cliffwater direct lending index

>> >> /K 877 1213 0 obj << << >> 2390 0 obj /K 379 1896 0 obj /S /P endobj /S /P /P 4866 0 R /Pg 23 0 R endobj << << /K 1464 >> /S /TextBox 2469 0 obj endobj >> << 3054 0 obj /Lang (EN-US) /P 5124 0 R /K 1474 /Pg 23 0 R /S /P /P 6648 0 R /Pg 22 0 R /P 10 0 R endobj /P 5505 0 R 4147 0 obj /Pg 23 0 R >> 1875 0 obj /P 5441 0 R 2277 0 obj 4248 0 obj 785 0 obj endobj /K 1412 endobj >> >> /P 6168 0 R /Pg 25 0 R 22 2484 0 obj >> /S /P /Pg 23 0 R /P 5954 0 R /Lang (EN-US) >> /Pg 20 0 R endobj 2412 0 obj >> 3854 0 obj /Pg 22 0 R /Pg 25 0 R /P 4806 0 R 3139 0 obj /K 1356 4214 0 obj >> /Lang (EN-US) endobj /Pg 23 0 R /Pg 22 0 R /Pg 22 0 R /Pg 24 0 R 2824 0 obj /K 1183 endobj /K 327 /S /P /P 6752 0 R /P 6512 0 R /K 1449 /S /P /K 221 /K 1370 endobj /P 10 0 R << /S /Artifact /K 142 /K 1503 endobj /S /Artifact /P 4857 0 R /S /P /K 395 /Pg 23 0 R /K 1536 endobj /S /P /S /P << endobj << <> /K 1347 /K 749 << endobj /K 938 3687 0 obj 1389 0 obj << /S /Artifact /S /P << /Pg 24 0 R 2780 0 obj /S /Artifact /K 159 endobj /K 1455 << endobj >> >> endobj /Pg 25 0 R >> << >> /Lang (EN-US) /K 163 >> /P 5207 0 R /Lang (EN-US) endobj /S /Artifact /Pg 24 0 R >> /Pg 23 0 R /Lang (EN-US) /S /P /Pg 22 0 R /P 5129 0 R >> << /S /P endobj >> << /Pg 25 0 R 4116 0 obj >> /K 1356 /S /Artifact /K 695 /Pg 23 0 R /S /P << endobj endobj << >> /P 37 0 R /Lang (EN-US) /S /Artifact << /S /P /Lang (EN-US) << >> endobj 2820 0 obj /Pg 23 0 R >> endobj /Lang (EN-US) endobj endobj /P 10 0 R >> /S /P /P 10 0 R /S /Artifact 1796 0 obj /Lang (EN-US) /Pg 15 0 R >> endobj /K 424 << << >> /Lang (EN-US) endobj /Pg 22 0 R /K 552 /S /P << >> endobj <> 3017 0 obj /S /P /P 6750 0 R /Lang (EN-US) /P 6489 0 R /Pg 22 0 R /S /Artifact << /K 1426 >> /P 4869 0 R /K 1369 >> /P 5658 0 R /Lang (EN-US) 2025 0 obj << >> /Pg 23 0 R /Pg 24 0 R endobj /K 1308 /S /P /Pg 25 0 R /Pg 22 0 R 1178 0 obj /K [1111 1112] /S /P /K 6 /K 273 /Lang (EN-US) 2174 0 obj << >> >> /S /Artifact 2748 0 R null null null 2749 0 R null 2750 0 R null 2751 0 R null /K 142 /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) /Pg 13 0 R /S /Artifact /Lang (EN-US) 2078 0 obj << endobj << /P 6727 0 R endobj 1488 0 obj /K 840 << endobj Source: Cliffwater. /P 6331 0 R << endobj /P 4740 0 R /Pg 21 0 R /S /Artifact 1425 0 R 1426 0 R 1427 0 R 1428 0 R 1429 0 R 1430 0 R 1431 0 R 1432 0 R 1433 0 R 1434 0 R endobj /K 884 /K 817 /K 118 /K 1352 /P 5968 0 R endobj /Pg 23 0 R /S /Artifact << /S /Artifact << /K 75 /S /P << >> /Pg 21 0 R << endobj >> /P 10 0 R >> endobj /Pg 18 0 R << 1820 0 obj 3192 0 obj >> 194 0 obj /Pg 23 0 R /S /P endobj endobj /S /P >> >> /Lang (EN-US) >> endobj null 2580 0 R null 2581 0 R 2582 0 R null 2583 0 R null 2584 0 R null /S /P endobj 4150 0 obj /Lang (EN-US) endobj /Pg 25 0 R endobj /K 192 << /K 1325 endobj 1334 0 obj << /Pg 24 0 R /P 5552 0 R 3709 0 obj 1505 0 obj endobj /Pg 22 0 R endobj 921 0 obj << /Lang (EN-US) >> /Lang (EN-US) /P 6233 0 R 276 0 obj /Lang (EN-US) 2191 0 obj endobj 1769 0 obj /Pg 25 0 R /P 5317 0 R /S /Artifact >> /Lang (EN-US) /Lang (EN-US) /P 5510 0 R /Pg 24 0 R /S /Artifact /P 6262 0 R null 2957 0 R null 2958 0 R 2959 0 R null 2960 0 R null 2961 0 R null endobj /S /P /K 358 2703 0 obj >> endobj 1047 0 obj 779 0 obj /K 436 /Resources 4347 0 R 2048 0 obj /P 5742 0 R /S /P >> /P 6266 0 R >> /S /P /S /Table >> >> 2919 0 obj endobj endobj >> 1572 0 obj /K 1532 >> endobj /P 5118 0 R /Lang (EN-US) /Pg 23 0 R /K 1091 3323 0 obj endobj /K 216 /Pg 22 0 R /S /P 320 0 obj /K 69 /Lang (EN-US) >> >> /P 6256 0 R /K 1208 960 0 obj /Pg 24 0 R << 1075 0 obj /Lang (EN-US) /Pg 22 0 R 3029 0 obj /S /P 657 0 obj endobj /Pg 25 0 R >> /K 1269 endobj 2912 0 obj /Lang (EN-US) /P 4859 0 R << 3635 0 obj /Pg 18 0 R 1951 0 obj /S /P >> << >> /S /P >> /S /P /Pg 23 0 R /P 5998 0 R /K 1181 3364 0 R 3365 0 R 3366 0 R 3367 0 R 3368 0 R 3369 0 R 3370 0 R 3371 0 R 3372 0 R 3373 0 R /S /P /K 1147 /P 10 0 R /Lang (EN-US) /K 1131 >> /P 5139 0 R << >> /K 1518 /S /P >> << >> /S /P endobj >> endobj /Lang (EN-US) 28 0 obj /K 1542 /Pg 25 0 R endobj /S /Artifact >> /K 929 /T () << 4252 0 obj /K 30 /Pg 25 0 R >> /P 6544 0 R >> 4220 0 obj /Pg 23 0 R << /Pg 22 0 R endobj << /K 851 endobj endobj /K 1414 << <> /Pg 22 0 R /K 1324 /Lang (EN-US) >> 1291 0 obj /Lang (EN-US) /K 212 /Lang (EN-US) /S /Artifact 3538 0 obj /K 488 endobj 2397 0 obj << /Lang (EN-US) /S /Artifact /K 446 2022 0 obj /K 826 endobj /S /P /S /P << << /Lang (EN-US) /S /P >> << << /Lang (EN-US) >> /K 7 /K 370 612 0 obj /P 5516 0 R 3116 0 obj >> /K 1400 /P 5765 0 R 1053 0 obj << 1561 0 obj /S /Figure /K 516 /Lang (EN-US) << >> << 648 0 obj /Lang (EN-US) /S /P 2244 0 obj <> endobj /Lang (EN-US) >> 2442 0 obj /K 71 >> null null 3652 0 R null null null 3653 0 R null null null /Lang (EN-US) endobj /S /P /Pg 25 0 R /S /Artifact endobj /P 5650 0 R /K 109 /Pg 25 0 R << 2006 0 obj endobj endobj /P 5863 0 R /K 1437 /K 1380 /S /P /Pg 24 0 R << 2298 0 obj /Pg 25 0 R Lee Menifee previews what to expect during the market downturn and what the current environment means for investment >> /S /Artifact /P 5455 0 R null 3554 0 R null 3555 0 R null 3556 0 R null 3557 0 R null 3558 0 R << << endobj >> 3489 0 obj 1898 0 obj endobj /Lang (EN-US) /Lang (EN-US) << >> >> >> /P 10 0 R 42 0 obj /K 51 /Lang (EN-US) /Lang (EN-US) /P 5284 0 R /P 6682 0 R /K 210 >> 1612 0 obj /Lang (EN-US) /S /P /K 76 /S /P endobj endobj << /Lang (EN-US) /Pg 22 0 R << /K 674 /K 516 >> /S /Artifact /Pg 26 0 R /S /P 2305 0 obj /Pg 14 0 R endobj 3769 0 obj endobj /Lang (EN-US) << /K 1188 /Pg 22 0 R 1254 0 obj >> /S /P /K 1366 endobj 2840 0 obj /K 1240 /Pg 23 0 R endobj /Pg 24 0 R /K 983 /P 5775 0 R >> /Pg 23 0 R /K 1178 >> /Pg 23 0 R /K 72 2026 0 obj /Pg 17 0 R null 400 0 R null 401 0 R null 402 0 R null 403 0 R null 404 0 R /K 1191 /S /P <> 716 0 obj 803 0 obj /K 1116 /Lang (EN-US) /K 844 /Pg 21 0 R /S /P 1671 0 obj /Lang (EN-US) /K 981 << 2804 0 obj /S /P >> /P 4836 0 R /Pg 24 0 R /P 5714 0 R >> /Lang (EN-US) /Resources 4375 0 R /K 1377 /Lang (EN-US) endobj endobj /Lang (EN-US) 3206 0 obj /K 605 << /Pg 24 0 R /P 4959 0 R 2467 0 obj endobj >> /S /P 2099 0 obj << 1959 0 obj 3281 0 obj endobj /Pg 23 0 R /S /P 2176 0 obj /K 264 >> /P 5789 0 R 771 0 obj /Pg 25 0 R endobj /Lang (EN-US) /S /P << /Lang (EN-US) endobj endobj <> /P 33 0 R 1370 0 obj << /K 759 /S /Artifact << /Pg 23 0 R /K 559 >> /S /P /Pg 25 0 R /Lang (EN-US) << 4109 0 obj /K 352 /Pg 25 0 R /Pg 24 0 R 1831 0 obj endobj 1550 0 obj /S /P << << /Lang (EN-US) 1356 0 obj /S /P << /Lang (EN-US) 1206 0 obj /P 4899 0 R << /K 1499 >> /S /Artifact >> << endobj endobj /Pg 23 0 R /Pg 17 0 R << << << /K 875 /Lang (EN-US) >> /S /P << endobj /S /Artifact /K 1525 << /A 4394 0 R /K 1413 /S /Artifact /Pg 25 0 R 4266 0 obj /K 162 /S /P /K 74 /K [4525 0 R 4526 0 R 4527 0 R 4528 0 R 4529 0 R 4530 0 R 4531 0 R 4532 0 R 4533 0 R 4534 0 R /S /Artifact /S /P /Pg 25 0 R endobj 103 0 obj /S /P /Pg 24 0 R /S /P /P 6299 0 R 3237 0 obj /S /Artifact /P 10 0 R /P 6496 0 R /Pg 23 0 R /P 5245 0 R /K 472 4190 0 obj /Lang (EN-US) null 1962 0 R null null null 1963 0 R null null null 1964 0 R 893 0 obj /S /Artifact << /Lang (EN-US) 1326 0 obj /S /Artifact /P 5424 0 R /P 4910 0 R /Lang (EN-US) /S /Artifact /K 1162 /S /P >> << /Pg 22 0 R /K 1 >> /Lang (EN-US) /Lang (EN-US) >> /Lang (EN-US) /K 1197 << 3934 0 obj /S /Artifact 3712 0 obj /Lang (EN-US) /Pg 24 0 R >> endobj /Pg 23 0 R >> << /S /Artifact >> << >> endobj << /K 815 /P 10 0 R 4137 0 obj << >> /K 1176 /S /Artifact /S /P 2628 0 obj /S /P /S /Artifact /P 5374 0 R /Pg 22 0 R << >> /Pg 18 0 R >> /K 490 endobj 3932 0 obj << >> 2361 0 obj >> /Pg 25 0 R << << /K 641 /S /P << endobj << << 3392 0 obj >> /Lang (EN-US) endobj >> /S /Artifact /S /P endobj << /S /Artifact 482 0 obj /K 1006 >> endobj << 290 0 obj << 3879 0 obj /Pg 18 0 R /S /Artifact << /P 4814 0 R /S /Artifact /Pg 25 0 R /Pg 22 0 R /P 4850 0 R /Lang (EN-US) /S /Artifact /Pg 24 0 R << 633 0 obj 708 0 obj /S /P <> /K 606 1989 0 obj /K 1019 /P 6191 0 R /P 4835 0 R endobj /Pg 23 0 R 646 0 obj /Pg 24 0 R /Lang (EN-US) >> >> /P 5624 0 R /P 4764 0 R endobj 3168 0 obj /P 4694 0 R /K 1494 4261 0 obj /K 397 >> endobj /P 5006 0 R /Pg 23 0 R /K 214 /Lang (EN-US) 4138 0 obj /K 287 /Pg 21 0 R 971 0 obj >> >> /Lang (EN-US) >> /K [0 443 0 R 42] /Pg 25 0 R /P 5920 0 R /P 6415 0 R /P 6359 0 R /K 387 endobj << endobj /K 682 /S /P /Pg 24 0 R /Pg 22 0 R /P 5055 0 R /P 5888 0 R endobj endobj >> << 4192 0 obj /S /P <> >> /Pg 22 0 R /P 6694 0 R /Pg 25 0 R Mr. Wolfe joined BlackRock through the acquisition of TCP. /S /P << 2350 0 obj endobj /S /P /K 142 1643 0 obj >> /S /Artifact /K 545 /K 581 >> /P 5135 0 R endobj 1670 0 obj >> /Lang (EN-US) /P 5291 0 R >> << >> /K 67 /K 372 /Lang (EN-US) /S /P /Pg 15 0 R /K 293 /P 10 0 R 2855 0 obj /K 570 /S /P /Count 9 /K 536 endobj endobj <> /S /P endobj /K 7 3590 0 obj /Lang (EN-US) /K 171 /Lang (EN-US) /Lang (EN-US) endobj /K 1150 endobj << << /K 49 /K 1181 /Pg 23 0 R endobj /Lang (EN-US) endobj 4587 0 R] /Lang (EN-US) 4095 0 obj /Pg 23 0 R /Producer (Adobe PDF Library 22.1.149) endobj /S /P /P 10 0 R 658 0 R null 659 0 R null 660 0 R null 661 0 R null 662 0 R 663 0 R /S /Artifact 3399 0 obj << 2769 0 obj >> /K 1501 /S /P /S /P /Pg 25 0 R 3897 0 obj /K 493 >> /Pg 22 0 R >> /Lang (EN-US) 2960 0 obj 3048 0 obj /Lang (EN-US) 3289 0 obj /K 273 endobj endobj << 1191 0 obj endobj endobj 1085 0 obj /S /P /S /Artifact endobj << 2837 0 obj /Pg 15 0 R 1198 0 obj >> 119 0 obj /Pg 22 0 R << /P 4799 0 R 2543 0 obj /Lang (EN-US) /Lang (EN-US) /K 486 3161 0 obj 292 0 obj /S /P 3594 0 obj 576 0 obj /S /P endobj endobj endobj << null 606 0 R 607 0 R null null 608 0 R null 609 0 R 610 0 R null 4217 0 obj >> 1768 0 obj null 2780 0 R null 2781 0 R null 2782 0 R null 2783 0 R null null 1456 0 obj null 1913 0 R null 1914 0 R null null null 1915 0 R null null /S /P endobj endobj << << endobj /S /Artifact 2611 0 R null null null 2612 0 R null 2613 0 R null 2614 0 R null /P 5116 0 R >> /Pg 23 0 R >> /P 6379 0 R endobj 2724 0 R null 2725 0 R null 2726 0 R null 2727 0 R null 2728 0 R null /Pg 25 0 R >> << /K 1520 1094 0 obj /K 60 endobj /K 492 /Pg 23 0 R 3051 0 obj endobj /Pg 24 0 R /T () /K 2 /P 5354 0 R /S /Artifact /Lang (EN-US) /K 22 748 0 R null 749 0 R null 750 0 R null 751 0 R null null null 4198 0 obj /Pg 25 0 R 1543 0 obj /A 6764 0 R /S /Artifact << /Lang (EN-US) /S /P /Pg 23 0 R /K 1257 >> /K 1422 /P 6105 0 R >> 408 0 obj /Pg 24 0 R endobj endobj /Pg 24 0 R /K 91 /S /P /S /P << << /S /Artifact >> /K 1307 << /S /Artifact /S /P << endobj /P 10 0 R << 3317 0 obj >> /K 1470 endobj endobj /Pg 24 0 R << endobj /K 165 /S /P << /S /P 4260 0 obj /P 10 0 R 3146 0 obj << /StructParents 13 /K 967 << >> /K [560 0 R 539 0 R] /P 4700 0 R << 4207 0 obj /S /Artifact /S /Artifact /K 1179 << /Pg 25 0 R >> endobj /P 6182 0 R << /Lang (EN-US) /P 4875 0 R /S /P 2979 0 obj /K 145 /CropBox [0 0 612 792] >> /S /P 2539 0 obj 2251 0 obj /K 1057 /Pg 24 0 R /Pg 22 0 R endobj /K 38 /K 1241 353 0 R 354 0 R] endobj >> 3682 0 R null 3683 0 R null 3684 0 R 3685 0 R null 3686 0 R null 3687 0 R /K 1093 1160 0 obj 434 0 obj /S /P 1232 0 obj endobj /K 131 /Pg 19 0 R /Pg 22 0 R 583 0 obj /Lang (EN-US) >> /Lang (EN-US) /K 641 /P 4995 0 R /K 466 1893 0 obj /K 683 /K 54 endobj /Lang (EN-US) /S /P endobj /Parent 9 0 R /Pg 22 0 R /P 10 0 R /Lang (EN-US) 399 0 obj endobj 663 0 obj /Pg 24 0 R >> /K 1189 >> /S /P /Pg 23 0 R /Pg 20 0 R /K 1397 /P 5799 0 R << >> /S /P endobj /StructParents 8 /Pg 24 0 R /Lang (EN-US) endobj /K 431 /S /Artifact endobj /K 1542 /Pg 24 0 R << >> /K 1191 /S /Footnote >> endobj /K 8 /Lang (EN-US) 1011 0 obj << /S /Artifact 3615 0 obj >> /Lang (EN-US) /K 154 >> The Cliffwater Direct Lending Index captures the collective (asset weighted) work product of the direct loan managers represented in the Index, but it is not investable. >> /K 495 /P 6001 0 R << endobj endobj << << /K 271 /S /P /S /Artifact endobj /Lang (EN-US) /Lang (EN-US) /Pg 23 0 R >> /Pg 23 0 R /P 6372 0 R /K 368 3141 0 obj /S /Artifact << << endobj /Pg 25 0 R /Lang (EN-US) /Pg 18 0 R << /K 803 /K 106 254 0 obj endobj /S /Artifact >> 138 0 obj endobj 343 0 R 344 0 R 345 0 R 346 0 R 347 0 R 348 0 R 349 0 R 350 0 R 351 0 R 352 0 R /Pg 22 0 R endobj endobj /K 755 /K 903 445 0 obj /S /Artifact /Pg 25 0 R 1487 0 obj 2092 0 obj >> << /Pg 22 0 R << /Lang (EN-US) /Lang (EN-US) << 3213 0 obj /S /Artifact /Pg 23 0 R /Pg 25 0 R << >> endobj 1761 0 obj << 521 0 obj /S /Artifact /K 1534 /Pg 22 0 R endobj /MediaBox [0 0 612 792] 270 0 obj /Lang (EN-US) 3148 0 obj /P 6060 0 R << /S /Artifact /Pg 24 0 R /Pg 18 0 R >> endobj /S /P >> << 1689 0 obj >> << >> /K 332 1839 0 obj /S /Artifact /S /Artifact 2940 0 obj /S /Artifact /S /P /Pg 18 0 R 43 0 obj /K 1177 /K 533 >> >> << /Pg 26 0 R /K 1527 /Pg 23 0 R endobj 2977 0 R 2978 0 R 2979 0 R 2980 0 R 2981 0 R 2982 0 R 2983 0 R 2984 0 R 2985 0 R 2986 0 R 2906 0 obj /Lang (EN-US) 2281 0 obj endobj << /Pg 21 0 R /Pg 16 0 R /Lang (EN-US) /S /P endobj /S /P /Lang (EN-US) >> /Lang (EN-US) /MediaBox [0 0 612 792] << << /Lang (EN-US) 1739 0 obj /K 1512 << endobj /S /Artifact << receive by clicking each checkbox Cliffwater Research Cliffwater Webcast Invitation Cliffwater Daily Capital Markets Cliffwater Daily BDC Analysis save preferences Indices You can't define an asset class or take it seriously without an index. << /S /Artifact << 2630 0 obj endobj /K 1254 /Lang (EN-US) /Pg 25 0 R /S /Artifact endobj /P 5364 0 R endobj <> /S /P 234 0 obj /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) << /K 82 endobj /Pg 22 0 R /K 600 2155 0 obj << >> /P 5638 0 R /S /P /Pg 19 0 R /Lang (EN-US) /Lang (EN-US) /P 4646 0 R >> << null 1795 0 R null 1796 0 R null 1797 0 R null 1798 0 R null 1799 0 R << 1531 0 obj /P 6347 0 R /S /Artifact /P 10 0 R endobj 2479 0 obj /Pg 24 0 R /P 6122 0 R endobj endobj /Pg 22 0 R /Lang (EN-US) 3617 0 obj /P 5494 0 R endobj /Pg 22 0 R endobj endobj /P 6272 0 R /P 6518 0 R endobj /Pg 24 0 R /P 6565 0 R /K 1282 >> /S /Artifact /Pg 23 0 R >> endobj /K 994 /Lang (EN-US) >> << >> /P 6746 0 R /K 772 /K 81 /K 70 /Pg 22 0 R /Pg 22 0 R /S /Artifact /K 61 /Pg 25 0 R /P 10 0 R << >> /P 10 0 R 1853 0 obj /Pg 25 0 R << /S /Artifact >> /Pg 22 0 R /S /Artifact /K 1498 /S /P /P 10 0 R 2725 0 obj /Pg 24 0 R endobj /Lang (EN-US) /P 6516 0 R endobj 2473 0 R 2474 0 R] << 1588 0 obj /S /Artifact endobj endobj 1465 0 R 1466 0 R 1467 0 R 1468 0 R 1469 0 R 1470 0 R 1471 0 R 1472 0 R 1473 0 R 1474 0 R 603 0 obj /P 5819 0 R /K 338 /P 5040 0 R << /Pg 20 0 R 352 0 obj 4224 0 obj << 1238 0 obj /S /Artifact << /Pg 23 0 R /K 1514 >> 2843 0 obj 3990 0 obj /Pg 23 0 R /Pg 23 0 R /S /P /Pg 24 0 R /Pg 24 0 R /S /P /S /P /S /Artifact >> 3397 0 obj 306 0 obj /Pg 22 0 R /K 1498 /K 1205 << 4184 0 obj >> << 2270 0 obj /Pg 25 0 R /Pg 23 0 R /Pg 22 0 R >> /K 1321 2012 0 obj >> << >> /K 1485 /S /P << /K 7 /K 1315 251 0 obj endobj 2734 0 obj << /S /P 402 0 obj endobj /K 199 << endobj /K 1276 << /K 1514 << /CreationDate (D:20220524030444-06'00') /P 6284 0 R /P 5740 0 R /K 1149 << << endobj 789 0 obj >> 3591 0 obj /Pg 22 0 R endobj /Pg 25 0 R /S /Artifact endobj /S /P endobj /P 6438 0 R /S /Artifact >> /S /P /P 5627 0 R /Lang (EN-US) 283 0 obj >> endobj /K 418 165 0 obj << 117 0 R 118 0 R 119 0 R 120 0 R 121 0 R 122 0 R 123 0 R 124 0 R 125 0 R 126 0 R /K 472 /K 975 /K 1124 3184 0 obj >> /S /Artifact /K 1108 /K 1100 /P 33 0 R >> >> /P 5712 0 R >> /Pg 24 0 R 3292 0 obj 3080 0 obj 719 0 obj /Lang (EN-US) /Pg 17 0 R 1118 0 R 1119 0 R 1120 0 R 1121 0 R 1122 0 R 1123 0 R 1124 0 R 1125 0 R 1126 0 R 1127 0 R /K 554 /S /P /P 10 0 R null 2739 0 R null 2740 0 R null 2741 0 R null 2742 0 R 2743 0 R null endobj >> >> endobj 546 0 obj /Pg 25 0 R /Pg 23 0 R /Lang (EN-US) << 3782 0 obj /P 10 0 R << endobj >> endobj >> << 1502 0 obj << >> 3145 0 obj 3310 0 obj /K 1220 /Pg 22 0 R 2537 0 obj 4120 0 obj >> /S /Artifact >> /K 114 /K 10 << 2132 0 obj endobj /K 790 /Annots [4366 0 R 4367 0 R 4368 0 R] /K 13 endobj /S /Artifact /S /P /P 6342 0 R /K 819 /P 6613 0 R 2038 0 obj /P 6080 0 R >> /K 503 1765 0 obj endobj /Lang (EN-US) 1707 0 obj 2206 0 R 2207 0 R 2208 0 R 2209 0 R 2210 0 R 2211 0 R 2212 0 R 2213 0 R 2214 0 R 2215 0 R /Lang (EN-US) endobj /Pg 25 0 R /Lang (EN-US) 3558 0 obj /K 67 2144 0 obj 1978 0 R null 1979 0 R null 1980 0 R null 1981 0 R 1982 0 R null 1983 0 R /Lang (EN-US) >> /S /P endobj /Pg 25 0 R << /Pg 24 0 R /S /P /K 296 endobj /Lang (EN-US) /K 591 /Lang (EN-US) /Lang (EN-US) /Pg 23 0 R 1515 0 obj /P 10 0 R <> /K 1258 256 0 obj 1621 0 obj /Pg 25 0 R /S /Figure >> 1431 0 obj >> << /S /Artifact /S /Artifact << /Pg 20 0 R endobj /K 543 << /S /Artifact >> /S /P /Pg 23 0 R /S /P << 542 0 obj endobj 2861 0 obj << /K 1487 922 0 obj /K 1488 endobj /S /Artifact /S /P 3189 0 obj 2377 0 obj /S /Artifact /S /P /Pg 22 0 R << 392 0 obj >> /Lang (EN-US) /K 500 /K 823 << endobj >> endobj >> /S /Artifact /Pg 24 0 R /P 4820 0 R << /K 651 << /K 1477 /Lang (EN-US) << /S /Link /Pg 24 0 R /S /P 35 0 obj >> /P 5802 0 R >> /K 756 /K 958 /P 10 0 R /S /P endobj /K 1262 /S /P /P 6741 0 R << endobj >> << /K 104 endobj endobj << 1117 0 obj 3679 0 obj endobj << /K 1510 /Pg 25 0 R /K 98 2196 0 obj /K 1346 439 0 obj >> null 2621 0 R null 2622 0 R null null null 2623 0 R null null /Pg 24 0 R endobj endobj endobj 3163 0 obj 1091 0 obj /P 5216 0 R 1216 0 obj /P 6346 0 R >> /S /P /P 6575 0 R /Pg 24 0 R /S /Artifact /K 1127 >> /S /P /Pg 23 0 R 1409 0 obj << /K 1006 << >> /S /LBody >> << /Pg 25 0 R /Pg 23 0 R 4338 0 obj 1513 0 obj /Pg 25 0 R /Pg 18 0 R << >> /P 152 0 R 570 0 obj /S /Artifact /S /Artifact /S /P endobj >> >> 1903 0 R null null null 1904 0 R null 1905 0 R null 1906 0 R null >> /K 1160 /K 1223 /Pg 22 0 R /Pg 25 0 R endobj /S /P 4096 0 obj /K [39 4680 0 R] endobj /S /P /Pg 23 0 R /P 5484 0 R /Pg 23 0 R /Pg 20 0 R /P 5524 0 R << /S /P >> endobj /P 6134 0 R endobj endobj << endobj /Lang (EN-US) << /Pg 19 0 R 786 0 obj /S /P /S /Artifact /Pg 25 0 R /S /P 2891 0 R null null null 2892 0 R null null null 2893 0 R null /K 7 /S /Artifact endobj 3407 0 obj /Lang (EN-US) >> << endobj /S /LBody 179 0 obj /P 5550 0 R /K 1309 endobj 2802 0 obj /Lang (EN-US) /K 252 /S /Artifact /K 1252 /Pg 25 0 R >> 1759 0 obj >> << >> /S /P >> /K 1301 /K 187 /Pg 23 0 R << << /K 1425 << << endobj /Pg 15 0 R endobj endobj endobj /Pg 23 0 R << /K 1234 /K 1511 /Lang (EN-US) /Lang (EN-US) << /K [49 50 51 52 53] /S /P /K 251 /S /Artifact >> /Lang (EN-US) /K 1089 /P 5646 0 R /K 1237 >> /K 735 >> /Lang (EN-US) >> endobj 126 0 obj /Pg 22 0 R 1332 0 obj endobj /P 5603 0 R /S /P >> /S /P /S /Artifact Direct Lending Download View Private Debt Research >> /S /Artifact << endobj /S /Artifact << /Pg 22 0 R /S /Artifact /S /P >> << /K 1435 /Pg 15 0 R endobj << <> << /S /P 1138 0 obj endobj /Pg 22 0 R /Lang (EN-US) /Pg 25 0 R 2324 0 obj endobj /K 179 /S /Artifact >> /S /P >> /P 10 0 R 2423 0 obj This index captures both mark-to-market volatility (based on quarterly loan valuation changes) as well >> /K 1125 /K 647 /S /P << 2897 0 obj /S /P /P 5133 0 R << << >> << >> /Pg 25 0 R endobj /S /Artifact /K 658 /Pg 22 0 R << >> >> /K 141 >> /Pg 25 0 R 4191 0 obj >> << 1026 0 obj << /Border [0 0 0] >> /Pg 24 0 R 3234 0 obj << /S /Artifact /Lang (EN-US) /Lang (EN-US) /Pg 22 0 R 3903 0 obj /Lang (EN-US) /K 738 /Lang (EN-US) /K 1336 /S /Artifact endobj /S /Artifact /P 6276 0 R << << >> /Lang (EN-US) /S /Artifact 1427 0 obj /Pg 21 0 R /P 6559 0 R << << /Lang (EN-US) endobj endobj /S /P /P 5112 0 R /Pg 25 0 R endobj 3579 0 obj endobj << /K 874 << << /Pg 26 0 R 2156 0 obj /S /Artifact endobj endobj /K 83 /P 10 0 R 198 0 obj /K 395 << endobj /S /P /S /P /K 1465 >> /Pg 24 0 R 992 0 obj endobj /Pg 24 0 R endobj >> endobj /Pg 22 0 R /Lang (EN-US) >> /P 5662 0 R /P 5498 0 R /K 1398 << 3846 0 obj /P 5779 0 R 2673 0 obj endobj /P 5138 0 R /K 1195 /S /Artifact endobj >> /Pg 25 0 R /P 6501 0 R /S /P /P 10 0 R /P 6161 0 R endobj /S /P /S /Artifact /Lang (EN-US) endobj endobj /P 5728 0 R /S /Artifact endobj /S /P /P 5606 0 R >> /S /P <> /P 4715 0 R /S /Artifact 4215 0 obj 1211 0 obj 4018 0 obj /K 635 3162 0 obj 3580 0 obj /S /Artifact 3427 0 obj >> endobj << /Lang (EN-US) /S /P /K 23 >> >> >> /P 4790 0 R /K 176 >> 379 0 obj endobj /K 1411 /Pg 25 0 R /K 243 /K 975 /K 1506 endobj /Pg 23 0 R >> 298 0 obj 2392 0 obj 69 0 obj /K 608 (12-month) Source: Morningstar, Cliffwater Direct Lending Index, Morningstar LSTA US Leveraged Loan Index. /Lang (EN-US) >> /K 9 << >> >> >> /S /Artifact 2299 0 obj 363 0 obj /K 637 /S /Artifact >> /S /Artifact 2105 0 obj /Pg 24 0 R >> endobj /S /Artifact 1497 0 obj /Pg 23 0 R /Lang (EN-US) /K 741 /K 1400 /Pg 24 0 R endobj << /Lang (EN-US) null 2647 0 R null null null 2648 0 R null 2649 0 R null 2650 0 R endobj 2814 0 obj endobj << /K 29 2792 0 obj << /S /Artifact /P 5780 0 R endobj /K 364 >> /P 5668 0 R >> endobj /K 1548 /K 473 /Lang (EN-US) 1770 0 obj /S /Artifact /Pg 22 0 R /S /Artifact /Pg 23 0 R << >> /K 1122 /Lang (EN-US) /S /Artifact 1156 0 obj >> /K 0 /S /Artifact /P 5507 0 R /Pg 23 0 R >> endobj /Lang (EN-US) 1495 0 obj 2321 0 obj 2404 0 obj << endobj /Lang (EN-US) /Pg 22 0 R /Pg 22 0 R 1890 0 obj endobj endobj /K 457 /Pg 22 0 R >> /S /P 934 0 R null 935 0 R null 936 0 R null null null 937 0 R null /S /Artifact 4235 0 obj /P 10 0 R /S /LBody /K 71 /P 4815 0 R /K 1238 << /Pg 22 0 R /Pg 25 0 R /S /Artifact endobj /Lang (EN-US) /S /P >> >> /K 733 /S /P 2728 0 obj /P 5978 0 R 3059 0 obj /Pg 22 0 R << /S /Artifact << We are proactive with our advice and recommendations to clients so they may achieve desired outcomes. << /S /P 3659 0 obj endobj /Lang (EN-US) /Pg 18 0 R << /S /P /K 1216 /Pg 22 0 R 3256 0 obj << 1077 0 obj /S /Artifact << 3887 0 obj << endobj endobj >> << /Pg 22 0 R endobj /S /P /S /Artifact /K 1295 endobj /K 907 /S /Artifact >> endobj >> /Pg 25 0 R >> endobj /Pg 15 0 R << endobj 51 0 obj /Pg 23 0 R 1195 0 obj >> 2273 0 obj endobj >> >> /S /Artifact /K 40 endobj /K [171 541 0 R 192] 2724 0 obj 1914 0 obj 643 0 obj >> /K 894 >> /K 655 Loan Note: Private debt's growing muscle; Cliffwater issues return forecasts How private debt firms are gaining market share at the large end of the market; Cliffwater issues its latest return forecasts; and caution surrounds real estate. << >> 2800 0 obj /K 360 /K 1548 /K 373 /K 713 /K 1138 << endobj >> /S /P /Pg 22 0 R endobj /K 1134 /Lang (EN-US) /K 1526 >> << /K 78 << << /K 1109 /K 774 /S /P 2267 0 obj /Lang (EN-US) In 2015 Cliffwater introduced the Cliffwater Direct Lending Index ("CDLI") that tracks the performance of the actual loans in all applicable BDCs from 2004. >> >> /Pg 23 0 R endobj >> endobj /S /Artifact << << /S /P /S /P /Pg 13 0 R /Pg 22 0 R endobj << /Pg 24 0 R /K 1443 /S /P 1760 0 obj endobj /Pg 22 0 R /S /P /S /Artifact << << /S /P << endobj << 3450 0 obj /Resources 4356 0 R /Pg 22 0 R << /Pg 23 0 R /S /Artifact >> /S /P endobj /Pg 23 0 R /Lang (EN-US) /K 267 /Pg 23 0 R /K 131 /Pg 14 0 R endobj endobj endobj /P 10 0 R /P 6600 0 R /P 5910 0 R endobj /Lang (EN-US) 3177 0 R 3178 0 R 3179 0 R 3180 0 R 3181 0 R 3182 0 R 3183 0 R 3184 0 R 323 0 R 3185 0 R

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