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Form N-CSRS Cliffwater Corporate For: Sep 30

December 9, 2022 2:40 PM EST

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

 

Investment Company Act File Number 811-23333

 

Cliffwater Corporate Lending Fund

(Exact name of registrant as specified in charter)

 

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)

 

Date of fiscal year end: March 31

 

Date of reporting period: September 30, 2022

 

 

 

 

 

Item 1. Report to Shareholders

 

 

CLIFFWATER CORPORATE LENDING FUND

 

 

 

 

Semi-Annual Report

 

For the Period Ended September 30, 2022

 

(Unaudited)

 

 

Cliffwater Corporate Lending Fund

 

 

Table of Contents
For the Period Ended September 30, 2022 (Unaudited)

 
   

Letter to Shareholders

2-3

Consolidated Schedule of Investments

4-65

Consolidated Statement of Assets and Liabilities

66

Consolidated Statement of Operations

67

Consolidated Statements of Changes in Net Assets

68

Consolidated Statement of Cash Flows

69-70

Consolidated Financial Highlights

71-72

Notes to Consolidated Financial Statements

73-113

Other Information

114

Privacy Notice

115-116

 

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

 

 

Cliffwater Corporate Lending Fund

 

 

Letter to Shareholders
September 30, 2022 (Unaudited)

 

 

To our shareholders:

 

The Cliffwater Corporate Lending Fund recently completed three 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 Cliffwater Corporate Lending Fund (the Fund) produced a net 8.03% annualized return from its June 5, 2019 inception, through September 30, 2022. This compares to a 2.36% annualized return for the Morningstar LSTA US Leveraged Loan Index. The Fund also reported relatively consistent monthly returns. Its annualized standard deviation measures 2.21% for the same period compared to 8.48% for the Morningstar LSTA US Leveraged Loan Index.

 

The Fund experienced strong net investor inflows over the six months ended September 30, 2022, with net-asset-value growing from $6.7 billion on March 31, 2022, to $9.3 billion on September 30, 2022. 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 increasing current cash 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 inflation and the prospect of a slowing economy. The Fund’s 8.7% net current yield at September 30, 2022, up from 7.2% at March 31, 2022, remains attractive and should continue to rise as the Federal Reserve pushes short-term interest rates higher.

 

We again sincerely thank you for your support.

 

Regards,

 

Stephen L. Nesbitt
Chief Investment Officer
Cliffwater LLC

 

The performance data shown represents past performance which does not guarantee future results. It is net of all fees. Current performance may be lower or higher than the performance quoted. All performance shown assumes reinvestment of dividends.

 

2

 

 

Cliffwater Corporate Lending Fund

 

 

Letter to Shareholders
September 30, 2022 (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 a 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.

 

The Fund is a non-diversified management investment company and may be more susceptible to any single economic or regulatory occurrence than a diversified investment company. 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, 2022 (Unaudited)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS — 101.6%     
     COMMUNICATIONS — 3.1%     
$2,932,500  

1236904 B.C. Ltd. First Lien Term Loan, 8.613% (1-Month USD Libor+550 basis points), 3/4/20271,2,3,4

  $2,835,206 
 24,872,159  

AG-Twin Brook Communication Services First Lien Term Loan, 8.192% (3-Month USD Sofr+575 basis points), 10/1/20242,3,4

   24,690,499 
     Aspen Opco, LLC     
 2,651,515  

Revolver, 0.500%, 12/1/20272,4,5

   2,617,889 
 21,988,636  

First Lien Term Loan, 9.095% (3-Month USD Libor+550 basis points), 12/1/20272,3,4

   21,709,783 
 189,394  

Revolver, 10.750% (Prime Rate+625 basis points), 12/1/20272,3,4

   186,992 
 5,000,000  

BrightSign First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 10/14/20272,3,4

   4,853,457 
     CM Acquisitions Holdings Inc.     
 299,651  

Delayed Draw, 8.500% (3-Month EUR Libor+600 basis points), 5/6/20252,3,4

   293,604 
 815,108  

Incremental Term Loan, 8.981% (3-Month EUR Libor+600 basis points), 5/6/20252,3,4

   798,659 
 2,614,068  

First Lien Term Loan, 8.981% (3-Month EUR Libor+600 basis points), 5/6/20252,3,4

   2,561,315 
 

GBP 1,772,638

  

CSL DualCom Ltd First Lien Term Loan, 7.077% (6-Month GBP Libor+550 basis points), 9/25/20272,3,4,6

   1,965,849 
 10,000,000  

EP Purchaser, LLC Second Lien Term Loan, 10.174% (3-Month USD Libor+650 basis points), 11/4/20292,3,4

   9,814,225 
     Fingerpaint Marketing, Inc.     
 1,680,108  

Revolver, 0.500%, 12/30/20262,4,5

   1,637,803 
 9,167,014  

Delayed Draw, 1.000%, 12/30/20262,4,5

   8,936,194 
 5,988,925  

Delayed Draw, 9.924% (3-Month USD Libor+625 basis points), 12/30/20262,3,4

   5,838,127 
 8,098,837  

First Lien Term Loan, 9.924% (3-Month USD Libor+625 basis points), 12/30/20262,3,4

   7,894,913 
 12,343,138  

FuseFX, LLC First Lien Term Loan, 8.899% (1-Month USD Sofr+575 basis points), 10/1/20242,3,4

   12,252,987 
 15,000,000  

HH Global Finance Limited First Lien Term Loan, 7.310% (3-Month USD Libor+600 basis points), 9/24/20282,3,4

   14,797,776 
     HPS Telecommunications     
 9,800,000  

First Lien Term Loan, 9.674% (3-Month USD Libor+600 basis points), 5/30/20252,3,4,7

   9,525,065 
 10,000,000  

First Lien Term Loan, 9.434% (3-Month USD Libor+635 basis points), 7/23/20262,3,4

   9,933,929 
     Iconic Purchaser Corporation     
 1,230,769  

Revolver, 0.500%, 11/5/20272,4,5

   1,178,614 
 307,692  

Revolver, 8.185% (3-Month USD Libor+550 basis points), 11/5/20272,3,4

   294,654 
 18,369,231  

First Lien Term Loan, 8.493% (3-Month USD Libor+550 basis points), 11/5/20282,3,4

   17,517,348 

 

See accompanying Notes to Consolidated Financial Statements.

 

4

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     COMMUNICATIONS (Continued)     
$14,207,143  

KeyImpact Holdings, Inc. First Lien Term Loan, 7.482% (3-Month USD Libor+475 basis points), 6/21/20262,3,4

  $13,991,461 
 2,000,000  

Lifesize Second Lien Term Loan, 9.000% (3-Month USD Libor+800 basis points), 3/2/20262,3,4

   1,946,369 
     MBS Holdings, Inc.     
 1,271,186  

Revolver, 0.500%, 4/6/20272,4,5

   1,248,711 
 13,591,526  

First Lien Term Loan, 8.556% (3-Month USD Libor+575 basis points), 4/6/20272,3,4

   13,351,216 
 12,275,823  

MBS Services Holdings, LLC First Lien Term Loan, 11.332% (3-Month USD Libor+700 basis points), 2/26/20262,3,4

   12,030,306 
     Mc Group Ventures Corporation     
 4,519,231  

Delayed Draw, 1.000%, 6/30/20272,4,5

   4,486,770 
 15,230,769  

First Lien Term Loan, 8.377% (3-Month USD Libor+550 basis points), 6/30/20272,3,4

   15,121,371 
 5,057,933  

Delayed Draw, 8.377% (3-Month USD Libor+550 basis points), 6/30/20272,3,4

   5,021,603 
     OneCare Media, LLC     
 1,333,333  

Revolver, 0.500%, 9/29/20262,4,5

   1,310,426 
 9,760,532  

First Lien Term Loan, 9.615% (3-Month USD Libor+650 basis points), 9/29/20262,3,4

   9,592,838 
 

AUD 2,800,000

  

Permaconn TopCo Pty, Ltd. First Lien Term Loan, 9.102% (3-Month AUD BBSY+650 basis points), 12/8/20272,3,4,6

   1,740,092 
     Royal Buyer, LLC     
 191,667  

Revolver, 0.500%, 8/31/20282,4,5

   187,833 
 500,000  

Delayed Draw, 1.000%, 8/31/20282,4,5

   495,000 
 58,333  

Revolver, 8.903% (3-Month USD Sofr+600 basis points), 8/31/20282,3,4

   57,167 
 2,500,000  

First Lien Term Loan, 8.903% (3-Month USD Sofr+600 basis points), 8/31/20282,3,4

   2,450,000 
 12,000,000  

TA TT Buyer First Lien Term Loan, 8.981% (3-Month USD Sofr+525 basis points), 4/1/20292,3

   11,560,020 
     Trunk Acquisition, Inc.     
 1,193,049  

Revolver, 0.500%, 2/19/20262,4,5

   1,185,166 
 2,500,000  

Revolver, 0.500%, 2/19/20272,4,5

   2,483,482 
 7,495,876  

Delayed Draw, 9.424% (3-Month USD Libor+575 basis points), 2/19/20272,3,4

   7,446,350 
 22,387,500  

First Lien Term Loan, 9.642% (3-Month USD Libor+600 basis points), 2/19/20272,3,4

   22,239,584 
         290,080,653 
     CONSUMER DISCRETIONARY — 8.9%     
     ADS Buyer, Inc.     
 11,643,594  

First Lien Term Loan, 8.953% (3-Month USD Sofr+525 basis points), 12/31/20262,3,4

   11,525,037 
 6,524,647  

First Lien Term Loan, 8.759% (3-Month USD Sofr+525 basis points), 12/30/20272,3,4

   6,458,212 

 

See accompanying Notes to Consolidated Financial Statements.

 

5

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     CONSUMER DISCRETIONARY (Continued)     
     AG-Twin Brook Consumer Discretionary     
$24,777,896  

First Lien Term Loan, 11.160% (3-Month USD Sofr+675 basis points), 2/14/20242,3,4,7

  $24,212,220 
 9,900,043  

First Lien Term Loan, 8.566% (3-Month USD Sofr+625 basis points), 4/20/20262,3,4

   9,834,632 
 19,839,884  

First Lien Term Loan, 10.065% (3-Month USD Sofr+625 basis points), 4/22/20262,3,4

   19,708,801 
 14,925,000  

First Lien Term Loan, 9.565% (3-Month USD Sofr+575 basis points), 11/30/20262,3,4,7

   14,826,389 
 24,875,000  

First Lien Term Loan, 9.174% (1-Month USD Libor+575 basis points), 12/14/20272,3,4

   24,577,629 
     Archimede     
 

EUR 4,500,000

  

First Lien Term Loan, 5.475% (3-Month EUR Libor+600 basis points), 10/17/20272,3,4,6

   4,380,898 
 

EUR 4,000,000

  

First Lien Term Loan, 5.475% (6-Month EUR Libor+525 basis points), 10/17/20272,3,4,6

   3,799,972 
 

EUR 1,500,000

  

Delayed Draw, 5.475% (3-Month EUR Libor+525 basis points), 10/27/20272,3,4,6

   1,460,299 
 

EUR 2,500,000

  

First Lien Term Loan, 5.475% (3-Month EUR Libor+525 basis points), 10/27/20272,3,4,6

   2,433,832 
 

EUR 4,200,000

  

First Lien Term Loan, 5.475% (6-Month EUR Libor+525 basis points), 10/27/20272,3,4,6

   3,989,971 
 

EUR 1,100,000

  

First Lien Term Loan, 5.475% (6-Month EUR Libor+525 basis points), 10/27/20272,3,4,6

   1,044,992 
 10,821,012  

Astro Acquisition, LLC First Lien Term Loan, 8.480% (3-Month USD Sofr+550 basis points), 9/15/20282,3,4,7

   10,580,503 
     Auveco Holdings, Inc.     
 986,842  

Revolver, 0.500%, 5/5/20282,4,5

   966,927 
 1,973,684  

Delayed Draw, 1.000%, 5/5/20282,4,5

   1,933,855 
 328,947  

Revolver, 7.617% (3-Month USD Sofr+575 basis points), 5/5/20282,3,4

   322,309 
 9,187,500  

First Lien Term Loan, 7.617% (3-Month USD Sofr+575 basis points), 5/5/20282,3,4

   9,002,093 
     Bendon     
 1,800,000  

Revolver, 0.750%, 12/11/20252,4,5

   1,727,682 
 12,345,302  

First Lien Term Loan, 10.680% (3-Month USD Libor+700 basis points), 12/11/20252,3,4

   11,849,309 
 2,961,563  

Chop’t Creative Salad Company LLC First Lien Term Loan, 10.365% (1-Month USD Libor+725 basis points), 1/22/20242,3,4

   2,956,705 
     Club Car Wash     
 2,560,529  

Delayed Draw, 1.000%, 6/16/20272,4,5

   2,483,714 
 2,439,471  

Delayed Draw, 10.203% (3-Month USD Libor+650 basis points), 6/16/20272,3,4

   2,366,287 
     COP Hometown Acquisitions, Inc.     
 2,012,694  

Delayed Draw, 7.282% (3-Month USD Libor+450 basis points), 7/16/20272,3,4,7

   1,970,005 
 3,072,853  

Delayed Draw, 8.243% (3-Month USD Libor+450 basis points), 7/16/20272,3,4,7

   3,007,679 
 4,776,535  

Delayed Draw, 8.243% (3-Month USD Libor+450 basis points), 7/16/20272,3,4,7

   4,687,033 

 

See accompanying Notes to Consolidated Financial Statements.

 

6

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     CONSUMER DISCRETIONARY (Continued)     
$3,153,717  

First Lien Term Loan, 8.243% (3-Month USD Libor+450 basis points), 7/16/20272,3,4,7

  $3,086,828 
     Covercraft Parent II     
 2,225,000  

Delayed Draw, 1.000%, 8/20/20272,4,5

   2,177,809 
 2,775,000  

Delayed Draw, 8.174% (3-Month USD Libor+450 basis points), 8/20/20272,3,4,7

   2,716,143 
     Denali Midco 2 LLC     
 7,500,000  

Delayed Draw, 1.000%, 12/22/20272,4,5

   7,246,342 
 7,500,000  

First Lien Term Loan, 9.445% (1-Month USD Sofr+650 basis points), 12/22/20272,3,4

   7,246,342 
     EAP Holdco, LLC     
 1,604,341  

Revolver, 0.500%, 11/17/20272,4,5

   1,583,995 
 989,658  

Delayed Draw, 1.000%, 11/17/20272,4,5

   977,107 
 19,315,460  

First Lien Term Loan, 7.750% (3-Month USD Libor+550 basis points), 11/17/20272,3,4

   19,070,507 
 802,170  

Revolver, 8.750% (3-Month USD Libor+550 basis points), 11/17/20272,3,4

   791,997 
 913,530  

Delayed Draw, 9.142% (3-Month USD Libor+550 basis points), 11/17/20272,3,4

   901,945 
 15,366,568  

Evergreen Acqco 1 LP First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 3/26/20282,3,4

   14,828,738 
     Gateway US Holdings, Inc.     
 409,091  

Revolver, 0.500%, 9/22/20242,4,5

   400,104 
 1,176,273  

Delayed Draw, 1.000%, 9/22/20242,4,5

   1,150,432 
 360,303  

Delayed Draw, 8.315% (3-Month USD Sofr+565 basis points), 9/22/20242,3,4

   352,388 
 500,000  

Revolver, 8.328% (3-Month USD Sofr+575 basis points), 9/22/20242,3,4

   489,016 
 22,613,636  

First Lien Term Loan, 8.328% (3-Month USD Sofr+575 basis points), 9/22/20242,3,4

   22,116,854 
 1,226,211  

Delayed Draw, 8.328% (3-Month USD Sofr+565 basis points), 9/22/20242,3,4

   1,199,273 
 342,424  

Delayed Draw, 8.695% (3-Month USD Sofr+565 basis points), 9/22/20242,3,4

   334,902 
 126,970  

Delayed Draw, 8.815% (3-Month USD Sofr+565 basis points), 9/22/20242,3,4

   124,180 
 372,727  

Delayed Draw, 8.871% (3-Month USD Sofr+565 basis points), 9/22/20242,3,4

   364,539 
 695,455  

Delayed Draw, 8.909% (3-Month USD Sofr+565 basis points), 9/22/20242,3,4

   680,177 
 250,121  

Delayed Draw, 9.217% (3-Month USD Sofr+565 basis points), 9/22/20242,3,4

   244,626 
 1,810,606  

Delayed Draw, 9.303% (3-Month USD Sofr+565 basis points), 9/22/20242,3,4

   1,770,830 
 30,000,000  

GSM Acquisition Corp. First Lien Term Loan, 7.280% (3-Month USD Sofr+500 basis points), 11/16/20262,3,4

   29,801,788 
     GSV Holding, LLC     
 7,413,421  

Delayed Draw, 9.174% (3-Month USD Libor+475 basis points), 4/3/20282,3,4,7

   7,203,071 
 24,000,000  

Delayed Draw, 1.000%, 4/15/20292,4,5

   23,319,018 
 26,000,000  

Delayed Draw, 7.488% (3-Month USD Libor+475 basis points), 4/15/20292,3,4

   25,262,270 
 17,000,000  

Harbor Purchaser, Inc. First Lien Term Loan, 11.534% (1-Month USD Sofr+850 basis points), 4/7/20302,3,4,7

   16,542,633 

 

See accompanying Notes to Consolidated Financial Statements.

 

7

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     CONSUMER DISCRETIONARY (Continued)     
     HPS Consumer Discretionary     
$4,556,660  

First Lien Term Loan, 10.174% (3-Month USD Libor+650 basis points), 10/31/20242,3,4,7

  $4,434,128 
 5,036,176  

First Lien Term Loan, 8.524% (3-Month USD Libor+600 basis points), 6/27/20252,3,4,7

   4,885,308 
 15,585,499  

First Lien Term Loan, 9.556% (3-Month USD Libor+675 basis points), 7/26/20262,3,4

   15,505,748 
     HS Spa Holdings, Inc.     
 311,429  

Revolver, 0.500%, 6/2/20282,4,5

   303,264 
 2,180,000  

First Lien Term Loan, 7.512% (3-Month USD Sofr+575 basis points), 6/2/20292,3,4

   2,122,848 
 7,168,952  

Hudson’s Bay Company First Lien Term Loan, 10.415% (3-Month USD Libor+733 basis points), 9/30/20262,3,4,7

   6,959,375 
 14,571,967  

HY Cite Enterprises LLC First Lien Term Loan, 10.930% (3-Month USD Libor+800 basis points), 11/1/20262,3,4

   14,117,637 
 15,235,744  

Ingenio, LLC First Lien Term Loan, 10.128% (3-Month USD Sofr+700 basis points), 8/3/20262,3,4,7

   14,989,214 
     Innovetive Petcare, LLC     
 4,220,317  

Delayed Draw, 1.000%, 12/2/20262,4,5

   4,169,230 
 9,769,683  

Delayed Draw, 7.818% (1-Month USD Libor+500 basis points), 12/2/20262,3,4,7

   9,651,421 
     KBP Brands, LLC     
 17,810,349  

Delayed Draw, 1.000%, 5/26/20272,4,5

   17,183,824 
 2,189,651  

Delayed Draw, 7.460% (3-Month USD Libor+525 basis points), 5/26/20272,3,4

   2,112,624 
     KBP Investments LLC     
 3,444,691  

Delayed Draw, 1.000%, 5/26/20272,4,5

   3,350,440 
 23,992,297  

Delayed Draw, 8.620% (3-Month USD Libor+550 basis points), 5/26/20272,3,4

   23,335,839 
 14,962,302  

Leonard Group, Inc. First Lien Term Loan, 9.815% (3-Month USD Sofr+600 basis points), 2/26/20262,3,4

   14,847,352 
     Margaritaville Enterprises LLC     
 312,500  

Revolver, 0.500%, 6/17/20272,4,5

   306,870 
 5,108,297  

Delayed Draw, 1.000%, 6/17/20272,4,5

   5,054,467 
 10,700,604  

First Lien Term Loan, 8.310% (3-Month USD Sofr+475 basis points), 6/17/20272,3,4

   10,507,836 
     NL1 Acquire Corp.     
 

CAD 563,195

  

Revolver, 0.500%, 5/26/20262,4,5,6

   405,005 
 

CAD 766,805

  

Revolver, 8.183% (3-Month CAD Libor+550 basis points), 5/26/20262,3,4,6

   551,425 
 

CAD 1,930,959

  

Delayed Draw, 1.000%, 5/26/20282,4,5,6

   1,388,592 
 1,182,780  

Delayed Draw, 1.000%, 5/26/20282,4,5

   1,114,920 
 236,239  

Delayed Draw, 9.174% (3-Month USD Libor+550 basis points), 5/26/20282,3,4

   222,685 
 2,089,500  

First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 5/26/20282,3,4

   1,969,618 
 

CAD 1,944,115

  

Delayed Draw, 9.673% (3-Month CAD Libor+550 basis points), 5/26/20282,3,4,6

   1,398,053 

 

See accompanying Notes to Consolidated Financial Statements.

 

8

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     CONSUMER DISCRETIONARY (Continued)     
 

CAD 9,657,750

  

First Lien Term Loan, 9.673% (3-Month CAD Libor+550 basis points), 5/26/20282,3,4,6

  $6,945,085 
$29,656,571  

Owl Rock Consumer Discretionary First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 3/26/20262,3,4

   29,132,219 
 6,176,471  

Penney Borrower LLC First Lien Term Loan, 9.707% (1-Month USD Libor+714 basis points), 12/16/20262,3,4,7

   6,046,170 
     Quality Automotive Services, LLC     
 1,477,132  

Revolver, 0.500%, 7/16/20272,4,5,7

   1,445,803 
 3,186,913  

Delayed Draw, 8.483% (3-Month USD Libor+600 basis points), 7/16/20272,3,4,7

   3,119,320 
 4,880,400  

First Lien Term Loan, 9.082% (3-Month USD Libor+600 basis points), 7/16/20272,3,4,7

   4,776,889 
     Race Winning Brands, Inc.     
 2,139,107  

Revolver, 0.500%, 11/16/20272,4,5

   2,095,939 
 985,893  

Revolver, 8.365% (3-Month USD Libor+525 basis points), 11/16/20272,3,4

   965,997 
 21,765,625  

First Lien Term Loan, 8.365% (3-Month USD Libor+525 basis points), 11/16/20272,3,4

   21,326,387 
 4,554,494  

First Lien Term Loan, 8.365% (3-Month USD Libor+525 basis points), 11/16/20272,3,4

   4,462,583 
 14,131,977  

First Lien Term Loan, 8.365% (3-Month USD Libor+525 basis points), 11/16/20272,3,4

   13,759,762 
 1,949,875  

RCS Consumer Discretionary First Lien Term Loan, 8.168% (3-Month USD Libor+500 basis points), 6/6/20252,3,4,7

   1,905,652 
     RefrigiWear, LLC     
 1,517,773  

First Lien Term Loan, 7.475% (3-Month USD Sofr+475 basis points), 11/2/20272,3,4

   1,490,937 
 2,254,976  

Revolver, 0.500%, 6/4/20292,4,5

   2,215,107 
 346,919  

Revolver, 7.475% (3-Month USD Sofr+475 basis points), 6/4/20292,3,4

   340,786 
 15,580,368  

First Lien Term Loan, 7.475% (3-Month USD Sofr+475 basis points), 6/4/20292,3,4

   15,304,895 
     Regent Holding Company, LLC     
 11,723,684  

First Lien Term Loan, 10.820% (1-Month USD Libor+775 basis points), 2/25/20261,2,3,4,8,9

   11,604,312 
 2,819,549  

Revolver, 10.820% (1-Month USD Libor+775 basis points), 2/25/20262,3,4

   2,790,840 
 1,120,771  

First Lien Term Loan, 10.820% (1-Month USD Libor+775 basis points), 2/26/20262,3,4

   1,109,359 
     Spanx, LLC     
 8,709,567  

Revolver, 0.500%, 11/18/20282,4,5

   8,453,751 
 3,387,054  

Revolver, 8.033% (3-Month USD Libor+525 basis points), 11/18/20282,3,4

   3,287,570 
 72,390,763  

First Lien Term Loan, 8.302% (3-Month USD Libor+550 basis points), 11/18/20282,3,4

   70,264,513 
     Spotless Brands, LLC     
 69,000  

Revolver, 0.500%, 6/21/20282,4,5

   67,620 
 1,976,809  

Delayed Draw, 1.000%, 6/21/20282,4,5

   1,957,041 

 

See accompanying Notes to Consolidated Financial Statements.

 

9

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     CONSUMER DISCRETIONARY (Continued)     
$7,169,566  

First Lien Term Loan, 9.191% (3-Month USD Sofr+665 basis points), 6/21/20282,3,4

  $7,026,174 
 181,000  

Revolver, 9.348% (3-Month USD Sofr+660 basis points), 6/21/20282,3,4

   177,380 
 1,200,901  

Delayed Draw, 9.647% (3-Month USD Sofr+660 basis points), 6/21/20282,3,4

   1,188,892 
     Stanton Carpet Corp.     
 1,189,468  

Revolver, 0.500%, 10/1/20262,4,5

   1,148,809 
 304,481  

First Lien Term Loan, 7.782% (3-Month USD Sofr+500 basis points), 10/1/20272,3,4

   294,073 
 9,257,054  

First Lien Term Loan, 8.674% (3-Month USD Libor+500 basis points), 10/1/20272,3,4

   8,940,624 
     Summit Buyer, L.L.C.     
 1,382,979  

Revolver, 0.500%, 1/14/20262,4,5

   1,368,030 
 3,430,213  

Delayed Draw, 1.000%, 1/14/20262,4,5

   3,393,134 
 3,270,591  

Delayed Draw, 1.000%, 1/14/20262,4,5

   3,235,238 
 9,925,000  

First Lien Term Loan, 8.127% (3-Month USD Libor+525 basis points), 1/14/20262,3,4

   9,817,717 
 15,107,274  

Delayed Draw, 8.217% (3-Month USD Libor+525 basis points), 1/14/20262,3,4

   14,943,974 
 4,962,154  

First Lien Term Loan, 8.217% (3-Month USD Libor+525 basis points), 1/14/20262,3,4

   4,908,516 
     Truck-Lite Co., LLC     
 219,503  

First Lien Term Loan, 9.803% (3-Month USD Sofr+625 basis points), 12/13/20262,3,4

   217,488 
 9,948,980  

First Lien Term Loan, 9.892% (3-Month USD Sofr+625 basis points), 12/13/20262,3,4

   9,857,624 
 8,000,000  

Woof Holdings, Inc. Second Lien Term Loan, 10.815% (1-Month USD Libor+725 basis points), 12/21/20281,2,3,4

   7,376,780 
 7,500,000  

Zips Car Wash, LLC First Lien Term Loan, 8.250% (3-Month USD Sofr+725 basis points), 3/1/20242,3,4

   7,350,000 
         831,091,552 
     CONSUMER STAPLES — 1.2%     
     BCPE North Star US Holdings Co.     
 2,210,526  

Delayed Draw, 1.000%, 6/10/20282,4,5

   2,097,845 
 11,701,052  

First Lien Term Loan, 7.674% (1-Month USD Libor+400 basis points), 6/10/20282,3,4

   11,104,595 
 3,533,308  

C.P. Converters, Inc. First Lien Term Loan, 8.777% (3-Month USD Libor+650 basis points), 6/18/20232,3,4

   3,509,963 
 8,487,400  

HPS Consumer Staples First Lien Term Loan, 8.250% (3-Month USD Libor+600 basis points), 9/1/20262,3,4,7

   8,431,323 
     JTM Foods, LLC     
 386,122  

Delayed Draw, 0.500%, 5/14/20272,4,5

   377,365 
 559,597  

Revolver, 0.500%, 5/14/20272,4,5

   546,906 
 559,597  

Revolver, 0.500%, 5/14/20272,4,5

   553,725 
 559,597  

Revolver, 7.672% (3-Month USD Libor+475 basis points), 5/14/20272,3,4

   546,905 

 

See accompanying Notes to Consolidated Financial Statements.

 

10

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     CONSUMER STAPLES (Continued)     
$7,645,216  

First Lien Term Loan, 7.672% (3-Month USD Libor+475 basis points), 5/14/20272,3,4

  $7,471,823 
 772,244  

Delayed Draw, 8.379% (3-Month USD Libor+475 basis points), 5/14/20272,3,4

   754,730 
 1,354,225  

First Lien Term Loan, 8.891% (3-Month USD Libor+525 basis points), 5/14/20272,3,4

   1,340,014 
 24,853,566  

Maxor National Pharmacy Services, LLC First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 12/6/20272,3,4

   24,433,878 
     Purfoods, LLC     
 4,421,250  

First Lien Term Loan, 9.155% (3-Month USD Libor+625 basis points), 8/12/20262,3,4

   4,376,232 
 2,984,531  

Delayed Draw, 9.171% (3-Month USD Libor+625 basis points), 8/12/20262,3,4

   2,954,142 
     RB Holdings Interco, LLC     
 461,693  

Revolver, 0.500%, 5/4/20282,4,5

   450,096 
 2,770,160  

Delayed Draw, 1.000%, 5/4/20282,4,5,7

   2,728,131 
 923,387  

Revolver, 7.448% (3-Month USD Sofr+500 basis points), 5/4/20282,3,4,7

   900,191 
 9,233,867  

First Lien Term Loan, 7.715% (3-Month USD Sofr+500 basis points), 5/4/20282,3,4,7

   9,001,913 
 5,039,340  

Specialty Ingredients, LLC First Lien Term Loan, 8.793% (3-Month USD Sofr+600 basis points), 2/10/20292,3,4

   4,938,553 
     SWK Buyer, Inc.     
 70,175  

Revolver, 0.500%, 3/11/20292,4,5

   67,356 
 3,070,176  

Delayed Draw, 1.000%, 3/11/20292,4,5

   2,946,826 
 13,201,754  

First Lien Term Loan, 8.832% (3-Month USD Sofr+535 basis points), 3/11/20292,3,4

   12,671,352 
 1,157,895  

Revolver, 9.750% (Prime Rate+425 basis points), 3/11/20292,3,4

   1,111,374 
 5,000,000  

Woodland Foods, Inc. First Lien Term Loan, 8.582% (1-Month USD Libor+550 basis points), 12/1/20272,3,4

   4,902,789 
         108,218,027 
     ENERGY — 0.7%     
     Drilling Info Holdings, Inc.     
 13,928,753  

First Lien Term Loan, 7.615% (1-Month USD Libor+450 basis points), 7/30/20252,3,4,7

   13,481,603 
 4,783,546  

Second Lien Term Loan, 11.366% (1-Month USD Libor+825 basis points), 7/30/20262,3,4

   4,686,073 
 12,660,120  

Floating Infrastructure Holdings Finance LLC First Lien Term Loan, 8.250% (3-Month USD Sofr+575 basis points), 8/15/20272,3,4

   12,406,918 
 6,647,949  

Goodnight Water Solutions, LLC First Lien Term Loan, 10.957% (3-Month USD Sofr+750 basis points), 6/3/20272,3,4

   6,505,877 
     Integrated Power Services     
 2,730,836  

Revolver, 0.500%, 11/22/20272,4,5,7

   2,672,915 
 5,624,447  

First Lien Term Loan, 7.615% (3-Month USD Sofr+450 basis points), 11/22/20282,3,4,7

   5,505,155 

 

See accompanying Notes to Consolidated Financial Statements.

 

11

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     ENERGY (Continued)     
$5,721,250  

Kene Acquisition, Inc. First Lien Term Loan, 7.924% (3-Month USD Libor+425 basis points), 8/10/20262,3,4,7

  $5,594,088 
     Service Compression, LLC     
 3,953,333  

Delayed Draw, 0.500%, 5/6/20272,4,5

   3,796,525 
 197,667  

Delayed Draw, 13.803% PIK (3-Month USD Sofr+800 basis points), 5/6/20272,3,4,7,10

   189,826 
 12,888,261  

First Lien Term Loan, 13.803% PIK (3-Month USD Sofr+800 basis points), 5/6/20272,3,4,7,10

   12,377,050 
         67,216,030 
     FINANCIALS — 15.0%     
     1364720 B.C. LTD     
 

CAD 2,000,000

  

Revolver, 0.500%, 9/9/20282,4,5,6

   1,413,740 
 

CAD 5,000,000

  

Delayed Draw, 1.000%, 9/9/20282,4,5,6

   3,570,416 
 

CAD 11,500,000

  

First Lien Term Loan, 8.480% (3-Month CAD Sofr+450 basis points), 9/9/20282,3,4,6

   8,129,008 
     Alera Group Holdings, Inc.     
 6,145,980  

Delayed Draw, 1.000%, 9/30/20282,4,5

   5,997,928 
 2,522,730  

Delayed Draw, 1.000%, 9/30/20282,4,5

   2,472,276 
 5,000,000  

Delayed Draw, 1.000%, 9/30/20282,4,5

   4,873,877 
 18,836,429  

Delayed Draw, 9.053% (3-Month USD Libor+600 basis points), 9/30/20282,3,4

   18,382,675 
 25,000,000  

First Lien Term Loan, 9.053% (3-Month USD Sofr+600 basis points), 9/30/20282,3,4

   24,397,772 
 3,761,365  

First Lien Term Loan, 9.634% (3-Month USD Sofr+650 basis points), 9/30/20282,3,4

   3,673,077 
     Amba Buyer, Inc.     
 14,257,915  

Delayed Draw, 1.000%, 7/30/20272,4,5

   13,791,994 
 12,413,297  

First Lien Term Loan, 8.803% (3-Month USD Sofr+575 basis points), 7/30/20272,3,4

   12,007,655 
     Amerilife Holdings LLC     
 2,454,545  

Revolver, 0.500%, 8/31/20282,4,5

   2,396,791 
 4,909,091  

Delayed Draw, 1.000%, 8/31/20292,4,5

   4,842,497 
 19,636,364  

First Lien Term Loan, 8.750% (3-Month USD Sofr+575 basis points), 8/31/20292,3,4

   19,174,331 
 

GBP 10,791,367

  

Apus Bidco Limited First Lien Term Loan, 7.220% (3-Month GBP Libor+550 basis points), 2/9/20282,3,4,6

   11,553,167 
     AQ Sage Buyer, LLC     
 6,653,221  

Delayed Draw, 1.000%, 1/25/20272,4,5

   6,385,917 
 17,868,014  

Delayed Draw, 1.000%, 1/25/20272,4,5

   17,150,137 
 4,615,385  

Delayed Draw, 7.505% (3-Month USD Libor+550 basis points), 1/25/20272,3,4

   4,429,954 
 13,678,274  

First Lien Term Loan, 7.505% (3-Month USD Libor+550 basis points), 1/25/20272,3,4

   13,128,727 
     AQ Sunshine, Inc.     
 1,200,000  

Revolver, 0.500%, 4/15/20242,4,5

   1,157,787 
 883,333  

Revolver, 10.420% (2-Month USD Libor+625 basis points), 4/15/20242,3,4

   852,260 
 1,791,667  

Delayed Draw, 1.000%, 4/15/20252,4,5

   1,728,640 
 13,740,741  

Delayed Draw, 1.000%, 4/15/20252,4,5,7

   13,257,375 
 21,069,271  

Delayed Draw, 10.420% (2-Month USD Libor+625 basis points), 4/15/20252,3,4

   20,328,105 

 

See accompanying Notes to Consolidated Financial Statements.

 

12

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     FINANCIALS (Continued)     
     AxiomSL Group, Inc.     
$731,098  

Revolver, 0.500%, 12/3/20252,4,5

  $712,690 
 713,267  

Delayed Draw, 1.000%, 12/3/20272,4,5

   695,307 
 10,945,078  

First Lien Term Loan, 9.115% (3-Month USD Libor+600 basis points), 12/3/20272,3,4

   10,669,488 
 

EUR 130,000,000

  

Castor Finance Holdings Limited First Lien Term Loan, 6.685% (3-Month EUR Libor+500 basis points), 7/5/20302,3,4,6

   126,559,272 
     CC SAG Acquisition Corp.     
 699,301  

Revolver, 0.500%, 6/29/20272,4,5

   679,762 
 2,437,063  

Delayed Draw, 1.000%, 6/29/20282,4,5

   2,368,971 
 2,797,089  

Delayed Draw, 8.000% (3-Month USD Libor+575 basis points), 6/29/20282,3,4

   2,718,937 
 18,865,385  

First Lien Term Loan, 8.000% (3-Month USD Libor+575 basis points), 6/29/20282,3,4

   18,338,279 
     Cerity Partners, LLC     
 443,192  

Revolver, 0.500%, 7/28/20292,4,5

   431,822 
 709,108  

Delayed Draw, 1.000%, 7/28/20292,4,5

   697,965 
 5,539,906  

First Lien Term Loan, 8.314% (3-Month USD Libor+575 basis points), 7/28/20292,3,4

   5,397,775 
 952,864  

Delayed Draw, 8.784% (3-Month USD Libor+575 basis points), 7/28/20292,3,4

   937,891 
     CFGI Holdings, LLC     
 1,751,825  

Revolver, 0.500%, 11/2/20272,4,5

   1,681,442 
 2,189,781  

Delayed Draw, 1.000%, 11/2/20272,4,5

   2,101,803 
 15,978,102  

First Lien Term Loan, 8.115% (3-Month USD Libor+525 basis points), 11/2/20272,3,4

   15,336,155 
     Cherry Bekaert Advisory LLC     
 1,898,734  

Revolver, 0.500%, 6/30/20282,4,5

   1,860,452 
 4,746,835  

Delayed Draw, 1.000%, 6/30/20282,4,5,7

   4,698,590 
 474,684  

Revolver, 8.075% (3-Month USD Sofr+550 basis points), 6/30/20282,3,4,7

   465,113 
 11,629,747  

First Lien Term Loan, 9.053% (3-Month USD Sofr+550 basis points), 6/30/20282,3,4,7

   11,395,267 
     Credit Connection, LLC     
 4,962,500  

First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 7/30/20262,3,4

   4,916,436 
 4,788,000  

First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 7/30/20262,3,4

   4,743,556 
 600,000  

Revolver, 0.500%, 7/29/20272,4,5

   594,431 
 9,095,495  

Cresset Asset Management, LLC First Lien Term Loan, 10.064% PIK (3-Month USD Sofr+700 basis points), 4/20/20252,3,4,10

   8,911,945 
 

EUR 627,356

  

Dreamstart BidCo First Lien Term Loan, 7.139% (6-Month EUR Libor+600 basis points), 3/30/20272,3,4,6

   610,751 

 

See accompanying Notes to Consolidated Financial Statements.

 

13

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     FINANCIALS (Continued)     
     EdgeCo Buyer, Inc.     
$10,000,000  

Delayed Draw, 1.000%, 6/1/20262,4,5

  $9,728,356 
 2,493,750  

First Lien Term Loan, 8.920% (3-Month USD Libor+475 basis points), 6/1/20262,3,4

   2,426,009 
     Exegy, Inc.     
 1,951,784  

First Lien Term Loan, 8.557% (3-Month USD Libor+600 basis points), 5/17/20262,3,4

   1,901,750 
 8,910,000  

First Lien Term Loan, 8.727% (3-Month USD Libor+600 basis points), 5/17/20262,3,4

   8,681,595 
     Galway Borrower, LLC     
 814,315  

Revolver, 0.500%, 5/18/20232,4,5

   791,776 
 8,930  

Delayed Draw, 1.000%, 5/18/20232,4,5

   8,683 
 2,434,016  

Delayed Draw, 6.916% (3-Month USD Libor+525 basis points), 5/18/20232,3,4

   2,366,645 
 10,623,421  

First Lien Term Loan, 8.924% (3-Month USD Libor+525 basis points), 5/18/20232,3,4

   10,329,375 
 692,815  

Delayed Draw, 1.000%, 9/30/20232,4,5

   673,639 
 2,083,655  

Delayed Draw, 8.924% (3-Month USD Libor+525 basis points), 9/30/20232,3,4

   2,025,982 
 609,018  

Delayed Draw, 8.924% (3-Month USD Libor+525 basis points), 9/30/20232,3,4

   592,161 
 694,552  

Revolver, 0.500%, 9/30/20272,4,5

   675,327 
 879,765  

Revolver, 0.500%, 9/30/20272,4,5

   855,414 
 293,856  

Revolver, 0.500%, 9/30/20272,4,5

   285,723 
 52,734  

Delayed Draw, 1.000%, 9/30/20282,4,5

   51,274 
 9,063,899  

First Lien Term Loan, 8.924% (3-Month USD Libor+525 basis points), 9/30/20282,3,4

   8,813,019 
 12,726,549  

First Lien Term Loan, 8.924% (3-Month USD Libor+525 basis points), 9/30/20282,3,4

   12,374,291 
 564,364  

Delayed Draw, 8.924% (3-Month USD Libor+525 basis points), 9/30/20282,3,4

   548,743 
 4,089,046  

First Lien Term Loan, 8.924% (3-Month USD Libor+525 basis points), 9/30/20282,3,4

   3,975,865 
 

EUR 8,500,000

  

Groupe Premium First Lien Term Loan, 5.250% (Base Rate+25 basis points), 6/8/20282,3,4,6

   8,275,029 
     Helibron Midco B.V.     
 

EUR 322,466

  

First Lien Term Loan, 5.685% (3-Month EUR Libor+500 basis points), 9/17/20262,3,4,6

   308,249 
 

EUR 859,908

  

First Lien Term Loan, 5.685% (3-Month EUR Libor+500 basis points), 9/18/20262,3,4,6

   821,996 
 

EUR 8,850,000

  

First Lien Term Loan, 5.685% (3-Month EUR Libor+500 basis points), 9/18/20262,3,4,6

   8,459,820 
 

EUR 4,700,000

  

First Lien Term Loan, 5.685% (3-Month EUR Libor+500 basis points), 9/18/20262,3,4,6

   4,492,786 
 

EUR 25,456,944

  

HG Genesis 9 Sumoco Limited First Lien Term Loan, 7.836% PIK (3-Month EUR Libor+700 basis points), 3/3/20272,3,4,6,10

   24,682,662 
     Higginbotham Insurance Agency, Inc.     
 12,900,000  

Delayed Draw, 1.000%, 11/25/20262,4,5

   12,751,057 

 

See accompanying Notes to Consolidated Financial Statements.

 

14

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     FINANCIALS (Continued)     
$23,012,034  

Delayed Draw, 1.000%, 11/25/20262,4,5

  $22,746,338 
 3,728,603  

Delayed Draw, 7.166% (3-Month USD Libor+550 basis points), 11/25/20262,3,4

   3,685,553 
 18,204,258  

First Lien Term Loan, 7.166% (3-Month USD Libor+550 basis points), 11/25/20262,3,4

   17,994,073 
 2,090,167  

Delayed Draw, 7.774% (3-Month USD Libor+550 basis points), 11/25/20262,3,4

   2,066,034 
     HPS Financials     
 4,100,048  

First Lien Term Loan, 10.674% (3-Month USD Libor+850 basis points), 6/29/20232,3,4,7

   4,061,953 
 

EUR 3,570,450

  

First Lien Term Loan, 5.750% (3-Month EUR Libor+550 basis points), 8/3/20252,3,4,6

   3,475,951 
 

GBP 4,517,888

  

First Lien Term Loan, 6.690% (3-Month GBP Libor+550 basis points), 8/3/20252,3,4,6

   5,011,208 
     HPS Specialty Loan Fund V Feeder LP     
 106,875,000  

First Lien Term Loan, 6.070%, 5/14/20312,3,4,11

   106,875,000 
 80,625,000  

First Lien Term Loan, 6.070%, 5/14/20312,4,5

   80,625,000 
 

EUR 3,700,000

  

iM Global Partner First Lien Term Loan, 5.475% (3-Month EUR Libor+525 basis points), 4/7/20282,3,4,6

   3,543,900 
     Integrity Marketing Acquisition, LLC     
 19,764,786  

Delayed Draw, 1.000%, 8/27/20252,4,5

   19,563,902 
 21,394,702  

Delayed Draw, 8.550% (3-Month USD Sofr+575 basis points), 8/27/20252,3,4,7

   21,177,251 
     J S Held, LLC     
 9,193,508  

Delayed Draw, 1.000%, 7/1/20252,4,5

   9,087,360 
 9,838,560  

Delayed Draw, 7.750% (6-Month USD Libor+550 basis points), 7/1/20252,3,4,7

   9,724,965 
 1,412,485  

Delayed Draw, 7.750% (6-Month USD Libor+550 basis points), 7/1/20252,3,4,7

   1,396,177 
 45,578,189  

First Lien Term Loan, 7.750% (6-Month USD Libor+550 basis points), 7/1/20252,3,4,7

   45,051,946 
 8,811,675  

First Lien Term Loan, 7.750% (6-Month USD Libor+550 basis points), 7/1/20252,3,4,7

   8,709,936 
     Keystone Agency Investors     
 8,286,504  

Delayed Draw, 1.000%, 5/3/20272,4,5

   8,109,414 
 8,997,947  

Delayed Draw, 9.703% (3-Month USD Libor+600 basis points), 5/3/20272,3,4

   8,805,654 
 5,625,000  

Delayed Draw, 9.703% (3-Month USD Libor+600 basis points), 5/3/20272,3,4

   5,504,789 
 1,667,255  

Delayed Draw, 9.703% (3-Month USD Libor+600 basis points), 5/3/20272,3,4

   1,631,624 
 15,484,682  

First Lien Term Loan, 9.703% (3-Month USD Sofr+600 basis points), 5/3/20272,3,4

   15,153,762 
     KWOR Acquisition, Inc.     
 1,497,418  

Revolver, 0.500%, 12/22/20272,4,5

   1,459,535 
 611,621  

Revolver, 9.000% (3-Month USD Libor+525 basis points), 12/22/20272,3,4

   596,148 
 15,313,231  

Delayed Draw, 1.000%, 12/22/20282,4,5

   15,078,935 
 14,496,525  

First Lien Term Loan, 7.500% (3-Month USD Libor+525 basis points), 12/22/20282,3,4,12

   14,129,784 
 15,185,079  

First Lien Term Loan, 8.056% (3-Month USD Libor+525 basis points), 12/22/20282,3,4

   14,800,918 
 5,906,489  

KWOR Intermediate I, Inc. First Lien Term Loan, 10.500% PIK (3-Month USD Libor+975 basis points), 12/21/20292,3,4,10

   5,683,894 

 

See accompanying Notes to Consolidated Financial Statements.

 

15

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     FINANCIALS (Continued)     
     Mclarens Midco, Inc.     
$3,485,026  

Revolver, 0.500%, 12/19/20252,4,5,7

  $3,411,110 
 5,335,074  

First Lien Term Loan, 9.493% (3-Month USD Libor+575 basis points), 12/19/20252,3,4,7

   5,221,919 
     Oakbridge Insurance Agency LLC     
 482,759  

Revolver, 0.500%, 12/31/20262,4,5

   470,385 
 13,529,310  

Delayed Draw, 1.000%, 12/31/20262,4,5

   13,282,905 
 1,512,144  

Delayed Draw, 8.886% (3-Month USD Sofr+575 basis points), 12/31/20262,3,4

   1,484,604 
 120,690  

Revolver, 8.886% (3-Month USD Sofr+575 basis points), 12/31/20262,3,4

   117,596 
 1,804,975  

First Lien Term Loan, 8.886% (3-Month USD Sofr+575 basis points), 12/31/20262,3,4

   1,758,710 
     Patriot Growth Insurance Services, LLC     
 2,660,377  

Revolver, 0.500%, 10/14/20282,4,5

   2,606,690 
 2,656,432  

Delayed Draw, 1.000%, 10/14/20282,4,5

   2,602,825 
 35,000,000  

Delayed Draw, 1.000%, 10/14/20282,4,5

   34,450,024 
 17,919,412  

First Lien Term Loan, 8.314% (3-Month USD Libor+550 basis points), 10/14/20282,3,4

   17,557,792 
 1,718,868  

Delayed Draw, 8.745% (3-Month USD Libor+550 basis points), 10/14/20282,3,4

   1,684,181 
     Peter C. Foy & Associates Insurance Services, LLC     
 12,303,571  

Delayed Draw, 1.000%, 11/1/20282,4,5

   12,222,281 
 21,428,571  

First Lien Term Loan, 6.750% (3-Month USD Sofr+600 basis points), 11/1/20282,3,4

   21,165,202 
 41,267,857  

Delayed Draw, 8.436% (3-Month USD Sofr+600 basis points), 11/1/20282,3,4

   40,995,197 
     Riveron Acquisition Holdings, Inc.     
 4,514,985  

First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 5/22/20252,3,4

   4,485,154 
 859,962  

First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 5/22/20252,3,4

   854,280 
 3,451,524  

First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 5/22/20252,3,4

   3,428,720 
     RSC Acquisition, Inc.     
 2,641,633  

Delayed Draw, 7.733% (3-Month USD Sofr+550 basis points), 10/30/20262,3,4

   2,611,133 
 37,357,700  

First Lien Term Loan, 9.203% (3-Month USD Sofr+550 basis points), 10/30/20262,3,4

   36,926,370 
 8,432,249  

First Lien Term Loan, 9.203% (3-Month USD Sofr+550 basis points), 10/30/20262,3,4

   8,334,891 
 2,769,371  

First Lien Term Loan, 9.203% (3-Month USD Sofr+550 basis points), 10/30/20262,3,4

   2,737,396 
 8,690,548  

Revolver, 0.500%, 11/1/20262,4,5

   8,560,291 
 532,895  

Delayed Draw, 8.553% (3-Month USD Sofr+550 basis points), 11/1/20262,3,4

   524,490 
 14,936,261  

First Lien Term Loan, 9.203% (3-Month USD Sofr+550 basis points), 11/1/20262,3,4

   14,763,808 
 2,418,947  

Delayed Draw, 1.000%, 5/31/20292,4,5

   2,380,822 
 48,158  

Delayed Draw, 9.203% (3-Month USD Sofr+550 basis points), 5/31/20292,3,4

   47,399 

 

See accompanying Notes to Consolidated Financial Statements.

 

16

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     FINANCIALS (Continued)     
     Spirit RR Holdings, Inc.     
$100,316  

Revolver, 0.500%, 9/13/20282,4,5

  $97,307 
 217,352  

Delayed Draw, 1.000%, 9/13/20282,4,5

   214,092 
 1,003,165  

First Lien Term Loan, 9.379% (1-Month USD Sofr+650 basis points), 9/13/20282,3,4

   973,070 
 1,500,000  

StarCompliance Intermediate, LLC First Lien Term Loan, 10.424% (3-Month USD Libor+675 basis points), 1/12/20272,3,4

   1,490,089 
     The Ultimus Group Midco, LLC     
 1,424,528  

Revolver, 0.500%, 2/1/20242,4,5,7

   1,394,315 
 6,766,000  

First Lien Term Loan, 8.174% (3-Month USD Libor+475 basis points), 2/1/20262,3,4,7

   6,639,219 
     THG Acquisition, LLC     
 743,884  

Revolver, 0.500%, 12/2/20252,4,5

   732,591 
 11,109,588  

Delayed Draw, 1.000%, 12/2/20262,4,5

   10,940,930 
 3,142,073  

Delayed Draw, 8.615% (3-Month USD Libor+550 basis points), 12/2/20262,3,4

   3,094,373 
     Turbo Buyer, Inc.     
 4,733,333  

Delayed Draw, 1.000%, 12/2/20252,4,5

   4,580,550 
 4,986,500  

Delayed Draw, 8.877% (3-Month USD Libor+600 basis points), 12/2/20252,3,4

   4,825,545 
 4,975,000  

First Lien Term Loan, 8.877% (3-Month USD Libor+600 basis points), 12/2/20252,3,4

   4,814,416 
 266,667  

Delayed Draw, 9.674% (3-Month USD Libor+600 basis points), 12/2/20252,3,4

   258,059 
     Vale Insurance Services LLC     
 2,204,403  

Revolver, 0.500%, 12/1/20272,4,5

   2,189,839 
 214,952  

Revolver, 7.877% (3-Month USD Libor+500 basis points), 12/1/20272,3,4

   213,531 
 22,467,742  

First Lien Term Loan, 8.674% (3-Month USD Libor+500 basis points), 12/1/20272,3,4

   22,319,296 
     Wealth Enhancement Group, LLC     
 439,990  

Revolver, 0.500%, 10/4/20272,4,5,7

   435,503 
 7,203,316  

Delayed Draw, 1.000%, 10/4/20272,4,5

   7,147,769 
 621,515  

Delayed Draw, 9.553% (6-Month USD Sofr+610 basis points), 10/4/20272,3,4,7

   616,722 
 5,221,125  

Delayed Draw, 10.751% (3-Month USD Sofr+610 basis points), 10/4/20272,3,4,7

   5,110,387 
     World Insurance Associates, LLC     
 15,094,109  

Delayed Draw, 1.000%, 4/1/20262,4,5

   14,994,381 
 14,937,652  

Delayed Draw, 1.000%, 4/1/20262,4,5

   14,743,014 
 4,905,891  

Delayed Draw, 8.325% (3-Month USD Sofr+575 basis points), 4/1/20262,3,4

   4,873,477 
 4,855,039  

Delayed Draw, 8.325% (3-Month USD Sofr+575 basis points), 4/1/20262,3,4

   4,791,778 
 12,295,082  

Delayed Draw, 9.303% (3-Month USD Sofr+575 basis points), 4/1/20262,3,4

   12,213,848 
 2,698,156  

First Lien Term Loan, 9.303% (3-Month USD Sofr+575 basis points), 4/1/20262,3,4

   2,680,329 
         1,402,339,041 
     GOVERNMENTS — 0.3%     
     Govdelivery Holdings, LLC     
 536,402  

Revolver, 0.500%, 1/29/20272,4,5

   532,858 
 3,334,737  

Delayed Draw, 1.000%, 1/29/20272,4,5

   3,312,704 

 

See accompanying Notes to Consolidated Financial Statements.

 

17

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     GOVERNMENTS (Continued)     
$5,060,884  

Delayed Draw, 9.674% (3-Month USD Libor+650 basis points), 1/29/20272,3,4

  $5,027,447 
 6,068,962  

First Lien Term Loan, 10.670% (3-Month USD Libor+650 basis points), 1/29/20272,3,4

   6,028,864 
     LOC Performance Products     
 3,213,443  

Revolver, 0.500%, 12/30/20262,4,5

   3,161,412 
 642,689  

Revolver, 8.903% (3-Month USD Libor+525 basis points), 12/30/20262,3,4

   632,282 
 10,465,625  

First Lien Term Loan, 8.903% (3-Month USD Libor+525 basis points), 12/30/20262,3,4

   10,296,169 
         28,991,736 
     HEALTH CARE — 19.5%     
     123Dentist, Inc.     
 

CAD 6,681,175

  

Delayed Draw, 1.000%, 8/10/20292,4,5,6

   4,760,526 
 

CAD 33,405,877

  

First Lien Term Loan, 9.413% (1-Month CAD Libor+575 basis points), 8/10/20292,3,4,6

   23,562,198 
     AAH Topco, LLC     
 423,729  

Revolver, 0.500%, 12/22/20272,4,5

   413,060 
 2,903,159  

Delayed Draw, 1.000%, 12/22/20272,4,5

   2,859,085 
 1,461,067  

Delayed Draw, 8.257% (1-Month USD Libor+550 basis points), 12/22/20272,3,4

   1,438,886 
 4,087,539  

First Lien Term Loan, 8.584% (3-Month USD Libor+550 basis points), 12/22/20272,3,4

   3,984,617 
     ACI Group Holdings, Inc.     
 2,779,286  

Delayed Draw, 1.000%, 8/2/20282,4,5

   2,749,319 
 969,544  

Delayed Draw, 9.174% (3-Month USD Libor+575 basis points), 8/2/20282,3,4

   959,090 
 10,102,232  

First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 8/2/20282,3,4

   9,993,309 
     ADCS Clinics Intermediate Holdings, LLC     
 5,433,471  

Delayed Draw, 1.000%, 5/7/20272,4,5

   5,198,902 
 10,996,364  

First Lien Term Loan, 8.472% (3-Month USD Libor+650 basis points), 5/7/20272,3,4

   10,436,630 
 2,253,761  

Delayed Draw, 9.306% (3-Month USD Libor+650 basis points), 5/7/20272,3,4

   2,156,464 
     ADMA Bilogics, Inc.     
 3,571,429  

Delayed Draw, 1.500%, 3/23/20272,4,5,7

   3,529,977 
 21,967,705  

First Lien Term Loan, 12.634% PIK (1-Month USD Sofr+950 basis points), 3/23/20272,3,4,7,10

   21,781,424 
     Advarra Holdings, Inc.     
 352,200  

Delayed Draw, 1.000%, 8/24/20292,4,5

   349,118 
 3,897,800  

First Lien Term Loan, 8.562% (3-Month USD Sofr+575 basis points), 8/24/20292,3,4

   3,829,588 
     AEC Parent Holdings, Inc.     
 1,215,953  

Delayed Draw, 1.000%, 6/13/20292,4,5,7

   1,200,555 
 6,079,767  

First Lien Term Loan, 9.453% (3-Month USD Sofr+575 basis points), 6/13/20292,3,4,7

   5,926,792 
     Affinity Hospice Intermediate Holdings, LLC     
 5,239,105  

Delayed Draw, 1.000%, 12/17/20272,4,5,7

   5,153,884 
 8,695,188  

First Lien Term Loan, 8.424% (3-Month USD Libor+475 basis points), 12/17/20272,3,4,7

   8,532,258 

 

See accompanying Notes to Consolidated Financial Statements.

 

18

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     HEALTH CARE (Continued)     
     AG-Twin Brook Healthcare     
$19,600,557  

First Lien Term Loan, 9.355% (3-Month USD Libor+650 basis points), 11/16/20222,3,4,7

  $19,471,055 
 7,570,000  

Delayed Draw, 1.000%, 4/2/20242,4,5

   7,496,211 
 12,177,613  

First Lien Term Loan, 10.174% (3-Month USD Libor+650 basis points), 4/2/20242,3,4

   12,058,911 
 29,583,125  

First Lien Term Loan, 9.399% (3-Month USD Libor+625 basis points), 7/1/20242,3,4,7

   29,340,719 
 14,446,089  

First Lien Term Loan, 9.674% (3-Month USD Libor+625 basis points), 11/27/20242,3,4

   14,214,081 
 9,925,000  

First Lien Term Loan, 8.899% (3-Month USD Libor+525 basis points), 8/11/20252,3,4

   9,836,346 
 19,899,054  

First Lien Term Loan, 8.649% (3-Month USD Libor+550 basis points), 9/25/20252,3,4,7

   19,672,743 
 7,756,717  

First Lien Term Loan, 9.115% (3-Month USD Libor+600 basis points), 3/5/20262,3,4

   7,494,712 
 

CAD 24,812,500

  

First Lien Term Loan, 6.978% (3-Month CAD Libor+650 basis points), 7/23/20262,3,4,6

   17,684,674 
 14,925,000  

First Lien Term Loan, 9.149% (3-Month USD Libor+575 basis points), 8/20/20262,3,4

   14,725,433 
 24,812,500  

First Lien Term Loan, 8.127% (3-Month USD Sofr+525 basis points), 9/22/20262,3,4

   24,412,610 
 19,900,000  

First Lien Term Loan, 8.570% (3-Month USD Libor+600 basis points), 10/8/20262,3,4

   19,720,329 
 19,943,860  

Delayed Draw, 10.315% (3-Month USD Libor+575 basis points), 10/29/20262,3,4,7

   19,681,310 
 19,850,000  

First Lien Term Loan, 8.627% (3-Month USD Libor+575 basis points), 12/14/20262,3,4

   19,657,859 
 14,925,000  

First Lien Term Loan, 9.674% (3-Month USD Libor+600 basis points), 12/31/20262,3,4

   14,673,046 
 9,930,556  

Delayed Draw, 1.000%, 2/23/20272,4,5

   9,807,256 
 2,216,667  

Delayed Draw, 9.815% (3-Month USD Sofr+600 basis points), 2/23/20272,3,4

   2,189,144 
 12,815,104  

First Lien Term Loan, 9.815% (3-Month USD Sofr+600 basis points), 2/23/20272,3,4

   12,653,442 
     AHR Intermediate, Inc.     
 10,500,000  

Delayed Draw, 1.000%, 7/29/20272,4,5

   10,385,850 
 24,438,750  

First Lien Term Loan, 8.914% (3-Month USD Sofr+575 basis points), 7/29/20272,3,4

   24,051,288 
 5,253,731  

Alegeus Technologies Holding Corp. First Lien Term Loan, 10.950% (3-Month USD Libor+825 basis points), 9/5/20242,3,4

   5,213,369 
 11,880,000  

American Renal Associates Holdings, Inc. First Lien Term Loan, 9.306% (3-Month USD Libor+625 basis points), 1/29/20272,3,4

   11,416,742 
 7,860,000  

AWC-MH Acquisition First Lien Term Loan, 8.000% (3-Month USD Libor+700 basis points), 10/12/20252,3,4

   3,329,196 
     Biocare Medical LLC     
 2,777,778  

Revolver, 0.500%, 12/9/20272,4,5

   2,721,721 

 

See accompanying Notes to Consolidated Financial Statements.

 

19

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     HEALTH CARE (Continued)     
$22,111,111  

First Lien Term Loan, 8.865% (3-Month USD Libor+575 basis points), 12/9/20272,3,4

  $21,664,901 
 12,095,350  

Bridges Consumer Healthcare First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 1/20/20272,3,4,7

   11,838,812 
 

NZD 6,300,000

  

Canopy Healthcare Group First Lien Term Loan, 9.360%, 3/18/20272,3,4,6

   3,417,613 
     Carevet LLC     
 4,530,505  

Delayed Draw, 1.000%, 9/1/20252,4,5

   4,504,263 
 9,925,000  

Delayed Draw, 9.615% (3-Month USD Libor+650 basis points), 9/1/20252,3,4

   9,732,649 
 7,638,500  

Delayed Draw, 9.615% (3-Month USD Libor+650 basis points), 9/1/20252,3,4

   7,490,462 
 1,000,000  

First Lien Term Loan, 15.115% (3-Month USD Libor+1,200 basis points), 9/1/20252,3,4

   994,208 
 1,333,333  

First Lien Term Loan, 15.115% (3-Month USD Libor+1,200 basis points), 9/1/20252,3,4

   1,325,610 
 844,677  

First Lien Term Loan, 15.115% (3-Month USD Libor+1,200 basis points), 9/1/20252,3,4

   839,784 
 2,534,031  

First Lien Term Loan, 15.115% (1-Month USD Libor+1,200 basis points), 9/1/20252,3,4

   2,519,353 
     Community Medical Acquisition Corp.     
 3,683,963  

Revolver, 0.500%, 12/15/20272,4,5

   3,526,745 
 4,333,814  

Delayed Draw, 1.000%, 12/15/20282,4,5

   4,148,863 
 25,598,685  

First Lien Term Loan, 8.043% (3-Month USD Libor+475 basis points), 12/15/20282,3,4

   24,506,231 
     Connect America.com, LLC     
 254,803  

Revolver, 0.500%, 6/30/20262,4,5

   247,114 
 417,501  

Revolver, 9.803% (1-Month USD Libor+700 basis points), 6/30/20262,3,4

   404,901 
 7,255,322  

First Lien Term Loan, 10.553% (1-Month USD Libor+700 basis points), 6/30/20262,3,4

   7,036,367 
     CORA Health Holdings Corp.     
 5,169,567  

Delayed Draw, 0.500%, 6/15/20272,4,5

   5,078,165 
 338,462  

Revolver, 0.500%, 6/15/20272,4,5

   332,477 
 13,690,634  

First Lien Term Loan, 8.000% (3-Month USD Libor+575 basis points), 6/15/20272,3,4

   13,448,573 
 430,769  

Revolver, 8.383% (3-Month USD Libor+575 basis points), 6/15/20272,3,4

   423,153 
 231,807  

Delayed Draw, 8.793% (3-Month USD Libor+575 basis points), 6/15/20272,3,4

   227,708 
     Covaris Intermediate 3, LLC     
 789,474  

Revolver, 0.500%, 1/21/20282,4,5

   762,470 
 5,921,053  

Delayed Draw, 1.000%, 1/21/20282,4,5

   5,776,879 
 7,894,737  

First Lien Term Loan, 7.556% (3-Month USD Libor+525 basis points), 1/21/20282,3,4

   7,624,703 
 394,737  

Revolver, 8.365% (1-Month USD Libor+525 basis points), 1/21/20282,3,4

   381,235 
     CPF Dental, LLC     
 15,225  

Delayed Draw, 0.500%, 8/30/20242,4,5

   14,857 

 

See accompanying Notes to Consolidated Financial Statements.

 

20

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     HEALTH CARE (Continued)     
$2,857,942  

Delayed Draw, 1.000%, 8/30/20242,4,5

  $2,788,839 
 5,340,668  

First Lien Term Loan, 11.625% (3-Month USD Libor+850 basis points), 8/30/20242,3,4

   5,211,533 
 2,867,501  

Delayed Draw, 12.188% (3-Month USD Libor+1,000 basis points), 8/30/20242,3,4

   2,798,166 
 4,954,660  

Delayed Draw, 12.188% (3-Month USD Libor+850 basis points), 8/30/20242,3,4

   4,834,858 
 13,930,000  

Crossroads Holding, LLC First Lien Term Loan, 7.365% (3-Month USD Libor+425 basis points), 12/23/20272,3,4,7

   13,668,980 
     D4C Dental Brands, Inc.     
 535,714  

Revolver, 0.500%, 12/30/20262,4,5

   532,175 
 492,843  

Delayed Draw, 1.000%, 12/30/20262,4,5

   492,524 
 2,645,899  

Delayed Draw, 9.185% (3-Month USD Libor+650 basis points), 12/30/20262,3,4

   2,644,188 
 1,819,224  

Delayed Draw, 9.185% (3-Month USD Libor+650 basis points), 12/30/20262,3,4

   1,818,047 
 178,571  

Revolver, 10.142% (3-Month USD Libor+650 basis points), 12/30/20262,3,4

   177,392 
 6,508,036  

First Lien Term Loan, 10.670% (3-Month USD Libor+650 basis points), 12/30/20262,3,4

   6,503,827 
     DCA Holdings LLC     
 652,787  

Delayed Draw, 1.000%, 3/12/20272,4,5

   640,462 
 3,302,015  

Delayed Draw, 8.379% (3-Month USD Libor+600 basis points), 3/12/20272,3,4

   3,239,671 
 15,921,145  

First Lien Term Loan, 8.379% (3-Month USD Libor+600 basis points), 3/12/20272,3,4

   15,620,544 
     Deca Dental Holdings, LLC     
 592,593  

Revolver, 0.500%, 8/26/20282,4,5

   586,559 
 3,333,333  

Delayed Draw, 1.000%, 8/26/20282,4,5

   3,299,393 
 13,968,518  

First Lien Term Loan, 6.500% (3-Month USD Libor+575 basis points), 8/26/20282,3,4

   13,826,289 
 1,470,370  

Delayed Draw, 9.424% (3-Month USD Libor+575 basis points), 8/26/20282,3,4

   1,455,399 
 518,519  

Revolver, 9.424% (3-Month USD Libor+575 basis points), 8/26/20282,3,4

   513,239 
     Dermatopathology Laboratory Of Central States, LLC     
 10,403,226  

First Lien Term Loan, 8.157% (1-Month USD Sofr+575 basis points), 6/1/20282,3,4

   10,115,275 
 6,935,484  

First Lien Term Loan, 8.157% (1-Month USD Sofr+575 basis points), 6/1/20282,3,4

   6,743,517 
     DOCS MSO LLC     
 967,742  

Revolver, 0.500%, 6/1/20282,4,5

   940,956 
 645,161  

Revolver, 0.500%, 6/1/20282,4,5

   627,304 
 3,629,032  

Delayed Draw, 1.000%, 6/1/20282,4,5

   3,528,584 
 2,419,355  

Delayed Draw, 1.000%, 6/1/20282,4,5

   2,352,390 
     Emmes Blocker, Inc.     
 11,222,326  

Delayed Draw, 1.000%, 7/7/20282,4,5,7

   11,073,547 
 5,487,805  

Delayed Draw, 1.000%, 7/7/20282,4,5

   5,415,051 
 16,833,490  

First Lien Term Loan, 8.063% (3-Month USD Sofr+550 basis points), 7/7/20282,3,4,7

   16,442,540 
 8,231,707  

First Lien Term Loan, 8.063% (3-Month USD Sofr+550 basis points), 7/7/20282,3,4

   8,040,530 
 10,750,000  

Ensemble RCM, LLC First Lien Term Loan, 7.806% (3-Month USD Libor+500 basis points), 5/18/20292,3,4

   10,318,101 

 

See accompanying Notes to Consolidated Financial Statements.

 

21

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     HEALTH CARE (Continued)     
     ERC Holdings, LLC     
$1,420,118  

Revolver, 0.500%, 11/10/20272,4,5

  $1,363,063 
 6,657,924  

Revolver, 0.500%, 11/10/20272,4,5

   6,390,431 
 2,201,183  

Delayed Draw, 1.000%, 11/10/20282,4,5

   2,112,747 
 16,301,598  

First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 11/10/20282,3,4

   15,646,654 
 20,000,000  

Finthrive Software Intermediate Holdings, Inc. Second Lien Term Loan, 9.865% (3-Month USD Libor+675 basis points), 1/6/20302,3,4

   19,132,139 
     Fortis Life Sciences, LLC     
 1,217,391  

Revolver, 0.500%, 9/17/20272,4,5

   1,198,910 
 11,106,063  

Delayed Draw, 1.000%, 9/17/20272,4,5

   10,937,459 
 1,217,391  

Revolver, 8.392% (3-Month USD Sofr+475 basis points), 9/17/20272,3,4

   1,198,910 
 14,377,343  

First Lien Term Loan, 8.674% (3-Month USD Sofr+475 basis points), 9/17/20272,3,4

   14,159,077 
     FYi Eye Care Services and Products, Inc.     
 

CAD 4,210,526

  

Delayed Draw, 1.000%, 3/4/20272,4,5,6

   2,980,510 
 

CAD 35,789,474

  

Delayed Draw, 6.178% (3-Month USD Libor+450 basis points), 3/4/20272,3,4,6

   25,334,333 
     HPS Healthcare     
 9,730,857  

First Lien Term Loan, 9.554% (3-Month USD Libor+550 basis points), 6/27/20242,3,4,7

   9,666,565 
 9,825,000  

First Lien Term Loan, 6.756% (3-Month USD Libor+575 basis points), 7/2/20252,3,4,7

   9,760,086 
     Integrated Oncology Network, LLC     
 83,957  

Revolver, 0.500%, 6/24/20242,4,5

   83,402 
 7,459,823  

First Lien Term Loan, 8.228% (3-Month USD Sofr+600 basis points), 6/24/20242,3,4

   7,410,536 
 134,701  

Revolver, 0.500%, 6/24/20252,4,5

   133,811 
 1,355,681  

Delayed Draw, 1.000%, 6/24/20252,4,5

   1,346,724 
 508,660  

Delayed Draw, 8.227% (3-Month USD Sofr+600 basis points), 6/24/20252,3,4

   505,299 
     IvyRehab Intermediate II, LLC     
 3,837,719  

Revolver, 0.500%, 4/21/20292,4,5

   3,683,533 
 4,221,491  

Delayed Draw, 1.000%, 4/21/20292,4,5

   4,094,093 
 23,486,842  

First Lien Term Loan, 7.324% (3-Month USD Sofr+485 basis points), 4/21/20292,3,4

   22,543,219 
 3,453,947  

Delayed Draw, 7.925% (3-Month USD Sofr+485 basis points), 4/21/20292,3,4

   3,349,712 
     Jayhawk Buyer, LLC     
 8,988,700  

First Lien Term Loan, 8.680% (3-Month USD Libor+500 basis points), 10/15/20262,3,4,7

   8,744,527 
 754,799  

First Lien Term Loan, 8.680% (3-Month USD Libor+500 basis points), 10/15/20262,3,4,7

   734,296 
 1,102,883  

First Lien Term Loan, 8.680% (3-Month USD Libor+500 basis points), 10/15/20262,3,4,7

   1,072,924 
     Keystone Acquisition Corp.     
 1,630,435  

Revolver, 0.500%, 1/26/20282,4,5

   1,585,306 
 3,260,870  

Delayed Draw, 1.000%, 1/26/20292,4,5

   3,170,612 
 20,058,424  

First Lien Term Loan, 9.379% (3-Month USD Sofr+575 basis points), 1/26/20292,3,4

   19,503,228 

 

See accompanying Notes to Consolidated Financial Statements.

 

22

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     HEALTH CARE (Continued)     
     Life Science Intermediate Holdings, LLC     
$188,281  

Revolver, 0.500%, 6/10/20252,4,5

  $185,046 
 3,750,000  

Delayed Draw, 1.000%, 6/10/20252,4,5

   3,685,572 
 1,553,797  

Delayed Draw, 1.000%, 6/10/20252,4,5

   1,527,101 
 3,309,673  

Delayed Draw, 8.907% (3-Month USD Libor+600 basis points), 6/10/20252,3,4

   3,252,810 
 2,893,153  

First Lien Term Loan, 8.907% (3-Month USD Libor+600 basis points), 6/10/20252,3,4

   2,843,446 
 329,651  

Revolver, 8.907% (3-Month USD Libor+600 basis points), 6/10/20252,3,4

   323,987 
 468,376  

Revolver, 0.500%, 6/10/20272,4,5

   460,329 
 

EUR 6,000,000

  

Delayed Draw, 1.000%, 6/10/20272,4,5,6

   5,779,023 
 

GBP 1,486,000

  

Delayed Draw, 1.000%, 6/10/20272,4,5,6

   1,630,716 
 6,550,650  

Delayed Draw, 1.000%, 6/10/20272,4,5

   6,438,104 
 

GBP 6,014,000

  

Delayed Draw, 8.188% (1-Month Euribor+623 basis points), 6/10/20272,3,4,6

   6,599,681 
 820,052  

Revolver, 8.907% (3-Month USD Libor+600 basis points), 6/10/20272,3,4

   805,963 
     MB2 Dental Solutions, LLC     
 6,250,000  

Delayed Draw, 1.000%, 1/29/20272,4,5

   6,187,686 
 654,711  

Delayed Draw, 7.239% (3-Month USD Sofr+600 basis points), 1/29/20272,3,4

   641,637 
 1,815,816  

First Lien Term Loan, 7.239% (3-Month USD Sofr+600 basis points), 1/29/20272,3,4

   1,779,553 
 14,887,500  

MedData First Lien Term Loan, 8.115% (3-Month USD Libor+475 basis points), 10/31/20262,3,4

   14,289,370 
     MedMark Services, Inc.     
 415,962  

Delayed Draw, 1.000%, 6/11/20272,4,5

   409,555 
 3,446,509  

Delayed Draw, 1.000%, 6/11/20272,4,5

   3,393,430 
 4,538,479  

Delayed Draw, 7.493% (3-Month USD Libor+500 basis points), 6/11/20272,3,4

   4,468,582 
 1,575,785  

Delayed Draw, 8.115% (3-Month USD Libor+500 basis points), 6/11/20272,3,4

   1,551,517 
 7,920,000  

First Lien Term Loan, 8.115% (3-Month USD Libor+500 basis points), 6/11/20272,3,4

   7,798,025 
     MN Acquisition, Inc.     
 2,500,000  

Revolver, 0.500%, 8/25/20282,4,5

   2,437,815 
 22,500,000  

First Lien Term Loan, 8.664% (1-Month USD Sofr+550 basis points), 8/25/20282,3,4

   21,940,337 
     Myorthos Management, LLC     
 9,017,609  

Delayed Draw, 9.581% (3-Month USD Sofr+550 basis points), 11/1/20272,3,4,7

   8,826,349 
 4,881,385  

First Lien Term Loan, 9.581% (3-Month USD Sofr+550 basis points), 11/1/20272,3,4,7

   4,784,943 
     National Dentex Labs LLC     
 390,805  

Delayed Draw, 1.000%, 10/23/20252,4,5

   381,023 
 524,759  

Delayed Draw, 9.260% (3-Month USD Libor+700 basis points), 10/23/20252,3,4

   511,624 
 919,540  

Revolver, 9.810% (3-Month USD Libor+700 basis points), 10/23/20252,3,4

   896,525 
 2,951,161  

Delayed Draw, 10.680% (3-Month USD Libor+700 basis points), 10/23/20252,3,4

   2,877,295 
 6,908,621  

First Lien Term Loan, 10.680% (3-Month USD Libor+700 basis points), 10/23/20252,3,4

   6,735,702 
     Novotech (Australia) Pty Limited     
 3,000,000  

First Lien Term Loan, 7.612% (6-Month Sofr+525 basis points), 9/25/20232,3,4

   2,922,851 

 

See accompanying Notes to Consolidated Financial Statements.

 

23

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     HEALTH CARE (Continued)     
$3,125,000  

Delayed Draw, 1.000%, 1/14/20282,4,5

  $3,044,637 
 

AUD 18,543,750

  

Delayed Draw, 7.612% (6-Month Sofr+525 basis points), 1/14/20282,3,4,6

   11,556,143 
 13,437,500  

First Lien Term Loan, 7.612% (1-Month USD Sofr+575 basis points), 1/14/20282,3,4

   13,091,937 
     OB Hospitalist Group     
 1,374,046  

Revolver, 0.500%, 9/27/20272,4,5

   1,344,506 
 25,000,000  

First Lien Term Loan, 7.750% (3-Month USD Libor+550 basis points), 9/27/20272,3,4

   24,462,547 
 343,511  

Revolver, 8.282% (3-Month USD Libor+550 basis points), 9/27/20272,3,4

   336,127 
 13,182,824  

First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 9/27/20272,3,4

   12,899,418 
 7,000,000  

Office Ally First Lien Term Loan, 8.524% (1-Month USD Libor+600 basis points), 12/20/20282,3,4

   6,836,697 
     OIA Acquisition, LLC     
 1,928,571  

Revolver, 0.500%, 10/19/20272,4,5

   1,899,293 
 459,000  

Delayed Draw, 1.000%, 10/19/20272,4,5

   452,032 
 1,376,938  

Delayed Draw, 8.127% (3-Month USD Libor+525 basis points), 10/19/20272,3,4

   1,356,034 
 11,172,429  

First Lien Term Loan, 8.892% (3-Month USD Libor+525 basis points), 10/19/20272,3,4

   11,002,817 
     OIS Management Services, LLC     
 1,275,862  

Revolver, 0.500%, 7/9/20262,4,5

   1,256,493 
 17,211,028  

Delayed Draw, 8.303% (3-Month USD Libor+475 basis points), 7/9/20262,3,4

   16,949,743 
     Ons Mso, LLC     
 4,974,466  

Revolver, 0.500%, 7/8/20242,4,5

   4,868,959 
 552,718  

Revolver, 8.144% (3-Month USD Libor+475 basis points), 7/8/20242,3,4,7

   540,995 
     Org USME Buyer, LLC     
 743,478  

Delayed Draw, 0.500%, 11/24/20262,4,5

   733,245 
 936,232  

Revolver, 0.500%, 11/24/20262,4,5

   923,346 
 7,229,268  

First Lien Term Loan, 6.750% (3-Month USD Sofr+575 basis points), 11/24/20262,3,4

   7,129,767 
 5,831,486  

First Lien Term Loan, 9.453% (3-Month USD Sofr+575 basis points), 11/24/20262,3,4

   5,751,223 
 3,356,790  

First Lien Term Loan, 9.453% (3-Month USD Sofr+575 basis points), 11/24/20262,3,4

   3,310,588 
 1,161,000  

PAW Midco, Inc First Lien Term Loan, 11.500% PIK (Fixed Rate+1,150 basis points), 12/22/20312,3,4,10

   1,116,037 
     Pediatric Home Respiratory Services, LLC     
 1,226,320  

Delayed Draw, 1.000%, 12/4/20242,4,5

   1,201,572 
 4,687,355  

First Lien Term Loan, 8.841% (3-Month USD Sofr+575 basis points), 12/4/20242,3,4

   4,592,762 
 788,871  

Delayed Draw, 9.426% (3-Month USD Sofr+575 basis points), 12/4/20242,3,4

   772,951 
     Pinnacle Dermatology Management, LLC     
 773,196  

Revolver, 0.500%, 5/18/20232,4,5

   763,390 
 2,542,268  

Delayed Draw, 1.000%, 5/18/20232,4,5

   2,497,319 

 

See accompanying Notes to Consolidated Financial Statements.

 

24

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     HEALTH CARE (Continued)     
$309,278  

Revolver, 8.764% (3-Month USD Libor+575 basis points), 5/18/20232,3,4

  $305,356 
 11,348,196  

First Lien Term Loan, 8.918% (3-Month USD Libor+575 basis points), 5/18/20232,3,4

   11,005,724 
     Pinnacle Fertility, Inc.     
 3,125,000  

Delayed Draw, 1.000%, 3/14/20282,4,5

   3,039,644 
 9,375,000  

Delayed Draw, 8.203% (3-Month USD Sofr+450 basis points), 3/14/20282,3,4

   9,118,933 
 27,500,000  

First Lien Term Loan, 8.203% (3-Month USD Sofr+450 basis points), 3/14/20282,3,4

   26,748,869 
     Pinnacle Treatment Centers, Inc.     
 107,143  

Revolver, 0.500%, 12/31/20222,4,5

   106,435 
 4,005,583  

First Lien Term Loan, 6.989% (3-Month USD Libor+575 basis points), 12/31/20222,3,4

   3,979,117 
 178,571  

Revolver, 8.000% (3-Month USD Libor+575 basis points), 12/31/20222,3,4

   177,392 
 336,857  

Delayed Draw, 8.556% (3-Month USD Libor+575 basis points), 12/31/20222,3,4

   334,632 
     PPV Intermediate Holdings LLC     
 2,538,076  

Revolver, 0.500%, 8/31/20292,4,5

   2,477,936 
 7,576,158  

Delayed Draw, 1.000%, 8/31/20292,4,5

   7,472,116 
 1,245,691  

Delayed Draw, 1.000%, 8/31/20292,4,5

   1,231,573 
 319,247  

Delayed Draw, 9.009% (3-Month USD Sofr+575 basis points), 8/31/20292,3,4

   315,629 
 4,882,607  

First Lien Term Loan, 9.009% (3-Month USD Sofr+575 basis points), 8/31/20292,3,4

   4,784,955 
 30,964,531  

First Lien Term Loan, 9.009% (3-Month USD Sofr+575 basis points), 8/31/20292,3,4

   30,230,824 
 672,590  

Delayed Draw, 9.290% (3-Month USD Sofr+575 basis points), 8/31/20292,3,4

   663,354 
 1,875,000  

Delayed Draw, 1.000%, 8/31/20302,4,5

   1,844,581 
 5,625,000  

First Lien Term Loan, 13.000% (Fixed Rate+575 basis points), 8/31/20302,3,4

   5,463,696 
     Premier Imaging, LLC     
 10,332,779  

Delayed Draw, 1.000%, 1/2/20252,4,5

   10,175,914 
 4,862,339  

First Lien Term Loan, 8.865% (3-Month USD Libor+575 basis points), 1/2/20252,3,4

   4,788,523 
 2,878,397  

First Lien Term Loan, 8.865% (1-Month USD Libor+575 basis points), 1/2/20252,3,4

   2,834,700 
 4,174,293  

Delayed Draw, 8.865% (1-Month USD Libor+575 basis points), 1/2/20252,3,4

   4,110,922 
 15,396,839  

First Lien Term Loan, 8.865% (1-Month USD Libor+575 basis points), 1/2/20252,3,4

   15,163,095 
 15,000,000  

Premise Health Holding Corp. First Lien Term Loan, 6.300% (3-Month USD Sofr+475 basis points), 4/10/20252,3,4

   14,639,730 
     Q-Centrix LLC     
 4,910,941  

First Lien Term Loan, 7.570% (3-Month USD Libor+450 basis points), 11/30/20242,3,4

   4,878,495 
 837,574  

First Lien Term Loan, 8.070% (3-Month USD Libor+500 basis points), 11/30/20242,3,4

   832,040 
     Raven Buyer, Inc.     
 2,045,455  

Revolver, 0.500%, 2/1/20272,4,5

   2,009,076 
 12,954,545  

First Lien Term Loan, 8.413% (3-Month USD Sofr+600 basis points), 2/1/20272,3,4

   12,724,146 
 152,778  

RCS Healthcare Revolver, 0.500%, 2/3/20262,4,5,7

   151,768 
     Redwood MSO, LLC     
 1,283,790  

First Lien Term Loan, 8.537% (1-Month USD Sofr+550 basis points), 7/3/20252,3,4,7

   1,273,149 

 

See accompanying Notes to Consolidated Financial Statements.

 

25

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     HEALTH CARE (Continued)     
$17,455,789  

First Lien Term Loan, 8.649% (1-Month USD Sofr+550 basis points), 7/3/20252,3,4,7

  $17,265,595 
     SDG Mgmt Company     
 392,799  

Revolver, 0.500%, 7/1/20282,4,5

   384,929 
 2,672,995  

Delayed Draw, 1.000%, 7/1/20282,4,5

   2,646,172 
 47,136  

Delayed Draw, 7.677% (3-Month USD Sofr+600 basis points), 7/1/20282,3,4

   46,663 
 6,117,839  

First Lien Term Loan, 7.677% (3-Month USD Sofr+600 basis points), 7/1/20282,3,4

   5,995,272 
     Smile Doctors, LLC     
 1,696,113  

Revolver, 0.500%, 12/23/20272,5

   1,661,885 
 512,367  

Revolver, 9.424% (3-Month USD Libor+575 basis points), 12/23/20272,3

   502,028 
 12,629,747  

Delayed Draw, 1.000%, 12/23/20282,5

   12,374,875 
 3,091,873  

Delayed Draw, 5.500% (3-Month USD Libor+475 basis points), 12/23/20282,3

   3,029,478 
 5,457,043  

Delayed Draw, 8.570% (3-Month USD Libor+575 basis points), 12/23/20282,3

   5,346,918 
 19,650,398  

First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 12/23/20282,3

   19,253,846 
 40,000,000  

Southern Veterinary Partners, LLC First Lien Term Loan, 8.445% (3-Month USD Sofr+550 basis points), 10/5/20272,3,4

   39,115,497 
 3,360,156  

Spear Education, LLC First Lien Term Loan, 6.756% (6-Month USD Libor+500 basis points), 2/26/20252,3,4

   3,207,687 
 

GBP 1,797,628

  

SSCP Pegasus Midco Limited First Lien Term Loan, 8.441% (6-Month GBP Libor+675 basis points), 11/16/20272,3,4,6

   1,982,726 
     The Smilist Management, Inc.     
 356,075  

Revolver, 0.500%, 12/22/20252,4,5

   352,771 
 338,271  

Delayed Draw, 1.000%, 12/22/20252,4,5

   335,133 
 3,560,749  

Delayed Draw, 1.000%, 12/22/20252,4,5

   3,527,714 
 1,780,375  

Delayed Draw, 9.634% (1-Month USD Sofr+650 basis points), 12/22/20252,3,4

   1,763,857 
 3,226,751  

First Lien Term Loan, 9.634% (1-Month USD Sofr+650 basis points), 12/22/20252,3,4

   3,196,814 
 3,453,927  

Delayed Draw, 9.634% (1-Month USD Sofr+650 basis points), 12/22/20252,3,4

   3,421,882 
     TheKey, LLC     
 20,573,644  

Delayed Draw, 1.000%, 3/30/20272,4,5

   20,257,540 
 405,599  

Delayed Draw, 8.134% (3-Month USD Sofr+500 basis points), 3/30/20272,3,4,7

   399,367 
 3,324,830  

First Lien Term Loan, 8.134% (3-Month USD Sofr+500 basis points), 3/30/20272,3,4,7

   3,241,310 
     Tivity Health, Inc.     
 8,039,967  

First Lien Term Loan, 8.553% (3-Month USD Sofr+600 basis points), 6/28/20292,3,4

   7,823,008 
 5,000,000  

First Lien Term Loan, 9.553% (3-Month USD Sofr+600 basis points), 6/28/20292,3,4

   4,914,973 
 30,000,000  

First Lien Term Loan, 9.553% (3-Month USD Sofr+600 basis points), 6/28/20292,3,4

   29,489,840 
 5,000,000  

TPC Holdco, LLC Second Lien Term Loan, 7.642% (3-Month USD Sofr+400 basis points), 3/29/20282,3,4

   4,816,693 
     Troy Gastroenterology, P.C.     
 2,561,576  

Delayed Draw, 0.500%, 11/25/20252,4,5

   2,544,652 

 

See accompanying Notes to Consolidated Financial Statements.

 

26

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     HEALTH CARE (Continued)     
$394,089  

Revolver, 0.500%, 11/25/20252,4,5

  $391,485 
 4,415,517  

First Lien Term Loan, 8.277% (3-Month USD Libor+600 basis points), 11/25/20252,3,4

   4,386,344 
 2,329,064  

Delayed Draw, 9.128% (3-Month USD Libor+600 basis points), 11/25/20252,3,4

   2,313,676 
 197,044  

Revolver, 9.743% (3-Month USD Libor+600 basis points), 11/25/20252,3,4

   195,742 
     TurningPoint Healthcare Solutions, LLC     
 1,816,524  

Revolver, 0.500%, 7/14/20272,4,5,7

   1,777,996 
 12,122,406  

First Lien Term Loan, 7.865% (3-Month USD Libor+475 basis points), 7/14/20272,3,4,7

   11,865,294 
 13,669,291  

U.S. Endo Partners First Lien Term Loan, 8.743% (3-Month USD Libor+500 basis points), 11/1/20272,3,4,7

   13,379,370 
     United Musculoskeletal Partners Acquisition Holdings, LLC     
 1,724,138  

Revolver, 0.500%, 7/15/20282,4,5

   1,689,376 
 3,600,543  

Delayed Draw, 1.000%, 7/15/20282,4,5

   3,563,948 
 8,275,862  

First Lien Term Loan, 7.709% (1-Month USD Sofr+575 basis points), 7/15/20282,3,4

   8,109,003 
 3,131,250  

First Lien Term Loan, 8.595% (1-Month USD Sofr+575 basis points), 7/15/20282,3,4

   3,068,117 
 1,920,290  

Delayed Draw, 8.768% (1-Month USD Sofr+575 basis points), 7/15/20282,3,4

   1,900,772 
 7,000,000  

UroGPO, LLC First Lien Term Loan, 8.764% (3-Month USD Libor+575 basis points), 12/15/20262,3,4

   6,953,750 
     Urology Management Holdings, Inc.     
 1,190,476  

Revolver, 0.500%, 6/15/20262,4,5

   1,139,671 
 1,287,014  

Delayed Draw, 1.000%, 6/15/20262,4,5

   1,232,089 
 13,568,597  

Delayed Draw, 9.420% (3-Month USD Libor+525 basis points), 6/15/20262,3,4

   12,989,541 
 5,074,416  

First Lien Term Loan, 9.420% (3-Month USD Libor+525 basis points), 6/15/20262,3,4

   4,857,860 
 1,492,893  

First Lien Term Loan, 9.420% (3-Month USD Libor+525 basis points), 6/15/20262,3,4

   1,429,182 
 1,557,104  

Delayed Draw, 9.420% (3-Month USD Libor+525 basis points), 6/15/20262,3,4

   1,490,653 
 6,560,496  

First Lien Term Loan, 9.420% (3-Month USD Libor+525 basis points), 6/15/20262,3,4

   6,280,519 
 13,128,472  

USHV Management, LLC First Lien Term Loan, 9.170% (3-Month USD Libor+500 basis points), 12/23/20272,3,4,7

   12,720,224 
     Vardiman Black Holdings, LLC     
 11,642,397  

Delayed Draw, 1.000%, 3/18/20272,4,5

   11,426,610 
 25,462,888  

Delayed Draw, 9.612% (3-Month USD Sofr+700 basis points), 3/18/20272,3,4

   24,990,944 
 10,176,136  

First Lien Term Loan, 9.612% (3-Month USD Sofr+700 basis points), 3/18/20272,3,4

   9,975,529 
     Vermont Aus Pty Ltd.     
 7,976,259  

First Lien Term Loan, 6.250% (3-Month USD Sofr+565 basis points), 3/23/20282,3,4

   7,721,146 
 

AUD 10,862,906

  

First Lien Term Loan, 8.863% (3-Month AUD BBSY+575 basis points), 3/23/20282,3,4,6

   6,726,103 

 

See accompanying Notes to Consolidated Financial Statements.

 

27

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     HEALTH CARE (Continued)     
     Vital Care Buyer, LLC     
$1,777,778  

Revolver, 0.500%, 10/19/20252,4,5

  $1,751,322 
 5,542,252  

First Lien Term Loan, 8.000% (3-Month USD Libor+550 basis points), 10/19/20252,3,4

   5,459,776 
     Web P.T., Inc.     
 9,000,000  

First Lien Term Loan, 9.820% (3-Month USD Libor+675 basis points), 8/28/20242,3,4

   8,762,587 
 1,058,036  

Revolver, 0.500%, 1/18/20282,4,5

   1,030,126 
 254,464  

Revolver, 8.859% (3-Month USD Libor+675 basis points), 1/18/20282,3,4

   247,752 
     Xeris Pharmaceuticals, Inc.     
 8,333,333  

Delayed Draw, 2.000%, 3/8/20272,4,5,7

   8,154,247 
 16,666,667  

First Lien Term Loan, 12.821% (3-Month USD Sofr+900 basis points), 3/8/20272,3,4,7

   16,219,560 
     Xifin, Inc.     
 2,055,992  

Revolver, 0.500%, 2/6/20262,4,5

   1,992,058 
 1,649,591  

Delayed Draw, 1.000%, 2/6/20262,4,5,7

   1,598,295 
 10,157,514  

First Lien Term Loan, 8.865% (1-Month USD Libor+575 basis points), 2/6/20262,3,4,7

   9,831,431 
 85,666  

Revolver, 11.000% (3-Month USD Libor+575 basis points), 2/6/20262,3,4,7

   83,002 
     Zavation Medical Products, LLC     
 1,621,622  

Revolver, 0.500%, 6/30/20272,4,5

   1,592,950 
 405,405  

Revolver, 8.174% (3-Month USD Libor+450 basis points), 6/30/20272,3,4

   398,238 
 12,843,243  

First Lien Term Loan, 8.174% (3-Month USD Libor+450 basis points), 6/30/20272,3,4

   12,616,164 
         1,824,233,887 
     INDUSTRIALS — 21.0%     
 4,354,866  

3SI Holdco, Inc. First Lien Term Loan, 10.065% (3-Month USD Libor+575 basis points), 6/16/20232,3,4

   4,277,869 
     Accurus Aerospace Corporation     
 7,980,000  

First Lien Term Loan, 7.722% (3-Month USD Libor+575 basis points), 4/5/20282,3,4

   7,833,599 
 1,995,000  

First Lien Term Loan, 7.722% (3-Month USD Libor+575 basis points), 4/5/20282,3,4

   1,958,400 
 14,905,078  

Aero Operating LLC Incremental Term Loan, 10.130% (1-Month USD Libor+700 basis points), 2/7/20262,3,4

   14,343,498 
 1,661,622  

AGData First Lien Term Loan, 6.250% (3-Month USD Libor+475 basis points), 7/21/20232,3,4

   1,623,936 
 7,312,500  

AG-Twin Brook Aerospace First Lien Term Loan, 10.365% (1-Month USD Libor+725 basis points), 12/6/20242,3,4,7

   6,997,871 
     AG-Twin Brook Industrials     
 17,760,000  

Delayed Draw, 1.000%, 1/17/20262,4,5

   17,624,292 
 2,240,000  

Delayed Draw, 7.806% (3-Month USD Libor+500 basis points), 1/17/20262,3,4

   2,222,884 

 

See accompanying Notes to Consolidated Financial Statements.

 

28

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     INDUSTRIALS (Continued)     
     Air Comm Corporation, LLC     
$2,113,764  

Revolver, 0.500%, 7/1/20272,4,5

  $2,086,958 
 1,044,051  

Revolver, 0.500%, 7/1/20272,4,5

   1,030,811 
 9,079,573  

Delayed Draw, 8.377% (3-Month USD Libor+550 basis points), 7/1/20272,3,4

   8,964,429 
 325,260  

Revolver, 8.377% (3-Month USD Libor+550 basis points), 7/1/20272,3,4

   321,135 
 13,280,488  

First Lien Term Loan, 8.377% (3-Month USD Libor+550 basis points), 7/1/20272,3,4

   13,112,068 
 13,754,654  

Delayed Draw, 8.378% (3-Month USD Libor+550 basis points), 7/1/20272,3,4

   13,580,221 
 140,159  

Revolver, 8.627% (3-Month USD Libor+550 basis points), 7/1/20272,3,4

   138,382 
 29,684,160  

Airnov, Inc. First Lien Term Loan, 8.602% (3-Month USD Libor+500 basis points), 12/19/20252,3,4

   29,488,035 
     Any Hour, LLC     
 2,000,000  

Revolver, 0.500%, 7/21/20272,4,5

   1,969,637 
 4,566,667  

Delayed Draw, 1.000%, 7/21/20272,4,5

   4,528,398 
 6,633,333  

Delayed Draw, 6.250% (3-Month USD Sofr+525 basis points), 7/21/20272,3,4

   6,532,631 
 6,637,600  

Delayed Draw, 6.756% (3-Month USD Sofr+525 basis points), 7/21/20272,3,4

   6,536,833 
 5,433,333  

Delayed Draw, 7.722% (3-Month USD Sofr+525 basis points), 7/21/20272,3,4

   5,387,803 
 11,220,000  

First Lien Term Loan, 7.982% (3-Month USD Sofr+525 basis points), 7/21/20272,3,4

   11,049,666 
     Apex Service Partners, LLC     
 2,000,000  

Revolver, 0.500%, 7/31/20252,4,5

   1,929,645 
 9,375,405  

First Lien Term Loan, 6.250% (3-Month USD Libor+525 basis points), 7/31/20252,3,4

   9,115,903 
 10,157,316  

Delayed Draw, 6.250% (3-Month USD Libor+525 basis points), 7/31/20252,3,4

   9,800,006 
 1,000,000  

First Lien Term Loan, 6.250% (3-Month USD Libor+525 basis points), 7/31/20252,3,4

   964,822 
 2,483,512  

Delayed Draw, 6.500% (3-Month USD Libor+550 basis points), 7/31/20252,3,4

   2,414,771 
 4,996,600  

Delayed Draw, 6.676% (3-Month USD Libor+525 basis points), 7/31/20252,3,4

   4,820,832 
 6,766,000  

First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 7/31/20252,3,4

   6,527,988 
 9,230,769  

First Lien Term Loan, 12.500% PIK (Fixed Rate+1,250 basis points), 7/22/20272,3,4,10

   8,967,704 
 3,816,622  

Aptean, Inc. First Lien Term Loan, 7.320% (3-Month USD Libor+425 basis points), 4/23/20262,3

   3,622,071 
     Ardurra Group LLC     
 6,750,000  

First Lien Term Loan, 10.534% (1-Month USD Sofr+750 basis points), 9/1/20252,3,4

   6,514,937 
 4,851,240  

Delayed Draw, 10.640% (1-Month USD Sofr+750 basis points), 9/1/20252,3,4

   4,682,300 
 8,311,791  

First Lien Term Loan, 10.640% (1-Month USD Sofr+750 basis points), 9/1/20252,3,4

   8,022,340 
 1,704,095  

First Lien Term Loan, 10.640% (1-Month USD Sofr+750 basis points), 9/1/20252,3,4

   1,644,751 
     Armada Parent, Inc.     
 2,383,333  

Revolver, 0.500%, 10/29/20272,4,5

   2,340,479 
 1,000,000  

Delayed Draw, 1.000%, 10/29/20272,4,5

   982,019 
 19,850,000  

First Lien Term Loan, 8.556% (3-Month USD Libor+575 basis points), 10/29/20272,3,4

   19,493,082 

 

See accompanying Notes to Consolidated Financial Statements.

 

29

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     INDUSTRIALS (Continued)     
$1,000,000  

Delayed Draw, 9.392% (3-Month USD Libor+575 basis points), 10/29/20272,3,4

  $982,019 
 16,667  

Revolver, 9.424% (3-Month USD Libor+575 basis points), 10/29/20272,3,4

   16,367 
 4,974,937  

Arrowhead Holdco Company First Lien Term Loan, 7.570% (3-Month USD Libor+450 basis points), 8/31/20282,3,4,7

   4,864,364 
     AWT Merger Sub, Inc.     
 928,571  

Revolver, 0.500%, 12/17/20262,4,5

   919,117 
 1,424,370  

Delayed Draw, 1.000%, 12/17/20262,4,5

   1,409,867 
 2,490,357  

Delayed Draw, 8.994% (3-Month USD Libor+575 basis points), 12/17/20262,3,4

   2,465,000 
 142,857  

Revolver, 8.994% (3-Month USD Libor+575 basis points), 12/17/20262,3,4

   141,403 
 6,332,143  

First Lien Term Loan, 8.994% (3-Month USD Libor+575 basis points), 12/17/20262,3,4

   6,267,668 
 994,566  

Delayed Draw, 8.994% (3-Month USD Libor+575 basis points), 12/17/20262,3,4

   984,439 
     Beacon Mobility Corp.     
 1,000,000  

Revolver, 0.500%, 5/22/20242,4,5

   979,820 
 17,560,057  

Delayed Draw, 7.868% (3-Month USD Libor+550 basis points), 5/22/20242,3,4

   17,205,689 
 4,968,193  

Delayed Draw, 7.868% (3-Month USD Libor+550 basis points), 5/22/20242,3,4

   4,867,933 
 2,243,132  

First Lien Term Loan, 8.715% (3-Month USD Libor+550 basis points), 5/22/20242,3,4

   2,197,865 
     Blackbird Purchaser, Inc.     
 10,713,282  

Delayed Draw, 1.000%, 4/8/20262,4,5

   10,282,858 
 13,299,888  

First Lien Term Loan, 7.621% (3-Month USD Libor+450 basis points), 4/8/20262,3,4

   12,765,543 
     BlueHalo Global Holdings, LLC     
 341,663  

Revolver, 0.500%, 10/31/20252,4,5

   333,231 
 944,051  

Revolver, 8.685% (3-Month USD Libor+600 basis points), 10/31/20252,3,4

   920,753 
 17,339,169  

First Lien Term Loan, 8.867% (3-Month USD Libor+600 basis points), 10/31/20252,3,4

   16,911,247 
 14,962,500  

BP Purchaser, LLC First Lien Term Loan, 8.736% (3-Month USD Libor+550 basis points), 12/10/20282,3,4

   14,114,521 
     British Engineering Services Holdco Limited     
 

GBP 950,968

  

Revolver, 9.221% (3-Month GBP Libor+703 basis points), 12/2/20272,3,4,6

   1,029,778 
 

GBP 396,237

  

First Lien Term Loan, 9.221% (3-Month GBP Libor+703 basis points), 12/2/20272,3,4,6

   429,075 
     Caldwell & Gregory LLC     
 2,000,000  

Delayed Draw, 1.000%, 12/5/20232,4,5

   1,979,636 
 13,000,000  

Delayed Draw, 8.399% (3-Month USD Sofr+550 basis points), 12/5/20232,3,4

   12,867,632 
 14,922,891  

First Lien Term Loan, 9.315% (3-Month USD Sofr+550 basis points), 12/5/20232,3,4

   14,770,944 
 6,371,638  

Captive Resources Midco, LLC First Lien Term Loan, 8.534% (3-Month USD Sofr+550 basis points), 7/1/20292,3,4

   6,244,408 
     CC WDW Borrower, Inc.     
 1,631,196  

Delayed Draw, 1.000%, 1/27/20282,4,5

   1,603,520 
 3,262,391  

First Lien Term Loan, 9.429% (3-Month USD Sofr+675 basis points), 1/27/20282,3,4

   3,162,168 

 

See accompanying Notes to Consolidated Financial Statements.

 

30

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     INDUSTRIALS (Continued)     
$12,000,000  

CGI Parent, LLC First Lien Term Loan, 7.793% (3-Month USD Libor+450 basis points), 2/14/20282,3,4

  $11,749,951 
     Citrin Cooperman Advisors, LLC     
 2,647,908  

Delayed Draw, 1.000%, 10/1/20272,4,5

   2,604,474 
 17,793,939  

Delayed Draw, 1.000%, 10/1/20272,4,5

   17,506,994 
 22,206,061  

Delayed Draw, 7.077% (3-Month USD Sofr+500 basis points), 10/1/20272,3,4

   21,847,965 
 3,304,473  

Delayed Draw, 7.077% (3-Month USD Sofr+500 basis points), 10/1/20272,3,4

   3,250,269 
 2,640,441  

Delayed Draw, 7.675% (6-Month USD Sofr+500 basis points), 10/1/20272,3,4

   2,591,380 
 6,161,029  

First Lien Term Loan, 9.209% (6-Month USD Sofr+500 basis points), 10/1/20272,3,4

   6,049,634 
     Colonial Bag, LLC     
 4,426,168  

First Lien Term Loan, 8.174% (3-Month USD Libor+450 basis points), 9/3/20252,3,4

   4,396,924 
 9,900,000  

Incremental Term Loan, 8.270% (3-Month USD Libor+500 basis points), 9/3/20252,3,4

   9,834,590 
     Comar Holding Company, LLC     
 4,910,540  

First Lien Term Loan, 9.424% (3-Month USD Libor+625 basis points), 6/18/20242,3,4

   4,878,095 
 776,043  

Delayed Draw, 9.924% (3-Month USD Libor+625 basis points), 6/18/20242,3,4

   770,916 
     Continental Acquisition Holdings, Inc.     
 2,665,195  

Delayed Draw, 9.001% (3-Month USD Libor+675 basis points), 1/20/20272,3,4

   2,607,680 
 7,229,911  

First Lien Term Loan, 9.001% (3-Month USD Libor+675 basis points), 1/20/20272,3,4

   7,073,889 
     Coretrust Purchasing Group LLC     
 250,000  

Revolver, 0.500%, 9/30/20292,4,5

   242,500 
 2,819,549  

Revolver, 0.500%, 9/30/20292,4,5

   2,734,962 
 596,443  

Delayed Draw, 1.000%, 9/30/20292,4,5

   587,496 
 2,819,549  

Delayed Draw, 1.000%, 9/30/20292,4,5

   2,777,256 
 4,095,575  

First Lien Term Loan, 9.784% (3-Month USD Sofr+675 basis points), 9/30/20292,3,4

   3,972,708 
 19,360,902  

First Lien Term Loan, 9.784% (3-Month USD Sofr+675 basis points), 9/30/20292,3,4

   18,780,075 
 

EUR 900,000

  

CVL 3 First Lien Term Loan, 5.500% (3-Month EURIBOR+550 basis points), 12/21/20282,3,4,6

   855,879 
     Dispatch Acquisition Holdings, LLC     
 7,920,000  

First Lien Term Loan, 6.500% (3-Month USD Libor+465 basis points), 3/25/20282,3,4

   7,619,408 
 2,750,000  

First Lien Term Loan, 6.830% (3-Month USD Libor+475 basis points), 3/25/20282,3,4

   2,645,628 
 13,860,000  

First Lien Term Loan, 7.924% (3-Month USD Libor+425 basis points), 3/25/20282,3,4

   13,333,964 
     DTI Holdco, Inc.     
 381,012  

Revolver, 0.500%, 4/26/20272,4,5

   375,231 
 500,960  

Revolver, 7.784% (3-Month USD Sofr+475 basis points), 4/26/20272,3,4,7

   493,360 

 

See accompanying Notes to Consolidated Financial Statements.

 

31

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     INDUSTRIALS (Continued)     
$6,773,548  

First Lien Term Loan, 7.327% (1-Month USD Sofr+475 basis points), 4/26/20292,3,4,7

  $6,536,015 
     Dwyer Instruments, Inc.     
 1,620,617  

Revolver, 0.500%, 7/21/20272,4,5

   1,587,942 
 807,012  

Revolver, 0.500%, 7/21/20272,4,5

   790,741 
 1,912,917  

Delayed Draw, 1.000%, 7/21/20272,4,5,7

   1,893,474 
 300,114  

Revolver, 8.877% (3-Month USD Libor+550 basis points), 7/21/20272,3,4,7

   294,063 
 149,447  

Revolver, 8.877% (6-Month USD Libor+600 basis points), 7/21/20272,3,4,7

   146,433 
 3,193,216  

Delayed Draw, 9.174% (3-Month USD Libor+550 basis points), 7/21/20272,3,4,7

   3,160,761 
 7,621,969  

First Lien Term Loan, 9.750% (3-Month USD Libor+600 basis points), 7/21/20272,3,4,7

   7,468,294 
     Easy Ice, LLC     
 6,134,165  

Delayed Draw, 1.000%, 12/31/20242,4,5

   6,093,636 
 1,106,160  

Delayed Draw, 8.495% (3-Month USD Libor+475 basis points), 12/31/20242,3,4

   1,098,851 
 5,421,255  

First Lien Term Loan, 8.783% (3-Month USD Libor+475 basis points), 12/31/20242,3,4

   5,385,436 
 4,911,839  

First Lien Term Loan, 8.920% (3-Month USD Libor+475 basis points), 12/31/20242,3,4

   4,879,386 
 802,327  

First Lien Term Loan, 7.649% (3-Month USD Libor+475 basis points), 12/31/20252,3,4

   797,026 
 8,000,000  

Echo Global Logistics, Inc. Second Lien Term Loan, 8.239% (1-Month USD Libor+700 basis points), 11/23/20292,3,4

   7,834,415 
 4,575,203  

EShipping First Lien Term Loan, 8.115% (3-Month USD Libor+575 basis points), 11/5/20272,3,4

   4,528,618 
     Explorer Investor, Inc.     
 5,232,558  

Delayed Draw, 1.000%, 6/28/20292,4,5

   4,890,115 
 24,767,442  

First Lien Term Loan, 8.455% (1-Month USD Sofr+600 basis points), 6/28/20292,3,4

   23,146,544 
 4,098,361  

FCG Acquisitions, Inc. First Lien Term Loan, 8.303% (3-Month USD Sofr+475 basis points), 4/1/20282,3,4,7

   3,922,384 
     FLS Holding, Inc.     
 2,000,000  

Revolver, 0.500%, 12/17/20272,4,5

   1,959,439 
 23,000,000  

First Lien Term Loan, 8.777% (3-Month USD Libor+525 basis points), 12/17/20282,3,4

   22,533,553 
 5,000,000  

Delayed Draw, 8.815% (3-Month USD Libor+525 basis points), 12/17/20282,3,4

   4,898,598 
     Fortis Solutions Group, LLC     
 1,679,160  

Revolver, 0.500%, 10/15/20272,4,5

   1,650,146 
 119,940  

Revolver, 9.670% (3-Month USD Libor+550 basis points), 10/15/20272,3,4

   117,868 
 602,699  

Delayed Draw, 1.000%, 10/15/20282,4,5

   592,285 
 10,000,000  

Delayed Draw, 1.000%, 10/15/20282,4,5

   9,902,037 
 3,145,427  

Delayed Draw, 8.543% (3-Month USD Libor+550 basis points), 10/15/20282,3,4

   3,091,077 
 14,379,160  

First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 10/15/20282,3,4

   14,130,703 

 

See accompanying Notes to Consolidated Financial Statements.

 

32

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     INDUSTRIALS (Continued)     
     Gerson Lehrman Group, Inc.     
$9,796,954  

First Lien Term Loan, 8.127% (3-Month USD Libor+525 basis points), 12/5/20242,3,4

  $9,718,139 
 25,000,000  

First Lien Term Loan, 8.127% (3-Month USD Libor+525 basis points), 12/5/20242,3,4

   24,798,879 
 29,700,000  

First Lien Term Loan, 8.924% (3-Month USD Libor+525 basis points), 12/5/20242,3,4

   29,461,068 
     Graffiti Buyer, Inc.     
 1,303,199  

Revolver, 0.500%, 8/10/20272,4,5

   1,280,158 
 5,044,643  

Delayed Draw, 1.000%, 8/10/20272,4,5

   4,955,450 
 1,219,122  

Revolver, 8.118% (3-Month USD Libor+575 basis points), 8/10/20272,3,4

   1,197,567 
 11,181,871  

First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 8/10/20272,3,4

   10,984,167 
 27,725,813  

Guidehouse, Inc. First Lien Term Loan, 9.365% (3-Month USD Libor+625 basis points), 10/16/20282,3,4

   27,171,297 
     HPS Industrials     
 9,792,353  

First Lien Term Loan, 9.424% (3-Month USD Libor+550 basis points), 7/25/20252,3,4,7

   9,824,931 
 23,705,666  

First Lien Term Loan, 9.238% (3-Month USD Libor+675 basis points), 10/15/20262,3,4

   23,504,862 
     HSI Halo Acquisition, Inc.     
 875,000  

Revolver, 0.500%, 9/2/20252,4,5

   856,442 
 175,000  

Revolver, 9.493% (3-Month USD Libor+575 basis points), 9/2/20252,3,4,7

   171,288 
 1,489,630  

Delayed Draw, 9.831% (3-Month USD Libor+575 basis points), 8/31/20262,3,4,7

   1,456,522 
 8,464,978  

First Lien Term Loan, 9.831% (3-Month USD Libor+575 basis points), 8/31/20262,3,4,7

   8,297,735 
     iCIMS, Inc.     
 184,671  

Revolver, 0.500%, 9/12/20242,4,5

   182,569 
 1,904,761  

Revolver, 0.500%, 8/18/20282,4,5

   1,858,674 
 20,000,000  

First Lien Term Loan, 9.487% (3-Month USD Sofr+675 basis points), 8/18/20282,3,4

   19,516,087 
 20,000,000  

Infogain Corporation First Lien Term Loan, 7.857% (3-Month USD Sofr+575 basis points), 7/30/20282,3,4

   19,533,421 
 14,848,481  

Intergulf Corp. First Lien Term Loan, 9.424% (2-Month USD Libor+575 basis points), 11/16/20232,3,4

   14,726,817 
     Isaac Heating & Air Conditioning     
 2,368,421  

Revolver, 0.500%, 5/7/20272,4,5

   2,338,385 
 947,368  

Delayed Draw, 1.000%, 5/7/20272,4,5

   935,354 
 7,815,789  

First Lien Term Loan, 8.162% (3-Month USD Libor+500 basis points), 5/7/20272,3,4

   7,716,672 
 3,773,684  

Delayed Draw, 9.030% (3-Month USD Libor+525 basis points), 5/7/20272,3,4

   3,725,827 
     ISS Compressors Industries, Inc.     
 124,136  

First Lien Term Loan, 9.203% (3-Month USD Libor+550 basis points), 2/5/20262,3,4

   119,930 
 103,705  

First Lien Term Loan, 9.203% (3-Month USD Libor+550 basis points), 2/5/20262,3,4

   100,192 

 

See accompanying Notes to Consolidated Financial Statements.

 

33

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     INDUSTRIALS (Continued)     
$83,333  

Revolver, 0.500%, 8/9/20262,4,5

  $80,510 
 291,667  

Revolver, 8.664% (3-Month USD Libor+550 basis points), 8/9/20262,3,4

   281,786 
 4,481,585  

First Lien Term Loan, 9.203% (3-Month USD Libor+550 basis points), 8/9/20262,3,4

   4,329,759 
     Jade Bidco Limited     
 

EUR 538,430

  

First Lien Term Loan, 6.250% (6-Month EUR Libor+600 basis points), 12/3/20262,3,4,6

   511,075 
 3,375,128  

First Lien Term Loan, 7.050% (3-Month USD Libor+600 basis points), 12/3/20262,3,4

   3,269,008 
 20,000,000  

First Lien Term Loan, 7.050% (3-Month USD Sofr+625 basis points), 2/16/20292,3,4

   19,371,162 
     Komline-Sanderson Group, Inc.     
 1,171,875  

Revolver, 0.500%, 3/17/20262,4,5

   1,154,310 
 4,687,500  

Delayed Draw, 1.000%, 3/17/20262,4,5

   4,617,242 
 8,008,073  

First Lien Term Loan, 8.750% (3-Month USD Libor+600 basis points), 3/17/20262,3,4

   7,888,044 
 2,176,498  

First Lien Term Loan, 8.750% (3-Month USD Libor+600 basis points), 3/17/20262,3,4

   2,143,875 
 9,464,871  

Delayed Draw, 8.905% (3-Month USD Libor+600 basis points), 3/17/20262,3,4

   9,323,008 
 1,171,875  

Revolver, 9.052% (3-Month USD Libor+600 basis points), 3/17/20262,3,4

   1,154,310 
 2,343,750  

First Lien Term Loan, 9.155% (3-Month USD Libor+600 basis points), 3/17/20262,3,4

   2,308,621 
     KPSKY Acquisition, Inc.     
 4,375,000  

Delayed Draw, 1.000%, 10/19/20282,4,5

   4,317,994 
 13,082,232  

First Lien Term Loan, 8.584% (1-Month USD Libor+550 basis points), 10/19/20282,3,4

   12,292,419 
 1,500,761  

Delayed Draw, 10.750% (1-Month USD Libor+625 basis points), 10/19/20282,3,4

   1,481,206 
 625,000  

Delayed Draw, 10.750% (3-Month USD Libor+625 basis points), 10/19/20282,3,4

   616,856 
     Lav Gear Holdings, Inc.     
 5,340,955  

First Lien Term Loan, 9.953% PIK (1-Month USD Sofr+640 basis points), 10/31/20242,3,4,10

   5,259,873 
 234,477  

First Lien Term Loan, 9.953% PIK (3-Month USD Sofr+640 basis points), 10/31/20242,3,4,10

   230,917 
 18,361,250  

Lereta, LLC First Lien Term Loan, 8.365% (1-Month USD Libor+525 basis points), 7/30/20282,3

   15,701,807 
     Liquid Environmental     
 4,136,372  

Delayed Draw, 7.147% (3-Month USD Libor+525 basis points), 5/31/20262,3,4,7

   4,048,641 
 9,803,995  

First Lien Term Loan, 7.381% (3-Month USD Libor+475 basis points), 5/31/20262,3,4,7

   9,596,055 
     Lithium Technologies, LLC     
 367,018  

Revolver, 0.500%, 10/3/20222,4,5

   362,840 
 244,678  

Revolver, 10.530% (3-Month USD Libor+800 basis points), 10/3/20222,3,4

   241,893 
 8,792,149  

First Lien Term Loan, 10.530% (3-Month USD Libor+800 basis points), 10/3/20222,3,4

   8,692,077 

 

See accompanying Notes to Consolidated Financial Statements.

 

34

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     INDUSTRIALS (Continued)     
$5,000,000  

Lynx Franchising, LLC First Lien Term Loan, 8.500% (3-Month USD Libor+625 basis points), 12/18/20262,3,4

  $4,901,294 
     Majco LLC     
 1,200,000  

Revolver, 0.500%, 12/23/20282,4,5

   1,151,788 
 6,583,333  

Delayed Draw, 1.000%, 12/23/20282,4,5

   6,351,748 
 466,667  

Revolver, 7.615% (1-Month USD Libor+450 basis points), 12/23/20282,3,4

   447,918 
 2,745,625  

Delayed Draw, 8.243% (3-Month USD Libor+450 basis points), 12/23/20282,3,4

   2,649,041 
 8,977,500  

First Lien Term Loan, 8.243% (3-Month USD Libor+450 basis points), 12/23/20282,3,4

   8,616,814 
 1,561,290  

Management Consulting & Research, LLC Delayed Draw, 9.053% (3-Month USD Sofr+600 basis points), 10/29/20272,3,4

   1,540,137 
     Marcone Yellowstone Buyer, Inc.     
 4,139,091  

Delayed Draw, 1.000%, 6/23/20282,4,5

   4,014,179 
 2,888,312  

Delayed Draw, 8.421% (3-Month USD Libor+550 basis points), 6/23/20282,3,4

   2,801,147 
 21,859,849  

First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 6/23/20282,3,4,12

   21,200,151 
     Motion & Control Enterprises LLC     
 1,224,685  

Revolver, 0.500%, 6/1/20282,4,5

   1,196,518 
 185,881  

Revolver, 6.805% (3-Month USD Sofr+475 basis points), 6/1/20282,3,4,7

   181,606 
 2,350,943  

Delayed Draw, 7.803% (3-Month USD Sofr+490 basis points), 6/1/20282,3,4,7

   2,320,310 
 9,403,772  

First Lien Term Loan, 8.195% (3-Month USD Sofr+475 basis points), 6/1/20282,3,4,7

   9,187,491 
     NCWS Intermediate, Inc.     
 30,884  

Delayed Draw, 1.000%, 12/29/20262,4,5

   30,229 
 7,651,556  

Delayed Draw, 9.115% (3-Month USD Libor+600 basis points), 12/29/20262,3,4,7

   7,489,269 
 870,625  

Delayed Draw, 9.115% (3-Month USD Libor+600 basis points), 12/29/20262,3,4,7

   851,274 
 1,995,953  

Delayed Draw, 9.115% (3-Month USD Libor+600 basis points), 12/29/20262,3,4,7

   1,951,590 
     Northstar Recycling     
 2,000,000  

Revolver, 0.500%, 10/1/20272,4,5

   1,975,636 
 9,276,750  

First Lien Term Loan, 8.424% (3-Month USD Libor+475 basis points), 10/1/20272,3,4

   9,163,742 
 2,000,000  

First Lien Term Loan, 8.424% (3-Month USD Libor+475 basis points), 10/1/20272,3,4

   1,975,636 
     Omni Intermediate Holdings, LLC     
 2,253,521  

Revolver, 0.500%, 12/30/20252,4,5

   2,203,752 
 1,549,296  

Delayed Draw, 1.000%, 12/30/20262,4,5

   1,530,570 
 4,533,321  

Delayed Draw, 1.000%, 12/30/20262,4,5

   4,478,529 
 10,074,046  

Delayed Draw, 8.000% (3-Month USD Sofr+500 basis points), 12/30/20262,3,4

   9,952,286 
 26,006,324  

First Lien Term Loan, 8.642% (1-Month USD Sofr+500 basis points), 12/30/20262,3,4

   25,431,978 
 11,556,190  

First Lien Term Loan, 8.642% (3-Month USD Sofr+500 basis points), 12/30/20262,3,4

   11,300,973 

 

See accompanying Notes to Consolidated Financial Statements.

 

35

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     INDUSTRIALS (Continued)     
$7,000,000  

Omni Logistics, LLC First Lien Term Loan, 7.104% (3-Month USD Sofr+500 basis points), 12/30/20262,3,4

  $6,836,697 
 35,000,000  

P20 Parent, Inc. First Lien Term Loan, 10.534% (1-Month USD Sofr+750 basis points), 7/12/20282,3,4

   34,301,031 
 9,000,000  

PaperWorks Industries, Inc First Lien Term Loan, 10.806% (3-Month USD Libor+800 basis points), 12/18/20252,3,4

   8,818,827 
     PCX Holding Corp.     
 437,500  

Revolver, 0.500%, 4/22/20272,4,5

   426,484 
 101,563  

Delayed Draw, 1.000%, 4/22/20272,4,5

   99,054 
 2,984,375  

Delayed Draw, 9.293% (3-Month USD Libor+625 basis points), 4/22/20272,3,4

   2,910,675 
 187,500  

Revolver, 9.891% (3-Month USD Libor+625 basis points), 4/22/20272,3,4

   182,779 
 3,104,688  

Delayed Draw, 9.924% (3-Month USD Libor+625 basis points), 4/22/20272,3,4

   3,026,513 
 6,187,500  

First Lien Term Loan, 9.924% (3-Month USD Libor+625 basis points), 4/22/20272,3,4

   6,031,702 
     Pele Buyer LLC     
 4,561,854  

First Lien Term Loan, 7.615% (6-Month USD Libor+450 basis points), 6/18/20242,3,4

   4,515,404 
 173,216  

First Lien Term Loan, 7.615% (6-Month USD Libor+450 basis points), 6/18/20242,3,4

   171,453 
 5,206,296  

First Lien Term Loan, 7.615% (6-Month USD Libor+450 basis points), 6/18/20242,3,4

   5,153,285 
     Polyphase Elevator Holding Company     
 18,593,400  

Delayed Draw, 1.000%, 1/7/20282,4,5

   18,218,179 
 2,406,600  

Delayed Draw, 9.174% (3-Month USD Libor+550 basis points), 1/7/20282,3,4

   2,358,034 
 9,924,812  

First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 1/7/20282,3,4

   9,575,681 
     Potter Electric Signal Company, LLC     
 456,895  

Revolver, 0.500%, 12/19/20252,4,5

   447,205 
 2,647,890  

Delayed Draw, 1.000%, 12/19/20252,4,5,7

   2,591,729 
 180,696  

Revolver, 10.000% (Prime Rate+375 basis points), 12/19/20252,3,4,7

   176,864 
 10,660,946  

First Lien Term Loan, 10.000% (Prime Rate+375 basis points), 12/19/20252,3,4,7

   10,434,831 
 5,000,000  

Pregis TopCo LLC Second Lien Term Loan, 10.806% (3-Month USD Libor+800 basis points), 8/1/20272,3,4

   4,934,109 
 15,441,274  

Prime Buyer, LLC First Lien Term Loan, 8.903% (3-Month USD Libor+525 basis points), 12/10/20272,3,4

   15,191,254 
     PrimeFlight Aviation Services, Inc.     
 24,875,000  

First Lien Term Loan, 8.575% (3-Month USD Sofr+550 basis points), 5/9/20242,3,4

   24,497,366 
 6,039,997  

First Lien Term Loan, 8.575% (3-Month USD Sofr+550 basis points), 5/9/20242,3,4

   5,845,554 
 9,339,425  

Delayed Draw, 9.174% (3-Month USD Libor+550 basis points), 10/15/20252,3,4

   9,134,625 
 13,034,500  

Delayed Draw, 9.174% (3-Month USD Libor+550 basis points), 10/15/20252,3,4

   12,748,672 

 

See accompanying Notes to Consolidated Financial Statements.

 

36

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     INDUSTRIALS (Continued)     
     PT Intermediate Holdings III, LLC     
$2,477,550  

First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 10/15/20252,3,4

  $2,423,221 
 21,845,250  

First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 10/15/20252,3,4,12

   21,366,215 
     Radwell International, LLC     
 2,921,300  

Revolver, 0.500%, 12/11/20262,4,5

   2,844,315 
 7,303,400  

Delayed Draw, 1.000%, 12/11/20262,4,5

   7,110,934 
 54,775,300  

First Lien Term Loan, 9.403% (3-Month USD Sofr+585 basis points), 4/1/20292,3,4,12

   53,331,813 
     RCS Industrials     
 285,714  

Revolver, 0.500%, 1/31/20252,4,5

   283,827 
 1,357,609  

First Lien Term Loan, 6.010% (3-Month USD Libor+500 basis points), 1/31/20252,3,4,7

   1,348,639 
 16,679,717  

Retail Services WIS Corporation Delayed Draw, 8.750% (3-Month USD Libor+775 basis points), 5/20/20252,3,4

   16,011,250 
     RQM Buyer, Inc.     
 4,687,500  

Delayed Draw, 1.000%, 8/12/20232,4,5

   4,613,413 
 20,160,156  

First Lien Term Loan, 9.315% (3-Month USD Sofr+550 basis points), 8/12/20262,3,4

   19,841,520 
 4,687,500  

Delayed Draw, 9.315% (3-Month USD Sofr+550 basis points), 8/12/20262,3,4

   4,656,529 
 7,734,375  

First Lien Term Loan, 9.315% (3-Month USD Sofr+550 basis points), 8/12/20262,3,4

   7,612,131 
     S4T Holdings Corp.     
 4,545,455  

Delayed Draw, 1.000%, 12/27/20262,4,5

   4,490,083 
 15,351,515  

First Lien Term Loan, 9.155% (3-Month USD Sofr+600 basis points), 12/27/20262,3,4

   15,164,506 
 10,000,000  

Safety Products Holdings, LLC First Lien Term Loan, 9.115% (3-Month USD Libor+600 basis points), 12/15/20262,3,4

   9,928,173 
     Seko Global Logistics Network, LLC     
 32,358  

Revolver, 0.500%, 12/30/20262,4,5

   31,604 
 32,358  

Revolver, 9.500% (3-Month USD Libor+500 basis points), 12/30/20262,3,4

   31,603 
     Seko Worldwide, LLC     
 

EUR 10,569,991

  

First Lien Term Loan, 6.000% (1-Month EUR Libor+500 basis points), 12/30/20262,3,4,6

   10,117,017 
 10,000,000  

First Lien Term Loan, 8.070% (3-Month USD Libor+500 basis points), 12/30/20262,3,4

   9,766,710 
     Sonny’s Enterprises, LLC     
 640,244  

Revolver, 0.500%, 8/5/20252,4,5

   636,014 
 900,915  

Delayed Draw, 9.560% (3-Month USD Libor+675 basis points), 8/5/20262,3,4

   894,962 
 5,841,082  

First Lien Term Loan, 9.560% (3-Month USD Libor+675 basis points), 8/5/20262,3,4

   5,802,490 
     Spartronics LLC     
 478,297  

Revolver, 0.500%, 12/31/20252,4,5

   475,136 
 3,529,054  

Revolver, 7.557% (3-Month USD Libor+475 basis points), 12/31/20252,3,4

   3,505,737 

 

See accompanying Notes to Consolidated Financial Statements.

 

37

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     INDUSTRIALS (Continued)     
$12,639,948  

First Lien Term Loan, 7.814% (3-Month USD Libor+475 basis points), 12/31/20252,3,4

  $12,556,435 
 9,950,000  

Standard Elevator Systems First Lien Term Loan, 9.487% (3-Month USD Libor+575 basis points), 12/2/20272,3,4

   9,619,879 
 3,796,508  

Stats Intermediate Holdings, LLC First Lien Term Loan, 8.192% (3-Month USD Libor+525 basis points), 7/10/20262,3

   3,590,851 
     System Planning and Analysis, Inc.     
 2,195,341  

Revolver, 0.500%, 8/16/20272,4,5

   2,149,232 
 15,228,136  

First Lien Term Loan, 8.728% (3-Month USD Sofr+600 basis points), 8/16/20272,3,4

   14,908,302 
 3,643,011  

Delayed Draw, 1.000%, 10/29/20272,4,5

   3,593,653 
     Tank Holding Corp.     
 1,780,415  

Revolver, 0.500%, 3/31/20282,4,5

   1,737,816 
 48,219,585  

First Lien Term Loan, 8.884% (1-Month USD Sofr+585 basis points), 3/31/20282,3,4,12

   47,065,839 
 15,000,000  

First Lien Term Loan, 8.884% (1-Month USD Sofr+585 basis points), 3/31/20282,3,4,12

   14,641,096 
 9,874,214  

Texas Hydraulics First Lien Term Loan, 10.370% (1-Month USD Libor+725 basis points), 12/22/20262,3,4

   9,704,566 
 

GBP 13,639,922

  

The Citation Group Delayed Draw, 5.944% (3-Month GBP Libor+550 basis points), 3/9/20292,3,4,6

   15,129,301 
     The Vertex Companies, Inc.     
 1,043,478  

Revolver, 0.500%, 8/31/20262,4,5

   941,654 
 260,870  

Revolver, 8.256% (1-Month USD Libor+550 basis points), 8/31/20262,3,4

   235,414 
 820,565  

Delayed Draw, 1.000%, 8/31/20272,4,5

   740,493 
 3,092,478  

Delayed Draw, 8.185% (1-Month USD Libor+550 basis points), 8/31/20272,3,4

   2,790,710 
 9,709,239  

First Lien Term Loan, 8.615% (1-Month USD Libor+550 basis points), 8/31/20272,3,4

   8,761,798 
     Time Manufacturing Acquisition, LLC     
 1,260,274  

Revolver, 0.500%, 2/3/20232,4,5

   1,218,886 
 

EUR 11,710,165

  

First Lien Term Loan, 7.250% (3-Month EUR Libor+650 basis points), 12/1/20272,3,4,6

   11,099,174 
 18,181,963  

First Lien Term Loan, 7.304% (3-Month USD Libor+650 basis points), 12/1/20272,3,4

   17,584,857 
 1,753,425  

Revolver, 9.543% (3-Month USD Libor+650 basis points), 12/1/20272,3,4

   1,695,841 
 24,875,000  

Tinicum Voltage Acquisition Corp. First Lien Term Loan, 7.865% (3-Month USD Libor+450 basis points), 11/22/20242,3,4

   24,280,591 
     Titan Group Holdco, LLC     
 1,950,000  

Revolver, 0.500%, 8/12/20272,4,5

   1,915,522 
 321,317  

Delayed Draw, 1.000%, 8/12/20272,4,5

   315,636 
 3,750,000  

Delayed Draw, 1.000%, 8/12/20272,4,5

   3,683,697 
 2,500,000  

Delayed Draw, 7.510% (3-Month USD Libor+450 basis points), 8/12/20272,3,4

   2,455,798 

 

See accompanying Notes to Consolidated Financial Statements.

 

38

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     INDUSTRIALS (Continued)     
$2,178,683  

Delayed Draw, 7.510% (3-Month USD Libor+450 basis points), 8/12/20272,3,4

  $2,140,162 
 550,000  

Revolver, 7.983% (3-Month USD Libor+450 basis points), 8/12/20272,3,4

   540,276 
 8,684,375  

First Lien Term Loan, 8.424% (3-Month USD Libor+450 basis points), 8/12/20272,3,4

   8,530,828 
     TMC Buyer, Inc.     
 253,834  

Delayed Draw, 1.000%, 6/30/20282,4,5

   220,835 
 3,680,589  

First Lien Term Loan, 8.055% (3-Month USD Sofr+600 basis points), 6/30/20282,3,4

   3,202,112 
     Transtar Holding Company     
 1,448,276  

Delayed Draw, 0.500%, 1/22/20272,4,5

   1,414,850 
 10,295,131  

First Lien Term Loan, 10.070% (1-Month USD Libor+700 basis points), 1/22/20272,3,4

   10,057,521 
     Trident Maritime Systems, Inc.     
 222,222  

Revolver, 0.500%, 2/26/20272,4,5

   220,182 
 777,778  

Revolver, 1.000%, 2/26/20272,4,5

   770,636 
 666,667  

Revolver, 8.052% (1-Month USD Libor+550 basis points), 2/26/20272,3,4

   660,545 
 3,053,333  

First Lien Term Loan, 8.615% (1-Month USD Libor+550 basis points), 2/26/20272,3,4

   3,025,297 
 13,420,000  

First Lien Term Loan, 8.674% (1-Month USD Libor+550 basis points), 2/26/20272,3,4

   13,296,773 
     USRP Holdings, Inc.     
 645,161  

Revolver, 0.500%, 7/3/20272,4,5

   628,288 
 6,892,844  

Delayed Draw, 1.000%, 7/3/20272,4,5

   6,746,649 
 16,441,823  

First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 7/3/20272,3,4

   16,093,098 
 3,145,613  

Revolver, 0.500%, 7/23/20272,4,5

   3,063,345 
 4,950,884  

First Lien Term Loan, 7.750% (3-Month USD Libor+550 basis points), 7/23/20272,3,4

   4,845,878 
 

EUR 1,300,000

  

Utac Ceram First Lien Term Loan, 6.443% (3-Month EUR Libor+525 basis points), 9/29/20272,3,4,6

   1,241,931 
 19,073,917  

Valcourt Holdings II, LLC First Lien Term Loan, 8.953% (3-Month USD Libor+540 basis points), 1/7/20272,3,4

   18,879,703 
     VRC Companies, LLC     
 531,250  

Revolver, 0.500%, 6/29/20272,4,5

   523,195 
 4,482,799  

Delayed Draw, 1.000%, 6/29/20272,4,5

   4,414,826 
 3,118,113  

Delayed Draw, 8.377% (3-Month USD Libor+550 basis points), 6/29/20272,3,4

   3,070,834 
 18,562,500  

First Lien Term Loan, 8.377% (3-Month USD Libor+550 basis points), 6/29/20272,3,4

   18,281,038 
 4,323,632  

First Lien Term Loan, 8.523% (3-Month USD Libor+550 basis points), 6/29/20272,3,4

   4,258,073 
 743,570  

Delayed Draw, 8.956% (3-Month USD Libor+550 basis points), 6/29/20272,3,4

   732,295 
 93,750  

Revolver, 10.750% (Prime Rate+450 basis points), 6/29/20272,3,4

   92,328 
     VSG Acquisition Corp.     
 735,000  

Revolver, 0.500%, 4/11/20282,4,5

   715,121 

 

See accompanying Notes to Consolidated Financial Statements.

 

39

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     INDUSTRIALS (Continued)     
$8,003,333  

Delayed Draw, 1.000%, 4/11/20282,4,5

  $7,786,875 
 163,333  

Delayed Draw, 9.315% (3-Month USD Sofr+550 basis points), 4/11/20282,3,4,7

   158,916 
 1,598,333  

Revolver, 9.315% (3-Month USD Sofr+550 basis points), 4/11/20282,3,4,7

   1,555,105 
 17,500,000  

First Lien Term Loan, 9.315% (3-Month USD Sofr+550 basis points), 4/11/20282,3,4,7

   17,026,694 
 32,000,000  

VSTG Intermediate Holdings, Inc. First Lien Term Loan, 7.676% (3-Month USD Sofr+525 basis points), 7/13/20292,3,4

   31,085,623 
 1,391,310  

Wildcat Buyerco, Inc. Delayed Draw, 8.593% (3-Month USD Sofr+575 basis points), 2/27/20262,3,4,7

   1,382,117 
         1,965,679,105 
     MATERIALS — 4.6%     
 1,322,110  

ADG Acquisiton, LLC Delayed Draw, 8.358% (3-Month USD Libor+588 basis points), 12/14/20232,3,4

   1,313,098 
     Alpine Acquisition Corp.     
 21,946,649  

First Lien Term Loan, 7.885% (3-Month USD Sofr+575 basis points), 11/30/20262,3,4

   20,956,020 
 2,500,000  

First Lien Term Loan, 8.812% (3-Month USD Sofr+575 basis points), 11/30/20262,3,4

   2,387,155 
 71,380  

Revolver, 0.500%, 3/1/20292,4,5

   68,158 
 29,078,514  

First Lien Term Loan, 8.193% (3-Month USD Sofr+575 basis points), 3/1/20292,3,4

   27,765,966 
 404,488  

Revolver, 10.500% (3-Month USD Sofr+575 basis points), 3/1/20292,3,4

   386,230 
 74,806,201  

ASP Unifrax Holdings, Inc. First Lien Term Loan, 7.424% (3-Month USD Libor+375 basis points), 12/14/20252,3,4

   69,301,067 
     Berlin Packaging LLC     
 2,828,099  

Second Lien Term Loan, 1.000%, 11/7/20262,4,5

   2,685,718 
 

EUR 13,068,750

  

Second Lien Term Loan, 8.443% (3-Month EUR Libor+700 basis points), 11/7/20262,3,4,6

   12,162,681 
 2,271,901  

Second Lien Term Loan, 10.391% (3-Month USD Libor+675 basis points), 11/7/20262,3,4

   2,157,521 
     Consolidated Label Co.     
 1,339,286  

Revolver, 0.500%, 7/15/20262,4,5

   1,322,301 
 578,516  

Revolver, 0.500%, 7/15/20262,4,5

   571,180 
 11,671,423  

First Lien Term Loan, 7.818% (3-Month USD Libor+500 basis points), 7/15/20262,3,4

   11,523,409 
 4,950,000  

Incremental Term Loan, 8.115% (3-Month USD Libor+500 basis points), 7/15/20262,3,4

   4,887,226 
 2,184,739  

Cyxtera Equipment Leases First Lien Term Loan, 11.378% (3-Month USD Libor+825 basis points), 1/1/20242,3,4

   2,153,246 
 5,704,776  

ENS Holdings III Corp. First Lien Term Loan, 8.424% (3-Month USD Libor+475 basis points), 12/31/20252,3,4,7

   5,606,152 
 7,460,886  

HPS Materials First Lien Term Loan, 9.358% (3-Month USD Libor+588 basis points), 12/14/20232,3,4,7

   7,410,034 

 

See accompanying Notes to Consolidated Financial Statements.

 

40

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     MATERIALS (Continued)     
     Indigo Buyer, Inc.     
$1,666,667  

Revolver, 0.500%, 5/23/20282,4,5

  $1,625,314 
 5,000,000  

Delayed Draw, 1.000%, 5/23/20282,4,5,7

   4,925,698 
 333,333  

Revolver, 8.632% (3-Month USD Sofr+585 basis points), 5/23/20282,3,4,7

   325,063 
 13,000,000  

First Lien Term Loan, 8.632% (3-Month USD Sofr+585 basis points), 5/23/20282,3,4,7

   12,677,452 
     Nelipak Holding Company     
 20,922,821  

First Lien Term Loan, 7.365% (3-Month USD Libor+425 basis points), 7/2/20262,3,4

   20,590,222 
 4,077,179  

First Lien Term Loan, 7.365% (3-Month USD Libor+425 basis points), 7/2/20262,3,4

   4,012,366 
     New ILC Dover, Inc.     
 1,138,534  

Revolver, 0.500%, 2/2/20262,4,5

   1,114,386 
 3,601,785  

Delayed Draw, 1.000%, 2/2/20262,4,5

   3,525,392 
 3,961,015  

Delayed Draw, 8.674% (3-Month USD Libor+500 basis points), 2/2/20262,3,4,7

   3,877,004 
 75,902  

Revolver, 9.500% (Prime Rate+400 basis points), 2/2/20262,3,4

   74,292 
 50,602  

Revolver, 10.250% (Prime Rate+400 basis points), 2/2/20262,3,4,7

   49,529 
 3,500,000  

North Haven Goldfinc First Lien Term Loan, 11.750% (3-Month USD Libor+1,075 basis points), 12/23/20242,3,4

   3,344,014 
     Oliver Packaging, LLC     
 1,269,841  

Revolver, 0.500%, 7/6/20282,4,5

   1,248,500 
 8,730,159  

First Lien Term Loan, 7.260% (3-Month USD Sofr+500 basis points), 7/6/20282,3,4

   8,583,440 
     Olympic Buyer, Inc.     
 2,352,941  

Revolver, 0.500%, 6/30/20282,4,5

   2,283,344 
 8,977,285  

First Lien Term Loan, 6.774% (3-Month USD Libor+425 basis points), 6/30/20282,3,4

   8,711,750 
 17,391,188  

First Lien Term Loan, 7.365% (1-Month USD Libor+425 basis points), 6/30/20282,3,4

   16,876,781 
 

EUR 12,701,000

  

Optimum Group First Lien Term Loan, 6.843% (3-Month EUR Libor+565 basis points), 6/16/20282,3,4,6

   12,488,489 
 20,000,000  

Oscar AcquisitionCo, LLC First Lien Term Loan, 8.153% (3-Month USD Sofr+450 basis points), 4/29/20292,3

   18,425,000 
 13,929,825  

Pearlman Enterprises First Lien Term Loan, 7.384% (3-Month USD Libor+425 basis points), 5/5/20272,3,4,7

   13,634,378 
     Rohrer Corporation     
 9,337,745  

First Lien Term Loan, 7.564% (3-Month USD Libor+500 basis points), 3/15/20272,3,4,7

   9,139,695 
 2,630,511  

First Lien Term Loan, 7.961% (3-Month USD Libor+500 basis points), 3/15/20272,3,4,7

   2,548,712 
 2,500,000  

Tangent Technologies Acquisition, LLC Second Lien Term Loan, 9.993% (3-Month USD Sofr+875 basis points), 5/30/20282,3,4

   2,442,513 

 

See accompanying Notes to Consolidated Financial Statements.

 

41

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     MATERIALS (Continued)     
     Technimark Holdings, LLC     
$2,250,000  

Second Lien Term Loan, 9.865% (1-Month USD Libor+675 basis points), 7/9/20292,3,4

  $2,157,370 
 12,750,000  

Second Lien Term Loan, 9.865% (3-Month USD Libor+675 basis points), 7/9/20292,3,4

   12,225,097 
     Tilley Chemical Co., Inc.     
 711,868  

Revolver, 0.500%, 12/31/20262,4,5

   697,809 
 457,629  

Revolver, 0.500%, 12/31/20262,4,5

   448,591 
 542,371  

Revolver, 7.000% (3-Month USD Libor+600 basis points), 12/31/20262,3,4

   531,659 
 843,688  

Revolver, 8.784% (3-Month USD Libor+550 basis points), 12/31/20262,3,4

   827,025 
 19,063,124  

First Lien Term Loan, 8.784% (3-Month USD Libor+550 basis points), 12/31/20262,3,4

   18,686,640 
 1,556,439  

First Lien Term Loan, 9.203% (3-Month USD Libor+550 basis points), 12/31/20262,3,4

   1,525,701 
 5,333,333  

Delayed Draw, 9.303% (3-Month USD Libor+550 basis points), 12/31/20262,3,4

   5,228,003 
 24,875,000  

USALCO, LLC First Lien Term Loan, 9.674% (3-Month USD Libor+600 basis points), 10/19/20272,3,4

   24,702,601 
     V Global Holdings LLC     
 11,817,844  

Revolver, 0.500%, 12/22/20252,4,5

   11,506,579 
 1,915,430  

Revolver, 8.504% (3-Month USD Sofr+585 basis points), 12/22/20252,3,4,7

   1,864,981 
 24,526,533  

First Lien Term Loan, 8.987% (3-Month USD Sofr+600 basis points), 12/22/20272,3,4,7

   23,880,540 
         429,463,092 
     REAL ESTATE — 1.1%     
     Associations, Inc.     
 23,525,000  

Revolver, 1.000%, 7/2/20272,4,5

   23,257,337 
 21,200,323  

First Lien Term Loan, 7.859% PIK (3-Month USD Sofr+676 basis points), 7/2/20272,3,4,10

   20,959,110 
 3,957,887  

Delayed Draw, 9.038% PIK (3-Month USD Sofr+676 basis points), 7/2/20272,3,4,10

   3,912,854 
 1,475,000  

Delayed Draw, 9.090% PIK (3-Month USD Sofr+676 basis points), 7/2/20272,3,4,10

   1,458,218 
     CRS TH Holdings Corp     
 4,237,288  

Revolver, 0.500%, 12/1/20272,4,5

   4,101,787 
 6,355,932  

Delayed Draw, 7.532% (3-Month USD Libor+475 basis points), 12/1/20272,3,4

   6,152,681 
 14,334,746  

First Lien Term Loan, 7.865% (3-Month USD Libor+475 basis points), 12/1/20272,3,4

   13,876,347 
 3,659,575  

Eagleview Technology Second Lien Term Loan, 11.174% (3-Month USD Libor+750 basis points), 8/14/20262,3

   3,429,532 
     MRI Software LLC     
 2,159,885  

Revolver, 0.500%, 2/10/20262,4,5,7

   2,114,075 
 11,885,000  

Delayed Draw, 1.000%, 2/10/20262,4,5

   11,701,406 
 5,558,131  

First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 2/10/20262,3,4,7

   5,440,245 

 

See accompanying Notes to Consolidated Financial Statements.

 

42

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     REAL ESTATE (Continued)     
$2,984,739  

First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 2/10/20262,3,4

  $2,950,278 
 5,615,000  

First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 2/10/20262,3,4

   5,528,262 
         104,882,132 
     TECHNOLOGY — 25.9%     
     1WorldSync, Inc.     
 143,901  

Delayed Draw, 7.441% (3-Month USD Libor+575 basis points), 7/8/20252,3,4

   142,436 
 5,735,508  

First Lien Term Loan, 8.226% (3-Month USD Libor+575 basis points), 7/8/20252,3,4

   5,677,108 
 4,949,158  

First Lien Term Loan, 8.226% (3-Month USD Libor+575 basis points), 7/8/20252,3,4

   4,898,764 
     Abracon Group Holdings, LLC     
 865,385  

Revolver, 0.500%, 7/6/20282,4,5

   848,676 
 1,730,769  

Revolver, 0.500%, 7/6/20282,4,5

   1,686,365 
 4,326,923  

Delayed Draw, 1.000%, 7/6/20282,4,5

   4,258,932 
 2,163,462  

Delayed Draw, 1.000%, 7/6/20282,4,5

   2,143,340 
 11,971,154  

First Lien Term Loan, 9.512% (3-Month USD Sofr+575 basis points), 7/6/20282,3,4

   11,740,018 
 23,942,308  

First Lien Term Loan, 9.512% (3-Month USD Sofr+575 basis points), 7/6/20282,3,4

   23,328,046 
     Acquia, Inc.     
 179,339  

Revolver, 0.500%, 10/31/20252,4,5

   177,513 
 123,599  

Revolver, 9.076% (3-Month USD Libor+700 basis points), 10/31/20252,3,4

   122,340 
 2,031,627  

First Lien Term Loan, 10.741% (1-Month USD Libor+700 basis points), 10/31/20252,3,4

   2,010,941 
     ACS     
 3,890,051  

First Lien Term Loan, 7.365% (3-Month USD Libor+425 basis points), 10/9/20262,3

   3,698,369 
 6,876,457  

Second Lien Term Loan, 11.365% (3-Month USD Libor+825 basis points), 10/9/20272,3,4

   6,728,088 
     Affinipay Midco, LLC     
 2,209,945  

Revolver, 0.500%, 6/9/20282,4,5

   2,162,712 
 4,640,884  

Delayed Draw, 1.000%, 6/9/20282,4,5

   4,588,039 
 33,149,171  

First Lien Term Loan, 8.815% (3-Month USD Sofr+575 basis points), 6/9/20282,3,4

   32,459,630 
     Afiniti, Inc.     
 14,691,124  

First Lien Term Loan, 11.750% PIK 4.50% (Fixed Rate+725 basis points), 6/13/20242,3,4,10

   14,300,646 
 5,433,517  

First Lien Term Loan, 11.750% PIK 4.50% (Fixed Rate+725 basis points), 6/13/20242,3,4,10

   5,290,185 
     AG-Twin Brook Technology     
 9,925,000  

First Lien Term Loan, 8.924% (3-Month USD Libor+525 basis points), 10/29/20262,3,4

   9,811,741 
 14,925,000  

First Lien Term Loan, 8.306% (3-Month USD Libor+550 basis points), 10/5/20272,3,4

   14,747,774 
 55,000,000  

AIDC Intermediate Co2, LLC First Lien Term Loan, 8.906% (3-Month USD Sofr+640 basis points), 7/22/20272,3,4

   54,140,747 

 

See accompanying Notes to Consolidated Financial Statements.

 

43

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     TECHNOLOGY (Continued)     
     Alert Media, Inc.     
$3,000,000  

Delayed Draw, 1.000%, 6/20/20232,4,5,7

  $2,977,597 
 3,000,000  

First Lien Term Loan, 7.743% (3-Month USD Sofr+500 basis points), 4/12/20272,3,4,7

   2,955,096 
 25,000,000  

Anaplan, Inc. First Lien Term Loan, 9.534% (3-Month USD Sofr+650 basis points), 6/21/20292,3,4,12

   24,817,978 
     Appfire Technologies, LLC     
 900,900  

Revolver, 0.500%, 3/9/20272,4,5

   883,748 
 4,995,257  

Delayed Draw, 1.000%, 3/9/20272,4,5

   4,900,155 
 11,020,000  

Delayed Draw, 1.000%, 3/9/20272,4,5

   10,892,507 
 12,945,630  

First Lien Term Loan, 7.705% (3-Month USD Sofr+550 basis points), 3/9/20272,3,4

   12,699,165 
 79,100  

Revolver, 8.634% (3-Month USD Sofr+550 basis points), 3/9/20272,3,4

   77,594 
     Applied Technical Services     
 727,273  

Revolver, 0.500%, 12/29/20262,4,5

   722,468 
 2,909,091  

Delayed Draw, 1.000%, 12/29/20262,4,5

   2,889,870 
 181,818  

Revolver, 9.379% (3-Month USD Libor+575 basis points), 12/29/20262,3,4

   180,617 
 2,252,386  

Delayed Draw, 9.424% (3-Month USD Libor+575 basis points), 12/29/20262,3,4

   2,237,505 
 6,715,909  

First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 12/29/20262,3,4

   6,671,537 
 2,681,818  

Delayed Draw, 9.424% (3-Month USD Libor+575 basis points), 12/29/20262,3,4

   2,664,099 
 500,000  

Delayed Draw, 9.424% (3-Month USD Libor+575 basis points), 12/29/20262,3,4

   496,696 
     Apptio, Inc.     
 557,223  

Revolver, 0.500%, 1/10/20252,4,5

   544,585 
 371,482  

Revolver, 8.455% (3-Month USD Libor+725 basis points), 1/10/20252,3,4

   363,057 
 8,232,848  

First Lien Term Loan, 8.455% (3-Month USD Libor+725 basis points), 1/10/20252,3,4

   8,046,128 
 5,259,615  

AQA Acquisition Holding, Inc. Second Lien Term Loan, 10.570% (3-Month USD Libor+750 basis points), 3/3/20292,3,4

   5,162,956 
 14,812,500  

Arcstor Midco LLC First Lien Term Loan, 10.674% (3-Month USD Libor+700 basis points), 3/16/20272,3,4

   14,485,440 
     ASG II, LLC     
 4,608,696  

Delayed Draw, 1.000%, 5/25/20282,4,5

   4,536,057 
 30,724,638  

First Lien Term Loan, 9.370% (3-Month USD Sofr+625 basis points), 5/25/20282,3,4

   29,934,920 
 8,004,594  

ATP Intermediate, Inc. First Lien Term Loan, 9.976% (3-Month USD Libor+773 basis points), 6/16/20252,3,4

   7,846,166 
 2,399,923  

AVI-SPL First Lien Term Loan, 9.049% (3-Month USD Libor+538 basis points), 3/10/20272,3,4

   2,384,067 
     Benefit Street Technology     
 2,666,666  

Revolver, 0.500%, 10/1/20262,4,5

   2,619,518 

 

See accompanying Notes to Consolidated Financial Statements.

 

44

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     TECHNOLOGY (Continued)     
$24,875,000  

First Lien Term Loan, 9.248% (3-Month USD Sofr+550 basis points), 10/1/20272,3,4

  $24,435,190 
 19,550,861  

Delayed Draw, 1.000%, 5/2/20282,4,5

   19,166,841 
 156,406,889  

First Lien Term Loan, 9.358% (3-Month USD Libor+625 basis points), 5/2/20282,3,4

   153,334,727 
     Beta Plus Technologies, Inc.     
 6,700,000  

Revolver, 0.500%, 7/1/20272,4,5

   6,549,462 
 50,000,000  

First Lien Term Loan, 7.558% (3-Month USD Sofr+525 basis points), 7/1/20292,3,4

   49,001,588 
     BetterCloud, Inc.     
 6,313,721  

Revolver, 0.500% PIK, 6/30/20282,4,5,10

   6,186,423 
 40,826,435  

First Lien Term Loan, 9.455% PIK (3-Month USD Sofr+700 basis points), 6/30/20282,3,4,10

   40,003,288 
     Bigtime Software, Inc.     
 2,327,586  

Revolver, 0.500%, 8/31/20282,4,5

   2,268,874 
 15,517,241  

First Lien Term Loan, 9.075% (3-Month USD Sofr+650 basis points), 8/31/20282,3,4

   15,125,826 
 3,370,787  

Black Mountain Second Lien Term Loan, 10.820% (3-Month USD Libor+775 basis points), 9/26/20272,3,4

   3,251,558 
     Bounteous, Inc.     
 888,000  

Revolver, 0.500%, 8/2/20272,4,5

   871,856 
 4,300,000  

Delayed Draw, 1.000%, 8/2/20272,4,5

   4,221,823 
 4,468,950  

Delayed Draw, 8.924% (3-Month USD Libor+500 basis points), 8/2/20272,3,4

   4,387,701 
 8,634,750  

First Lien Term Loan, 8.924% (3-Month USD Libor+500 basis points), 8/2/20272,3,4

   8,477,764 
 2,139,250  

First Lien Term Loan, 8.924% (3-Month USD Libor+500 basis points), 8/2/20272,3,4

   2,100,357 
 912,000  

Revolver, 8.998% (3-Month USD Libor+500 basis points), 8/2/20272,3,4

   895,419 
     BusinesSolver.com, Inc.     
 1,378,788  

Delayed Draw, 1.000%, 12/1/20272,4,5

   1,331,526 
 5,108,409  

First Lien Term Loan, 6.250% (3-Month USD Libor+550 basis points), 12/1/20272,3,4

   4,911,853 
 7,000,000  

CAI Software First Lien Term Loan, 9.924% (3-Month USD Libor+625 basis points), 12/13/20282,3,4

   6,836,697 
     Captify Intermediate Holdings Corp.     
 8,662,500  

First Lien Term Loan, 9.000% (3-Month USD Libor+800 basis points), 7/12/20262,3,4

   8,494,995 
 2,487,500  

Delayed Draw, 10.994% (3-Month USD Libor+800 basis points), 7/12/20262,3,4

   2,439,400 
     CEB Acquisitionco, LLC     
 2,500,000  

First Lien Term Loan, 8.560% (3-Month USD Libor+575 basis points), 12/21/20272,3,4

   2,458,448 
 2,487,500  

First Lien Term Loan, 9.556% (3-Month USD Libor+375 basis points), 12/21/20272,3,4

   2,471,065 
 806,452  

Charger Intermediateco, Inc. Delayed Draw, 8.615% (3-Month USD Libor+550 basis points), 2/28/20242,3,4

   792,863 
 1,898,941  

Clarus First Lien Term Loan, 8.751% (3-Month USD Libor+650 basis points), 7/1/20252,3,4

   1,794,170 

 

See accompanying Notes to Consolidated Financial Statements.

 

45

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     TECHNOLOGY (Continued)     
     Cleo Communications Holding, LLC     
$2,140,000  

Revolver, 0.500%, 6/11/20282,4,5

  $2,078,627 
 12,860,000  

First Lien Term Loan, 9.694% (3-Month USD Libor+675 basis points), 6/11/20282,3,4

   12,491,191 
 10,000,000  

Conservice Midco, LLC Second Lien Term Loan, 9.416% (3-Month USD Libor+775 basis points), 5/13/20282,3,4

   9,850,524 
 4,706,170  

Corel Corporation First Lien Term Loan, 8.070% (3-Month USD Libor+500 basis points), 7/2/20262,3

   4,514,269 
     DataLink, LLC     
 310,484  

Revolver, 0.500%, 11/20/20262,4,5

   291,801 
 225,806  

Revolver, 10.424% (3-Month USD Libor+675 basis points), 11/20/20262,3,4

   212,219 
 6,255,897  

First Lien Term Loan, 10.424% (3-Month USD Libor+675 basis points), 11/20/20262,3,4

   5,879,461 
 45,000,000  

David Phelps / Merlin Bridge Loan First Lien Term Loan, 10.115% (1-Month USD Libor+700 basis points), 12/31/20222,3,4,7

   44,469,551 
 12,500,000  

DCert Buyer, Inc. Second Lien Term Loan, 9.903% (1-Month USD Libor+700 basis points), 2/24/20292,3,4

   11,642,924 
 25,000,000  

Diamondback Acquisition, Inc. First Lien Term Loan, 8.615% (1-Month USD Libor+550 basis points), 9/13/20282,3,4

   24,458,087 
     Diligent Corporation     
 5,925,000  

First Lien Term Loan, 8.627% (3-Month USD Libor+575 basis points), 8/4/20252,3,4

   5,885,853 
 4,345,000  

First Lien Term Loan, 8.627% (3-Month USD Libor+575 basis points), 8/4/20252,3,4

   4,316,292 
 710,400  

Delayed Draw, 1.000%, 8/24/20252,4,5

   705,706 
 884,784  

Delayed Draw, 8.627% (3-Month USD Libor+575 basis points), 8/24/20252,3,4

   878,938 
 

EUR 6,500,000

  

Dragon Bidco First Lien Term Loan, 6.750% (6-Month EUR Libor+675 basis points), 4/27/20282,3,4,6

   6,169,765 
     Emburse, Inc.     
 604,839  

Revolver, 0.500%, 2/28/20242,4,5

   594,647 
 1,209,677  

Delayed Draw, 1.000%, 2/28/20242,4,5

   1,189,294 
 2,016,129  

First Lien Term Loan, 8.615% (3-Month USD Libor+550 basis points), 2/28/20242,3,4

   1,982,156 
 2,419,355  

Delayed Draw, 8.615% (3-Month USD Libor+550 basis points), 2/28/20242,3,4

   2,378,587 
 201,613  

Revolver, 8.615% (3-Month USD Libor+550 basis points), 2/28/20242,3,4

   198,216 
 17,741,935  

First Lien Term Loan, 8.615% (3-Month USD Libor+550 basis points), 2/28/20242,3,4

   17,442,975 
 

GBP 10,996,000

  

ERG Bidco, Ltd. First Lien Term Loan, 7.691% (3-Month GBP Libor+675 basis points), 6/25/20282,3,4,6

   11,882,726 

 

See accompanying Notes to Consolidated Financial Statements.

 

46

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     TECHNOLOGY (Continued)     
     ESG Investments, Inc     
$2,142,857  

Revolver, 0.500%, 9/11/20272,4,5

  $2,046,052 
 8,035,714  

Delayed Draw, 1.000%, 3/11/20282,4,5

   7,672,695 
 15,496,875  

First Lien Term Loan, 8.203% (3-Month USD Sofr+450 basis points), 3/11/20282,3,4

   14,796,792 
     Frontline Technologies Group LLC     
 6,226,612  

Delayed Draw, 11.000% (3-Month USD Libor+475 basis points), 9/18/20232,3,4

   6,154,720 
 32,277,829  

First Lien Term Loan, 11.000% (3-Month USD Libor+475 basis points), 9/18/20232,3,4

   31,905,151 
 26,237,030  

First Lien Term Loan, 11.000% (3-Month USD Libor+475 basis points), 9/18/20232,3,4

   25,934,099 
 10,741,183  

First Lien Term Loan, 11.000% (3-Month USD Libor+475 basis points), 9/18/20232,3,4

   10,617,166 
     FSS Buyer LLC     
 920,223  

Revolver, 0.500%, 8/31/20272,4,5

   903,492 
 690,167  

Revolver, 6.500% (3-Month USD Libor+575 basis points), 8/31/20272,3,4

   677,619 
 18,389,610  

First Lien Term Loan, 8.865% (3-Month USD Libor+575 basis points), 8/31/20282,3,4

   18,055,274 
     Gainsight, Inc.     
 2,625,000  

Revolver, 0.500% PIK, 7/30/20272,4,5,10

   2,547,385 
 21,515,836  

First Lien Term Loan, 9.556% PIK (3-Month USD Libor+625 basis points), 7/30/20272,3,4,10,12

   20,879,664 
 

SEK 11,250,000

  

Goldcup 25952 AB First Lien Term Loan, 8.243% (3-Month SEK Stibor+625 basis points), 8/18/20272,3,4,6

   1,006,944 
     GovBrands Intermediate, Inc.     
 662,278  

Revolver, 0.500%, 4/4/20272,4,5

   637,789 
 905,972  

Delayed Draw, 1.000%, 4/4/20272,4,5

   872,472 
 1,946,320  

Delayed Draw, 9.174% (3-Month USD Libor+550 basis points), 4/4/20272,3,4

   1,874,351 
 254,722  

Revolver, 9.174% (3-Month USD Libor+550 basis points), 4/4/20272,3,4

   245,303 
 8,650,630  

First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 4/4/20272,3,4

   8,330,754 
 20,000,000  

HCSS First Lien Term Loan, 8.615% (3-Month USD Libor+575 basis points), 11/15/20272,3,4

   19,796,356 
     Help Systems Holdings, Inc.     
 9,805,654  

First Lien Term Loan, 7.134% (3-Month USD Libor+400 basis points), 11/19/20262,3

   9,040,813 
 10,000,000  

Second Lien Term Loan, 9.884% (3-Month USD Libor+675 basis points), 11/19/20272,3,4

   9,672,351 
 1,980,000  

HotSchedules First Lien Term Loan, 10.424% (3-Month USD Libor+675 basis points), 7/9/20252,3,4

   1,904,410 
     HPS Technology     
 

GBP 14,442,519

  

First Lien Term Loan, 5.258% (3-Month GBP Libor+550 basis points), 8/3/20252,3,4,6

   16,019,536 

 

See accompanying Notes to Consolidated Financial Statements.

 

47

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     TECHNOLOGY (Continued)     
 

GBP 7,523,888

  

First Lien Term Loan, 7.915% (6-Month GBP Libor+625 basis points), 9/15/20272,3,4,6,7

  $8,345,442 
 

GBP 20,744,922

  

Delayed Draw, 1.000%, 3/9/20292,4,5,6

   23,010,114 
 

AUD 2,737,949

  

Delayed Draw, 5.250% (3-Month AUD BBSY+525 basis points), 3/9/20292,3,4,6

   1,739,708 
     IG Investments     
$722,543  

Revolver, 0.500%, 9/22/20282,4,5

   684,845 
 9,231,069  

First Lien Term Loan, 9.115% (3-Month USD Libor+600 basis points), 9/22/20282,3,4

   8,749,443 
     Imagine Acquisitionco, Inc.     
 1,157,556  

Revolver, 0.500%, 11/16/20272,4,5

   1,134,196 
 1,607,717  

Delayed Draw, 1.000%, 11/16/20272,4,5

   1,575,273 
 7,198,553  

First Lien Term Loan, 8.422% (3-Month USD Libor+550 basis points), 11/16/20272,3,4

   7,053,284 
     insightsoftware     
 209,340  

Revolver, 0.500%, 5/24/20242,4,5

   206,915 
 488,460  

Revolver, 5.750% (3-Month USD Libor+475 basis points), 5/24/20242,3,4

   482,803 
 25,024,627  

First Lien Term Loan, 8.662% (3-Month USD Libor+575 basis points), 5/24/20242,3,4

   24,734,793 
 1,999,993  

Delayed Draw, 1.000%, 12/2/20262,4,5

   1,976,829 
     Invicti Intermediate 2, LLC     
 1,090,909  

Revolver, 0.500%, 11/16/20272,4,5,7

   1,056,986 
 10,909,091  

First Lien Term Loan, 8.627% (3-Month USD Libor+575 basis points), 11/16/20272,3,4,7

   10,569,857 
     IQN Holding Corp.     
 577,540  

Revolver, 0.500%, 5/2/20282,4,5

   565,766 
 1,443,850  

Delayed Draw, 1.000%, 5/2/20292,4,5

   1,421,558 
 6,978,610  

First Lien Term Loan, 8.406% (3-Month USD Sofr+550 basis points), 5/2/20292,3,4

   6,836,338 
 7,000,000  

Ivanti Software, Inc. Second Lien Term Loan, 10.332% (3-Month USD Libor+725 basis points), 12/1/20282,3,4

   6,736,309 
 

NOK13,850,796

  

Jigsaw Bidco AS First Lien Term Loan, 10.320% (3-Month NOK Nibor+725 basis points), 5/3/20242,3,4,6

   1,263,653 
     Kaseya, Inc.     
 4,100,000  

Delayed Draw, 0.500% PIK, 6/23/20292,4,5,10

   4,058,790 
 4,100,000  

Revolver, 0.500% PIK, 6/23/20292,4,5,10

   4,028,119 
 66,800,000  

First Lien Term Loan, 8.286% PIK (3-Month USD Sofr+575 basis points), 6/23/20292,3,4,10,12

   65,628,872 
     Kona Buyer, LLC     
 9,405,486  

First Lien Term Loan, 8.303% (3-Month USD Sofr+475 basis points), 12/11/20272,3,4

   9,215,680 
 9,698,650  

First Lien Term Loan, 8.303% (3-Month USD Sofr+475 basis points), 12/11/20272,3,4

   9,502,928 

 

See accompanying Notes to Consolidated Financial Statements.

 

48

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     TECHNOLOGY (Continued)     
     Litera Bidco LLC     
$14,272,628  

First Lien Term Loan, 8.870% (1-Month USD Libor+575 basis points), 5/18/20232,3,4

  $14,110,870 
 10,727,372  

First Lien Term Loan, 9.120% (1-Month USD Libor+600 basis points), 5/18/20232,3,4

   10,605,794 
 1,200,500  

First Lien Term Loan, 8.870% (1-Month USD Libor+575 basis points), 5/29/20262,3,4

   1,186,894 
 1,200,500  

First Lien Term Loan, 8.870% (1-Month USD Libor+575 basis points), 5/29/20262,3,4,7

   1,186,894 
 5,472,289  

First Lien Term Loan, 9.120% (1-Month USD Libor+600 basis points), 5/29/20262,3,4

   5,410,269 
 2,254,297  

First Lien Term Loan, 9.120% (1-Month USD Libor+600 basis points), 5/29/20262,3,4

   2,228,748 
     LMG Holdings, Inc.     
 194,286  

Revolver, 0.500%, 4/30/20262,4,5

   191,249 
 91,429  

Revolver, 10.052% (3-Month USD Libor+650 basis points), 4/30/20262,3,4

   89,999 
 4,667,143  

First Lien Term Loan, 10.674% (3-Month USD Libor+650 basis points), 4/30/20262,3,4

   4,593,723 
     LogicMonitor, Inc.     
 2,513,966  

First Lien Term Loan, 10.070% (3-Month USD Libor+650 basis points), 5/17/20232,3,4,7

   2,433,261 
 670,391  

First Lien Term Loan, 10.070% (3-Month USD Libor+650 basis points), 5/17/20232,3,4,7

   648,870 
 4,189,944  

First Lien Term Loan, 10.070% (3-Month USD Libor+650 basis points), 5/17/20232,3,4,7

   4,055,436 
 2,597,765  

First Lien Term Loan, 10.070% (3-Month USD Sofr+650 basis points), 5/17/20232,3,4,7

   2,514,370 
 5,027,933  

First Lien Term Loan, 10.070% (3-Month USD Libor+650 basis points), 5/17/20232,3,4,7

   4,866,523 
 23,608,280  

First Lien Term Loan, 10.070% (3-Month USD Libor+650 basis points), 5/17/20232,3,4,7

   22,997,702 
 8,378,104  

MAG DS Corp. First Lien Term Loan, 9.174% (1-Month USD Libor+550 basis points), 4/1/20271,2,3,4

   7,857,215 
 20,500,000  

Mandolin Technology Intermediate Holdings, Inc. Second Lien Term Loan, 9.306% (3-Month USD Libor+650 basis points), 7/30/20292,3,4

   20,027,966 
     ManTech International Corporation     
 5,689,166  

Revolver, 0.500%, 9/14/20282,4,5

   5,548,591 
 1,054,852  

Revolver, 8.556% (3-Month USD Sofr+575 basis points), 9/14/20282,3,4

   1,028,787 
 13,379,260  

Delayed Draw, 1.000%, 9/14/20292,4,5

   13,181,820 
 54,876,722  

First Lien Term Loan, 8.556% (3-Month USD Sofr+575 basis points), 9/14/20292,3,4

   53,520,765 
     Marlin DTC-LS Midco 2, LLC     
 16,871,365  

First Lien Term Loan, 9.570% (3-Month USD Libor+650 basis points), 7/1/20252,3,4

   15,940,506 
 2,914,145  

First Lien Term Loan, 9.570% (3-Month USD Libor+650 basis points), 7/1/20252,3,4

   2,753,360 

 

See accompanying Notes to Consolidated Financial Statements.

 

49

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     TECHNOLOGY (Continued)     
$7,500,000  

Measurabl, Inc. First Lien Term Loan, 12.500% PIK (3-Month USD Sofr+550 basis points), 4/21/20262,3,4,10

  $7,404,444 
     Mindbody, Inc.     
 1,428,571  

Revolver, 0.500%, 2/14/20252,4,5

   1,392,601 
 7,004,407  

First Lien Term Loan, 12.142% (3-Month USD Libor+700 basis points), 2/14/20252,3,4

   6,828,040 
 169,054  

Misys Ltd. Second Lien Term Loan, 6.871% (3-Month USD Libor+350 basis points), 6/13/20242,3

   147,584 
 7,000,000  

MyComplianceoffice, Inc. First Lien Term Loan, 10.785% (3-Month USD Libor+850 basis points), 12/29/20252,3,4

   6,820,557 
     Netwrix Corporation And Concept Searching Inc.     
 2,870,000  

Revolver, 0.500%, 6/9/20292,4,5

   2,829,051 
 15,308,156  

Delayed Draw, 1.000%, 6/9/20292,4,5

   15,165,950 
 30,702,785  

First Lien Term Loan, 7.903% (3-Month USD Sofr+500 basis points), 6/9/20292,3,4

   30,264,718 
 1,119,059  

Delayed Draw, 8.341% (3-Month USD Sofr+500 basis points), 6/9/20292,3,4

   1,108,664 
     New Era Merger Sub, Inc.     
 58,641  

Revolver, 0.500%, 10/31/20262,4,5

   57,493 
 148,393  

Revolver, 0.500%, 10/31/20262,4,5

   145,488 
 332,030  

Delayed Draw, 1.000%, 10/31/20262,4,5

   325,529 
 2,018,043  

Delayed Draw, 7.250% (3-Month USD Libor+625 basis points), 10/31/20262,3,4

   1,978,529 
 1,706,504  

Delayed Draw, 7.250% (3-Month USD Libor+625 basis points), 10/31/20262,3,4

   1,673,090 
 3,141,722  

First Lien Term Loan, 9.056% (3-Month USD Libor+625 basis points), 10/31/20262,3,4

   3,080,206 
 169,392  

Revolver, 9.082% (3-Month USD Libor+625 basis points), 10/31/20262,3,4

   166,075 
     Newscycle Solutions     
 2,298,037  

First Lien Term Loan, 10.674% (3-Month USD Libor+700 basis points), 12/29/20222,3,4

   2,263,150 
 266,563  

First Lien Term Loan, 10.674% (3-Month USD Libor+700 basis points), 12/29/20222,3,4

   262,516 
 346,788  

Delayed Draw, 10.674% (3-Month USD Libor+700 basis points), 12/29/20222,3,4

   341,524 
 5,333,333  

OEConnection LLC Second Lien Term Loan, 10.115% (3-Month USD Libor+700 basis points), 9/25/20272,3,4

   5,211,329 
 9,924,313  

Options Technology Ltd. First Lien Term Loan, 8.392% (3-Month USD Libor+450 basis points), 12/26/20252,3,4

   9,743,882 
 7,481,250  

OSP Lakeside Intermediate Holdings, LLC First Lien Term Loan, 11.721% (3-Month USD Libor+805 basis points), 7/31/20262,3,4

   7,327,705 
     PC Dreamscape Opco, Inc.     
 1,315,789  

Revolver, 0.500%, 4/25/20282,4,5

   1,273,885 
 3,289,474  

Delayed Draw, 1.000%, 4/25/20282,4,5

   3,217,210 

 

See accompanying Notes to Consolidated Financial Statements.

 

50

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     TECHNOLOGY (Continued)     
$3,289,474  

Delayed Draw, 9.303% (3-Month USD Sofr+575 basis points), 4/25/20282,3,4

  $3,217,210 
 12,105,263  

First Lien Term Loan, 9.303% (3-Month USD Sofr+575 basis points), 4/25/20282,3,4

   11,719,742 
     PCS Software, Inc.     
 363,714  

Revolver, 0.500%, 7/1/20242,4,5

   361,310 
 5,250,191  

First Lien Term Loan, 9.703% (3-Month USD Libor+575 basis points), 7/1/20242,3,4

   5,215,503 
 20,364,444  

PDFTron Systems, Inc. First Lien Term Loan, 8.564% (3-Month USD Sofr+550 basis points), 7/15/20272,3,4

   19,654,180 
 9,862,632  

PDI TA Holdings, Inc. First Lien Term Loan, 7.157% (3-Month USD Libor+450 basis points), 10/24/20242,3,4

   9,564,992 
     PDQ     
 1,764,706  

Revolver, 0.500%, 8/27/20272,4,5

   1,739,680 
 7,358,824  

Delayed Draw, 8.424% (3-Month USD Libor+475 basis points), 8/27/20272,3,4

   7,254,465 
 10,742,353  

First Lien Term Loan, 8.424% (3-Month USD Libor+475 basis points), 8/27/20272,3,4

   10,590,011 
     Pegasus Global Enterprise Holdings, LLC     
 1,268,825  

Delayed Draw, 0.500%, 5/29/20252,4,5

   1,260,442 
 773,523  

Delayed Draw, 9.424% (3-Month USD Libor+575 basis points), 5/29/20252,3,4

   768,412 
 2,747,879  

First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 5/29/20252,3,4

   2,729,724 
 1,185,006  

Perforce Software, Inc. First Lien Term Loan, 6.865% (1-Month USD Libor+375 basis points), 7/1/20262,3

   1,107,981 
 13,000,000  

Polaris Newco, LLC Second Lien Term Loan, 11.168% (3-Month USD Libor+800 basis points), 6/4/20292,3,4

   12,692,986 
     Prism Parent Co., Inc.     
 601,852  

Delayed Draw, 1.000%, 9/16/20282,4,5

   595,833 
 2,407,407  

First Lien Term Loan, 8.922% (3-Month USD Sofr+600 basis points), 9/16/20282,3,4

   2,359,259 
     ProcessUnity Holdings, LLC     
 750,000  

Revolver, 0.500%, 9/24/20282,4,5

   710,194 
 1,000,000  

Delayed Draw, 1.000%, 9/24/20282,4,5

   955,224 
 250,000  

Revolver, 9.080% (3-Month USD Libor+600 basis points), 9/24/20282,3,4

   236,731 
 5,000,000  

First Lien Term Loan, 9.674% (3-Month USD Libor+600 basis points), 9/24/20282,3,4

   4,734,629 
     Project Leopard Holdings, Inc.     
 60,000,000  

First Lien Term Loan, 7.827% (3-Month USD Sofr+525 basis points), 7/20/20292,3,12

   54,025,200 
 14,677,325  

First Lien Term Loan, 7.827% (3-Month USD Sofr+525 basis points), 7/20/20292,3

   13,215,757 
     QF Holdings, Inc.     
 263,158  

Revolver, 0.500%, 9/19/20242,4,5

   254,558 
 2,192,982  

First Lien Term Loan, 10.425% (3-Month USD Libor+625 basis points), 9/19/20242,3,4

   2,121,320 
 438,596  

Delayed Draw, 10.430% (3-Month USD Libor+625 basis points), 9/19/20242,3,4

   424,264 

 

See accompanying Notes to Consolidated Financial Statements.

 

51

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     TECHNOLOGY (Continued)     
     Quantic Electronics, LLC     
$500,000  

Revolver, 0.500%, 11/19/20262,4,5

  $493,659 
 57,038  

Revolver, 0.500%, 11/19/20262,4,5

   56,315 
 953,898  

Delayed Draw, 1.000%, 11/19/20262,4,5

   941,801 
 2,453,209  

Delayed Draw, 9.739% (3-Month USD Libor+625 basis points), 11/19/20262,3,4

   2,422,098 
 371,359  

Revolver, 9.892% (3-Month USD Libor+625 basis points), 11/19/20262,3,4

   366,649 
 3,960,000  

Delayed Draw, 9.924% (3-Month USD Libor+625 basis points), 11/19/20262,3,4

   3,909,780 
 5,417,500  

First Lien Term Loan, 9.924% (3-Month USD Libor+625 basis points), 11/19/20262,3,4

   5,348,797 
 3,663,915  

First Lien Term Loan, 9.924% (3-Month USD Libor+625 basis points), 11/19/20262,3,4

   3,617,450 
 20,000,000  

Quest Software US Holdings, Inc. First Lien Term Loan, 10.227% (3-Month USD Sofr+750 basis points), 2/1/20302,3,4

   17,891,668 
 

EUR 11,003,391

  

Questel International First Lien Term Loan, 7.443% (3-Month EUR Libor+625 basis points), 12/17/20272,3,4,6

   10,712,163 
 8,653,846  

Quickbase, Inc. Second Lien Term Loan, 11.115% (3-Month USD Libor+800 basis points), 4/2/20272,3,4

   8,467,127 
     Rally Buyer, Inc.     
 1,500,000  

Revolver, 0.500%, 7/19/20282,4,5

   1,465,132 
 1,682,180  

Revolver, 0.500%, 7/19/20282,4,5

   1,639,022 
 3,000,000  

Delayed Draw, 1.000%, 7/19/20282,4,5

   2,960,164 
 3,364,360  

Delayed Draw, 1.000%, 7/19/20282,4,5

   3,311,493 
 10,500,000  

First Lien Term Loan, 8.782% (3-Month USD Sofr+575 basis points), 7/19/20282,3,4

   10,255,923 
 11,775,259  

First Lien Term Loan, 8.782% (3-Month USD Sofr+575 basis points), 7/19/20282,3,4

   11,473,154 
     Ranger Buyer, Inc.     
 1,538,462  

Revolver, 0.500%, 11/18/20272,4,5

   1,528,297 
 384,615  

Revolver, 8.865% (3-Month USD Libor+625 basis points), 11/18/20272,3,4

   382,074 
 23,019,231  

First Lien Term Loan, 8.865% (3-Month USD Libor+625 basis points), 11/18/20282,3,4

   22,867,141 
     RCS Technology     
 2,198,710  

First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 2/28/20252,3,4,7

   2,184,183 
 341,528  

Delayed Draw, 8.122% (3-Month USD Libor+575 basis points), 2/3/20262,3,4,7

   339,271 
 55,556  

Revolver, 8.865% (3-Month USD Libor+575 basis points), 2/3/20262,3,4,7

   55,189 
 1,900,694  

First Lien Term Loan, 8.865% (3-Month USD Libor+575 basis points), 2/3/20262,3,4,7

   1,888,136 
     Recorded Future, Inc.     
 178,771  

Revolver, 0.500%, 7/3/20252,4,5

   175,610 
 1,123,404  

First Lien Term Loan, 8.924% (3-Month USD Libor+525 basis points), 7/3/20252,3,4

   1,103,542 
     Redwood Services Group, LLC     
 9,608,532  

Delayed Draw, 1.000%, 6/15/20292,4,5

   9,499,208 
 40,391,468  

First Lien Term Loan, 9.307% (3-Month USD Sofr+600 basis points), 6/15/20292,3,4

   39,528,549 

 

See accompanying Notes to Consolidated Financial Statements.

 

52

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     TECHNOLOGY (Continued)     
     Revalize, Inc.     
$6,665,032  

Delayed Draw, 1.000%, 4/15/20272,4,5

  $6,736,863 
 19,860,114  

Delayed Draw, 9.424% (3-Month USD Libor+525 basis points), 4/15/20272,3,4

   20,074,153 
 4,631,055  

Delayed Draw, 9.424% (3-Month USD Libor+525 basis points), 4/15/20272,3,4

   4,680,965 
 681,000  

Revolver, 9.424% (3-Month USD Libor+575 basis points), 4/15/20272,3,4

   688,339 
     Riskonnect Parent, LLC     
 35,294,000  

Delayed Draw, 1.000%, 12/7/20282,4,5

   34,959,628 
 24,706,000  

First Lien Term Loan, 7.757% (3-Month USD Sofr+550 basis points), 12/7/20282,3,4

   24,224,746 
 2,112,931  

Rocket Software, Inc. First Lien Term Loan, 7.365% (3-Month USD Libor+425 basis points), 11/28/20252,3

   2,025,942 
     RPX Corporation     
 4,562,500  

First Lien Term Loan, 8.615% (3-Month USD Libor+550 basis points), 10/23/20252,3,4

   4,488,674 
 7,913,279  

First Lien Term Loan, 8.615% (3-Month USD Libor+550 basis points), 10/23/20252,3,4

   7,785,234 
     Safety Borrower Holdings     
 508,475  

Revolver, 0.500%, 9/1/20272,4,5

   487,029 
 9,283,898  

First Lien Term Loan, 8.320% (1-Month USD Libor+525 basis points), 9/1/20272,3,4

   8,892,338 
 169,492  

Revolver, 10.500% (Prime Rate+475 basis points), 9/1/20272,3,4

   162,343 
     SailPoint Technologies, Inc.     
 603,840  

Revolver, 0.500%, 8/16/20282,4,5,7

   588,348 
 7,680,847  

First Lien Term Loan, 9.096% (3-Month USD Sofr+625 basis points), 8/16/20292,3,4,7

   7,483,788 
     Securonix, Inc.     
 2,288,135  

Revolver, 0.500%, 4/1/20282,4,5

   2,264,837 
 12,711,865  

First Lien Term Loan, 10.097% (3-Month USD Sofr+650 basis points), 4/1/20282,3,4

   12,582,431 
     Seismic Software, Inc.     
 272,390  

Revolver, 0.500%, 10/15/20262,4,5,7

   263,919 
 1,089,558  

Delayed Draw, 1.000%, 10/15/20262,4,5

   1,055,677 
 26,204,082  

Delayed Draw, 1.000%, 10/15/20262,4,5,7

   25,334,326 
 16,500  

Delayed Draw, 7.430% (3-Month USD Libor+475 basis points), 10/15/20262,3,4,7

   15,987 
 3,668,706  

Delayed Draw, 7.430% (3-Month USD Libor+475 basis points), 10/15/20262,3,4,7

   3,550,930 
 4,096,376  

First Lien Term Loan, 7.430% (3-Month USD Libor+475 basis points), 10/15/20262,3,4,7

   3,964,872 
 815,126  

Delayed Draw, 7.490% (3-Month USD Libor+475 basis points), 10/15/20262,3,4,7

   789,778 
 1,466,250  

Smartlinx Solutions, LLC First Lien Term Loan, 9.424% (3-Month USD Libor+600 basis points), 3/5/20262,3,4

   1,456,562 
     Sonar Acquisitionco, Inc.     
 2,693,750  

Revolver, 0.500%, 7/7/20282,4,5,7

   2,620,627 
 40,406,250  

First Lien Term Loan, 7.857% (3-Month USD Sofr+575 basis points), 7/7/20282,3,4,7

   39,309,401 
 

GBP 3,613,000

  

SSCP Pegasus Bidco Ltd. First Lien Term Loan, 6.813% (3-Month GBP Libor+675 basis points), 6/16/20282,3,4,6

   3,985,024 

 

See accompanying Notes to Consolidated Financial Statements.

 

53

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     TECHNOLOGY (Continued)     
     Syntax Systems Ltd.     
$660,066  

Revolver, 0.500%, 10/29/20262,4,5

  $648,725 
 1,320,132  

Revolver, 7.759% (1-Month USD Libor+550 basis points), 10/29/20262,3,4

   1,297,451 
 4,962,406  

First Lien Term Loan, 8.024% (1-Month USD Libor+550 basis points), 10/28/20282,3,4

   4,877,147 
 4,950,495  

Delayed Draw, 1.000%, 10/29/20282,4,5

   4,865,441 
 17,888,614  

First Lien Term Loan, 8.024% (1-Month USD Libor+550 basis points), 10/29/20282,3,4

   17,581,272 
     Tamarack Intermediate, L.L.C.     
 3,023,437  

Revolver, 0.500%, 3/11/20282,4,5

   2,930,988 
 18,476,562  

First Lien Term Loan, 9.232% (3-Month USD Sofr+575 basis points), 3/11/20282,3,4

   17,911,590 
 1,477,500  

TaxSlayer LLC First Lien Term Loan, 9.674% (3-Month USD Libor+600 basis points), 12/31/20262,3,4

   1,467,738 
 9,942,935  

The NPD Group, Inc. First Lien Term Loan, 8.762% (1-Month USD Sofr+575 basis points), 12/1/20282,3,4

   9,744,076 
     Thunder Purchase, Inc.     
 1,136,691  

Revolver, 0.500%, 6/30/20272,4,5

   1,112,582 
 235,177  

Revolver, 9.424% (3-Month USD Libor+575 basis points), 6/30/20272,3,4,7

   230,189 
 4,083,877  

First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 6/30/20282,3,4,7

   3,993,108 
     TigerConnect, Inc.     
 1,875,000  

Revolver, 0.500% PIK, 2/16/20282,4,5,10

   1,814,716 
 541,406  

Delayed Draw, 1.000% PIK, 2/16/20282,4,5,10

   534,693 
 13,125,000  

First Lien Term Loan, 9.975% PIK (3-Month USD Sofr+675 basis points), 2/16/20282,3,4,10

   12,703,011 
     Trackforce Acquireco, Inc.     
 1,113,074  

Revolver, 0.500%, 6/23/20282,4,5,7

   1,090,632 
 30,053,004  

First Lien Term Loan, 7.957% (3-Month USD Sofr+600 basis points), 6/23/20282,3,4,7

   29,447,071 
 9,466,926  

Transact Holdings, Inc. First Lien Term Loan, 7.865% (1-Month USD Libor+475 basis points), 4/30/20262,3,4,7

   9,257,263 
     Tribute Technology Holdings, LLC     
 3,487,842  

Revolver, 0.500%, 10/30/20262,4,5

   3,413,866 
 2,143,484  

First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 10/30/20262,3,4,7

   2,076,829 
 6,430,452  

Delayed Draw, 9.424% (3-Month USD Libor+575 basis points), 10/30/20262,3,4,7

   6,230,488 
 1,395,137  

Revolver, 9.543% (3-Month USD Libor+625 basis points), 10/30/20262,3,4,7

   1,365,546 
     Trintech, Inc.     
 883,967  

First Lien Term Loan, 9.120% (3-Month USD Libor+600 basis points), 12/29/20232,3,4

   862,858 
 441,984  

First Lien Term Loan, 9.120% (3-Month USD Libor+600 basis points), 12/29/20232,3,4

   431,429 

 

See accompanying Notes to Consolidated Financial Statements.

 

54

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Principal
Amount
      Value 
     SENIOR SECURED LOANS (Continued)     
     TECHNOLOGY (Continued)     
 

GBP 12,230,216

  

UKFast Leaders Limited First Lien Term Loan, 9.439% (3-Month GBP Libor+675 basis points), 9/8/20272,3,4,6

  $13,434,924 
     Uniguest     
$526,316  

Revolver, 0.500%, 12/17/20252,4,5

   522,272 
 605,263  

Delayed Draw, 1.000%, 12/17/20252,4,5

   600,311 
 3,573,757  

Delayed Draw, 10.115% (1-Month USD Libor+700 basis points), 12/17/20252,3,4

   3,544,514 
 5,184,211  

First Lien Term Loan, 10.115% (1-Month USD Libor+700 basis points), 12/17/20252,3,4

   5,144,382 
 37,896,774  

User Zoom Technologies, Inc First Lien Term Loan, 9.347% (3-Month USD Sofr+575 basis points), 4/5/20292,3,4,12

   36,923,079 
 15,000,000  

Virgin Pulse, Inc. Second Lien Term Loan, 10.365% (3-Month USD Libor+725 basis points), 4/6/20292,3,4

   13,473,656 
 29,524,000  

Wilson Electronics Holdings, LLC First Lien Term Loan, 9.034% (3-Month USD Sofr+600 basis points), 5/17/20272,3,4

   28,989,307 
     WorkForce Software, LLC     
 154,412  

Revolver, 0.500%, 7/31/20252,4,5

   150,524 
 4,432,826  

First Lien Term Loan, 7.320% PIK (3-Month USD Libor+425 basis points), 7/31/20252,3,4,10

   4,332,290 
 308,824  

Revolver, 9.570% PIK (3-Month USD Libor+650 basis points), 7/31/20252,3,4,10

   301,048 
 2,524,544  

Xactly Corporation First Lien Term Loan, 10.060% (3-Month USD Libor+725 basis points), 7/31/20232,3,4

   2,498,839 
         2,415,123,798 
     UTILITIES — 0.3%     
     EDPO, LLC     
 1,006,667  

Delayed Draw, 1.000%, 12/8/20272,4,5,7

   991,393 
 243,333  

First Lien Term Loan, 8.424% (3-Month USD Libor+475 basis points), 12/8/20272,3,4,7

   239,642 
 7,813,861  

TS OpCo Holding LLC First Lien Term Loan, 8.306% (3-Month USD Libor+550 basis points), 9/28/20232,3,4

   7,640,550 
     Water Holdings Acquisition, LLC     
 519,305  

Revolver, 0.500%, 12/18/20262,4,5

   511,174 
 3,817,808  

Delayed Draw, 1.000%, 12/18/20262,4,5

   3,758,027 
 766,409  

Revolver, 8.924% (3-Month USD Libor+525 basis points), 12/18/20262,3,4

   754,408 
 13,611,429  

First Lien Term Loan, 8.924% (3-Month USD Libor+525 basis points), 12/18/20262,3,4

   13,398,295 
 291,051  

Delayed Draw, 8.953% (3-Month USD Libor+525 basis points), 12/18/20262,3,4

   286,494 
         27,579,983 
     TOTAL SENIOR SECURED LOANS     
     (Cost $9,643,725,412)   9,494,899,036 

 

See accompanying Notes to Consolidated Financial Statements.

 

55

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

 

Number of
Shares

     

Value

 
       

PRIVATE INVESTMENT VEHICLES — 45.1%

       
       

INVESTMENT PARTNERSHIPS — 5.4%

       
    N/A  

AG Direct Lending Fund II (Unlevered) L.P.2,11

  $ 27,705,019  
    N/A  

AG Direct Lending Fund II L.P.2,11

    20,451,756  
    N/A  

AG Direct Lending Fund III L.P.2,11

    14,863,339  
    N/A  

AG DLI, L.P.2,11

    12,314,319  
    N/A  

AG GTDL Fund II L.P.2,11

    27,962,684  
    N/A  

AG GTDL Fund L.P.2,11

    3,504,921  
    N/A  

AG KFHDL Fund L.P.2,11

    3,504,977  
    N/A  

Antares Senior Loan Parallel Feeder Fund II (Cayman) LP2,11

    4,080,628  
    N/A  

Ares Commercial Finance Feeder (A) LP2,11

    17,401,194  
    N/A  

Barings CMS Fund LP2,11

    15,465,910  
    N/A  

CDL Tender Fund 2022-1 L.P.2,11

    51,751,608  
    N/A  

Crescent Mezzanine Partners VIIC, L.P.2,11

    6,193,035  
    N/A  

Crestline Specialty Lending III (U.S.), LP2,11

    15,101,067  
    N/A  

HPS Mezzanine Partners 2019 LP2,11

    9,181,546  
    N/A  

HPS Specialty Loan Fund V Feeder LP2,11

    39,508,829  
    N/A  

Marlin Credit Opportunity Fund LP2,11

    95,801,749  
    N/A  

Odyssey Company Investment Partners B L.P. 2,11

    1,546,177  
    N/A  

Providence Debt Fund III (Non-US) L.P.2,11

    10,479,240  
    N/A  

Raven Asset Based Credit Fund II, LP2,11

    17,501,613  
    N/A  

Silver Point Specialty Credit Fund II, LP2,11

    39,491,765  
    N/A  

Summit Partners Credit Offshore Fund II, LP2,11

    8,971,881  
    N/A  

Thompson Rivers, LLC2,11

    12,260,530  
    N/A  

Varagon Capital Direct Lending Fund, LP2,11

    14,874,265  
    N/A  

Vista Credit Partner Fund III LP2,11

    26,552,537  
    N/A  

Waccamaw River, LLC 2,11

    10,828,581  
       

 

    507,299,170  
       

JOINT VENTURES — 0.9%

       
    N/A  

FBLC Senior Loan Fund LLC2,11

    71,818,072  
    N/A  

Middle Market Credit Fund II, LLC2,11

    14,809,358  
       

 

    86,627,430  
       

NON-LISTED BUSINESS DEVELOPMENT COMPANIES — 17.6%

       
    N/A  

AGTB Private BDC2,11

    72,892,974  
    4,312,845  

Barings Capital Investment Corporation2,11

    95,829,533  
    44,235,355  

Barings Private Credit Corporation2,11

    941,043,899  
    N/A  

Carlyle Secured Lending III2,11

    1,925,000  
    5,602,694  

Franklin BSP Lending Corporation2,11

    42,405,876  
    1,993,455  

Golub Capital BDC 4, Inc.2,11

    29,983,526  
    1,903,052  

Golub Capital Direct Lending Corp.2,11

    28,613,442  
    1,755,730  

Morgan Stanley Direct Lending Fund2,11

    36,578,375  
    10,000,000  

New Mountain Guardian III BDC, LLC2,11

    100,014,520  
    500,000  

New Mountain Guardian IV BDC, LLC2,11

    4,875,442  
    16,163,843  

Owl Rock Core Income Corp.2,11

    146,583,136  
    2,119,509  

Owl Rock Technology Finance Corp.2,11

    34,727,700  

 

See accompanying Notes to Consolidated Financial Statements.

 

56

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

 

Number of
Shares

     

Value

 
       

PRIVATE INVESTMENT VEHICLES (Continued)

       
       

NON-LISTED BUSINESS DEVELOPMENT COMPANIES (Continued)

       
    2,371,569  

Owl Rock Technology Finance Corp. II2,11

  $ 33,688,358  
    N/A  

Redwood Enhanced Income Corp.2,11

    22,047,896  
    N/A  

Sixth Street Lending Partners2,11

    6,468,982  
    N/A  

Stellus Private Credit BDC Feeder, LP2,11

    12,528,808  
    N/A  

TCW Direct Lending VIII LLC2,11

    13,755,840  
    N/A  

Varagon Capital Corporation2,11

    19,311,240  
       

 

    1,643,274,547  
       

PRIVATE COLLATERALIZED LOAN OBLIGATIONS — 20.1%

       
    N/A  

ABPCI Pacific Funding LP2,11

    28,455,721  
    N/A  

BlackRock Shasta CLO VII LLC2,11

    534,922,659  
    N/A  

NXT Capital Structured Note I, LLC2,11

    58,750,236  
    N/A  

Raven Senior Loan Fund LLC2,11

    417,081,431  
    N/A  

Silver Point Loan Funding LLC2,11

    412,326,976  
    N/A  

Varagon Structured Note Issuer I LLC2,11

    422,881,242  
       

 

    1,874,418,265  
       

PRIVATE EQUITY — 0.1%

       
    4  

Owl Rock Technology Holdings II LLC2,4

    5,107,600  
    N/A  

Stellus Private BDC Advisor, LLC 2,4

    1,022,872  
       

 

    6,130,472  
       

SPECIAL PURPOSE VEHICLE FOR PREFERRED EQUITY — 0.5%

       
    N/A  

CCOF Sierra II, L.P.2,11

    15,914,564  
    N/A  

Chilly HP SCF Investor, LP2,11

    2,090,313  
    N/A  

HPS Mint Co-Invest Fund LP2,11

    10,346,018  
    N/A  

Minerva Co-Invest LP2,11

    15,228,940  
       

 

    43,579,835  
       

SPECIAL PURPOSE VEHICLE FOR SENIOR SECURED BONDS — 0.4%

       
    N/A  

17Capital Co. Investment Fund V-L LP2,6,11

    22,538,073  
    N/A  

Endurance II L.P.2,11

    10,475,832  
    N/A  

Proxima Onshore Co-Invest, L.P.2,11

    1,487,608  
       

 

    34,501,513  
       

SPECIAL PURPOSE VEHICLE FOR SUBORDINATED DEBT — 0.1%

       
    N/A  

Luther Co-Invest, L.P.2,11

    14,268,608  
       

TOTAL PRIVATE INVESTMENT VEHICLES

       
       

(Cost $4,121,426,728)

    4,210,099,840  
 

Principal
Amount

           
       

COLLATERALIZED LOAN OBLIGATIONS — 0.9%

       
  $ 12,000,000  

ABPCI Direct Lending Fund CLO X LP 13. 180% (3-Month USD Libor+1,047 basis points), 1/20/20321,2,3,4,8

    11,290,287  
       

BlackRock Elbert CLO V LLC

       
    13,000,000  

11.906% (3-Month Term SOFR+870 basis points), 6/15/20341,2,3,4,8

    12,582,427  
    39,500,000  

18.000%, 6/15/20341,2,4,13

    37,524,028  

 

See accompanying Notes to Consolidated Financial Statements.

 

57

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

 

Principal
Amount

     

Value

 
       

PRIVATE INVESTMENT VEHICLES (Continued)

       
       

COLLATERALIZED LOAN OBLIGATIONS (Continued)

       
  $ 10,000,000  

Monroe Capital MML CLO IX Ltd. 11.459% (3-Month USD Libor+870 basis points), 10/22/20311,2,3,8,14

  $ 9,161,310  
    2,910,000  

Monroe Capital MML CLO VII Ltd. 10.234% (3-Month USD Libor+725 basis points), 11/22/20301,2,3,8

    2,580,132  
    15,000,000  

Monroe Capital MML CLO VIII, Ltd. 20.000%, 11/22/2033*,1,2,4,8,13

    11,511,353  
       

TOTAL COLLATERALIZED LOAN OBLIGATIONS

       
       

(Cost $90,463,327)

    84,649,537  
 

Number of
Shares

           
       

PREFERRED STOCKS — 0.7%

       
       

HEALTH CARE — 0.3%

       
    15,000  

nThrive, Inc., Series A-2 Preferred, 11.000% PIK2,4,10

    14,500,495  
    17,500  

Propharma, LLC Jayhawk Intermediate LLC, Series B Preferred, 13.000% PIK2,4,10,15

    16,977,015  
       

 

    31,477,510  
       

INDUSTRIALS — 0.2%

       
    2,500  

Atomic Transport, LLC Atomic Blocker, LLC, Class A Preferred, 8.500% PIK2,4,10,16

    2,500,000  
    11,250,000  

FSG Acquisition, LLC, - Senior Preferred, 12.250% PIK2,4,10

    10,968,750  
    200  

S4T Holdings Corp. Vistria ESS Holdings, LLC, Class A Preferred, 8.000% PIK2,4,10,17

    99,999  
       

 

    13,568,749  
       

TECHNOLOGY — 0.2%

       
    6,500  

Mandolin Technology Intermediate Holdings, Inc. - Series A Preferred, 10.500% PIK2,4,10

    6,310,095  
    11,000  

Riskonnect Parent, LLC Riskonnect Parent, LLC, Series B Preferred, 12.607% PIK2,4,10

    10,795,170  
       

 

    17,105,265  
       

TOTAL PREFERRED STOCKS

       
       

(Cost $61,461,754)

    62,151,524  
                 
       

COMMON STOCKS — 0.1%

       
       

FINANCIALS — 0.1%

       
    280,309  

Forbright, Inc.2,4

    5,268,893  
                 
       

INDUSTRIALS — 0.0%

       
    2,188  

Atomic Transport, LLC Atomic Blocker, LLC, Class W Common2,4,16

    1,248,057  
    200  

S4T Holdings Corp. Vistria ESS Holdings, LLC, Class A Common2,4,17

    150,265  
       

 

    1,398,322  
       

TOTAL COMMON STOCKS

       
       

(Cost $4,365,607)

    6,667,215  

 

See accompanying Notes to Consolidated Financial Statements.

 

58

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

 

Principal
Amount

     

Value

 
       

SUBORDINATED DEBT — 0.0%

       
       

FINANCIALS — 0.0%

       
  $ 5,500,000  

OTR Midco, LLC, 12.000%, 5/12/20262,4

  $ 5,427,519  
       

TOTAL SUBORDINATED DEBT

       
       

(Cost $5,500,000)

    5,427,519  
 

Number of
Shares

           
       

WARRANTS — 0.0%

       
       

ENERGY — 0.0%

       
    1  

Service Compression, LLC2,4

     
    1  

Service Compression, LLC2,4

     
       

 

     
       

HEALTH CARE — 0.0%

       
    1,300,435  

ADMA Bilogics, Inc.2,4

    2,781,771  
    219,298  

Xerix Biopharma Holdings, Inc.2,4

    269,942  
       

 

    3,051,713  
       

TECHNOLOGY — 0.0%

       
    21,640  

Afiniti, Inc. (via a participation with VHG Investment Fund I, L.P.)2,4

    1,012,752  
    1  

Measurabl, Inc.2,4

     
       

 

    1,012,752  
       

TOTAL WARRANTS

       
       

(Cost $1,152,261)

    4,064,465  
                 
       

SHORT-TERM INVESTMENTS — 1.8%

       
    170,309,177  

State Street Institutional U.S. Government Money Market Fund, 2.90%2,18

    170,309,177  
       

TOTAL SHORT-TERM INVESTMENTS

       
       

(Cost $170,309,177)

    170,309,177  
       

TOTAL INVESTMENTS — 150.2%

       
       

(Cost $14,098,404,266)

    14,038,268,313  
       

Senior Notes (net of deferred offering costs of $527,500) — (16.3)%

    (1,526,567,716 )
       

Liabilities Less Other Assets — (33.9)%

    (3,163,917,914 )
       

NET ASSETS — 100.0%

  $ 9,347,782,683  
 

Principal
Amount

           
       

REVERSE REPURCHASE AGREEMENTS — (0.0)%

       
  $ (3,960,000 )

Agreement with Deutsche Bank AG, 5.239%, dated 9/22/2022, to be repurchased at $4,012,447 on 12/22/2022, collateralized by Monroe Capital MML CLO IX Ltd. with maturity of 10/22/2031, with a total value of $9,161,310

    (3,960,000 )
       

TOTAL REVERSE REPURCHASE AGREEMENTS

       
       

(Proceeds $3,960,000)

    (3,960,000 )

 

Libor – London Interbank Offered Rate

 

EUR – Euro

 

See accompanying Notes to Consolidated Financial Statements.

 

59

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Sofr – Secured Overnight Financiang Rate

 

LLC – Limited Liability Company

 

GBP – Pound Sterling

 

AUD – Australian Dollar

 

NZD – New Zealand Dollar

 

CAD – Canadian Dollars

 

US – United States

 

LP – Limited Partnership

 

RB – Revenue Bonds

 

LOC – Letter of Credit

 

SEK – Swedish Krona

 

Stibor – Stockholm Interbank Offered Rate

 

NOK – Norweigian Krone

 

Nibor – Norwegian Interbank Offered Rate

 

BDC – Business Development Company

 

CLO – Collateralized Loan Obligation

 

*

Subordinated note position. Rate shown is the effective yield as of period end.

 

1

Callable.

 

2

As of September 30, 2022 all or a portion of the security has been pledged as collateral for a senior secured note. The value of the securities totaled $14,038,268,313 as of September 30, 2022. 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

Represents an unfunded loan commitment. The rate disclosed is equal to the commitment fee. See Note 2 for additional information.

 

6

Foreign securities entered into in foreign currencies are converted to U.S. Dollars using period end spot rates.

 

7

This investment was made through a participation. Please see Note 2 for a description of loan participations.

 

8

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted. They may only be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $58,729,821, which represents 0.6% of total net assets of the Fund.

 

9

Step rate security.

 

10

Principal includes accumulated payment in kind (“PIK”) interest and is net of repayments, if any.

 

11

Investment valued using net asset value per share as practical expedient. See Note 12 for respective investment strategies, unfunded commitments, and redemptive restrictions.

 

12

All or a portion of this security is segregated as collateral for secured borrowings made with Macquarie US Trading LLC. Total collateral had a fair value of $299,509,022 as of September 30, 2022. See note 2 for additional information.

 

13

Variable rate security. Rate shown is the rate in effect as of period end.

 

14

All or a portion of this security is segregated as collateral for reverse repurchase agreements. Total collateral had a fair value of $9,161,310 as of September 30, 2022. See note 2 for additional information.

 

15

Jayhawk Intermediate, LLC is the holding company that owns ProPharma Group, LLC.

 

16

Atomic Blocker, LLC holds Class A Preferred Units and Class W Common Units in Atomic Holdings, LLC, which is the holding company that owns Atomic Transport, LLC.

 

17

Vistria ESS Holdings, LLC holds Series A Preferred Units and Class A Common Units in TVG ESS Holdings, LLC which is the parent company holdings company for S4T Holdings Corp.

 

18

The rate is the annualized seven-day yield at period end.

 

See accompanying Notes to Consolidated Financial Statements.

 

60

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Additional information on restricted securities is as follows:

 

Security

 

First
Acquisition
Date

   

Cost

 

17Capital Co. Investment Fund V-L LP

    9/23/2021     $ 25,759,098  

ABPCI Pacific Funding GP Sub Notes

    6/9/2022       28,544,304  

AG Direct Lending Fund II (Unlevered) L.P.

    3/31/2022       25,709,810  

AG Direct Lending Fund II L.P.

    3/31/2020       18,644,892  

AG Direct Lending Fund III L.P.

    6/28/2019       14,355,107  

AG DLI, L.P.

    3/31/2022       11,122,893  

AG GTDL Fund II L.P.

    3/31/2022       25,996,459  

AG GTDL Fund L.P.

    3/31/2022       3,368,501  

AG KFHDL Fund L.P.

    3/31/2022       3,374,322  

AGTB Private BDC

    5/10/2022       72,291,000  

Antares Senior Loan Parallel Feeder Fund II (Cayman) LP

    8/3/2022       4,000,000  

Ares Commercial Finance Feeder (A) LP

    3/31/2021       15,404,552  

Barings Capital Investment Corporation

    1/25/2021       95,000,000  

Barings CMS Fund LP

    12/28/2021       15,000,000  

Barings Private Credit Corporation

    5/10/2021       900,000,000  

BlackRock Shasta CLO VII

    2/10/2021       532,289,942  

Carlyle Secured Lending III

    9/28/2022       1,925,000  

CCOF Sierra II, L.P.

    8/2/2022       15,600,000  

CDL Tender Fund 2022-1 L.P.

    4/4/2022       50,000,000  

Chilly HP SCF Investor, LP

    2/9/2022       1,967,311  

Crescent Mezzanine Partners VIIC, L.P.

    3/31/2021       5,520,162  

Crestline Specialty Lending III (U.S.), LP

    8/30/2021       14,868,016  

Endurance II L.P.

    8/24/2020       9,748,287  

FBLC Senior Loan Fund LLC

    4/1/2020       78,562,000  

Franklin BSP Lending Corporation

    1/20/2021       32,327,541  

Golub Capital Direct Lending Corp.

    7/13/2021       28,500,000  

Golub Capital IV BDC

    4/21/2022       29,901,821  

HPS Mezzanine Partners 2019 LP

    11/16/2020       8,243,850  

HPS Mint Co-Invest Fund LP

    5/25/2022       10,015,163  

HPS Specialty Loan Fund V Feeder LP

    5/14/2021       37,887,949  

Luther Co-Invest, L.P.

    7/15/2022       14,268,608  

Marlin Credit Opportunity Fund LP

    5/21/2021       100,408,617  

Middle Market Credit Fund II, LLC

    11/3/2020       12,708,191  

Minerva Co-Invest LP

    2/11/2022       14,720,019  

Morgan Stanley Direct Lending Fund

    7/16/2021       36,805,201  

New Mountain Guardian III BDC, LLC

    3/27/2020       100,000,000  

 

See accompanying Notes to Consolidated Financial Statements.

 

61

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

Security

 

First
Acquisition
Date

   

Cost

 

New Mountain Guardian IV BDC, LLC

    6/29/2022     $ 5,000,000  

NXT Capital Structured Note I, LLC

    1/26/2022       61,856,420  

Odyssey Company Investment Partners B L.P.

    3/24/2022       1,555,423  

Owl Rock Core Income Corp.

    7/29/2021       150,000,000  

Owl Rock Technology Finance Corp.

    9/24/2020       35,000,000  

Owl Rock Technology Finance Corp. II

    12/30/2021       33,947,433  

Providence Debt Fund III (Non-US) L.P.

    3/31/2021       8,449,093  

Proxima Onshore Co-Invest, L.P.

    11/2/2021       1,500,257  

Raven Asset Based Credit Fund II, LP

    9/21/2021       16,715,943  

Raven Senior Loan Fund LLC

    5/5/2022       404,924,444  

Redwood Enhanced Income Corp.

    4/8/2022       22,076,582  

Silver Point Loan Note Issuer LLC

    3/22/2022       404,002,302  

Silver Point Specialty Credit Fund II, LP

    12/15/2020       41,326,575  

Sixth Street Lending Partners

    8/31/2022       6,468,982  

Stellus Private Credit BDC Feeder, LP

    1/31/2022       12,450,000  

Summit Partners Cred Offshore Fund II

    3/31/2022       7,175,544  

TCW Direct Lending VIII LLC

    1/31/2022       13,523,324  

Thompson Rivers, LLC

    6/29/2021       14,600,849  

Varagon Capital Corp. Direct Lending Fund

    5/23/2022       19,296,490  

Varagon Capital Direct Lending Fund

    3/25/2021       15,000,000  

Varagon Structured Note Issuer I LLC

    10/13/2021       415,000,000  

Vista Credit Partner Fund III LP

    9/15/2021       25,265,385  

Waccamaw River, LLC

    5/4/2021       11,278,065  

Total

          $ 4,121,251,727  

 

 

See accompanying Notes to Consolidated Financial Statements.

 

62

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

SWAP CONTRACT

 

INTEREST RATE SWAPS

 

Counterparty1

Payments Made/Frequency

Payments Received/
Frequency

Termination
Date

 

Notional
Value

   

Premiums
Paid
(Received)

   

Unrealized
Appreciation
(Depreciation)

 

PNC Bank, N.A

Daily Simple SOFR2 + 1.446% / Quarterly

4.10% / Semi-annually

3/28/2027

  $ 650,000,000     $     $ (32,260,486 )

PNC Bank, N.A

Daily Simple SOFR2 + 0.905% / Quarterly

4.10% / Semi-annually

3/28/2027

    250,000,000             (6,782,202 )

MUFG Bank, Ltd.

Daily Simple SOFR2 + 2.052%/ Quarterly

5.44% / Semi-annually

7/19/2025

    215,000,000             (3,521,515 )

MUFG Bank, Ltd.

Daily Simple SOFR2 + 2.263%/ Quarterly

5.50% / Semi-annually

7/19/2026

    130,000,000             (3,013,439 )

MUFG Bank, Ltd.

Daily Simple SOFR2 + 2.477% / Quarterly

5.61% / Semi-annually

7/19/2027

    130,000,000             (3,919,193 )

MUFG Bank, Ltd.

Daily Simple SOFR2 + 2.688% / Quarterly

5.72% / Semi-annually

7/19/2029

    160,000,000             (6,507,089 )

MUFG Bank, Ltd.

Daily Simple SOFR2 + 2.245% / Quarterly

5.50% / Semi-annually

7/19/2026

    10,000,000             (239,717 )

MUFG Bank, Ltd.

Daily Simple SOFR2 + 2.684% / Quarterly

5.72% / Semi-annually

7/19/2029

    40,000,000             (1,661,143 )
                               

TOTAL INTEREST RATE SWAPS

                    $ (57,904,784 )

 

1

Instrument is used in a hedge accounting relationship. The change in fair value for the instrument, and of the hedged item, is recorded in interest expense.

 

2

Reset daily with a five buseness day look back.

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

 

Currency Sold

Counterparty

Currency
Purchased

Settlement
Date

 

Currency
Amount Sold

   

Value at
Opening Date
of Contract

   

Value at
September
30,
2022

   

Unrealized
Appreciation
(Depreciation)

 

Australian Dollars

State Street

USD

October 31, 2022

    (18,330,173 )   $ (11,778,969 )   $ (11,730,062 )   $ 48,907  

Australian Dollars

State Street

USD

December 30, 2022

    (16,427,466 )     (10,566,146 )     (10,527,168 )     38,978  

British Pound

State Street

USD

October 14, 2022

    (5,793,737 )     (6,704,686 )     (6,471,102 )     233,584  

British Pound

State Street

USD

November 04, 2022

    (2,849,262 )     (3,553,229 )     (3,182,810 )     370,419  

British Pound

State Street

USD

November 10, 2022

    (1,750,327 )     (2,169,128 )     (1,955,377 )     213,751  

British Pound

State Street

USD

December 15, 2022

    (7,539,659 )     (8,736,731 )     (8,429,206 )     307,525  

British Pound

State Street

USD

December 30, 2022

    (51,949,146 )     (55,554,417 )     (58,002,233 )     (2,447,816 )

British Pound

State Street

USD

February 03, 2023

    (3,812,896 )     (4,670,195 )     (4,257,099 )     413,096  

British Pound

State Street

USD

March 31, 2023

    (14,823,488 )     (15,822,146 )     (16,549,965 )     (727,819 )

Canadian Dollars

State Street

USD

November 14, 2022

    (25,285,144 )     (19,773,329 )     (18,304,993 )     1,468,336  

Canadian Dollars

State Street

USD

December 09, 2022

    (11,491,996 )     (8,595,681 )     (8,323,321 )     272,360  

Canadian Dollars

State Street

USD

December 30, 2022

    (85,132,651 )     (61,986,785 )     (61,680,515 )     306,270  

Euro

State Street

USD

October 31, 2022

    (566,658 )     (544,218 )     (556,572 )     (12,354 )

Euro

State Street

USD

November 04, 2022

    (3,687,062 )     (3,799,794 )     (3,622,482 )     177,312  

Euro

State Street

USD

November 30, 2022

    (11,737,208 )     (11,844,250 )     (11,562,768 )     281,482  

Euro

State Street

USD

December 30, 2022

    (281,981,749 )     (271,929,100 )     (278,248,138 )     (6,319,038 )

Euro

State Street

USD

March 31, 2023

    (2,789,926 )     (2,710,692 )     (2,772,083 )     (61,391 )

New Zealand Dollar

State Street

USD

December 30, 2022

    (6,291,604 )     (3,551,610 )     (3,524,019 )     27,591  

 

See accompanying Notes to Consolidated Financial Statements.

 

63

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (Continued)

 

Currency Sold

Counterparty

Currency
Purchased

Settlement
Date

 

Currency
Amount Sold

   

Value at
Opening Date
of Contract

   

Value at
September
30,
2022

   

Unrealized
Appreciation
(Depreciation)

 

Norwegian Krone

Marlin Credit Opportunities

USD

August 11, 2023

    (13,125,000 )   $ (1,451,399 )   $ (1,215,662 )   $ 235,737  

Swedish Krona

Marlin Credit Opportunities

USD

August 23, 2024

    (11,250,000 )     (1,279,529 )     (1,055,829 )     223,700  
                                       

TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

          $ (507,022,034 )   $ (511,971,404 )   $ (4,949,370 )

 

USD – U.S. Dollar

 

See accompanying Notes to Consolidated Financial Statements.

 

64

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Summary of Investments
As of September 30, 2022 (Unaudited)

 

 

Security Type/Sector

 

Percent of Total
Net Assets

 

Senior Secured Loans

       

Technology

    25.9 %

Industrials

    21.0 %

Health Care

    19.5 %

Financials

    15.0 %

Consumer Discretionary

    8.9 %

Materials

    4.6 %

Communications

    3.1 %

Consumer Staples

    1.2 %

Real Estate

    1.1 %

Energy

    0.7 %

Governments

    0.3 %

Utilities

    0.3 %

Total Senior Secured Loans

    101.6 %

Private Investment Vehicles

    45.1 %

Collateralized Loan Obligations

    0.9 %

Preferred Stocks

       

Health Care

    0.3 %

Technology

    0.2 %

Industrials

    0.2 %

Total Preferred Stocks

    0.7 %

Common Stocks

       

Financials

    0.1 %

Industrials

    0.0 %

Total Common Stocks

    0.1 %

Subordinated Debt

       

Financials

    0.0 %

Warrants

       

Health Care

    0.0 %

Technology

    0.0 %

Energy

    0.0 %

Total Warrants

    0.0 %

Short-Term Investments

    1.8 %

Total Investments

    150.2 %

Senior Notes

    (16.3 )%

Liabilities in Excess of Other Assets

    (33.9 )%

Total Net Assets

    100.0 %

 

See accompanying Notes to Consolidated Financial Statements.

 

65

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Statement of Assets and Liabilities
September 30, 2022 (Unaudited)

 

 

Assets:

       

Investments, at value (cost $14,007,134,075)

  $ 13,951,640,883  

Joint ventures, at value (cost $91,270,191)

    86,627,430  

Foreign currency, at value (cost $759,866)

    823,630  

Cash

    39,811,985  

Cash deposited with brokers for swap contracts

    62,510,000  

Receivables:

       

Investment securities sold

    16,858,253  

Fund shares sold

    12,902,857  

Dividends and interest

    112,970,127  

Prepaid expenses

    6,598,563  

Prepaid commitment fees on secured credit facility

    10,940,801  

Total assets

    14,301,684,529  
         

Liabilities:

       

Reverse repurchase agreements, at value (proceeds $3,960,000)

    3,960,000  

Unrealized depreciation on forward foreign currency exchange contracts

    4,949,370  

Unrealized depreciation on swap contracts

    57,904,784  

Payables:

       

Senior notes (Net of deferred offering cost of $527,500) (Note 2)

    1,526,567,716  

Secured credit facility (Note 2)

    1,500,000,000  

Secured borrowings (Note 2)

    299,509,022  

Unfunded loan commitments (Note 2)

    1,538,049,065  

Investment securities purchased

    556,807  

Deferred tax liability

    833,446  

Interest on senior notes

    7,087,375  

Interest on secured credit facility

    8,981,154  

Interest on reverse repurchase agreements

    5,187  

Interest on secured borrowings

    1,823,261  

Investment Management fees

    1,272,251  

Audit fees

    176,046  

Fund administration fees

    313,931  

Custody fees

    816,169  

Trustees’ fees and expenses

    23,750  

Transfer Agency fees and expenses

    137,025  

Chief Compliance Officer fees

    3,201  

Other accrued expenses

    932,286  

Total liabilities

    4,953,901,846  
         

Net Assets

  $ 9,347,782,683  
         

Components of Net Assets:

       

Paid-in capital (par value of $0.001 per share with an unlimited number of shares authorized)

  $ 9,262,709,740  

Total distributable earnings

    85,072,943  

Net Assets

  $ 9,347,782,683  
         

Class I Shares:

       

Net assets applicable to shares outstanding

  $ 9,347,782,683  

Shares of beneficial interest issued and outstanding

    876,343,980  

Net asset value, offering, and redemption price per share

  $ 10.67  

 

See accompanying Notes to Consolidated Financial Statements.

 

66

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Statement of Operations
For the Six Months Ended September 30, 2022 (Unaudited)

 

 

Investment Income:

       

Interest (net of withholding taxes of $71,432)

  $ 286,158,859  

Dividends

    45,228,444  

Distributions from investment partnerships

    40,005,970  

Distributions from joint venture investments

    2,519,136  

Total investment income

    373,912,409  
         

Expenses:

       

Investment management fees

    40,675,875  

Interest on secured credit facility

    28,119,922  

Interest on reverse repurchase agreements

    68,541  

Interest on senior notes

    23,498,764  

Interest on secured borrowings

    5,455,057  

Legal fees

    472,284  

Fund administration fees

    2,245,326  

Registration fees

    264,129  

Transfer agent fees and expenses

    544,559  

Custody fees

    539,011  

Audit fees

    213,195  

Trustees’ fees and expenses

    173,750  

Shareholder reporting fees

    160,967  

Chief Compliance Officer fees

    38,834  

Insurance fees

    30,850  

Commitment fees on secured credit facility

    671,610  

Miscellaneous expenses

    1,926,152  

Total fees and expenses

    105,098,826  

Net investment income

    268,813,583  
         

Realized and Unrealized Gain (Loss):

       

Net realized gain (loss) on:

       

Investments

    1,100,067  

Swap contracts

    2,817,004  

Forward foreign currency exchange contracts

    52,832,246  

Foreign currency transactions

    7,536,514  

Net realized gain

    64,285,831  

Net change in unrealized appreciation/depreciation on:

       

Investments

    (123,405,947 )

Investments in joint ventures

    (9,392,248 )

Swap contracts

    (57,904,784 )

Senior notes

    57,904,784  

Forward foreign currency exchange contracts

    (5,566,837 )

Foreign currency translations

    4,473,732  

Deferred tax expense

    (332,911 )

Net change in unrealized appreciation/depreciation

    (134,224,211 )

Net realized and unrealized gain (loss)

    (69,938,380 )
         

Net Increase in Net Assets from Operations

  $ 198,875,203  

 

See accompanying Notes to Consolidated Financial Statements.

 

67

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Statements of Changes in Net Assets

 

 

   

For the Six
Months Ended
September 30,
2022
(Unaudited)

   

For the Period
January 1, 2022
through
March 31, 2022*

   

For the
Year Ended
December 31,
2021

 

Net Increase in Net Assets from:

                       

Operations:

                       

Net investment income

  $ 268,813,583     $ 86,763,291     $ 158,812,770  

Net realized gain on investments, forward foreign currency exchange contracts and foreign currency transactions

    64,285,831       4,122,484       12,834,590  

Net change in unrealized appreciation/depreciation on investments, swap contracts, senior notes, forward foreign currency exchange contracts, foreign currency translations and deferred taxes

    (134,224,211 )     12,114,219       46,085,439  

Net increase in net assets resulting from operations

    198,875,203       102,999,994       217,732,799  
                         

Distributions to shareholders:

                       

Distributions:

                       

Class I

    (273,284,016 )           (173,398,542 )

From return of capital:

                       

Class I

                (28,307,888 )

Total

    (273,284,016 )           (201,706,430 )
                         

Capital Transactions:

                       

Proceeds from shares sold:

                       

Class I

    2,998,475,002       2,007,446,987       4,062,844,184  

Reinvestment of distributions:

                       

Class I

    94,014,064             62,384,398  

Cost of shares repurchased:

                       

Class I

    (413,081,035 )     (97,311,884 )     (156,498,524 )

Net increase in net assets from capital transactions

    2,679,408,031       1,910,135,103       3,968,730,058  
                         

Net increase in net assets

    2,604,999,218       2,013,135,097       3,984,756,427  
                         

Net Assets:

                       

Beginning of period

    6,742,783,465       4,729,648,368       744,891,941  

End of period

  $ 9,347,782,683     $ 6,742,783,465     $ 4,729,648,368  
                         

Capital Share Transactions:

                       

Shares sold:

                       

Class I

    281,516,952       187,681,586       382,870,006  

Shares issued in reinvestment of distributions:

                       

Class I

    8,922,735             5,911,991  

Shares redeemed:

                       

Class I

    (38,750,784 )     (9,103,076 )     (14,649,800 )

Net increase in capital shares outstanding

    251,688,903       178,578,510       374,132,197  

 

*

Fiscal year end changed to March 31, effective January 1, 2022.

 

See accompanying Notes to Consolidated Financial Statements.

 

68

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Statement of Cash Flows
For the Six Months Ended September 30, 2022 (Unaudited)

 

 

Cash flows provided by (used in) operating activities:

       

Net increase in net assets from operations

  $ 198,875,203  

Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities:

       

Purchases of investments

    (6,419,939,590 )

Sales of investments

    1,388,932,117  

Net accretion on investments

    (4,814,727 )

Net realized gain on investments

    (1,100,067 )

Net realized gain on paydowns

    (6,175,449 )

Net change in unrealized (appreciation)/depreciation

    132,798,195  

Return of capital distributions received

    92,164,682  

Original issue discount and amendment fees

    18,663,049  

Net change in deferred tax liability

    (332,911 )

Change in short-term investments, net

    (94,060,812 )

(Increase)/Decrease in assets:

       

Cash deposited with brokers for swap contracts

    (62,510,000 )

Foreign currency

    1,135,326  

Investment securities sold

    3,004,282  

Dividends and interest

    (29,362,454 )

Prepaid expenses

    (5,908,394 )

Prepaid commitment fees on secured credit facility

    (1,207,980 )

Increase/(Decrease) in liabilities:

       

Investment securities purchased

    (78,957,235 )

Unfunded loan commitments

    470,392,035  

Investment management fees

    (149,191 )

Sub-advisory fees

    (226,581 )

Interest on reverse repurchase agreements

    2,361  

Interest on secured credit facility

    8,890,373  

Interest on senior notes

    6,920,670  

Interest on secured borrowings

    1,823,261  

Audit fees

    (199,805 )

Deferred tax liability

    332,911  

Legal fees

    (38,597 )

Fund administration fees

    (356,827 )

Trustees’ fees and expenses

    23,750  

Custody fees

    227,232  

Transfer Agency fees and expenses

    (8,565 )

Chief Compliance Officer fees

    (9,949 )

Other accrued expenses

    387,389  

Net cash used in operating activities

    (4,380,786,298 )

 

See accompanying Notes to Consolidated Financial Statements.

 

69

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Statement of Cash Flows
For the Six Months Ended September 30, 2022 (Unaudited) (Continued)

 

 

Cash flows provided by (used in) financing activities:

       

Proceeds from shares sold, net of receivable for fund shares sold

  $ 3,032,933,911  

Cost of shares repurchased

    (413,081,035 )

Distributions paid to shareholders, net of reinvestments

    (179,269,952 )

Proceeds from reverse repurchase agreements

    8,100,000  

Payments made on reverse repurchase agreements

    (10,395,000 )

Proceeds from secured borrowings

    532,684,033  

Payments made on secured borrowings

    (437,343,426 )

Proceeds from revolving loan (see note 2)

    1,568,000,000  

Payments on revolving loan (see note 2)

    (675,000,000 )

Proceeds from senior notes

    935,000,000  

Net cash provided by financing activities

    4,361,628,531  
         

Net increase in cash

    (19,157,767 )
         

Cash

       

Cash, beginning of period

    58,969,752  

Cash, end of period

  $ 39,811,985  

 

Non cash financing activities not included herein consist of $94,014,064 reinvested dividends.

 

Cash paid for interest on credit facility during the period was $19,229,549.

 

Cash paid for interest on reverse repurchase agreements during the period was $66,180.

 

Cash paid for interest on senior notes during the period was $21,837,021.

 

Cash paid for interest on secured borrowings during the period was $3,795,675.

 

See accompanying Notes to Consolidated Financial Statements.

 

70

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Financial Highlights
Class I

 

 

Per share operating performance.
For a capital share outstanding throughout the period.

 

   

For the Six
Months Ended
September
30, 2022
(Unaudited)

   

For the Period
January 1,
2022
through
March 31,
2022**

   

For the
Year Ended
December 31,
2021

   

For the
Year Ended
December 31,
2020

   

For the Period
March 6,
2019*
through
December 31,
2019

 

Net asset value, beginning of period

  $ 10.79     $ 10.60     $ 10.35     $ 10.15     $ 10.00  

Income from Investment Operations:

                                       

Net investment income1

    0.35       0.16       0.72       0.72       0.34  

Net realized and unrealized gain (loss) on investments2

    (0.08 )     0.03       0.27       0.19       (0.04 )

Total income from investment operations

    0.27       0.19       0.99       0.91       0.30  
                                         

Less Distributions to shareholders:

                                       

From net investment income

    (0.39 )           (0.62 )     (0.62 )     (0.15 )

From return of capital

                (0.10 )     (0.09 )      

From net realized gain

                (0.02 )     3      3 

Total Distributions to shareholders

    (0.39 )           (0.74 )     (0.71 )     (0.15 )
                                         

Net asset value, end of period

  $ 10.67     $ 10.79     $ 10.60     $ 10.35     $ 10.15  
                                         

Total return4

    2.57 %5     1.79 %5     10.38 %     9.25 %     3.05 %5
                                         

Ratios and Supplemental Data:

                                       

Net assets, end of period (in thousands)

  $ 9,347,783     $ 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

    1.18 %6     1.28 %6     1.32 %     1.80 %     2.25 %6

After fees waived

    1.18 %6     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

    7.99 %6     6.75 %6     7.36 %     7.67 %     3.58 %6

After fees waived

    7.99 %6     6.75 %6     7.36 %     7.67 %     4.05 %6
                                         

 

See accompanying Notes to Consolidated Financial Statements.

 

71

 

 

Cliffwater Corporate Lending Fund

 

 

Consolidated Financial Highlights
Class I (Continued)

 

 

   

For the Six
Months Ended
September
30, 2022
(Unaudited)

   

For the Period
January 1,
2022
through
March 31,
2022**

   

For the
Year Ended
December 31,
2021

   

For the
Year Ended
December 31,
2020

   

For the Period
March 6,
2019*
through
December 31,
2019

 

Ratio of expenses to average net assets (including interest expense)7:

                                       

Before fees waived

    2.58 %6     1.79 %6     1.94 %     2.43 %     2.28 %6

After fees waived

    2.58 %6     1.79 %6     1.94 %     2.43 %     1.81 %6

Ratio of net investment income to average net assets (including interest expense)7:

                                       

Before fees waived

    6.59 %6     6.24 %6     6.74 %     7.04 %     3.55 %6

After fees waived

    6.59 %6     6.24 %6     6.74 %     7.04 %     4.02 %6
                                         

Senior Securities

                                       

Total Amount Outstanding exclusive of Treasury Securities

                                       

Reverse Repurchase Agreements8

  $ 3,960,000     $ 6,255,000     $ 6,833,000     $ 12,557,000     $ 6,034,000  

Secured Borrowings8

    299,509,022       204,168,415       249,990,230              

Senior Credit Facility8

    1,500,000,000       607,000,000       1,195,000,000       190,000,000        

Senior Notes8

    1,526,567,716       649,815,000                    

Asset Coverage Per $1,000 of Borrowings

                                       

Reverse Repurchase Agreements8

    2,361,551       1,078,983       693,179       60,321       45,504  

Secured Borrowings8

    32,210       34,026       19,919              

Senior Credit Facility8

    7,232       12,108       4,958       4,916        

Senior Notes8

    7,123       11,376                    
                                         

Portfolio turnover rate

    12 %5     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 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 epenses 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 “SEC”), the Fund does not treat its obligations under such transactions as senior securities representing indebtedness for purposes of the 1940 Act.

 

See accompanying Notes to Consolidated Financial Statements.

 

72

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited)

 

 

1. Organization

 

The Cliffwater Corporate Lending Fund (the “Fund”) is a Delaware statutory trust under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as a non-diversified, closed-end management investment company operating as an 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, 2022.

 

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.

 

Effective January 1, 2022, the Fund’s fiscal year end changed from December 31 to March 31.

 

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.

 

Consolidation of a Subsidiary

 

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

 

73

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

2. Significant Accounting Policies (continued)

 

accounts of CCLF SPV. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of September 30, 2022, net assets of the CCLF SPV were $3,358,485,620, or approximately 35.95% 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, 2022, net assets of the CCLF MCCW were $233,136,694, or approximately 2.50% 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, 2022, net assets of the CCLF HOLD were $19,482,019, or approximately 0.21% of the Fund’s total net assets.

 

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, 2022, net assets of the CCLF HOLD (D1) were $8,439,882, or approximately 0.09% 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, 2022, net assets of the CCLF HOLD (D2) were $704,530,600, or approximately 7.54% 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, 2022, net assets of the CCLF HOLD (D3) were $11,344,625, or approximately 0.12% 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, 2022, net assets of the KCLF Holdings were $18,947,239, or approximately 0.20% of the Fund’s total net assets.

 

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.

 

74

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

2. Significant Accounting Policies (continued)

 

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.

 

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. 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, 2022.

 

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, 2022, the Fund did not have interest or penalties associated with underpayment of income taxes.

 

CCLF SPV, CCLF MCCW, CCLF HOLD (D1), CCLF HOLD (D2), CCLF HOLD (D3) and KCLF Holdings are disregarded entities for income tax purposes. CCLF HOLD is a limited liability company that has elected to be taxed as a corporation and is 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.

 

75

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (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, 2022, the Fund had twenty 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. Changes in value, including accrued interest, are recorded as net change in unrealized appreciation/(depreciation) on the statement of operations. Unrealized gains are reported as an asset and unrealized losses are reported as a liability on the statement of assets and liabilities. Gains or losses are realized upon termination of the contracts. The risk of loss under a swap contract may exceed the amount recorded as an asset or a liability. As of September 30, 2022, the Fund had eight outstanding interest rate swap contracts.

 

Collateralized Loan Obligations and Collateralized Debt Obligations

 

The Fund may invest in 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.

 

Warehouse Investments

 

The Fund may invest in Warehouse investments (“Warehouses”), which are financing structures created prior to and in anticipation of CLO or CDO closings and issuing securities and are intended to aggregate direct loans, corporate loans and/or other debt obligations that may be used to form the basis of CLO or CDO vehicles. To finance the acquisition of a Warehouse’s assets, a financing facility (a “Warehouse Facility”) is often opened by (i) the entity or affiliates of the entity that will become the collateral manager of the CLO or CDO upon its closing and/or (ii) third-party investors that may or may not invest in the CLO or CDO. The period from the date that a Warehouse is opened and asset accumulation begins to the date that the CLO

 

76

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

2. Significant Accounting Policies (continued)

 

or CDO closes is commonly referred to as the “warehousing period.” In practice, investments in Warehouses are structured in a variety of legal forms, including subscriptions for equity interests or subordinated debt investments in special purpose vehicles that obtain a Warehouse Facility secured by the assets acquired in anticipation of a CLO or CDO closing.

 

The Warehouse investments represent leveraged investments in the underlying assets of a Warehouse. Therefore, the value of a Warehouse investment is often affected by, among other things, (i) changes in the market value of the underlying assets of the Warehouse; (ii) distributions, defaults, recoveries, capital gains, capital losses and prepayments on the underlying assets of the Warehouse; and (iii) the prices, interest rates and availability of eligible assets for reinvestment. Due to the leveraged nature of a Warehouse investment, a significant portion (and in some circumstances all) of the Warehouse investments made by the Fund may not be repaid.

 

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 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 Statements of Operations. As of September 30, 2022, the Fund received $2,274,088 in commitment fees. As of September 30, 2022, the Fund had the following unfunded loan commitments as noted in the consolidated Schedule of Investments with a total principal amount of $1,538,049,065 reflected as unfunded loan commitments within the consolidated Statement of Assets and Liabilities.

 

Borrower

Type

 

Principal
Amount

   

Value

 

123Dentist, Inc.

Delayed Draw

  $ 6,681,175     $ 4,760,526  

1364720 B.C. LTD

Delayed Draw

    5,000,000       3,570,416  

1364720 B.C. LTD

Revolver

    2,000,000       1,413,740  

AAH Topco, LLC

Delayed Draw

    2,903,159       2,859,085  

AAH Topco, LLC

Revolver

    423,729       413,060  

Abracon Group Holdings, LLC

Delayed Draw

    4,326,923       4,258,932  

Abracon Group Holdings, LLC

Delayed Draw

    2,163,462       2,143,340  

Abracon Group Holdings, LLC

Revolver

    865,385       848,676  

Abracon Group Holdings, LLC

Revolver

    1,730,769       1,686,365  

ACI Group Holdings, Inc.

Delayed Draw

    2,779,286       2,749,319  

Acquia, Inc.

Revolver

    179,339       177,513  

ADCS Clinics Intermediate Holdings, LLC

Delayed Draw

    5,433,471       5,198,902  

ADMA Bilogics, Inc.

Delayed Draw

    3,571,429       3,529,977  

 

77

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

2. Significant Accounting Policies (continued)

 

Borrower

Type

 

Principal
Amount

   

Value

 

Advarra Holdings, Inc.

Delayed Draw

  $ 352,200     $ 349,118  

AEC Parent Holdings, Inc.

Delayed Draw

    1,215,953       1,200,555  

Affinity Hospice Intermediate Holdings, LLC

Delayed Draw

    5,239,105       5,153,884  

Affinipay Midco, LLC

Delayed Draw

    4,640,884       4,588,039  

Affinipay Midco, LLC

Revolver

    2,209,945       2,162,712  

AG-Twin Brook Healthcare

Delayed Draw

    9,930,556       9,807,256  

AG-Twin Brook Healthcare

Delayed Draw

    7,570,000       7,496,211  

AG-Twin Brook Industrials

Delayed Draw

    17,760,000       17,624,292  

AHR Intermediate, Inc.

Delayed Draw

    10,500,000       10,385,850  

Any Hour, LLC

Delayed Draw

    4,566,667       4,528,398  

Any Hour, LLC

Revolver

    2,000,000       1,969,637  

Air Comm Corporation, LLC

Revolver

    1,044,051       1,030,811  

Air Comm Corporation, LLC

Revolver

    2,113,764       2,086,958  

Alera Group Holdings, Inc.

Delayed Draw

    2,522,730       2,472,276  

Alera Group Holdings, Inc.

Delayed Draw

    6,145,980       5,997,928  

Alera Group Holdings, Inc.

Delayed Draw

    5,000,000       4,873,877  

Alert Media, Inc.

Delayed Draw

    3,000,000       2,977,597  

Alpine Acquisition Corp.

Revolver

    71,380       68,158  

Amba Buyer, Inc.

Delayed Draw

    14,257,915       13,791,994  

Amerilife Holdings LLC

Delayed Draw

    4,909,091       4,842,497  

Amerilife Holdings LLC

Revolver

    2,454,545       2,396,791  

Apex Service Partners, LLC

Revolver

    2,000,000       1,929,645  

Appfire Technologies, LLC

Delayed Draw

    11,020,000       10,892,507  

Appfire Technologies, LLC

Delayed Draw

    4,995,257       4,900,155  

Appfire Technologies, LLC

Revolver

    900,900       883,748  

Applied Technical Services

Delayed Draw

    2,909,091       2,889,870  

Applied Technical Services

Revolver

    727,273       722,468  

Apptio, Inc.

Revolver

    557,223       544,585  

AQ Sage Buyer, LLC

Delayed Draw

    17,868,014       17,150,137  

AQ Sage Buyer, LLC

Delayed Draw

    6,653,221       6,385,917  

AQ Sunshine, Inc.

Delayed Draw

    1,791,667       1,728,640  

AQ Sunshine, Inc.

Delayed Draw

    13,740,741       13,257,375  

AQ Sunshine, Inc.

Revolver

    1,200,000       1,157,787  

Armada Parent, Inc.

Delayed Draw

    1,000,000       982,019  

Armada Parent, Inc.

Revolver

    2,383,333       2,340,479  

ASG II, LLC

Delayed Draw

    4,608,696       4,536,057  

 

78

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

2. Significant Accounting Policies (continued)

 

Borrower

Type

 

Principal
Amount

   

Value

 

Aspen Opco, LLC

Revolver

  $ 2,651,515     $ 2,617,889  

Associations, Inc.

Revolver

    23,525,000       23,257,337  

Auveco Holdings, Inc.

Delayed Draw

    1,973,684       1,933,855  

Auveco Holdings, Inc.

Revolver

    986,842       966,927  

AWT Merger Sub, Inc.

Delayed Draw

    1,424,370       1,409,867  

AWT Merger Sub, Inc.

Revolver

    928,571       919,117  

AxiomSL Group, Inc.

Delayed Draw

    713,267       695,307  

AxiomSL Group, Inc.

Revolver

    731,098       712,690  

Blackbird Purchaser, Inc.

Delayed Draw

    10,713,282       10,282,858  

BCPE North Star US Holdings Co.

Delayed Draw

    2,210,526       2,097,845  

Beacon Mobility Corp.

Revolver

    1,000,000       979,820  

Bendon

Revolver

    1,800,000       1,727,682  

Benefit Street Technology

Delayed Draw

    19,550,861       19,166,841  

Benefit Street Technology

Revolver

    2,666,667       2,619,518  

Berlin Packaging LLC

Second Lien Term Loan

    2,828,099       2,685,718  

Beta Plus Technologies, Inc.

Revolver

    6,700,000       6,549,462  

BetterCloud, Inc.

Revolver

    3,801,052       3,724,415  

BetterCloud, Inc.

Revolver

    2,512,669       2,462,009  

Bigtime Software, Inc.

Revolver

    2,327,586       2,268,874  

Biocare Medical LLC

Revolver

    2,777,778       2,721,721  

BlueHalo Global Holdings, LLC

Revolver

    341,663       333,231  

Bounteous, Inc.

Delayed Draw

    4,300,000       4,221,823  

Bounteous, Inc.

Revolver

    888,000       871,856  

BusinesSolver.com, Inc.

Delayed Draw

    1,378,788       1,331,526  

Caldwell & Gregory LLC

Delayed Draw

    2,000,000       1,979,636  

Carevet LLC

Delayed Draw

    4,530,505       4,504,264  

CC SAG Acquisition Corp.

Delayed Draw

    2,437,063       2,368,971  

CC SAG Acquisition Corp.

Revolver

    699,301       679,762  

CC WDW Borrower, Inc.

Delayed Draw

    1,631,196       1,603,520  

Cerity Partners, LLC

Delayed Draw

    709,108       697,965  

Cerity Partners, LLC

Revolver

    443,192       431,822  

CFGI Holdings, LLC

Delayed Draw

    2,189,781       2,101,803  

CFGI Holdings, LLC

Revolver

    1,751,825       1,681,443  

Cherry Bekaert Advisory LLC

Delayed Draw

    4,746,835       4,698,590  

Cherry Bekaert Advisory LLC

Revolver

    1,898,734       1,860,452  

Citrin Cooperman Advisors, LLC

Delayed Draw

    17,793,939       17,506,994  

Citrin Cooperman Advisors LLC

Delayed Draw

    2,647,908       2,604,474  

 

79

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

2. Significant Accounting Policies (continued)

 

Borrower

Type

 

Principal
Amount

   

Value

 

Cleo Communications Holding, LLC

Revolver

  $ 2,140,000     $ 2,078,627  

Club Car Wash

Delayed Draw

    2,560,529       2,483,713  

Community Medical Acquisition Corp.

Delayed Draw

    4,333,814       4,148,863  

Community Medical Acquisition Corp.

Revolver

    3,683,963       3,526,745  

Connect America.com, LLC

Revolver

    254,803       247,114  

Consolidated Label Co.

Revolver

    1,339,286       1,322,301  

Consolidated Label Co.

Revolver

    578,516       571,180  

CORA Health Holdings Corp.

Delayed Draw

    5,169,567       5,078,165  

CORA Health Holdings Corp.

Revolver

    338,462       332,478  

Coretrust Purchasing Group LLC

Delayed Draw

    596,443       587,496  

Coretrust Purchasing Group LLC

Revolver

    250,000       242,500  

Coretrust Purchasing Group LLC

Delayed Draw

    2,819,549       2,777,256  

Coretrust Purchasing Group LLC

Revolver

    2,819,549       2,734,962  

Covaris Intermediate 3, LLC

Delayed Draw

    5,921,053       5,776,879  

Covaris Intermediate 3, LLC

Revolver

    789,474       762,470  

Covercraft Parent II

Delayed Draw

    2,225,000       2,177,809  

CPF Dental, LLC

Delayed Draw

    2,857,942       2,788,839  

CPF Dental, LLC

Delayed Draw

    15,225       14,857  

Credit Connection, LLC

Revolver

    600,000       594,431  

CRS TH Holdings Corp

Revolver

    4,237,288       4,101,787  

D4C Dental Brands, Inc.

Delayed Draw

    492,843       492,524  

D4C Dental Brands, Inc.

Revolver

    535,714       532,175  

DataLink, LLC

Revolver

    310,484       291,801  

DCA Holdings LLC

Delayed Draw

    652,787       640,462  

Deca Dental Holdings, LLC

Delayed Draw

    3,333,333       3,299,393  

Deca Dental Holdings, LLC

Revolver

    592,593       586,559  

Denali Midco 2 LLC

Delayed Draw

    7,500,000       7,246,342  

Diligent Corporation

Delayed Draw

    710,400       705,706  

DOCS MSO LLC

Delayed Draw

    3,629,032       3,528,584  

DOCS MSO LLC

Revolver

    967,742       940,956  

DOCS MSO LLC

Delayed Draw

    2,419,355       2,352,390  

DOCS MSO LLC

Revolver

    645,161       627,304  

DTI Holdco, Inc.

Revolver

    381,012       375,231  

Dwyer Instruments, Inc.

Delayed Draw

    1,912,916       1,893,475  

Dwyer Instruments, Inc.

Revolver

    807,011       790,742  

Dwyer Instruments, Inc.

Revolver

    1,620,617       1,587,942  

EAP Holdco, LLC

Delayed Draw

    989,658       977,107  

 

80

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

2. Significant Accounting Policies (continued)

 

Borrower

Type

 

Principal
Amount

   

Value

 

EAP Holdco, LLC

Revolver

  $ 1,604,341     $ 1,583,995  

Easy Ice, LLC

Delayed Draw

    6,134,165       6,093,636  

EdgeCo Buyer, Inc.

Delayed Draw

    10,000,000       9,728,356  

EDPO, LLC

Delayed Draw

    1,006,667       991,394  

Emburse, Inc.

Delayed Draw

    1,209,677       1,189,294  

Emburse, Inc.

Revolver

    604,839       594,647  

Emmes Blocker, Inc.

Delayed Draw

    11,222,326       11,073,547  

Emmes Blocker, Inc.

Delayed Draw

    5,487,805       5,415,051  

ERC Holdings, LLC

Delayed Draw

    2,201,183       2,112,747  

ERC Holdings, LLC

Revolver

    1,420,118       1,363,063  

ERC Holdings, LLC

Revolver

    6,657,924       6,390,431  

ESG Investments, Inc

Delayed Draw

    8,035,714       7,672,695  

ESG Investments, Inc

Revolver

    2,142,857       2,046,052  

Explorer Investor, Inc.

Delayed Draw

    5,232,558       4,890,115  

FLS Holding, Inc.

Revolver

    2,000,000       1,959,439  

Fingerpaint Marketing, Inc.

Delayed Draw

    9,167,014       8,936,194  

Fingerpaint Marketing, Inc.

Revolver

    1,680,108       1,637,803  

FSS Buyer LLC

Revolver

    920,223       903,493  

Fortis Solutions Group, LLC

Delayed Draw

    10,000,000       9,902,037  

Fortis Solutions Group, LLC

Delayed Draw

    602,699       592,285  

Fortis Solutions Group, LLC

Revolver

    1,679,160       1,650,146  

Fortis Life Sciences, LLC

Delayed Draw

    11,106,063       10,937,459  

Fortis Life Sciences, LLC

Revolver

    1,217,391       1,198,910  

FYi Eye Care Services and Products, Inc.

Delayed Draw

    4,210,526       2,980,510  

Gainsight, Inc.

Revolver

    2,625,000       2,547,385  

Galway Borrower, LLC

Delayed Draw

    8,930       8,683  

Galway Borrower, LLC

Delayed Draw

    52,734       51,274  

Galway Borrower, LLC

Revolver

    694,552       675,327  

Galway Borrower, LLC

Revolver

    814,315       791,776  

Galway Borrower, LLC

Revolver

    293,856       285,723  

Galway Borrower, LLC

Delayed Draw

    692,815       673,639  

Galway Borrower, LLC

Revolver

    879,765       855,414  

Gateway US Holdings, Inc.

Delayed Draw

    1,176,273       1,150,432  

Gateway US Holdings, Inc.

Revolver

    409,091       400,104  

Govdelivery Holdings, LLC

Delayed Draw

    3,334,737       3,312,704  

Govdelivery Holdings, LLC

Revolver

    536,402       532,858  

GovBrands Intermediate, Inc.

Delayed Draw

    905,972       872,472  

 

81

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

2. Significant Accounting Policies (continued)

 

Borrower

Type

 

Principal
Amount

   

Value

 

GovBrands Intermediate, Inc.

Revolver

  $ 662,278     $ 637,789  

Graffiti Buyer, Inc.

Delayed Draw

    5,044,643       4,955,450  

Graffiti Buyer, Inc.

Revolver

    1,303,199       1,280,158  

GSV Holding, LLC

Delayed Draw

    24,000,000       23,319,018  

Higginbotham Insurance Agency, Inc.

Delayed Draw

    23,012,034       22,746,338  

Higginbotham Insurance Agency, Inc.

Delayed Draw

    12,900,000       12,751,057  

HPS Specialty Loan Fund V Feeder LP

First Lien Term Loan

    80,625,000       80,625,000  

HPS Technology

Delayed Draw

    20,744,922       23,010,114  

HSI Halo Acquisition, Inc.

Revolver

    875,000       856,442  

HS Spa Holdings, Inc.

Revolver

    311,429       303,264  

iCIMS, Inc.

Revolver

    184,671       182,569  

iCIMS, Inc.

Revolver

    1,904,761       1,858,674  

Iconic Purchaser Corporation

Revolver

    1,230,769       1,178,614  

Isaac Heating & Air Conditioning

Delayed Draw

    947,368       935,354  

Isaac Heating & Air Conditioning

Revolver

    2,368,421       2,338,385  

Imagine Acquisitionco, Inc.

Delayed Draw

    1,607,717       1,575,273  

Imagine Acquisitionco, Inc.

Revolver

    1,157,556       1,134,196  

Indigo Buyer, Inc.

Delayed Draw

    5,000,000       4,925,697  

Indigo Buyer, Inc.

Revolver

    1,666,667       1,625,314  

Innovetive Petcare, LLC

Delayed Draw

    4,220,317       4,169,230  

Integrated Oncology Network, LLC

Revolver

    83,957       83,402  

ISS Compressors Industries, Inc.

Revolver

    83,333       80,510  

IG Investments

Revolver

    722,543       684,845  

insightsoftware

Delayed Draw

    1,999,993       1,976,829  

insightsoftware

Revolver

    209,340       206,915  

Integrity Marketing Acquisition, LLC

Delayed Draw

    19,764,786       19,563,901  

Integrated Oncology Network, LLC

Delayed Draw

    1,355,681       1,346,724  

Integrated Oncology Network, LLC

Revolver

    134,701       133,811  

Integrated Power Services

Revolver

    2,730,835       2,672,915  

Invicti Intermediate 2, LLC

Revolver

    1,090,909       1,056,986  

IQN Holding Corp.

Delayed Draw

    1,443,850       1,421,558  

IQN Holding Corp.

Revolver

    577,540       565,766  

IvyRehab Intermediate II, LLC

Delayed Draw

    4,221,491       4,094,093  

IvyRehab Intermediate II, LLC

Revolver

    3,837,719       3,683,533  

J S Held, LLC

Delayed Draw

    9,193,508       9,087,360  

JTM Foods, LLC

Revolver

    559,597       553,725  

JTM Foods, LLC

Delayed Draw

    386,122       377,365  

 

82

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

2. Significant Accounting Policies (continued)

 

Borrower

Type

 

Principal
Amount

   

Value

 

JTM Foods, LLC

Revolver

  $ 559,597     $ 546,906  

Kaseya, Inc.

Delayed Draw

    4,100,000       4,058,790  

Kaseya, Inc.

Revolver

    4,100,000       4,028,119  

KBP Brands, LLC

Delayed Draw

    17,810,349       17,183,824  

KBP Investments LLC

Delayed Draw

    3,444,691       3,350,440  

Keystone Agency Investors

Delayed Draw

    8,286,504       8,109,414  

Keystone Acquisition Corp.

Delayed Draw

    3,260,870       3,170,612  

Keystone Acquisition Corp.

Revolver

    1,630,435       1,585,306  

Komline-Sanderson Group, Inc.

Delayed Draw

    4,687,500       4,617,242  

Komline-Sanderson Group, Inc.

Revolver

    1,171,875       1,154,310  

KPSKY Acquisition, Inc.

Delayed Draw

    4,375,000       4,317,994  

KWOR Acquisition, Inc.

Delayed Draw

    15,313,231       15,078,935  

KWOR Acquisition, Inc.

Revolver

    1,497,418       1,459,535  

Life Science Intermediate Holdings, LLC

Delayed Draw

    6,000,000       5,779,023  

Life Science Intermediate Holdings, LLC

Delayed Draw

    1,486,000       1,630,716  

Life Science Intermediate Holdings, LLC

Delayed Draw

    1,553,797       1,527,101  

Life Science Intermediate Holdings, LLC

Revolver

    188,281       185,046  

Life Science Intermediate Holdings, LLC

Delayed Draw

    3,750,000       3,685,572  

Life Science Intermediate Holdings, LLC

Revolver

    468,376       460,329  

Life Science Intermediate Holdings, LLC

Delayed Draw

    6,550,650       6,438,104  

Lithium Technologies, LLC

Revolver

    367,018       362,840  

LMG Holdings, Inc.

Revolver

    194,286       191,249  

LOC Performance Products

Revolver

    3,213,443       3,161,412  

Premier Imaging, LLC

Delayed Draw

    10,332,779       10,175,914  

Majco LLC

Delayed Draw

    6,583,333       6,351,748  

Majco LLC

Revolver

    1,200,000       1,151,788  

Marcone Yellowstone Buyer, Inc.

Delayed Draw

    4,139,091       4,014,179  

Margaritaville Enterprises LLC

Delayed Draw

    5,108,297       5,054,467  

Margaritaville Enterprises LLC

Revolver

    312,500       306,870  

MB2 Dental Solutions, LLC

Delayed Draw

    6,250,000       6,187,686  

MBS Holdings, Inc.

Revolver

    1,271,186       1,248,711  

Mc Group Ventures Corporation

Delayed Draw

    4,519,231       4,486,770  

Mclarens Midco, Inc.

Revolver

    3,485,026       3,411,110  

MedMark Services, Inc.

Delayed Draw

    3,446,509       3,393,430  

MedMark Services, Inc.

Delayed Draw

    415,962       409,555  

Mindbody, Inc.

Revolver

    1,428,571       1,392,601  

MN Acquisition, Inc.

Revolver

    2,500,000       2,437,815  

 

83

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

2. Significant Accounting Policies (continued)

 

Borrower

Type

 

Principal
Amount

   

Value

 

ManTech International Corporation

Delayed Draw

  $ 13,379,260     $ 13,181,820  

ManTech International Corporation

Revolver

    5,689,166       5,548,591  

Motion & Control Enterprises LLC

Revolver

    1,224,685       1,196,518  

MRI Software LLC

Delayed Draw

    11,885,000       11,701,406  

MRI Software LLC

Revolver

    2,159,885       2,114,075  

NCWS Intermediate, Inc.

Delayed Draw

    30,884       30,229  

National Dentex Labs LLC

Delayed Draw

    390,805       381,023  

Netwrix Corporation And Concept Searching Inc.

Delayed Draw

    15,308,156       15,165,950  

Netwrix Corporation And Concept Searching Inc.

Revolver

    2,870,000       2,829,051  

New Era Merger Sub, Inc.

Delayed Draw

    332,030       325,529  

New Era Merger Sub, Inc.

Revolver

    58,641       57,493  

New Era Merger Sub, Inc.

Revolver

    148,393       145,488  

New ILC Dover, Inc.

Delayed Draw

    3,601,785       3,525,392  

New ILC Dover, Inc.

Revolver

    1,138,534       1,114,386  

NL1 Acquire Corp.

Delayed Draw

    1,930,959       1,388,592  

NL1 Acquire Corp.

Delayed Draw

    1,182,780       1,114,920  

NL1 Acquire Corp.

Revolver

    563,195       405,005  

Novotech (Australia) Pty Limited

Delayed Draw

    3,125,000       3,044,637  

Northstar Recycling

Revolver

    2,000,000       1,975,636  

Oakbridge Insurance Agency LLC

Delayed Draw

    13,529,310       13,282,905  

Oakbridge Insurance Agency LLC

Revolver

    482,759       470,385  

OB Hospitalist Group

Revolver

    1,374,046       1,344,506  

OIA Acquisition, LLC

Delayed Draw

    459,000       452,032  

OIA Acquisition, LLC

Revolver

    1,928,571       1,899,294  

OIS Management Services, LLC

Revolver

    1,275,862       1,256,493  

Oliver Packaging, LLC

Revolver

    1,269,841       1,248,500  

Olympic Buyer, Inc.

Revolver

    2,352,941       2,283,344  

Omni Intermediate Holdings, LLC

Delayed Draw

    1,549,296       1,530,571  

Omni Intermediate Holdings, LLC

Delayed Draw

    4,533,321       4,478,529  

Omni Intermediate Holdings, LLC

Revolver

    2,253,521       2,203,752  

OneCare Media, LLC

Revolver

    1,333,333       1,310,425  

Ons Mso, LLC

Revolver

    4,974,466       4,868,959  

Org USME Buyer, LLC

Delayed Draw

    743,478       733,245  

Org USME Buyer, LLC

Revolver

    936,232       923,346  

Patriot Growth Insurance Services, LLC

Delayed Draw

    2,656,432       2,602,825  

 

84

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

2. Significant Accounting Policies (continued)

 

Borrower

Type

 

Principal
Amount

   

Value

 

Patriot Growth Insurance Services, LLC

Delayed Draw

  $ 35,000,000     $ 34,450,024  

Patriot Growth Insurance Services, LLC

Revolver

    2,660,377       2,606,690  

PC Dreamscape Opco, Inc.

Delayed Draw

    3,289,474       3,217,210  

PC Dreamscape Opco, Inc.

Revolver

    1,315,789       1,273,885  

PCS Software, Inc.

Revolver

    363,714       361,311  

PCX Holding Corp.

Revolver

    437,500       426,484  

PCX Holding Corp.

Delayed Draw

    101,563       99,055  

Pinnacle Dermatology Management, LLC

Delayed Draw

    2,542,268       2,497,319  

Pinnacle Dermatology Management, LLC

Revolver

    773,196       763,391  

PDQ

Revolver

    1,764,706       1,739,680  

Pegasus Global Enterprise Holdings, LLC

Delayed Draw

    1,226,320       1,201,572  

Pegasus Global Enterprise Holdings, LLC

Delayed Draw

    1,268,825       1,260,442  

Peter C. Foy & Associates Insurance Services, LLC

Delayed Draw

    12,303,571       12,222,281  

Pinnacle Fertility, Inc.

Delayed Draw

    3,125,000       3,039,644  

Pinnacle Treatment Centers, Inc.

Revolver

    107,143       106,435  

Polyphase Elevator Holding Company

Delayed Draw

    18,593,400       18,218,179  

Potter Electric Signal Company, LLC

Delayed Draw

    2,647,890       2,591,729  

Potter Electric Signal Company, LLC

Revolver

    456,895       447,205  

PPV Intermediate Holdings LLC

Delayed Draw

    7,576,158       7,472,116  

PPV Intermediate Holdings LLC

Revolver

    2,538,076       2,477,936  

PPV Intermediate Holdings LLC

Delayed Draw

    1,245,691       1,231,573  

PPV Intermediate Holdings LLC

Delayed Draw

    1,875,000       1,844,581  

Prism Parent Co., Inc.

Delayed Draw

    601,852       595,833  

ProcessUnity Holdings, LLC

Delayed Draw

    1,000,000       955,224  

ProcessUnity Holdings, LLC

Revolver

    750,000       710,194  

QF Holdings, Inc.

Revolver

    263,158       254,558  

Quantic Electronics, LLC

Delayed Draw

    953,898       941,801  

Quantic Electronics, LLC

Revolver

    57,038       56,315  

Quantic Electronics, LLC

Revolver

    500,000       493,659  

Quality Automotive Services, LLC

Revolver

    1,477,132       1,445,803  

Race Winning Brands, Inc.

Revolver

    2,139,107       2,095,939  

Radwell International, LLC

Delayed Draw

    7,303,400       7,110,934  

Radwell International, LLC

Revolver

    2,921,300       2,844,315  

Rally Buyer, Inc.

Delayed Draw

    3,000,000       2,960,164  

Rally Buyer, Inc.

Revolver

    1,500,000       1,465,132  

Rally Buyer, Inc.

Delayed Draw

    3,364,360       3,311,493  

 

85

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

2. Significant Accounting Policies (continued)

 

Borrower

Type

 

Principal
Amount

   

Value

 

Rally Buyer, Inc.

Revolver

  $ 1,682,180     $ 1,639,022  

Ranger Buyer, Inc.

Revolver

    1,538,462       1,528,297  

Raven Buyer, Inc.

Revolver

    2,045,455       2,009,076  

RB Holdings Interco, LLC

Delayed Draw

    2,770,160       2,728,131  

RB Holdings Interco, LLC

Revolver

    461,693       450,096  

RCS Healthcare

Revolver

    152,778       151,768  

RCS Industrials

Revolver

    285,714       283,827  

Recorded Future, Inc.

Revolver

    178,771       175,610  

Redwood Services Group, LLC

Delayed Draw

    9,608,532       9,499,208  

RefrigiWear, LLC

Revolver

    2,254,976       2,215,107  

Revalize, Inc.

Delayed Draw

    6,665,032       6,736,863  

Riskonnect Parent, LLC

Delayed Draw

    35,294,000       34,959,628  

Royal Buyer, LLC

Delayed Draw

    500,000       495,000  

Royal Buyer, LLC

Revolver

    191,667       187,833  

RQM Buyer, Inc.

Delayed Draw

    4,687,500       4,613,413  

RSC Acquisition, Inc.

Revolver

    8,690,548       8,560,291  

RSC Acquisition, Inc.

Delayed Draw

    2,418,947       2,380,822  

S4T Holdings Corp.

Delayed Draw

    4,545,455       4,490,083  

Safety Borrower Holdings

Revolver

    508,475       487,029  

SailPoint Technologies, Inc.

Revolver

    603,840       588,348  

SDG Mgmt Company

Delayed Draw

    2,672,995       2,646,172  

SDG Mgmt Company

Revolver

    392,799       384,929  

Securonix, Inc.

Revolver

    2,288,135       2,264,837  

Seismic Software, Inc.

Delayed Draw

    1,089,558       1,055,677  

Seismic Software, Inc.

Revolver

    272,390       263,919  

Seismic Software, Inc.

Delayed Draw

    26,204,082       25,334,326  

Seko Global Logistics Network, LLC

Revolver

    32,358       31,604  

Service Compression, LLC

Delayed Draw

    3,953,333       3,796,525  

Smile Doctors, LLC

Delayed Draw

    12,629,747       12,374,875  

Smile Doctors, LLC

Revolver

    1,696,113       1,661,885  

Sonar Acquisitionco, Inc.

Revolver

    2,693,750       2,620,627  

Sonny’s Enterprises, LLC

Revolver

    640,244       636,014  

Spanx, LLC

Revolver

    8,709,567       8,453,751  

Spartronics LLC

Revolver

    478,297       475,136  

Spirit RR Holdings, Inc.

Delayed Draw

    217,352       214,092  

Spirit RR Holdings, Inc.

Revolver

    100,316       97,307  

Spotless Brands, LLC

Delayed Draw

    1,976,809       1,957,041  

 

86

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

2. Significant Accounting Policies (continued)

 

Borrower

Type

 

Principal
Amount

   

Value

 

Spotless Brands, LLC

Revolver

  $ 69,000     $ 67,620  

Stanton Carpet Corp.

Revolver

    1,189,468       1,148,809  

Summit Buyer, L.L.C

Delayed Draw

    3,270,591       3,235,238  

Summit Buyer, L.L.C

Delayed Draw

    3,430,213       3,393,134  

Summit Buyer, L.L.C

Revolver

    1,382,979       1,368,030  

System Planning and Analysis, Inc.

Delayed Draw

    3,643,011       3,593,653  

System Planning and Analysis, Inc.

Revolver

    2,195,341       2,149,232  

SWK Buyer, Inc.

Delayed Draw

    3,070,175       2,946,826  

SWK Buyer, Inc.

Revolver

    70,175       67,356  

Syntax Systems Ltd.

Delayed Draw

    4,950,495       4,865,441  

Syntax Systems Ltd.

Revolver

    660,066       648,725  

Tamarack Intermediate, L.L.C.

Revolver

    3,023,438       2,930,988  

Tank Holding Corp.

Revolver

    1,780,415       1,737,816  

The Smilist Management, Inc.

Delayed Draw

    338,271       335,133  

The Smilist Management, Inc.

Delayed Draw

    3,560,749       3,527,714  

The Smilist Management, Inc.

Revolver

    356,075       352,771  

The Vertex Companies, Inc.

Delayed Draw

    820,565       740,493  

The Vertex Companies, Inc.

Revolver

    1,043,478       941,654  

TheKey, LLC

Delayed Draw

    20,573,644       20,257,540  

THG Acquisition, LLC

Delayed Draw

    11,109,588       10,940,930  

THG Acquisition, LLC

Revolver

    743,884       732,591  

Thunder Purchase, Inc.

Revolver

    1,136,691       1,112,582  

TigerConnect, Inc.

Delayed Draw

    541,406       534,693  

TigerConnect, Inc.

Revolver

    1,875,000       1,814,716  

Tilley Chemical Co., Inc.

Revolver

    457,629       448,591  

Tilley Chemical Co., Inc.

Revolver

    711,868       697,809  

Time Manufacturing Acquisition, LLC

Revolver

    1,260,274       1,218,886  

Titan Group Holdco, LLC

Delayed Draw

    321,317       315,636  

Titan Group Holdco, LLC

Delayed Draw

    3,750,000       3,683,697  

Titan Group Holdco, LLC

Revolver

    1,950,000       1,915,522  

TMC Buyer, Inc.

Delayed Draw

    253,834       220,835  

Trackforce Acquireco, Inc.

Revolver

    1,113,074       1,090,632  

Tribute Technology Holdings, LLC

Revolver

    3,487,842       3,413,866  

Trident Maritime Systems, Inc.

Revolver

    222,222       220,182  

Trident Maritime Systems, Inc.

Revolver

    777,778       770,636  

Troy Gastroenterology, P.C.

Delayed Draw

    2,561,576       2,544,652  

Troy Gastroenterology, P.C.

Revolver

    394,089       391,485  

 

87

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

2. Significant Accounting Policies (continued)

 

Borrower

Type

 

Principal
Amount

   

Value

 

Trunk Acquisition, Inc.

Revolver

  $ 1,193,049     $ 1,185,166  

Trunk Acquisition, Inc.

Revolver

    2,500,000       2,483,482  

Transtar Holding Company

Delayed Draw

    1,448,276       1,414,850  

Turbo Buyer, Inc.

Delayed Draw

    4,733,333       4,580,550  

TurningPoint Healthcare Solutions, LLC

Revolver

    1,816,524       1,777,996  

The Ultimus Group Midco, LLC

Revolver

    1,424,528       1,394,315  

United Musculoskeletal Partners Acquisition Holdings, LLC

Delayed Draw

    3,600,543       3,563,948  

United Musculoskeletal Partners Acquisition Holdings, LLC

Revolver

    1,724,138       1,689,376  

Uniguest

Delayed Draw

    605,263       600,311  

Uniguest

Revolver

    526,316       522,272  

Urology Management Holdings, Inc.

Delayed Draw

    1,287,014       1,232,089  

Urology Management Holdings, Inc.

Revolver

    1,190,476       1,139,671  

USRP Holdings, Inc.

Delayed Draw

    6,892,844       6,746,649  

USRP Holdings, Inc.

Revolver

    645,161       628,288  

USRP Holdings, Inc.

Revolver

    3,145,613       3,063,345  

Vale Insurance Services LLC

Revolver

    2,204,403       2,189,839  

Vardiman Black Holdings, LLC

Delayed Draw

    11,642,397       11,426,610  

V Global Holdings LLC

Revolver

    11,817,844       11,506,579  

Vital Care Buyer, LLC

Revolver

    1,777,778       1,751,322  

VRC Companies, LLC

Delayed Draw

    4,482,799       4,414,826  

VRC Companies, LLC

Revolver

    531,250       523,195  

VSG Acquisition Corp.

Delayed Draw

    8,003,333       7,786,875  

VSG Acquisition Corp.

Revolver

    735,000       715,121  

Water Holdings Acquisition, LLC

Delayed Draw

    3,817,808       3,758,027  

Water Holdings Acquisition, LLC

Revolver

    519,305       511,174  

Web P.T., Inc.

Revolver

    1,058,036       1,030,126  

World Insurance Associates, LLC

Delayed Draw

    15,094,109       14,994,381  

World Insurance Associates, LLC

Delayed Draw

    14,937,652       14,743,014  

Wealth Enhancement Group, LLC

Revolver

    439,990       435,503  

Wealth Enhancement Group, LLC

Delayed Draw

    7,203,316       7,147,769  

WorkForce Software, LLC

Revolver

    154,412       150,524  

Xeris Pharmaceuticals, Inc.

Delayed Draw

    8,333,333       8,154,247  

Xifin, Inc.

Delayed Draw

    1,649,591       1,598,295  

Xifin, Inc.

Revolver

    2,055,992       1,992,058  

Zavation Medical Products, LLC

Revolver

    1,621,622       1,592,950  

Total

    $ 1,538,049,065     $ 1,506,509,839  

 

88

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

2. Significant Accounting Policies (continued)

 

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 establishes 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 designated the Investment Manager as its valuation designee to perform fair value determinations and approved new Valuation Procedures for the Fund. The Board of Trustees of 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 Investment Manager subject to the oversight of the Board (the “Valuation Designee”). 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.

 

Corporate loans are generally valued using unobservable pricing inputs received from the Sub-Advisers or the Fund’s investment partners. The Investment Manager will continuously monitor the valuations of Fund investments provided by the Sub-Advisers and investment partners and review any material concerns with the Valuation Committee. The Investment Manager may conclude, however, in certain circumstances, that a fair valuation provided by a Sub-Adviser or investment partner 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 the Sub-Adviser or investment partner, 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 Sub-Advisers and investment partners. 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, Sub-Advisers 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.

 

89

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

2. Significant Accounting Policies (continued)

 

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.

 

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 14 thereto. For the six months ended September 30, 2022, the average balance outstanding and weighted average interest rate were $4,682,951 and 2.93%, respectively.

 

   

September 30, 2022

 
   

Remaining Contractual Maturity of the Agreements

 

Reverse
Repurchase Agreements

 

Overnight and
Continuous

   

Up to 30 days

   

30–90 days

   

Greater Than
90 days

   

Total

 

Collateralized Loan Obligations

  $     $     $ 3,960,000     $     $ 3,960,000  

Total

  $     $     $ 3,960,000     $     $ 3,960,000  

 

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.

 

90

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

2. Significant Accounting Policies (continued)

 

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 provides for borrowings on a committed basis in an aggregate principal amount up to $2,340,000,000. 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 $1,840,000,000 on a revolving basis (the “Revolving Loan”). The Revolving Loan may be increased from time to time in an aggregate of up to $2,500,000,000 on an uncommitted basis. The Revolving Loan matures on March 28, 2027, and the Term Loan matures on March 28, 2029.

 

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 penalty 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, 2022, the average balance outstanding, maximum amount borrowed and weighted average interest rate were $1,490,928,961, $1,525,000,000 and 3.76%, respectively. In addition, the interest rate at period end on the Term Loan and weighted average interest rate on the Revolving Loan were 5.71% and 4.55%, respectively. The interest expense during the six months ended September 30, 2022, was $28,119,922. Commitment fees incurred are prepaid and amortized over the term of the loan. For the six months ended September 30, 2022, fees were $671,610. Unused commitment fees for the six months ended September 30, 2022 were $396,771.

 

Certain Fund investments are held by CCLF SPV. 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.

 

On August 12, 2022, the Fund entered into sale/buy-back agreements with Macquarie US Trading LLC (“Macquarie”), and pursuant to such agreements, the Fund assigned certain assets to Macquarie, with a corresponding repurchase obligation at an agreed-upon price within 120 days after the sale date (the “Macquarie Sale/Buy-Back”). The Macquarie Sale/Buy-Back has a funding cost of 1.6772 basis points (0.016772%) per day and is not subject to any additional fees. As of September

 

91

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

2. Significant Accounting Policies (continued)

 

30, 2022, secured borrowings pursuant to the Macquarie Sale/Buy-Back were $299,509,022 with a maturity of 30-90 days. Interest expense on secured borrowings for the six months ended September 30, 2022 were $5,455,057. Secured borrowings outstanding as of September 30, 2022 with Macquarie were as follows:

 

Loan Name

 

Trade Date

   

Maturity Date

   

Amount

 

Anaplan, Inc.

    August 12, 2022       December 10, 2022     $ 19,920,000  

Gainsight, Inc.

    August 12, 2022       December 10, 2022       16,465,342  

Kaseya, Inc.

    August 12, 2022       December 10, 2022       52,691,840  

KWOR Acquisition, Inc.

    August 12, 2022       December 10, 2022       9,945,966  

Marcone Yellowstone Buyer, Inc.

    August 12, 2022       December 10, 2022       17,173,097  

Project Leopard Holdings, Inc.

    August 12, 2022       December 10, 2022       44,640,000  

PT Intermediate Holdings III, LLC

    August 12, 2022       December 10, 2022       17,161,628  

Radwell International, LLC

    August 12, 2022       December 10, 2022       42,812,375  

Tank Holding Corp.

    August 12, 2022       December 10, 2022       49,108,973  

User Zoom Technologies, Inc.

    August 12, 2022       December 10, 2022       29,589,801  

Total

                  $ 299,509,022  

 

Senior Notes

 

On March 29, 2022, the Fund issued Series A Senior Secured Notes (the “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 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 additional 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 additional notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $50 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.

 

The table below sets forth a summary of the key terms of the series of Notes outstanding at September 30, 2022.

 

Series

 

Principal
Outstanding
September 30,
2022

   

Payment
Frequency

   

Unamortized
Offering
Costs

   

Value
September 30,
2022

   

Fixed
Interest
Rate

 

Maturity Date

 

A

  $ 650,000,000       Semi-Annual     $ 185,000     $ 617,554,514       4.10%     March 28, 2027  

A

    250,000,000       Semi-Annual             243,217,798       4.10%     March 28, 2027  

A

    215,000,000       Semi-Annual       107,500       211,370,985       5.44%     July 19, 2025  

A

    130,000,000       Semi-Annual       65,000       126,921,561       5.50%     July 19, 2026  

A

    130,000,000       Semi-Annual       65,000       126,015,807       5.61%     July 19, 2027  

A

    160,000,000       Semi-Annual       80,000       153,412,911       5.72%     July 19, 2029  

A

    10,000,000       Semi-Annual       5,000       9,755,283       5.50%     July 19, 2026  

A

    40,000,000       Semi-Annual       20,000       38,318,857       5.72%     July 19, 2029  

 

92

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

2. Significant Accounting Policies (continued)

 

The carrying value is inclusive of ($57,904,784) which represents an adjustment due to a hedge accounting relationship. The value presented above approximates fair value and reflects the carrying amount of the liability as reported on the Consolidated Statement of Assets and Liabilities. The Fund categorizes the Notes as Level 2 securities within the fair value hierarchy.

 

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. The Notes have been assigned an ‘AA’ long-term rating by Kroll Bond Rating Agency, LLC.

 

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.

 

3. Principal Risks

 

Non-Diversified Status

 

The Fund is a “non-diversified” management investment company. Thus, there are no percentage limitations imposed by the Investment Company Act on the Fund’s assets that may be invested, directly or indirectly, in the securities of any one issuer. Consequently, if one or more securities are allocated a relatively large percentage of the Fund’s assets, losses suffered by such securities could result in a higher reduction in the Fund’s capital than if such capital had been more proportionately allocated among a larger number of securities. The Fund may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company.

 

LIBOR 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. In July of 2017, the head of the UK Financial Conduct Authority (“FCA”) announced a desire to phase out the use of LIBOR by the end of 2021. On March 5, 2021, ICE announced that all LIBOR settings will either cease to be provided by any administrator or no longer be representative: (a) immediately after December 31, 2021, in the case of the 1-week and 2-month U.S. dollar LIBOR settings; and (b) immediately after June 30, 2023, in the case of the remaining U.S. dollar LIBOR settings.

 

On July 29, 2021, the U.S. Federal Reserve, in connection with the Alternative Reference Rates Committee (“ARRC”), a steering committee comprised of large U.S. financial institutions, formally recommended the forward-looking Secured Overnight Financing Rate (“SOFR”) term rates proposed by CME Group, Inc. as the replacement for U.S. dollar LIBOR, marking the final step in the ARRC’s Paced Transition Plan implemented to encourage the adoption of SOFR. In addition, as of the date of this prospectus, the current nominated replacement for GBP-LIBOR is the Sterling Overnight Interbank Average Rate (“SONIA”). In July 2020, Bloomberg began publishing fall-backs that the International Swaps and Derivatives Association (“ISDA”) intends to implement in lieu of LIBOR with respect to swaps and derivatives. Given the inherent differences between LIBOR and SOFR, or any other alternative Benchmark Rate that may be established, including SONIA, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. In many cases, the nominated replacements, as well as other potential replacements, are not complete or ready to implement and require margin adjustments. There is

 

93

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

3. Principal Risks (continued)

 

currently no final consensus as to which Benchmark Rate(s) (along with any adjustment and/or permutation thereof) will replace all or any LIBOR tenors after the discontinuation thereof and there can be no assurance that any such replacement Benchmark Rate(s) will attain market acceptance.

 

Any transition away from LIBOR to one or more alternative Benchmark Rates is complex and could have a material adverse effect on the Fund’s business, financial condition and results of operations, including, without limitation, as a result of any changes in the pricing and/or availability of the Fund’s investments, negotiations and/or changes to the documentation for certain of the Fund’s investments, the pace of such changes, disputes and other actions regarding the interpretation of current and prospective loan documentation, basis risks between investments and hedges, basis risks within investments (e.g., securitizations), costs of modifications to processes and systems, and/or costs of administrative services and operations, including monitoring of recommended conventions and Benchmark Rates, or any component of or adjustment to the foregoing.

 

It is not possible to predict whether there will be any further changes in the methods pursuant to which the LIBOR rates are determined and any other reforms to LIBOR that will be enacted in the United States, the U.K. or elsewhere, or the effects thereof. Any such changes or further reforms to LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR rates, which could have a material adverse impact on the value of the Fund’s investments and any payments linked to LIBOR thereunder.

 

LIBOR is likely to perform differently than in the past until the final phase-outs in 2023 and, ultimately, will cease to exist as a global benchmark going forward. Until an alternative Benchmark Rate(s) becomes generally accepted and regularly implemented in the market, the uncertainty as to the future of LIBOR, its eventual phase-out, 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.

 

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.

 

Pandemic Risk

 

The continuing spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including securities the Fund holds, and may adversely affect the Fund’s investments and operations. The outbreak was first detected in December 2019 and subsequently spread globally, and since then, the number of cases has fluctuated and new “variants” have been confirmed around the world. The transmission of COVID-19 and efforts to contain its spread have resulted in international and domestic travel restrictions and disruptions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event and service cancellations or interruptions, disruptions to business operations (including staff reductions), supply chains and consumer activity, as well

 

94

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

3. Principal Risks (continued)

 

as general concern and uncertainty that has negatively affected the economic environment. These disruptions have led to instability in the marketplace, including stock and credit market losses and overall volatility. The impact of COVID-19, and other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways. In addition, the impact of infectious illnesses, such as COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. This crisis or other public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally.

 

The Fund and the Investment Manager have in place business continuity plans reasonably designed to ensure that they maintain normal business operations, and that the Fund, its portfolio and assets are protected. However, in the event of a pandemic or an outbreak, such as COVID-19, there can be no assurance that the Fund, its advisers and service providers, or the Fund’s portfolio companies, will be able to maintain normal business operations for an extended period of time or will not lose the services of key personnel on a temporary or long-term basis due to illness or other reasons. A pandemic or disease could also impair the information technology and other operational systems upon which the Fund’s advisers rely and could otherwise disrupt the ability of the Fund’s service providers to perform essential tasks.

 

The foregoing could lead to increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes and markets, may adversely affect the performance of the Fund’s investments, the Fund and your investment in the Fund. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price its investments.

 

Although vaccines are widely available in some parts of the world, the duration of the COVID-19 outbreak and its full impacts are unknown and the pace of recovery and response may vary from market to market, resulting in a high degree of uncertainty for potentially extended periods of time, especially in certain sectors in which the Fund may make investments.

 

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 will automatically renew for consecutive one-year terms thereafter.

 

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”). The portfolio management fees that were paid to Crescent Capital Group LP (“Crescent Capital”) were 1.00% on an annualized basis of the allocated portion of the Fund’s average daily assets managed by Crescent Capital and were paid monthly. See Note 13.

 

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

 

95

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

4. Investment Advisory and Other Agreements (continued)

 

in advisory fees or payment of the Fund’s expenses, and (b) the limitation on Fund expenses at the time of the recoupment. At September 30, 2022 the amount of these potentially recoverable expenses is $490,297 expiring on December 31, 2022. For the six months ended September 30, 2022, 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, 2022, 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, 2022, 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, 2022, 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.

 

96

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (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, 2022:

 

Assets

 

Level 1

   

Level 2

   

Level 3

   

Net Asset
Value

   

Total

 

Investments, at fair value

                                       

Senior Secured Loans

  $     $ 186,274,224     $ 9,308,624,812     $     $ 9,494,899,036  

Private Investment Vehicles

                6,130,472       4,203,969,368       4,210,099,840  

Collateralized Loan Obligations

          11,741,442       72,908,095             84,649,537  

Preferred Stocks

                62,151,524             62,151,524  

Subordinated Debt

                5,427,519             5,427,519  

Common Stocks

                6,667,215             6,667,215  

Warrants

                4,064,465             4,064,465  

Short-Term Investments

    170,309,177                         170,309,177  

Total Investments, at fair value

  $ 170,309,177     $ 198,015,666     $ 9,465,974,102     $ 4,203,969,368     $ 14,038,268,313  
                                         

Other Financial Instruments1

                                       

Forward Contracts

  $     $ 4,619,048     $     $     $ 4,619,048  

Total Assets

  $ 170,309,177     $ 202,634,714     $ 9,465,974,102     $ 4,203,969,368     $ 14,042,887,361  

 

Liabilities

 

Level 1

   

Level 2

   

Level 3

   

Net Asset
Value

   

Total

 

Investments, at fair value

                                       

Reverse Repurchase Agreement

  $     $ 3,960,000     $     $     $ 3,960,000  

Other Financial Instruments1

                                       

Forward Contracts

          9,568,418                   9,568,418  

Swap Contracts

          57,904,784                   57,904,784  

Total Liabilities, at fair value

  $     $ 71,433,202     $     $     $ 71,433,202  

 

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.

 

97

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (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, 2022:

 

   

Senior
Secured Loans

   

Private
Investment
Vehicles

   

Collateralized
Loan
Obligations

   

Preferred
Stocks

   

Subordinated
Debt

 

Balance as of April 1, 2022

  $ 6,319,615,266     $ 6,510,925     $ 90,396,005     $ 88,501,915     $ 5,468,056  

Purchases

    4,360,317,415             52,110,000       24,550,131        

Sales/Paydowns

    (1,237,173,257 )           (55,500,000 )     (51,971,373 )      

Realized gains (losses)1

    6,652,748             418,620       1,096,373        

Original issue discount and amendment fees

    (18,427,610 )     75,000                    

Accretion

    4,642,048             69,003              

Change in Unrealized appreciation (depreciation)

    (134,403,071 )     (455,453 )     (5,424,223 )     (25,522 )     (40,537 )

Transfers In2

    42,567,261                          

Transfers Out3

    (35,165,988 )           (9,161,310 )            

Balance as of September 30, 2022

  $ 9,308,624,812     $ 6,130,472     $ 72,908,095     $ 62,151,524     $ 5,427,519  

 

   

Warrants

   

Common
Stocks

   

Total

 

Balance as of April 1, 2022

  $ 1,279,790     $ 5,561,463     $ 6,517,333,420  

Purchases

                4,436,977,546  

Sales/Paydowns

                (1,344,644,630 )

Realized gains (losses)1

                8,167,741  

Original issue discount and amendment fees

                (18,352,610 )

Accretion

                4,711,051  

Change in Unrealized appreciation (depreciation)

    2,784,675       1,105,752       (136,458,379 )

Transfers In2

                42,567,261  

Transfers Out3

                (44,327,298 )

Balance as of September 30, 2022

  $ 4,064,465     $ 6,667,215     $ 9,465,974,102  

 

1

Senior Secured Loans includes paydown gains (losses) of $5,839,530.

 

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.

 

98

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (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, 2022.

 

Investments

 

Fair Value

 

Valuation
Technique

Unobservable
Inputs

Range of
Inputs

Weighted
Average

Impact on
Valuation from
an increase
in input

Collateralized Loan Obligations

  $ 72,908,095  

Income approach

Interest Rate/ Discount Margin

8.15% - 17.00%

14.02%

Decrease

 

       

 

Default Rate

3 CDR

3 CDR

Decrease

 

       

 

Recovery Rate

65%

65%

Increase

 

       

 

Term

Maturity, or Reinvestment +24 months

N/A

Decrease

 

       

 

Prepayment Assumptions

20 CPR

20 CPR

Increase

 

       

 

Reinvestment Assumptions

$97.00

$97.00

Decrease

Common Stocks

    5,268,893  

Market approach

LTM Revenue Multiple

3.1x

3.1x

Increase

      1,248,057  

Market approach

Run Rate Adj. EBITDA Multiple

8.0x

8.0x

Increase

 

    150,265  

Market approach

LTM EBITDA Multiple

18.0x

18.0x

Increase

Preferred Stocks

    37,887,604  

Income approach

Discount Rate

8.24% - 14.08%

13.35%

Decrease

      2,500,000  

Market approach

Run Rate Adj. EBITDA Multiple

8.0x

8.0x

Increase

 

    21,763,920  

Cost

Recent Transaction Price

$97.50 - $98.00

$97.75

Increase

Private Investment Vehicles

    6,130,472  

Income approach

Weighted Average Cost of Capital

15.00% - 16.00%

15.17%

Decrease

Senior Secured Loans

    4,108,800,186  

Income approach

Discount Rate

5.44% - 16.57%

9.31%

Decrease

 

         

LTM Revenue
($ Millions)

$25 - $3,805

$367

Increase

 

         

Debt/EBITDA

-10.1x — 11.2x

5.2x

Decrease

 

         

Interest Coverage

-3.9x — 9.5x

2.4x

Increase

      3,329,196  

Market approach

Enterprise value (
$ Millions)

$92

$92

Increase

 

    5,196,495,430  

Cost

Recent Transaction Price

$87.00 - $100.46

$98.58

Increase

Subordinated Debt

    5,427,519  

Market approach

Public Company Comparison - LTM EBITDA Multiple

9.9x

9.9x

Increase

 

99

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

5. Fair Value of Investments (continued)

 

Investments

 

Fair Value

 

Valuation
Technique

Unobservable
Inputs

Range of
Inputs

Weighted
Average

Impact on
Valuation from
an increase
in input

Warrants

  $ 1,012,752  

Market approach

Enterprise value
($ Millions)

$3,181 - $3,760

$3,471

Increase

           

Cost of equity

16.00%

16.00%

Decrease

      3,051,713  

Income approach

Exercise Price

$1.65 - $2.28

$1.71

Decrease

 

       

 

E xpected Volatility

103% - 125%

123%

Increase

Total

  $ 9,465,974,102  

 

 

 

 

 

 

6. Capital Stock

 

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. The minimum initial investment in Class I Shares by any investor is $10 million. However, the Fund, in its sole discretion, may accept investments below this minimum with respect to Class I Shares. Shares may be purchased by principals and employees of the Investment Manager or its affiliates and their immediate family members without being subject to the minimum investment requirements.

 

Class I Shares will not be 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 will accept the total number of Shares tendered in connection

 

100

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

6. Capital Stock (continued)

 

with required minimum distributions from an IRA or other qualified 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, 2022 are as follows:

 

Commencement Date

April 14, 2022

July 14, 2022

Repurchase Request

May 16, 2022

August 15, 2022

Repurchase Pricing date

May 16, 2022

August 15, 2022

 

               

Net Asset Value as of Repurchase Offer Date

               

Class I

  $ 10.66     $ 10.66  

 

               

Amount Repurchased

               

Class I

  $ 225,106,363     $ 187,676,994  

 

               

Percentage of Outstanding Shares Repurchased

               

Class I

    2.94 %     2.11 %

 

7. Federal Income Taxes

 

Fund Income Tax

 

At September 30, 2022, 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

  $ 14,105,735,313  

Gross unrealized appreciation

    133,811,135  

Gross unrealized depreciation

    (205,238,135 )

Net unrealized depreciation on investments

  $ (71,427,000 )

 

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, 2021, 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

    56,585,294  

Foreign Currency

    (62,219 )

Organizational costs

    (41,312 )

Total distributable earnings

  $ 56,481,763  

 

101

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

7. Federal Income Taxes (continued)

 

The tax character of distributions paid during the fiscal years ended December 31, 2021 and December 31, 2020 were as follows:

 

   

2021

   

2020

 

Distribution paid from:

 

 

Ordinary income

  $ 165,497,728     $ 31,816,599  

Return of Capital

    28,307,888       4,439,794  

Net long-term capital gains

    7,900,814       1,478  

Total distributions paid

  $ 201,706,430     $ 36,257,871  

 

Domestic Blocker Income Tax

 

CCLF Holdings LLC (the “Domestic Blocker”) recorded a provision for income tax expense (benefit) for the fiscal period ending March 31, 2022, in the amount of $500,534. This provision for income tax expense (benefit) is comprised of the following current and deferred income tax expense (benefit):

 

Deferred

  $ 500,534  

 

As of March 31, 2022, temporary differences between financial and tax reporting that give rise to deferred income taxes totaled $500,534, resulting principally from differences in the recognition of income from partnership investments and the treatment of unrealized appreciation/depreciation. The Domestic Blocker has a net deferred tax liability recorded as of March 31, 2022. Should a net deferred tax asset exist in the future, the Domestic Blocker 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, 2022, purchases and sales of investments, excluding short-term investments, were $6,419,939,590 and $1,394,178,294, 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, 2022 in order to hedge overall portfolio currency risk and interest rate risk, respectively. By entering into these 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.

 

102

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (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 Statements of Assets and Liabilities and Consolidated Statements 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 and are offset by the Senior Notes. The fair values of derivative instruments as of September 30, 2022, and the realized and unrealized gain (loss) during the six months ended September 30, 2022 by risk category are as follows:

 

     

Asset
Derivatives

   

Liability
Derivatives

 

Statement of Asset and Liabilities Location

Derivatives Instruments

 

Value

   

Value

 

Net unrealized appreciation on forward contracts

Forward Contracts

  $ 4,619,048     $ 9,568,418  

Net unrealized depreciation on swap contracts

Interest Rate Swap Contracts

          57,904,784  

Total

 

  $ 4,619,048     $ 67,473,202  

 

Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives Instruments

 

Forward
Contracts

   

Swap
Contracts

   

Total

 

Foreign Currency Exchange Contracts

  $ 2,781,178     $     $ 2,781,178  

Interest Rate Contracts

          2,817,004       2,817,004  

 

Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income

Derivatives Instruments

 

Forward
Contracts

   

Swap
Contracts

   

Total

 

Foreign Currency Exchange Contracts

  $ (5,566,837 )   $     $ (5,566,837 )

Interest Rate Contracts

          (57,904,784 )     (57,904,784 )

 

The quarterly average volumes of derivative instruments as of September 30, 2022 are as follows:

 

Derivatives Instruments

 

Short Forward
Contracts

   

Long Swap
Contracts

 

Foreign Currency Exchange Contracts

    16        

Interest Rate Contracts

          3  

 

11. Joint Ventures

 

In accordance with Regulation S-X and GAAP, the Fund is not permitted to consolidate any subsidiary or other entity that is not an investment company, including those in which the Fund has a controlling interest unless the business of the controlled subsidiary consists of providing services to the Fund. In accordance with Regulation S-X Rules 3-09 and 4-08(g), the Fund evaluates its unconsolidated subsidiaries as significant subsidiaries under the respective rules. As of September

 

103

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

11. Joint Ventures (continued)

 

30, 2022, Middle Market Credit Fund II, LLC and FBLC Senior Loan Fund, LLC were not considered significant subsidiaries under Regulation S-X Rule 1-02(w). Based on the requirements under Regulation S-X Rule 4-08(g), the summarized financial information of these unconsolidated subsidiaries is presented below:

 

Middle Market Credit Fund II, LLC (“Credit Fund”)
Consolidated Statements of Assets and Liabilities (Unaudited)
(amounts in thousands)

 

   

As of
September 30,
2022

 

ASSETS

       

Investments, at fair value (amortized cost of $241,485)

  $ 238,651  

Cash, cash equivalents and restricted cash

    10,514  

Interest receivable

    3,722  

Receivable for investments sold/repaid

    403  

Total assets

  $ 253,290  

LIABILITIES AND MEMBERS’ EQUITY

       

Notes payable, net of unamortized debt issuance costs of $746

    156,754  

Interest and credit facility fees payable

    1,771  

Dividend payable

    5,215  

Other liabilities

    364  

Total liabilities

    164,104  

Members’ equity

       

Members’ contributions

    90,805  

Members’ distributions

    (1,718 )

Accumulated income from operations

    99  

Total members’ equity

    89,186  

Total liabilities and members’ equity

  $ 253,290  

 

Consolidated Statements of Operations (Unaudited)
(amounts in thousands)

 

   

For the three
month period
ended
September 30,
2022

 

Investment income:

       

Interest income

  $ 5,119  

Other income

    64  

Total investment income

    5,183  
         

Expenses:

       

Professional fees

  $ 87  

Administrative service fees

    21  

Interest expense

    2,062  

Credit facility fees

    15  

Other general and administrative

    91  

Total expenses

    2,276  
         

 

104

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

11. Joint Ventures (continued)

 

   

For the three
month period
ended
September 30,
2022

 

Net investment income (loss)

  $ 2,907  
         

Net realized gain (loss) on investments

     

Net change in unrealized appreciation (depreciation) on investments

    (908 )

Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments

    (908 )

Net increase (decrease) in net assets resulting from operations

  $ 1,999  

 

FBLC Senior Loan Fund, LLC
Consolidated Statement of Assets, Liabilities and Members’ Equity (Unaudited):

 

   

As of
September 30,
2022

 

ASSETS

       

Investments, at fair value (amortized cost of $943,942)

  $ 873,144  

Cash and cash equivalents

    68,270  

Receivable for unsettled trades

    23,837  

Cash collateral on deposit with custodian

    22,190  

Interest receivable

    6,097  

Prepaid expenses and other assets

    23  

Total assets

  $ 993,561  
         

LIABILITIES

       

Revolving credit facilities (net of deferred financing costs of $1,737)

  $ 576,813  

Secured borrowings

    65,302  

Distribution payable

    7,733  

Payable for unsettled trades

    7,186  

Interest and credit facility fees payable

    5,273  

Accounts payable and accrued expenses

    884  

Total liabilities

  $ 663,191  
         

MEMBERS’ CAPITAL

       

Capital contributed

    383,496  

Accumulated earnings

    (53,126 )

Total members’ capital

    330,370  

Total liabilities and members’ capital

  $ 993,561  

 

105

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

11. Joint Ventures (continued)

 

Consolidated Statement of Operations:

 

Investment income:

       

Interest from investments

  $ 47,661  

Interest from cash and cash equivalents

    394  

Total interest income

    48,055  

Fee and other income

    652  

Total investment income

    48,707  
         

Operating expenses:

       

Interest and credit facility financing expenses

    14,800  

Other general and administrative

    1,237  

Professional fees

    723  

Total expenses

    16,760  
         

Net investment income

    31,947  
         

Realized and unrealized loss on investments:

       

Net realized loss from investments

    (3,318 )

Net change in unrealized appreciation on investments

    (73,965 )

Net realized and unrealized loss on investments

    (77,283 )

Net decrease in members’ capital resulting from operations

  $ (45,336 )

 

12. 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, 2022:

 

Security
Description

Investment
Category

 

Cost

   

Fair Value

   

Unfunded
Commitments

   

Redemption
Frequency

   

Redemption
Lock-up Period

   

Fund Term

 

17Capital Co. Investment Fund V-L LP

Direct lending to a European private equity fund

  $ 25,759,098     $ 22,538,073     $ 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

    28,544,304       28,455,721       176,455,696       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

    25,709,810       27,705,019       2,398,584       None       N/A       Fifth anniversary of the expiration of the commtiment period with one one-year extension available  

 

106

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

12. Private Investment Vehicles (continued)

 

Security
Description

Investment
Category

 

Cost

   

Fair Value

   

Unfunded
Commitments

   

Redemption
Frequency

   

Redemption
Lock-up Period

   

Fund Term

 

AG Direct Lending Fund II L.P.

Middle market direct lending

  $ 18,644,892     $ 20,451,756             None       N/A       December 31, 2024 with one-year extensions available  

AG Direct Lending Fund III L.P.

Middle market direct lending

    14,355,107       14,863,339       1,600,000       None       N/A       September 30, 2026 with one-year extensions available  

AG DLI, L.P.

Middle market direct lending

    11,122,893       12,314,319       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

    25,996,460       27,962,684       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

    3,368,501       3,504,921       820,000       None       N/A       Fifth anniversary of the expiration of the commtiment period with one one-year extension available  

AG KFHDL Fund L.P.

Middle market direct lending

    3,374,322       3,504,977       820,000       None       N/A       Fifth anniversary of the expiration of the commtiment period with one one-year extension available  

AGTB Private BDC

Middle market direct lending

    72,291,000       72,892,974       52,709,000       None       N/A       Six-year anniversary of the initial closing as determined by the board if a merger has not occurred  

Antares Senior Loan Parallel Feeder Fund II (Cayman) LP

Middle market direct lending

    4,000,000       4,080,628       196,000,000       None       N/A       Until the dissolution of the partnership in accordance with the limited partnership agreement  

Ares Commercial Finance Feeder (A) LP

Direct lending to specialty finance companies

    15,404,552       17,401,194       8,985,234       None       N/A       June 30, 2025  

 

107

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

12. Private Investment Vehicles (continued)

 

Security
Description

Investment
Category

 

Cost

   

Fair Value

   

Unfunded
Commitments

   

Redemption
Frequency

   

Redemption
Lock-up Period

   

Fund Term

 

Barings Capital Investment Corporation

Middle market direct lending

  $ 95,000,000     $ 95,829,533             None       N/A       Until the earlier of a liquidity event or July 13, 2027  

Barings CMS Fund LP

Middle market direct lending

    15,000,000       15,465,910       235,000,000       None       N/A       Until distribution of investment proceeds  

Barings Private Credit Corporation

Middle market direct lending

    900,000,000       941,043,899             Quarterly2       Redemptions permitted at the discretion of the investment manager       N/A  

BlackRock Shasta CLO VII LLC

Middle market direct lending

    532,289,942       534,922,659       124,710,058       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)  

Carlyle Secured Lending III

Middle market direct lending

    1,925,000       1,925,000       5,075,000       None       N/A       Perpetual until the company is sold and/or liquidated and dissolved  

CCOF Sierra II, L.P.

Preferred equity co-investment

    15,600,000       15,914,565       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       51,751,608             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

    1,967,311       2,090,313             None       N/A       Until the dissolution of the partnership in accordance with the limited partnership agreement  

Crescent Mezzanine Partners VIIC, L.P.

Mezzanine level subordinated debt

    5,520,162       6,193,035       3,471,590       None       N/A       December 21, 2025 available  

Crestline Specialty Lending III (U.S.), LP

Middle market direct lending

    14,868,016       15,101,067       15,563,580       None       N/A       December 1, 2028 with one-year exensions available  

 

108

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

12. Private Investment Vehicles (continued)

 

Security
Description

Investment
Category

 

Cost

   

Fair Value

   

Unfunded
Commitments

   

Redemption
Frequency

   

Redemption
Lock-up Period

   

Fund Term

 

Endurance II L.P.

Direct lending to an international education company

  $ 9,748,287     $ 10,475,832       300,000       None       N/A       Until the completion of the liquidation  

FBLC Senior Loan Fund LLC

Middle market direct lending

    78,562,000       71,818,072             None       N/A       Until all investments are amortized, liquidated, transferred or disposed  

Franklin BSP Lending Corporation

Middle market direct lending

    32,327,541       42,405,876             Semi-Annually1       N/A       N/A  

Golub Capital BDC 4, Inc.

Middle market direct lending

    29,901,821       29,983,526       170,098,179       None       N/A       Perpetual until the company is sold and/or liquidated and dissolved  

Golub Capital Direct Lending Corp.

Middle market direct lending

    28,500,000       28,613,442       21,500,000       None       N/A       July 1, 2027 with extensions upon the approval of shareholders  

HPS Mezzanine Partners 2019 LP

Mezzanine level subordinated debt

    8,243,850       9,181,546       2,096,859       None       N/A       April 12, 2029 with one-year extensions available  

HPS Mint Co-Invest Fund LP

Preferred equity co-investment

    10,015,163       10,346,018             None       N/A       Until all investments are liquidated and all proceeds are distributed or as determined by the general partner  

HPS Specialty Loan Fund V Feeder LP

Secured debt origination

    37,887,949       39,508,829       26,875,000       None       N/A       September 10, 2028 with 1 year extenstions available  

Luther Co-Invest, L.P.

Direct lending to French football league media rights

    14,268,608       14,268,608       5,733,333       None       N/A       Until all investments are liquidated and all proceeds are distributed or as determined by the general partner.  

Marlin Credit Opportunity Fund LP

Middle market direct lending

    100,408,617       95,801,749       24,591,383       None       N/A       May 19, 2028 with one-year extensions available  

 

109

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

12. Private Investment Vehicles (continued)

 

Security
Description

Investment
Category

 

Cost

   

Fair Value

   

Unfunded
Commitments

   

Redemption
Frequency

   

Redemption
Lock-up Period

   

Fund Term

 

Middle Market Credit Fund II, LLC

Middle market direct lending

  $ 12,708,191     $ 14,809,358             None       N/A       Until all investments are amortized, liquidated, transferred or disposed  

Minerva Co-Invest LP

Preferred equity co-investment

    14,720,019       15,228,940       298,500       None       N/A       Until distribution of investment proceeds  

Morgan Stanley Direct Lending Fund

Middle market direct lending

    36,805,201       36,578,375       8,694,799       Quarterly3       N/A       N/A  

New Mountain Guardian III BDC, LLC

Middle market direct lending

    100,000,000       100,014,520             None       N/A       July 15, 2025 with one-year extensions available  

New Mountain Guardian IV BDC, LLC

Middle market direct lending

    5,000,000       4,875,442       20,000,000       None       N/A       Six years from the end of the closing period with a one-year extension available  

NXT Capital Structured Note I, LLC

Middle market direct lending

    61,856,420       58,750,236       119,993,080       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 Company Investment Partners B L.P.

Common equity co-investment

    1,555,423       1,546,177       444,577       None       N/A       Until the dissolution of the parternship in accordance with the limited partnership agreement  

Owl Rock Core Income Corp.

Middle market direct lending

    150,000,000       146,583,136             Quarterly2       N/A       N/A  

Owl Rock Technology Finance Corp.

Direct lending and mezzaning financing for technology and life-sciences companies

    35,000,000       34,727,700             None       N/A       Until earliest of an Exchange Listing, the fifth anniversary of the final closing, and August 10, 2025  

 

110

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

12. Private Investment Vehicles (continued)

 

Security
Description

Investment
Category

 

Cost

   

Fair Value

   

Unfunded
Commitments

   

Redemption
Frequency

   

Redemption
Lock-up Period

   

Fund Term

 

Owl Rock Technology Finance Corp. II

Direct lending and mezzaning financing for technology and life-sciences companies

  $ 33,947,433     $ 33,688,358       41,052,567       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  

Providence Debt Fund III (Non-US) L.P.

Middle market direct lending

    8,449,093       10,479,240       14,040,163       None       N/A       October 24, 2021 with one-year extensions available  

Proxima Onshore Co-Invest, L.P.

Direct lending to a renewable energy company

    1,500,257       1,487,608       8,533,712       None       N/A       Until the completion of the liquidation  

Raven Asset Based Credit Fund II, LP

Asset based lending

    16,715,943       17,501,613       8,402,621       None       N/A       January 2029 with two one-year extensions available available  

Raven Senior Loan Fund LLC

Asset based lending

    404,924,444       417,081,431       95,075,556       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

    22,076,582       22,047,896       33,923,418       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

    404,002,302       412,326,976       1,096,636,772       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  

 

111

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

12. Private Investment Vehicles (continued)

 

Security
Description

Investment
Category

 

Cost

   

Fair Value

   

Unfunded
Commitments

   

Redemption
Frequency

   

Redemption
Lock-up Period

   

Fund Term

 

Silver Point Specialty Credit Fund II, LP

Middle market direct lending

  $ 41,326,575     $ 39,491,765       8,676,338       None       N/A       September 6, 2023 with one-year extensions available  

Sixth Street Lending Partners

Middle market direct lending

    6,468,982       6,468,982       43,531,018       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

    12,450,000       12,528,808       37,550,000       None       N/A       Until the partnership is terminated and wound up in accordance to the limited partnership agreement  

Summit Partners Credit Offshore Fund II, LP

Middle market direct lending

    7,175,544       8,971,881       2,509,233       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

    13,523,324       13,755,840       36,476,676       None       N/A       Sixth anniversary of the final closing date  

Thompson Rivers, LLC

Middle market direct lending

    14,600,849       12,260,530             None       Redemptions permitted with the consent of the investment fund’s voting members       Until cancellation of the Certificate of Formation  

Varagon Capital Corporation

Middle market direct lending

    19,296,490       19,311,240       5,703,510       None       N/A       September 2026 with one-year extensions available  

Varagon Capital Direct Lending Fund, LP

Middle market direct lending

    15,000,000       14,874,265       35,000,000       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

    415,000,000       422,881,242       85,000,000       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  

 

112

 

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

 

 

12. Private Investment Vehicles (continued)

 

Security
Description

Investment
Category

 

Cost

   

Fair Value

   

Unfunded
Commitments

   

Redemption
Frequency

   

Redemption
Lock-up Period

   

Fund Term

 

Vista Credit Partner Fund III LP

Direct lending to middle market technology companies

  $ 25,265,385     $ 26,552,537       25,652,428       None       N/A       March 31, 2027 with two one-year extensions available  

Waccamaw River, LLC

Middle market direct lending

    11,278,065       10,828,581       1,240,000       None       Redemptions permitted with the prior consent of the Board       Until cancellation of the Certificate of Formation  

Total

    $ 4,121,251,728     $ 4,203,969,369     $ 2,807,825,964                          

 

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

 

13. 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 13, 2022 as follows:

 

Commencement Date

    October 13, 2022  

Repurchase Request

    November 14, 2022  

Repurchase Pricing date

    November 14, 2022  

 

       

Net Asset Value as of Repurchase Offer Date

       

Class I

    $10.58  

 

       

Amount Repurchased

       

Class I

    $351,675,872  

 

       

Percentage of Outstanding Shares Repurchased

       

Class I

    3.54%  

 

On November 8, 2022, Crescent Capital Group LP was terminated as sub-adviser to the Fund. On November 11, 2022, BlackRock Capital Investment Advisers was terminated as sub-adviser to the Fund.

 

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.

 

113

 

 

Cliffwater Corporate Lending Fund

 

 

Other Information
September 30, 2022 (Unaudited)

 

 

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 or will be available on the SEC’s website at www.sec.gov or by calling the Fund at 1-888-442-4420.

 

114

 

 

Cliffwater Corporate Lending Fund

 

 

Privacy Notice
September 30, 2022 (Unaudited)

 

 

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 Fund share?

Can you limit this sharing?

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

 

115

 

 

Cliffwater Corporate Lending Fund

 

 

Privacy Notice
September 30, 2022 (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.

 

116

 

 

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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

 

 

 

 

 

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.

 

See the Semi-Annual Report to Shareholders under Item 1 of this Form.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable to semi-annual reports.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable.

 

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 Fund's Board of Trustees since the Fund 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 Investment Company Act of 1940, as amended (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 Act) that occurred during the most recent fiscal half-year 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) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

 

(a)(4) Change in the registrant's independent public accountant. 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 December 9, 2022  

 

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 December 9, 2022  

 

By (Signature and Title)* /s/ Lance J. Johnson  
  Lance J. Johnson, Treasurer  
  (Principal Financial Officer)  
     
Date December 9, 2022  

  

ATTACHMENTS / EXHIBITS

fp0080787-3_ex99cert.htm

fp0080787-3_ex99906cert.htm



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