# EDGAR Filing Document

**Accession Number:** 0001659851
**File Stem:** 0001104659-25-086228
**Filing Date:** 2025-9
**Character Count:** 4561
**Document Hash:** 98ce7d9e2e0de254bcf6854833081073
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-086228.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001104659-25-086228

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250902

**EFFECTIVENESS DATE**: 20250902

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cliffwater LLC
- **CENTRAL INDEX KEY:** 0001659851

**ORGANIZATION NAME:**
- **EIN:** 201246914
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18848
- **FILM NUMBER:** 251284311

**BUSINESS ADDRESS:**
- **STREET 1:** 4640 ADMIRALTY WAY
- **STREET 2:** 11TH FLOOR
- **CITY:** MARINA DEL REY
- **STATE:** CA
- **ZIP:** 90292
- **BUSINESS PHONE:** 310-448-5000

**MAIL ADDRESS:**
- **STREET 1:** 4640 ADMIRALTY WAY
- **STREET 2:** 11TH FLOOR
- **CITY:** MARINA DEL REY
- **STATE:** CA
- **ZIP:** 90292

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001659851

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** Cliffwater LLC

**Address:** 4640 ADMIRALTY WAY, MARINA DEL REY, CA 90292

**Telephone number:** 310-448-5000

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-18848

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [ ] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [x] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                  | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                               | VOTE CATEGORY                              |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| CVB FINANCIAL CORP.             | 126600105 | 05/21/2025     | To approve, on a non-binding advisory basis, the compensation of CVB Financial Corp.'s named executive officers ("Say-On-Pay") | SECTION 14A SAY-ON-PAY VOTES; COMPENSATION |         412247 |                0 |  |                                   412247 | FOR                         |  |
| FRANKLIN BSP REALTY TRUST, INC. | 35243J101 | 05/28/2025     | ADVISORY VOTE ON THE COMPENSATION OF THE COMPANY'S NAMED EXECUTIVE OFFICERS                                                    | SECTION 14A SAY-ON-PAY VOTES; COMPENSATION |         665248 |                0 |  |                                   665248 | FOR                         |  |
| OSCAR HEALTH, INC.              | 687793109 | 06/04/2025     | Approval, on an advisory (non-binding) basis, of the compensation of our named executive officers.                             | SECTION 14A SAY-ON-PAY VOTES; COMPENSATION |           4431 |                0 |  |                                     4431 | FOR                         |  |
| TOAST, INC.                     | 888787108 | 06/13/2025     | To approve, on an advisory (non-binding) basis, the compensation of our named executive officers.                              | SECTION 14A SAY-ON-PAY VOTES; COMPENSATION |           3197 |                0 |  |                                     3197 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Cliffwater LLC

**By (Signature):** Jonathan A. Rogal

**By (Printed Signature):** Jonathan A. Rogal

**By (Title):** Senior Managing Director and General Counsel

**Date:** 09/02/2025