Form 4: Cliffwater Corporate Lending Fund Insider Acquires Over 330,000 Shares

Stephen Lane Nesbitt, a Director and President/Interested Trustee of Cliffwater Corporate Lending Fund, acquired 330,812.854 Class I Shares through family trusts on July 10, 2025, increasing indirect holdings to over 9.7 million shares.

Summary

• Stephen Lane Nesbitt, a Director and President/Interested Trustee of Cliffwater Corporate Lending Fund (CCLFX), reported a transaction.
• On July 10, 2025, 330,812.854 Class I Shares were acquired.
• The acquisition price was $10.58 per share.
• Following this transaction, the indirect beneficial ownership stands at 9,718,425.926 shares.
• These shares are held by various family trusts, including the Nesbitt Family Trust of 1995, BN 2021 Trust, JN 2021 Trust, JN and BN 2023 Trust, and The Terry/Anne Trust.
• Mr. Nesbitt disclaims beneficial ownership of these indirectly held shares.

Sentiment

Score: 8

Explanation: The acquisition of a substantial number of shares by a key insider indicates strong confidence in the company's future performance and valuation.

Positives

• Significant acquisition of 330,812.854 Class I Shares by an insider, Stephen Lane Nesbitt, indicating confidence in the company's future.
• The transaction increases the total indirect beneficial ownership to 9,718,425.926 shares, aligning insider interests with shareholders.

Future Outlook

NA

Management Comments

• Shares held by the Nesbitt Family Trust of 1995, BN 2021 Trust, JN 2021 Trust, JN and BN 2023 Trust, and The Terry/Anne Trust, which are trusts for the benefit of Mr. Nesbitt's family.
• Mr. Nesbitt disclaims beneficial ownership of such shares. This report shall not be deemed an admission that he is the beneficial owner of such shares for purposes of Section 16 of the Securities Exchange Act of 1934 or for any other purpose.

Industry Context

This insider transaction for Cliffwater Corporate Lending Fund, an investment fund, suggests confidence in the fund's strategy, underlying assets, or future performance within the corporate lending sector.

Related Party Transactions

• Acquisition of 330,812.854 Class I Shares by trusts for the benefit of Mr. Nesbitt's family (Nesbitt Family Trust of 1995, BN 2021 Trust, JN 2021 Trust, JN and BN 2023 Trust, and The Terry/Anne Trust).

Stakeholder Impact

• Shareholders: Potential positive signal due to insider confidence in the fund's future.

Key Dates

Recommendation

Keywords

Cliffwater Corporate Lending Fund, CCLFX, Stephen Lane Nesbitt, insider trading, Form 4, share acquisition, beneficial ownership, investment fund, director, trustee