SCHEDULE 13G/A: Cliffwater Entities Disclose 5.7% Passive Stake in 26North BDC, Inc.

Cliffwater Corporate Lending Fund, Cliffwater LLC, and Stephen Nesbitt have jointly reported a 5.7% beneficial ownership stake in 26North BDC, Inc., held for investment purposes.

Summary

• The filing identifies Cliffwater Corporate Lending Fund, Cliffwater LLC, and Stephen Nesbitt as the Reporting Persons.
• The Issuer is 26North BDC, Inc., with its principal executive offices located at 600 Madison Avenue, 26th Floor, New York, NY, 10022.
• The Reporting Persons collectively beneficially own 797,897.70 shares of 26North BDC, Inc.'s Common Stock.
• This ownership represents 5.7% of the class, calculated based on 13,910,360.1 shares outstanding as of December 19, 2024.
• Cliffwater Corporate Lending Fund is the direct holder of the securities, with Cliffwater LLC acting as its investment adviser, and Stephen Nesbitt as the Chief Executive Officer of Cliffwater LLC.
• The Reporting Persons have shared voting power over 695,518.00 shares and shared dispositive power over 797,897.70 shares.
• A key detail is that the Reporting Person (Cliffwater Corporate Lending Fund) has waived voting rights above 4.99%.
• The shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing disclosing a passive beneficial ownership stake, with no explicit positive or negative operational news for the issuer. The sentiment is neutral as it primarily serves as a disclosure of an investment position.

Positives

• The disclosure of a 5.7% beneficial ownership stake by institutional investors like Cliffwater Corporate Lending Fund may signal confidence in 26North BDC, Inc. as an investment.

Risks

• The Reporting Persons have waived voting rights above 4.99%, which limits their ability to exercise full voting influence proportionate to their ownership stake in 26North BDC, Inc.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding the future performance or strategic direction of 26North BDC, Inc. or the Reporting Persons' investment strategy beyond the passive nature of the holding.

Management Comments

• The Reporting Persons certify that, to the best of their knowledge and belief, the securities were acquired and are held in the ordinary course of business and not for the purpose of or with the effect of changing or influencing the control of the issuer.

Industry Context

This filing is a standard disclosure for institutional investors acquiring a significant passive stake (over 5%) in a publicly traded company, in this case, a Business Development Company (BDC). BDCs typically invest in debt and equity of private companies, often small and mid-sized businesses.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional investor holding a passive stake may be viewed as a signal of confidence in the company's value proposition, potentially influencing investor sentiment.

Key Dates

Keywords

26North BDC Inc., Cliffwater Corporate Lending Fund, Cliffwater LLC, Stephen Nesbitt, Schedule 13G, beneficial ownership, common stock, investment adviser, passive investment, SEC filing