Cliffwater Corporate Lending Fund - 31 Mar 2021 Form 4 Insider Report for New Mountain Guardian III BDC, L.L.C.

Role: 10%+ Owner
Signature: /s/ Stephen Nesbitt, CEO of Cliffwater LLC on behalf of Cliffwater Corporate Lending Fund
Issuer symbol: N/A
Transactions as of: 31 Mar 2021
Net transactions value: $0
Form type: 4
Filing time: 21 Jun 2021, 17:34:39 UTC
Next filing: 21 Jun 2021
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction		UNITS	Other	$0	-6,000,000	-100%	$0.000000^*	0	31 Mar 2021	Direct	F1
transaction		UNITS	Other	$0	+6,000,000		$0.000000	6,000,000	31 Mar 2021	See Footnote	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Cliffwater Corporate Lending Fund is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	The Units were transferred to a wholly-owned special purpose vehicle of the Fund for no consideration. This is an exit filing because the Form 3 was filed notwithstanding the exemption available to the Fund under Rule 16a-1(a)(1).