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) 299-2030
Ann
Maurer
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, 2024
Item
1. Report to Shareholders
|
(a)
|
|
The
semi-annual report of the registrant for the period ended September 30, 2024 transmitted to shareholders pursuant to Rule 30e-1 promulgated
under the Investment Company Act of 1940, as amended (the “1940 Act”), is as follows: |
CLIFFWATER
CORPORATE LENDING FUND
Semi-Annual
Report
For
the Period Ended September 30, 2024
(Unaudited)
|
Cliffwater
Corporate Lending Fund |
|
Table
of Contents
For
the Period Ended September 30, 2024 |
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, 2024 (Unaudited) |
To
our shareholders:
We
recently completed five and one-quarter years of operation and 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 9.59% annualized return from its June 5, 2019, inception,
through September 30, 2024. This compares to a 5.63% annualized return for the Morningstar LSTA US Leveraged Loan Index. The Fund
also reported relatively consistent monthly returns. Its annualized standard deviation measured 1.88% for the same period compared to
6.91% for the Morningstar LSTA US Leveraged Loan Index.
The
Fund experienced strong investor inflows over the trailing year, with net assets growing from $13.9 billion on September 30,
2023, to $22.8 billion on September 30, 2024. 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 six month period include a high current
cash yield, and few realized losses.
We
remain confident in the Fund’s continued performance despite the uncertain economic environment brought on by inflation and elevated
interest rates. We believe that, during the past year, the Fund’s 11.0% distribution rate remained attractive, and we believe that
the floating rate nature of our loans helped mitigate risk in an uncertain interest rate environment.
We
again sincerely thank you for your support.
Regards,
Stephen
L. Nesbitt
Chief Investment Officer
Cliffwater LLC
2
|
Cliffwater
Corporate Lending Fund |
|
Letter
to Shareholders
September
30, 2024 (Unaudited) (Continued) |
Important
Disclosures
The
Fund’s investment program is speculative and entails substantial risks. There can be no assurance that the Fund’s investment
objectives will be achieved or that its investment program will be successful. Investors should consider the Fund as a supplement to an
overall investment program and should invest only if they are willing to undertake the risks involved. Investors could lose some or all
of their investment.
Shares
are an illiquid investment.
We
do not intend to list the Fund’s shares (“Shares”) on any securities exchange and we do not expect a secondary market
in the Shares to develop.
You
should generally not expect to be able to sell your Shares (other than through the limited repurchase process), regardless of how we perform.
Although
we are required to implement a Share repurchase program, only a limited number of Shares will be eligible for repurchase by us.
You
should consider that you may not have access to the money you invest for an indefinite period of time.
An
investment in the Shares is not suitable for you if you have foreseeable need to access the money you invest.
Because
you will be unable to sell your Shares or have them repurchased immediately, you will find it difficult to reduce your exposure on a timely
basis during a market downturn.
Cybersecurity
risks have significantly increased in recent years and the Fund could suffer such losses in the future. One of the fundamental risks associated
with the Fund’s investments is the risk that an issuer will be unable to make principal and interest payments on its outstanding
debt obligations when due. Other risk factors include interest rate risk (a rise in interest rates causes a decline in the value of debt
securities) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).
3
|
Cliffwater
Corporate Lending Fund |
|
Consolidated
Schedule of Investments
As
of September 30, 2024 (Unaudited) |
|
Portfolio
Company |
|
Investment
Type |
|
Interest
Rate |
|
Reference
Rate |
|
Basis
Points
Spread |
|
Maturity
Date |
|
Currency
|
|
Shares/
Principal
Amount |
|
Cost
|
|
Fair
Value |
Footnotes
|
|
Senior
Secured Loans — 75.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Services — 7.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actium
Midco 3 (UK) Limited |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
8/29/2031
|
|
GBP
|
|
546,809
|
|
$
|
(25,293
|
)
|
|
$
|
(14,294
|
)1,2,3,4
|
|
Actium
Midco 3 (UK) Limited |
|
First
Lien Term Loan |
|
10.20%
|
|
SONIA
|
|
525
|
|
8/29/2031
|
|
GBP
|
|
2,535,513
|
|
|
3,272,636
|
|
|
|
3,323,443
|
1,2,4,5
|
|
Aldinger
Company |
|
Delayed
Draw |
|
10.56%
|
|
SOFR
|
|
525
|
|
7/1/2027
|
|
USD
|
|
270,469
|
|
|
168,513
|
|
|
|
168,441
|
1,4,5,6,7
|
|
Aldinger
Company |
|
First
Lien Term Loan |
|
10.58%
|
|
SOFR
|
|
525
|
|
7/1/2027
|
|
USD
|
|
473,319
|
|
|
468,920
|
|
|
|
468,715
|
1,4,5,6
|
|
Aldinger
Company |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
7/1/2027
|
|
USD
|
|
114,503
|
|
|
(1,051
|
)
|
|
|
(1,114
|
)1,3,4,6
|
|
ALKU
Intermediate Holdings, LLC |
|
First
Lien Term Loan |
|
10.50%
|
|
SOFR
|
|
625
|
|
5/23/2029
|
|
USD
|
|
22,331,250
|
|
|
21,864,730
|
|
|
|
22,136,822
|
1,4,5
|
|
ALKU
Intermediate Holdings, LLC |
|
First
Lien Term Loan |
|
9.75%
|
|
SOFR
|
|
550
|
|
5/23/2029
|
|
USD
|
|
2,468,812
|
|
|
2,423,767
|
|
|
|
2,434,476
|
1,4,5
|
|
AMCP
Clean Acquisition Company, LLC |
|
First
Lien Term Loan |
|
10.02%
|
|
SOFR
|
|
500
|
|
6/15/2028
|
|
USD
|
|
1,626,323
|
|
|
1,604,356
|
|
|
|
1,602,403
|
1,4,5,6
|
|
Any
Hour, LLC |
|
Delayed
Draw |
|
10.28%
|
|
SOFR
|
|
500
|
|
5/23/2030
|
|
USD
|
|
7,614,214
|
|
|
627,735
|
|
|
|
701,581
|
1,4,5,7
|
|
Any
Hour, LLC |
|
First
Lien Term Loan |
|
9.60%
|
|
SOFR
|
|
500
|
|
5/23/2030
|
|
USD
|
|
26,078,680
|
|
|
25,704,150
|
|
|
|
25,795,769
|
1,4,5
|
|
Any
Hour, LLC |
|
Revolver
|
|
10.12%
|
|
SOFR
|
|
500
|
|
5/23/2030
|
|
USD
|
|
3,807,108
|
|
|
1,659,265
|
|
|
|
1,671,898
|
1,4,5,7
|
|
Applied
Technical Services, LLC |
|
Delayed
Draw |
|
10.50%
|
|
SOFR
|
|
575
|
|
12/29/2026
|
|
USD
|
|
8,283,864
|
|
|
8,055,712
|
|
|
|
8,283,864
|
1,4,5
|
|
Applied
Technical Services, LLC |
|
Delayed
Draw |
|
10.75%
|
|
SOFR
|
|
600
|
|
12/29/2026
|
|
USD
|
|
678,409
|
|
|
664,841
|
|
|
|
678,409
|
1,4,5
|
|
Applied
Technical Services, LLC |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
12/29/2026
|
|
USD
|
|
4,124,843
|
|
|
(72,773
|
)
|
|
|
—
|
1,3,4,6
|
|
Applied
Technical Services, LLC |
|
Delayed
Draw |
|
10.50%
|
|
SOFR
|
|
575
|
|
12/29/2026
|
|
USD
|
|
1,852,323
|
|
|
1,822,234
|
|
|
|
1,852,323
|
1,4,5,6
|
|
Applied
Technical Services, LLC |
|
First
Lien Term Loan |
|
10.50%
|
|
SOFR
|
|
575
|
|
12/29/2026
|
|
USD
|
|
6,596,591
|
|
|
6,527,199
|
|
|
|
6,596,591
|
1,4,5
|
|
Applied
Technical Services, LLC |
|
First
Lien Term Loan |
|
10.75%
|
|
SOFR
|
|
600
|
|
12/29/2026
|
|
USD
|
|
678,409
|
|
|
668,488
|
|
|
|
674,335
|
1,4,5
|
|
Applied
Technical Services, LLC |
|
First
Lien Term Loan |
|
10.50%
|
|
SOFR
|
|
575
|
|
12/29/2026
|
|
USD
|
|
3,172,851
|
|
|
3,122,465
|
|
|
|
3,172,851
|
1,4,5,6
|
|
Applied
Technical Services, LLC |
|
Revolver
|
|
13.25%
|
|
PRIME
|
|
475
|
|
12/29/2026
|
|
USD
|
|
909,091
|
|
|
678,594
|
|
|
|
678,594
|
1,4,5,7
|
|
Applied
Technical Services, LLC |
|
Revolver
|
|
13.25%
|
|
PRIME
|
|
475
|
|
12/29/2026
|
|
USD
|
|
729,895
|
|
|
293,610
|
|
|
|
304,826
|
1,4,5,6,7
|
|
AQ
Carver Buyer, Inc. |
|
First
Lien Term Loan |
|
10.85%
|
|
SOFR
|
|
550
|
|
8/2/2029
|
|
USD
|
|
29,775,000
|
|
|
29,257,593
|
|
|
|
29,933,254
|
1,5
|
|
Archer
Acquisition, LLC |
|
Delayed
Draw |
|
10.69%
|
|
SOFR
|
|
600
|
|
10/6/2029
|
|
USD
|
|
4,335,758
|
|
|
309,667
|
|
|
|
286,204
|
1,4,5,7
|
|
Archer
Acquisition, LLC |
|
First
Lien Term Loan |
|
10.45%
|
|
SOFR
|
|
575
|
|
10/6/2029
|
|
USD
|
|
12,838,553
|
|
|
12,667,771
|
|
|
|
12,663,846
|
1,4,5
|
|
Archer
Acquisition, LLC |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
10/6/2029
|
|
USD
|
|
261,174
|
|
|
(3,918
|
)
|
|
|
(3,554
|
)1,3,4
|
|
Ares
Holdings LLC |
|
First
Lien Term Loan |
|
9.92%
|
|
SOFR
|
|
500
|
|
11/18/2027
|
|
USD
|
|
1,609,274
|
|
|
1,593,391
|
|
|
|
1,593,181
|
1,4,5,6
|
|
Ares
Holdings LLC |
|
Revolver
|
|
10.10%
|
|
SOFR
|
|
500
|
|
11/18/2027
|
|
USD
|
|
10,143
|
|
|
10,043
|
|
|
|
10,042
|
1,4,5,6
|
|
Ares
Holdings LLC |
|
Revolver
|
|
12.00%
|
|
PRIME
|
|
400
|
|
11/18/2027
|
|
USD
|
|
112,702
|
|
|
111,596
|
|
|
|
111,575
|
1,4,5,6
|
|
Ares
Holdings LLC |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
11/18/2027
|
|
USD
|
|
891,476
|
|
|
(8,778
|
)
|
|
|
(8,915
|
)1,3,4,6
|
|
ATIS
Acquisition, Inc. |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
9/24/2030
|
|
USD
|
|
3,695,652
|
|
|
(46,123
|
)
|
|
|
(46,196
|
)1,3,4,6
|
|
ATIS
Acquisition, Inc. |
|
First
Lien Term Loan |
|
9.61%
|
|
SOFR
|
|
475
|
|
9/24/2030
|
|
USD
|
|
3,695,652
|
|
|
3,649,565
|
|
|
|
3,649,457
|
1,4,5,6
|
|
ATIS
Acquisition, Inc. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
9/24/2030
|
|
USD
|
|
1,108,696
|
|
|
(13,815
|
)
|
|
|
(13,859
|
)1,3,4,6
|
|
Auxey
Bidco Limited |
|
First
Lien Term Loan |
|
10.94%
|
|
SOFR
|
|
600
|
|
6/29/2027
|
|
USD
|
|
14,962,500
|
|
|
14,731,076
|
|
|
|
14,845,699
|
1,4,5
|
|
AWP
Group Holdings, Inc. |
|
Revolver
|
|
10.97%
|
|
SOFR
|
|
550
|
|
12/22/2026
|
|
USD
|
|
3,533,746
|
|
|
1,650,706
|
|
|
|
1,625,523
|
1,4,5,7
|
|
AWP
Group Holdings, Inc. |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
12/22/2027
|
|
USD
|
|
5,261,029
|
|
|
(25,238
|
)
|
|
|
(52,610
|
)1,3,4
|
|
AWP
Group Holdings, Inc. |
|
Delayed
Draw |
|
9.60%
|
|
SOFR
|
|
475
|
|
12/22/2027
|
|
USD
|
|
9,272,771
|
|
|
4,452,367
|
|
|
|
4,497,829
|
1,4,5,7
|
|
AWP
Group Holdings, Inc. |
|
First
Lien Term Loan |
|
9.60%
|
|
SOFR
|
|
475
|
|
12/22/2027
|
|
USD
|
|
17,097,810
|
|
|
16,829,335
|
|
|
|
16,926,832
|
1,4,5
|
|
AWP
Group Holdings, Inc. |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
12/22/2030
|
|
USD
|
|
29,394,839
|
|
|
(103,321
|
)
|
|
|
(293,948
|
)1,3,4
|
|
AWP
Group Holdings, Inc. |
|
First
Lien Term Loan |
|
9.60%
|
|
SOFR
|
|
475
|
|
12/22/2030
|
|
USD
|
|
29,809,590
|
|
|
29,618,654
|
|
|
|
29,511,494
|
1,4,5
|
See
accompanying Notes to Consolidated Financial Statements.
4
|
Cliffwater
Corporate Lending Fund |
|
Consolidated
Schedule of Investments
As
of September 30, 2024 (Unaudited) (Continued) |
|
Portfolio
Company |
|
Investment
Type |
|
Interest
Rate |
|
Reference
Rate |
|
Basis
Points
Spread |
|
Maturity
Date |
|
Currency
|
|
Shares/
Principal
Amount |
|
Cost
|
|
Fair
Value |
Footnotes
|
|
Senior
Secured Loans (Continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Services (Continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AWP
Group Holdings, Inc. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
12/22/2030
|
|
USD
|
|
9,535,604
|
|
$
|
—
|
|
|
$
|
(95,356
|
)1,3,4
|
|
AWP
Group Holdings, Inc. |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
12/23/2030
|
|
USD
|
|
5,468,455
|
|
|
(54,473
|
)
|
|
|
(54,685
|
)1,3,4,6
|
|
AWP
Group Holdings, Inc. |
|
First
Lien Term Loan |
|
9.50%
|
|
SOFR
|
|
475
|
|
12/23/2030
|
|
USD
|
|
1,367,114
|
|
|
1,353,519
|
|
|
|
1,353,443
|
1,4,5,6
|
|
AWP
Group Holdings, Inc. |
|
Revolver
|
|
10.20%
|
|
SOFR
|
|
550
|
|
12/24/2029
|
|
USD
|
|
341,176
|
|
|
335,944
|
|
|
|
337,765
|
1,4,5
|
|
AWP
Group Holdings, Inc. |
|
Revolver
|
|
10.24%
|
|
SOFR
|
|
550
|
|
12/24/2029
|
|
USD
|
|
752,941
|
|
|
282,846
|
|
|
|
286,588
|
1,4,5,7
|
|
AWP
Group Holdings, Inc. |
|
Revolver
|
|
10.89%
|
|
SOFR
|
|
550
|
|
12/24/2029
|
|
USD
|
|
82,353
|
|
|
81,091
|
|
|
|
81,529
|
1,4,5
|
|
AWT
Holding, Inc. |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
12/17/2027
|
|
USD
|
|
1,346,683
|
|
|
(21,910
|
)
|
|
|
(23,120
|
)1,3,4
|
|
AWT
Holding, Inc. |
|
First
Lien Term Loan |
|
10.06%
|
|
SOFR
|
|
575
|
|
12/17/2027
|
|
USD
|
|
808,010
|
|
|
794,704
|
|
|
|
794,138
|
1,4,5
|
|
AWT
Holding, Inc. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
12/17/2027
|
|
USD
|
|
134,668
|
|
|
(2,190
|
)
|
|
|
(2,312
|
)1,3,4
|
|
Axiom
Buyer, LLC |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
1/12/2030
|
|
USD
|
|
2,479,167
|
|
|
(60,746
|
)
|
|
|
(61,979
|
)1,3,4
|
|
Axiom
Buyer, LLC |
|
First
Lien Term Loan |
|
11.35%
|
|
SOFR
|
|
650
|
|
1/12/2030
|
|
USD
|
|
23,020,833
|
|
|
22,461,241
|
|
|
|
22,445,312
|
1,4,5
|
|
BC
Group Holdings, Inc. |
|
First
Lien Term Loan |
|
9.60%
|
|
SOFR
|
|
500
|
|
12/21/2026
|
|
USD
|
|
1,116,381
|
|
|
1,097,853
|
|
|
|
1,105,218
|
1,4,5,6
|
|
Benecon
Midco II LLC |
|
First
Lien Term Loan |
|
10.14%
|
|
SOFR
|
|
550
|
|
1/23/2031
|
|
USD
|
|
75,000,000
|
|
|
73,951,246
|
|
|
|
74,271,988
|
1,4,5
|
|
Benecon
Midco II LLC |
|
First
Lien Term Loan |
|
10.84%
|
|
SOFR
|
|
550
|
|
1/23/2031
|
|
USD
|
|
8,362,832
|
|
|
8,245,891
|
|
|
|
8,281,655
|
1,4,5,6
|
|
Benecon
Midco II LLC |
|
Revolver
|
|
10.36%
|
|
SOFR
|
|
550
|
|
1/23/2031
|
|
USD
|
|
637,168
|
|
|
71,009
|
|
|
|
73,461
|
1,4,5,6,7
|
|
Benecon
Midco II LLC |
|
Revolver
|
|
10.83%
|
|
SOFR
|
|
550
|
|
1/23/2031
|
|
USD
|
|
6,500,000
|
|
|
724,404
|
|
|
|
749,405
|
1,4,5,7
|
|
BGIF IV
Fearless Utility Services, Inc. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
6/7/2030
|
|
USD
|
|
387,514
|
|
|
(3,674
|
)
|
|
|
(3,762
|
)1,3,4,6
|
|
BGIF IV
Fearless Utility Services, Inc. |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
6/7/2031
|
|
USD
|
|
442,887
|
|
|
(4,330
|
)
|
|
|
(4,299
|
)1,3,4,6
|
|
BGIF IV
Fearless Utility Services, Inc. |
|
First
Lien Term Loan |
|
10.29%
|
|
SOFR
|
|
500
|
|
6/7/2031
|
|
USD
|
|
1,222,368
|
|
|
1,210,521
|
|
|
|
1,210,503
|
1,4,5,6
|
|
Bingo
Group Buyer, Inc. |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
7/10/2031
|
|
USD
|
|
1,521,000
|
|
|
(18,756
|
)
|
|
|
(9,583
|
)1,3,4
|
|
Bingo
Group Buyer, Inc. |
|
First
Lien Term Loan |
|
10.30%
|
|
SOFR
|
|
500
|
|
7/10/2031
|
|
USD
|
|
3,163,000
|
|
|
3,124,310
|
|
|
|
3,131,370
|
1,4,5
|
|
Bingo
Group Buyer, Inc. |
|
First
Lien Term Loan |
|
9.59%
|
|
SOFR
|
|
500
|
|
7/10/2031
|
|
USD
|
|
1,750,000
|
|
|
1,728,424
|
|
|
|
1,732,500
|
1,4,5
|
|
Bingo
Group Buyer, Inc. |
|
Revolver
|
|
10.30%
|
|
SOFR
|
|
500
|
|
7/10/2031
|
|
USD
|
|
585,000
|
|
|
4,346
|
|
|
|
4,149
|
1,4,5,7
|
|
BSC
Top Shelf Blocker, LLC |
|
First
Lien Term Loan |
|
9.85%
|
|
SOFR
|
|
525
|
|
6/28/2029
|
|
USD
|
|
2,112,000
|
|
|
2,076,485
|
|
|
|
2,075,040
|
1,4,5
|
|
BSC
Top Shelf Blocker, LLC |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
6/28/2029
|
|
USD
|
|
294,500
|
|
|
(4,888
|
)
|
|
|
(5,154
|
)1,3,4
|
|
Capstone
Acquisition Holdings, Inc. |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
11/12/2029
|
|
USD
|
|
152,401
|
|
|
(4,197
|
)
|
|
|
(4,171
|
)1,3,4,6
|
|
Capstone
Acquisition Holdings, Inc. |
|
First
Lien Term Loan |
|
9.35%
|
|
SOFR
|
|
450
|
|
11/12/2029
|
|
USD
|
|
1,512,381
|
|
|
1,464,488
|
|
|
|
1,464,523
|
1,4,5,6
|
|
Capstone
Acquisition Holdings, Inc. |
|
Second
Lien Term Loan |
|
13.35%
|
|
SOFR
|
|
850
|
|
11/12/2029
|
|
USD
|
|
138,811
|
|
|
136,753
|
|
|
|
136,853
|
1,4,5,6
|
|
Capstone
Acquisition Holdings, Inc. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
5/12/2029
|
|
USD
|
|
441,668
|
|
|
(14,992
|
)
|
|
|
(15,081
|
)1,3,4,6
|
|
Cards
Acquisition, Inc. |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
8/12/2029
|
|
USD
|
|
5,583,456
|
|
|
(101,933
|
)
|
|
|
(111,670
|
)1,3,4
|
|
Cards
Acquisition, Inc. |
|
First
Lien Term Loan |
|
10.35%
|
|
SOFR
|
|
525
|
|
8/12/2029
|
|
USD
|
|
9,677,992
|
|
|
9,535,770
|
|
|
|
9,484,432
|
1,4,5
|
|
Cards
Acquisition, Inc. |
|
Revolver
|
|
12.75%
|
|
PRIME
|
|
425
|
|
8/12/2029
|
|
USD
|
|
413,940
|
|
|
406,325
|
|
|
|
405,660
|
1,4,5
|
|
Cards
Acquisition, Inc. |
|
Revolver
|
|
12.25%
|
|
PRIME
|
|
425
|
|
8/12/2029
|
|
USD
|
|
306,316
|
|
|
300,702
|
|
|
|
300,188
|
1,4,5
|
|
Cards
Acquisition, Inc. |
|
Revolver
|
|
10.26%
|
|
SOFR
|
|
525
|
|
8/12/2029
|
|
USD
|
|
1,349,440
|
|
|
66,435
|
|
|
|
64,078
|
1,4,5,7
|
|
CGI
Parent, LLC |
|
First
Lien Term Loan |
|
9.89%
|
|
SOFR
|
|
450
|
|
2/14/2028
|
|
USD
|
|
19,367,895
|
|
|
19,063,966
|
|
|
|
19,367,895
|
1,4,5
|
|
CL
Services Acquisition, LLC |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
4/25/2028
|
|
USD
|
|
1,108,000
|
|
|
(19,975
|
)
|
|
|
(22,160
|
)1,3,4
|
|
Coolsys,
Inc. |
|
Delayed
Draw |
|
10.01%
|
|
SOFR
|
|
500
|
|
8/11/2028
|
|
USD
|
|
78,703,704
|
|
|
68,359,552
|
|
|
|
68,341,899
|
1,4,5,7
|
|
Coolsys,
Inc. |
|
First
Lien Term Loan |
|
10.01%
|
|
SOFR
|
|
500
|
|
8/11/2028
|
|
USD
|
|
25,703,704
|
|
|
25,281,430
|
|
|
|
25,268,026
|
1,4,5
|
|
Coretrust
Purchasing Group LLC |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
11/30/2029
|
|
USD
|
|
3,007,519
|
|
|
(27,977
|
)
|
|
|
—
|
1,3,4
|
See
accompanying Notes to Consolidated Financial Statements.
5
|
Cliffwater
Corporate Lending Fund |
|
Consolidated
Schedule of Investments
As
of September 30, 2024 (Unaudited) (Continued) |
|
Portfolio
Company |
|
Investment
Type |
|
Interest
Rate |
|
Reference
Rate |
|
Basis
Points
Spread |
|
Maturity
Date |
|
Currency
|
|
Shares/
Principal
Amount |
|
Cost
|
|
Fair
Value |
Footnotes
|
|
Senior
Secured Loans (Continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Services (Continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coretrust
Purchasing Group LLC |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
9/30/2029
|
|
USD
|
|
4,511,278
|
|
$
|
(79,102
|
)
|
|
$
|
—
|
1,3,4
|
|
Coretrust
Purchasing Group LLC |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
9/30/2029
|
|
USD
|
|
4,511,278
|
|
|
(297,229
|
)
|
|
|
—
|
1,3,4
|
|
CRCI
Longhorn Holdings, Inc. |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
8/27/2031
|
|
USD
|
|
19,411,765
|
|
|
(192,823
|
)
|
|
|
(46,373
|
)1,3,4
|
|
CRCI
Longhorn Holdings, Inc. |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
8/27/2031
|
|
USD
|
|
5,301,691
|
|
|
(79,251
|
)
|
|
|
(12,665
|
)1,3,4,6
|
|
CRCI
Longhorn Holdings, Inc. |
|
First
Lien Term Loan |
|
9.85%
|
|
SOFR
|
|
500
|
|
8/27/2031
|
|
USD
|
|
77,647,059
|
|
|
76,877,710
|
|
|
|
77,081,958
|
1,4,5
|
|
CRCI
Longhorn Holdings, Inc. |
|
First
Lien Term Loan |
|
9.85%
|
|
SOFR
|
|
500
|
|
8/27/2031
|
|
USD
|
|
21,206,766
|
|
|
20,942,945
|
|
|
|
21,052,427
|
1,4,5,6
|
|
CRCI
Longhorn Holdings, Inc. |
|
Revolver
|
|
9.85%
|
|
SOFR
|
|
500
|
|
8/27/2031
|
|
USD
|
|
12,941,177
|
|
|
6,930,842
|
|
|
|
6,964,640
|
1,4,5,7
|
|
CRCI
Longhorn Holdings, Inc. |
|
Revolver
|
|
9.85%
|
|
SOFR
|
|
500
|
|
8/27/2031
|
|
USD
|
|
3,534,460
|
|
|
1,723,307
|
|
|
|
1,741,507
|
1,4,5,6,7
|
|
Denali
Buyerco LLC |
|
Delayed
Draw |
|
10.94%
|
|
SOFR
|
|
550
|
|
9/15/2028
|
|
USD
|
|
26,822,642
|
|
|
5,421,149
|
|
|
|
5,799,227
|
1,4,5,6,7
|
|
Denali
Buyerco LLC |
|
First
Lien Term Loan |
|
10.94%
|
|
SOFR
|
|
550
|
|
9/15/2028
|
|
USD
|
|
17,170,732
|
|
|
16,936,072
|
|
|
|
17,170,732
|
1,4,5,6
|
|
DISA
Holdings Corp. |
|
Delayed
Draw |
|
10.11%
|
|
SOFR
|
|
500
|
|
9/9/2028
|
|
USD
|
|
3,436,707
|
|
|
345,963
|
|
|
|
394,391
|
1,4,5,6,7
|
|
DISA
Holdings Corp. |
|
First
Lien Term Loan |
|
10.35%
|
|
SOFR
|
|
500
|
|
9/9/2028
|
|
USD
|
|
4,570,821
|
|
|
4,508,841
|
|
|
|
4,570,821
|
1,4,5,6
|
|
DISA
Holdings Corp. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
9/9/2028
|
|
USD
|
|
1,145,569
|
|
|
(15,131
|
)
|
|
|
—
|
1,3,4,6
|
|
DMT
Solutions Global Corporation |
|
First
Lien Term Loan |
|
12.74%
|
|
SOFR
|
|
800
|
|
8/30/2027
|
|
USD
|
|
30,061,176
|
|
|
29,357,135
|
|
|
|
29,453,812
|
1,4,5
|
|
DP
Flores Holding, LLC |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
9/27/2030
|
|
USD
|
|
188,704
|
|
|
(3,771
|
)
|
|
|
(3,774
|
)1,3,4
|
|
DP
Flores Holding, LLC |
|
First
Lien Term Loan |
|
11.36%
|
|
SOFR
|
|
650
|
|
9/27/2030
|
|
USD
|
|
654,704
|
|
|
641,626
|
|
|
|
641,610
|
1,4,5,6
|
|
DP
Flores Holding, LLC |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
9/27/2030
|
|
USD
|
|
86,759
|
|
|
(1,732
|
)
|
|
|
(1,735
|
)1,3,4
|
|
Drogon
Bidco, Inc. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
8/30/2030
|
|
USD
|
|
143,466
|
|
|
(1,416
|
)
|
|
|
(1,364
|
)1,3,4,6
|
|
Drogon
Bidco, Inc. |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
8/30/2031
|
|
USD
|
|
372,308
|
|
|
(3,702
|
)
|
|
|
(3,540
|
)1,3,4,6
|
|
Drogon
Bidco, Inc. |
|
First
Lien Term Loan |
|
9.85%
|
|
SOFR
|
|
500
|
|
8/30/2031
|
|
USD
|
|
442,116
|
|
|
437,732
|
|
|
|
437,913
|
1,4,5,6
|
|
Esquire
Deposition Solutions, LLC |
|
Delayed
Draw |
|
9.85%
|
|
SOFR
|
|
525
|
|
12/30/2028
|
|
USD
|
|
1,673,260
|
|
|
1,655,252
|
|
|
|
1,648,162
|
1,4,5
|
|
Esquire
Deposition Solutions, LLC |
|
First
Lien Term Loan |
|
9.85%
|
|
SOFR
|
|
525
|
|
12/30/2028
|
|
USD
|
|
8,533,678
|
|
|
8,434,167
|
|
|
|
8,405,672
|
1,4,5
|
|
Esquire
Deposition Solutions, LLC |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
12/30/2028
|
|
USD
|
|
1,440,042
|
|
|
(20,083
|
)
|
|
|
(21,600
|
)1,3,4
|
|
Explorer
Investor, Inc. |
|
First
Lien Term Loan |
|
10.85%
|
|
SOFR
|
|
600
|
|
6/28/2029
|
|
USD
|
|
29,462,780
|
|
|
28,336,720
|
|
|
|
27,997,930
|
1,4,5
|
|
Fairway
Lawns, LLC |
|
Delayed
Draw |
|
10.53%
|
|
SOFR
|
|
525
|
|
5/17/2028
|
|
USD
|
|
1,149,543
|
|
|
112,851
|
|
|
|
112,531
|
1,4,5,6,7
|
|
FR
Vision Holdings, Inc. |
|
First
Lien Term Loan |
|
10.78%
|
|
SOFR
|
|
550
|
|
1/21/2031
|
|
USD
|
|
2,788,395
|
|
|
2,736,182
|
|
|
|
2,788,395
|
1,4,5,6
|
|
FR
Vision Holdings, Inc. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
1/22/2030
|
|
USD
|
|
352,951
|
|
|
(6,292
|
)
|
|
|
—
|
1,3,4,6
|
|
Gerson
Lehrman Group, Inc. |
|
First
Lien Term Loan |
|
10.00%
|
|
SOFR
|
|
525
|
|
12/13/2027
|
|
USD
|
|
63,506,069
|
|
|
63,142,586
|
|
|
|
63,366,063
|
1,4,5
|
|
Gold
Medal Services LLC |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
3/17/2027
|
|
USD
|
|
739,742
|
|
|
(7,841
|
)
|
|
|
(9,698
|
)1,3,4
|
|
Gold
Medal Services LLC |
|
First
Lien Term Loan |
|
10.35%
|
|
SOFR
|
|
575
|
|
3/17/2027
|
|
USD
|
|
2,988,350
|
|
|
2,959,564
|
|
|
|
2,949,176
|
1,4,5
|
|
Gold
Medal Services LLC |
|
Revolver
|
|
10.35%
|
|
SOFR
|
|
575
|
|
3/17/2027
|
|
USD
|
|
364,666
|
|
|
81,220
|
|
|
|
80,306
|
1,4,5,7
|
|
Helios
Service Partners, LLC |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
3/19/2027
|
|
USD
|
|
1,063,199
|
|
|
(20,530
|
)
|
|
|
—
|
1,3,4,6
|
|
Helios
Service Partners, LLC |
|
Delayed
Draw |
|
11.85%
|
|
SOFR
|
|
625
|
|
3/19/2027
|
|
USD
|
|
1,970,276
|
|
|
1,889,659
|
|
|
|
1,917,735
|
1,4,5,6,7
|
|
Helios
Service Partners, LLC |
|
First
Lien Term Loan |
|
11.85%
|
|
SOFR
|
|
625
|
|
3/19/2027
|
|
USD
|
|
1,047,661
|
|
|
1,025,133
|
|
|
|
1,047,661
|
1,4,5,6
|
|
Helios
Service Partners, LLC |
|
Revolver
|
|
13.50%
|
|
PRIME
|
|
500
|
|
3/19/2027
|
|
USD
|
|
1,000
|
|
|
200
|
|
|
|
200
|
1,4,5,6,7
|
|
HPS
Business Services |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
11/6/2028
|
|
USD
|
|
357,715
|
|
|
(13,723
|
)
|
|
|
(10,043
|
)1,3,4,6
|
|
HSI
Halo Acquisition, Inc. |
|
Delayed
Draw |
|
9.64%
|
|
SOFR
|
|
500
|
|
6/30/2031
|
|
USD
|
|
2,113,248
|
|
|
345,473
|
|
|
|
361,828
|
1,4,5,6,7
|
|
HSI
Halo Acquisition, Inc. |
|
First
Lien Term Loan |
|
9.85%
|
|
SOFR
|
|
500
|
|
6/30/2031
|
|
USD
|
|
11,834,194
|
|
|
11,718,215
|
|
|
|
11,754,568
|
1,4,5,6
|
|
HSI
Halo Acquisition, Inc. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
6/30/2031
|
|
USD
|
|
1,711,863
|
|
|
(16,633
|
)
|
|
|
(11,518
|
)1,3,4,6
|
See
accompanying Notes to Consolidated Financial Statements.
6
|
Cliffwater
Corporate Lending Fund |
|
Consolidated
Schedule of Investments
As
of September 30, 2024 (Unaudited) (Continued) |
|
Portfolio
Company |
|
Investment
Type |
|
Interest
Rate |
|
Reference
Rate |
|
Basis
Points
Spread |
|
Maturity
Date |
|
Currency
|
|
Shares/
Principal
Amount |
|
Cost
|
|
Fair
Value |
Footnotes
|
|
Senior
Secured Loans (Continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Services (Continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iCIMS,
Inc. |
|
First
Lien Term Loan |
|
12.17%
|
|
SOFR
|
|
725
|
|
8/18/2028
|
|
USD
|
|
10,000,000
|
|
$
|
9,869,025
|
|
|
$
|
9,927,939
|
1,4,5
|
|
iCIMS,
Inc. |
|
First
Lien Term Loan |
|
8.29%,
3.88% PIK |
|
SOFR
|
|
338
|
|
8/18/2028
|
|
USD
|
|
21,499,777
|
|
|
21,242,550
|
|
|
|
21,398,614
|
1,4,5,8
|
|
iCIMS,
Inc. |
|
Revolver
|
|
11.60%
|
|
SOFR
|
|
675
|
|
8/18/2028
|
|
USD
|
|
1,777,142
|
|
|
571,428
|
|
|
|
563,066
|
1,4,5,7
|
|
Innovative
Discovery, LLC |
|
First
Lien Term Loan |
|
9.35%
|
|
SOFR
|
|
475
|
|
6/30/2027
|
|
USD
|
|
12,604,306
|
|
|
12,517,608
|
|
|
|
12,478,264
|
1,4,5
|
|
Innovative
Discovery, LLC |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
6/30/2027
|
|
USD
|
|
1,128,000
|
|
|
(8,917
|
)
|
|
|
(11,280
|
)1,3,4
|
|
IG
Invetment Holdings, LLC |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
9/22/2027
|
|
USD
|
|
1,106,000
|
|
|
1,498
|
|
|
|
14,398
|
1,4,7
|
|
IG
Invetment Holdings, LLC |
|
First
Lien Term Loan |
|
11.25%
|
|
SOFR
|
|
600
|
|
9/22/2028
|
|
USD
|
|
474,000
|
|
|
469,652
|
|
|
|
471,393
|
1,4,5
|
|
IG
Invetment Holdings, LLC |
|
First
Lien Term Loan |
|
11.35%
|
|
SOFR
|
|
610
|
|
9/22/2028
|
|
USD
|
|
7,194,928
|
|
|
7,155,881
|
|
|
|
7,155,356
|
1,4,5,6
|
|
IG
Invetment Holdings, LLC |
|
First
Lien Term Loan |
|
11.35%
|
|
SOFR
|
|
600
|
|
9/22/2028
|
|
USD
|
|
9,022,327
|
|
|
8,909,251
|
|
|
|
8,972,704
|
1,4,5
|
|
IG
Invetment Holdings, LLC |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
9/22/2028
|
|
USD
|
|
722,543
|
|
|
—
|
|
|
|
(3,974
|
)1,3,4
|
|
Java
Buyer, Inc. |
|
Delayed
Draw |
|
10.87%
|
|
SOFR
|
|
575
|
|
12/15/2027
|
|
USD
|
|
1,136,133
|
|
|
1,115,888
|
|
|
|
1,112,868
|
1,4,5
|
|
Java
Buyer, Inc. |
|
Delayed
Draw |
|
11.17%
|
|
SOFR
|
|
575
|
|
12/15/2027
|
|
USD
|
|
221,848
|
|
|
217,885
|
|
|
|
217,306
|
1,4,5
|
|
Java
Buyer, Inc. |
|
Delayed
Draw |
|
11.10%
|
|
SOFR
|
|
575
|
|
12/15/2027
|
|
USD
|
|
663,873
|
|
|
652,013
|
|
|
|
650,279
|
1,4,5
|
|
Java
Buyer, Inc. |
|
Delayed
Draw |
|
10.96%
|
|
SOFR
|
|
575
|
|
12/15/2027
|
|
USD
|
|
277,310
|
|
|
272,358
|
|
|
|
271,632
|
1,4,5
|
|
Java
Buyer, Inc. |
|
Delayed
Draw |
|
10.44%
|
|
SOFR
|
|
575
|
|
12/15/2027
|
|
USD
|
|
1,095,734
|
|
|
1,076,186
|
|
|
|
1,073,297
|
1,4,5
|
|
Java
Buyer, Inc. |
|
First
Lien Term Loan |
|
10.34%
|
|
SOFR
|
|
575
|
|
12/15/2027
|
|
USD
|
|
6,427,368
|
|
|
6,312,728
|
|
|
|
6,295,756
|
1,4,5
|
|
KENG
Acquisition, Inc. |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
8/1/2029
|
|
USD
|
|
2,540,323
|
|
|
(37,340
|
)
|
|
|
(37,777
|
)1,3,4
|
|
KENG
Acquisition, Inc. |
|
Delayed
Draw |
|
9.85%
|
|
SOFR
|
|
500
|
|
8/7/2029
|
|
USD
|
|
9,063,487
|
|
|
3,961,567
|
|
|
|
3,922,729
|
1,4,5,7
|
|
KENG
Acquisition, Inc. |
|
First
Lien Term Loan |
|
9.85%
|
|
SOFR
|
|
500
|
|
8/7/2029
|
|
USD
|
|
11,915,927
|
|
|
11,732,354
|
|
|
|
11,738,724
|
1,4,5
|
|
KENG
Acquisition, Inc. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
8/7/2029
|
|
USD
|
|
3,266,129
|
|
|
—
|
|
|
|
(48,571
|
)1,3,4
|
|
KeyImpact
Holdings, Inc. |
|
First
Lien Term Loan |
|
11.75%
|
|
SOFR
|
|
650
|
|
1/31/2029
|
|
USD
|
|
5,833,333
|
|
|
5,701,872
|
|
|
|
5,791,298
|
1,4,5
|
|
LBC
Woodlands Purchaser LLC |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
7/26/2030
|
|
USD
|
|
234,800
|
|
|
(3,417
|
)
|
|
|
(3,445
|
)1,3,4,6
|
|
LBC
Woodlands Purchaser LLC |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
7/26/2031
|
|
USD
|
|
252,810
|
|
|
(3,745
|
)
|
|
|
(3,709
|
)1,3,4,6
|
|
LBC
Woodlands Purchaser LLC |
|
First
Lien Term Loan |
|
10.14%
|
|
SOFR
|
|
500
|
|
7/26/2031
|
|
USD
|
|
505,621
|
|
|
498,169
|
|
|
|
498,203
|
1,4,5,6
|
|
Lynx
Franchising, LLC |
|
First
Lien Term Loan |
|
12.23%
|
|
SOFR
|
|
675
|
|
12/18/2026
|
|
USD
|
|
9,898,314
|
|
|
9,814,745
|
|
|
|
9,683,418
|
1,4,5
|
|
Majesco
|
|
First
Lien Term Loan |
|
10.08%
|
|
SOFR
|
|
475
|
|
3/22/2032
|
|
USD
|
|
1,393,011
|
|
|
1,386,353
|
|
|
|
1,393,011
|
1,4,5,6
|
|
Management
Consulting & Research, LLC |
|
Delayed
Draw |
|
10.26%
|
|
SOFR
|
|
500
|
|
8/16/2027
|
|
USD
|
|
5,154,254
|
|
|
5,077,167
|
|
|
|
5,102,711
|
1,4,5
|
|
Management
Consulting & Research, LLC |
|
Delayed
Draw |
|
10.26%
|
|
SOFR
|
|
500
|
|
8/16/2027
|
|
USD
|
|
29,988,429
|
|
|
4,208,931
|
|
|
|
4,317,116
|
1,4,5,7
|
|
Management
Consulting & Research, LLC |
|
Revolver
|
|
9.59%
|
|
SOFR
|
|
500
|
|
8/16/2027
|
|
USD
|
|
2,195,340
|
|
|
559,027
|
|
|
|
542,563
|
1,4,5,7
|
|
Management
Consulting & Research, LLC |
|
Revolver
|
|
9.96%
|
|
SOFR
|
|
500
|
|
8/16/2027
|
|
USD
|
|
1,881,720
|
|
|
348,979
|
|
|
|
348,511
|
1,4,5,7
|
|
Management
Consulting & Research, LLC |
|
First
Lien Term Loan |
|
10.26%
|
|
SOFR
|
|
500
|
|
8/16/2027
|
|
USD
|
|
14,922,043
|
|
|
14,239,080
|
|
|
|
14,772,823
|
1,4,5
|
|
Marina
Acquisition, Inc. |
|
First
Lien Term Loan |
|
10.33%
|
|
SOFR
|
|
500
|
|
7/1/2030
|
|
USD
|
|
10,210,806
|
|
|
10,061,324
|
|
|
|
10,059,583
|
1,4,5,6
|
|
Marina
Acquisition, Inc. |
|
Revolver
|
|
12.00%
|
|
PRIME
|
|
400
|
|
7/1/2030
|
|
USD
|
|
1,458,687
|
|
|
8,018
|
|
|
|
7,571
|
1,4,5,6,7
|
|
Marmic
Fire & Life Safety Co. |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
7/24/2031
|
|
USD
|
|
267,469
|
|
|
(2,639
|
)
|
|
|
(2,526
|
)1,3,4,6
|
See
accompanying Notes to Consolidated Financial Statements.
7
|
Cliffwater
Corporate Lending Fund |
|
Consolidated
Schedule of Investments
As
of September 30, 2024 (Unaudited) (Continued) |
|
Portfolio
Company |
|
Investment
Type |
|
Interest
Rate |
|
Reference
Rate |
|
Basis
Points
Spread |
|
Maturity
Date |
|
Currency
|
|
Shares/
Principal
Amount |
|
Cost
|
|
Fair
Value |
Footnotes
|
|
Senior
Secured Loans (Continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Services (Continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marmic
Fire & Life Safety Co. |
|
Delayed
Draw |
|
9.35%
|
|
SOFR
|
|
475
|
|
7/24/2031
|
|
USD
|
|
9,146,154
|
|
$
|
214,642
|
|
|
$
|
218,480
|
1,4,5,7
|
|
Marmic
Fire & Life Safety Co. |
|
Delayed
Draw |
|
9.60%
|
|
SOFR
|
|
475
|
|
7/24/2031
|
|
USD
|
|
148,718
|
|
|
147,254
|
|
|
|
147,314
|
1,4,5
|
|
Marmic
Fire & Life Safety Co. |
|
First
Lien Term Loan |
|
9.35%
|
|
SOFR
|
|
475
|
|
7/24/2031
|
|
USD
|
|
8,846,154
|
|
|
8,759,331
|
|
|
|
8,762,595
|
1,4,5
|
|
Marmic
Fire & Life Safety Co. |
|
First
Lien Term Loan |
|
9.35%
|
|
SOFR
|
|
475
|
|
7/24/2031
|
|
USD
|
|
531,113
|
|
|
525,900
|
|
|
|
526,096
|
1,4,5,6
|
|
Marmic
Fire & Life Safety Co. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
7/24/2031
|
|
USD
|
|
2,602,564
|
|
|
(25,344
|
)
|
|
|
(24,584
|
)1,3,4
|
|
Marmic
Fire & Life Safety Co. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
7/24/2031
|
|
USD
|
|
156,573
|
|
|
(1,525
|
)
|
|
|
(1,479
|
)1,3,4,6
|
|
McKissock
Investment Holdings,
LLC |
|
First
Lien Term Loan |
|
9.96%
|
|
SOFR
|
|
500
|
|
3/10/2029
|
|
USD
|
|
24,875,000
|
|
|
24,330,220
|
|
|
|
24,937,188
|
1,5
|
|
NCG
Group AB |
|
Delayed
Draw |
|
9.27%
|
|
EURIBOR
|
|
575
|
|
6/10/2031
|
|
EUR
|
|
183,240
|
|
|
192,181
|
|
|
|
198,353
|
1,2,4,5
|
|
NCG
Group AB |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
6/10/2031
|
|
SEK
|
|
9,144,071
|
|
|
(52,093
|
)
|
|
|
(24,760
|
)1,2,3,4
|
|
Onyx-Fire
Protection Services, Inc. |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
7/31/2031
|
|
CAD
|
|
3,149,683
|
|
|
(49,874
|
)
|
|
|
(21,373
|
)1,2,3,4,6
|
|
Onyx-Fire
Protection Services, Inc. |
|
First
Lien Term Loan |
|
8.47%
|
|
CORRA
|
|
450
|
|
7/31/2031
|
|
CAD
|
|
15,748,416
|
|
|
11,395,027
|
|
|
|
11,537,065
|
1,2,4,5,6
|
|
Onyx-Fire
Protection Services, Inc. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
7/31/2031
|
|
CAD
|
|
4,049,593
|
|
|
(63,858
|
)
|
|
|
(27,480
|
)1,2,3,4,6
|
|
Orion
Group FM Holdings, LLC |
|
Delayed
Draw |
|
10.58%
|
|
SOFR
|
|
550
|
|
6/30/2029
|
|
USD
|
|
21,710,526
|
|
|
15,810,691
|
|
|
|
16,065,789
|
1,4,5,7
|
|
Orion
Group FM Holdings, LLC |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
6/30/2029
|
|
USD
|
|
23,157,895
|
|
|
(27,138
|
)
|
|
|
—
|
1,3,4
|
|
Orion
Group FM Holdings, LLC |
|
First
Lien Term Loan |
|
10.76%
|
|
SOFR
|
|
550
|
|
6/30/2029
|
|
USD
|
|
28,730,263
|
|
|
28,364,187
|
|
|
|
28,452,560
|
1,4,5
|
|
Orion
Group FM Holdings, LLC |
|
First
Lien Term Loan |
|
9.75%
|
|
SOFR
|
|
550
|
|
6/30/2029
|
|
USD
|
|
2,750,000
|
|
|
2,687,614
|
|
|
|
2,723,419
|
1,4,5
|
|
Orion
Group FM Holdings, LLC |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
6/30/2029
|
|
USD
|
|
4,342,105
|
|
|
(5,428
|
)
|
|
|
(41,970
|
)1,3,4
|
|
P20
Parent, Inc. |
|
Delayed
Draw |
|
9.83%
|
|
CDOR
|
|
525
|
|
2/18/2028
|
|
CAD
|
|
5,102,088
|
|
|
2,451,394
|
|
|
|
2,510,641
|
1,2,4,5,6,7
|
|
P20
Parent, Inc. |
|
First
Lien Term Loan |
|
12.10%
|
|
SOFR
|
|
750
|
|
7/12/2028
|
|
USD
|
|
34,475,000
|
|
|
33,979,526
|
|
|
|
33,678,255
|
1,4,5
|
|
PAS
Parent, Inc. |
|
Revolver
|
|
9.85%
|
|
SOFR
|
|
500
|
|
12/30/2027
|
|
USD
|
|
750,000
|
|
|
155,763
|
|
|
|
160,600
|
1,4,5,7
|
|
PAS
Parent, Inc. |
|
Delayed
Draw |
|
9.85%
|
|
SOFR
|
|
500
|
|
12/30/2028
|
|
USD
|
|
14,241,267
|
|
|
4,989,106
|
|
|
|
5,055,071
|
1,4,5,7
|
|
PAS
Parent, Inc. |
|
First
Lien Term Loan |
|
9.85%
|
|
SOFR
|
|
500
|
|
12/30/2028
|
|
USD
|
|
2,493,750
|
|
|
2,493,750
|
|
|
|
2,469,748
|
1,4,5
|
|
Pavion
Corp. |
|
Delayed
Draw |
|
10.61%
|
|
SOFR
|
|
575
|
|
10/30/2030
|
|
USD
|
|
3,173,996
|
|
|
2,669,375
|
|
|
|
2,728,329
|
1,4,5,6,7
|
|
Pavion
Corp. |
|
First
Lien Term Loan |
|
11.00%
|
|
SOFR
|
|
575
|
|
10/30/2030
|
|
USD
|
|
13,449,625
|
|
|
13,202,938
|
|
|
|
13,449,625
|
1,4,5,6
|
|
People
Corporation |
|
Delayed
Draw |
|
9.83%
|
|
SOFR
|
|
473
|
|
2/18/2028
|
|
CAD
|
|
354,242
|
|
|
235,377
|
|
|
|
234,638
|
1,2,4,5,6,7
|
|
People
Corporation |
|
First
Lien Term Loan |
|
9.83%
|
|
SOFR
|
|
473
|
|
2/18/2028
|
|
CAD
|
|
221,510
|
|
|
163,072
|
|
|
|
162,604
|
1,2,4,5,6
|
|
Pinstripe
Holdings, LLC |
|
First
Lien Term Loan |
|
10.93%
|
|
SOFR
|
|
550
|
|
12/23/2027
|
|
USD
|
|
25,445
|
|
|
24,896
|
|
|
|
24,192
|
1,4,5
|
|
Polaris
Labs Acquisition, LLC |
|
First
Lien Term Loan |
|
10.19%
|
|
SOFR
|
|
525
|
|
9/17/2029
|
|
USD
|
|
844,900
|
|
|
828,100
|
|
|
|
828,002
|
1,4,5
|
|
Polaris
Labs Acquisition, LLC |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
9/17/2029
|
|
USD
|
|
277,500
|
|
|
(5,508
|
)
|
|
|
(5,550
|
)1,3,4
|
|
Priority
Waste Holdings, LLC |
|
First
Lien Term Loan |
|
13.33%
|
|
SOFR
|
|
800
|
|
8/18/2029
|
|
USD
|
|
1,273,627
|
|
|
1,242,907
|
|
|
|
1,169,536
|
1,4,5,6
|
|
Priority
Waste Holdings, LLC |
|
Revolver
|
|
10.83%
|
|
SOFR
|
|
550
|
|
8/18/2029
|
|
USD
|
|
1,000
|
|
|
877
|
|
|
|
900
|
1,4,5,6,7
|
|
Propio
LS LLC |
|
Revolver
|
|
12.00%
|
|
PRIME
|
|
350
|
|
7/17/2029
|
|
USD
|
|
1,989,357
|
|
|
40,282
|
|
|
|
49,734
|
1,4,5,6,7
|
|
Pye-Barker
Fire & Safety, LLC |
|
Revolver
|
|
9.10%
|
|
SOFR
|
|
450
|
|
5/24/2030
|
|
USD
|
|
392,581
|
|
|
45,366
|
|
|
|
46,557
|
1,4,5,6,7
|
|
Pye-Barker
Fire & Safety, LLC |
|
Delayed
Draw |
|
9.57%
|
|
SOFR
|
|
450
|
|
5/24/2031
|
|
USD
|
|
4,903,996
|
|
|
4,879,902
|
|
|
|
4,894,414
|
1,4,5,6
|
|
Pye-Barker
Fire & Safety, LLC |
|
Delayed
Draw |
|
9.45%
|
|
SOFR
|
|
450
|
|
5/24/2031
|
|
USD
|
|
2,119,937
|
|
|
107,168
|
|
|
|
123,059
|
1,4,5,6,7
|
|
Pye-Barker
Fire & Safety, LLC |
|
First
Lien Term Loan |
|
9.10%
|
|
SOFR
|
|
450
|
|
5/24/2031
|
|
USD
|
|
1,583,486
|
|
|
1,583,486
|
|
|
|
1,587,445
|
1,4,5,6
|
|
RQM
Buyer, Inc. |
|
Delayed
Draw |
|
10.62%
|
|
SOFR
|
|
575
|
|
8/12/2026
|
|
USD
|
|
4,617,188
|
|
|
4,617,188
|
|
|
|
4,599,403
|
1,4,5
|
|
RQM
Buyer, Inc. |
|
First
Lien Term Loan |
|
10.62%
|
|
SOFR
|
|
575
|
|
8/12/2026
|
|
USD
|
|
28,363,395
|
|
|
28,200,292
|
|
|
|
28,253,359
|
1,4,5
|
See
accompanying Notes to Consolidated Financial Statements.
8
|
Cliffwater
Corporate Lending Fund |
|
Consolidated
Schedule of Investments
As
of September 30, 2024 (Unaudited) (Continued) |
|
Portfolio
Company |
|
Investment
Type |
|
Interest
Rate |
|
Reference
Rate |
|
Basis
Points
Spread |
|
Maturity
Date |
|
Currency
|
|
Shares/
Principal
Amount |
|
Cost
|
|
Fair
Value |
Footnotes
|
|
Senior
Secured Loans (Continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Services (Continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S4T
Holdings Corp. |
|
Delayed
Draw |
|
10.96%
|
|
SOFR
|
|
600
|
|
12/27/2026
|
|
USD
|
|
5,394,181
|
|
$
|
5,304,254
|
|
|
$
|
5,421,152
|
1,4,5
|
|
S4T
Holdings Corp. |
|
First
Lien Term Loan |
|
10.96%
|
|
SOFR
|
|
600
|
|
12/27/2026
|
|
USD
|
|
15,042,424
|
|
|
14,923,538
|
|
|
|
15,117,636
|
1,4,5
|
|
Schill
Landscaping and Lawn Care Services, LLC |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
12/16/2027
|
|
USD
|
|
1,497,816
|
|
|
(32,427
|
)
|
|
|
(37,013
|
)1,3,4,6
|
|
Secret
Bidco Limited |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
11/28/2030
|
|
GBP
|
|
2,461,152
|
|
|
(254,495
|
)
|
|
|
13,161
|
1,2,3,4
|
|
Secret
Bidco Limited |
|
First
Lien Term Loan |
|
10.95%
|
|
SONIA
|
|
600
|
|
11/28/2030
|
|
GBP
|
|
15,623,390
|
|
|
19,284,232
|
|
|
|
20,970,433
|
1,2,4,5
|
|
Secret
Bidco Limited |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
11/28/2030
|
|
GBP
|
|
1,476,691
|
|
|
(99,737
|
)
|
|
|
7,897
|
1,2,3,4
|
|
Senske
Acquisition, Inc. |
|
Delayed
Draw |
|
10.34%
|
|
SOFR
|
|
500
|
|
6/13/2031
|
|
USD
|
|
555,370
|
|
|
249,115
|
|
|
|
249,153
|
1,4,5,6,7
|
|
Senske
Acquisition, Inc. |
|
First
Lien Term Loan |
|
9.85%
|
|
SOFR
|
|
500
|
|
6/13/2031
|
|
USD
|
|
1,160,227
|
|
|
1,148,966
|
|
|
|
1,148,965
|
1,4,5,6
|
|
Senske
Acquisition, Inc. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
6/13/2031
|
|
USD
|
|
218,605
|
|
|
(2,094
|
)
|
|
|
(2,122
|
)1,3,4,6
|
|
Southpaw
AP Buyer, LLC |
|
Delayed
Draw |
|
10.91%
|
|
SOFR
|
|
550
|
|
3/20/2028
|
|
USD
|
|
451,389
|
|
|
74,856
|
|
|
|
74,565
|
1,4,5,7
|
|
Southpaw
AP Buyer, LLC |
|
First
Lien Term Loan |
|
10.91%
|
|
SOFR
|
|
550
|
|
3/20/2028
|
|
USD
|
|
5,582,579
|
|
|
5,506,056
|
|
|
|
5,499,901
|
1,4,5
|
|
Southpaw
AP Buyer, LLC |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
3/20/2028
|
|
USD
|
|
451,389
|
|
|
(6,052
|
)
|
|
|
(6,685
|
)1,3,4
|
|
The
Arcticom Group, LLC |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
12/22/2027
|
|
USD
|
|
708,935
|
|
|
(10,130
|
)
|
|
|
(10,346
|
)1,3,4
|
|
The
Arcticom Group, LLC |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
12/22/2027
|
|
USD
|
|
229,073
|
|
|
(3,270
|
)
|
|
|
(3,343
|
)1,3,4,6
|
|
The
Arcticom Group, LLC |
|
Delayed
Draw |
|
8.35%,
4.00% PIK |
|
SOFR
|
|
350
|
|
12/22/2027
|
|
USD
|
|
9,292,171
|
|
|
8,916,725
|
|
|
|
9,118,255
|
1,4,5,7,8
|
|
The
Arcticom Group, LLC |
|
Delayed
Draw |
|
8.35%,
4.00% PIK |
|
SOFR
|
|
350
|
|
12/22/2027
|
|
USD
|
|
405,090
|
|
|
392,752
|
|
|
|
397,743
|
1,4,5,6,7,8
|
|
The
Arcticom Group, LLC |
|
First
Lien Term Loan |
|
8.35%,
4.00% PIK |
|
SOFR
|
|
350
|
|
12/22/2027
|
|
USD
|
|
4,003,026
|
|
|
3,936,992
|
|
|
|
3,959,283
|
1,4,5,8
|
|
The
Arcticom Group, LLC |
|
First
Lien Term Loan |
|
8.35%,
4.00% PIK |
|
SOFR
|
|
350
|
|
12/22/2027
|
|
USD
|
|
2,549,680
|
|
|
2,496,102
|
|
|
|
2,515,694
|
1,4,5,6,7,8
|
|
The
Arcticom Group, LLC |
|
Revolver
|
|
8.35%,
4.00% PIK |
|
SOFR
|
|
350
|
|
12/22/2027
|
|
USD
|
|
2,171,429
|
|
|
2,034,260
|
|
|
|
2,010,558
|
1,4,5,7,8
|
|
The
Chartis Group, LLC |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
9/17/2031
|
|
USD
|
|
5,244,755
|
|
|
(52,308
|
)
|
|
|
(52,448
|
)1,3,4
|
|
The
Chartis Group, LLC |
|
First
Lien Term Loan |
|
9.44%
|
|
SOFR
|
|
450
|
|
9/17/2031
|
|
USD
|
|
17,132,867
|
|
|
16,962,189
|
|
|
|
16,961,538
|
1,4,5
|
|
The
Chartis Group, LLC |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
9/17/2031
|
|
USD
|
|
2,622,378
|
|
|
(26,082
|
)
|
|
|
(26,224
|
)1,3,4
|
|
The
Hiller Companies, Inc. |
|
Delayed
Draw |
|
10.28%
|
|
SOFR
|
|
500
|
|
6/20/2030
|
|
USD
|
|
2,915,875
|
|
|
606,137
|
|
|
|
605,944
|
1,4,5,6,7
|
|
The
Hiller Companies, Inc. |
|
First
Lien Term Loan |
|
10.34%
|
|
SOFR
|
|
500
|
|
6/20/2030
|
|
USD
|
|
1,431,978
|
|
|
1,418,140
|
|
|
|
1,417,844
|
1,4,5,6
|
|
The
Hiller Companies, Inc. |
|
First
Lien Term Loan |
|
9.96%
|
|
SOFR
|
|
500
|
|
6/20/2030
|
|
USD
|
|
9,157,249
|
|
|
9,068,260
|
|
|
|
9,066,863
|
1,4,5,6
|
|
The
Hiller Companies, Inc. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
6/20/2030
|
|
USD
|
|
1,955,714
|
|
|
(18,772
|
)
|
|
|
(19,303
|
)1,3,4,6
|
|
Titan
Group Holdco, LLC |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
8/12/2029
|
|
USD
|
|
6,125,644
|
|
|
(90,906
|
)
|
|
|
(88,382
|
)1,3,4
|
|
Titan
Group Holdco, LLC |
|
Delayed
Draw |
|
9.60%
|
|
SOFR
|
|
500
|
|
8/12/2029
|
|
USD
|
|
5,419,281
|
|
|
5,318,485
|
|
|
|
5,341,092
|
1,4,5
|
|
Titan
Group Holdco, LLC |
|
First
Lien Term Loan |
|
9.60%
|
|
SOFR
|
|
500
|
|
8/12/2029
|
|
USD
|
|
21,883,697
|
|
|
21,558,803
|
|
|
|
21,567,957
|
1,4,5
|
|
Titan
Group Holdco, LLC |
|
Revolver
|
|
9.60%
|
|
SOFR
|
|
500
|
|
8/12/2029
|
|
USD
|
|
3,062,822
|
|
|
1,421,300
|
|
|
|
1,422,169
|
1,4,5,7
|
|
Titan
Group Holdco, LLC |
|
Revolver
|
|
12.50%
|
|
PRIME
|
|
400
|
|
8/12/2029
|
|
USD
|
|
2,500,000
|
|
|
988,808
|
|
|
|
965,238
|
1,4,5,7
|
|
Trilon
Group, LLC |
|
Delayed
Draw |
|
10.95%
|
|
SOFR
|
|
550
|
|
5/15/2029
|
|
USD
|
|
5,201,250
|
|
|
5,038,727
|
|
|
|
5,150,762
|
1,4,5,6
|
|
Trilon
Group, LLC |
|
First
Lien Term Loan |
|
10.95%
|
|
SOFR
|
|
550
|
|
5/15/2029
|
|
USD
|
|
4,713,009
|
|
|
4,588,757
|
|
|
|
4,667,261
|
1,4,5,6
|
|
Trilon
Group, LLC |
|
Delayed
Draw |
|
11.78%
|
|
SOFR
|
|
625
|
|
5/27/2029
|
|
USD
|
|
7,460,850
|
|
|
7,300,824
|
|
|
|
7,388,428
|
1,4,5
|
|
Trilon
Group, LLC |
|
Delayed
Draw |
|
10.24%
|
|
SOFR
|
|
625
|
|
5/27/2029
|
|
USD
|
|
6,060,429
|
|
|
5,955,720
|
|
|
|
6,001,602
|
1,4,5
|
|
Trilon
Group, LLC |
|
Delayed
Draw |
|
10.67%
|
|
SOFR
|
|
565
|
|
5/27/2029
|
|
USD
|
|
9,201,950
|
|
|
1,810,498
|
|
|
|
1,898,300
|
1,4,5,7
|
|
Trilon
Group, LLC |
|
First
Lien Term Loan |
|
10.95%
|
|
SOFR
|
|
550
|
|
5/27/2029
|
|
USD
|
|
58,801,656
|
|
|
57,449,456
|
|
|
|
58,230,879
|
1,4,5
|
|
Trilon
Group, LLC |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
5/27/2029
|
|
USD
|
|
2,445,090
|
|
|
(45,259
|
)
|
|
|
(23,734
|
)1,3,4
|
See
accompanying Notes to Consolidated Financial Statements.
9
|
Cliffwater
Corporate Lending Fund |
|
Consolidated
Schedule of Investments
As
of September 30, 2024 (Unaudited) (Continued) |
|
Portfolio
Company |
|
Investment
Type |
|
Interest
Rate |
|
Reference
Rate |
|
Basis
Points
Spread |
|
Maturity
Date |
|
Currency
|
|
Shares/
Principal
Amount |
|
Cost
|
|
Fair
Value |
Footnotes
|
|
Senior
Secured Loans (Continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Services (Continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trilon
Group, LLC |
|
Revolver
|
|
10.93%
|
|
SOFR
|
|
550
|
|
5/27/2029
|
|
USD
|
|
45,258
|
|
$
|
44,425
|
|
|
$
|
44,819
|
1,4,5
|
|
Trilon
Group, LLC |
|
Revolver
|
|
10.93%
|
|
SOFR
|
|
550
|
|
5/27/2029
|
|
USD
|
|
270,237
|
|
|
265,168
|
|
|
|
267,614
|
1,4,5
|
|
UP
Intermediate II LLC |
|
Revolver
|
|
10.10%
|
|
SOFR
|
|
525
|
|
3/14/2030
|
|
USD
|
|
658,132
|
|
|
248,248
|
|
|
|
246,989
|
1,4,5,6,7
|
|
UP
Intermediate II LLC |
|
First
Lien Term Loan |
|
10.58%
|
|
SOFR
|
|
525
|
|
3/14/2031
|
|
USD
|
|
750,485
|
|
|
732,729
|
|
|
|
731,939
|
1,4,5,6
|
|
USIC
Holdings, Inc. |
|
Delayed
Draw |
|
10.35%
|
|
SOFR
|
|
550
|
|
9/10/2031
|
|
USD
|
|
6,166,905
|
|
|
159,778
|
|
|
|
159,778
|
1,4,5,7
|
|
USIC
Holdings, Inc. |
|
First
Lien Term Loan |
|
10.34%
|
|
SOFR
|
|
550
|
|
9/10/2031
|
|
USD
|
|
13,959,010
|
|
|
13,833,631
|
|
|
|
13,889,215
|
1,4,5
|
|
USIC
Holdings, Inc. |
|
First
Lien Term Loan |
|
10.35%
|
|
SOFR
|
|
550
|
|
9/10/2031
|
|
USD
|
|
90,622,456
|
|
|
89,721,259
|
|
|
|
90,169,344
|
1,4,5
|
|
USIC
Holdings, Inc. |
|
Revolver
|
|
10.09%
|
|
SOFR
|
|
525
|
|
9/10/2031
|
|
USD
|
|
7,678,094
|
|
|
759,680
|
|
|
|
832,762
|
1,4,5,7
|
|
USIC
Holdings, Inc. |
|
Revolver
|
|
10.33%
|
|
SOFR
|
|
525
|
|
9/10/2031
|
|
USD
|
|
949,794
|
|
|
940,660
|
|
|
|
949,794
|
1,4,5
|
|
USIC
Holdings, Inc. |
|
Revolver
|
|
10.10%
|
|
SOFR
|
|
525
|
|
9/10/2031
|
|
USD
|
|
4,682,480
|
|
|
4,635,918
|
|
|
|
4,682,480
|
1,4,5
|
|
USRP
Holdings, Inc. |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
12/31/2029
|
|
USD
|
|
22,407,285
|
|
|
(222,116
|
)
|
|
|
(224,073
|
)1,3,4
|
|
USRP
Holdings, Inc. |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
12/31/2029
|
|
USD
|
|
6,568,140
|
|
|
(65,383
|
)
|
|
|
(65,681
|
)1,3,4,6
|
|
USRP
Holdings, Inc. |
|
Delayed
Draw |
|
9.85%
|
|
SOFR
|
|
500
|
|
12/31/2029
|
|
USD
|
|
14,970,750
|
|
|
7,182,844
|
|
|
|
7,405,432
|
1,4,5,7
|
|
USRP
Holdings, Inc. |
|
First
Lien Term Loan |
|
9.85%
|
|
SOFR
|
|
500
|
|
12/31/2029
|
|
USD
|
|
32,639,133
|
|
|
31,815,025
|
|
|
|
32,312,742
|
1,4,5
|
|
USRP
Holdings, Inc. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
12/31/2029
|
|
USD
|
|
1,397,849
|
|
|
(17,072
|
)
|
|
|
(13,979
|
)1,3,4
|
|
USRP
Holdings, Inc. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
12/31/2029
|
|
USD
|
|
3,919,648
|
|
|
(39,126
|
)
|
|
|
(39,196
|
)1,3,4,6
|
|
USRP
Holdings, Inc. |
|
Delayed
Draw |
|
9.85%
|
|
SOFR
|
|
500
|
|
7/23/2027
|
|
USD
|
|
4,996,749
|
|
|
2,386,118
|
|
|
|
2,474,912
|
1,4,5,7
|
|
Valcourt
Holdings II, LLC |
|
Delayed
Draw |
|
11.03%
|
|
SOFR
|
|
575
|
|
11/21/2029
|
|
USD
|
|
13,510,139
|
|
|
8,165,346
|
|
|
|
8,413,280
|
1,4,5,7
|
|
Valcourt
Holdings II, LLC |
|
First
Lien Term Loan |
|
11.03%
|
|
SOFR
|
|
575
|
|
11/21/2029
|
|
USD
|
|
40,739,079
|
|
|
40,007,859
|
|
|
|
40,739,079
|
1,4,5
|
|
Valet
Waste Holdings, Inc. |
|
First
Lien Term Loan |
|
10.60%
|
|
SOFR
|
|
575
|
|
5/1/2029
|
|
USD
|
|
2,360,291
|
|
|
2,337,843
|
|
|
|
2,355,323
|
1,4,5,6
|
|
Valet
Waste Holdings, Inc. |
|
Revolver
|
|
10.60%
|
|
SOFR
|
|
575
|
|
5/1/2029
|
|
USD
|
|
107,148
|
|
|
52,564
|
|
|
|
53,348
|
1,4,5,6,7
|
|
Valicor
PPC Intermediate I LLC |
|
Revolver
|
|
9.85%
|
|
SOFR
|
|
500
|
|
1/24/2028
|
|
USD
|
|
11,777
|
|
|
11,718
|
|
|
|
11,718
|
1,4,5,6
|
|
Valicor
PPC Intermediate I LLC |
|
Revolver
|
|
9.96%
|
|
SOFR
|
|
500
|
|
1/24/2028
|
|
USD
|
|
13,067
|
|
|
13,003
|
|
|
|
13,002
|
1,4,5,6
|
|
Valicor
PPC Intermediate I LLC |
|
Revolver
|
|
12.50%
|
|
PRIME
|
|
400
|
|
1/24/2028
|
|
USD
|
|
13,067
|
|
|
13,003
|
|
|
|
13,002
|
1,4,5,6
|
|
Valicor
PPC Intermediate I LLC |
|
Revolver
|
|
12.00%
|
|
PRIME
|
|
400
|
|
1/24/2028
|
|
USD
|
|
32,668
|
|
|
32,507
|
|
|
|
32,505
|
1,4,5,6
|
|
Valicor
PPC Intermediate I LLC |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
1/24/2028
|
|
USD
|
|
582,787
|
|
|
(2,872
|
)
|
|
|
(2,914
|
)1,3,4,6
|
|
Valicor
PPC Intermediate I LLC |
|
First
Lien Term Loan |
|
9.85%
|
|
SOFR
|
|
500
|
|
7/24/2028
|
|
USD
|
|
3,310,391
|
|
|
3,294,010
|
|
|
|
3,293,839
|
1,4,5,6
|
|
Valkyrie
Buyer, LLC |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
5/6/2030
|
|
USD
|
|
4,385,965
|
|
|
(61,471
|
)
|
|
|
(66,204
|
)1,3,4
|
|
Valkyrie
Buyer, LLC |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
5/6/2031
|
|
USD
|
|
26,903,509
|
|
|
(387,308
|
)
|
|
|
(406,095
|
)1,3,4
|
|
Valkyrie
Buyer, LLC |
|
Delayed
Draw |
|
10.45%
|
|
SOFR
|
|
525
|
|
5/6/2031
|
|
USD
|
|
2,482,456
|
|
|
2,447,102
|
|
|
|
2,444,984
|
1,4,5
|
|
Valkyrie
Buyer, LLC |
|
First
Lien Term Loan |
|
10.37%
|
|
SOFR
|
|
525
|
|
5/6/2031
|
|
USD
|
|
41,228,070
|
|
|
40,633,664
|
|
|
|
40,605,753
|
1,4,5
|
|
Vehicle
Management Services LLC |
|
First
Lien Term Loan |
|
11.17%
|
|
SOFR
|
|
625
|
|
7/26/2027
|
|
USD
|
|
34,823,729
|
|
|
34,216,671
|
|
|
|
34,127,255
|
1,4,5
|
|
Vehicle
Management Services LLC |
|
First
Lien Term Loan |
|
10.85%
|
|
SOFR
|
|
625
|
|
7/26/2027
|
|
USD
|
|
2,800,911
|
|
|
2,745,208
|
|
|
|
2,744,893
|
1,4,5
|
|
Vensure
Employer Services, Inc. |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
9/27/2031
|
|
USD
|
|
35,380,835
|
|
|
(353,534
|
)
|
|
|
(353,808
|
)1,3,4
|
|
Vensure
Employer Services, Inc. |
|
First
Lien Term Loan |
|
9.64%
|
|
SOFR
|
|
500
|
|
9/27/2031
|
|
USD
|
|
79,619,165
|
|
|
78,823,827
|
|
|
|
78,822,973
|
1,4,5
|
|
Vistage
Worldwide, Inc. |
|
First
Lien Term Loan |
|
9.35%
|
|
SOFR
|
|
475
|
|
7/13/2029
|
|
USD
|
|
15,000,000
|
|
|
14,932,039
|
|
|
|
15,042,225
|
1,5
|
|
Vistage
Worldwide, Inc. |
|
First
Lien Term Loan |
|
9.35%
|
|
SOFR
|
|
475
|
|
7/13/2029
|
|
USD
|
|
29,625,000
|
|
|
28,890,470
|
|
|
|
29,708,394
|
1,5
|
|
VRC
Companies, LLC |
|
Delayed
Draw |
|
10.77%
|
|
SOFR
|
|
575
|
|
6/29/2027
|
|
USD
|
|
10,000,000
|
|
|
8,899,663
|
|
|
|
9,028,670
|
1,4,5,7
|
|
VRC
Companies, LLC |
|
First
Lien Term Loan |
|
11.01%
|
|
SOFR
|
|
550
|
|
6/29/2027
|
|
USD
|
|
19,328,139
|
|
|
19,143,180
|
|
|
|
19,328,139
|
1,4,5
|
|
VRC
Companies, LLC |
|
First
Lien Term Loan |
|
10.88%
|
|
SOFR
|
|
575
|
|
6/29/2027
|
|
USD
|
|
5,929,622
|
|
|
5,890,859
|
|
|
|
5,929,622
|
1,4,5
|
|
VRC
Companies, LLC |
|
Revolver
|
|
10.88%
|
|
SOFR
|
|
575
|
|
6/29/2027
|
|
USD
|
|
565,646
|
|
|
113,151
|
|
|
|
113,151
|
1,4,5,7
|
|
Whitemarsh
Infrastructure Acquisition, Inc. |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
12/18/2027
|
|
USD
|
|
1,834,445
|
|
|
(35,240
|
)
|
|
|
(36,454
|
)1,3,4,6
|
See
accompanying Notes to Consolidated Financial Statements.
10
|
Cliffwater
Corporate Lending Fund |
|
Consolidated
Schedule of Investments
As
of September 30, 2024 (Unaudited) (Continued) |
|
Portfolio
Company |
|
Investment
Type |
|
Interest
Rate |
|
Reference
Rate |
|
Basis
Points
Spread |
|
Maturity
Date |
|
Currency
|
|
Shares/
Principal
Amount |
|
Cost
|
|
Fair
Value |
Footnotes
|
|
Senior
Secured Loans (Continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Services (Continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Woolpert
Holdings, Inc. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
3/11/2029
|
|
USD
|
|
859,448
|
|
$
|
2,106
|
|
|
$
|
(8,594
|
)1,3,4,6
|
|
Woolpert
Holdings, Inc. |
|
Revolver
|
|
9.95%
|
|
SOFR
|
|
500
|
|
3/11/2029
|
|
USD
|
|
201,599
|
|
|
202,095
|
|
|
|
199,583
|
1,4,5,6
|
|
Woolpert
Holdings, Inc. |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
3/11/2031
|
|
USD
|
|
2,122,095
|
|
|
(21,220
|
)
|
|
|
(21,221
|
)1,3,4,6
|
|
Woolpert
Holdings, Inc. |
|
First
Lien Term Loan |
|
9.95%
|
|
SOFR
|
|
500
|
|
3/11/2031
|
|
USD
|
|
6,816,857
|
|
|
6,884,357
|
|
|
|
6,816,857
|
1,4,5,6
|
|
Woolpert
Holdings, Inc. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
4/5/2029
|
|
USD
|
|
2,080,434
|
|
|
—
|
|
|
|
(20,804
|
)1,3,4
|
|
Woolpert
Holdings, Inc. |
|
Revolver
|
|
9.95%
|
|
SOFR
|
|
500
|
|
4/5/2029
|
|
USD
|
|
456,681
|
|
|
456,681
|
|
|
|
452,114
|
1,4,5
|
|
Woolpert
Holdings, Inc. |
|
Delayed
Draw |
|
9.96%
|
|
SOFR
|
|
500
|
|
4/5/2030
|
|
USD
|
|
5,074,232
|
|
|
761,157
|
|
|
|
761,134
|
1,4,5,7
|
|
Woolpert
Holdings, Inc. |
|
First
Lien Term Loan |
|
9.95%
|
|
SOFR
|
|
500
|
|
4/5/2030
|
|
USD
|
|
16,300,076
|
|
|
16,300,076
|
|
|
|
16,300,076
|
1,4,5
|
|
WRE
Holding Corp. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
7/2/2030
|
|
USD
|
|
7,970,661
|
|
|
(76,482
|
)
|
|
|
(75,289
|
)1,3,4
|
|
WRE
Holding Corp. |
|
Delayed
Draw |
|
9.81%
|
|
SOFR
|
|
500
|
|
7/2/2031
|
|
USD
|
|
14,944,988
|
|
|
650,187
|
|
|
|
655,899
|
1,4,5,7
|
|
WRE
Holding Corp. |
|
First
Lien Term Loan |
|
9.25%
|
|
SOFR
|
|
500
|
|
7/2/2031
|
|
USD
|
|
46,364,303
|
|
|
45,911,870
|
|
|
|
45,926,357
|
1,4,5
|
|
YLG
Holdings, Inc. |
|
Delayed
Draw |
|
9.59%
|
|
SOFR
|
|
500
|
|
11/1/2026
|
|
USD
|
|
40,000,000
|
|
|
809,742
|
|
|
|
1,095,120
|
1,4,5,7
|
|
YLG
Holdings, Inc. |
|
Delayed
Draw |
|
9.59%
|
|
SOFR
|
|
500
|
|
11/2/2026
|
|
USD
|
|
587,741
|
|
|
56,058
|
|
|
|
60,270
|
1,4,5,6,7
|
|
Zinc
Buyer Corporation |
|
Delayed
Draw |
|
9.35%
|
|
SOFR
|
|
475
|
|
7/24/2031
|
|
USD
|
|
8,002,256
|
|
|
187,447
|
|
|
|
191,154
|
1,4,5,6,7
|
|
Zinc
Buyer Corporation |
|
Delayed
Draw |
|
9.87%
|
|
SOFR
|
|
475
|
|
7/24/2031
|
|
USD
|
|
130,118
|
|
|
128,831
|
|
|
|
128,889
|
1,4,5,6
|
|
Zinc
Buyer Corporation |
|
First
Lien Term Loan |
|
9.35%
|
|
SOFR
|
|
475
|
|
7/24/2031
|
|
USD
|
|
14,963,567
|
|
|
14,815,814
|
|
|
|
14,822,225
|
1,4,5,6
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,786,247,878
|
|
|
|
1,799,839,668
|
|
|
Communications — 1.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1236904
B.C. Ltd. |
|
First
Lien Term Loan |
|
11.01%
|
|
SOFR
|
|
576
|
|
3/4/2027
|
|
USD
|
|
2,866,248
|
|
|
2,814,402
|
|
|
|
2,772,482
|
1,4,5,9
|
|
AG-Twin
Brook Communication Services |
|
First
Lien Term Loan |
|
6.32%,
5.00% PIK |
|
SOFR
|
|
100
|
|
9/30/2026
|
|
USD
|
|
25,558,757
|
|
|
25,497,847
|
|
|
|
25,273,495
|
1,4,5,6,8
|
|
ARC
Media Holdings Limited |
|
First
Lien Term Loan |
|
12.65%
|
|
SOFR
|
|
725
|
|
10/31/2027
|
|
USD
|
|
2,217,450
|
|
|
2,154,695
|
|
|
|
2,148,620
|
1,4,5
|
|
Aurelia
Netherlands Midco 2 B.V. |
|
First
Lien Term Loan |
|
8.93%
|
|
EURIBOR
|
|
575
|
|
5/1/2031
|
|
EUR
|
|
44,735,150
|
|
|
47,476,951
|
|
|
|
48,776,624
|
1,2,4,5
|
|
Barkley,
LLC |
|
First
Lien Term Loan |
|
10.70%
|
|
SOFR
|
|
575
|
|
9/29/2028
|
|
USD
|
|
1,577,900
|
|
|
1,549,426
|
|
|
|
1,546,342
|
1,4,5
|
|
Barkley,
LLC |
|
First
Lien Term Loan |
|
11.15%
|
|
SOFR
|
|
575
|
|
9/29/2028
|
|
USD
|
|
2,393,280
|
|
|
2,348,883
|
|
|
|
2,345,414
|
1,4,5
|
|
BrightSign,
LLC |
|
First
Lien Term Loan |
|
10.45%
|
|
SOFR
|
|
550
|
|
10/14/2027
|
|
USD
|
|
4,899,498
|
|
|
4,817,813
|
|
|
|
4,899,497
|
1,4,5
|
|
Broadcast
Music, Inc. |
|
First
Lien Term Loan |
|
11.04%
|
|
SOFR
|
|
575
|
|
2/8/2030
|
|
USD
|
|
7,048,104
|
|
|
6,885,337
|
|
|
|
7,048,104
|
1,4,5,6
|
|
Broadcast
Music, Inc. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
2/8/2030
|
|
USD
|
|
1,205,483
|
|
|
(26,967
|
)
|
|
|
—
|
1,3,4,6
|
|
CM
Acquisitions Holdings, Inc. |
|
Delayed
Draw |
|
7.75%,
2.50% PIK |
|
SOFR
|
|
350
|
|
5/6/2025
|
|
USD
|
|
293,549
|
|
|
289,770
|
|
|
|
281,597
|
1,4,5,8
|
|
CM
Acquisitions Holdings, Inc. |
|
First
Lien Term Loan |
|
7.75%,
2.50% PIK |
|
SOFR
|
|
350
|
|
5/6/2025
|
|
USD
|
|
2,560,170
|
|
|
2,552,198
|
|
|
|
2,455,930
|
1,4,5,8
|
|
CM
Acquisitions Holdings, Inc. |
|
Incremental
Term Loan |
|
7.75%,
2.50% PIK |
|
SOFR
|
|
350
|
|
5/6/2025
|
|
USD
|
|
798,558
|
|
|
796,071
|
|
|
|
766,044
|
1,4,5,8
|
|
CSL
DualCom Ltd. |
|
First
Lien Term Loan |
|
9.73%
|
|
SONIA
|
|
478
|
|
9/25/2027
|
|
GBP
|
|
1,772,638
|
|
|
2,379,463
|
|
|
|
2,369,837
|
1,2,4,5
|
|
Duggal
Acquisition, LLC |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
9/30/2030
|
|
USD
|
|
682,742
|
|
|
(14,219
|
)
|
|
|
(14,225
|
)1,3,4
|
|
Duggal
Acquisition, LLC |
|
First
Lien Term Loan |
|
9.60%
|
|
SOFR
|
|
500
|
|
9/30/2030
|
|
USD
|
|
2,696,831
|
|
|
2,640,660
|
|
|
|
2,640,641
|
1,4,5
|
|
Duggal
Acquisition, LLC |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
9/30/2030
|
|
USD
|
|
957,177
|
|
|
(19,934
|
)
|
|
|
(19,943
|
)1,3,4
|
|
EP
Purchaser, LLC |
|
Second
Lien Term Loan |
|
11.37%
|
|
SOFR
|
|
650
|
|
11/4/2029
|
|
USD
|
|
10,000,000
|
|
|
9,850,000
|
|
|
|
9,971,871
|
1,4,5
|
See
accompanying Notes to Consolidated Financial Statements.
11
|
Cliffwater
Corporate Lending Fund |
|
Consolidated
Schedule of Investments
As
of September 30, 2024 (Unaudited) (Continued) |
|
Portfolio
Company |
|
Investment
Type |
|
Interest
Rate |
|
Reference
Rate |
|
Basis
Points
Spread |
|
Maturity
Date |
|
Currency
|
|
Shares/
Principal
Amount |
|
Cost
|
|
Fair
Value |
Footnotes
|
|
Senior
Secured Loans (Continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Communications (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Everbridge
Holdings, LLC |
|
Delayed
Draw |
|
10.30%
|
|
SOFR
|
|
500
|
|
7/2/2029
|
|
USD
|
|
5,555,556
|
|
$
|
2,150,802
|
|
|
$
|
2,173,694
|
1,4,5,7
|
|
Everbridge
Holdings, LLC |
|
First
Lien Term Loan |
|
10.30%
|
|
SOFR
|
|
500
|
|
7/2/2029
|
|
USD
|
|
22,222,222
|
|
|
22,115,190
|
|
|
|
22,174,832
|
1,4,5
|
|
Everbridge
Holdings, LLC |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
7/2/2029
|
|
USD
|
|
2,222,222
|
|
|
(10,569
|
)
|
|
|
(4,739
|
)1,3,4
|
|
Fingerpaint
Marketing, Inc. |
|
Delayed
Draw |
|
11.20%
|
|
SOFR
|
|
625
|
|
12/30/2026
|
|
USD
|
|
5,916,582
|
|
|
5,844,608
|
|
|
|
5,859,151
|
1,4,5
|
|
Fingerpaint
Marketing, Inc. |
|
Delayed
Draw |
|
11.70%
|
|
SOFR
|
|
675
|
|
12/30/2026
|
|
USD
|
|
2,627,306
|
|
|
2,616,682
|
|
|
|
2,601,803
|
1,4,5
|
|
Fingerpaint
Marketing, Inc. |
|
First
Lien Term Loan |
|
11.20%
|
|
SOFR
|
|
625
|
|
12/30/2026
|
|
USD
|
|
7,997,093
|
|
|
7,917,122
|
|
|
|
7,919,467
|
1,4,5
|
|
Fingerpaint
Marketing, Inc. |
|
First
Lien Term Loan |
|
11.70%
|
|
SOFR
|
|
675
|
|
12/30/2026
|
|
USD
|
|
3,370,883
|
|
|
3,328,939
|
|
|
|
3,338,163
|
1,4,5
|
|
Fingerpaint
Marketing, Inc. |
|
Revolver
|
|
13.75%
|
|
PRIME
|
|
675
|
|
12/30/2026
|
|
USD
|
|
1,680,108
|
|
|
134,409
|
|
|
|
118,100
|
1,4,5,7
|
|
Fingerpaint
Marketing, Inc. |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
12/30/2026
|
|
USD
|
|
336,022
|
|
|
—
|
|
|
|
(3,262
|
)1,3,4
|
|
FuseFX,
LLC |
|
First
Lien Term Loan |
|
6.32%,
5.00% PIK |
|
SOFR
|
|
100
|
|
9/30/2026
|
|
USD
|
|
12,691,045
|
|
|
12,626,459
|
|
|
|
12,554,329
|
1,4,5,6,8
|
|
Global
Music Rights |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
8/27/2029
|
|
USD
|
|
1,508,825
|
|
|
(27,366
|
)
|
|
|
—
|
1,3,4
|
|
Global
Music Rights |
|
First
Lien Term Loan |
|
10.10%
|
|
SOFR
|
|
550
|
|
8/27/2030
|
|
USD
|
|
23,491,175
|
|
|
23,047,739
|
|
|
|
23,491,175
|
1,4,5
|
|
Global
Music Rights |
|
First
Lien Term Loan |
|
10.10%
|
|
SOFR
|
|
550
|
|
8/27/2030
|
|
USD
|
|
1,917,582
|
|
|
1,881,559
|
|
|
|
1,917,582
|
1,4,5,6
|
|
Global
Music Rights |
|
Revolver
|
|
0.50%
|
|
|
|
|
|
8/27/2030
|
|
USD
|
|
172,997
|
|
|
(3,179
|
)
|
|
|
—
|
1,3,4,6
|
|
HH
Global Finance Limited |
|
First
Lien Term Loan |
|
11.74%
|
|
SOFR
|
|
641
|
|
9/24/2028
|
|
USD
|
|
15,000,000
|
|
|
14,887,500
|
|
|
|
14,315,738
|
1,4,5,6
|
|
Iconic
Purchaser Corporation |
|
Revolver
|
|
10.45%
|
|
SOFR
|
|
550
|
|
11/16/2027
|
|
USD
|
|
1,538,462
|
|
|
1,489,330
|
|
|
|
1,485,068
|
1,4,5,7
|
|
Iconic
Purchaser Corporation |
|
First
Lien Term Loan |
|
10.95%
|
|
SOFR
|
|
600
|
|
11/16/2028
|
|
USD
|
|
18,769,240
|
|
|
18,518,221
|
|
|
|
18,630,232
|
1,4,5
|
|
Infolinks
Media Buyco, LLC |
|
Delayed
Draw |
|
10.10%
|
|
SOFR
|
|
550
|
|
11/1/2026
|
|
USD
|
|
271,378
|
|
|
267,793
|
|
|
|
267,308
|
1,4,5
|
|
Infolinks
Media Buyco, LLC |
|
First
Lien Term Loan |
|
10.10%
|
|
SOFR
|
|
550
|
|
11/1/2026
|
|
USD
|
|
2,588,238
|
|
|
2,551,379
|
|
|
|
2,546,403
|
1,4,5
|
|
Klick,
Inc. |
|
First
Lien Term Loan |
|
9.25%
|
|
SOFR
|
|
450
|
|
3/31/2028
|
|
USD
|
|
317,818
|
|
|
314,676
|
|
|
|
314,640
|
1,4,5,6
|
|
Lithium
Technologies, LLC |
|
First
Lien Term Loan |
|
9.76%,
4.50% PIK |
|
SOFR
|
|
450
|
|
1/3/2025
|
|
USD
|
|
9,435,959
|
|
|
9,435,959
|
|
|
|
3,349,766
|
1,4,5,8
|
|
MBS
Holdings, Inc. |
|
First
Lien Term Loan |
|
11.09%
|
|
SOFR
|
|
625
|
|
4/16/2027
|
|
USD
|
|
1,011,864
|
|
|
997,956
|
|
|
|
1,011,864
|
1,4,5
|
|
MBS
Holdings, Inc. |
|
First
Lien Term Loan |
|
10.59%
|
|
SOFR
|
|
575
|
|
4/6/2027
|
|
USD
|
|
13,316,949
|
|
|
13,150,487
|
|
|
|
13,316,949
|
1,4,5
|
|
MBS
Holdings, Inc. |
|
Revolver
|
|
10.95%
|
|
SOFR
|
|
575
|
|
4/6/2027
|
|
USD
|
|
1,271,186
|
|
|
152,542
|
|
|
|
152,542
|
1,4,5,7
|
|
MBS
Services Holdings, LLC |
|
First
Lien Term Loan |
|
11.34%
|
|
SOFR
|
|
650
|
|
4/16/2027
|
|
USD
|
|
958,856
|
|
|
944,397
|
|
|
|
958,856
|
1,4,5
|
|
Mc
Group Ventures Corporation |
|
Delayed
Draw |
|
10.91%
|
|
SOFR
|
|
550
|
|
6/30/2027
|
|
USD
|
|
9,423,654
|
|
|
7,691,246
|
|
|
|
7,864,700
|
1,4,5,7
|
|
Mc
Group Ventures Corporation |
|
Delayed
Draw |
|
1.00%
|
|
|
|
|
|
6/30/2027
|
|
USD
|
|
|
