |
First Lien Term Loan |
11.769% |
SOFR |
625 |
5/25/2028 |
USD |
30,724,638 |
30,209,223 |
|
|
30,724,638 |
2,3,4 |
|||||||||
|
ATP Intermediate, Inc. |
First Lien Term Loan |
13.520% |
SOFR |
798 |
6/16/2025 |
USD |
7,923,740 |
7,882,501 |
|
|
7,820,217 |
2,3,4 |
|||||||||
|
Avalara, Inc. |
First Lien Term Loan |
12.640% |
SOFR |
725 |
10/19/2028 |
USD |
33,636,364 |
32,981,148 |
|
|
33,483,311 |
2,3,4 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
34
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest |
Reference |
Basis Points Spread |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Technology (Continued) |
|
|
|||||||||||||||||||
|
Avalara, Inc. |
Revolver |
0.500% |
10/19/2028 |
USD |
3,363,637 |
(4,773 |
) |
$ |
(15,305 |
)2,4,6 |
|||||||||||
|
AVI—SPL |
First Lien Term Loan |
10.265% |
SOFR |
450 |
3/10/2027 |
USD |
2,264,716 |
2,242,284 |
|
|
2,241,747 |
2,3,4 |
|||||||||
|
Benefit Street Technology |
Revolver |
10.681% |
SOFR |
525 |
10/1/2026 |
USD |
2,666,667 |
640,000 |
|
|
629,726 |
2,3,4,5,8 |
|||||||||
|
Benefit Street Technology |
First Lien Term Loan |
10.929% |
SOFR |
550 |
10/1/2027 |
USD |
24,625,000 |
24,258,514 |
|
|
24,283,878 |
2,3,4,5 |
|||||||||
|
Benefit Street Technology |
First Lien Term Loan |
11.584% |
SOFR |
625 |
5/2/2028 |
USD |
27,718,892 |
27,260,062 |
|
|
27,284,129 |
2,3,4 |
|||||||||
|
Beta Plus Technologies, Inc. |
Revolver |
11.250% |
PRIME |
325 |
7/1/2027 |
USD |
6,700,000 |
1,916,757 |
|
|
1,953,414 |
2,3,4,8 |
|||||||||
|
Beta Plus Technologies, Inc. |
First Lien Term Loan |
11.140% |
SOFR |
575 |
7/1/2029 |
USD |
49,625,000 |
46,759,812 |
|
|
49,241,150 |
2,3,4 |
|||||||||
|
BetterCloud, Inc. |
First Lien Term Loan |
12.672% PIK |
SOFR |
725 |
6/30/2028 |
USD |
43,388,058 |
42,024,645 |
|
|
41,209,459 |
2,3,4,8,9,13 |
|||||||||
|
BetterCloud, Inc. |
Revolver |
0.500% |
6/30/2028 |
USD |
6,313,721 |
(126,274 |
) |
|
(219,168 |
)2,4,6 |
|||||||||||
|
Bigtime Software, Inc. |
First Lien Term Loan |
11.622% |
SOFR |
625 |
6/30/2028 |
USD |
15,517,241 |
15,246,618 |
|
|
15,229,939 |
2,3,4 |
|||||||||
|
Bigtime Software, Inc. |
Revolver |
0.500% |
6/30/2028 |
USD |
2,327,586 |
(46,552 |
) |
|
(43,095 |
)2,4,6 |
|||||||||||
|
Bigtime Software, Inc. |
Delayed Draw |
1.000% |
8/31/2028 |
USD |
4,680,000 |
(46,800 |
) |
|
(39,780 |
)2,4,6 |
|||||||||||
|
Bigtime Software, Inc. |
First Lien Term Loan |
11.028% |
SOFR |
625 |
8/31/2028 |
USD |
3,120,000 |
3,059,189 |
|
|
3,062,233 |
2,3,4 |
|||||||||
|
Bluefin Holding, LLC |
First Lien Term Loan |
12.722% |
SOFR |
725 |
9/12/2029 |
USD |
34,134,615 |
33,286,213 |
|
|
33,281,250 |
2,3,4 |
|||||||||
|
Bluefin Holding, LLC |
Revolver |
0.500% |
9/12/2029 |
USD |
3,365,385 |
(84,135 |
) |
|
(84,135 |
)2,4,6 |
|||||||||||
|
Bluesight, Inc. |
First Lien Term Loan |
12.566% |
SOFR |
725 |
7/17/2029 |
USD |
13,800,000 |
13,395,228 |
|
|
13,406,850 |
2,3,4 |
|||||||||
|
Bluesight, Inc. |
Revolver |
0.500% |
7/17/2029 |
USD |
1,200,000 |
(36,000 |
) |
|
(34,187 |
)2,4,6 |
|||||||||||
|
Bounteous, Inc. |
Delayed Draw |
10.648% |
SOFR |
525 |
8/2/2027 |
USD |
17,447,900 |
8,457,973 |
|
|
8,345,098 |
2,3,4,8 |
|||||||||
|
Bounteous, Inc. . |
First Lien Term Loan |
10.648% |
SOFR |
525 |
8/2/2027 |
USD |
21,331,000 |
20,864,671 |
|
|
20,716,297 |
2,3,4 |
|||||||||
|
Bounteous, Inc. . |
Revolver |
10.595% |
SOFR |
525 |
8/2/2027 |
USD |
1,800,000 |
1,363,371 |
|
|
1,340,129 |
2,3,4,8 |
|||||||||
|
Bullhorn, Inc. |
Delayed Draw |
11.240% |
SOFR |
575 |
9/30/2026 |
USD |
519,677 |
515,907 |
|
|
515,907 |
2,3,4 |
|||||||||
|
Bullhorn, Inc. |
First Lien Term Loan |
11.640% |
SOFR |
625 |
9/30/2026 |
USD |
14,962,500 |
14,787,820 |
|
|
14,808,045 |
2,3,4 |
|||||||||
|
Bullhorn, Inc. |
First Lien Term Loan |
11.240% |
SOFR |
575 |
9/30/2026 |
USD |
6,220,292 |
6,177,085 |
|
|
6,177,085 |
2,3,4 |
|||||||||
|
Bullhorn, Inc. |
Revolver |
0.500% |
9/30/2026 |
USD |
320,464 |
(2,403 |
) |
|
(2,403 |
)2,4,6 |
|||||||||||
|
BusinesSolver.com, Inc. |
Delayed Draw |
10.990% |
SOFR |
550 |
12/1/2027 |
USD |
4,375,973 |
365,081 |
|
|
372,510 |
2,3,4,8 |
|||||||||
|
BusinesSolver.com, Inc. |
First Lien Term Loan |
10.990% |
SOFR |
550 |
12/1/2027 |
USD |
16,060,768 |
16,010,196 |
|
|
16,060,768 |
2,3,4 |
|||||||||
|
CAI Software |
First Lien Term Loan |
9.924% |
LIBOR |
625 |
12/13/2028 |
USD |
7,000,000 |
6,887,010 |
|
|
6,500,770 |
2,3,4 |
|||||||||
|
Captify Intermediate Holdings |
Delayed Draw |
13.682% |
LIBOR |
825 |
7/12/2026 |
USD |
2,462,500 |
2,425,563 |
|
|
2,378,055 |
2,3,4 |
|||||||||
|
Captify Intermediate Holdings |
First Lien Term Loan |
13.700% |
LIBOR |
800 |
7/12/2026 |
USD |
8,575,000 |
8,489,646 |
|
|
8,194,102 |
2,3,4 |
|||||||||
|
CEB Acquisitionco, LLC |
First Lien Term Loan |
11.020% |
SOFR |
550 |
12/21/2027 |
USD |
4,968,750 |
4,896,605 |
|
|
4,784,550 |
2,3,4 |
|||||||||
|
Chase Intermediate, LLC |
Delayed Draw |
1.000% |
8/31/2030 |
USD |
45,000,000 |
(450,000 |
) |
|
(426,641 |
)2,4,6 |
|||||||||||
|
Chase Intermediate, LLC |
Revolver |
11.251% |
SOFR |
525 |
8/31/2030 |
USD |
2,250,000 |
705,000 |
|
|
706,156 |
2,3,4,8 |
|||||||||
|
Cleo Communications Holding, |
First Lien Term Loan |
11.934% |
SOFR |
650 |
6/7/2027 |
USD |
12,860,000 |
12,731,400 |
|
|
12,559,331 |
2,3,4 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
35
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest |
Reference |
Basis Points Spread |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Technology (Continued) |
|
|
|||||||||||||||||||
|
Cleo Communications Holding, |
Revolver |
0.500% |
6/7/2027 |
USD |
2,140,000 |
(21,400 |
) |
$ |
(50,034 |
)2,4,6 |
|||||||||||
|
Conservice Midco, LLC |
Second Lien Term Loan |
13.219% |
SOFR |
775 |
5/13/2028 |
USD |
10,000,000 |
10,000,019 |
|
|
10,000,000 |
2,3,4 |
|||||||||
|
Corel Corporation |
First Lien Term Loan |
10.522% |
SOFR |
500 |
7/2/2026 |
USD |
4,448,298 |
4,381,238 |
|
|
4,290,539 |
2,3 |
|||||||||
|
Coupa Holdings, LLC |
Revolver |
0.500% |
2/27/2029 |
USD |
1,659,449 |
— |
|
|
(30,518 |
)2,4,6 |
|||||||||||
|
Coupa Holdings, LLC |
Delayed Draw |
1.000% |
2/27/2030 |
USD |
2,167,258 |
— |
|
|
(18,149 |
)2,4,6 |
|||||||||||
|
Coupa Holdings, LLC |
First Lien Term Loan |
12.816% |
SOFR |
750 |
2/27/2030 |
USD |
24,273,293 |
23,702,866 |
|
|
23,826,896 |
2,3,4 |
|||||||||
|
Cyara AcquisitionCo, LLC |
First Lien Term Loan |
12.070% |
SOFR |
675 |
6/28/2029 |
USD |
23,382,363 |
22,757,681 |
|
|
22,814,903 |
2,3,4 |
|||||||||
|
Cyara AcquisitionCo, LLC |
Revolver |
0.500% |
6/28/2029 |
USD |
1,590,637 |
(43,743 |
) |
|
(38,603 |
)2,4,6 |
|||||||||||
|
DataLink, LLC |
First Lien Term Loan |
12.166% |
SOFR |
675 |
11/20/2026 |
USD |
6,163,528 |
6,055,583 |
|
|
5,903,214 |
2,3,4 |
|||||||||
|
DataLink, LLC |
Revolver |
0.500% |
11/20/2026 |
USD |
846,774 |
— |
|
|
(35,763 |
)2,4,6 |
|||||||||||
|
DCert Buyer, Inc. |
Second Lien Term Loan |
12.316% |
SOFR |
700 |
2/24/2029 |
USD |
12,500,000 |
12,468,769 |
|
|
11,817,688 |
2,3 |
|||||||||
|
Denali Bidco, Ltd. |
Delayed Draw |
1.000% |
8/29/2030 |
GBP |
1,855,288 |
453,884 |
|
|
381,662 |
2,4,6,7 |
|||||||||||
|
Denali Bidco, Ltd. |
First Lien Term Loan |
11.186% |
SONIA |
600 |
8/29/2030 |
GBP |
5,343,228 |
6,567,571 |
|
|
6,360,866 |
2,3,4,7 |
|||||||||
|
Denali Bidco, Ltd. |
First Lien Term Loan |
9.858% |
EURIBOR |
600 |
8/29/2030 |
EUR |
1,818,182 |
1,918,124 |
|
|
1,875,455 |
2,3,4,7 |
|||||||||
|
Dental Care Alliance, LLC |
Delayed Draw |
11.795% |
SOFR |
641 |
4/3/2028 |
USD |
1,351,751 |
1,328,095 |
|
|
1,328,095 |
2,3,4 |
|||||||||
|
Dental Care Alliance, LLC |
First Lien Term Loan |
11.795% |
SOFR |
641 |
4/3/2028 |
USD |
27,650,675 |
27,190,442 |
|
|
27,166,788 |
2,3,4 |
|||||||||
|
Diamondback Acquisition, Inc. |
First Lien Term Loan |
10.916% |
SOFR |
550 |
9/13/2028 |
USD |
24,748,111 |
24,358,761 |
|
|
24,447,477 |
2,3,4 |
|||||||||
|
Diligent Corporation |
First Lien Term Loan |
11.269% |
SOFR |
575 |
8/4/2025 |
USD |
4,301,000 |
4,258,009 |
|
|
4,280,241 |
2,3,4 |
|||||||||
|
Diligent Corporation |
First Lien Term Loan |
11.119% |
SOFR |
575 |
8/4/2025 |
USD |
5,865,000 |
5,806,369 |
|
|
5,842,574 |
2,3,4 |
|||||||||
|
Diligent Corporation |
Delayed Draw |
11.269% |
SOFR |
575 |
8/24/2025 |
USD |
875,888 |
860,152 |
|
|
871,660 |
2,3,4 |
|||||||||
|
Disco Parent, LLC |
First Lien Term Loan |
12.922% |
SOFR |
750 |
3/30/2029 |
USD |
3,313,901 |
3,235,600 |
|
|
3,247,081 |
2,3,4 |
|||||||||
|
Disco Parent, LLC |
Revolver |
0.500% |
3/30/2029 |
USD |
331,390 |
(8,285 |
) |
|
(6,682 |
)2,4,6 |
|||||||||||
|
Dragon Bidco |
First Lien Term Loan |
10.222% |
EURIBOR |
625 |
4/27/2028 |
EUR |
9,300,000 |
9,526,597 |
|
|
9,712,225 |
2,3,4,7 |
|||||||||
|
ESG Investments, Inc. |
Revolver |
0.500% |
9/11/2027 |
USD |
2,142,857 |
(21,429 |
) |
|
(63,639 |
)2,4,6 |
|||||||||||
|
ESG Investments, Inc. |
Delayed Draw |
10.290% |
SOFR |
475 |
3/11/2028 |
USD |
8,025,000 |
4,194,844 |
|
|
4,036,670 |
2,3,4,8 |
|||||||||
|
ESG Investments, Inc. |
First Lien Term Loan |
10.290% |
SOFR |
475 |
3/11/2028 |
USD |
15,341,518 |
15,188,103 |
|
|
14,885,899 |
2,3,4 |
|||||||||
|
FBF Investments Limited |
First Lien Term Loan |
13.890% |
SOFR |
850 |
12/29/2025 |
USD |
7,000,000 |
6,928,451 |
|
|
6,934,153 |
2,3,4 |
|||||||||
|
Finastra USA, Inc. |
First Lien Term Loan |
12.713% |
SOFR |
725 |
9/13/2029 |
USD |
112,996,935 |
110,749,081 |
|
|
110,736,996 |
2,3,4,5 |
|||||||||
|
Finastra USA, Inc. |
Revolver |
12.578% |
SOFR |
725 |
9/13/2029 |
USD |
10,781,825 |
434,684 |
|
|
434,684 |
2,3,4,8 |
|||||||||
|
FSS Buyer LLC |
Revolver |
0.500% |
8/31/2027 |
USD |
1,610,390 |
— |
|
|
(8,770 |
)2,4,6 |
|||||||||||
|
FSS Buyer LLC |
First Lien Term Loan |
11.166% |
SOFR |
575 |
8/31/2028 |
USD |
27,044,950 |
26,673,914 |
|
|
26,897,663 |
2,3,4 |
|||||||||
|
Gainsight, Inc. |
First Lien Term Loan |
11.575% PIK |
LIBOR |
675 |
7/30/2027 |
USD |
23,316,389 |
23,058,530 |
|
|
22,864,784 |
2,3,4,9,13 |
|||||||||
|
Gainsight, Inc. |
Revolver |
12.269% PIK |
LIBOR |
675 |
7/30/2027 |
USD |
2,645,517 |
1,295,517 |
|
|
1,244,277 |
2,3,4,8,9,13 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
36
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest |
Reference |
Basis Points Spread |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Technology (Continued) |
|
|
|||||||||||||||||||
|
Gigamon, Inc. |
First Lien Term Loan |
11.208% |
SOFR |
575 |
3/9/2029 |
USD |
24,935,482 |
24,394,969 |
|
$ |
24,381,914 |
2,3,4 |
|||||||||
|
Goldcup 25952 AB |
First Lien Term Loan |
9.520% |
STIBOR |
550 |
8/18/2027 |
SEK |
11,250,000 |
1,265,825 |
|
|
955,758 |
2,3,4,5,7 |
|||||||||
|
GovBrands Intermediate, Inc. |
Delayed Draw |
11.040% |
SOFR |
550 |
8/4/2027 |
USD |
2,832,682 |
1,902,607 |
|
|
1,594,575 |
2,3,4,8 |
|||||||||
|
GovBrands Intermediate, Inc. |
First Lien Term Loan |
11.040% |
SOFR |
550 |
8/4/2027 |
USD |
8,563,470 |
8,477,835 |
|
|
7,559,393 |
2,3,4 |
|||||||||
|
GovBrands Intermediate, Inc. |
Revolver |
11.040% |
SOFR |
550 |
8/4/2027 |
USD |
917,000 |
315,856 |
|
|
208,336 |
2,3,4,8 |
|||||||||
|
GS Acquisitionco, Inc. |
First Lien Term Loan |
11.290% |
SOFR |
575 |
5/24/2024 |
USD |
25,104,921 |
25,008,584 |
|
|
24,929,858 |
2,3,4 |
|||||||||
|
GS Acquisitionco, Inc. |
Revolver |
0.500% |
5/24/2024 |
USD |
690,589 |
— |
|
|
— |
2,4,6 |
|||||||||||
|
GS Acquisitionco, Inc. |
First Lien Term Loan |
11.290% |
SOFR |
575 |
12/2/2026 |
USD |
6,528,835 |
6,483,308 |
|
|
6,483,308 |
2,3,4 |
|||||||||
|
GS Acquisitionco, Inc. |
Revolver |
0.500% |
12/2/2026 |
USD |
437,327 |
— |
|
|
— |
2,4,6 |
|||||||||||
|
GTCR F Buyer Corp. |
Revolver |
0.500% |
9/6/2029 |
USD |
1,000 |
(25 |
) |
|
(25 |
)2,4,5,6 |
|||||||||||
|
GTCR F Buyer Corp. |
Delayed Draw |
1.000% |
9/6/2030 |
USD |
486,533 |
(6,082 |
) |
|
(12,004 |
)2,4,5,6 |
|||||||||||
|
GTCR F Buyer Corp. |
First Lien Term Loan |
11.402% |
SOFR |
600 |
9/6/2030 |
USD |
1,556,906 |
1,518,226 |
|
|
1,518,492 |
2,3,4,5 |
|||||||||
|
HCSS |
First Lien Term Loan |
10.816% |
SOFR |
550 |
11/15/2027 |
USD |
19,900,000 |
19,593,981 |
|
|
19,598,387 |
2,3,4 |
|||||||||
|
Help Systems Holdings, Inc. |
First Lien Term Loan |
9.469% |
SOFR |
400 |
11/19/2026 |
USD |
9,705,341 |
9,632,630 |
|
|
9,325,231 |
2,3 |
|||||||||
|
Help Systems Holdings, Inc. |
Second Lien Term Loan |
12.351% |
SOFR |
675 |
11/19/2027 |
USD |
10,000,000 |
10,000,019 |
|
|
8,687,500 |
2,3 |
|||||||||
|
HotSchedules |
First Lien Term Loan |
12.166% |
SOFR |
675 |
7/9/2025 |
USD |
1,960,000 |
1,938,277 |
|
|
1,863,460 |
2,3,4 |
|||||||||
|
HPS Technology |
First Lien Term Loan |
10.936% |
SONIA |
575 |
8/3/2025 |
GBP |
14,442,519 |
19,216,960 |
|
|
17,095,116 |
2,3,4,5,7 |
|||||||||
|
HPS Technology |
Delayed Draw |
9.447% |
BBSW |
525 |
9/15/2027 |
AUD |
2,737,949 |
1,839,639 |
|
|
1,738,865 |
2,3,4,5,7 |
|||||||||
|
HPS Technology |
Delayed Draw |
10.436% |
SONIA |
525 |
9/15/2027 |
GBP |
20,744,922 |
20,722,425 |
|
|
20,123,229 |
2,3,4,5,78 |
|||||||||
|
HPS Technology |
First Lien Term Loan |
10.436% |
SONIA |
525 |
9/15/2027 |
GBP |
7,523,888 |
9,883,435 |
|
|
9,067,655 |
2,3,4,5,7 |
|||||||||
|
HPS Technology |
First Lien Term Loan |
11.584% |
SOFR |
625 |
5/2/2028 |
USD |
2,200,000 |
2,159,266 |
|
|
2,165,494 |
2,3,4,5 |
|||||||||
|
HPS Technology |
First Lien Term Loan |
12.640% |
SOFR |
725 |
10/19/2028 |
USD |
2,272,727 |
2,227,346 |
|
|
2,263,950 |
2,3,4,5 |
|||||||||
|
HPS Technology |
First Lien Term Loan |
13.122% |
SOFR |
775 |
2/1/2029 |
USD |
1,879,843 |
1,836,314 |
|
|
1,841,686 |
2,3,4,5 |
|||||||||
|
HPS Technology |
First Lien Term Loan |
12.685% |
SOFR |
700 |
8/4/2029 |
USD |
2,016,129 |
1,956,673 |
|
|
1,959,314 |
2,3,4 |
|||||||||
|
HPS Technology |
Revolver |
0.500% |
8/4/2029 |
USD |
250,000 |
(7,500 |
) |
|
(7,045 |
)2,4,6 |
|||||||||||
|
Hyland Software, Inc. |
Revolver |
0.500% |
9/19/2029 |
USD |
2,745,701 |
(41,186 |
) |
|
(41,186 |
)2,4,5,6 |
|||||||||||
|
Hyland Software, Inc. |
First Lien Term Loan |
11.327% |
LIBOR |
350 |
9/19/2030 |
USD |
58,159,299 |
57,286,910 |
|
|
57,286,910 |
2,3,4,5 |
|||||||||
|
IG Investment Holdings, LLC |
First Lien Term Loan |
11.469% |
SOFR |
600 |
9/22/2028 |
USD |
49,500,888 |
48,324,967 |
|
|
48,832,970 |
2,3,4 |
|||||||||
|
IG Investment Holdings, LLC |
Revolver |
13.250% |
BASE |
500 |
9/22/2028 |
USD |
722,543 |
108,382 |
|
|
92,892 |
2,3,4,8 |
|||||||||
|
Imagine Acquisitionco, Inc. |
Delayed Draw |
1.000% |
11/16/2027 |
USD |
1,607,717 |
(8,039 |
) |
|
(43,716 |
)2,4,6 |
|||||||||||
|
Imagine Acquisitionco, Inc. |
First Lien Term Loan |
10.722% |
SOFR |
525 |
11/16/2027 |
USD |
7,126,206 |
7,054,944 |
|
|
6,932,436 |
2,3,4 |
|||||||||
|
Imagine Acquisitionco, Inc. |
Revolver |
0.500% |
11/16/2027 |
USD |
1,157,556 |
(11,576 |
) |
|
(31,475 |
)2,4,6 |
|||||||||||
|
Infinite Bidco LLC |
First Lien Term Loan |
11.271% |
SOFR |
625 |
3/2/2028 |
USD |
16,900,000 |
16,437,120 |
|
|
16,504,563 |
2,3,4 |
|||||||||
|
Invicti Intermediate 2, LLC |
Revolver |
0.500% |
11/16/2027 |
USD |
1,090,909 |
(21,818 |
) |
|
(15,987 |
)2,4,5,6 |
|||||||||||
|
IQN Holding Corp. |
Revolver |
0.500% |
5/2/2028 |
USD |
1,540,107 |
(48,128 |
) |
|
(75,221 |
)2,4,6 |
|||||||||||
See accompanying Notes to Consolidated Financial Statements.
37
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest |
Reference |
Basis Points Spread |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Technology (Continued) |
|
|
|||||||||||||||||||
|
IQN Holding Corp. |
Delayed Draw |
10.672% |
SOFR |
525 |
5/2/2029 |
USD |
2,501,390 |
481,283 |
|
$ |
481,283 |
2,3,4,8 |
|||||||||
|
IQN Holding Corp. |
First Lien Term Loan |
10.672% |
SOFR |
525 |
5/2/2029 |
USD |
19,048,877 |
18,971,036 |
|
|
19,048,877 |
2,3,4 |
|||||||||
|
Ivanti Software, Inc. |
Second Lien Term Loan |
12.907% |
SOFR |
725 |
12/1/2028 |
USD |
7,000,000 |
6,801,775 |
|
|
4,891,250 |
2,3 |
|||||||||
|
Jigsaw Bidco AS |
First Lien Term Loan |
12.380% PIK |
LIBOR |
800 |
5/3/2024 |
NOK |
14,475,479 |
1,585,589 |
|
|
1,352,092 |
2,3,4,5,7,9,13 |
|||||||||
|
Kaseya, Inc. |
Delayed Draw |
11.369% PIK |
SOFR |
600 |
6/23/2029 |
USD |
4,100,000 |
219,906 |
|
|
287,966 |
2,3,4,8,9,13 |
|||||||||
|
Kaseya, Inc. |
First Lien Term Loan |
11.369% PIK |
SOFR |
600 |
6/23/2029 |
USD |
66,943,806 |
65,941,806 |
|
|
67,552,994 |
2,3,4,9,13 |
|||||||||
|
Kaseya, Inc. |
Revolver |
11.316% PIK |
SOFR |
600 |
6/23/2029 |
USD |
4,100,000 |
1,029,489 |
|
|
1,029,489 |
2,3,4,8,9,13 |
|||||||||
|
Kona Buyer, LLC |
First Lien Term Loan |
10.065% |
SOFR |
475 |
12/11/2027 |
USD |
18,465,711 |
18,310,473 |
|
|
18,371,029 |
2,3,4 |
|||||||||
|
LeadsOnline, LLC |
First Lien Term Loan |
11.580% |
SOFR |
625 |
2/7/2028 |
USD |
15,058,816 |
14,687,572 |
|
|
14,689,427 |
2,3,4 |
|||||||||
|
LeadsOnline, LLC |
Revolver |
0.500% |
2/7/2028 |
USD |
1,176,470 |
(29,412 |
) |
|
(28,859 |
)2,4,6 |
|||||||||||
|
Litera Bidco LLC |
First Lien Term Loan |
11.416% |
SOFR |
600 |
5/29/2026 |
USD |
10,618,729 |
10,556,440 |
|
|
10,618,729 |
2,3,4 |
|||||||||
|
Litera Bidco LLC |
First Lien Term Loan |
10.666% |
SOFR |
525 |
5/29/2026 |
USD |
14,126,996 |
14,044,455 |
|
|
14,126,996 |
2,3,4 |
|||||||||
|
LMG Holdings, Inc. |
First Lien Term Loan |
12.040% |
SOFR |
650 |
4/30/2026 |
USD |
4,620,000 |
4,573,800 |
|
|
4,606,006 |
2,3,4 |
|||||||||
|
LMG Holdings, Inc. |
Revolver |
0.500% |
4/30/2026 |
USD |
285,714 |
— |
|
|
(812 |
)2,4,6 |
|||||||||||
|
LogicMonitor, Inc. |
First Lien Term Loan |
11.900% |
SOFR |
650 |
5/15/2025 |
USD |
670,391 |
670,391 |
|
|
670,391 |
2,3,4,5 |
|||||||||
|
LogicMonitor, Inc. |
First Lien Term Loan |
11.900% |
SOFR |
650 |
5/15/2026 |
USD |
27,937,889 |
27,937,889 |
|
|
27,937,889 |
2,3,4,5 |
|||||||||
|
Lytx, Inc. |
Delayed Draw |
12.166% |
SOFR |
675 |
2/28/2026 |
USD |
5,203,010 |
5,007,897 |
|
|
5,020,478 |
2,3,4 |
|||||||||
|
Lytx, Inc. |
First Lien Term Loan |
12.166% |
SOFR |
675 |
2/28/2026 |
USD |
14,796,990 |
14,283,464 |
|
|
14,277,883 |
2,3,4 |
|||||||||
|
MAG DS Corp. |
First Lien Term Loan |
10.990% |
SOFR |
550 |
4/1/2027 |
USD |
8,310,604 |
8,045,409 |
|
|
7,870,872 |
1,2,3 |
|||||||||
|
Mandolin Technology Intermediate Holdings, Inc. |
Second Lien Term Loan |
12.040% |
SOFR |
650 |
7/30/2029 |
USD |
20,500,000 |
20,365,000 |
|
|
20,189,972 |
2,3,4 |
|||||||||
|
ManTech International Corporation |
Revolver |
13.000% |
BASE |
475 |
9/14/2028 |
USD |
6,744,017 |
421,941 |
|
|
421,179 |
2,3,4,8 |
|||||||||
|
ManTech International Corporation |
Delayed Draw |
11.078% |
SOFR |
575 |
9/14/2029 |
USD |
13,379,260 |
4,581,594 |
|
|
4,858,009 |
2,3,4,8 |
|||||||||
|
ManTech International Corporation |
First Lien Term Loan |
11.119% |
SOFR |
575 |
9/14/2029 |
USD |
54,465,147 |
53,486,358 |
|
|
54,465,147 |
2,3,4 |
|||||||||
|
Marlin DTC — LS Midco 2, LLC |
First Lien Term Loan |
12.022% |
SOFR |
650 |
7/1/2025 |
USD |
21,543,594 |
21,157,284 |
|
|
21,316,457 |
2,3,4 |
|||||||||
|
Mercury Bidco LLC |
Revolver |
0.500% |
5/31/2029 |
USD |
2,040,816 |
(61,224 |
) |
|
(46,886 |
)2,4,6 |
|||||||||||
|
Mercury Bidco LLC |
First Lien Term Loan |
12.316% |
SOFR |
700 |
5/31/2030 |
USD |
22,959,184 |
22,290,604 |
|
|
22,597,258 |
2,3,4 |
|||||||||
|
MGT Merger Target, LLC |
Revolver |
0.500% |
4/10/2028 |
USD |
3,103,448 |
(93,103 |
) |
|
(80,830 |
)2,4,6 |
|||||||||||
|
MGT Merger Target, LLC |
Delayed Draw |
1.000% |
4/10/2029 |
USD |
1,408,046 |
— |
|
|
(15,466 |
)2,4,6 |
|||||||||||
|
MGT Merger Target, LLC |
First Lien Term Loan |
12.215% |
SOFR |
675 |
4/10/2029 |
USD |
24,971,264 |
24,277,456 |
|
|
24,320,878 |
2,3,4 |
|||||||||
|
Mindbody, Inc. |
First Lien Term Loan |
12.519% |
SOFR |
700 |
2/14/2025 |
USD |
7,003,041 |
6,876,117 |
|
|
6,909,191 |
2,3,4 |
|||||||||
|
Mindbody, Inc. |
Revolver |
0.500% |
2/14/2025 |
USD |
1,428,571 |
(15,714 |
) |
|
(19,145 |
)2,4,6 |
|||||||||||
See accompanying Notes to Consolidated Financial Statements.
38
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest |
Reference |
Basis Points Spread |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Technology (Continued) |
|
|
|||||||||||||||||||
|
Netwrix Corporation And Concept Searching, Inc. |
Delayed Draw |
1.000% |
6/9/2029 |
USD |
10,415,858 |
(610 |
) |
$ |
99,992 |
2,4,6 |
|||||||||||
|
Netwrix Corporation And Concept Searching, Inc. |
First Lien Term Loan |
10.298% |
SOFR |
500 |
6/9/2029 |
USD |
36,456,127 |
36,058,593 |
|
|
36,645,699 |
2,3,4 |
|||||||||
|
Netwrix Corporation And Concept Searching, Inc. |
Revolver |
10.467% |
SOFR |
500 |
6/9/2029 |
USD |
2,870,000 |
688,800 |
|
|
717,500 |
2,3,4,8 |
|||||||||
|
New Era Merger Sub, Inc. |
Delayed Draw |
11.790% |
SOFR |
625 |
10/31/2026 |
USD |
13,433,585 |
13,178,597 |
|
|
13,211,931 |
2,3,4 |
|||||||||
|
New Era Merger Sub, Inc. |
First Lien Term Loan |
11.790% |
SOFR |
625 |
10/31/2026 |
USD |
15,866,800 |
15,631,075 |
|
|
15,604,998 |
2,3,4 |
|||||||||
|
New Era Merger Sub, Inc. |
Revolver |
0.500% |
10/31/2026 |
USD |
376,426 |
— |
|
|
(6,211 |
)2,4,6 |
|||||||||||
|
Newscycle Solutions, Inc. |
Delayed Draw |
12.490% |
SOFR |
700 |
12/29/2023 |
USD |
343,276 |
327,742 |
|
|
338,246 |
2,3,4 |
|||||||||
|
Newscycle Solutions, Inc. |
First Lien Term Loan |
12.490% |
SOFR |
700 |
12/29/2023 |
USD |
2,538,537 |
2,515,243 |
|
|
2,501,334 |
2,3,4 |
|||||||||
|
OEConnection LLC |
Second Lien Term Loan |
12.416% |
SOFR |
700 |
9/25/2027 |
USD |
5,333,333 |
5,274,667 |
|
|
5,310,610 |
2,3,4 |
|||||||||
|
Options Technology Ltd. |
First Lien Term Loan |
10.290% |
SOFR |
475 |
12/26/2025 |
USD |
9,823,260 |
9,707,577 |
|
|
9,467,488 |
2,3,4 |
|||||||||
|
Oranje Holdco, Inc. |
First Lien Term Loan |
13.122% |
SOFR |
775 |
2/1/2029 |
USD |
13,036,444 |
12,731,718 |
|
|
12,771,827 |
2,3,4 |
|||||||||
|
Oranje Holdco, Inc. |
Revolver |
0.500% |
2/1/2029 |
USD |
1,629,556 |
(40,739 |
) |
|
(33,077 |
)2,4,6 |
|||||||||||
|
OSP Lakeside Intermediate Holdings, LLC |
First Lien Term Loan |
13.484% |
LIBOR |
805 |
7/31/2026 |
USD |
7,205,227 |
7,133,504 |
|
|
7,154,553 |
2,3,4 |
|||||||||
|
PC Dreamscape Opco, Inc. |
Delayed Draw |
11.140% |
SOFR |
575 |
4/25/2028 |
USD |
6,546,053 |
3,175,164 |
|
|
3,179,685 |
2,3,4,8 |
|||||||||
|
PC Dreamscape Opco, Inc. |
First Lien Term Loan |
11.140% |
SOFR |
575 |
4/25/2028 |
USD |
11,984,211 |
11,786,945 |
|
|
11,747,286 |
2,3,4 |
|||||||||
|
PC Dreamscape Opco, Inc. |
Revolver |
0.500% |
4/25/2028 |
USD |
1,315,789 |
— |
|
|
(26,013 |
)2,4,6 |
|||||||||||
|
PCS Software, Inc. |
First Lien Term Loan |
11.540% |
SOFR |
600 |
7/1/2024 |
USD |
5,196,555 |
5,175,893 |
|
|
5,192,320 |
2,3,4 |
|||||||||
|
PCS Software, Inc. |
Revolver |
0.500% |
7/1/2024 |
USD |
363,714 |
— |
|
|
(296 |
)2,4,6 |
|||||||||||
|
PDI TA Holdings, Inc. |
First Lien Term Loan |
9.976% |
SOFR |
450 |
10/24/2024 |
USD |
9,760,692 |
9,729,298 |
|
|
9,534,443 |
2,3,4 |
|||||||||
|
PDQ |
Delayed Draw |
10.240% |
SOFR |
475 |
8/27/2027 |
USD |
7,284,706 |
7,093,292 |
|
|
7,276,577 |
2,3,4 |
|||||||||
|
PDQ |
First Lien Term Loan |
10.240% |
SOFR |
475 |
8/27/2027 |
USD |
10,634,118 |
10,498,951 |
|
|
10,622,251 |
2,3,4 |
|||||||||
|
PDQ |
Revolver |
0.500% |
8/27/2027 |
USD |
1,764,706 |
(30,882 |
) |
|
(1,969 |
)2,4,6 |
|||||||||||
|
Pegasus Global Enterprise Holdings, LLC |
Delayed Draw |
11.290% |
SOFR |
575 |
5/29/2025 |
USD |
1,274,851 |
1,252,335 |
|
|
1,262,561 |
2,3,4 |
|||||||||
|
Pegasus Global Enterprise Holdings, LLC |
First Lien Term Loan |
11.290% |
SOFR |
575 |
5/29/2025 |
USD |
2,719,911 |
2,708,165 |
|
|
2,693,690 |
2,3,4 |
|||||||||
|
Penn TRGRP Holdings LLC |
Delayed Draw |
1.000% |
9/29/2030 |
USD |
2,529,467 |
— |
|
|
— |
2,4,6 |
|||||||||||
|
Penn TRGRP Holdings LLC |
First Lien Term Loan |
13.140% |
SOFR |
675 |
9/29/2030 |
USD |
66,107,266 |
64,785,734 |
|
|
64,785,121 |
2,3,4 |
|||||||||
|
Penn TRGRP Holdings LLC |
Revolver |
0.500% |
9/29/2030 |
USD |
10,169,958 |
(203,399 |
) |
|
(203,399 |
)2,4,6 |
|||||||||||
See accompanying Notes to Consolidated Financial Statements.
39
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest |
Reference |
Basis Points Spread |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Technology (Continued) |
|
|
|||||||||||||||||||
|
Perforce Software, Inc. |
First Lien Term Loan |
9.181% |
SOFR |
375 |
7/1/2026 |
USD |
1,172,852 |
1,155,075 |
|
$ |
1,142,985 |
2,3 |
|||||||||
|
Polaris Newco, LLC |
Second Lien Term Loan |
14.772% |
SOFR |
925 |
6/4/2029 |
USD |
13,473,100 |
13,043,004 |
|
|
13,473,100 |
2,3,4 |
|||||||||
|
ProcessUnity Holdings, LLC |
Delayed Draw |
12.140% |
SOFR |
675 |
9/24/2028 |
USD |
1,000,000 |
987,500 |
|
|
977,595 |
2,3,4 |
|||||||||
|
ProcessUnity Holdings, LLC |
First Lien Term Loan |
12.140% |
SOFR |
675 |
9/24/2028 |
USD |
2,250,000 |
2,195,603 |
|
|
2,199,589 |
2,3,4 |
|||||||||
|
ProcessUnity Holdings, LLC |
First Lien Term Loan |
12.066% |
SOFR |
675 |
9/24/2028 |
USD |
5,000,000 |
4,919,810 |
|
|
4,887,975 |
2,3,4 |
|||||||||
|
ProcessUnity Holdings, LLC |
Revolver |
0.500% |
9/24/2028 |
USD |
1,000,000 |
— |
|
|
(22,405 |
)2,4,6 |
|||||||||||
|
Project Leopard Holdings, Inc. |
First Lien Term Loan |
10.719% |
SOFR |
525 |
7/20/2029 |
USD |
74,303,939 |
69,878,336 |
|
|
66,130,506 |
1,2,3 |
|||||||||
|
QF Holdings, Inc. |
Delayed Draw |
11.719% |
SOFR |
625 |
12/15/2027 |
USD |
438,597 |
433,772 |
|
|
437,117 |
2,3,4 |
|||||||||
|
QF Holdings, Inc. |
First Lien Term Loan |
11.719% |
SOFR |
625 |
12/15/2027 |
USD |
2,192,982 |
2,168,860 |
|
|
2,185,587 |
2,3,4 |
|||||||||
|
QF Holdings, Inc. |
Revolver |
11.719% |
SOFR |
625 |
12/15/2027 |
USD |
263,158 |
94,883 |
|
|
96,264 |
2,3,4,8 |
|||||||||
|
Quantic Electronics, LLC |
Delayed Draw |
11.740% |
SOFR |
625 |
11/19/2026 |
USD |
7,301,551 |
6,257,428 |
|
|
6,167,422 |
2,3,4 |
|||||||||
|
Quantic Electronics, LLC |
First Lien Term Loan |
11.740% |
SOFR |
625 |
11/19/2026 |
USD |
8,989,406 |
8,886,106 |
|
|
8,767,512 |
2,3,4 |
|||||||||
|
Quantic Electronics, LLC |
Revolver |
11.740% |
SOFR |
625 |
11/19/2026 |
USD |
928,397 |
918,308 |
|
|
905,481 |
2,3,4 |
|||||||||
|
Quest Software US Holdings, Inc. |
First Lien Term Loan |
13.019% |
SOFR |
750 |
2/1/2030 |
USD |
20,000,000 |
19,700,000 |
|
|
13,855,000 |
2,3 |
|||||||||
|
Questel International |
First Lien Term Loan |
12.522% PIK |
EURIBOR |
855 |
12/17/2027 |
EUR |
11,057,081 |
12,554,903 |
|
|
11,235,878 |
2,3,4,7,9,13 |
|||||||||
|
Quickbase, Inc. |
Second Lien Term Loan |
13.416% |
SOFR |
800 |
4/2/2027 |
USD |
8,653,846 |
8,558,654 |
|
|
8,627,855 |
2,3,4 |
|||||||||
|
Rally Buyer, Inc. |
Delayed Draw |
10.865% |
SOFR |
550 |
7/19/2028 |
USD |
6,360,541 |
1,325,416 |
|
|
1,366,916 |
2,3,4,8 |
|||||||||
|
Rally Buyer, Inc. |
First Lien Term Loan |
10.898% |
SOFR |
550 |
7/19/2028 |
USD |
22,163,882 |
21,757,065 |
|
|
21,894,641 |
2,3,4 |
|||||||||
|
Rally Buyer, Inc. |
Revolver |
0.500% |
7/19/2028 |
USD |
3,182,180 |
(63,644 |
) |
|
(38,656 |
)2,4,6 |
|||||||||||
|
Ranger Buyer, Inc. |
Revolver |
0.500% |
11/18/2027 |
USD |
1,923,077 |
— |
|
|
(33,004 |
)2,4,6 |
|||||||||||
|
Ranger Buyer, Inc. |
First Lien Term Loan |
10.916% |
SOFR |
550 |
11/18/2028 |
USD |
22,788,462 |
22,560,577 |
|
|
22,397,360 |
2,3,4 |
|||||||||
|
RCS Technology |
First Lien Term Loan |
11.896% |
SOFR |
600 |
2/28/2025 |
USD |
2,178,710 |
2,162,396 |
|
|
2,152,243 |
2,3,4,5 |
|||||||||
|
RCS Technology |
Delayed Draw |
10.666% |
SOFR |
525 |
2/3/2026 |
USD |
339,792 |
338,089 |
|
|
338,220 |
2,3,4,5 |
|||||||||
|
RCS Technology |
First Lien Term Loan |
10.666% |
SOFR |
525 |
2/3/2026 |
USD |
1,890,972 |
1,872,192 |
|
|
1,882,225 |
2,3,4,5 |
|||||||||
|
RCS Technology |
Revolver |
10.070% |
SOFR |
575 |
2/3/2026 |
USD |
208,333 |
90,278 |
|
|
89,314 |
2,3,4,5,8 |
|||||||||
|
Recorded Future, Inc. |
First Lien Term Loan |
10.687% |
SOFR |
525 |
7/3/2025 |
USD |
1,112,057 |
1,093,123 |
|
|
1,102,730 |
2,3,4 |
|||||||||
|
Recorded Future, Inc. |
Revolver |
0.500% |
7/3/2025 |
USD |
178,771 |
(1,966 |
) |
|
(1,499 |
)2,4,6 |
|||||||||||
|
Redwood Services Group, LLC |
Delayed Draw |
11.500% |
SOFR |
615 |
6/15/2029 |
USD |
33,817,064 |
22,987,389 |
|
|
23,181,684 |
2,3,4,8 |
|||||||||
|
Redwood Services Group, LLC |
First Lien Term Loan |
11.500% |
SOFR |
615 |
6/15/2029 |
USD |
40,290,489 |
39,585,818 |
|
|
39,887,585 |
2,3,4 |
|||||||||
|
Renaissance Holding Corp. |
First Lien Term Loan |
9.992% |
SOFR |
475 |
4/7/2030 |
USD |
17,099,863 |
16,333,883 |
|
|
16,330,369 |
2,3,4,5 |
|||||||||
|
Revalize, Inc. |
Delayed Draw |
11.290% |
SOFR |
575 |
4/15/2027 |
USD |
25,315,826 |
25,094,459 |
|
|
25,343,673 |
2,3,4 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
40
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest |
Reference |
Basis Points Spread |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Technology (Continued) |
|
|
|||||||||||||||||||
|
Revalize, Inc. |
Revolver |
11.300% |
SOFR |
575 |
4/15/2027 |
USD |
681,000 |
85,125 |
|
$ |
85,874 |
2,3,4,8 |
|||||||||
|
Riskonnect Parent, LLC |
Delayed Draw |
1.000% |
12/7/2028 |
USD |
30,882,250 |
(44,118 |
) |
|
376,763 |
2,4,6 |
|||||||||||
|
Riskonnect Parent, LLC |
First Lien Term Loan |
11.040% |
SOFR |
550 |
12/7/2028 |
USD |
28,837,530 |
28,105,017 |
|
|
28,935,578 |
2,3,4 |
|||||||||
|
Rocket Software, Inc. |
First Lien Term Loan |
9.681% |
SOFR |
425 |
11/28/2025 |
USD |
2,091,092 |
2,057,416 |
|
|
2,093,058 |
2,3 |
|||||||||
|
RPX Corporation |
First Lien Term Loan |
10.916% |
SOFR |
550 |
10/23/2025 |
USD |
11,340,793 |
11,196,884 |
|
|
11,157,534 |
2,3,4 |
|||||||||
|
Safety Borrower Holdings |
First Lien Term Loan |
10.981% |
LIBOR |
525 |
9/1/2027 |
USD |
9,194,915 |
9,111,360 |
|
|
9,073,996 |
2,3,4 |
|||||||||
|
Safety Borrower Holdings |
Revolver |
12.500% |
PRIME |
425 |
9/1/2027 |
USD |
677,966 |
338,983 |
|
|
330,067 |
2,3,4,8 |
|||||||||
|
SailPoint Technologies, Inc. |
Revolver |
0.500% |
8/16/2028 |
USD |
603,840 |
(12,077 |
) |
|
— |
2,4,5,6 |
|||||||||||
|
Securonix, Inc. |
First Lien Term Loan |
11.768% |
SOFR |
650 |
4/1/2028 |
USD |
12,711,865 |
12,529,909 |
|
|
12,302,471 |
2,3,4 |
|||||||||
|
Securonix, Inc. |
Revolver |
0.500% |
4/1/2028 |
USD |
2,288,135 |
(40,042 |
) |
|
(73,691 |
)2,4,6 |
|||||||||||
|
Seismic Software, Inc. |
Delayed Draw |
10.230% |
SOFR |
475 |
10/15/2026 |
USD |
26,204,082 |
6,445,357 |
|
|
7,028,618 |
2,3,4,5,8 |
|||||||||
|
Seismic Software, Inc. |
Revolver |
0.500% |
10/15/2026 |
USD |
272,390 |
(5,448 |
) |
|
(3,309 |
)2,4,5,6 |
|||||||||||
|
SimpliSafe Holding Corporation |
Delayed Draw |
11.582% |
SOFR |
625 |
5/2/2028 |
USD |
4,722,222 |
1,241,182 |
|
|
1,185,192 |
2,3,4,8 |
|||||||||
|
Sonar Acquisitionco, Inc. |
First Lien Term Loan |
10.829% |
SOFR |
550 |
7/7/2028 |
USD |
20,406,250 |
20,055,913 |
|
|
20,209,523 |
2,3,4,5 |
|||||||||
|
Sonar Acquisitionco, Inc. |
Revolver |
0.500% |
7/7/2028 |
USD |
2,693,750 |
(53,875 |
) |
|
(25,969 |
)2,4,5,6 |
|||||||||||
|
SSCP Pegasus Bidco Ltd. |
First Lien Term Loan |
11.305% |
SONIA |
600 |
12/14/2027 |
GBP |
3,613,000 |
4,948,228 |
|
|
4,408,248 |
2,3,4,7 |
|||||||||
|
Superman Holdings LLC |
Delayed Draw |
1.000% |
8/31/2027 |
USD |
190,476 |
(2,381 |
) |
|
(2,381 |
)2,4,6 |
|||||||||||
|
Superman Holdings LLC |
First Lien Term Loan |
11.515% |
SOFR |
613 |
8/31/2027 |
USD |
805,476 |
786,821 |
|
|
786,821 |
2,3,4 |
|||||||||
|
Syntax Systems Ltd. |
Revolver |
11.166% |
SOFR |
575 |
10/29/2026 |
USD |
1,980,198 |
1,308,855 |
|
|
1,242,457 |
2,3,4,8 |
|||||||||
|
Syntax Systems Ltd. |
First Lien Term Loan |
11.166% |
SOFR |
575 |
10/28/2028 |
USD |
22,677,906 |
22,451,127 |
|
|
21,788,344 |
2,3,4 |
|||||||||
|
Syntax Systems Ltd. |
Delayed Draw |
1.000% |
10/29/2028 |
USD |
4,950,495 |
(49,505 |
) |
|
(194,188 |
)2,4,6 |
|||||||||||
|
Tamarack Intermediate, L.L.C. |
First Lien Term Loan |
11.305% |
SOFR |
575 |
3/11/2028 |
USD |
18,291,797 |
17,996,563 |
|
|
18,291,797 |
2,3,4 |
|||||||||
|
Tamarack Intermediate, L.L.C. |
Revolver |
11.305% |
SOFR |
575 |
3/11/2028 |
USD |
3,023,438 |
464,641 |
|
|
499,107 |
2,3,4,8 |
|||||||||
|
Thunder Purchase, Inc. |
Revolver |
11.290% |
SOFR |
575 |
6/30/2027 |
USD |
1,371,868 |
903,963 |
|
|
887,248 |
2,3,4,5,8,9 |
|||||||||
|
TigerConnect, Inc. |
Delayed Draw |
12.272% PIK |
SOFR |
675 |
2/16/2028 |
USD |
983,906 |
477,838 |
|
|
479,068 |
2,3,4,8,9,13 |
|||||||||
|
TigerConnect, Inc. |
First Lien Term Loan |
12.272% PIK |
SOFR |
675 |
2/16/2028 |
USD |
13,125,000 |
12,913,466 |
|
|
12,965,561 |
2,3,4,9,13 |
|||||||||
|
TigerConnect, Inc. |
Revolver |
0.500% |
2/16/2028 |
USD |
1,875,000 |
(37,500 |
) |
|
— |
2,4,6 |
|||||||||||
|
Trackforce Acquireco, Inc. |
First Lien Term Loan |
11.467% |
SOFR |
600 |
6/23/2028 |
USD |
18,053,004 |
17,746,183 |
|
|
17,607,384 |
2,3,4,5 |
|||||||||
|
Trackforce Acquireco, Inc. |
Revolver |
11.467% |
SOFR |
600 |
6/23/2028 |
USD |
1,113,074 |
422,968 |
|
|
417,755 |
2,3,4,5,8 |
|||||||||
|
Tribute Technology Holdings, LLC |
Revolver |
11.990% |
SOFR |
650 |
10/30/2026 |
USD |
4,882,979 |
2,408,936 |
|
|
2,284,230 |
2,3,4,5,8 |
|||||||||
|
Trintech, Inc. |
First Lien Term Loan |
11.820% |
SOFR |
650 |
7/25/2029 |
USD |
42,452,488 |
41,204,846 |
|
|
41,246,546 |
2,3,4 |
|||||||||
|
Trintech, Inc. |
Revolver |
11.820% |
SOFR |
650 |
7/25/2029 |
USD |
3,265,512 |
835,038 |
|
|
840,240 |
2,3,4,8 |
|||||||||
See accompanying Notes to Consolidated Financial Statements.
41
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment |
Interest |
Reference |
Basis Points Spread |
Maturity |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Senior Secured Loans (Continued) |
|
|
|||||||||||||||||||
|
Technology (Continued) |
|
|
|||||||||||||||||||
|
U.S. Hospitality Publishers, Inc. |
Delayed Draw |
12.416% |
SOFR |
700 |
12/17/2025 |
USD |
6,767,986 |
4,773,038 |
|
$ |
4,925,881 |
2,3,4,8 |
|||||||||
|
U.S. Hospitality Publishers, Inc. |
First Lien Term Loan |
12.416% |
SOFR |
700 |
12/17/2025 |
USD |
5,092,105 |
4,982,738 |
|
|
5,092,105 |
2,3,4 |
|||||||||
|
U.S. Hospitality Publishers, Inc. |
Revolver |
0.500% |
12/17/2025 |
USD |
526,316 |
— |
|
|
— |
2,4,6 |
|||||||||||
|
User Zoom Technologies, Inc. |
First Lien Term Loan |
11.920% |
SOFR |
700 |
4/5/2029 |
USD |
37,896,774 |
37,392,946 |
|
|
36,870,117 |
2,3,4 |
|||||||||
|
User Zoom Technologies, Inc. |
First Lien Term Loan |
12.420% |
SOFR |
750 |
4/5/2029 |
USD |
9,500,000 |
9,236,844 |
|
|
9,252,163 |
2,3,4 |
|||||||||
|
Virgin Pulse, Inc. |
Second Lien Term Loan |
12.681% |
SOFR |
725 |
4/6/2029 |
USD |
15,000,000 |
14,850,019 |
|
|
14,981,250 |
2,3 |
|||||||||
|
Vista Technology |
Delayed Draw |
1.000% |
6/15/2029 |
USD |
14,800,000 |
(148,000 |
) |
|
(148,000 |
)2,4,6 |
|||||||||||
|
Wilson Electronics Holdings, LLC |
Delayed Draw |
1.000% |
5/17/2027 |
USD |
9,226,000 |
— |
|
|
(181,471 |
)2,4,6 |
|||||||||||
|
Wilson Electronics Holdings, LLC |
First Lien Term Loan |
12.353% |
SOFR |
703 |
5/17/2027 |
USD |
27,175,368 |
26,861,154 |
|
|
26,608,138 |
2,3,4 |
|||||||||
|
WorkForce Software, LLC |
First Lien Term Loan |
12.672% PIK |
SOFR |
725 |
7/31/2025 |
USD |
4,569,204 |
4,496,456 |
|
|
4,485,058 |
2,3,4,9,13 |
|||||||||
|
WorkForce Software, LLC |
Revolver |
0.500% |
7/31/2025 |
USD |
463,235 |
— |
|
|
(9,692 |
)2,4,6 |
|||||||||||
|
Xactly Corporation |
First Lien Term Loan |
12.772% |
SOFR |
725 |
7/31/2025 |
USD |
2,524,544 |
2,499,299 |
|
|
2,492,824 |
2,3,4 |
|||||||||
|
Xactly Corporation |
First Lien Term Loan |
12.772% |
SOFR |
725 |
2/3/2031 |
USD |
29,000,000 |
28,565,000 |
|
|
28,635,625 |
2,3,4 |
|||||||||
|
Zendesk, Inc. |
Delayed Draw |
1.000% |
11/22/2028 |
USD |
461,957 |
(5,781 |
) |
|
(3,892 |
)2,4,5,6 |
|||||||||||
|
Zendesk, Inc. |
First Lien Term Loan |
12.150% |
SOFR |
650 |
11/22/2028 |
USD |
1,863,995 |
1,842,092 |
|
|
1,848,291 |
2,3,4,5 |
|||||||||
|
2,611,506,254 |
|
|
2,586,850,966 |
||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Utilities — 0.2% |
|
|
|||||||||||||||||||
|
EDPO, LLC |
Delayed Draw |
1.000% |
12/8/2027 |
USD |
713,333 |
(5,367 |
) |
|
(14,031 |
)2,4,5,6 |
|||||||||||
|
Hamilton Projects Acquiror, LLC |
First Lien Term Loan |
9.931% |
SOFR |
450 |
6/17/2027 |
USD |
3,651,332 |
3,383,918 |
|
|
3,641,437 |
2,3 |
|||||||||
|
Water Holdings Acquisition, LLC |
Delayed Draw |
10.740% |
SOFR |
525 |
12/18/2026 |
USD |
8,211,884 |
482,665 |
|
|
442,907 |
2,3,4,8 |
|||||||||
|
Water Holdings Acquisition, LLC |
First Lien Term Loan |
10.740% |
SOFR |
525 |
12/18/2026 |
USD |
26,948,571 |
26,534,524 |
|
|
26,510,931 |
2,3,4 |
|||||||||
|
Water Holdings Acquisition, LLC |
Revolver |
10.740% |
SOFR |
525 |
12/18/2026 |
USD |
3,188,941 |
1,867,762 |
|
|
1,810,500 |
2,3,4,8 |
|||||||||
|
32,263,502 |
|
|
32,391,744 |
||||||||||||||||||
|
Total Senior Secured Loans |
10,837,575,388 |
|
|
10,738,039,494 |
|||||||||||||||||
See accompanying Notes to Consolidated Financial Statements.
42
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment Type |
Interest Rate |
Reference Rate |
Basis |
Maturity Date |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
||||||||||
|
Private Investment Vehicles — 42.7% |
|
|||||||||||||||||||
|
Investment Partnerships — 4.3% |
|
|||||||||||||||||||
|
AG Direct Lending Fund II (Unlevered), L.P. |
USD |
N/A |
17,373,116 |
$ |
19,285,086 |
2,10 |
||||||||||||||
|
AG Direct Lending Fund II, L.P. |
USD |
N/A |
16,126,441 |
|
18,259,354 |
2,10 |
||||||||||||||
|
AG Direct Lending Fund III, L.P. |
USD |
N/A |
12,923,063 |
|
12,729,578 |
2,10 |
||||||||||||||
|
AG DLI, L.P. |
USD |
N/A |
7,746,554 |
|
8,702,917 |
2,10 |
||||||||||||||
|
AG GTDL Fund II, L.P. |
USD |
N/A |
17,545,691 |
|
19,375,460 |
2,10 |
||||||||||||||
|
AG GTDL Fund, L.P. |
USD |
N/A |
2,945,745 |
|
3,114,168 |
2,10 |
||||||||||||||
|
AG KFHDL Fund, L.P. |
USD |
N/A |
2,951,563 |
|
3,114,658 |
2,10 |
||||||||||||||
|
AG Twinbrook Origination |
USD |
N/A |
25,000,000 |
|
27,570,304 |
2,10 |
||||||||||||||
|
Antares Senior Loan Parallel Feeder Fund II (Cayman) LP |
USD |
N/A |
30,003,683 |
|
30,727,311 |
2,10 |
||||||||||||||
|
Ares Commercial Finance |
USD |
N/A |
13,131,161 |
|
13,774,474 |
2,10 |
||||||||||||||
|
Ares Commercial Finance LP |
USD |
N/A |
15,404,552 |
|
18,841,860 |
2,10 |
||||||||||||||
|
Ares Priority Loan Co-Invest LP |
USD |
N/A |
24,500,000 |
|
24,847,072 |
2,10 |
||||||||||||||
|
Banner Ridge DSCO Fund II (Offshore), LP |
USD |
N/A |
— |
|
842,868 |
2,10 |
||||||||||||||
|
Barings CMS Fund, LP |
USD |
N/A |
3,000,000 |
|
479,871 |
2,10 |
||||||||||||||
|
CDL Tender Fund 2022-1, L.P. |
USD |
N/A |
50,000,000 |
|
49,347,351 |
2,10 |
||||||||||||||
|
Crescent Mezzanine Partners VIIC, L.P. |
USD |
N/A |
5,025,680 |
|
5,747,076 |
2,10 |
||||||||||||||
|
Crestline Specialty Lending III (U.S.), L.P. |
USD |
N/A |
20,035,387 |
|
20,820,257 |
2,10 |
||||||||||||||
|
HPS Offshore Strategic Investment Partners V, LP |
USD |
N/A |
10,728,945 |
|
11,225,470 |
2,10 |
||||||||||||||
|
HPS Mezzanine Partners 2019, |
USD |
N/A |
7,857,297 |
|
9,200,948 |
2,10 |
||||||||||||||
|
HPS Specialty Loan Fund V Feeder, L.P. |
USD |
N/A |
48,894,663 |
|
51,760,228 |
2,10 |
||||||||||||||
|
Marlin Credit Opportunities Fund, L.P. |
USD |
N/A |
99,625,931 |
|
90,305,350 |
2,10 |
||||||||||||||
|
Odyssey Co-Investment Partners B, LLC |
USD |
N/A |
1,555,423 |
|
1,502,546 |
2,10 |
||||||||||||||
See accompanying Notes to Consolidated Financial Statements.
43
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment Type |
Interest Rate |
Reference Rate |
Basis |
Maturity Date |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
||||||||||
|
Private Investment Vehicles (Continued) |
|
|||||||||||||||||||
|
Investment Partnerships (Continued) |
|
|||||||||||||||||||
|
Providence Debt Fund III |
USD |
N/A |
5,484,126 |
$ |
6,479,897 |
2,10 |
||||||||||||||
|
Raven Asset-Based Credit |
USD |
N/A |
18,443,489 |
|
20,478,554 |
2,10 |
||||||||||||||
|
Silver Point Specialty Credit |
USD |
N/A |
43,139,017 |
|
40,395,548 |
2,10 |
||||||||||||||
|
Summit Partners Credit Offshore Fund II, L.P. |
USD |
N/A |
6,919,665 |
|
7,606,912 |
2,10 |
||||||||||||||
|
Thompson Rivers LLC |
USD |
N/A |
7,097,110 |
|
3,617,932 |
2,10 |
||||||||||||||
|
Varagon Capital Direct |
USD |
N/A |
26,250,000 |
|
25,521,664 |
2,10 |
||||||||||||||
|
Vista Credit Partners |
USD |
N/A |
32,669,461 |
|
34,550,167 |
2,10 |
||||||||||||||
|
VPC Credit Origination Fund, LP |
USD |
N/A |
1,000,000 |
|
1,115,220 |
2,10 |
||||||||||||||
|
Waccamaw River LLC |
USD |
N/A |
12,518,065 |
|
10,246,041 |
2,10 |
||||||||||||||
|
585,895,828 |
|
591,586,142 |
||||||||||||||||||
|
Joint Ventures — 0.6% |
|
|||||||||||||||||||
|
FBLC Senior Loan Fund LLC |
USD |
N/A |
78,562,000 |
|
75,465,900 |
2,10 |
||||||||||||||
|
Middle Market Credit Fund II, LLC |
USD |
N/A |
12,708,191 |
|
13,258,719 |
2,10 |
||||||||||||||
|
91,270,191 |
|
88,724,619 |
||||||||||||||||||
|
|
||||||||||||||||||||
|
Non-Listed Business Development Companies — 14.7% |
|
|||||||||||||||||||
|
AGTB BDC Holdings, LP |
USD |
4,950,891 |
125,000,000 |
|
130,266,432 |
2,10 |
||||||||||||||
|
Ares Strategic Income Fund |
USD |
3,820,632 |
100,000,000 |
|
105,112,322 |
2,10 |
||||||||||||||
|
Barings Capital Investment Corporation |
USD |
4,312,845 |
95,000,000 |
|
95,669,717 |
2,10 |
||||||||||||||
|
Barings Private Credit Corporation |
USD |
44,235,355 |
900,000,000 |
|
919,492,030 |
2,10 |
||||||||||||||
|
Blue Owl Credit Income Corp.. |
USD |
16,163,843 |
150,000,000 |
|
152,324,903 |
2,10 |
||||||||||||||
|
Blue Owl Technology Finance |
USD |
2,119,509 |
35,000,000 |
|
37,197,108 |
2,10 |
||||||||||||||
|
Blue Owl Technology Finance |
USD |
3,286,112 |
47,652,353 |
|
50,351,828 |
2,10 |
||||||||||||||
|
Carlyle Secured Lending III |
USD |
226,564 |
4,537,500 |
|
4,754,275 |
2,10 |
||||||||||||||
|
Franklin BSP Lending Corporation |
USD |
5,283,172 |
30,483,901 |
|
39,459,557 |
2,10 |
||||||||||||||
See accompanying Notes to Consolidated Financial Statements.
44
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment Type |
Interest Rate |
Reference Rate |
Basis |
Maturity Date |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
||||||||||
|
Private Investment Vehicles (Continued) |
|
|||||||||||||||||||
|
Non-Listed Business |
|
|||||||||||||||||||
|
Golub Capital BDC 4, Inc. |
USD |
4,060,121 |
60,901,821 |
$ |
62,149,863 |
2,10 |
||||||||||||||
|
Golub Capital Direct Lending Corporation |
USD |
2,686,386 |
40,250,000 |
|
41,130,811 |
2,10 |
||||||||||||||
|
KKR FS Income Trust |
USD |
2,121,408 |
59,500,000 |
|
59,842,329 |
2,10 |
||||||||||||||
|
Morgan Stanley Direct |
USD |
1,883,826 |
39,339,489 |
|
39,398,260 |
2,10 |
||||||||||||||
|
New Mountain Guardian III BDC, L.L.C. |
USD |
10,000,000 |
100,000,000 |
|
98,874,342 |
2,10 |
||||||||||||||
|
New Mountain Guardian IV BDC, L.L.C. |
USD |
1,750,000 |
17,500,000 |
|
18,084,562 |
2,10 |
||||||||||||||
|
Redwood Enhanced Income Corp. |
USD |
2,539,893 |
36,400,000 |
|
34,314,570 |
2,10 |
||||||||||||||
|
Sixth Street Lending Partners |
USD |
625,828 |
15,609,630 |
|
16,958,821 |
2,10 |
||||||||||||||
|
Stellus Private Credit BDC |
USD |
N/A |
17,116,145 |
|
17,770,795 |
2,10 |
||||||||||||||
|
Stone Point Credit Corporation |
USD |
1,683,975 |
37,753,642 |
|
37,800,734 |
2,10 |
||||||||||||||
|
T. Rowe Price OHA Select Private Credit Feeder Fund LLC |
USD |
N/A |
25,000,000 |
|
25,043,151 |
2,10 |
||||||||||||||
|
TCW Direct Lending VIII LLC |
USD |
500,000 |
33,014,871 |
|
33,666,606 |
2,10,11 |
||||||||||||||
|
Varagon Capital Corporation |
USD |
1,925,963 |
19,296,490 |
|
19,081,458 |
2,10 |
||||||||||||||
|
1,989,355,842 |
|
2,038,744,474 |
||||||||||||||||||
|
Private Collateralized Loan Obligations — 21.7% |
|
|||||||||||||||||||
|
ABPCI Pacific Funding LP |
12.060% |
5/31/2031 |
USD |
N/A |
112,750,000 |
|
120,971,879 |
*,2,10,11 |
||||||||||||
|
Antares Loan Funding I Ltd. |
10.576% |
SOFR |
525 |
2/17/2032 |
USD |
29,600,000 |
29,600,000 |
|
29,249,733 |
2,3,4,11 |
||||||||||
|
Antares Loan Funding I Ltd. |
18.530% |
6/15/2034 |
USD |
N/A |
103,200,000 |
|
113,961,228 |
*,2,10,11 |
||||||||||||
|
BlackRock Shasta Senior Loan Fund VII, LLC |
1/22/2033 |
USD |
N/A |
579,302,464 |
|
592,378,410 |
2,10 |
|||||||||||||
|
Comvest Structured Note Issuer I LLC |
11/17/2035 |
USD |
N/A |
194,786,454 |
|
198,385,350 |
2,10 |
|||||||||||||
|
NXT Capital Structured Note I LLC |
1/26/2031 |
USD |
N/A |
101,134,552 |
|
109,950,993 |
2,10 |
|||||||||||||
|
Palisades CLO, LLC |
5/15/2033 |
USD |
125,000,000 |
120,451,942 |
|
125,560,236 |
2,10 |
|||||||||||||
|
Private Credit Fund C-1 |
USD |
N/A |
87,628,527 |
|
88,353,408 |
2,10 |
||||||||||||||
|
Raven Senior Loan Fund LLC |
12/31/2099 |
USD |
N/A |
454,636,092 |
|
480,938,597 |
2,10 |
|||||||||||||
|
Silver Point Loan Funding, LLC |
10/20/2033 |
USD |
N/A |
697,027,619 |
|
722,634,330 |
2,10 |
|||||||||||||
|
Varagon Structured Note Issuer I, LLC |
10/19/2033 |
USD |
N/A |
425,000,000 |
|
433,236,378 |
2,10 |
|||||||||||||
|
2,905,517,650 |
|
3,015,620,542 |
||||||||||||||||||
See accompanying Notes to Consolidated Financial Statements.
45
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment Type |
Interest Rate |
Reference Rate |
Basis |
Maturity Date |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
||||||||||
|
Private Investment Vehicles (Continued) |
|
|||||||||||||||||||
|
Private Equity — 0.0% |
|
|||||||||||||||||||
|
Blue Owl Technology Holdings II, LLC, Class A |
USD |
4 |
703,756 |
$ |
4,638,751 |
2,4 |
||||||||||||||
|
CSL III Advisor LLC |
USD |
N/A |
25,000 |
|
698,415 |
2,4 |
||||||||||||||
|
OHA Private Credit Advisors, LLC |
USD |
N/A |
50,000 |
|
50,000 |
2,4 |
||||||||||||||
|
Stellus Private BDC Advisor, LLC |
USD |
N/A |
— |
|
1,302,524 |
2,4 |
||||||||||||||
|
Vista Credit BDC Management, |
USD |
200 |
20,000 |
|
20,000 |
2,4 |
||||||||||||||
|
798,756 |
|
6,709,690 |
||||||||||||||||||
|
|
||||||||||||||||||||
|
Special Purpose Vehicle for Common Equity – 0.0% |
|
|||||||||||||||||||
|
Blackstone Tactical Opportunities Fund (Matrix Co-Invest) LP |
USD |
N/A |
805,059 |
|
805,059 |
2,10 |
||||||||||||||
|
GTCR (D) Investors LP |
USD |
N/A |
1,493 |
|
1,493 |
2,10 |
||||||||||||||
|
Kelso X Tailwind Co-Investment |
USD |
N/A |
800 |
|
800 |
2,10 |
||||||||||||||
|
THL Fund IX Investor Plymouth II LP |
USD |
N/A |
2,000,000 |
|
2,000,000 |
2,10 |
||||||||||||||
|
2,807,352 |
|
2,807,352 |
||||||||||||||||||
|
Special Purpose Vehicle for Preferred Equity — 0.5% |
|
|||||||||||||||||||
|
CCOF Alera Aggregator, L.P. |
USD |
N/A |
9,700,000 |
|
10,894,907 |
2,10 |
||||||||||||||
|
CCOF Sierra II, L.P. |
USD |
N/A |
15,610,698 |
|
17,781,851 |
2,10 |
||||||||||||||
|
Chilly HP SCF Investor, LP |
USD |
N/A |
1,980,197 |
|
2,209,826 |
2,10 |
||||||||||||||
|
HPS Mint Co-Invest Fund, L.P. |
USD |
N/A |
21,571,869 |
|
24,489,501 |
2,10 |
||||||||||||||
|
Minerva Co-Invest, L.P. |
USD |
N/A |
14,720,018 |
|
15,730,579 |
2,10 |
||||||||||||||
|
63,582,782 |
|
71,106,664 |
||||||||||||||||||
|
|
||||||||||||||||||||
|
Special Purpose Vehicle for Senior Secured Bonds — 0.7% |
|
|||||||||||||||||||
|
17Capital Co-Invest (B) SCSp |
EUR |
N/A |
25,090,931 |
|
23,255,664 |
2,7,10 |
||||||||||||||
|
Piccadilly Co-Invest, L.P. |
USD |
N/A |
56,117,143 |
|
58,733,349 |
2,10 |
||||||||||||||
|
Proxima Co-Invest, L.P. |
USD |
N/A |
9,988,001 |
|
10,083,244 |
2,10 |
||||||||||||||
|
91,196,075 |
|
92,072,257 |
||||||||||||||||||
|
Special Purpose Vehicle for Subordinated Debt — 0.2% |
|
|||||||||||||||||||
|
Luther Co-Invest, L.P. |
USD |
N/A |
22,043,366 |
|
22,842,254 |
2,10 |
||||||||||||||
|
Total Private Investment |
5,752,467,842 |
|
5,930,213,994 |
|||||||||||||||||
See accompanying Notes to Consolidated Financial Statements.
46
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment Type |
Interest Rate |
Reference Rate |
Basis |
Maturity Date |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
||||||||||
|
Collateralized Loan Obligations — 0.9% |
|
|||||||||||||||||||
|
ABPCI Direct Lending Fund CLO X LP |
16.058% |
SOFR |
1,073 |
1/20/2032 |
USD |
12,000,000 |
11,462,582 |
$ |
12,026,462 |
1,2,3,4,11 |
||||||||||
|
ABPCI Direct Lending Fund CLO XII Ltd. |
14.478% |
SOFR |
968 |
4/29/2035 |
USD |
7,500,000 |
7,204,446 |
|
7,499,449 |
1,2,3,4,11 |
||||||||||
|
Barings Private Credit Corp. CLO 2023-1 Ltd. |
11.757% |
SOFR |
635 |
7/15/2031 |
USD |
6,000,000 |
6,000,000 |
|
5,999,650 |
2,3,4 |
||||||||||
|
BlackRock Elbert CLO V LLC |
20.500% |
6/15/2034 |
USD |
39,500,000 |
39,500,000 |
|
35,443,947 |
*,1,2,11,17 |
||||||||||||
|
BlackRock Elbert CLO V LLC |
14.109% |
SOFR |
870 |
6/15/2034 |
USD |
13,000,000 |
12,628,248 |
|
12,132,510 |
1,2,3,11 |
||||||||||
|
Golub Capital Partners CLO |
11.408% |
SOFR |
600 |
10/23/2023 |
USD |
13,950,000 |
13,950,000 |
|
13,950,000 |
2,3,4 |
||||||||||
|
HPS Private Credit CLO 2023-1 |
15.112% |
SOFR |
985 |
7/15/2035 |
USD |
7,500,000 |
7,350,000 |
|
7,555,250 |
1,2,3,11 |
||||||||||
|
Ivy Hill Middle Market Credit Fund XXI Ltd. |
13.941% |
SOFR |
852 |
7/18/2035 |
USD |
6,500,000 |
6,336,850 |
|
6,330,359 |
2,3,4,11 |
||||||||||
|
Ivy Hill Middle Market Credit Fund XXI Ltd. |
11.821% |
SOFR |
640 |
7/18/2035 |
USD |
3,500,000 |
3,500,000 |
|
3,500,301 |
2,3,4,11 |
||||||||||
|
Monroe Capital MML CLO IX Ltd. |
14.307% |
LIBOR |
870 |
10/22/2031 |
USD |
10,000,000 |
9,746,335 |
|
9,800,713 |
1,2,3,4,11,18 |
||||||||||
|
Monroe Capital MML CLO VII Ltd. |
12.895% |
LIBOR |
725 |
11/22/2030 |
USD |
2,910,000 |
2,622,253 |
|
2,710,250 |
1,2,3,4,11 |
||||||||||
|
Monroe Capital MML CLO VIII, Ltd. |
22.000% |
11/22/2033 |
USD |
15,000,000 |
14,659,358 |
|
9,374,096 |
*,1,2,4,11,17 |
||||||||||||
|
Total Collateralized Loan |
134,960,072 |
|
126,322,987 |
|||||||||||||||||
|
|
||||||||||||||||||||
|
Subordinated Debt — 0.8% |
|
|||||||||||||||||||
|
Financials — 0.7% |
|
|||||||||||||||||||
|
Castor Finance Holdings Limited |
11.863% PIK |
EURIBOR |
850 |
9/14/2029 |
EUR |
80,000,000 |
83,474,800 |
|
84,575,537 |
2,3,4,7,9,13 |
||||||||||
|
KWOR Intermediate I, Inc. |
14.900% PIK |
SOFR |
975 |
12/21/2029 |
USD |
6,938,554 |
6,783,803 |
|
6,874,446 |
2,3,4,9,13 |
||||||||||
|
OTR Midco, LLC |
12.000% |
5/11/2026 |
USD |
5,500,000 |
5,500,000 |
|
5,500,000 |
2,4 |
||||||||||||
|
95,758,603 |
|
96,949,983 |
||||||||||||||||||
|
Health Care — 0.1% |
|
|||||||||||||||||||
|
PAW Midco, Inc. |
11.500% PIK |
12/22/2031 |
USD |
1,265,614 |
1,249,209 |
|
1,135,496 |
2,4,9,13 |
||||||||||||
|
PPV Intermediate Holdings LLC |
13.000% PIK |
8/31/2030 |
USD |
6,224,472 |
6,094,372 |
|
5,961,584 |
2,4,9,13 |
||||||||||||
|
7,343,581 |
|
7,097,080 |
||||||||||||||||||
|
Materials — 0.0% |
|
|||||||||||||||||||
|
Comar Holding Company |
15.480% PIK |
LIBOR |
1,075 |
9/17/2024 |
USD |
3,500,000 |
3,451,372 |
|
3,465,374 |
2,3,4,9 |
||||||||||
|
Total Subordinated Debt |
106,553,556 |
|
107,512,437 |
|||||||||||||||||
See accompanying Notes to Consolidated Financial Statements.
47
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment Type |
Interest Rate |
Reference Rate |
Basis |
Maturity Date |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
||||||||||
|
Preferred Stocks — 0.07% |
|
|||||||||||||||||||
|
Health Care — 0.2% |
|
|||||||||||||||||||
|
nThrive, Inc., Series A-2 Preferred |
11.000% PIK |
USD |
15,000 |
14,550,000 |
$ |
14,706,329 |
2,4,9,13 |
|||||||||||||
|
Propharma, LLC |
Jayhawk Intermediate LLC, Series B Preferred |
13.000% PIK |
USD |
17,500 |
16,975,000 |
|
17,500,000 |
2,4,9,13,14 |
||||||||||||
|
31,525,000 |
|
32,206,329 |
||||||||||||||||||
|
Industrials — 0.2% |
|
|||||||||||||||||||
|
Atomic Transport, LLC |
Atomic Blocker, LLC, Class A – 2 Preferred |
15.25% PIK |
USD |
875 |
857,500 |
|
875,000 |
2,4,9,13 |
||||||||||||
|
Atomic Transport, LLC |
Atomic Blocker, LLC, Class A Preferred |
8.500% PIK |
USD |
2,500 |
1,783,003 |
|
2,405,863 |
2,4,9,13,15 |
||||||||||||
|
FSG Acquisition, LLC, – Senior Preferred |
12.250% PIK |
USD |
11,250,000 |
10,968,750 |
|
11,209,417 |
2,4,9,13 |
|||||||||||||
|
OHCP Silver Surfer Holdings Corp. – Series B Preferred |
14.000% PIK |
USD |
7,500 |
7,275,000 |
|
7,275,000 |
2,4,9,13 |
|||||||||||||
|
S4T Holdings Corp. |
Vistria ESS Holdings, LLC, Class A Preferred |
8.000% PIK |
USD |
200 |
100,000 |
|
94,750 |
2,4,9,13,16 |
||||||||||||
|
20,984,253 |
|
21,860,030 |
||||||||||||||||||
|
Technology — 0.3% |
|
|||||||||||||||||||
|
GS Holder, Inc. Preferred |
16.320% PIK |
USD |
10,000 |
9,700,000 |
|
10,000,000 |
2,4,9,13 |
|||||||||||||
|
GS Holder, Inc. Preferred |
17.320% PIK |
USD |
15,000 |
14,550,000 |
|
15,000,000 |
2,4,9,13 |
|||||||||||||
|
Mandolin Technology Holdings, |
10.500% PIK |
USD |
6,500 |
6,305,000 |
|
6,369,585 |
2,4,9,13 |
|||||||||||||
|
Riskonnect Parent, LLC – Series B Preferred |
15.314% PIK |
USD |
11,000 |
10,780,000 |
|
11,000,000 |
2,4,9,13 |
|||||||||||||
|
41,335,000 |
|
42,369,585 |
||||||||||||||||||
|
Total Preferred Stocks |
93,844,253 |
|
96,435,944 |
|||||||||||||||||
See accompanying Notes to Consolidated Financial Statements.
48
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment Type |
Interest Rate |
Reference Rate |
Basis |
Maturity Date |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
||||||||||
|
Common Stocks — 0.1% |
|
|||||||||||||||||||
|
Consumer Discretionary — 0.0% |
|
|||||||||||||||||||
|
A1 Garage Blocker Aggregator, LP |
A1 Garage Equity, LLC, Class A Common |
USD |
1,500 |
1,500,000 |
$ |
2,028,318 |
2,4 |
|||||||||||||
|
|
||||||||||||||||||||
|
Consumer Staples — 0.0% |
|
|||||||||||||||||||
|
City Line Distributors LLC — CLASS A |
USD |
50,000 |
50,000 |
|
50,000 |
2,4 |
||||||||||||||
|
|
||||||||||||||||||||
|
Financials — 0.1% |
|
|||||||||||||||||||
|
Forbright, Inc. |
USD |
280,309 |
3,611,111 |
|
6,814,573 |
2,4 |
||||||||||||||
|
|
||||||||||||||||||||
|
Health Care — 0.0% |
|
|||||||||||||||||||
|
GSV PracticeTek Holdings, LLC, Class A Common |
USD |
45,704 |
50,000 |
|
50,000 |
2,4 |
||||||||||||||
|
|
||||||||||||||||||||
|
Industrials — 0.0% |
|
|||||||||||||||||||
|
Atomic Transport, LLC |
Atomic Blocker, LLC, Class W Common |
USD |
2,188 |
654,496 |
|
998,767 |
2,4,15 |
|||||||||||||
|
S4T Holdings Corp. |
Vistria ESS Holdings, LLC, Class A Common |
USD |
200 |
100,000 |
|
190,371 |
2,4,16 |
|||||||||||||
|
754,496 |
|
1,189,138 |
||||||||||||||||||
|
Total Common Stocks |
5,965,607 |
|
10,132,028 |
|||||||||||||||||
|
|
||||||||||||||||||||
|
Warrants — 0.0% |
|
|||||||||||||||||||
|
Energy — 0.0% |
|
|||||||||||||||||||
|
Service Compression, LLC —Series A – 16 |
|
|||||||||||||||||||
|
Exercise Price: $34,500,000 |
|
|||||||||||||||||||
|
Expiration Date: 5/6/2027 |
USD |
— |
— |
|
425,243 |
2,4 |
||||||||||||||
|
Service Compression, LLC |
USD |
— |
— |
|
— |
2,4 |
||||||||||||||
|
— |
|
425,243 |
||||||||||||||||||
|
Health Care — 0.0% |
|
|||||||||||||||||||
|
ADMA Biologics, Inc. |
|
|||||||||||||||||||
|
Exercise Price: $1.65 |
|
|||||||||||||||||||
|
Expiration Date: 3/23/2029 |
USD |
1,300,435** |
— |
|
3,327,683 |
2,4 |
||||||||||||||
See accompanying Notes to Consolidated Financial Statements.
49
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Portfolio Company |
Investment Type |
Interest Rate |
Reference Rate |
Basis |
Maturity Date |
Currency |
Shares/ |
Cost |
Fair |
Footnotes |
|||||||||||
|
Warrants (Continued) |
|
|
|||||||||||||||||||
|
Health Care (Continued) |
|
|
|||||||||||||||||||
|
ADMA Biologics, Inc. |
|
|
|||||||||||||||||||
|
Exercise Price: $3.26 |
|
|
|||||||||||||||||||
|
Expiration Date: 4/30/2023 |
USD |
335,353** |
— |
|
$ |
746,210 |
2,4 |
||||||||||||||
|
AWC-MH Holdings, LLC |
|
|
|||||||||||||||||||
|
Exercise Price: $0.01 |
|
|
|||||||||||||||||||
|
Expiration Date: 4/28/2033 |
USD |
1** |
— |
|
|
— |
2,4 |
||||||||||||||
|
Xeris Biopharma Holdings, Inc. |
|
|
|||||||||||||||||||
|
Exercise Price: $2.28 |
|
|
|||||||||||||||||||
|
Expiration Date: 3/8/2029 |
USD |
219,298** |
— |
|
|
270,008 |
2,4 |
||||||||||||||
|
— |
|
|
4,343,901 |
||||||||||||||||||
|
Technology — 0.0% |
|
|
|||||||||||||||||||
|
Afiniti, Inc. (via a participation with VHG Investment Fund I, L.P.) |
USD |
21,640** |
1,152,261 |
|
|
1,063,065 |
2,4 |
||||||||||||||
|
Measurabl, Inc. (via a participation with Multiplier Capital, LLC) |
USD |
1** |
— |
|
|
280,001 |
2,4 |
||||||||||||||
|
1,152,261 |
|
|
1,343,066 |
||||||||||||||||||
|
Total Warrants |
1,152,261 |
|
|
6,112,210 |
|||||||||||||||||
|
|
|
||||||||||||||||||||
|
Short-Term Investments 1.9% |
|
|
|||||||||||||||||||
|
State Street Institutional U.S. Government Money Market Fund |
5.220% |
USD |
258,615,190 |
258,615,190 |
|
|
258,615,190 |
2,19 |
|||||||||||||
|
Total Short-Term |
258,615,190 |
|
|
258,615,190 |
|||||||||||||||||
|
Total Investments — 124.4% |
17,191,134,169 |
|
|
17,273,384,285 |
|||||||||||||||||
|
Senior Notes (net of deferred offering costs of $11,132,948) — (16.9)% |
|
|
(2,343,256,100 |
) |
|||||||||||||||||
|
Liabilites Less Other Assets — (7.5)% |
|
|
(1,043,690,859 |
) |
|||||||||||||||||
|
Net Assets — 100.0% |
|
$ |
13,886,437,326 |
||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Reverse Repurchase Agreements (0.0)% |
|
|
|||||||||||||||||||
|
Agreement with Deutsche Bank AG,7.246%, dated 9/22/2023, to be repurchased at $4,352,443 on 12/21/2023, collateralized by Monroe Capital MML CLO IX Ltd. with maturity of 10/22/2031, with a total value of $9,800,712 |
(4,275,000) |
(4,275,000 |
) |
|
(4,275,000 |
) |
|||||||||||||||
|
Total Reverse Repurchase Agreements |
(4,275,000 |
) |
|
(4,275,000 |
) |
||||||||||||||||
See accompanying Notes to Consolidated Financial Statements.
50
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
AUD – Australian Dollars
CAD – Canadian Dollars
EUR – Euro
GBP – Pound Sterling
NOK – Norwegian Krone
NZD – New Zealand Dollar
SEK – Swedish Krona
US – United States
USD – United States Dollar
ARR CSA – Alternate Reference Rate Credit Adjustment Spread
BASE – Base rate as defined in the credit agreement
BBSW – Bank Bill Swap Rate
BBSY – Bank Bill Swap Bid Rate
BKBM – New Zealand 90-Day Bank Bill Rate
CDOR – Canadian Dollar Offered Rate
EURIBOR – Euro Interbank Offered Rate
LIBOR – London Interbank Offered Rate
PRIME – Prime Lending Rate
SOFR – Secured Overnight Financing Rate
SONIA – Sterling Overnight Index Average
STIBOR – Stockholm Interbank Offered Rate
BDC – Business Development Company
CLO – Collateralized Loan Obligation
LLC – Limited Liability Company
LP – Limited Partnership
PLC – Public Limited Company
RB – Revenue Bond
* Subordinated note position. Rate shown is the effective yield as of period end.
** Shares represent underlying security.
1 Callable.
2 As of September 30, 2023 all or a portion of the security has been pledged as collateral for senior secured notes and a revolving credit facility. The value of the securities totaled $17,259,434,285 as of September 30, 2023. See Note 2, subsection Senior Notes of the Notes to Consolidated Financial Statements for additional information.
3 Floating rate security. Rate shown is the rate effective as of period end.
4 Value was determined using significant unobservable inputs.
5 This investment was made through a participation. Please see Note 2 for a description of loan participations.
6 Represents an unfunded loan commitment. The rate disclosed is equal to the commitment fee. The negative cost and/or fair value, if applicable, is dueto the discount received in excess of the principal amount of the unfunded commitment. See Note 2 for additional information.
7 Foreign securities entered into in foreign currencies are converted to U.S. Dollars using period end spot rates.
See accompanying Notes to Consolidated Financial Statements.
51
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
8 A portion of this holding is subject to unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion. See Note 2 for additional information.
9 Principal includes accumulated payment in kind (“PIK”) interest and is net of repayments, if any.
10 Investment valued using net asset value per share as practical expedient.
11 Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted. They may only be resold intransactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $392,704,144, which represents 2.8% of total net assets of the Fund.
12 Step rate security.
13 Payment-in-kind interest is generally paid by issuing additional par/shares of the security rather than paying cash.
14 Jayhawk Intermediate, LLC is the holding company that owns ProPharma Group, LLC.
15 Atomic Blocker, LLC holds Class A Preferred Units and Class W Common Units in Atomic Holdings, LLC, which is the holding company that ownsAtomic Transport, LLC.
16 Vistria ESS Holdings, LLC holds Series A Preferred Units and Class A Common Units in TVG ESS Holdings, LLC which is the parent companyholdings company for S4T Holdings Corp.
17 Variable rate security. Rate shown is the rate in effect as of period end.
18 All or a portion of this security is segregated as collateral for reverse repurchase agreements. Total collateral had a fair value of $9,800,712 as of September 30, 2023. See Note 2 for additional information.
19 The rate is the annualized seven-day yield at period end.
See accompanying Notes to Consolidated Financial Statements.
52
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
Additional information on restricted securities is as follows:
|
Security |
First |
Cost |
|||
|
17Capital Co-Invest (B) SCSp |
9/23/2021 |
$ |
25,090,931 |
||
|
ABPCI Pacific Funding LP |
6/9/2022 |
|
112,750,000 |
||
|
AG Direct Lending Fund II (Unlevered), L.P. |
3/31/2022 |
|
17,373,116 |
||
|
AG Direct Lending Fund II, L.P. |
3/31/2020 |
|
16,126,441 |
||
|
AG Direct Lending Fund III, L.P. |
6/28/2019 |
|
12,923,063 |
||
|
AG DLI, L.P. |
3/31/2022 |
|
7,746,554 |
||
|
AG GTDL Fund II, L.P. |
3/31/2022 |
|
17,545,691 |
||
|
AG GTDL Fund, L.P. |
3/31/2022 |
|
2,945,745 |
||
|
AG KFHDL Fund, L.P. |
3/31/2022 |
|
2,951,563 |
||
|
AG Twinbrook Origination Fund I, L.P. |
4/14/2023 |
|
25,000,000 |
||
|
AGTB BDC Holdings, LP |
5/10/2022 |
|
125,000,000 |
||
|
Antares Loan Funding I Ltd. |
2/17/2023 |
|
103,200,000 |
||
|
Antares Senior Loan Parallel Feeder Fund II (Cayman) LP |
8/3/2022 |
|
30,003,683 |
||
|
Ares Commercial Finance Feeder (B) LP |
7/25/2023 |
|
13,131,161 |
||
|
Ares Commercial Finance LP |
3/31/2021 |
|
15,404,552 |
||
|
Ares Priority Loan Co-Invest LP |
1/25/2023 |
|
24,500,000 |
||
|
Ares Strategic Income Fund |
12/5/2022 |
|
100,000,000 |
||
|
Banner Ridge DSCO Fund II (Offshore), LP |
10/11/2022 |
|
— |
||
|
Barings Capital Investment Corporation |
1/25/2021 |
|
95,000,000 |
||
|
Barings CMS Fund, LP |
12/28/2021 |
|
3,000,000 |
||
|
Barings Private Credit Corporation |
5/10/2021 |
|
900,000,000 |
||
|
BlackRock Shasta Senior Loan Fund VII, LLC |
2/10/2021 |
|
579,302,464 |
||
|
Blackstone Tactical Opportunities Fund (Matrix Co-Invest) LP |
9/20/2023 |
|
805,059 |
||
|
Blue Owl Credit Income Corp. |
7/29/2021 |
|
150,000,000 |
||
|
Blue Owl Technology Finance Corp. |
9/24/2020 |
|
35,000,000 |
||
|
Blue Owl Technology Finance Corp. II |
12/30/2021 |
|
47,652,353 |
||
|
Carlyle Secured Lending III |
9/28/2022 |
|
4,537,500 |
||
|
CCOF Alera Aggregator, L.P. |
4/25/2023 |
|
9,700,000 |
||
|
CCOF Sierra II, L.P. |
8/2/2022 |
|
15,610,698 |
||
|
CDL Tender Fund 2022-1, L.P. |
4/4/2022 |
|
50,000,000 |
||
|
Chilly HP SCF Investor, LP |
2/9/2022 |
|
1,980,197 |
||
|
Comvest Structured Note Issuer I LLC |
11/17/2022 |
|
194,786,454 |
||
|
Crescent Mezzanine Partners VIIC, L.P. |
3/31/2021 |
|
5,025,680 |
||
|
Crestline Specialty Lending III (U.S.), L.P. |
8/30/2021 |
|
20,035,387 |
||
|
Endurance II Co-Invest, L.P. |
8/24/2020 |
|
81,678 |
||
|
FBLC Senior Loan Fund LLC |
4/1/2020 |
|
78,562,000 |
||
|
Franklin BSP Lending Corporation |
1/20/2021 |
|
30,483,901 |
||
|
Golub Capital BDC 4, Inc. |
4/21/2022 |
|
60,901,821 |
||
|
Golub Capital Direct Lending Corporation |
7/13/2021 |
|
40,250,000 |
||
|
GTCR (D) INVESTORS LP |
9/19/2023 |
|
1,493 |
||
|
HPS Offshore Strategic Investment Partners V, LP |
5/1/2023 |
|
10,728,945 |
||
|
HPS Mezzanine Partners 2019, L.P. |
11/16/2020 |
|
7,857,297 |
||
See accompanying Notes to Consolidated Financial Statements.
53
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Security |
First |
Cost |
|||
|
HPS Mint Co-Invest Fund, L.P. |
5/25/2022 |
$ |
21,571,869 |
||
|
HPS Specialty Loan Fund V Feeder, L.P. |
5/14/2021 |
|
48,894,663 |
||
|
KELSO X TAILWIND CO-INVESTMENT LP |
9/11/2023 |
|
800 |
||
|
KKR FS INCOME TRUST |
6/30/2023 |
|
59,500,000 |
||
|
Luther Co-Invest, L.P. |
7/15/2022 |
|
22,043,366 |
||
|
Marlin Credit Opportunities Fund, L.P. |
5/21/2021 |
|
99,625,931 |
||
|
Middle Market Credit Fund II, LLC |
11/3/2020 |
|
12,708,191 |
||
|
Minerva Co-Invest, L.P. |
2/11/2022 |
|
14,720,018 |
||
|
Morgan Stanley Direct Lending Fund |
7/16/2021 |
|
39,339,489 |
||
|
New Mountain Guardian III BDC, L.L.C. |
3/27/2020 |
|
100,000,000 |
||
|
New Mountain Guardian IV BDC, L.L.C. |
6/29/2022 |
|
17,500,000 |
||
|
NXT Capital Structured Note I LLC |
1/26/2022 |
|
101,134,552 |
||
|
Odyssey Co-Investment Partners B, LLC |
3/24/2022 |
|
1,555,423 |
||
|
Palisades CLO, LLC |
4/18/2023 |
|
120,451,941 |
||
|
Piccadilly Co-Invest, L.P. |
4/17/2023 |
|
56,117,143 |
||
|
Private Credit Fund C-1 HLDCO LLC |
7/11/2023 |
|
87,628,527 |
||
|
Providence Debt Fund III (Non-US) L.P. |
3/31/2021 |
|
5,484,126 |
||
|
Proxima Co-Invest, L.P. |
11/2/2021 |
|
9,988,001 |
||
|
Raven Asset-Based Credit Fund II LP |
9/21/2021 |
|
18,443,489 |
||
|
Raven Senior Loan Fund LLC |
5/5/2022 |
|
454,636,092 |
||
|
Redwood Enhanced Income Corp. |
4/8/2022 |
|
36,400,000 |
||
|
Silver Point Loan Funding, LLC |
3/22/2022 |
|
697,027,619 |
||
|
Silver Point Specialty Credit Fund II, L.P. |
12/15/2020 |
|
43,139,017 |
||
|
Sixth Street Lending Partners |
8/31/2022 |
|
15,609,630 |
||
|
Stellus Private Credit BDC Feeder LP |
1/31/2022 |
|
17,116,145 |
||
|
Stone Point Credit Corporation |
12/30/2022 |
|
37,753,642 |
||
|
Summit Partners Credit Offshore Fund II, L.P. |
3/31/2022 |
|
6,919,665 |
||
|
T. Rowe Price OHA Select Private |
9/22/2023 |
|
25,000,000 |
||
|
TCW Direct Lending VIII LLC |
1/31/2022 |
|
33,014,871 |
||
|
THL Fund IX Investor Plymouth II LP |
8/31/2023 |
|
2,000,000 |
||
|
Thompson Rivers LLC |
6/29/2021 |
|
7,097,110 |
||
|
Varagon Capital Corporation |
5/23/2022 |
|
19,296,490 |
||
|
Varagon Capital Direct Lending Fund, L.P. |
3/25/2021 |
|
26,250,000 |
||
|
Varagon Structured Note Issuer I, LLC |
10/13/2021 |
|
425,000,000 |
||
|
Vista Credit Partners Fund III, L.P. |
9/15/2021 |
|
32,669,461 |
||
|
VPC Credit Origination Fund, LP |
4/19/2023 |
|
1,000,000 |
||
|
Waccamaw River LLC |
5/4/2021 |
|
12,518,065 |
||
|
Total |
$ |
5,722,150,763 |
|||
See accompanying Notes to Consolidated Financial Statements.
54
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Security Type/Sector |
|||
|
Senior Secured Loans |
|
||
|
Technology |
18.6 |
% |
|
|
Industrials |
17.0 |
% |
|
|
Health Care |
14.3 |
% |
|
|
Financials |
12.5 |
% |
|
|
Consumer Discretionary |
6.6 |
% |
|
|
Materials |
3.0 |
% |
|
|
Communications |
2.0 |
% |
|
|
Real Estate |
1.2 |
% |
|
|
Consumer Staples |
1.1 |
% |
|
|
Energy |
0.5 |
% |
|
|
Governments |
0.2 |
% |
|
|
Utilities |
0.2 |
% |
|
|
Business Services |
0.1 |
% |
|
|
Total Senior Secured Loans |
77.3 |
% |
|
|
Private Investment Vehicles |
|
||
|
Private Collateralized Loan Obligations |
21.7 |
% |
|
|
Non-Listed Business Development Companies |
14.7 |
% |
|
|
Investment Partnerships |
4.3 |
% |
|
|
Special Purpose Vehicle for Senior Secured Bonds |
0.7 |
% |
|
|
Joint Ventures |
0.6 |
% |
|
|
Special Purpose Vehicle for Preferred Equity |
0.5 |
% |
|
|
Special Purpose Vehicle for Subordinated Debt |
0.2 |
% |
|
|
Private Equity |
0.0 |
% |
|
|
Special Purpose Vehicle for Common Equity |
0.0 |
% |
|
|
Total Private Investment Vehicles |
42.7 |
% |
|
|
Collateralized Loan Obligations |
0.9 |
% |
|
|
Subordinated Debt |
|
||
|
Financials |
0.7 |
% |
|
|
Health Care |
0.1 |
% |
|
|
Materials |
0.0 |
% |
|
|
Total Subordinated Debt |
0.8 |
% |
|
|
Preferred Stocks |
|
||
|
Technology |
0.3 |
% |
|
|
Health Care |
0.2 |
% |
|
|
Industrials |
0.2 |
% |
|
|
Total Preferred Stocks |
0.7 |
% |
|
|
Common Stocks |
|
||
|
Financials |
0.1 |
% |
|
|
Consumer Discretionary |
0.0 |
% |
|
|
Consumer Staples |
0.0 |
% |
|
|
Health Care |
0.0 |
% |
|
|
Industrials |
0.0 |
% |
|
|
Technology |
0.0 |
% |
|
|
Total Common Stocks |
0.1 |
% |
|
See accompanying Notes to Consolidated Financial Statements.
55
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Investments As of September 30, 2023 (Unaudited) (Continued) |
|
Security Type/Sector |
|||
|
Warrants |
|
||
|
Energy |
0.0 |
% |
|
|
Health Care |
0.0 |
% |
|
|
Technology |
0.0 |
% |
|
|
Total Warrants |
0.0 |
% |
|
|
Short-Term |
1.9 |
% |
|
|
Total Investments |
124.4 |
% |
|
|
Senior Notes |
(16.9 |
)% |
|
|
Liabilites Less Other Assets |
(7.5 |
)% |
|
|
Total Net Assets |
100.0 |
% |
|
See accompanying Notes to Consolidated Financial Statements.
56
SWAP CONTRACT
INTEREST RATE SWAPS
|
Counterparty1 |
Payments |
Payments Received/ |
Termination |
Notional |
Upfront |
Unrealized |
||||||||||
|
PNC Bank, N.A. |
Daily Simple SOFR2 + 1.446% / Quarterly |
4.10% / Semi-annually |
3/28/2027 |
$ |
650,000,000 |
$ |
— |
$ |
(39,591,446 |
) |
||||||
|
PNC Bank, N.A. |
Daily Simple SOFR2 + 0.905% / Quarterly |
4.10% / Semi-annually |
3/28/2027 |
|
250,000,000 |
|
— |
|
(10,846,247 |
) |
||||||
|
PNC Bank, N.A. |
Daily Simple SOFR2 + 2.619% / Quarterly |
7.06% / Semi-annually |
12/6/2025 |
|
34,000,000 |
|
— |
|
(374,292 |
) |
||||||
|
PNC Bank, N.A. |
Daily Simple SOFR2 + 3.005% / Quarterly |
7.10% / Semi-annually |
12/6/2027 |
|
95,000,000 |
|
— |
|
(1,476,844 |
) |
||||||
|
PNC Bank, N.A. |
Daily Simple SOFR2 + 3.010% / Quarterly |
7.10% / Semi-annually |
12/6/2027 |
|
10,000,000 |
|
— |
|
(157,371 |
) |
||||||
|
PNC Bank, N.A. |
Daily Simple SOFR2 + 3.214% / Quarterly |
7.17% / Semi-annually |
12/6/2029 |
|
141,000,000 |
|
— |
|
(3,253,514 |
) |
||||||
|
PNC Bank, N.A. |
Daily Simple SOFR2 + 2.581% / Quarterly |
6.75% / Semi-annually |
8/4/2026 |
|
115,200,000 |
|
— |
|
(1,719,010 |
) |
||||||
|
PNC Bank, N.A. |
Daily Simple SOFR2 + 2.991% / Quarterly |
6.77% / Semi-annually |
8/4/2028 |
|
304,800,000 |
|
— |
|
(8,784,867 |
) |
||||||
|
PNC Bank, N.A. |
Daily Simple SOFR2 + 3.218% / Quarterly |
6.81% / Semi-annually |
8/4/2030 |
|
114,000,000 |
|
— |
|
(5,168,524 |
) |
||||||
|
PNC Bank, N.A. |
Daily Simple SOFR2 + 3.500% / Quarterly |
6.99% / Semi-annually |
8/4/2033 |
|
66,000,000 |
|
— |
|
(4,443,098 |
) |
||||||
|
MUFG Bank, Ltd. |
Daily Simple SOFR2 + 2.052% / Quarterly |
5.44% / Semi-annually |
7/19/2025 |
|
215,000,000 |
|
|
(7,174,100 |
) |
|||||||
|
MUFG Bank, Ltd. |
Daily Simple SOFR2 + 2.263% / Quarterly |
5.50% / Semi-annually |
7/19/2026 |
|
130,000,000 |
|
|
(5,642,615 |
) |
|||||||
|
MUFG Bank, Ltd. |
Daily Simple SOFR2 + 2.477% / Quarterly |
5.61% / Semi-annually |
7/19/2027 |
|
130,000,000 |
|
|
(6,898,101 |
) |
|||||||
|
MUFG Bank, Ltd. |
Daily Simple SOFR2 + 2.688% / Quarterly |
5.72% / Semi-annually |
7/19/2029 |
|
160,000,000 |
|
— |
|
(11,728,587 |
) |
||||||
|
MUFG Bank, Ltd. |
Daily Simple SOFR2 + 2.245% / Quarterly |
5.50% / Semi-annually |
7/19/2026 |
|
10,000,000 |
|
— |
|
(428,962 |
) |
||||||
|
MUFG Bank, Ltd. |
Daily Simple SOFR2 + 2.684% / Quarterly |
5.72% / Semi-annually |
7/19/2029 |
|
40,000,000 |
|
|
(2,923,374) |
|
|||||||
|
TOTAL INTEREST RATE SWAPS |
|
|
$ |
(110,610,952 |
) |
|||||||||||
1 Instrument is used in a hedge accounting relationship. See Note 2, subsections Interest Rate Swap Contracts and Senior Notes.
2 Reset daily with a five business day look back.
See accompanying Notes to Consolidated Financial Statements.
57
|
Cliffwater Corporate Lending Fund |
|
Consolidated Schedule of Forward Foreign Currency Exchange Contracts As of September 30, 2023 (Unaudited) |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
|
Currency Sold |
Counterparty |
Currency |
Settlement |
Currency |
Value at |
Value at |
Unrealized |
|||||||||||||||
|
Australian Dollars |
State Street |
USD |
November 17, 2023 |
$ |
(19,124,615 |
) |
$ |
(12,815,787 |
) |
$ |
(12,316,917 |
) |
$ |
498,870 |
|
|||||||
|
Australian Dollars |
State Street |
USD |
December 05, 2023 |
|
(2,819,902 |
) |
|
(1,802,543 |
) |
|
(1,817,485 |
) |
|
(14,942 |
) |
|||||||
|
Australian Dollars |
State Street |
USD |
December 29, 2023 |
|
(13,653,873 |
) |
|
(8,752,876 |
) |
|
(8,806,240 |
) |
|
(53,364 |
) |
|||||||
|
British Pound |
State Street |
USD |
October 20, 2023 |
|
(672,501 |
) |
|
(826,958 |
) |
|
(820,629 |
) |
|
6,329 |
|
|||||||
|
British Pound |
State Street |
USD |
October 31, 2023 |
|
(14,571,990 |
) |
|
(17,770,032 |
) |
|
(17,782,517 |
) |
|
(12,485 |
) |
|||||||
|
British Pound |
State Street |
USD |
November 03, 2023 |
|
(11,362,482 |
) |
|
(14,201,966 |
) |
|
(13,866,113 |
) |
|
335,853 |
|
|||||||
|
British Pound |
State Street |
USD |
November 03, 2023 |
|
11,362,482 |
|
|
14,046,868 |
|
|
13,866,113 |
|
|
(180,755 |
) |
|||||||
|
British Pound |
State Street |
USD |
November 09, 2023 |
|
(4,606,457 |
) |
|
(5,868,258 |
) |
|
(5,621,638 |
) |
|
246,620 |
|
|||||||
|
British Pound |
State Street |
USD |
December 14, 2023 |
|
(5,527,306 |
) |
|
(6,863,035 |
) |
|
(6,748,009 |
) |
|
115,026 |
|
|||||||
|
British Pound |
State Street |
USD |
December 29, 2023 |
|
(75,928,755 |
) |
|
(92,634,825 |
) |
|
(92,694,980 |
) |
|
(60,155 |
) |
|||||||
|
British Pound |
State Street |
USD |
January 31, 2024 |
|
(1,407,552 |
) |
|
(1,809,127 |
) |
|
(1,718,722 |
) |
|
90,405 |
|
|||||||
|
Canadian Dollars |
State Street |
USD |
October 31, 2023 |
|
(88,464,525 |
) |
|
(65,551,857 |
) |
|
(65,159,814 |
) |
|
392,043 |
|
|||||||
|
Canadian Dollars |
State Street |
USD |
December 11, 2023 |
|
(11,515,796 |
) |
|
(8,490,678 |
) |
|
(8,489,141 |
) |
|
1,537 |
|
|||||||
|
Canadian Dollars |
State Street |
USD |
December 29, 2023 |
|
(38,207,400 |
) |
|
(28,332,896 |
) |
|
(28,167,943 |
) |
|
164,953 |
|
|||||||
|
Euro |
State Street |
USD |
December 04, 2023 |
|
(3,397,205 |
) |
|
(3,671,495 |
) |
|
(3,603,687 |
) |
|
67,808 |
|
|||||||
|
Euro |
State Street |
USD |
December 13, 2023 |
|
(28,578,398 |
) |
|
(30,814,372 |
) |
|
(30,329,416 |
) |
|
484,956 |
|
|||||||
|
Euro |
State Street |
USD |
January 17, 2024 |
|
(5,756,538 |
) |
|
(6,445,336 |
) |
|
(6,118,588 |
) |
|
326,748 |
|
|||||||
|
Euro |
State Street |
USD |
October 31, 2023 |
|
(22,351,046 |
) |
|
(23,662,828 |
) |
|
(23,663,018 |
) |
|
(190 |
) |
|||||||
|
Euro |
State Street |
USD |
November 30, 2023 |
|
(11,715,700 |
) |
|
(12,846,382 |
) |
|
(12,425,225 |
) |
|
421,157 |
|
|||||||
|
Euro |
State Street |
USD |
December 15, 2023 |
|
(15,017,720 |
) |
|
(16,089,685 |
) |
|
(15,939,505 |
) |
|
150,180 |
|
|||||||
|
Euro |
State Street |
USD |
December 21, 2023 |
|
(5,457,334 |
) |
|
(5,839,647 |
) |
|
(5,794,092 |
) |
|
45,555 |
|
|||||||
|
Euro |
State Street |
USD |
December 29, 2023 |
|
(192,921,998 |
) |
|
(204,798,935 |
) |
|
(204,864,820 |
) |
|
(65,885 |
) |
|||||||
|
Euro |
State Street |
USD |
January 31, 2024 |
|
(9,622,034 |
) |
|
(10,727,125 |
) |
|
(10,234,222 |
) |
|
492,903 |
|
|||||||
|
Euro |
State Street |
USD |
February 29, 2024 |
|
(15,221,901 |
) |
|
(16,774,992 |
) |
|
(16,213,434 |
) |
|
561,558 |
|
|||||||
|
New Zealand Dollar |
State Street |
USD |
December 27, 2023 |
|
(6,341,322 |
) |
|
(3,783,480 |
) |
|
(3,800,793 |
) |
|
(17,313 |
) |
|||||||
|
Norwegian Krone |
Marlin Equity Partners |
USD |
February 15, 2024 |
|
(13,125,000 |
) |
|
(1,276,006 |
) |
|
(1,231,616 |
) |
|
44,390 |
|
|||||||
|
Swedish Krona |
Marlin Equity Partners |
USD |
August 23, 2024 |
|
(11,250,000 |
) |
|
(1,279,529 |
) |
|
(1,046,240 |
) |
|
233,289 |
|
|||||||
|
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS |
|
$ |
(589,683,782 |
) |
$ |
(585,408,691 |
) |
$ |
4,275,091 |
|
||||||||||||
USD – U.S. Dollar
See accompanying Notes to Consolidated Financial Statements.
58
|
Cliffwater Corporate Lending Fund |
|
Consolidated Statement of Assets and Liabilities September 30, 2023 (Unaudited) |
| Assets: |
| ||
| Investments, at value (cost $17,191,134,169) | $ | 17,273,384,285 | |
| Foreign currency, at value (cost $3,015,805) |
| 3,179,629 | |
| Unrealized appreciation on forward foreign currency exchange contracts |
| 4,275,091 | |
| Cash |
| 89,245,012 | |
| Cash collateral for swap contracts |
| 111,780,000 | |
| Receivables: |
| ||
| Fund shares sold |
| 22,883,025 | |
| Dividends and interest |
| 202,225,591 | |
| Prepaid expenses |
| 3,584,766 | |
| Prepaid commitment fees on secured credit facility |
| 12,809,413 | |
| Total assets |
| 17,723,366,812 | |
|
| |||
| Liabilities: |
| ||
| Reverse repurchase agreements, at value (proceeds $4,275,000) |
| 4,275,000 | |
| Unrealized depreciation on swap contracts |
| 110,610,952 | |
| Payables: |
| ||
| Senior notes (Net of deferred offering cost of $11,132,948) (Note 2) |
| 2,343,256,100 | |
| Secured credit facility (Note 2) |
| 1,320,000,000 | |
| Investment securities purchased |
| 17,477,281 | |
| Deferred tax liability |
| 2,126,688 | |
| Interest on senior notes |
| 20,769,102 | |
| Interest on secured credit facility |
| 9,358,219 | |
| Interest on reverse repurchase agreements |
| 7,744 | |
| Investment Management fees |
| 2,697,470 | |
| Audit fees |
| 117,495 | |
| Fund administration fees |
| 1,462,934 | |
| Legal fees |
| 131,620 | |
| Custody fees |
| 2,312,498 | |
| Transfer agency fees and expenses |
| 113,214 | |
| Sub transfer agency fees and expenses |
| 441,318 | |
| Swap interest |
| 108,653 | |
| Chief Compliance Officer fees |
| 12,487 | |
| Other accrued expenses |
| 1,650,711 | |
| Total liabilities |
| 3,836,929,486 | |
|
| |||
| Net Assets | $ | 13,886,437,326 | |
|
| |||
| Components of Net Assets: |
| ||
| Paid-in capital (par value of $0.001 per share with an | $ | 13,473,677,572 | |
| Total distributable earnings |
| 412,759,754 | |
| Net Assets | $ | 13,886,437,326 | |
|
| |||
| Class I Shares: |
| ||
| Net assets applicable to shares outstanding | $ | 13,886,437,326 | |
| Shares of beneficial interest issued and outstanding |
| 1,285,362,116 | |
| Net asset value, offering, and redemption price per share |
| 10.80 |
See accompanying Notes to Consolidated Financial Statements.
59
|
Cliffwater Corporate Lending Fund |
|
Consolidated Statement of Operations For the Six Months Ended September 30, 2023 (Unaudited) |
|
Investment Income: |
|
|
||
|
Interest (net of withholding taxes of $544,038) |
$ |
586,771,126 |
|
|
|
PIK Interest |
|
9,330,031 |
|
|
|
Dividends |
|
8,789,077 |
|
|
|
Distributions from private investment vehicles |
|
251,132,819 |
|
|
|
Miscellaneous income |
|
167,395 |
|
|
|
Total investment income |
|
856,190,448 |
|
|
|
|
|
|||
|
Expenses: |
|
|
||
|
Investment management fees |
|
60,602,318 |
|
|
|
Interest on secured credit facility |
|
55,403,426 |
|
|
|
Interest on reverse repurchase agreements |
|
139,690 |
|
|
|
Interest on senior notes |
|
53,955,112 |
|
|
|
Interest on swap contracts |
|
20,998,291 |
|
|
|
Legal fees |
|
322,985 |
|
|
|
Fund administration fees |
|
1,836,328 |
|
|
|
Equalization interest on private investment vehicles (Note 2) |
|
331,983 |
|
|
|
Registration fees |
|
436,294 |
|
|
|
Transfer agent fees and expenses |
|
889,528 |
|
|
|
Sub transfer agent fees and expenses |
|
1,305,944 |
|
|
|
Custody fees |
|
1,151,063 |
|
|
|
Audit fees |
|
357,502 |
|
|
|
Trustees’ fees and expenses |
|
149,618 |
|
|
|
Shareholder reporting fees |
|
487,271 |
|
|
|
Chief Compliance Officer fees |
|
49,943 |
|
|
|
Insurance fees |
|
37,101 |
|
|
|
Commitment fees on secured credit facility |
|
1,396,594 |
|
|
|
Miscellaneous expenses |
|
2,167,513 |
|
|
|
Total fees and expenses |
|
202,018,504 |
|
|
|
Net investment income |
|
654,171,944 |
|
|
|
|
|
|||
|
Realized and Unrealized Gain (Loss): |
|
|
||
|
Net realized gain (loss) on: |
|
|
||
|
Investments |
|
(1,592,661 |
) |
|
|
Forward foreign currency exchange contracts |
|
12,240,112 |
|
|
|
Foreign currency transactions |
|
(156,377 |
) |
|
|
Net realized gain |
|
10,491,074 |
|
|
|
Net change in unrealized appreciation/depreciation on: |
|
|
||
|
Investments |
|
132,230,875 |
|
|
|
Forward foreign currency exchange contracts |
|
3,487,818 |
|
|
|
Foreign currency translations |
|
(1,549,643 |
) |
|
|
Deferred tax expense |
|
(705,546 |
) |
|
|
Net change in unrealized appreciation/(depreciation), net of deferred taxes |
|
133,463,504 |
|
|
|
Net realized and unrealized gain (loss) |
|
143,954,578 |
|
|
|
|
|
|||
|
Net Increase in Net Assets from Operations |
$ |
798,126,522 |
|
See accompanying Notes to Consolidated Financial Statements.
60
|
For the |
For the |
|||||||
|
Net Increase in Net Assets from: |
|
|
|
|
||||
|
Operations: |
|
|
|
|
||||
|
Net investment income |
$ |
654,171,944 |
|
$ |
752,696,412 |
|
||
|
Net realized gain/(loss) on investments, forward foreign currency exchange contracts and foreign currency transactions |
|
10,491,074 |
|
|
3,977,288 |
|
||
|
Net change in unrealized appreciation/(depreciation) on investments, forward foreign currency exchange contracts, foreign currency translations and deferred taxes |
|
133,463,504 |
|
|
(121,468,689 |
) |
||
|
Net increase in net assets resulting from operations |
|
798,126,522 |
|
|
635,205,011 |
|
||
|
|
|
|
|
|||||
|
Distributions to shareholders: |
|
|
|
|
||||
|
Distributions: |
|
|
|
|
||||
|
Class I |
|
(608,435,140 |
) |
|
(565,713,472 |
) |
||
|
From return of capital: |
|
|
|
|
||||
|
Class I |
|
— |
|
|
(122,545,406 |
) |
||
|
Total |
|
(608,435,140 |
) |
|
(688,258,878 |
) |
||
|
|
|
|
|
|||||
|
Capital Transactions: |
|
|
|
|
||||
|
Proceeds from shares sold: |
|
|
|
|
||||
|
Class I |
|
3,061,704,071 |
|
|
5,201,847,669 |
|
||
|
Reinvestment of distributions: |
|
|
|
|
||||
|
Class I |
|
197,776,658 |
|
|
233,479,444 |
|
||
|
Cost of shares repurchased: |
|
|
|
|
||||
|
Class I |
|
(639,639,944 |
) |
|
(1,048,151,552 |
) |
||
|
Net increase in net assets from capital transactions |
|
2,619,840,785 |
|
|
4,387,175,561 |
|
||
|
|
|
|
|
|||||
|
Net increase in net assets |
|
2,809,532,167 |
|
|
4,334,121,694 |
|
||
|
|
|
|
|
|||||
|
Net Assets: |
|
|
|
|
||||
|
Beginning of period |
|
11,076,905,158 |
|
|
6,742,783,464 |
|
||
|
End of period |
$ |
13,886,437,325 |
|
$ |
11,076,905,158 |
|
||
|
|
|
|
|
|||||
|
Capital Share Transactions: |
|
|
|
|
||||
|
Shares sold: |
|
|
|
|
||||
|
Class I |
|
288,632,453 |
|
|
490,074,099 |
|
||
|
Shares issued in reinvestment of distributions: |
|
|
|
|
||||
|
Class I |
|
18,940,232 |
|
|
22,278,048 |
|
||
|
Shares redeemed: |
|
|
|
|
||||
|
Class I |
|
(60,517,124 |
) |
|
(98,700,669 |
) |
||
|
Net increase in capital shares outstanding |
|
247,055,561 |
|
|
413,651,478 |
|
||
See accompanying Notes to Consolidated Financial Statements.
61
|
Cliffwater Corporate Lending Fund |
|
Consolidated Statement of Cash Flows For the Six Months Ended September 30, 2023 (Unaudited) |
|
Cash flows provided by (used in) operating activities: |
|
|
||
|
Net increase in net assets from operations |
$ |
798,126,522 |
|
|
|
Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities: |
|
|
||
|
Purchases of investments |
|
(5,344,996,587 |
) |
|
|
Sales of investments |
|
1,374,099,791 |
|
|
|
Net accretion on investments |
|
(9,136,325 |
) |
|
|
Net realized gain on investments |
|
1,592,661 |
|
|
|
Net realized gain on paydowns |
|
(5,990,301 |
) |
|
|
Net change in unrealized (appreciation)/depreciation |
|
(132,230,875 |
) |
|
|
Return of capital distributions received |
|
33,963,471 |
|
|
|
Original issue discount and amendment fees |
|
(83,511 |
) |
|
|
PIK interest |
|
(9,330,031 |
) |
|
|
Net change in deferred tax liability |
|
705,546 |
|
|
|
Change in short-term investments, net |
|
(180,258,124 |
) |
|
|
(Increase)/Decrease in assets: |
|
|
||
|
Foreign currency |
|
(1,405,420 |
) |
|
|
Investment securities sold |
|
18,993,206 |
|
|
|
Dividends and interest |
|
(55,507,051 |
) |
|
|
Swap interest |
|
3,067,135 |
|
|
|
Prepaid expenses |
|
(396,711 |
) |
|
|
Prepaid commitment fees on secured credit facility |
|
(1,708,534 |
) |
|
|
Increase/(Decrease) in liabilities: |
|
|
||
|
Investment securities purchased |
|
12,833,566 |
|
|
|
Unfunded loan commitments |
|
607,211,746 |
|
|
|
Investment management fees |
|
292,139 |
|
|
|
Interest on reverse repurchase agreements |
|
577 |
|
|
|
Interest on secured credit facility |
|
5,606,975 |
|
|
|
Interest on senior notes |
|
6,515,256 |
|
|
|
Audit fees |
|
(331,983 |
) |
|
|
Deferred tax liability |
|
|
||
|
Legal fees |
|
(277,176 |
) |
|
|
Fund administration fees |
|
1,299,864 |
|
|
|
Custody fees |
|
615,103 |
|
|
|
Transfer Agency fees and expenses |
|
(52,172 |
) |
|
|
Chief Compliance Officer fees |
|
2,070 |
|
|
|
Other accrued expenses |
|
(969,302 |
) |
|
|
Net cash used in operating activities |
|
(2,877,748,475 |
) |
See accompanying Notes to Consolidated Financial Statements.
62
|
Cliffwater Corporate Lending Fund |
|
Consolidated Statement of Cash Flows For the Six Months Ended September 30, 2023 (Unaudited) (Continued) |
|
Cash flows provided by (used in) financing activities: |
|
|
||
|
Proceeds from shares sold, net of receivable for fund shares sold |
|
3,052,141,344 |
|
|
|
Cost of shares repurchased |
|
(639,639,944 |
) |
|
|
Distributions paid to shareholders, net of reinvestments |
|
(410,658,482 |
) |
|
|
Proceeds from reverse repurchase agreements |
|
8,325,000 |
|
|
|
Payments made on reverse repurchase agreements |
|
(7,920,000 |
) |
|
|
Proceeds from secured credit facility (see note 2) |
|
983,000,000 |
|
|
|
Payments on secured credit facility (see note 2) |
|
(495,000,000 |
) |
|
|
Payments on term loan (see note 2) |
|
(100,000,000 |
) |
|
|
Proceeds from senior notes |
|
600,000,000 |
|
|
|
Net cash provided by financing activities |
|
2,990,247,918 |
|
|
|
|
|
|||
|
Net increase in cash and restricted cash |
|
112,499,443 |
|
|
|
|
|
|||
|
Cash and restricted cash |
|
|
||
|
Cash and restricted cash, beginning of year |
|
88,525,569 |
|
|
|
Cash and restricted cash, end of year* |
$ |
201,025,012 |
|
* Cash and restricted cash of $89,245,012 and cash deposited with broker for swap contracts of $111,780,000.
Non cash financing activities not included herein consist of $197,776,658 reinvested dividends.
Cash paid for interest on credit facility during the period was $49,796,451.
Cash paid for interest on reverse repurchase agreements during the period was $139,113.
Cash paid for interest on senior notes during the period was $47,439,856.
See accompanying Notes to Consolidated Financial Statements.
63
Per share operating performance.
For a capital share outstanding throughout each period.
|
For the |
For the |
For the Period |
For the |
For the |
For the Period |
|||||||||||||||||||
|
Net asset value, beginning of period |
$ |
10.67 |
|
$ |
10.79 |
|
$ |
10.60 |
|
$ |
10.35 |
|
$ |
10.15 |
|
$ |
10.00 |
|
||||||
|
Income from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net investment income1 |
|
0.57 |
|
|
0.87 |
|
|
0.16 |
|
|
0.72 |
|
|
0.72 |
|
|
0.34 |
|
||||||
|
Net realized and unrealized gain (loss) on investments2 |
|
0.12 |
|
|
(0.15 |
) |
|
0.03 |
|
|
0.27 |
|
|
0.19 |
|
|
(0.04 |
) |
||||||
|
Total income from investment operations |
|
0.69 |
|
|
0.72 |
|
|
0.19 |
|
|
0.99 |
|
|
0.91 |
|
|
0.30 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Less Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
From net investment income |
|
(0.56 |
) |
|
(0.69 |
) |
|
— |
|
|
(0.62 |
) |
|
(0.62 |
) |
|
(0.15 |
) |
||||||
|
From return of capital |
|
— |
|
|
(0.15 |
) |
|
— |
|
|
(0.10 |
) |
|
(0.09 |
) |
|
— |
|
||||||
|
From net realized gain |
|
— |
|
|
— |
|
|
— |
|
|
(0.02 |
) |
|
—3 |
|
|
—3 |
|
||||||
|
Total Distributions to shareholders |
|
(0.56 |
) |
|
(0.84 |
) |
|
— |
|
|
(0.74 |
) |
|
(0.71 |
) |
|
(0.15 |
) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net asset value, end of period |
$ |
10.80 |
|
$ |
10.67 |
|
$ |
10.79 |
|
$ |
10.60 |
|
$ |
10.35 |
|
$ |
10.15 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Total return4 |
|
6.74 |
%5 |
|
7.06 |
% |
|
1.79 |
%5 |
|
10.38 |
% |
|
9.25 |
% |
|
3.05 |
%5 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Ratios and Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net assets, end of period (in thousands) |
$ |
13,886,437 |
|
$ |
11,076,905 |
|
$ |
6,742,783 |
|
$ |
4,729,648 |
|
$ |
744,892 |
|
$ |
268,536 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Ratio of expenses to average net assets (excluding interest expense)7: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Before fees waived and deferred tax expense |
|
1.17 |
%6 |
|
1.23 |
% |
|
1.28 |
%6 |
|
1.32 |
% |
|
1.80 |
% |
|
2.25 |
%6 |
||||||
|
After fees waived |
|
1.17 |
%6 |
|
1.23 |
% |
|
1.28 |
%6 |
|
1.32 |
% |
|
1.80 |
% |
|
1.78 |
%6 |
||||||
|
Deferred tax expense9 |
|
0.01 |
% |
|
0.01 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
%6 |
||||||
|
With fees waived, after taxes |
|
1.18 |
%6 |
|
1.24 |
% |
|
1.28 |
%6 |
|
1.32 |
% |
|
1.80 |
% |
|
1.78 |
%6 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Ratio of net investment income to average net assets (excluding interest expense)7: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Before fees waived |
|
12.94 |
%6 |
|
9.95 |
% |
|
6.75 |
%6 |
|
7.36 |
% |
|
7.67 |
% |
|
3.58 |
%6 |
||||||
|
After fees waived |
|
12.94 |
%6 |
|
9.95 |
% |
|
6.75 |
%6 |
|
7.36 |
% |
|
7.67 |
% |
|
4.05 |
%6 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Ratio of expenses to average net assets (including interest expense)7: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Before fees waived |
|
3.33 |
%6 |
|
2.95 |
% |
|
1.79 |
%6 |
|
1.94 |
% |
|
2.43 |
% |
|
2.28 |
%6 |
||||||
|
After fees waived |
|
3.33 |
%6 |
|
2.95 |
% |
|
1.79 |
%6 |
|
1.94 |
% |
|
2.43 |
% |
|
1.81 |
%6 |
||||||
|
Deferred tax expense9 |
|
0.01 |
%6 |
|
0.01 |
% |
|
— |
%6 |
|
— |
% |
|
— |
% |
|
— |
%6 |
||||||
|
With fees waived, after taxes |
|
3.34 |
%6 |
|
2.96 |
% |
|
1.79 |
%6 |
|
1.94 |
% |
|
2.43 |
% |
|
1.81 |
%6 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
See accompanying Notes to Consolidated Financial Statements.
64
|
Cliffwater Corporate Lending Fund |
|
Consolidated Financial Highlights Class I (Continued) |
|
For the |
For the |
For the Period |
For the |
For the |
For the Period |
|||||||||||||||||||
|
Ratio of net investment income to average net assets (including interest expense)7: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Before fees waived |
|
10.78 |
%6 |
|
8.23 |
% |
|
6.24 |
%6 |
|
6.74 |
% |
|
7.04 |
% |
|
3.55 |
%6 |
||||||
|
After fees waived |
|
10.78 |
%6 |
|
8.23 |
% |
|
6.24 |
%6 |
|
6.74 |
% |
|
7.04 |
% |
|
4.02 |
%6 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Senior Securities |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total Amount Outstanding exclusive of Treasury Securities |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Reverse Repurchase Agreements8 |
$ |
4,275,000 |
|
$ |
3,870,000 |
|
$ |
6,255,000 |
|
$ |
6,833,000 |
|
$ |
12,557,000 |
|
$ |
6,034,000 |
|
||||||
|
Secured Borrowings8 |
|
— |
|
|
— |
|
|
204,168,415 |
|
|
249,990,230 |
|
|
— |
|
|
— |
|
||||||
|
Senior Credit Facility |
|
1,320,000,000 |
|
|
932,000,000 |
|
|
607,000,000 |
|
|
1,195,000,000 |
|
|
190,000,000 |
|
|
— |
|
||||||
|
Senior Notes |
|
2,465,000,000 |
|
|
1,865,000,000 |
|
|
650,000,000 |
|
|
— |
|
|
— |
|
|
— |
|
||||||
|
Asset Coverage Per $1,000 of Borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Reverse Repurchase Agreements8 |
|
3,249,289 |
|
|
2,863,249 |
|
|
1,078,983 |
|
|
693,179 |
|
|
60,321 |
|
|
45,504 |
|
||||||
|
Secured Borrowings8 |
|
— |
|
|
— |
|
|
34,026 |
|
|
19,919 |
|
|
— |
|
|
— |
|
||||||
|
Senior Credit Facility |
|
11,520 |
|
|
12,885 |
|
|
12,108 |
|
|
4,958 |
|
|
4,916 |
|
|
— |
|
||||||
|
Senior Notes |
|
6,584 |
|
|
6,920 |
|
|
11,376 |
|
|
— |
|
|
— |
|
|
— |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Portfolio turnover rate |
|
8 |
%5 |
|
26 |
% |
|
16 |
%5 |
|
29 |
% |
|
29 |
% |
|
15 |
%5 |
||||||
* Commencement of operations.
** Fiscal year end changed to March 31, effective January 1, 2022.
1 Based on average daily shares outstanding for the period.
2 Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile the change in net asset value per share with the other per share information presented.
3 Amount represents less than $0.01 per share.
4 Total returns would have been lower had expenses not been waived by Cliffwater LLC, the Investment Manager. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the repurchase of Fund shares.
5 Not annualized.
6 Annualized.
7 These ratios exclude the impact of expenses of the underlying investment companies holdings as represented in the Schedule of Investments.
8 As a result of the Fund having earmarked or segregated securities to collateralize the transactions or otherwise having covered the transactions, in accordance with releases and interpretive letters issued by the Securities and Exchange Commission, the Fund does not treat its obligations under such transactions as senior securities representing indebtedness for purposes of the Investment Company Act of 1940.
9 Deferred tax expense estimate for the ratio calculation is derived from unrealized gain (losses).
See accompanying Notes to Consolidated Financial Statements.
65
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) |
1. Organization
The Cliffwater Corporate Lending Fund (the “Fund”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as a closed-end management investment company operating as a diversified interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021 (the “Declaration of Trust”). Cliffwater LLC serves as the investment adviser (the “Investment Manager”) of the Fund. The Investment Manager is an investment adviser registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended. The Fund intends to continue to qualify and has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”). The Fund commenced operations on March 6, 2019.
The SEC has granted the Fund exemptive relief permitting the Fund to offer multiple classes of shares. The Fund’s Registration Statement currently offers Class I Shares. Only Class I shares have been issued as of September 30, 2023.
The Fund’s primary investment objective is to seek consistent current income, while the Fund’s secondary objective is capital preservation. Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least 80% of its assets (net assets, plus any borrowings for investment purposes) in loans to companies (“corporate loans”). The Fund’s corporate loan investments are made through a combination of: (i) investing in loans to companies that are originated directly by a non-bank lender (for example, traditional direct lenders include asset management firms (on behalf of their investors), insurance companies, business development companies and specialty finance companies) (“direct loans”); (ii) investing in notes or other pass-through obligations representing the right to receive the principal and interest payments on a direct loan (or fractional portions thereof); (iii) purchasing asset-backed securities representing ownership or participation in a pool of direct loans; (iv) investing in companies and/or private investment funds (private funds that are excluded from the definition of “investment company” pursuant to Sections 3(c)(1) or 3(c)(7) of the Investment Company Act) that primarily hold direct loans (the foregoing investments listed in clauses (i) through (iv) are collectively referred to herein as the “Direct Loan Instruments”); (v) investments in high yield securities, including securities representing ownership or participation in a pool of such securities; (vi) investments in bank loans including securities representing ownership or participation in a pool of such loans; and (vii) SPVs and/or joint ventures that primarily hold loans or credit-like securities. The Fund may focus its investment strategy on, and its portfolio of investments may be focused in, a subset of one or more of these types of investments. The Fund’s investments in hedge funds and private equity funds that are excluded from the definition of “investment company” pursuant to Sections 3(c)(1) and 3(c)(7) of the Investment Company Act will be limited to no more than 15% of the Fund’s assets. The Fund may make non-U.S. investments, some of which may be denominated in currencies other than the U.S. dollar. In most cases, the currency fluctuations of investments will be hedged through the use of currency derivatives or other instruments. Most direct loans are not rated by any rating agency, will not be registered with the SEC or any state securities commission and will not be listed on any national securities exchange. The amount of public information available with respect to issuers of direct loans may generally be less extensive than that available for issuers of registered or exchange listed securities.
Consolidation of Subsidiaries
On February 3, 2020, CCLF SPV LLC (“CCLF SPV”) was formed as a limited liability company, and it is a wholly owned subsidiary of the Fund. The Consolidated Schedule of Investments, Statement of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statement of Cash Flows and Financial Highlights of the Fund includes the accounts of CCLF SPV. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of September 30, 2023, net assets of the CCLF SPV were $3,889,158,030, or approximately 28.01% of the Fund’s total net assets.
On April 15, 2021, MCCW Holdings, LLC (“CCLF MCCW”) was formed as a limited liability company, and it is a wholly owned subsidiary of CCLF SPV. The Consolidated Schedule of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statements of Cash Flows and Financial Highlights of the Fund includes the accounts of CCLF MCCW. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of September 30, 2023, net assets of the CCLF MCCW were $308,958,050, or approximately 2.22% of the Fund’s total net assets and are included in the net assets of CCLF SVP.
On May 25, 2021, CCLF Holdings LLC (“CCLF HOLD”) was formed as a limited liability company, and it is a wholly owned subsidiary of the Fund. The Consolidated Schedule of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statements of Cash Flows and Financial Highlights of the Fund includes the accounts of CCLF HOLD. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of September 30, 2023, net assets of the CCLF HOLD were $21,835,651, or approximately 0.16% of the Fund’s total net assets.
66
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
1. Organization (continued)
On July 26, 2021, CCLF Holdings (D1) LLC (“CCLF HOLD (D1)”) was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The Consolidated Schedule of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statements of Cash Flows and Financial Highlights of the Fund includes the accounts of CCLF HOLD (D1). All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of September 30, 2023, net assets of the CCLF HOLD (D1) were $14,864,222, or approximately 0.11% of the Fund’s total net assets.
On July 26, 2021, CCLF Holdings (D2) LLC (“CCLF HOLD (D2)”) was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The Consolidated Schedule of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statements of Cash Flows and Financial Highlights of the Fund includes the accounts of CCLF HOLD (D2). All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of September 30, 2023, net assets of the CCLF HOLD (D2) were $552,469,731, or approximately 3.98% of the Fund’s total net assets.
On March 16, 2022, CCLF Holdings (D3) LLC (“CCLF HOLD (D3)”) was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The Consolidated Schedule of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statements of Cash Flows and Financial Highlights of the Fund includes the accounts of CCLF HOLD (D3). All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of September 30, 2023, net assets of the CCLF HOLD (D3) were $12,505,211, or approximately 0.09% of the Fund’s total net assets.
On June 14, 2022, KCLF Holdings LLC (“KCLF Holdings”) was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The Consolidated Schedule of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statements of Cash Flows and Financial Highlights of the Fund includes the accounts of KCLF Holdings. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of September 30, 2023, net assets of the KCLF Holdings were $414,758,719, or approximately 2.99% of the Fund’s total net assets.
On July 25, 2022, 1585 Koala Holdings, LLC (“Koala Holdings”) was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The Consolidated Schedule of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statements of Cash Flows and Financial Highlights of the Fund includes the accounts of Koala Holdings. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of September 30, 2023, net assets of the Koala Holdings were $62,925,453, or approximately 0.45% of the Fund’s total net assets.
On February 1, 2023, CW Point LLC (“CW Point”) was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The Consolidated Schedule of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statements of Cash Flows and Financial Highlights of the Fund includes the accounts of CW Point. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of September 30, 2023, net assets of the CW Point were $72,639,587, or approximately 0.52% of the Fund’s total net assets.
On February 8, 2023, CCLF Holdings (D6) LLC (“CCLF HOLD (D6)”) was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The Consolidated Schedule of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statements of Cash Flows and Financial Highlights of the Fund includes the accounts of CCLF HOLD (D6). All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of September 30, 2023, net assets of the CCLF HOLD (D6) were $0, or approximately 0.00% of the Fund’s total net assets.
On March 31, 2023, CCLF Holdings (D11) LLC (“CCLF HOLD (D11)”) was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The Consolidated Schedule of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statements of Cash Flows and Financial Highlights of the Fund includes the accounts of CCLF HOLD (D11). All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of September 30, 2023, net assets of the CCLF HOLD (D11) were $15,064,499, or approximately 0.11% of the Fund’s total net assets.
67
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
1. Organization (continued)
On May 8, 2023, Fivemile River Funding LLC (“Fivemile River Funding”) was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The Consolidated Schedule of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statements of Cash Flows and Financial Highlights of the Fund includes the accounts of Fivemile River Funding. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of September 30, 2023, net assets of the Fivemile River Funding were $8,586,026, or approximately 0.06% of the Fund’s total net assets.
On July 7, 2023, CCLF Holdings (D7) LLC (“CCLF HOLD (D7)”) was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The Consolidated Schedule of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statements of Cash Flows and Financial Highlights of the Fund includes the accounts of CCLF HOLD (D7). All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of September 30, 2023, net assets of the CCLF HOLD (D7) were $149,195,089, or approximately 1.07% of the Fund’s total net assets.
On May 12, 2023, Madison Avenue SPV LLC (“Madison Avenue SPV”) was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The Consolidated Schedule of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statements of Cash Flows and Financial Highlights of the Fund includes the accounts of Madison Avenue SPV. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of September 30, 2023, net assets of Madison Avenue SPV were $9,133,784, or approximately 0.07% of the Fund’s total net assets.
On July 13, 2023, Madison Avenue CLO SPV LLC (“Madison Avenue CLO”) was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The Consolidated Schedule of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statements of Cash Flows and Financial Highlights of the Fund includes the accounts of Madison Avenue CLO. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of September 30, 2023, net assets of Madison Avenue CLO were $6,393,648, or approximately 0.05% of the Fund’s total net assets.
2. Significant Accounting Policies
Basis of Preparation and Use of Estimates
The Fund is an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.
Investment Transactions and Related Investment Income
Investment transactions are accounted for on a trade-date basis. However, for daily net asset value (“NAV”) determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium, accretion of discount and loan origination fees using the effective interest method over the respective term of the loan. Upon the prepayment of a loan or security, any unamortized loan origination fees, original issue discount and market discount are recorded as interest income. The Fund records prepayment premiums as interest income when it receives such amounts. Equalization interest on private investment vehicles are interest payments made to existing shareholders of closed-end vehicles when investing in a later close and are expensed as incurred.
Interest income from investments in the “equity” class of collateralized loan obligation (“CLO”) funds will be recorded based upon an estimate of an effective yield to expected maturity utilizing assumed cash flows in accordance with FASB ASC 325-40, Beneficial Interests in Securitized Financial Assets. Effective yields for the CLO equity positions are updated generally once a quarter or on a transaction such as an add-on purchase, refinancing or reset. The estimated yield and investment cost may ultimately not be realized.
68
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
2. Significant Accounting Policies (continued)
Realized gains and losses on investment transactions are determined using cost calculated on a specific identification basis. Paydown gains and losses are recorded as an adjustment to interest income in the consolidated Statements of Operations. Some or all of the interest payments of a loan or preferred equity may be structured in the form of PIK, which accrues to cost and principal on a current basis but is generally not paid in cash until maturity or some other determined payment date. Interest payments structured in the form of PIK are subject to the risk that a borrower could default when actual cash interest or principal payments are due. Dividends are recorded on the ex-dividend date. Distributions from private investments that represent returns of capital in excess of cumulative profits and losses are credited to investment cost rather than investment income.
Federal Income Taxes
The Fund intends to continue to qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended. As so qualified, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. Management of the Fund is required to determine whether a tax position taken by the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. Based on its analysis, there were no tax positions identified by management of the Fund that did not meet the “more likely than not” standard as of September 30, 2023.
The Fund’s policy is to classify interest and penalties associated with underpayment of federal and state income taxes as an income tax expense on the Consolidated Statements of Operations. For the six months ended September 30, 2023, the Fund did not have interest or penalties associated with underpayment of income taxes.
CCLF SPV, CCLF MCCW, CCLF HOLD (D1), CCLF HOLD (D2), KCLF Holdings, Koala Holdings, CW Point, CCLF HOLD (D6), CCLF HOLD (D11), Fivemile River Funding, CCLF HOLD (D7), Madison Avenue SPV, and Madison Avenue CLO are disregarded entities for income tax purposes. CCLF HOLD and CCLF HOLD (D3) are limited liability companies that have elected to be taxed as corporations and are therefore obligated to pay federal and state income tax on its taxable income. Currently, the federal income tax rate for a corporation is 21%. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized.
Distributions to Shareholders
Distributions are paid at least quarterly on the Shares in amounts representing substantially all of the Fund’s net investment income, if any, earned each year. The Fund determines annually whether to distribute any net realized long-term capital gains in excess of net realized short-term capital losses (including capital loss carryover); however, it may distribute any excess annually to its shareholders.
The exact amount of distributable income for each fiscal year can only be determined at the end of the Fund’s fiscal year, March 31. Under Section 19 of the Investment Company Act, the Fund is required to indicate the sources of certain distributions to shareholders. The estimated distribution composition may vary from quarter to quarter because it may be materially impacted by future income, expenses and realized gains and losses on securities and fluctuations in the value of the currencies in which Fund assets are denominated.
Foreign Currency Translation
The Fund’s records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted at the close of the London Stock Exchange prior to when the Fund’s NAV is next determined. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.
The Fund does not isolate that portion of their net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments and foreign currency.
69
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
2. Significant Accounting Policies (continued)
Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.
Forward Foreign Currency Exchange Contracts
The Fund may utilize forward foreign currency exchange contracts (“forward contracts”) under which they are obligated to exchange currencies on specified future dates at specified rates, and are subject to the translations of foreign exchange rates fluctuations. All contracts are “marked-to-market” daily and any resulting unrealized gains or losses are recorded as unrealized appreciation or depreciation on foreign currency translations. The Fund records realized gains or losses at the time the forward contract is settled. Counter-parties to these forward contracts are major U.S. financial institutions. As of September 30, 2023, the Fund had twenty-six outstanding forward currency contracts sold short.
Interest Rate Swap Contracts
The Fund may engage in various swap transactions, including interest rate agreements, primarily to manage risk, or as alternatives to direct investments. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Fund may elect to pay a fixed rate and receive a floating rate or receive a fixed rate and pay a floating rate on a notional principal amount. The net interest received or paid on interest rate swap agreements is accrued daily as interest income/expense. Interest rate swaps are marked-to-market daily using fair value estimates provided by an independent pricing service. Pursuant to ASC Topic 815, Derivatives and Hedging, the Fund uses interest rate swaps to hedge its fixed rate debt. The Fund designated the interest rate swaps as the hedging instruments in effective hedge accounting relationships, and therefore the periodic payments are recognized as interest on swap contracts in the consolidated statement of operations. Depending on the nature of the balance at period end, the fair value of the interest rate swaps are either included as a derivative asset or derivative liability on the Fund’s consolidated statement of assets and liabilities. The change in fair value of the interest rate swaps is offset by a change in the carrying value of the fixed rate debt. Any amounts paid to the counterparties to cover collateral obligations under the terms of the interest rate swap agreements are included in cash deposited with brokers on the Fund’s consolidated statements of assets and liabilities. The risk of loss under a swap contract may exceed the amount recorded as an asset or a liability. As of September 30, 2023, the Fund had sixteen outstanding interest rate swap contracts.
Collateralized Loan Obligations and Collateralized Debt Obligations
The Fund may invest in Collateralized Loan Obligations (“CLOs”) and Collateralized Debt Obligations (“CDOs”). CLOs and CDOs are created by the grouping of certain private loans and other lender assets/collateral into pools. A sponsoring organization establishes a special purpose vehicle to hold the assets/collateral and issue securities. Interests in these pools are sold as individual securities. Payments of principal and interest are passed through to investors and are typically supported by some form of credit enhancement, such as a letter of credit, surety bond, limited guaranty or senior/subordination. Payments from the asset pools may be divided into several different tranches of debt securities, offering investors various maturity and credit risk characteristics. Some tranches entitled to receive regular installments of principal and interest, other tranches entitled to receive regular installments of interest, with principal payable at maturity or upon specified call dates, and other tranches only entitled to receive payments of principal and accrued interest at maturity or upon specified call dates. Different tranches of securities will bear different interest rates, which may be fixed or floating.
CLOs and CDOs are typically privately offered and sold, and thus, are not registered under the securities laws, which means less information about the security may be available as compared to publicly offered securities and only certain institutions may buy and sell them. As a result, investments in CLOs and CDOs may be characterized by the Fund as illiquid securities. An active dealer market may exist for CLOs and CDOs that can be resold in Rule 144A transactions, but there can be no assurance that such a market will exist or will be active enough for the Fund to sell such securities.
Participations and Assignments
The Fund may acquire interests in loans either directly (by way of original issuance, sale or assignment) or indirectly (by way of participation). The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, its rights
70
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
2. Significant Accounting Policies (continued)
can be more restricted than those of the assigning institution. Participation interests in a portion of a debt obligation typically result in a contractual relationship only with the institution participating in the interest, not with the borrower. In purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of set-off against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation.
Commitments and Contingencies
Commercial loans purchased by the Fund (whether through participations or as a lender of record) may be structured to include both term loans, which are generally fully funded at the time of investment, and unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities and delayed draw term loans, which may obligate the Fund to supply additional cash to the borrower on demand, representing a potential financial obligation by the Fund in the future. The Fund may receive a commitment fee based on the undrawn portion of such unfunded loan commitments. The commitment fee is typically set as a percentage of the commitment amount. Commitment fees are processed as income when received and are part of the interest income in the Statement of Operations. As of September 30, 2023, the Fund received $1,624,608 in commitment fees. As of September 30, 2023, the Fund had the following unfunded loan commitments as noted in the Consolidated Schedule of Investments with a total principal amount of $1,826,328,433.
|
Borrower |
Type |
Principal |
|||
|
123Dentist, Inc. |
Delayed Draw |
$ |
6,033,937 |
||
|
123Dentist, Inc. |
Delayed Draw |
|
3,010,417 |
||
|
1364720 B.C. LTD |
Delayed Draw |
|
5,000,000 |
||
|
1364720 B.C. LTD |
Revolver |
|
2,000,000 |
||
|
A1 Garage Equity, LLC |
Delayed Draw |
|
1,069,849 |
||
|
A1 Garage Equity, LLC |
Revolver |
|
1,515,152 |
||
|
AAH Topco, LLC |
Delayed Draw |
|
758,996 |
||
|
AAH Topco, LLC |
Revolver |
|
423,729 |
||
|
AB Centers Acquisition Corporation |
Delayed Draw |
|
4,615,588 |
||
|
AB Centers Acquisition Corporation |
Revolver |
|
1,065,136 |
||
|
Abracon Group Holdings, LLC |
Delayed Draw |
|
2,857,068 |
||
|
Acclaim Midco, LLC |
Delayed Draw |
|
3,589,744 |
||
|
Acclaim Midco, LLC |
Revolver |
|
1,435,897 |
||
|
Accuserve Solutions, Inc. |
Delayed Draw |
|
6,034,482 |
||
|
ACI Group Holdings, Inc. |
Delayed Draw |
|
5,474,381 |
||
|
Acquia, Inc. |
Revolver |
|
152,892 |
||
|
Adenza Group, Inc. |
Revolver |
|
731,098 |
||
|
ADMA Bilogics, Inc. |
Delayed Draw |
|
3,571,429 |
||
|
AEC Parent Holdings, Inc. |
Delayed Draw |
|
1,123,541 |
||
|
Affinipay Midco, LLC |
Delayed Draw |
|
4,640,884 |
||
|
Affinipay Midco, LLC |
Revolver |
|
2,209,945 |
||
|
Affinity Hospice Intermediate Holdings, LLC |
Delayed Draw |
|
2,724,335 |
||
|
AG-Twin Brook Healthcare |
Delayed Draw |
|
46,000,000 |
||
|
AG-Twin Brook Healthcare |
Delayed Draw |
|
9,930,556 |
||
|
AG-Twin Brook Healthcare |
First Lien Term Loan |
|
1,925,714 |
||
|
Air Comm Corporation, LLC |
Delayed Draw |
|
2,027,259 |
||
|
Air Comm Corporation, LLC |
Revolver |
|
1,811,692 |
||
|
Alcami Corporation |
Delayed Draw |
|
1,908,023 |
||
|
Alcami Corporation |
Revolver |
|
3,052,838 |
||
71
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
2. Significant Accounting Policies (continued)
|
Borrower |
Type |
Principal |
|||
|
Alera Group Holdings, Inc. |
Delayed Draw |
$ |
1,012,500 |
||
|
Align Enta Intermediate, Inc. |
Delayed Draw |
|
4,265,116 |
||
|
Align Enta Intermediate, Inc. |
Revolver |
|
639,767 |
||
|
Alpine Acquisition Corp. |
Revolver |
|
285,521 |
||
|
Alpine Intel Intermediate 2, LLC |
Delayed Draw |
|
6,250,000 |
||
|
Amba Buyer, Inc. |
Delayed Draw |
|
14,257,915 |
||
|
Amerilife Holdings LLC |
Delayed Draw |
|
1,636,364 |
||
|
Amerilife Holdings LLC |
Revolver |
|
4,318,182 |
||
|
Amerilife Holdings LLC |
Delayed Draw |
|
1,818,182 |
||
|
Any Hour, LLC |
Delayed Draw |
|
480,000 |
||
|
Any Hour, LLC |
Revolver |
|
2,000,000 |
||
|
Apex Service Partners, LLC |
Revolver |
|
750,000 |
||
|
Appfire Technologies, LLC |
Delayed Draw |
|
6,770,688 |
||
|
Appfire Technologies, LLC |
Revolver |
|
980,000 |
||
|
Applied Technical Services LLC |
Delayed Draw |
|
681,818 |
||
|
Applied Technical Services LLC |
Revolver |
|
545,455 |
||
|
Apryse Software Corp. |
Delayed Draw |
|
1,625,000 |
||
|
AQ Sunshine, Inc. |
Revolver |
|
27,083 |
||
|
Arcstor Midco, LLC |
First Lien Term Loan |
|
198,536 |
||
|
Arcstor Midco, LLC |
First Lien Term Loan |
|
1,534 |
||
|
Arcstor Midco, LLC |
First Lien Term Loan |
|
122,368 |
||
|
Ardonagh Midco 3 PLC |
First Lien Term Loan |
|
11,541,980 |
||
|
Ardurra Group LLC |
Delayed Draw |
|
3,884,698 |
||
|
Ardurra Group LLC |
Revolver |
|
1,810,345 |
||
|
Armada Parent, Inc. |
Delayed Draw |
|
1,000,000 |
||
|
Armada Parent, Inc. |
Revolver |
|
2,383,333 |
||
|
ASG II, LLC |
Delayed Draw |
|
2,341,217 |
||
|
Aspen Opco, LLC |
Revolver |
|
2,840,909 |
||
|
Associations, Inc. |
Delayed Draw |
|
5,566,667 |
||
|
Associations, Inc. |
Delayed Draw |
|
3,340,000 |
||
|
ATI Restoration, LLC |
Delayed Draw |
|
8,045,582 |
||
|
ATI Restoration, LLC |
Revolver |
|
544,185 |
||
|
Auveco Holdings, Inc. |
Delayed Draw |
|
1,973,684 |
||
|
Auveco Holdings, Inc. |
Revolver |
|
1,184,211 |
||
|
Avalara, Inc. |
Revolver |
|
3,363,637 |
||
|
AWP Group Holdings, Inc. |
Delayed Draw |
|
13,104,959 |
||
|
AWP Group Holdings, Inc. |
Revolver |
|
3,117,579 |
||
|
AWT Merger Sub, Inc. |
Revolver |
|
928,571 |
||
|
Bamboo US BidCo LLC |
Delayed Draw |
|
2,250,775 |
||
|
Bamboo US BidCo LLC |
Revolver |
|
943,890 |
||
|
Bausch Receivables Funding LP |
Revolver |
|
17,500,000 |
||
|
Beacon Mobility Corp. |
Revolver |
|
1,000,000 |
||
|
Belmont Buyer, Inc. |
Delayed Draw |
|
1,517,442 |
||
|
Belmont Buyer, Inc. |
Revolver |
|
1,264,535 |
||
|
Bendon |
Revolver |
|
1,800,000 |
||
|
Benefit Street Technology |
Revolver |
|
2,000,000 |
||
72
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
2. Significant Accounting Policies (continued)
|
Borrower |
Type |
Principal |
|||
|
Berlin Packaging LLC |
Second Lien Term Loan |
$ |
1,797,986 |
||
|
Beta Plus Technologies, Inc. |
Revolver |
|
4,669,900 |
||
|
BetterCloud, Inc. |
Revolver |
|
6,313,721 |
||
|
BetterCloud, Inc. |
First Lien Term Loan |
|
267,624 |
||
|
BetterCloud, Inc. |
First Lien Term Loan |
|
404,850 |
||
|
Bigtime Software, Inc. |
Delayed Draw |
|
4,680,000 |
||
|
Bigtime Software, Inc. |
Revolver |
|
2,327,586 |
||
|
Biocare Medical LLC |
Revolver |
|
2,629,630 |
||
|
Blueco 22 Limited |
Delayed Draw |
|
457,303 |
||
|
Bluefin Holding, LLC |
Revolver |
|
3,365,385 |
||
|
BlueHalo Global Holdings, LLC |
Revolver |
|
911,597 |
||
|
Bluesight, Inc. |
Revolver |
|
1,200,000 |
||
|
Bounteous, Inc. |
Delayed Draw |
|
8,600,000 |
||
|
Bounteous, Inc. |
Revolver |
|
408,000 |
||
|
Bullhorn, Inc. |
Revolver |
|
320,464 |
||
|
BusinesSolver.com, Inc. |
Delayed Draw |
|
4,003,463 |
||
|
Cadence Engines Systems Acquisition, Inc. |
Revolver |
|
220,833 |
||
|
Carevet LLC |
Delayed Draw |
|
2,303,007 |
||
|
Carevet LLC |
First Lien Term Loan |
|
3,468 |
||
|
Carevet LLC |
First Lien Term Loan |
|
4,624 |
||
|
Carevet LLC |
First Lien Term Loan |
|
2,929 |
||
|
Carevet LLC |
First Lien Term Loan |
|
8,788 |
||
|
CC SAG Acquisition Corp. |
Delayed Draw |
|
751,748 |
||
|
CC SAG Acquisition Corp. |
Revolver |
|
699,301 |
||
|
CC WDW Borrower, Inc. |
Delayed Draw |
|
1,631,196 |
||
|
Cerity Partners, LLC |
Delayed Draw |
|
13,125,000 |
||
|
Cerity Partners, LLC |
Revolver |
|
443,193 |
||
|
CFGI Holdings, LLC |
Revolver |
|
1,751,825 |
||
|
Chase Intermediate, LLC |
Delayed Draw |
|
45,000,000 |
||
|
Chase Intermediate, LLC |
Revolver |
|
1,500,000 |
||
|
Cherry Bekaert Advisory LLC |
Revolver |
|
617,089 |
||
|
Citrin Cooperman Advisors, LLC |
Delayed Draw |
|
10,998,256 |
||
|
City Line Distributors LLC |
Delayed Draw |
|
346,107 |
||
|
City Line Distributors LLC |
Revolver |
|
850 |
||
|
Cleo Communications Holding, LLC |
Revolver |
|
2,140,000 |
||
|
CNSI Holdings LLC |
Revolver |
|
1,735,776 |
||
|
Cobham Holdings, Inc. |
Revolver |
|
2,343,750 |
||
|
Community Medical Acquisition Corp. |
Delayed Draw |
|
3,832,795 |
||
|
Community Medical Acquisition Corp. |
Revolver |
|
957,830 |
||
|
Connect America.com, LLC |
Revolver |
|
2,241 |
||
|
Consolidated Label Co. |
Revolver |
|
1,917,802 |
||
|
CORA Health Holdings Corp. |
Revolver |
|
307,692 |
||
|
Coretrust Purchasing Group LLC |
Delayed Draw |
|
4,511,278 |
||
|
Coretrust Purchasing Group LLC |
Revolver |
|
4,511,278 |
||
|
Coupa Holdings, LLC |
Delayed Draw |
|
2,167,258 |
||
73
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
2. Significant Accounting Policies (continued)
|
Borrower |
Type |
Principal |
|||
|
Coupa Holdings, LLC |
Revolver |
$ |
1,659,449 |
||
|
Covaris Intermediate 3, LLC |
Delayed Draw |
|
5,092,105 |
||
|
Covaris Intermediate 3, LLC |
Revolver |
|
1,184,211 |
||
|
CPC/Cirtec Holdings, Inc. |
Revolver |
|
620,155 |
||
|
CPF Dental, LLC |
Delayed Draw |
|
1,742,701 |
||
|
Credit Connection, LLC |
Revolver |
|
600,000 |
||
|
CRS TH Holdings Corp |
Revolver |
|
4,237,288 |
||
|
Cyara AcquisitionCo, LLC |
Revolver |
|
1,590,637 |
||
|
DataLink, LLC |
Revolver |
|
846,774 |
||
|
Deca Dental Holdings, LLC |
Revolver |
|
648,148 |
||
|
Denali Bidco, Ltd. |
Delayed Draw |
|
1,855,288 |
||
|
Denali Midco 2 LLC |
Delayed Draw |
|
2,300,000 |
||
|
Dermatopathology Laboratory Of Central States, LLC |
Delayed Draw |
|
2,822,580 |
||
|
Dermatopathology Laboratory Of Central States, LLC |
Revolver |
|
1,612,903 |
||
|
Disco Parent, LLC |
Revolver |
|
331,390 |
||
|
DMC Holdco, LLC |
Delayed Draw |
|
3,917,586 |
||
|
DMC Holdco, LLC |
Revolver |
|
2,448,281 |
||
|
DTI Holdco, Inc. |
Revolver |
|
359,845 |
||
|
Dwyer Instruments, Inc. |
Delayed Draw |
|
1,912,917 |
||
|
Dwyer Instruments, Inc. |
Revolver |
|
2,139,910 |
||
|
Easy Ice, LLC |
Delayed Draw |
|
2,246,332 |
||
|
EC Group Holdings, LLC |
Delayed Draw |
|
1,756,329 |
||
|
EC Group Holdings, LLC |
Revolver |
|
1,240,378 |
||
|
EdgeCo Buyer, Inc. |
Delayed Draw |
|
8,100,000 |
||
|
EDPO, LLC |
Delayed Draw |
|
713,333 |
||
|
Emmes Blocker, Inc. |
Delayed Draw |
|
1,419,512 |
||
|
Emmes Blocker, Inc. |
Delayed Draw |
|
4,456,035 |
||
|
ENT MSO LLC |
Delayed Draw |
|
2,322,222 |
||
|
EP Wealth Advisors, LLC |
Delayed Draw |
|
8,640,000 |
||
|
ERC Holdings, LLC |
Revolver |
|
4,846,826 |
||
|
ESG Investments, Inc. |
Delayed Draw |
|
3,750,000 |
||
|
ESG Investments, Inc. |
Revolver |
|
2,142,857 |
||
|
Excel Fitness Holdings, Inc. |
Delayed Draw |
|
10,657,529 |
||
|
Explorer Investor, Inc. |
Delayed Draw |
|
4,181,651 |
||
|
Finastra USA, Inc. |
Revolver |
|
10,131,504 |
||
|
Fingerpaint Marketing, Inc. |
Revolver |
|
336,022 |
||
|
Fingerpaint Marketing, Inc. |
Revolver |
|
100,806 |
||
|
Flint OpCo, LLC |
Delayed Draw |
|
3,490,348 |
||
|
Flint OpCo, LLC |
Revolver |
|
1,027,252 |
||
|
Flow Control Solutions, Inc. |
Revolver |
|
327,405 |
||
|
FLS Holding, Inc. |
Revolver |
|
2,000,000 |
||
|
Fortis Life Sciences, LLC |
Delayed Draw |
|
6,886,201 |
||
|
Fortis Life Sciences, LLC |
Revolver |
|
547,826 |
||
|
Fortis Solutions Group, LLC |
Delayed Draw |
|
9,360,000 |
||
|
Fortis Solutions Group, LLC |
Revolver |
|
2,787,568 |
||
74
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
2. Significant Accounting Policies (continued)
|
Borrower |
Type |
Principal |
|||
|
Fortis Solutions Group, LLC |
Delayed Draw |
$ |
9,360,000 |
||
|
Foundation Risk Partners, Corp. |
Revolver |
|
1,308,430 |
||
|
FQSR, LLC |
Delayed Draw |
|
3,875,488 |
||
|
FSS Buyer LLC |
Revolver |
|
1,610,390 |
||
|
Gainsight, Inc. |
Revolver |
|
1,350,000 |
||
|
Galway Borrower LLC |
Delayed Draw |
|
17,496,000 |
||
|
Galway Borrower LLC |
Revolver |
|
2,682,488 |
||
|
Gateway US Holdings, Inc. |
Delayed Draw |
|
752,237 |
||
|
Gateway US Holdings, Inc. |
Delayed Draw |
|
179,996 |
||
|
Gateway US Holdings, Inc. |
Revolver |
|
854,815 |
||
|
GMES Intermediate Holdings, LLC |
Delayed Draw |
|
3,431,611 |
||
|
GMES Intermediate Holdings, LLC |
Revolver |
|
4,102,564 |
||
|
GovBrands Intermediate, Inc. |
Delayed Draw |
|
905,972 |
||
|
GovBrands Intermediate, Inc. |
Revolver |
|
601,144 |
||
|
Govdelivery Holdings, LLC |
Revolver |
|
198,469 |
||
|
Govdelivery Holdings, LLC |
First Lien Term Loan |
|
44,841 |
||
|
Graffiti Buyer, Inc. |
Delayed Draw |
|
1,561,317 |
||
|
Graffiti Buyer, Inc. |
Revolver |
|
1,316,879 |
||
|
Groundworks, LLC |
Delayed Draw |
|
1,851,309 |
||
|
Groundworks, LLC |
Revolver |
|
837,696 |
||
|
GS Acquisitionco, Inc. |
Revolver |
|
690,589 |
||
|
GS Acquisitionco, Inc. |
Revolver |
|
437,327 |
||
|
GS Seer Group Borrower LLC |
Delayed Draw |
|
2,752,294 |
||
|
GS Seer Group Borrower LLC |
Revolver |
|
733,945 |
||
|
GSV Holding, LLC |
Delayed Draw |
|
16,535,262 |
||
|
GTCR F Buyer Corp. |
Delayed Draw |
|
486,533 |
||
|
GTCR F Buyer Corp. |
Revolver |
|
1,000 |
||
|
Helium Acquirer Corporation |
Delayed Draw |
|
16,220,425 |
||
|
Helium Acquirer Corporation |
Revolver |
|
1,073,820 |
||
|
HemaSource, Inc. |
Revolver |
|
5,000,000 |
||
|
Heniff Holdco, LLC |
Revolver |
|
1,542,090 |
||
|
Higginbotham Insurance Agency, Inc. |
Delayed Draw |
|
48,800,000 |
||
|
Home Service Topco IV, Inc. |
Delayed Draw |
|
4,757,325 |
||
|
Home Service Topco IV, Inc. |
Revolver |
|
1,066,677 |
||
|
HPS Business Services |
Delayed Draw |
|
357,715 |
||
|
HPS Financials |
Delayed Draw |
|
84,375 |
||
|
HPS Financials |
Delayed Draw |
|
122,935 |
||
|
HPS Health Care |
Delayed Draw |
|
598,039 |
||
|
HPS Health Care |
Delayed Draw |
|
4,239 |
||
|
HPS Industrials |
Delayed Draw |
|
795,333 |
||
|
HPS Specialty Loan Fund V Feeder, L.P. |
First Lien Term Loan |
|
55,929,459 |
||
|
HPS Technology |
Revolver |
|
250,000 |
||
|
HPS Technology |
Delayed Draw |
|
4,878,172 |
||
|
HS Spa Holdings, Inc. |
Revolver |
|
266,661 |
||
75
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
2. Significant Accounting Policies (continued)
|
Borrower |
Type |
Principal |
|||
|
Hyland Software, Inc. |
Revolver |
$ |
2,745,701 |
||
|
iCIMS, Inc. |
Delayed Draw |
|
1,211,383 |
||
|
iCIMS, Inc. |
Revolver |
|
1,994,743 |
||
|
Iconic Purchaser Corporation |
Revolver |
|
925,128 |
||
|
IG Investment Holdings, LLC |
Revolver |
|
614,162 |
||
|
Imagefirst Holdings, LLC |
Delayed Draw |
|
214,286 |
||
|
Imagine Acquisitionco, Inc. |
Delayed Draw |
|
1,607,717 |
||
|
Imagine Acquisitionco, Inc. |
Revolver |
|
1,157,556 |
||
|
Indigo Buyer, Inc. |
Revolver |
|
1,666,667 |
||
|
Individual FoodService |
Revolver |
|
1,234,152 |
||
|
Innovetive Petcare, LLC |
Delayed Draw |
|
425,303 |
||
|
Integrated Oncology Network, LLC |
Revolver |
|
8,396 |
||
|
Integrated Oncology Network, LLC |
Delayed Draw |
|
1,114,395 |
||
|
Integrated Oncology Network, LLC |
Revolver |
|
13,470 |
||
|
Integrated Power Services |
Revolver |
|
2,730,835 |
||
|
Integrity Marketing Acquisition, LLC |
Delayed Draw |
|
103,135,316 |
||
|
Integrity Marketing Acquisition, LLC |
Revolver |
|
10,367,536 |
||
|
Integrity Marketing Acquisition, LLC |
Delayed Draw |
|
782,000 |
||
|
Integrity Marketing Acquisition, LLC |
Delayed Draw |
|
10,350,000 |
||
|
Invicti Intermediate 2, LLC |
Revolver |
|
1,090,909 |
||
|
IQN Holding Corp. |
Delayed Draw |
|
2,020,107 |
||
|
IQN Holding Corp. |
Revolver |
|
1,540,107 |
||
|
IvyRehab Intermediate II, LLC |
Revolver |
|
3,837,719 |
||
|
J S Held, LLC |
Delayed Draw |
|
2,934,851 |
||
|
JTM Foods, LLC |
Delayed Draw |
|
115,560 |
||
|
Kaseya, Inc. |
Delayed Draw |
|
3,849,344 |
||
|
Kaseya, Inc. |
Revolver |
|
3,070,511 |
||
|
KBP Investments LLC |
Delayed Draw |
|
3,444,691 |
||
|
KENG Acquisition, Inc. |
Delayed Draw |
|
7,584,677 |
||
|
KENG Acquisition, Inc. |
Revolver |
|
2,903,226 |
||
|
Kensington Private Equity Fund |
Delayed Draw |
|
6,800,000 |
||
|
Keystone Agency Investors |
Delayed Draw |
|
2,177,385 |
||
|
Kings Buyer, LLC |
Revolver |
|
201,719 |
||
|
Komline-Sanderson Group, Inc. |
Delayed Draw |
|
4,687,500 |
||
|
Komline-Sanderson Group, Inc. |
Revolver |
|
1,562,500 |
||
|
KPSKY Acquisition, Inc. |
Delayed Draw |
|
1,443,750 |
||
|
Kriv Acquisition, Inc. |
Delayed Draw |
|
4,700,665 |
||
|
Kriv Acquisition, Inc. |
Revolver |
|
3,760,532 |
||
|
KWOR Acquisition, Inc. |
Delayed Draw |
|
11,133,545 |
||
|
KWOR Acquisition, Inc. |
Revolver |
|
316,356 |
||
|
LeadsOnline, LLC |
Revolver |
|
1,176,470 |
||
|
Liberty Purchaser, LLC |
Delayed Draw |
|
37,291 |
||
|
Liberty Purchaser, LLC |
Revolver |
|
133,183 |
||
|
Lido Advisors, LLC |
Delayed Draw |
|
11,166,667 |
||
76
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
2. Significant Accounting Policies (continued)
|
Borrower |
Type |
Principal |
|||
|
Life Science Intermediate Holdings, LLC |
Revolver |
$ |
656,657 |
||
|
Life Science Intermediate Holdings, LLC |
Delayed Draw |
|
1,899,266 |
||
|
Lightbeam Bidco, Inc. |
Delayed Draw |
|
1,168,451 |
||
|
Lightbeam Bidco, Inc. |
Revolver |
|
810,126 |
||
|
LJ Avalon Holdings, LLC |
Delayed Draw |
|
2,219,828 |
||
|
LJ Avalon Holdings, LLC |
Revolver |
|
1,034,483 |
||
|
LJ Perimeter Buyer, Inc. |
Delayed Draw |
|
2,433,798 |
||
|
LMG Holdings, Inc. |
Revolver |
|
285,714 |
||
|
Majco LLC |
Delayed Draw |
|
2,316,667 |
||
|
Majco LLC |
Revolver |
|
1,666,667 |
||
|
Management Consulting & Research, LLC |
Delayed Draw |
|
902,079 |
||
|
Management Consulting & Research, LLC |
Revolver |
|
1,254,480 |
||
|
ManTech International Corporation |
Delayed Draw |
|
8,616,244 |
||
|
ManTech International Corporation |
Revolver |
|
6,322,077 |
||
|
Margaritaville Enterprises LLC |
Delayed Draw |
|
1,103,375 |
||
|
Margaritaville Enterprises LLC |
Revolver |
|
312,500 |
||
|
MBS Holdings, Inc. |
Revolver |
|
1,067,797 |
||
|
Mc Group Ventures Corporation |
Delayed Draw |
|
1,524,038 |
||
|
MEI Buyer, LLC |
Delayed Draw |
|
2,079,379 |
||
|
MEI Buyer, LLC |
Revolver |
|
2,287,317 |
||
|
Mercury Bidco LLC |
Revolver |
|
2,040,816 |
||
|
MGT Merger Target, LLC |
Delayed Draw |
|
1,408,046 |
||
|
MGT Merger Target, LLC |
Revolver |
|
3,103,448 |
||
|
Mindbody, Inc. |
Revolver |
|
1,428,571 |
||
|
MN Acquisition, Inc. |
Revolver |
|
654,167 |
||
|
Modigent, LLC |
Delayed Draw |
|
2,479,288 |
||
|
Modigent, LLC |
Revolver |
|
103,687 |
||
|
Monarch Landscape Holdings, LLC |
Delayed Draw |
|
3,252,271 |
||
|
More Cowbell II LLC |
Delayed Draw |
|
7,836,737 |
||
|
More Cowbell II LLC |
Revolver |
|
8,096,064 |
||
|
Motion & Control Enterprises LLC |
Revolver |
|
1,410,566 |
||
|
MRI Software LLC |
Revolver |
|
6,494,333 |
||
|
National Dentex Labs LLC |
Delayed Draw |
|
22,549 |
||
|
National Dentex Labs LLC |
Delayed Draw |
|
4,010 |
||
|
National Dentex Labs LLC |
Revolver |
|
298,851 |
||
|
Netwrix Corporation And Concept Searching, Inc. |
Delayed Draw |
|
10,415,858 |
||
|
Netwrix Corporation And Concept Searching, Inc. |
Revolver |
|
2,152,500 |
||
|
New Era Merger Sub, Inc. |
Revolver |
|
376,426 |
||
|
New ILC Dover, Inc. |
Revolver |
|
607,218 |
||
|
NL1 Acquire Corp. |
Delayed Draw |
|
1,182,780 |
||
|
North Star Acquisitionco LLC |
Delayed Draw |
|
1,831,999 |
||
|
North Star Acquisitionco LLC |
Revolver |
|
2,198,398 |
||
|
Northstar Recycling, Inc. |
Revolver |
|
2,000,000 |
||
77
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
2. Significant Accounting Policies (continued)
|
Borrower |
Type |
Principal |
|||
|
Novotech (Australia) Pty Limited |
Delayed Draw |
$ |
3,125,000 |
||
|
Oakbridge Insurance Agency LLC |
Delayed Draw |
|
9,264,138 |
||
|
Oakbridge Insurance Agency LLC |
Revolver |
|
315,805 |
||
|
OB Hospitalist Group |
Revolver |
|
938,931 |
||
|
OIA Acquisition, LLC |
Delayed Draw |
|
459,000 |
||
|
OIA Acquisition, LLC |
Revolver |
|
1,928,571 |
||
|
OIS Management Services, LLC |
Delayed Draw |
|
3,016,923 |
||
|
OIS Management Services, LLC |
Revolver |
|
1,423,077 |
||
|
Oliver Packaging, LLC |
Revolver |
|
380,952 |
||
|
Olympic Buyer, Inc. |
Revolver |
|
1,960,784 |
||
|
Omni Intermediate Holdings, LLC |
Delayed Draw |
|
3,626,657 |
||
|
Omni Intermediate Holdings, LLC |
Revolver |
|
1,690,141 |
||
|
OneCare Media, LLC |
Revolver |
|
1,333,333 |
||
|
Ons Mso, LLC |
Revolver |
|
4,237,508 |
||
|
Oranje Holdco, Inc. |
Revolver |
|
1,629,556 |
||
|
Org USME Buyer, LLC |
Delayed Draw |
|
743,478 |
||
|
Org USME Buyer, LLC |
Revolver |
|
337,043 |
||
|
Orion Group FM Holdings, LLC |
Delayed Draw |
|
1,970,276 |
||
|
Orion Group FM Holdings, LLC |
Delayed Draw |
|
21,710,526 |
||
|
Orion Group FM Holdings, LLC |
Revolver |
|
3,878,947 |
||
|
Orion Group FM Holdings, LLC |
Revolver |
|
640 |
||
|
Pareto Health Intermediate Holdings, Inc. |
Revolver |
|
1,852,989 |
||
|
Pasadena Performance Holdco, LLC |
Delayed Draw |
|
50,000,000 |
||
|
Pathstone Family Office, LLC |
Delayed Draw |
|
4,747,599 |
||
|
Pathstone Family Office, LLC |
Revolver |
|
2,579,261 |
||
|
Patriot Growth Insurance Services, LLC |
Delayed Draw |
|
1,854,545 |
||
|
Patriot Growth Insurance Services, LLC |
Delayed Draw |
|
10,341,279 |
||
|
Patriot Growth Insurance Services, LLC |
Revolver |
|
2,660,377 |
||
|
Pavion Corp. |
Delayed Draw |
|
23,667 |
||
|
PC Dreamscape Opco, Inc. |
Delayed Draw |
|
3,289,474 |
||
|
PC Dreamscape Opco, Inc. |
Revolver |
|
1,315,789 |
||
|
PCS Software, Inc. |
Revolver |
|
363,714 |
||
|
PCX Holding Corp. |
Revolver |
|
437,500 |
||
|
PDQ |
Revolver |
|
1,764,706 |
||
|
Penn TRGRP Holdings LLC |
Delayed Draw |
|
2,529,467 |
||
|
Penn TRGRP Holdings LLC |
Revolver |
|
10,169,958 |
||
|
People Corporation |
Delayed Draw |
|
4,932,989 |
||
|
Peter C. Foy & Associates Insurance Services, LLC |
Delayed Draw |
|
1,500,000 |
||
|
Petrus Buyer, Inc. |
Delayed Draw |
|
5,494,505 |
||
|
Petrus Buyer, Inc. |
Revolver |
|
1,923,077 |
||
|
Phynet Dermatology LLC |
Delayed Draw |
|
3,099,283 |
||
|
Pinnacle Dermatology Management, LLC |
Delayed Draw |
|
1,221,649 |
||
|
Pinnacle Dermatology Management, LLC |
Revolver |
|
154,639 |
||
|
Pinnacle Treatment Centers, Inc. |
Revolver |
|
9,363 |
||
|
Pinnacle Treatment Centers, Inc. |
Revolver |
|
109,074 |
||
|
Pinstripe Holdings LLC |
Delayed Draw |
|
952,381 |
||
78
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
2. Significant Accounting Policies (continued)
|
Borrower |
Type |
Principal |
|||
|
Pinstripe Holdings LLC |
Revolver |
$ |
2,539,683 |
||
|
Planet US Buyer LLC |
Revolver |
|
814,815 |
||
|
Potter Electric Signal Company, LLC |
Delayed Draw |
|
1,588,734 |
||
|
Potter Electric Signal Company, LLC |
Revolver |
|
637,591 |
||
|
POY Holdings, LLC |
Delayed Draw |
|
989,658 |
||
|
POY Holdings, LLC |
Revolver |
|
2,406,511 |
||
|
PPV Intermediate Holdings LLC |
Revolver |
|
2,538,076 |
||
|
PPV Intermediate Holdings LLC |
Delayed Draw |
|
1,121,528 |
||
|
PPV Intermediate Holdings LLC |
Delayed Draw |
|
61,985,174 |
||
|
PPV Intermediate Holdings LLC |
First Lien Term Loan |
|
1,265,000 |
||
|
Practicetek Purchaser, LLC |
Delayed Draw |
|
2,076,461 |
||
|
Practicetek Purchaser, LLC |
Revolver |
|
500 |
||
|
Prime Buyer, LLC |
Revolver |
|
3,502,653 |
||
|
Process Insights |
Delayed Draw |
|
1,620,679 |
||
|
Process Insights |
Revolver |
|
1,620,679 |
||
|
ProcessUnity Holdings, LLC |
Revolver |
|
1,000,000 |
||
|
PT Intermediate Holdings III, LLC |
Delayed Draw |
|
1,528,083 |
||
|
QF Holdings, Inc. |
Revolver |
|
166,667 |
||
|
Quality Automotive Services, LLC |
Revolver |
|
1,477,132 |
||
|
Quantic Electronics, LLC |
Delayed Draw |
|
953,898 |
||
|
Questel International |
First Lien Term Loan |
|
53,690 |
||
|
R&T Acquisitions, LLC |
Delayed Draw |
|
5,770,569 |
||
|
R&T Acquisitions, LLC |
Revolver |
|
2,308,228 |
||
|
R1 Holdings LLC |
Delayed Draw |
|
2,433,183 |
||
|
R1 Holdings LLC |
Revolver |
|
2,097,285 |
||
|
Race Winning Brands, Inc. |
Revolver |
|
1,878,690 |
||
|
Radwell Parent, LLC |
Revolver |
|
2,616,104 |
||
|
Radwell Parent, LLC |
Delayed Draw |
|
7,303,400 |
||
|
Rally Buyer, Inc. |
Delayed Draw |
|
4,964,200 |
||
|
Rally Buyer, Inc. |
Revolver |
|
3,182,180 |
||
|
Ranger Buyer, Inc. |
Revolver |
|
1,923,077 |
||
|
Raven Buyer, Inc. |
Revolver |
|
1,513,636 |
||
|
RB Holdings Interco, LLC |
Delayed Draw |
|
2,770,160 |
||
|
RB Holdings Interco, LLC |
Revolver |
|
184,677 |
||
|
RCS Industrials |
Revolver |
|
285,714 |
||
|
RCS Technology |
Revolver |
|
118,056 |
||
|
Recorded Books Inc. |
Revolver |
|
1,283,423 |
||
|
Recorded Future, Inc. |
Revolver |
|
178,771 |
||
|
Redwood Services Group, LLC |
Delayed Draw |
|
10,297,210 |
||
|
RefrigiWear, LLC |
Revolver |
|
2,601,896 |
||
|
Revalize, Inc. |
Revolver |
|
595,875 |
||
|
Riser Merger Sub, Inc. |
Delayed Draw |
|
2,683,584 |
||
|
Riskonnect Parent, LLC |
Delayed Draw |
|
30,882,250 |
||
79
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
2. Significant Accounting Policies (continued)
|
Borrower |
Type |
Principal |
|||
|
RPM Intermediate Holdings, Inc. |
Delayed Draw |
$ |
2,678,571 |
||
|
RQM Buyer, Inc. |
Delayed Draw |
|
4,687,500 |
||
|
RSC Acquisition, Inc. |
Revolver |
|
8,690,548 |
||
|
RSC Acquisition, Inc. |
Delayed Draw |
|
5,036,400 |
||
|
S4T Holdings Corp. |
Delayed Draw |
|
909,091 |
||
|
Safety Borrower Holdings |
Revolver |
|
338,983 |
||
|
SailPoint Technologies, Inc. |
Revolver |
|
603,840 |
||
|
Securonix, Inc. |
Revolver |
|
2,288,135 |
||
|
SEI Holding I Corporation |
Delayed Draw |
|
1,055,716 |
||
|
SEI Holding I Corporation |
Revolver |
|
1,439,535 |
||
|
Seismic Software, Inc. |
Revolver |
|
272,390 |
||
|
Seismic Software, Inc. |
Delayed Draw |
|
18,857,143 |
||
|
Seko Global Logistics Network, LLC |
Revolver |
|
55,009 |
||
|
Service Compression, LLC |
First Lien Term Loan |
|
869,794 |
||
|
Service Compression, LLC |
Delayed Draw |
|
237,200 |
||
|
Shermco Intermediate Holdings, Inc. |
Delayed Draw |
|
672,857 |
||
|
SimpliSafe Holding Corporation |
Delayed Draw |
|
3,462,963 |
||
|
SintecMedia NYC, Inc. |
Revolver |
|
2,118,644 |
||
|
Smile Doctors, LLC |
Delayed Draw |
|
5,000,000 |
||
|
Smile Doctors, LLC |
Revolver |
|
2,208,481 |
||
|
Sonar Acquisitionco, Inc. |
Revolver |
|
2,693,750 |
||
|
Sonny’s Enterprises, LLC |
Delayed Draw |
|
1,409,719 |
||
|
Sonny’s Enterprises, LLC |
Revolver |
|
1,221,756 |
||
|
Sonny’s Enterprises, LLC |
Revolver |
|
640,244 |
||
|
Southern Air & Heat Holdings, LLC |
First Lien Term Loan |
|
31,945,565 |
||
|
Spanx, LLC |
Revolver |
|
8,870,855 |
||
|
Spartronics LLC |
Revolver |
|
1,098,926 |
||
|
Stanton Carpet Corp. |
Revolver |
|
1,189,468 |
||
|
Stepping Stones Healthcare Services, LLC |
Delayed Draw |
|
1,352,000 |
||
|
Stepping Stones Healthcare Services, LLC |
Revolver |
|
1,720,000 |
||
|
Summit Buyer, L.L.C. |
Delayed Draw |
|
23,636,364 |
||
|
Summit Buyer, L.L.C. |
Delayed Draw |
|
1,008,323 |
||
|
Summit Buyer, L.L.C. |
Revolver |
|
3,158,306 |
||
|
Sunland Asphalt & Construction, LLC |
Delayed Draw |
|
4,453,125 |
||
|
Sunland Asphalt & Construction, LLC |
First Lien Term Loan |
|
4,544 |
||
|
Superman Holdings LLC |
Delayed Draw |
|
190,476 |
||
|
SureWerx Purchaser III, Inc. |
Delayed Draw |
|
1,875,000 |
||
|
SureWerx Purchaser III, Inc. |
Revolver |
|
412,500 |
||
|
SWK Buyer, Inc. |
Revolver |
|
429,825 |
||
|
Syntax Systems Ltd. |
Delayed Draw |
|
4,950,495 |
||
|
Syntax Systems Ltd. |
Revolver |
|
660,066 |
||
|
Tamarack Intermediate, L.L.C. |
Revolver |
|
2,524,330 |
||
80
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
2. Significant Accounting Policies (continued)
|
Borrower |
Type |
Principal |
|||
|
Tank Holding Corp. |
Revolver |
$ |
237,389 |
||
|
Tank Holding Corp. |
Delayed Draw |
|
1,499,400 |
||
|
TerSera Therapeutics, LLC |
Revolver |
|
531,828 |
||
|
The Arcticom Group, LLC |
Revolver |
|
142,857 |
||
|
The Arcticom Group, LLC |
Delayed Draw |
|
9,829,763 |
||
|
The Smilist Management, Inc. |
First Lien Term Loan |
|
854,580 |
||
|
The Smilist Management, Inc. |
Revolver |
|
213,645 |
||
|
The Ultimus Group Midco, LLC |
Revolver |
|
1,261,725 |
||
|
The Vertex Companies, Inc. |
Revolver |
|
867,391 |
||
|
TheKey, LLC |
Delayed Draw |
|
19,468,737 |
||
|
THG Acquisition, LLC |
Delayed Draw |
|
2,535,552 |
||
|
THG Acquisition, LLC |
Revolver |
|
578,576 |
||
|
Thunder Purchase, Inc. |
Revolver |
|
450,757 |
||
|
TigerConnect, Inc. |
Delayed Draw |
|
506,068 |
||
|
TigerConnect, Inc. |
Revolver |
|
1,875,000 |
||
|
Tilley Chemical Co., Inc. |
Revolver |
|
2,555,556 |
||
|
Time Manufacturing Acquisition, LLC |
Revolver |
|
1,369,863 |
||
|
Titan Group Holdco, LLC |
Revolver |
|
2,500,000 |
||
|
Trackforce Acquireco, Inc. |
Revolver |
|
667,845 |
||
|
Transtar Holding Company |
Delayed Draw |
|
1,448,276 |
||
|
Treehouse Child Limited |
Delayed Draw |
|
1,132,075 |
||
|
Tribute Technology Holdings, LLC |
Revolver |
|
2,441,489 |
||
|
Trilon Group LLC |
Delayed Draw |
|
39,660,256 |
||
|
Trintech, Inc. |
Revolver |
|
2,332,508 |
||
|
Troy Gastroenterology, P.C. |
Revolver |
|
197,044 |
||
|
Trunk Acquisition, Inc. |
Revolver |
|
3,693,049 |
||
|
Turbo Buyer, Inc. |
Delayed Draw |
|
2,535,359 |
||
|
TurningPoint Healthcare Solutions, LLC |
Revolver |
|
1,816,524 |
||
|
U.S. Hospitality Publishers, Inc. |
Delayed Draw |
|
1,842,105 |
||
|
U.S. Hospitality Publishers, Inc. |
Revolver |
|
526,316 |
||
|
Ubeo, LLC |
Revolver |
|
2,041,045 |
||
|
United Digestive MSO Parent, LLC |
Delayed Draw |
|
8,233,571 |
||
|
United Digestive MSO Parent, LLC |
Revolver |
|
4,116,786 |
||
|
United Musculoskeletal Partners Acquisition Holdings, LLC |
Revolver |
|
1,724,138 |
||
|
Urology Management Holdings, Inc. |
Delayed Draw |
|
3,266,667 |
||
|
Urology Management Holdings, Inc. |
Revolver |
|
1,190,476 |
||
|
USHV Management, LLC |
Delayed Draw |
|
3,891,892 |
||
|
USRP Holdings, Inc. |
Delayed Draw |
|
8,555,556 |
||
|
USRP Holdings, Inc. |
Delayed Draw |
|
11,494,523 |
||
|
USRP Holdings, Inc. |
Revolver |
|
3,790,774 |
||
|
V Global Holdings LLC |
Revolver |
|
9,179,609 |
||
|
Vale Insurance Services LLC |
Revolver |
|
2,419,355 |
||
|
VASA Fitness Buyer, Inc. |
Delayed Draw |
|
1,253,000 |
||
|
VASA Fitness Buyer, Inc. |
Revolver |
|
208,833 |
||
|
Vista Finanials |
Delayed Draw |
|
5,000,000 |
||
|
Vista Technology |
Delayed Draw |
|
14,800,000 |
||
81
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
2. Significant Accounting Policies (continued)
|
Borrower |
Type |
Principal |
|||
|
Vital Care Buyer, LLC |
Revolver |
$ |
1,777,778 |
||
|
VPP Intermediate Holdings, LLC |
Delayed Draw |
|
4,480,350 |
||
|
VRC Companies, LLC |
Delayed Draw |
|
266,602 |
||
|
VRC Companies, LLC |
Revolver |
|
452,517 |
||
|
VSG Acquisition Corp. |
Delayed Draw |
|
5,681,667 |
||
|
VSG Acquisition Corp. |
Revolver |
|
2,105,833 |
||
|
Water Holdings Acquisition, LLC |
Delayed Draw |
|
7,635,616 |
||
|
Water Holdings Acquisition, LLC |
Revolver |
|
1,151,036 |
||
|
Wealth Enhancement Group, LLC |
Revolver |
|
439,990 |
||
|
Web P.T., Inc. |
Revolver |
|
1,151,786 |
||
|
Wilson Electronics Holdings, LLC |
Delayed Draw |
|
9,226,000 |
||
|
WorkForce Software, LLC |
Revolver |
|
463,235 |
||
|
Zavation Medical Products, LLC |
Revolver |
|
1,743,243 |
||
|
ZB Holdco LLC |
Delayed Draw |
|
1,320,942 |
||
|
Zendesk, Inc. |
Delayed Draw |
|
461,957 |
||
|
Total |
$ |
1,826,328,433 |
|||
Valuation of Investments
In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 established requirements for determining fair value in good faith for purposes of the Investment Company Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the Investment Company Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5, the Board of Trustees of the Fund (the “Board”) designated the Investment Manager as its valuation designee to perform fair value determinations (the “Valuation Designee”) and approved new Valuation Procedures for the Fund. The Board has approved the valuation policy and procedures for the Fund (the “Valuation Procedures”). Under the Valuation Procedures adopted by the Board, the Board has delegated day-to-day responsibility for fair value determinations and pricing to the Valuation Designee subject to the oversight of the Board. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on a day the Fund will calculate its net asset value as of the close of business on each day that the New York Stock Exchange is open for business and at such other times as the Board shall determine (each a “Determination Date” or at approximately 4:00 pm U.S. Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the Determination Date, the mean between the closing bid and asked prices and if no asked price is available, at the bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price (which is the last trade price at or before 4:00:02 p.m. U.S. Eastern Time adjusted up to NASDAQ’s best offer price if the last trade price is below such bid and down to NASDAQ’s best offer price if the last trade is above such offer price) will be used.
Fixed income securities (including corporate bonds and senior secured loans) with a remaining maturity of 60 days or more for which accurate market quotations are readily available will normally be valued according to dealer supplied mean quotations or mean quotations from a recognized pricing service. The independent pricing agents may employ methodologies that utilize actual market transactions (if the security is actively traded), broker-dealer supplied valuations, or matrix pricing. Matrix pricing determines a security’s value by taking into account such factors as security prices, yields, maturities, call features, ratings and developments relating to comparable securities. Debt obligations with remaining maturities of sixty days or less when originally acquired will be valued at their amortized cost, which approximates fair market value.
82
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
2. Significant Accounting Policies (continued)
Corporate loans are generally valued using unobservable pricing inputs received from the Fund’s investment partners or other third-party pricing services. The Investment Manager will continuously monitor the valuations of Fund investments provided by investment partners or other third-party pricing services and review any material concerns with the Valuation Committee. The Investment Manager may conclude, however, in certain circumstances, that a fair valuation provided by an investment partner or other third-party pricing service does not represent the fair value of a Fund investment and is not indicative of what actual fair value would be in an active, liquid or established market. In those circumstances, the Fund might value such investment at a discount or a premium to the value it receives from an investment partner or other third-party pricing service, in accordance with the Fund’s valuation procedures. Any such decision would be made in good faith, and subject to the review and supervision of the Valuation Committee. The Investment Manager may choose to value certain immaterial direct corporate loans internally upon approval of the Valuation Committee. The Board will consider, no less frequently than quarterly, all relevant information and the reliability of pricing information provided by the investment partners or other third-party pricing services. Additionally, the values of the Funds’ direct loan investments are adjusted daily based on the estimated total return that the asset will generate during the current quarter. The Investment Manager, other third-party pricing services and the Valuation Committee monitor these estimates regularly and update them as necessary if macro or individual changes warrant any adjustments. At the end of the quarter, each direct loan’s value is adjusted based on the actual income and appreciation or depreciation realized by such loan when its quarterly valuations and income are reported. This information is updated as soon as the information becomes available.
CLOs are not traded on a national securities exchange and instead are valued utilizing a market approach. The market approach is a method of determining the valuation of a security based on the selling price of similar securities. The types of factors that may be taken into account in pricing CLOs include: the yield of similar CLOs where pricing is available in the market; the riskiness of the underlying pool of loans; features of the CLO, including weighted average life test, liability pricing, management fees, covenant cushions, weighted average spread of underlying loans and net asset value.
Redeemable securities issued by open-end registered investment companies are valued at the investment company’s applicable net asset value as reported by such companies, with the exception of exchange-traded open-end registered investment companies which are priced in accordance with the first paragraph within this valuation of investments section.
The Fund may invest in interests or shares in private investment companies and/or funds (“Private Investment Funds”) where the net asset value is calculated and reported by respective unaffiliated investment managers on a monthly or quarterly basis. Unless the Valuation Designee is aware of information that a value reported to the Fund by a portfolio, underlying manager, or administrator does not accurately reflect the value of the Fund’s interest in that Private Investment Fund, the Valuation Designee will use the net asset value provided by the Private Investment Funds as a practical expedient to estimate the fair value of such interests.
Reverse Repurchase Agreements
In a reverse repurchase agreement, the Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered and accrued interest payments to be made by the Fund to counterparties are reflected as liabilities on the Consolidated Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as interest from reverse repurchase agreements on the consolidated Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Fund’s use of the proceeds of the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities. Reverse repurchase agreements involve leverage risk and also the risk that the market value of the securities to be repurchased may decline below the repurchase price.
83
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
2. Significant Accounting Policies (continued)
Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) govern repurchase, reverse repurchase, and certain sale-buyback transactions between the Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Consolidated Schedule of Investments and footnote 18 thereto. For the six months ended September 30, 2023, the average balance outstanding and weighted average interest rate were $3,980,410 and 7.02%, respectively.
|
September 30, 2023 |
|||||||||||||||
|
Remaining Contractual Maturity of the Agreements |
|||||||||||||||
|
Reverse |
Overnight and Continuous |
Up to 30 days |
30 – 90 days |
Greater Than 90 days |
Total |
||||||||||
|
Collateralized Loan |
$ |
— |
$ |
— |
$ |
4,275,000 |
$ |
— |
$ |
4,275,000 |
|||||
|
Total |
$ |
— |
$ |
— |
$ |
4,275,000 |
$ |
— |
$ |
4,275,000 |
|||||
Repurchase Offers
The Fund is a closed-end investment company structured as an interval fund and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at per-class NAV, of not less than 5% of the Fund’s outstanding Shares on the repurchase request deadline. The Fund will offer to purchase only a small portion of its Shares each quarter, and there is no guarantee that shareholders will be able to sell all of the Shares that they desire to sell in any particular repurchase offer. Under current regulations, such offers must be for not less than 5% nor more than 25% of the Fund’s Shares outstanding on the repurchase request deadline. If a repurchase offer is oversubscribed, the Fund may repurchase only a pro rata portion of the Shares tendered by each shareholder. The potential for proration may cause some investors to tender more Shares for repurchase than they wish to have repurchased or result in investors being unable to liquidate all or a given percentage of their investment during in the particular repurchase offer.
Borrowing, Use of Leverage
On March 29, 2022, the Fund and certain of its wholly-owned subsidiaries (“Guarantors”) entered into a senior secured credit facility (the “Facility”) with Massachusetts Mutual Life Insurance Company as a joint lead arranger, PNC Bank, National Association (“PNC”) as administrative agent and joint lead arranger and with certain lenders from time to time as parties thereto (the “Lenders”). The Facility, as most recently amended effective August 18, 2023, provides for borrowings on a committed basis in an aggregate principal amount up to $3,075,000,000. Under the Facility, the Fund has received a single 7-year term loan in the amount of $500,000,000 (“Term Loan”) and may borrow up to an additional $2,575,000,000 on a revolving basis (the “Revolving Loan”). The Fund may request the Revolving Loan to be increased from time to time up to an aggregate amount of $3,050,000, subject to the approval and discretion of the lenders. The Revolving Loan matures on March 17, 2028, and the Term Loan matures on March 28, 2029. As of September 30, 2023, the Term Loan balance was $400,000,000.
In connection with the Facility and Notes (discussed below under “Senior Notes”), the Fund and Guarantors have made certain customary representations and warranties and are required to comply with various customary covenants, reporting requirements and other requirements. The Facility and Notes each contain events of default customary for similar financing transactions, including: (i) the failure to make principal, interest or other payments when due after the applicable grace period; (ii) the insolvency or bankruptcy of the Guarantors or the Fund; or (iii) a change of management of the Fund. Upon the occurrence and during the continuation of an event of default, the Lenders or Note holders may declare the outstanding advances and all other obligations under the Facility and the Notes, respectively, immediately due and payable or incur a default rate of interest. The Facility and/or Notes may in the future be replaced or refinanced by entering into one or more new credit facilities or by the issuance of new debt securities, in each case having substantially different terms from the current Facility and Notes. For the six months ended September 30, 2023, the average balance outstanding, maximum amount borrowed and weighted average interest rate under the Term Loan were $474,043,716, $500,000,000 and 7.21%, respectively. For the six months ended September 30, 2023, the
84
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
2. Significant Accounting Policies (continued)
average balance outstanding, maximum amount borrowed and weighted average interest rate under the Revolving Loan were $998,573,770, $1,415,000,000 and 7.25%, respectively. In addition, the interest rate at period end on the Term Loan and Revolving Loan were 7.54% and 7.47%, respectively. The interest expense during the six months ended September 30, 2023, was $55,403,426. Commitment fees incurred are prepaid and amortized over the term of the loan. For the six months ended September 30, 2023, commitment fees were $1,624,608. Unused commitment fees for the six months ended September 30, 2023, were $529,000.
The use of leverage increases both risk of loss and profit potential. The Fund is subject to the Investment Company Act requirement that an investment company satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed (including through one or more SPVs that are wholly-owned subsidiaries of the Fund), measured at the time the investment company incurs the indebtedness. This means that at any given time the value of the Fund’s total indebtedness may not exceed one-third the value of its total assets (including such indebtedness). The interests of persons with whom the Fund (or SPVs that are wholly-owned subsidiaries of the Fund) enters into leverage arrangements will not necessarily be aligned with the interests of the Fund’s shareholders and such persons will have claims on the Fund’s assets that are senior to those of the Fund’s shareholders. In addition to the risks created by the Fund’s use of leverage, the Fund is subject to the additional risk that it would be unable to timely, or at all, obtain leverage borrowing. The Fund might also be required to de-leverage, selling securities at a potentially inopportune time and incurring tax consequences. Further, the Fund’s ability to generate income from the use of leverage would be adversely affected.
Secured Borrowings
From time to time, the Fund may engage in sale/buy-back agreements, which are a type of secured borrowing. The amount, interest rate and terms of these agreements will be individually negotiated on a transaction-by-transaction basis. Each borrowing is secured by an interest in an underlying asset which is participated or assigned to the sale/buy-back counter party for the duration of the agreement. There were no secured borrowings outstanding as of September 30, 2023.
Senior Notes (the “Notes”)
On March 29, 2022, the Fund issued Series A Senior Secured Notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $650 million, maturing on March 28, 2027. On June 7, 2022, the Fund issued additional Series A notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $250 million, maturing on March 28, 2027. On July 22, 2022, the Fund issued Series B, Series C, Series E and Series F notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $635 million with various maturities. On September 29, 2022, the Fund issued Series D and Series G notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $50 million with various maturities. On December 6, 2022, the Fund issued Series H, Series I and Series J notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $270 million with various maturities. On January 5, 2023, the Fund issued additional Series I notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $10 million maturing on December 6, 2027. On August 4, 2023, the Fund issued Series K, Series L, Series M and Series N notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $600 million with various maturities. The obligations of the Fund and each of the Guarantors under the Facility and the Notes are secured by a first-priority security interest on substantially all of the assets of the Fund and each of the Guarantors.
In connection with the Notes, the Fund entered into interest rate swaps to more closely align the interest rates of its liabilities with its investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreements, the Fund receives a fixed interest rate and pays a floating interest rate of daily simple SOFR plus various spreads as disclosed on the consolidated schedule of swap contracts on notional amounts equal to the principal outstanding of the Notes. The Fund designated the interest rate swaps as the hedging instruments in effective hedge accounting relationships. See Notes 10 and 11 for more information regarding the interest rate swaps.
85
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
2. Significant Accounting Policies (continued)
The table below sets forth a summary of the key terms of the series of Notes outstanding at September 30, 2023.
| Series | Principal | Payment | Unamortized | Interest Rate | Carrying | Fair Value | Fixed | Effective | Maturity Date | ||||||||||||||
| A | $ | 650,000,000 | Semi-Annual | $ | 64,055 | $ | 39,591,446 | $ | 610,344,499 | $ | 584,985,112 | 4.10% | 5.24% | March 28, 2027 | |||||||||
| A |
| 250,000,000 | Semi-Annual |
| 23,480 |
| 10,846,247 |
| 239,130,273 |
| 224,994,274 | 4.10% | 4.89% | March 28, 2027 | |||||||||
| B |
| 215,000,000 | Semi-Annual |
| 788,693 |
| 7,174,100 |
| 207,037,207 |
| 207,707,682 | 5.44% | 6.62% | July 19, 2025 | |||||||||
| C |
| 130,000,000 | Semi-Annual |
| 547,034 |
| 5,642,615 |
| 123,810,351 |
| 124,152,631 | 5.50% | 6.77% | July 19, 2026 | |||||||||
| D |
| 10,000,000 | Semi-Annual |
| 42,077 |
| 428,962 |
| 9,528,961 |
| 9,550,202 | 5.50% | 7.05% | July 19, 2026 | |||||||||
| E |
| 130,000,000 | Semi-Annual |
| 588,054 |
| 6,898,101 |
| 122,513,845 |
| 122,529,261 | 5.61% | 6.77% | July 19, 2027 | |||||||||
| F |
| 160,000,000 | Semi-Annual |
| 780,340 |
| 11,728,587 |
| 147,491,073 |
| 147,011,321 | 5.72% | 7.13% | July 19, 2029 | |||||||||
| G |
| 40,000,000 | Semi-Annual |
| 195,087 |
| 2,923,374 |
| 36,881,539 |
| 36,752,830 | 5.72% | 7.43% | July 19, 2029 | |||||||||
| H |
| 34,000,000 | Semi-Annual |
| 230,718 |
| 374,292 |
| 33,394,990 |
| 33,785,050 | 7.06% | 7.89% | December 6, 2025 | |||||||||
| I |
| 95,000,000 | Semi-Annual |
| 1,100,826 |
| 1,476,844 |
| 92,422,330 |
| 94,127,563 | 7.10% | 8.23% | December 6, 2027 | |||||||||
| I |
| 10,000,000 | Semi-Annual |
| 73,628 |
| 157,371 |
| 9,769,001 |
| 9,908,165 | 7.10% | 7.05% | December 6, 2027 | |||||||||
| J |
| 141,000,000 | Semi-Annual |
| 1,898,359 |
| 3,253,514 |
| 135,848,127 |
| 138,982,291 | 7.17% | 8.38% | December 6, 2029 | |||||||||
| K |
| 115,200,000 | Semi-Annual |
| 903,950 |
| 1,719,010 |
| 112,577,040 |
| 113,951,883 | 6.75% | 7.98% | August 4, 2026 | |||||||||
| L |
| 304,800,000 | Semi-Annual |
| 2,440,089 |
| 8,784,867 |
| 293,575,044 |
| 298,471,749 | 6.77% | 8.28% | August 4, 2028 | |||||||||
| M |
| 114,000,000 | Semi-Annual |
| 920,361 |
| 5,168,524 |
| 107,911,115 |
| 110,169,180 | 6.81% | 8.46% | August 4, 2030 | |||||||||
| N |
| 66,000,000 | Semi-Annual |
| 536,197 |
| 4,443,098 |
| 61,020,705 |
| 62,892,531 | 6.99% | 8.70% | August 4, 2033 | |||||||||
| Total | $ | 2,465,000,000 | $ | 11,132,948 | $ | 110,610,952 | $ | 2,343,256,100 | $ | 2,319,971,725 | |||||||||||||
The Notes are fair valued using an income approach and classified as level 3 in the fair value hierarchy. The discount rates used ranged from 7.19% to 7.71%.
The Fund shall at all times maintain a current rating given by a Nationally Recognized Statistical Rating Organization (an “NRSRO”) of at least Investment Grade with respect to the Notes and shall not at any time have any rating given by a NRSRO of less than Investment Grade with respect to the Notes.
In keeping with the Investment Company Act requirement that the Fund may not issue more than one class of senior securities constituting indebtedness, the Facility and Notes rank pari passu with each other, and the lien on the Fund’s assets securing the Notes is equal and ratable with the lien securing the Facility. The Facility and Notes are senior in all respects to the Fund’s outstanding shares with respect to the payment of dividends and the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund.
The Fund complies with Section 8 and Section 18 of the Investment Company Act, governing investment policies and capital structure and leverage, respectively, on an aggregate basis with the Guarantors. The Guarantors also comply with Section 17 of the Investment Company Act relating to affiliated transactions and custody.
86
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
3.
Debt Securities
Under normal market conditions, the Fund expects to primarily invest in debt and debt-related securities. One of the fundamental risks associated with such investments is credit risk, which is the risk that an issuer will be unable to make principal and interest payments on its outstanding debt obligations when due. Adverse changes in the financial condition of an issuer or in general economic conditions (or both) may impair the ability of such issuer to make such payments and result in defaults on, and declines in, the value of its debt. The Fund’s return to Shareholders would be adversely impacted if an issuer of debt securities in which the Fund invests becomes unable to make such payments when due. Other risk factors include interest rate risk (a rise in interest rates causes a decline in the value of debt securities) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.
Borrowing, Use of Leverage
The Fund may leverage its investments by “borrowing,” use of swap agreements, options or other derivative instruments, use of short sales or issuing preferred stock or preferred debt. The use of leverage increases both risk and profit potential. The Fund expects that under normal business conditions it will utilize a combination of the leverage methods described above. The Fund is subject to the Investment Company Act requirement that an investment company limit its borrowings to no more than 50% of its total assets for preferred stock or preferred debt and 33 1/3% of its total assets for debt securities, including amounts borrowed, measured at the time the investment company incurs the indebtedness. Although leverage may increase profits, it exposes the Fund to credit risk, greater market risks and higher current expenses. The effect of leverage with respect to any investment in a market that moves adversely to such investment could result in a loss to the investment portfolio of the Fund that would be substantially greater than if the investment were not leveraged. Also, access to leverage and financing could be impaired by many factors, including market forces or regulatory changes, and there can be no assurance that the Fund will be able to secure or maintain adequate leverage or financing. The ability of the Fund to transact business with any one or number of counterparties, the lack of any independent evaluation of such counterparties’ financial capabilities and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund.
Margin borrowings and transactions involving forwards, swaps, futures, options and other derivative instruments could result in certain additional risks to the Fund. In such transactions, counterparties and lenders will likely require the Fund to post collateral to support its obligations. Should the securities and other assets pledged as collateral decline in value or should brokers increase their maintenance margin requirements (i.e., reduce the percentage of a position that can be financed), the Fund could be subject to a “margin call,” pursuant to which it must either deposit additional funds with the broker or suffer mandatory liquidation of the pledged assets to compensate for the decline in value. In the event of a precipitous drop in the value of pledged securities, the Fund might not be able to liquidate assets quickly enough to pay off the margin debt or provide additional collateral and may suffer mandatory liquidation of positions in a declining market at relatively low prices, thereby incurring substantial losses.
Economic Downturn or Recession and Other Market Disruptions
Many of the Fund’s investments may be issued by companies susceptible to economic slowdowns or recessions. Therefore, the Fund’s non-performing assets are likely to increase, and the value of its portfolio is likely to decrease, during these periods. A prolonged recession may result in losses of value in the Fund’s portfolio and a decrease in the Fund’s revenues, net income and NAV. Unfavorable economic conditions also could increase the Fund’s funding costs, limit the Fund’s access to the capital markets or result in a decision by lenders not to extend credit to it on terms it deems acceptable. These events could prevent the Fund from increasing investments and harm the Fund’s operating results.
The Fund may also be adversely affected by uncertainties and events around the world, such as public health emergencies, terrorism, political developments, and changes in government policies, taxation, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of the countries in which it is invested.
87
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
3. Principal Risks (continued)
International war or conflicts (including Russia’s invasion of Ukraine and the Israel-Hamas war) and geopolitical events in foreign countries, along with instability in regions such as Asia, Eastern Europe and the Middle East, possible terrorist attacks in the United States or around the world, and other similar events could adversely affect the U.S. and foreign financial markets. As a result, whether or not the Fund invests in securities located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted.
LIBOR Discontinuation Risk
LIBOR has been used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other derivatives. Instruments in which the Fund invests may have historically paid interest at floating rates based on LIBOR or may have been subject to interest caps or floors based on LIBOR. The Fund and issuers of instruments in which the Fund invests may have also historically obtained financing at floating rates based on LIBOR. The underlying collateral of CLOs in which the Fund invests have also paid interest at floating rates based on LIBOR.
The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing most LIBOR tenors, including some U.S. dollar LIBOR tenors, on December 31, 2021, and ceased publishing the remaining and most liquid U.S. dollar LIBOR tenors on June 30, 2023. As a result, many market participants have transitioned to the use of alternative reference or benchmark rates prior to the applicable LIBOR publication cessation date. The UK Financial Conduct Authority has announced that it will require the publication of synthetic LIBOR for the one-month, three-month and six-month U.S. dollar LIBOR settings after June 30, 2023 through at least September 30, 2024.The U.S. Federal Reserve, based on the recommendations of the Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators) of the New York Federal Reserve (NYFR), has begun publishing SOFR, which is intended to replace U.S. dollar LIBOR. Alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates.
Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. Although the transition away from LIBOR has become increasingly well-defined, any potential effects of the transition away from LIBOR and other benchmark rates on financial markets, a fund or the financial instruments in which a fund invests can be difficult to ascertain. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Global regulators have advised market participants to cease entering into new contracts using LIBOR as a reference rate, and it is possible that investments in LIBOR-based instruments could invite regulatory scrutiny. In addition, a liquid market for newly-issued instruments that use a reference rate other than LIBOR still may be developing. All of the aforementioned may adversely affect the Fund’s performance or NAV.
Specifically, the transition to one or more alternate Benchmark Rate(s), and the implementation of such new Benchmark Rate(s) may impact a number of factors, which, either alone or in the aggregate, may cause a material adverse effect on the Fund’s performance and ability to achieve its investment objective. Such factors include, without limitation: (i) the administration and/or management of portfolio of investments, including (a) cost of funding or other operational or administrative costs, (b) costs incurred to transition to and implement a substitute index or Benchmark Rate(s) for purposes of calculating interest, (c) costs of negotiating with counterparties with respect to an acceptable replacement calculation and potential amendments to existing debt instruments or credit facilities currently utilizing LIBOR to determine interest rates, and/or (d) costs of potential disputes and/or litigation regarding interest calculation, loan value, appropriateness or comparability of any new Benchmark Rate(s) or any other dispute over terms relating to or arising from any of the foregoing; (ii) the availability (or lack thereof) of potential investments in the market during the transition period; (iii) the time periods necessary to make investments and deploy capital during the transition period; (iv) the calculation and value of investments and overall cash flows, profitability and performance; (v) the liquidity of investments in the secondary market or otherwise, and the asset-liability management strategies available; (vi) basis risks between investments and hedges and basis risks within investments (e.g., securitizations); or (vii) any mismatch, during a transition period or otherwise, between a Benchmark Rate used for leverage facilities and another used for one or more of the Fund’s investments.
88
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
3. Principal Risks (continued)
SOFR RISK
SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data. SOFR is calculated and published by the NYFR. If data from a given source required by the NYFR to calculate SOFR is unavailable for any day, then the most recently available data for that segment will be used, with certain adjustments. If errors are discovered in the transaction data or the calculations underlying SOFR after its initial publication on a given day, SOFR may be republished at a later time that day. Rate revisions will be effected only on the day of initial publication and will be republished only if the change in the rate exceeds one basis point.
Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from LIBOR. LIBOR was intended to be an unsecured rate that represents interbank funding costs for different short-term maturities or tenors. It was a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR was intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. SOFR has a limited history, having been first published in April 2018. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s history or otherwise. Levels of SOFR in the future, including following the discontinuation of LIBOR, may bear little or no relation to historical levels of SOFR, LIBOR or other rates.
Limited Liquidity
Shares in the Fund provide limited liquidity since shareholders will not be able to redeem Shares on a daily basis. A shareholder may not be able to tender its Shares in the Fund promptly after it has made a decision to do so. In addition, with very limited exceptions, Shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. In addition, the Fund does not expect any trading market to develop for the Shares. As a result, if investors decide to invest in the Fund, they will have very limited opportunity to sell their Shares. Shares in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Shares and should be viewed as a long-term investment.
4. Investment Advisory and Other Agreements
The Fund has entered into an investment management agreement (the “Investment Management Agreement”) with the Investment Manager. Pursuant to the Investment Management Agreement, the Fund pays the Investment Manager a monthly Investment Management Fee equal to 1.00% on an annualized basis of the Fund’s Net Assets. The Investment Manager has contractually agreed to an expense limitation and reimbursement agreement (the “Expense Limitation and Reimbursement Agreement”) with the Fund, whereby the Investment Manager has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a “Waiver”), if required to ensure the Total Annual Expenses (excluding any taxes, leverage interest, distribution and servicing fees, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary expenses, such as litigation expenses) do not exceed 2.25% of the average daily net assets of Class I Shares (the “Expense Limit”). For a period not to exceed three years from the date on which a Waiver is made, the Investment Manager may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limitation and Reimbursement Agreement. The Expense Limitation and Reimbursement Agreement has an initial two-year term, which ends two years from the date of commencement of the Fund’s operations. The Expense Limitation and Reimbursement Agreement automatically renewed for consecutive one-year terms thereafter, and was terminated effective March 6, 2023.
The Fund may, at the discretion of the Investment Manager and subject to Board and shareholder approval, allocate its assets amongst the Investment Manager and one or more sub-advisers in percentages determined at the discretion of the Investment Manager (“allocated portion”). There are currently no sub-advisers managing assets of the Fund.
89
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
4. Investment Advisory and Other Agreements (continued)
For a period not to exceed three years from the date on which advisory fees are waived or Fund expenses were absorbed by the Investment Manager, the Investment Manager may recoup amounts waived or absorbed, provided it is able to effect such recoupment and remain in compliance with (a) the limitation on Fund expenses in effect at the time of the relevant reduction in advisory fees or payment of the Fund’s expenses, and (b) the limitation on Fund expenses at the time of the recoupment. For the six months ended September 30, 2023, the Investment Manager did not recover any previously waived expenses.
Foreside Fund Services, LLC serves as the Fund’s distributor; UMB Fund Services, Inc. (“UMBFS”) serves as the Fund’s fund accountant, transfer agent and administrator. For the six months ended September 30, 2023, the Fund’s allocated UMBFS fees are reported on the Consolidated Statement of Operations.
An officer of the Fund is an employee of UMBFS. The Fund does not compensate officers affiliated with the Fund’s administrator. For the six months ended September 30, 2023, the Fund’s allocated fees incurred for trustees who are not affiliated with the Fund’s administrator are reported on the Consolidated Statement of Operations.
Vigilant Compliance, LLC provides Chief Compliance Officer (“CCO”) services to the Fund. The Fund’s allocated fees incurred for CCO services for the six months ended September 30, 2023, are reported on the Consolidated Statement of Operations.
5. Fair Value of Investments
Fair value — Definition
The Fund uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
• Level 1 – Valuations based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
• Level 2 – Valuations based on inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly.
• Level 3 – Valuations based on inputs that are both significant and unobservable to the overall fair value measurement.
Investments in Private Investment Funds measured based upon NAV as a practical expedient to determine fair value are not required to be categorized in the fair value hierarchy.
The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, determining fair value requires more judgment. Because of the inherent uncertainly of valuation, estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Valuation Designee in determining fair value is greatest for investments categorized in Level 3.
90
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
5. Fair Value of Investments (continued)
The Fund’s assets recorded at fair value have been categorized based on a fair value hierarchy as described in the Fund’s significant accounting policies. The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2023:
|
Assets |
Level 1 |
Level 2 |
Level 3 |
Net Asset |
Total |
||||||||||
|
Investments, at fair value |
|
|
|
|
|
||||||||||
|
Senior Secured Loans |
$ |
— |
$ |
401,909,668 |
$ |
10,336,129,826 |
$ |
— |
$ |
10,738,039,494 |
|||||
|
Private Investment Vehicles |
|
— |
|
— |
|
35,959,424 |
|
5,894,254,570 |
|
5,930,213,994 |
|||||
|
Collateralized Loan Obligations |
|
— |
|
55,131,707 |
|
71,191,280 |
|
— |
|
126,322,987 |
|||||
|
Preferred Stocks |
|
— |
|
— |
|
96,435,944 |
|
— |
|
96,435,944 |
|||||
|
Common Stocks |
|
— |
|
— |
|
10,132,029 |
|
— |
|
10,132,029 |
|||||
|
Subordinated Debt |
|
— |
|
— |
|
107,512,437 |
|
— |
|
107,512,437 |
|||||
|
Warrants |
|
— |
|
— |
|
6,112,210 |
|
— |
|
6,112,210 |
|||||
|
Short-Term Investments |
|
258,615,190 |
|
— |
|
— |
|
— |
|
258,615,190 |
|||||
|
Total Investments, at fair value |
$ |
258,615,190 |
$ |
457,041,375 |
$ |
10,663,473,150 |
$ |
5,894,254,570 |
$ |
17,273,384,285 |
|||||
|
Other Financial Instruments1 |
|
|
|
|
|
||||||||||
|
Forward Contracts |
$ |
— |
$ |
4,680,180 |
$ |
— |
$ |
— |
$ |
4,680,180 |
|||||
|
Total Assets |
$ |
258,615,190 |
$ |
461,721,555 |
$ |
10,663,473,150 |
$ |
5,894,254,570 |
$ |
17,278,064,465 |
|||||
|
Liabilities |
|
|
|
|
|
||||||||||
|
Investments, at fair value |
|
|
|
|
|
||||||||||
|
Reverse Repurchase Agreement |
$ |
— |
$ |
4,275,000 |
$ |
— |
$ |
— |
$ |
4,275,000 |
|||||
|
Other Financial Instruments1 |
|
|
|
|
|
||||||||||
|
Forward Contracts |
|
— |
|
405,089 |
|
— |
|
— |
|
405,089 |
|||||
|
Swap Contracts |
|
— |
|
110,610,952 |
|
— |
|
— |
|
110,610,952 |
|||||
|
Total Liabilities, at fair value |
$ |
— |
$ |
115,291,041 |
$ |
— |
$ |
— |
$ |
115,291,041 |
|||||
1 Other financial instruments are derivative instruments such as futures contracts, forward contracts and swap contracts. Futures contracts, forward contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.
91
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
5. Fair Value of Investments (continued)
The following table presents the changes in assets and transfers in and out for investments that are classified in Level 3 of the fair value hierarchy for the six months ended September 30, 2023:
|
Senior |
Private |
Collateralized |
Preferred |
Subordinated |
Warrants |
Common |
Total |
||||||||||||||||||||||
|
Balance as of April 1, 2023 |
$ |
9,091,742,653 |
|
$ |
35,925,426 |
|
$ |
81,824,551 |
|
$ |
88,528,773 |
$ |
162,219,034 |
|
$ |
4,928,283 |
$ |
8,443,546 |
$ |
9,473,612,266 |
|
||||||||
|
Purchases |
|
4,024,084,023 |
|
|
70,000 |
|
|
29,786,850 |
|
|
7,274,999 |
|
1,094,470 |
|
|
— |
|
100,000 |
|
4,062,410,342 |
|
||||||||
|
Sales/Paydowns |
|
(892,211,397 |
) |
|
— |
|
|
— |
|
|
— |
|
(54,054,054 |
) |
|
— |
|
— |
|
(946,265,451 |
) |
||||||||
|
Realized gains (losses)1 |
|
3,268,762 |
|
|
— |
|
|
— |
|
|
— |
|
1,882,304 |
|
|
— |
|
— |
|
5,151,066 |
|
||||||||
|
Original issue discount and amendment fees |
|
(26,893,794 |
) |
|
325,454 |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
— |
|
(26,568,340 |
) |
||||||||
|
Accretion |
|
7,906,309 |
|
|
— |
|
|
81,579 |
|
|
— |
|
31,032 |
|
|
— |
|
— |
|
8,018,920 |
|
||||||||
|
Change in Unrealized appreciation (depreciation) |
|
44,957,862 |
|
|
(361,456 |
) |
|
(2,725,956 |
) |
|
632,172 |
|
(3,660,349 |
) |
|
1,183,927 |
|
1,588,483 |
|
41,614,683 |
|
||||||||
|
Transfers In2 |
|
— |
|
|
— |
|
|
9,800,712 |
|
|
— |
|
— |
|
|
— |
|
— |
|
9,800,712 |
|
||||||||
|
Transfers Out3 |
|
(1,916,724,592 |
) |
|
— |
|
|
(47,576,456 |
) |
|
— |
|
— |
|
|
— |
|
— |
|
(1,964,301,048 |
)4 |
||||||||
|
Balance as of September 30, 2023 |
$ |
10,336,129,826 |
|
$ |
35,959,424 |
|
$ |
71,191,280 |
|
$ |
96,435,944 |
$ |
107,512,437 |
|
$ |
6,112,210 |
$ |
10,132,029 |
$ |
10,663,473,150 |
|
||||||||
|
Net change in unrealized appreciation/(depreciation) attributable to Level 3 investments held at September 30, 2023 |
$ |
46,606,230 |
|
$ |
(361,457 |
) |
$ |
(605,943 |
) |
$ |
632,173 |
$ |
(3,660,349 |
) |
$ |
1,183,927 |
$ |
1,588,483 |
$ |
45,383,064 |
|
||||||||
1 Senior Secured Loans includes paydown gains (losses) of $3,415,937.
2 Transferred from Level 2 to Level 3 because observable market data became unavailable for the investments.
3 Transferred from Level 3 to Level 2 because observable market data became available for the investments.
4 $1,826,328,433 represents unfunded loan commitments.
92
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
5. Fair Value of Investments (continued)
The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund’s investments that are categorized in Level 3 of the fair value hierarchy as of September 30, 2023.
|
Investments |
Fair Value |
Valuation |
Unobservable |
Range of |
Weighted |
Impact on |
|
Collateralized Loan Obligations |
$ 71,191,280 |
Income approach |
Interest Rate/ Discount Margin |
6.35% – 22.00% |
11.43% |
Decrease |
|
Default Rate |
3 CDR |
3 CDR |
Decrease |
|||
|
Recovery Rate |
65% |
65% |
Increase |
|||
|
Term |
Maturity, or Reinvestment +24 months |
N/A |
Decrease |
|||
|
Prepayment Assumptions |
15 CPR |
15 CPR |
Increase |
|||
|
|
|
|
Reinvestment Assumptions |
$99.00 |
$99.00 |
Decrease |
|
Common Stocks |
100,000 |
Market approach |
Recent Transaction Price |
$1.00 – $1.09 |
$1.05 |
Increase |
|
6,814,574 |
Market approach |
LTM Revenue Multiple |
2.2x |
2.2x |
Increase |
|
|
998,767 |
Market approach |
Run Rate Adj. EBITDA Multiple |
8.0x |
8.0x |
Increase |
|
|
|
2,218,688 |
Market approach |
LTM EBITDA Multiple |
15.0x – 25.0x |
24.1x |
Increase |
|
Preferred Stocks |
7,275,000 |
Market approach |
Recent Transaction Price |
$970 |
$970 |
Increase |
|
89,160,944 |
Income |
Discount Rate |
13.29% |
13.29% |
Increase |
|
|
Run Rate Adj. EBITDA Multiple |
8.0x |
8.0x |
Increase |
|||
|
LTM Revenue Multiple |
2.5x – 5.8x |
3.8x |
Increase |
|||
|
|
|
|
LTM EBITDA Multiple |
10.0x – 21.0x |
15.8x |
Increase |
|
Private Investment Vehicles |
70,000 |
Market approach |
Recent Transaction Price |
$100 – $50,000 |
$35,743 |
Increase |
|
|
35,889,424 |
Income approach |
Weighted Average Cost of Capital |
5.83% – 19.43% |
7.82% |
Decrease |
|
Senior Secured Loans |
6,133,829,887 |
Income approach |
Discount Rate |
3.15% – 21.82% |
9.99% |
Decrease |
|
LTM Revenue |
$29 – $8,052 |
$458 |
Increase |
|||
|
Debt/EBITDA |
0.4x – 39.5x |
5.5x |
Decrease |
|||
|
Interest Coverage |
0.0x – 11.2x |
1.5x |
Increase |
93
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
5. Fair Value of Investments (continued)
|
Investments |
Fair Value |
Valuation |
Unobservable |
Range of |
Weighted |
Impact on |
|
15,285,601 |
Market approach |
Enterprise value ($ Millions) |
$19 – $179 |
$122 |
Increase |
|
|
|
4,187,014,338 |
Market approach |
Recent Transaction Price |
$82.00 – $100.00 |
$97.66 |
Increase |
|
Subordinated |
5,500,000 |
Market approach |
LTM EBITDA Multiple |
11.0x |
11.0x |
Increase |
|
102,012,437 |
Discount Rate |
9.95% – 20.39% |
12.08% |
Decrease |
||
|
LTM Revenue ($ Millions) |
$266 – $1,873 |
$576 |
Increase |
|||
|
Debt/EBITDA |
8.0x – 10.3x |
8.6x |
Decrease |
|||
|
|
|
|
Interest Coverage |
1.0x – 2.7x |
2.5x |
Increase |
|
Warrants |
1,343,066 |
Market approach |
Enterprise value ($ Millions) |
$119 – $3,716 |
$3,000 |
Decrease |
|
4,769,144 |
Income approach |
Exercise Price |
$1.65 – $34.50 |
$4.87 |
Decrease |
|
|
|
|
|
Expected Volatility |
57% – 82% |
59% |
Increase |
|
|
$ 10,649,523,150 |
|
|
|
|
|
6.
The Fund is authorized as a Delaware statutory trust to issue an unlimited number of Shares in one or more classes, with a par value of $0.001.
Class I Shares are not subject to any initial sales charge. Shares will generally be offered for purchase on each business day at NAV per share, except that Shares may be offered more or less frequently as determined by the Board in its sole discretion. The Board may also suspend or terminate offerings of Shares at any time.
A shareholder whose Shares (or a portion thereof) are repurchased by the Fund will not be entitled to a return of any sales charge that was charged in connection with the shareholder’s purchase of the Shares.
Pursuant to Rule 23c-3 under the Investment Company Act, on a quarterly basis, the Fund offers shareholders holding all classes of shares the option of redeeming shares at NAV. The Board determines the quarterly repurchase offer amount (“Repurchase Offer Amount”), which can be no less than 5% and no more than 25% of all shares of all classes outstanding on the repurchase request deadline. If shareholders tender more than the Repurchase Offer Amount, the Fund may, but is not required to, repurchase an additional amount of shares not to exceed 2% of all outstanding shares of the Fund on the repurchase request deadline If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if shareholders tender Shares in an amount exceeding the Repurchase Offer Amount plus 2% of the outstanding Shares on the Repurchase Request Deadline, the Fund will repurchase the Shares on a pro rata basis. However, the Fund may accept all shares tendered for repurchase by shareholders who own less than $2,500 worth of Shares and who tender all of their Shares, before prorating other amounts tendered. In addition, the Fund may accept the total number of Shares tendered in connection with required minimum distributions from an IRA or other qualified
94
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
6. Capital Stock (continued)
retirement plan. It is the shareholder’s obligation to both notify and provide the Fund supporting documentation of a required minimum distribution from an IRA or other qualified retirement plan. The results of the repurchase offers conducted for the six months ended September 30, 2023 are as follows:
|
Commencement Date |
|
April 13, 2023 |
|
July 13, 2023 |
||
|
Repurchase Request |
|
May 15, 2023 |
|
August 14, 2023 |
||
|
Repurchase Pricing date |
|
May 15, 2023 |
|
August 14, 2023 |
||
|
|
|
|||||
|
Net Asset Value as of Repurchase Offer Date |
|
|
||||
|
Class I |
$ |
10.55 |
$ |
10.61 |
||
|
|
|
|||||
|
Amount Repurchased |
|
|
||||
|
Class I |
$ |
426,176,095 |
$ |
209,099,616 |
||
|
|
|
|||||
|
Percentage of Outstanding Shares Repurchased |
|
|
||||
|
Class I |
|
3.67% |
|
1.63% |
7. Federal Income Taxes
Fund Income Tax
At September 30, 2023, gross unrealized appreciation and depreciation on investments, based on cost for federal income tax purposes were as follows:
|
Cost of investments including proceeds from reverse repurchase agreements |
$ |
17,292,719,149 |
|
|
|
Gross unrealized appreciation |
|
235,774,093 |
|
|
|
Gross unrealized depreciation |
|
(259,383,957 |
) |
|
|
Net unrealized depreciation on investments |
$ |
(23,609,864 |
) |
The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.
As of December 31, 2022, the components of distributable earnings on a tax basis were as follows:
|
Undistributed ordinary income |
$ |
— |
|
|
|
Undistributed long-term capital gains |
|
— |
|
|
|
Accumulated capital and other losses |
|
— |
|
|
|
Unrealized appreciation/(depreciation) |
|
|
||
|
Investments |
|
(66,567,767 |
) |
|
|
Foreign Currency |
|
— |
|
|
|
Organizational costs |
|
(37,916 |
) |
|
|
Total distributable earnings |
$ |
(66,605,683 |
) |
The tax character of distributions paid during the fiscal years ended December 31, 2022 and December 31, 2021 were as follows:
|
2022 |
2021 |
|||||
|
Distribution paid from: |
|
|
||||
|
Ordinary income |
$ |
565,713,472 |
$ |
165,497,728 |
||
|
Return of Capital |
|
122,545,406 |
|
28,307,888 |
||
|
Net long-term capital gains |
|
— |
|
7,900,814 |
||
|
Total distributions paid |
$ |
688,258,878 |
$ |
201,706,430 |
||
95
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
7. Federal Income Taxes (continued)
Domestic Blocker Income Tax
CCLF Holdings LLC and CCLF Holdings (D3) LLC (the “Domestic Blockers”) recorded provisions for income tax expense (benefit) for the year ended March 31, 2023, in the amount of $920,607. This provision for income tax expense (benefit) is comprised of the following current and deferred income tax expense (benefit):
|
Deferred |
$ |
920,607 |
As of March 31, 2023, temporary differences between financial and tax reporting that give rise to deferred income taxes totaled $1,421,142, resulting principally from differences in the recognition of income from partnership investments and the treatment of unrealized appreciation/depreciation. The Domestic Blockers have a net deferred tax liability recorded as of March 31, 2023. Should a net deferred tax asset exist in the future, the Domestic Blockers will assess whether a valuation allowance should be booked to reserve against that asset.
The statutory rate and effective federal rate is 21%. The Fund is currently using an estimated tax rate of 3.95% for state and local tax, net of federal tax benefit.
8. Investment Transactions
For the six months ended September 30, 2023, purchases and sales of investments, excluding short-term investments, were $5,344,996,587 and $1,374,099,791 respectively.
9. Indemnifications
In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss to be remote.
10. Derivatives and Hedging Disclosures
U.S. GAAP requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effects on the Fund’s financial position, performance and cash flows. The Fund invested in forward foreign exchange currency contracts and swap contracts for the six months ended September 30, 2023 in order to hedge overall portfolio currency risk and interest rate risk, respectively. By entering into forward foreign exchange currency contracts, the Fund agrees to exchange different currencies at a specified exchange rate at an agreed-upon future date. The Fund may be susceptible to the risk of changes in the foreign exchange rate underlying the forward contract and of the counterparty’s potential inability to fulfill the terms of the contract. By entering into swap agreements, the Fund agrees to exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indexes, reference rates, currencies or other instruments. The Fund may be susceptible to losses if interest rate or foreign currency exchange rates or credit quality changes are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected, and are subject to counterparty credit, liquidity, valuation, correlation and leverage risk.
96
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
10. Derivatives and Hedging Disclosures (continued)
The effects of these derivative instruments on the Fund’s financial position and financial performance as reflected in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations are presented in the tables below. Forward contracts are not designated as hedging instruments. Interest rate swap contracts are designated as hedging instruments. The fair values of derivative instruments as of September 30, 2023, and the realized and unrealized gain (loss) during the six months ended September 30, 2023 by risk category are as follows:
|
Derivatives Designated as Hedging Instruments |
||||||||
|
Consolidated Statement of Asset and Liabilities Location |
Derivatives Instruments |
Asset |
Liability |
|||||
|
Value |
Value |
|||||||
|
Net unrealized depreciation on swap contracts |
Interest Rate Swap Contracts |
$ |
— |
$ |
110,610,952 |
|||
|
Total |
$ |
— |
$ |
110,610,952 |
||||
|
Derivatives Not Designated as Hedging Instruments |
||||||||
|
Asset |
Liability |
|||||||
|
Consolidated Statement of Asset and Liabilities Location |
Derivatives Instruments |
Value |
Value |
|||||
|
Net unrealized appreciation on forward foreign currency exchange contracts |
Forward Contracts |
$ |
3,997,412 |
$ |
277,679 |
|||
|
Total |
$ |
3,997,412 |
$ |
277,679 |
||||
|
Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income |
||||||
|
Derivatives Instruments |
Forward |
Total |
||||
|
Forward foreign currency exchange contracts |
$ |
12,240,112 |
$ |
12,240,112 |
||
|
Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income |
||||||
|
Derivatives Instruments |
Forward |
Total |
||||
|
Forward foreign currency exchange contracts |
$ |
3,487,818 |
$ |
3,487,818 |
||
The quarterly average volumes of derivative instruments as of September 30, 2023 are as follows:
|
Derivatives Instruments |
Short Forward |
Long Swap |
||
|
Forward foreign currency exchange contracts |
26 |
— |
||
|
Interest rate contracts |
— |
13 |
11. Disclosures about Offsetting Assets and Liabilities
The FASB’s Disclosures about Offsetting Assets and Liabilities requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance requires retrospective application for all comparative periods presented.
A fund mitigates credit risk with respect to OTC derivative counterparties through credit support annexes included with International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements or other Master Netting Agreements which are the standard contracts governing most derivative transactions between the fund and each of its counterparties. These agreements allow the fund and each counterparty to offset certain derivative financial instruments’ payables and/or receivables against each other and/or with collateral, which is generally held by the fund’s custodian. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts specified in the agreement. To the extent amounts due to the fund from its counterparties are not fully collateralized contractually or otherwise, the fund bears the risk of loss from counterparty non-performance.
97
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
11. Disclosures about Offsetting Assets and Liabilities (continued)
It is the Fund’s policy to recognize a net asset or liability equal to the unrealized appreciation (depreciation) of each derivative contract. As of September 30, 2023, the Fund is subject to master netting arrangements for forward foreign currency exchange contracts and swap contracts. The following table shows additional information regarding the offsetting of assets and liabilities, as of September 30, 2023:
|
Description |
Counter |
Gross |
Gross |
Net Amounts |
|
||||||||||||||||||
|
Financial |
Cash |
Net |
|||||||||||||||||||||
|
Liabilities |
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Unrealized depreciation on swap contracts |
PNC Bank, N.A |
$ |
(75,815,213 |
) |
$ |
— |
$ |
(75,815,213 |
) |
$ |
— |
$ |
(75,815,213 |
) |
$ |
— |
|||||||
|
Unrealized depreciation on swap contracts |
MUFG Bank, Ltd. |
|
(34,795,739 |
) |
|
— |
|
(34,795,739 |
) |
|
— |
|
(34,795,739 |
) |
|
— |
|||||||
|
Total Liabilities |
$ |
(110,610,952 |
) |
$ |
— |
$ |
(110,610,952 |
) |
$ |
— |
$ |
(110,610,952 |
) |
$ |
— |
||||||||
* Amounts relate to master netting agreements and collateral agreements which have been determined by the Investment Manager to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. The collateral amounts may exceed the related net amounts of financial assets and liabilities presented in the Consolidated Statement of Assets and Liabilities. Where this is the case, the total amount reported is limited to the net amounts of financial assets and liabilities with that counterparty.
12. Related Party Transactions and Arrangements
Transactions related to investments in affiliated and controlled affiliated companies for the six months ended September 30, 2023 were as follows:
|
Affiliated Investment Company |
Type of Asset |
Industry |
Beginning |
Purchases |
Proceeds |
Dividend |
Realized |
Change in |
Value at |
||||||||||
|
FBLC Senior Loan Fund LLC1 |
Investment Fund |
Diversified |
71,110,878 |
— |
— |
3,506,233 |
— |
7,861,255 |
|
75,465,900 |
|||||||||
|
Middle Market Credit Fund II, LLC2 |
Investment Fund |
Diversified |
14,669,248 |
— |
— |
1,047,420 |
— |
(363,109 |
) |
13,258,719 |
|||||||||
1 Franklin BSP Lending Corporation (FBLC) and Cliffwater Corporate Lending Fund (the “Fund”) are the members of FBLC Senior Loan Fund LLC (SLF), a joint venture formed as a Delaware limited liability company that is not consolidated by either member for financial reporting purposes. The members make investments in SLF in the form of LLC equity interests as SLF makes investments, and all portfolio and other material decisions regarding SLF must be submitted to SLF’s board of directors which is comprised of an equal number of members appointed by each of FBLC and the Fund. Because management of SLF is shared equally between FBLC and the Fund, the Fund does not believe it controls SLF for purposes of the Investment Company Act or otherwise.
2 Carlyle Secured Lending, Inc (CSL) and Cliffwater Corporate Lending Fund (the “Fund”) are the members of Middle Market Credit Fund II, LLC (MMCF), a joint venture formed as a Delaware limited liability company that is not consolidated by either member for financial reporting purposes. The members make investments in MMCF in the form of LLC equity interests as MMCF makes investments, and all portfolio and other material decisions regarding MMCF must be submitted to MMCF’s board of directors which is comprised of an equal number of members appointed by each of CSL and the Fund. Because management of MMCF is shared equally between CSL and the Fund, the Fund does not believe it controls MMCF for purposes of the 1940 Act or otherwise.
98
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
13. Private Investment Vehicles
The following table represents investment strategies, unfunded commitments and redemptive restrictions of investments that are measured at NAV per share (or its equivalent) as a practical expedient as of September 30, 2023:
|
Security |
Investment |
Cost |
Fair Value |
Unfunded |
Redemption |
Redemption |
Fund Term |
||||||||||
|
17Capital Co-Invest (B) SCSp |
NAV loan to a European private equity fund |
$ |
25,090,931 |
$ |
23,255,664 |
$ |
287,500 |
None |
N/A |
Liquidation to commence on the earlier of 5/7/2031 but no later than 180 days following full realization |
|||||||
|
ABPCI Pacific Funding LP |
Middle market direct lending |
|
112,750,000 |
|
120,971,879 |
|
92,250,000 |
None |
Redemptions pursuant to the note purchase and security agreement upon the direction of a majority of the subordinated notes |
November 3, 2031 after the payment in full of the obligations of the issuer pursuant to the note purchase agreement |
|||||||
|
AG Direct Lending Fund II (Unlevered), L.P. |
Middle market direct lending |
|
17,373,116 |
|
19,285,085 |
|
2,398,584 |
None |
N/A |
Fifth anniversary of the expiration of the commtiment period with one one-year extension available |
|||||||
|
AG Direct Lending Fund II, L.P. |
Middle market direct lending |
|
16,126,441 |
|
18,259,354 |
|
— |
None |
N/A |
December 31, 2024 with one-year extensions available |
|||||||
|
AG Direct Lending Fund III, L.P. |
Middle market direct lending |
|
12,923,063 |
|
12,729,578 |
|
1,600,000 |
None |
N/A |
September 30, 2026 with one-year extensions available |
|||||||
|
AG DLI, L.P. |
Middle market direct lending |
|
7,746,554 |
|
8,702,917 |
|
1,500,000 |
None |
N/A |
Until the earlier of the dissolution of investments or the partnership |
|||||||
|
AG GTDL Fund II, L.P. |
Middle market direct lending |
|
17,545,691 |
|
19,375,460 |
|
2,400,000 |
None |
N/A |
Fifth anniversary of the expiration of the commtiment period with one one-year extension available |
|||||||
|
AG GTDL Fund, L.P. |
Middle market direct lending |
|
2,945,745 |
|
3,114,167 |
|
820,000 |
None |
N/A |
Fifth anniversary of the expiration of the commtiment period with one one-year extension available |
|||||||
99
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
13. Private Investment Vehicles (continued)
|
Security |
Investment |
Cost |
Fair Value |
Unfunded |
Redemption |
Redemption |
Fund Term |
||||||||||
|
AG KFHDL Fund, L.P. |
Middle market direct lending |
$ |
2,951,563 |
$ |
3,114,658 |
$ |
820,000 |
None |
N/A |
Fifth anniversary of the expiration of the commtiment period with one one-year extension available |
|||||||
|
AG Twinbrook Origination Fund I, L.P. |
Middle market direct lending |
|
25,000,000 |
|
27,570,304 |
|
225,000,000 |
None |
N/A |
Until the dissolution of the partnership in accordance with the limited partnership agreement |
|||||||
|
AGTB BDC Holdings, LP |
Middle market direct lending |
|
125,000,000 |
|
130,266,432 |
|
— |
None |
N/A |
Six-year anniversary of the initial closing as determined by the board if a merger has not occurred |
|||||||
|
Antares Loan Funding I Ltd. |
Middle market direct lending |
|
103,200,000 |
|
113,961,228 |
|
— |
None |
Pursuant to the priority of payments, notes may be redeemed in whole or in part on the applicable quarterly payment date in accordance with the credit agreement |
February 17, 2032 |
|||||||
|
Antares Senior Loan Parallel Feeder Fund II (Cayman) LP |
Middle market direct lending |
|
30,003,683 |
|
30,727,311 |
|
169,992,270 |
None |
N/A |
Until the dissolution of the partnership in accordance with the limited partnership agreement |
|||||||
|
Ares Commercial Finance Feeder (B) LP |
Asset-based lending |
|
13,131,161 |
|
13,774,474 |
|
6,910,451 |
None |
N/A |
Until the final liquidating distributions of the fund |
|||||||
|
Ares Commercial Finance LP |
Asset-based lending |
|
15,404,552 |
|
18,841,860 |
|
9,501,887 |
None |
N/A |
June 30, 2025 |
|||||||
|
Ares Priority Loan Co-Invest LP |
Priority revolvers to middle market companies |
|
24,500,000 |
|
24,847,072 |
|
16,524,000 |
None |
N/A |
Until the end of the fiscal quarter during which occurs the fifth anniversary of the end of the investment period which may be extended for one year |
|||||||
100
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
13. Private Investment Vehicles (continued)
|
Security |
Investment |
Cost |
Fair Value |
Unfunded |
Redemption |
Redemption |
Fund Term |
||||||||||
|
Ares Strategic Income Fund |
Middle market direct lending |
$ |
100,000,000 |
$ |
105,112,322 |
$ |
— |
None |
N/A |
Perpetual unless terminated pursuant to the applicable provisions contained in the Declaration of Trust or the Statutory Trust Act |
|||||||
|
Banner Ridge DSCO Fund II (Offshore), LP |
Diversified private credit strategies |
|
— |
|
842,868 |
|
50,000,000 |
None |
N/A |
Until the tenth anniversary of the iniitial closing date with two one-year extensions |
|||||||
|
Barings Capital Investment Corporation |
Middle market direct lending |
|
95,000,000 |
|
95,669,717 |
|
— |
None |
N/A |
Until the earlier of a liquidity event or July 13, 2027 |
|||||||
|
Barings CMS Fund, LP |
Middle market direct lending |
|
3,000,000 |
|
479,871 |
|
247,000,000 |
None |
N/A |
Until distribution of investment proceeds |
|||||||
|
Barings Private Credit Corporation |
Middle market direct lending |
|
900,000,000 |
|
919,492,030 |
|
— |
Quarterly2 |
Redemptions permitted at the discretion of the investment manager |
N/A |
|||||||
|
BlackRock Shasta Senior Loan Fund VII, LLC |
Middle market direct lending |
|
579,302,464 |
|
592,378,410 |
|
77,697,536 |
None |
Redemptions pursuant to the Note Purchase and Security Agreement upon the direction of a majority of the subordinated note purchasers with the consent of the collateral manager |
Earlier of twelve years from closing date and the amortization date (if any) |
|||||||
|
Blackstone |
ABL co-Investment |
|
805,059 |
|
805,059 |
|
19,203,452 |
None |
N/A |
Until the partnership is dissolved and subsequently terminated |
|||||||
|
Blue Owl Credit Income Corp. |
Middle market direct lending |
|
150,000,000 |
|
152,324,903 |
|
— |
Quarterly2 |
N/A |
N/A |
|||||||
|
Blue Owl Technology Finance Corp. |
Middle market direct lending |
|
35,000,000 |
|
37,197,107 |
|
— |
None |
N/A |
Until earliest of an Exchange Listing, the fifth anniversary of the final closing, and August 10, 2025 |
|||||||
101
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
13. Private Investment Vehicles (continued)
|
Security |
Investment |
Cost |
Fair Value |
Unfunded |
Redemption |
Redemption |
Fund Term |
||||||||||
|
Blue Owl Technology Finance Corp. II |
Middle market direct lending |
$ |
47,652,353 |
$ |
50,351,828 |
$ |
27,347,647 |
None |
N/A |
Earlier of the five year anniversary of the Final Closing and the seven year anniversary of the Initial Closing, with two one-year extensions available |
|||||||
|
Carlyle Secured Lending III |
Middle market direct lending |
|
4,537,500 |
|
4,754,275 |
|
3,712,500 |
None |
N/A |
Perpetual until the company is sold and/or liquidated and dissolved |
|||||||
|
CCOF Alera Aggregator, L.P. |
Preferred equity co-investment |
|
9,700,000 |
|
10,894,907 |
|
300,000 |
None |
N/A |
Until dissolved and liquidated in accordance with the limiated partnership agreement |
|||||||
|
CCOF Sierra II, L.P. |
Preferred equity co-investment |
|
15,610,698 |
|
17,781,851 |
|
400,000 |
None |
N/A |
Ten-year anniversary of the the final closing date with two one-year externsions |
|||||||
|
CDL Tender Fund 2022-1, L.P. |
Middle market direct lending |
|
50,000,000 |
|
49,347,351 |
|
— |
None |
N/A |
Until the dissolution of the partnership in accordance with the limited partnership agreement |
|||||||
|
Chilly HP SCF Investor, LP |
Preferred equity co-investment |
|
1,980,197 |
|
2,209,826 |
|
— |
None |
N/A |
Until the dissolution of the partnership in accordance with the limited partnership agreement |
|||||||
|
Comvest Structured Note Issuer I LLC |
Middle market direct lending |
|
194,786,454 |
|
198,385,350 |
|
305,776,892 |
None |
Optional redemption pursuant to the indenture at the written direction of a majority of the subordinated notes with the consent of the the investment manager |
November 2034 |
|||||||
|
Crescent Mezzanine Partners VIIC, L.P. |
Mezzanine level subordinated debt |
|
5,025,680 |
|
5,747,075 |
|
3,351,705 |
None |
N/A |
December 21, 2025 available |
|||||||
|
Crestline Specialty Lending III (U.S.), L.P. |
Middle market direct lending |
|
20,035,387 |
|
20,820,257 |
|
10,396,209 |
None |
N/A |
December 1, 2028 with one-year exensions available |
|||||||
102
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
13. Private Investment Vehicles (continued)
|
Security |
Investment |
Cost |
Fair Value |
Unfunded |
Redemption |
Redemption |
Fund Term |
||||||||||
|
FBLC Senior Loan Fund LLC |
Middle market direct lending |
$ |
78,562,000 |
$ |
75,465,900 |
$ |
— |
None |
N/A |
Until all investments are amortized, liquidated, transferred or disposed |
|||||||
|
Franklin BSP Lending Corporation |
Middle market direct lending |
|
30,483,901 |
|
39,459,557 |
|
— |
Semi-Annually1 |
N/A |
N/A |
|||||||
|
Golub Capital BDC 4, Inc. |
Middle market direct lending |
|
60,901,821 |
|
62,149,863 |
|
139,098,179 |
None |
N/A |
Perpetual until the company is sold and/or liquidated and dissolved |
|||||||
|
Golub Capital Direct Lending Corporation |
Middle market direct lending |
|
40,250,000 |
|
41,130,811 |
|
9,750,000 |
None |
N/A |
July 1, 2027 with extensions upon the approval of shareholders |
|||||||
|
GTCR (D) Investors LP |
Common equity co-investment |
|
1,493 |
|
1,493 |
|
519 |
None |
N/A |
Concurrent with the remaining term of GTCR subject to earlier dissolution of the parternship pursuant to the provisions of the limited partnership agreement |
|||||||
|
HPS Offshore Strategic Investment Partners V, LP |
Mezzanine level subordinated debt |
|
10,728,945 |
|
11,225,470 |
|
29,271,055 |
None |
N/A |
Until the tenth anniversary of the first closing date with one one-year extension following the expiration of such initial term and two successive one-year terms following such subsequent term with the approval of the LP Advisory Committee |
|||||||
|
HPS Mezzanine Partners 2019, L.P. |
Mezzanine level subordinated debt |
|
7,857,297 |
|
9,200,948 |
|
2,601,086 |
None |
N/A |
April 12, 2029 with one-year extensions available |
|||||||
|
HPS Mint Co-Invest Fund, L.P. |
Preferred equity co-investment |
|
21,571,869 |
|
24,489,501 |
|
608,651 |
None |
N/A |
Until all investments are liquidated and all proceeds are distributed or as determined by the general partner |
|||||||
103
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
13. Private Investment Vehicles (continued)
|
Security |
Investment |
Cost |
Fair Value |
Unfunded |
Redemption |
Redemption |
Fund Term |
||||||||||
|
HPS Specialty Loan Fund V Feeder, L.P. |
Middle market direct lending |
$ |
48,894,663 |
$ |
51,760,227 |
$ |
18,643,153 |
None |
N/A |
September 10, 2028 with 1 year extenstions available |
|||||||
|
Kelso XI Tailwind Co-Investment, L.P. |
Common equity co-investment |
|
800 |
|
800 |
|
200 |
None |
N/A |
Until the dissolution of the parternship in accordance with the limited partnership agreement |
|||||||
|
KKR FS Income Trust |
Middle market direct lending |
|
59,500,000 |
|
59,842,329 |
|
190,500,000 |
Quarterly4 |
N/A |
Perpetual until dissolved in accordance with the Declaration of Trust or pursuant to Delaware law |
|||||||
|
Luther Co-Invest, L.P. |
Direct lending to French football league media rights |
|
22,043,366 |
|
22,842,254 |
|
— |
None |
N/A |
Until all investments are liquidated and all proceeds are distributed or as determined by the general partner |
|||||||
|
Marlin |
Middle market direct lending |
|
99,625,931 |
|
90,305,350 |
|
25,374,069 |
None |
N/A |
May 19, 2028 with one-year extensions available |
|||||||
|
Middle Market Credit Fund II, LLC |
Middle market direct lending |
|
12,708,191 |
|
13,258,720 |
|
— |
None |
N/A |
Until all investments are amortized, liquidated, transferred or disposed |
|||||||
|
Minerva Co-Invest, L.P. |
Preferred equity co-investment |
|
14,720,019 |
|
15,730,579 |
|
298,500 |
None |
N/A |
Until distribution of investment proceeds |
|||||||
|
Morgan Stanley Direct Lending Fund |
Middle market direct lending |
|
39,339,489 |
|
39,398,260 |
|
6,160,511 |
Quarterly3 |
N/A |
N/A |
|||||||
|
New Mountain Guardian III BDC, L.L.C. |
Middle market direct lending |
|
100,000,000 |
|
98,874,342 |
|
— |
None |
N/A |
July 15, 2025 with one-year extensions available |
|||||||
|
New Mountain Guardian IV BDC, L.L.C. |
Middle market direct lending |
|
17,500,000 |
|
18,084,562 |
|
32,500,000 |
None |
N/A |
Six years from the end of the closing period with a one-year extension available |
|||||||
104
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
13. Private Investment Vehicles (continued)
|
Security |
Investment |
Cost |
Fair Value |
Unfunded |
Redemption |
Redemption |
Fund Term |
||||||||||
|
NXT Capital Structured Note I LLC |
Middle market direct lending |
$ |
101,134,552 |
$ |
109,950,993 |
$ |
86,466,159 |
None |
Optional redemption pursuant to the indenture upon the direction of the investment manager or at the written direction of a majority of the holders of the subordinated notes |
Nine years from the initial closing date |
|||||||
|
Odyssey Co-Investment Partners B, LLC |
Common equity co-investment |
|
1,555,423 |
|
1,502,546 |
|
444,577 |
None |
N/A |
Until the dissolution of the parternship in accordance with the limited partnership agreement |
|||||||
|
Palisades CLO, LLC |
Middle market direct lending |
|
120,451,941 |
|
125,560,236 |
|
— |
None |
May be redeemed in whole, but not in part, after the redemption or repayment of all of the secured debt at the direction of a majority of the subordinated notes or the investment manager |
May 2034 |
|||||||
|
Piccadilly Co-Invest, L.P. |
Term loan co-investment |
|
56,117,143 |
|
58,733,349 |
|
3,882,857 |
None |
N/A |
Until all investments are liquidated and all proceeds are distributed or as determined by the general partner |
|||||||
|
Private Credit Fund C-1 HLDCO LLC |
Middle market direct lending |
|
87,628,527 |
|
88,353,408 |
|
412,371,473 |
None |
N/A |
Shall continue until cancellation of the Certificate of Formation as provided in the Delaware Limited Liability Company Act |
|||||||
|
Providence Debt Fund III (Non-US) L.P. |
Middle market direct lending |
|
5,484,126 |
|
6,479,897 |
|
15,000,000 |
None |
N/A |
October 24, 2021 with one-year extensions available |
|||||||
|
Proxima Co-Invest, L.P. |
Direct lending to a renewable energy company |
|
9,988,001 |
|
10,083,244 |
|
87,242 |
None |
N/A |
Until the completion of the liquidation |
|||||||
105
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
13. Private Investment Vehicles (continued)
|
Security |
Investment |
Cost |
Fair Value |
Unfunded |
Redemption |
Redemption |
Fund Term |
||||||||||
|
Raven Asset-Based Credit Fund II LP |
Asset-based lending |
$ |
18,443,489 |
$ |
20,478,554 |
$ |
6,689,915 |
None |
N/A |
January 2029 with two one-year extensions available available |
|||||||
|
Raven Senior Loan Fund LLC |
Asset-based lending |
|
454,636,092 |
|
480,938,597 |
|
45,363,908 |
None |
Pursuant to the priority of payments, notes may be redeemed in whole or in part on the applicable quarterly payment date in accordance with the note purchase and security agreement |
The earlier of twelve years from closing and the amortization date selected by a majority of the subordinated notes in accordance to the note purchase and security agreement |
|||||||
|
Redwood Enhanced Income Corp. |
Middle market direct lending |
|
36,400,000 |
|
34,314,570 |
|
19,600,000 |
None |
180 calendar days following the pricing of an initial public offering of the shares and/or the first trade of the shares on a securities exchange |
Seven-year anniversary of the initial closing with two one-year extensions |
|||||||
|
Silver Point Loan Funding, LLC |
Middle market direct lending |
|
697,027,619 |
|
722,634,330 |
|
803,611,455 |
None |
Optional redemption pursuant to the indenture at the written direction of a majority of the subordinated notes with the consent of the the investment manager |
November 2034 |
|||||||
|
Silver Point Specialty Credit Fund II, L.P. |
Middle market direct lending |
|
43,139,016 |
|
40,395,548 |
|
6,863,897 |
None |
N/A |
September 6, 2023 with one-year extensions available |
|||||||
|
Sixth Street Lending Partners |
Middle market direct lending |
|
15,609,630 |
|
16,958,821 |
|
34,390,370 |
None |
N/A |
Ten years from final closing subject to two one-year extensions if approved by majority of the board |
|||||||
|
Stellus Private Credit BDC Feeder LP |
Middle market direct lending |
|
17,116,145 |
|
17,770,795 |
|
32,883,855 |
None |
N/A |
Until the partnership is terminated and wound up in accordance to the limited partnership agreement |
|||||||
106
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
13. Private Investment Vehicles (continued)
|
Security |
Investment |
Cost |
Fair Value |
Unfunded |
Redemption |
Redemption |
Fund Term |
||||||||||
|
Stone Point Credit Corporation |
Middle market direct lending |
$ |
37,753,642 |
$ |
37,800,734 |
$ |
12,246,358 |
None |
N/A |
Until the seven year anniversary of the commencement date, December 21, 2020 |
|||||||
|
Summit Partners Credit Offshore Fund II, L.P. |
Middle market direct lending |
|
6,919,665 |
|
7,606,912 |
|
2,765,112 |
None |
N/A |
Eight anniversary of the fist draw-dwon date with two one-year extensions available |
|||||||
|
TCW Direct Lending VIII LLC |
Middle market direct lending |
|
22,009,914 |
|
33,666,606 |
|
41,985,129 |
None |
N/A |
Sixth anniversary of the final closing date |
|||||||
|
THL Fund IX Investors (Plymouth II), L.P. |
Common equity co-investment |
|
2,000,000 |
|
2,000,000 |
|
— |
None |
N/A |
Until the close of business on the tenth anniversary of the final closing date (January 31, 2022) |
|||||||
|
Thompson Rivers LLC |
Investment vehicle |
|
7,097,110 |
|
3,617,932 |
|
— |
None |
Redemptions permitted with the consent of the investment fund’s voting members |
Until cancellation of the Certificate of Formation |
|||||||
|
T. Rowe Price OHA Select Private Credit Feeder Fund LLC |
Middle market direct lending |
|
25,000,000 |
|
25,043,151 |
|
25,000,000 |
None |
N/A |
Until the company is terminated and wound up in accordance to the limited liability company agreement |
|||||||
|
Varagon Capital Corporation |
Middle market direct lending |
|
19,296,490 |
|
19,081,458 |
|
5,703,510 |
None |
N/A |
September 2026 with one-year extensions available |
|||||||
|
Varagon Capital Direct Lending Fund, L.P. |
Middle market direct lending |
|
26,250,000 |
|
25,521,664 |
|
23,750,000 |
None |
N/A |
Until the fourth anniverversary of the end of the reinvestment period with one-year extension available |
|||||||
|
Varagon Structured Note Issuer I, LLC |
Middle market direct lending |
|
425,000,000 |
|
433,236,378 |
|
75,000,000 |
None |
Redemptions pursuant to the Indenture upon direction of a majority of the subordinated notes with the consent of the investment manager |
October 2033 provided that the scheduled reinvestment end date is extended |
|||||||
107
|
Cliffwater Corporate Lending Fund |
|
Notes to Consolidated Financial Statements September 30, 2023 (Unaudited) (Continued) |
13. Private Investment Vehicles (continued)
|
Security |
Investment |
Cost |
Fair Value |
Unfunded |
Redemption |
Redemption |
Fund Term |
||||||||||
|
Vista Credit Partners Fund III, L.P. |
Middle market direct lending |
$ |
32,669,461 |
$ |
34,550,167 |
$ |
20,474,507 |
None |
N/A |
March 31, 2027 with two one-year extensions available |
|||||||
|
VPC Credit Origination Fund, LP |
Loan origination vehicle |
|
1,000,000 |
|
1,115,220 |
|
49,000,000 |
None |
N/A |
Forty-two months after the initial closing date with additional one-year extensions approved by limited partners holding majority of aggregate commitments |
|||||||
|
Waccamaw River LLC |
Investment vehicle |
|
12,518,065 |
|
10,246,041 |
|
— |
None |
Redemptions permitted with the prior consent of the Board |
Until cancellation of the Certificate of Formation |
|||||||
|
Total |
$ |
5,711,064,128 |
$ |
5,894,254,567 |
$ |
3,453,576,880 |
|||||||||||
1 Up to 10% at each semi-annual tender offer
2 Up to 5% at each quarterly tender offer
3 Up to 2.5% at each quarterly tender offer
4 Up to 5% at each quarterly tender offer beginning no later than the quarter ending 12/31/2023
14. Subsequent Events
In preparing these consolidated financial statements, management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein.
The Fund commenced a repurchase offer October 12, 2023 as follows:
|
Commencement Date |
October 12, 2023 |
|
|
Repurchase Request |
November 13, 2023 |
|
|
Repurchase Pricing date |
November 13, 2023 |
|
|
Net Asset Value as of Repurchase Offer Date |
||
|
Class I |
$10.64 |
|
|
Amount Repurchased |
||
|
Class I |
$476,543,334 |
|
|
Percentage of Outstanding Shares Repurchased |
||
|
Class I |
3.2% |
Other than as described above, there have been no other subsequent events that occurred during such period that would require disclosure or would be required to be recognized in the consolidated financial statements.
108
Proxy Voting
The Fund is required to file Form N-PX, with its complete proxy voting record for the twelve-month period ending on June 30, no later than August 31. The Fund’s Form N-PX filing and a description of the Fund’s proxy voting policies and procedures are available: (i) without charge, upon request, by calling the Fund at 1-888-442-4420 or (ii) by visiting the SEC’s website at www.sec.gov.
Availability of Quarterly Portfolio Schedules
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov or by calling the Fund at 1-888-442-4420.
109
PRIVACY NOTICE
|
FACTS |
WHAT DOES THE FUND DO WITH YOUR PERSONAL INFORMATION? |
|
Why? |
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
|
What? |
The types of personal information we collect and share depend on the product or service you have with us. This information can include: • Social Security number • Account balances • Account transactions • Transaction history • Wire transfer instructions • Checking account information When you are no longer our customer, we continue to share your information as described in this notice. |
|
How? |
All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons funds choose to share; and whether you can limit this sharing. |
|
Reasons we can share your personal information |
Does the |
Can you limit |
|
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus |
Yes |
No |
|
For our marketing purposes – to offer our products and services to you |
No |
We don’t share |
|
For joint marketing with other financial companies |
No |
We don’t share |
|
For our affiliates’ everyday business purposes – information about your transactions and experiences |
Yes |
No |
|
For our affiliates’ everyday business purposes – information about your creditworthiness |
No |
We don’t share |
|
For our affiliates to market to you |
No |
We don’t share |
|
For nonaffiliates to market to you |
No |
We don’t share |
|
Questions? |
Call 1-(888)-442-4420 |
110
|
Cliffwater Corporate Lending Fund |
|
Privacy Notice September 30, 2023 (Unaudited) (Continued) |
|
What we do |
|
|
How does the Fund protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
|
How does the Fund collect my personal information? |
We collect your personal information, for example, when you • Open an account • Provide account information • Give us your contact information • Make a wire transfer • Tell us where to send the money We also collect your information from others, such as credit bureaus, affiliates, or other companies. |
|
Why can’t I limit all sharing? |
Federal law gives you the right to limit only • Sharing for affiliates’ everyday business purposes – information about your creditworthiness • Affiliates from using your information to market to you • Sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. |
|
Definitions |
|
|
Affiliates |
Companies related by common ownership or control. They can be financial and nonfinancial companies. |
|
Nonaffiliates |
Companies not related by common ownership or control. They can be financial and nonfinancial companies. • The Fund doesn’t share with nonaffiliates so they can market to you. |
|
Joint marketing |
A formal agreement between nonaffiliated financial companies that together market financial products or services to you. • The Fund doesn’t jointly market. |
111
Investment Manager
Cliffwater LLC
4640 Admiralty Way, 11th Floor
Marina del Rey, CA 90292
Website: www.cliffwaterfunds.com
Custodian Bank
State Street Bank and Trust Company
1 Iron Street
Boston, MA 02210
Fund Administrator, Transfer Agent and Fund Accountant
UMB Fund Services
235 W. Galena Street
Milwaukee, WI 53212-3949
Phone: (414) 299-2200
Distributor
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, Maine 04101
http://www.foreside.com
Independent Registered Public Accounting Firm
Cohen & Company, Ltd.
342 North Water Street, Suite 830
Milwaukee, Wisconsin 53202
|
(b) |
Not applicable. |
Item 2. Code of Ethics.
Not applicable to semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable to semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable to semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable to semi-annual reports.
Item 6. Investments.
|
(a) |
See the Semi-Annual Report to Shareholders under Item 1 (a) of this Form. |
|
|
(b) |
Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
|
(a) |
Not applicable to semi-annual reports. |
|
|
(b) |
There have been no changes in any portfolio managers identified in the most recent annual report on Form N-CSR other than those summarized below. |
|
|
(1) |
Identification of Portfolio Manager(s) or Management Team Members and Description of Role of Portfolio Manager(s) or Management Team Members. |
The following table provides biographical information about the members of Cliffwater LLC (the “Investment Manager”), who are primarily responsible for the day-to-day portfolio management of the Cliffwater Corporate Lending Fund as of December 5, 2023:
|
Name of Portfolio |
Title |
Length of |
Business Experience During the |
Role of |
||||
|
Samir Patel |
Managing Director |
Since January 22, 2022 |
Managing Director, Cliffwater LLC (2022 – Present); Senior Vice President Portfolio Advisors, LLC (2019 – 2022); Vice President H.I.G Capital (2018 – 2019) |
Portfolio Management |
(2) Other Accounts Managed by Portfolio Manager(s) or Management Team Member and Potential Conflicts of Interest
The following table provides information about portfolios and accounts, other than the Cliffwater Corporate Lending Fund, for which the Fund’s portfolio managers are primarily responsible for the day-to-day portfolio management as of December 5, 2023:
|
Name of Portfolio |
Number of Accounts and Total Value |
Number of Other Accounts Managed and Total Value |
||||||||||
|
Name |
Registered investment companies |
Other pooled investment vehicles |
Other accounts |
Registered investment companies |
Other pooled investment vehicles |
Other accounts |
||||||
|
Samir Patel |
0 Accounts N/A |
0 Accounts N/A |
0 Accounts N/A |
0 Accounts N/A |
0 Accounts N/A |
0 Accounts N/A |
||||||
Conflicts of Interest
The Investment Manager and Portfolio Managers may manage multiple funds and/or other accounts, and as a result may be presented with one or more of the following actual or potential conflicts:
The management of multiple funds and/or other accounts may result in the Investment Manager or Portfolio Manager devoting unequal time and attention to the management of each fund and/or other account. The Investment Manager seeks to manage such competing interests for the time and attention of a Portfolio Manager by having the Portfolio Manager focus on a particular investment discipline. Other accounts managed by a Portfolio Manager may not be managed using the same investment models that are used in connection with the management of the Fund. If the Investment Manager, or Portfolio Manager identifies a limited investment opportunity which may be suitable for more than one fund or other account, a fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible funds and other accounts. To deal with these situations, the Investment Manager has adopted procedures for allocating portfolio transactions across multiple accounts. The Investment Manager has adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.
(3) Compensation Structure of Portfolio Manager
Cliffwater LLC — The Portfolio Managers have ownership and financial interests in, and may receive compensation and/or variable profit distributions from, the Investment Manager based on the Investment Manager’s financial performance, such as its overall revenues and profitability. The Portfolio Managers compensation is not tied to the Fund’s performance, except to the extent that the fee paid to the Investment Manager impacts the Investment Manager’s financial performance.
(4) Disclosure of Securities Ownership
Portfolio Management Team’s Ownership of Shares
|
Name of Portfolio |
Dollar Range of Shares |
|||||
|
Samir Patel |
None |
____________
1 As of December 5, 2023
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees since the registrant last provided disclosure in response to this item.
Item 11. Controls and Procedures.
|
(a) |
The registrant’s President (Principal Executive Officer) and Treasurer (Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective as of a date within 90 days of the filing date of this report, that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Exchange Act. |
|
(b) |
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
None.
Item 13. Exhibits.
|
(a)(1) |
Not applicable to semi-annual reports. |
|
(a)(2) |
Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith. |
|
(a)(3) |
Not applicable. |
|
(a)(4) |
Not applicable. |
|
(b) |
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
(registrant) |
Cliffwater Corporate Lending Fund |
|
|
By (Signature and Title)* |
/s/ Stephen Nesbitt |
|
|
Stephen Nesbitt, President |
||
|
(Principal Executive Officer) |
||
|
Date |
April 18, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
|
By (Signature and Title)* |
/s/ Stephen Nesbitt |
|
|
Stephen Nesbitt, President |
||
|
(Principal Executive Officer) |
||
|
Date |
April 18, 2024 |
|
|
By (Signature and Title)* |
/s/ Lance J. Johnson |
|
|
Lance J. Johnson, Treasurer |
||
|
(Principal Financial Officer) |
||
|
Date |
April 18, 2024 |
B3