/Pg 24 0 R >> 4223 0 obj >> 3091 0 obj /K 1126 /S /P 3263 0 obj /Lang (EN-US) << << endobj >> endobj >> >> /Pg 23 0 R endobj >> endobj /Pg 24 0 R /Pg 24 0 R >> /MediaBox [0 0 612 792] << /Pg 24 0 R << >> /Pg 23 0 R >> /Pg 25 0 R /K 1329 endobj endobj /Pg 22 0 R 2262 0 obj endobj /Lang (EN-US) endobj /P 6666 0 R endobj >> >> 3230 0 obj /S /Artifact /K 1017 /S /Artifact >> >> /Lang (EN-US) 1697 0 obj 817 0 obj /K 468 << /Pg 25 0 R >> /Lang (EN-US) >> << /Pg 17 0 R 4040 0 obj /Pg 23 0 R >> /Pg 23 0 R endobj >> /S /Artifact /Lang (EN-US) /Pg 23 0 R << /Pg 25 0 R 1639 0 obj /Type /Page 1196 0 obj 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 /S /P >> /Pg 23 0 R /K 1295 /Pg 25 0 R /S /Artifact /S /Artifact /Pg 23 0 R /K 1470 /P 5368 0 R /K 1491 1043 0 obj /P 10 0 R >> /Lang (EN-US) >> >> << << /S /P /K 961 /Pg 24 0 R endobj /S /P 2143 0 obj endobj 2836 0 obj << 77 0 R 78 0 R 79 0 R 80 0 R 81 0 R 82 0 R 83 0 R 84 0 R 85 0 R 86 0 R /Pg 25 0 R 1385 0 obj endobj >> >> >> << /P 4633 0 R /K 1008 << 494 0 obj /Lang (EN-US) /S /P /Pg 24 0 R /Pg 25 0 R /Pg 15 0 R /S /Artifact /S /P /K 302 /P 6412 0 R /S /P >> << endobj /P 5784 0 R >> 1825 0 obj /P 5411 0 R /Lang (EN-US) /K 1481 /S /P /K 1152 << 1764 0 obj /Lang (EN-US) /Pg 21 0 R << /S /Artifact 2486 0 obj << endobj /S /P endobj endobj /Pg 23 0 R endobj /Pg 22 0 R endobj endobj This book dissects direct loans as a class, providing the critical background 385397403217. endobj /Pg 25 0 R << >> 641 0 obj /S /P >> /K 1215 /Pg 25 0 R /Pg 24 0 R /Pg 25 0 R /P 10 0 R /Pg 25 0 R /K 1419 << 4244 0 obj endobj 1491 0 obj << >> >> 3958 0 obj null null 1598 0 R null null null 1599 0 R null 1600 0 R null << /S /P /Pg 23 0 R endobj endobj /P 5412 0 R /S /Footnote >> null 2881 0 R null 2882 0 R null 2883 0 R null 2884 0 R null 2885 0 R /K 203 792 0 obj /Lang (EN-US) /S /P >> null null 357 0 R null null null null null 358 0 R null endobj << /K 269 /Pg 25 0 R 1021 0 obj << /S /Artifact >> /S /P /S /P 3785 0 obj 2517 0 R null 2518 0 R null 2519 0 R null 2520 0 R null 2521 0 R 2522 0 R >> /K [47 4688 0 R] /S /P /Pg 22 0 R >> /S /Artifact endobj /K [420 0 R 421 0 R] << /K 1256 >> 1109 0 obj 3977 0 obj 3545 0 R null 3546 0 R null 3547 0 R 3548 0 R null 3549 0 R null 3550 0 R >> /P 6105 0 R /Pg 22 0 R /K 1236 /Pg 24 0 R 3379 0 obj endobj >> << endobj /S /P endobj /Pg 21 0 R >> /K 100 endobj /K 67 << 2155 0 obj /K 157 /Lang (EN-US) 4233 0 obj << 1262 0 obj >> /Pg 22 0 R /Pg 23 0 R << 1330 0 obj 2879 0 obj /K 218 /S /P endobj /P 10 0 R >> << /P 10 0 R >> /S /P >> >> /Lang (EN-US) 2014 0 obj /Outline /Span /P 6080 0 R >> >> /Pg 15 0 R CLIFFWATER DIRECT LENDING INDEX (CDLI) CLIFFWATER BDC INDEX (CWBDC) Stay in the know. endobj /Lang (EN-US) /Pg 25 0 R /S /P >> >> 4095 0 obj endobj /Pg 25 0 R >> /S /Artifact 3731 0 R null 3732 0 R 3733 0 R null 3734 0 R null 3735 0 R null 3736 0 R >> << /S /Artifact /S /Artifact >> 2215 0 obj << endobj << endobj << >> /S /P /S /P /S /P /Lang (EN-US) << 2764 0 obj << 3994 0 obj Source: Cliffwater. >> /K 398 /K 466 /K 1431 /Lang (EN-US) << /Pg 25 0 R << >> 473 0 obj /Pg 23 0 R >> /P 10 0 R /Pg 19 0 R >> endobj >> /S /P /K 128 /P 6479 0 R << 1245 0 obj /P 6449 0 R /Pg 23 0 R /P 5654 0 R null 2784 0 R null null null 2785 0 R null 2786 0 R null 2787 0 R >> /K 36 /P 6548 0 R null 400 0 R null 401 0 R null 402 0 R null 403 0 R null 404 0 R >> /S /P >> endobj << /Pg 25 0 R 782 0 obj << 6 0 obj endobj /P 10 0 R endobj 2210 0 obj /P 5841 0 R /Pg 22 0 R >> /S /Artifact /K 1429 /Pg 25 0 R 3181 0 obj /K 1188 /Lang (IT-IT) /K 98 << >> endobj /Lang (EN-US) >> >> /S /Artifact /Pg 13 0 R >> >> endobj 3186 0 R 3187 0 R 3188 0 R 3189 0 R 3190 0 R 3190 0 R 3191 0 R 3192 0 R 3193 0 R 3194 0 R endobj >> /P 5217 0 R /P 4938 0 R << /Lang (EN-US) /Pg 25 0 R >> 2624 0 obj /K 1427 /P 10 0 R /Lang (EN-US) /Pg 25 0 R /S /Footnote /S /P /Pg 25 0 R /Pg 24 0 R /S /Artifact /K 994 /S /P endobj << /K 1459 /K 273 1292 0 obj /T () /Pg 23 0 R /Lang (EN-US) /S /P endobj /Pg 24 0 R >> /K 1129 Access to this resource is limited to existing Cliffwater clients and qualified prospects for our Funds, By clicking "Login", I accept Terms of Use, If you are an RIA, institutional investors, or other prospect for Funds, please contact us to gain access, By clicking "Accept", I accept Terms of Use, For more information to login, call (310) 448-5000 or email info@cliffwater.com, {{CDLI.indexValue}}Index Value ({{CDLI.indexDate}}), {{CDLI.assetFairValue}}BAssets (Fair Value), {{CDLI_S.indexValue}}Index Value ({{CDLI_S.indexDate}}), {{CDLI_S.assetFairValue}}BAssets (Fair Value), {{CDLI_V.indexValue}}Index Value ({{CDLI_V.indexDate}}), {{CDLI_V.assetFairValue}}BAssets (Fair Value), {{CWBDC.indexValue}} Index Value ({{CWBDC.indexDate}}), {{CWBDC.numberofCompanies}}Number of Companies, {{CWBDC.marketCapitalization}}BMarket Capitalization, {{CWBDC.navPremium}}%NAV Premium/Discount. << /K 5 endobj 2526 0 obj /Lang (EN-US) /K 1549 << 619 0 obj << /S /P << 1459 0 obj 3918 0 obj endobj null 1682 0 R null null null 1683 0 R null 1684 0 R null 1685 0 R /MediaBox [0 0 612 792] >> /S /P 658 0 R null 659 0 R null 660 0 R null 661 0 R null 662 0 R 663 0 R >> endobj /K 836 /Lang (EN-US) 2000 0 obj /Lang (EN-US) /S /P 3686 0 obj /K 1303 /K 1488 /K 766 << /K 1487 /P 4885 0 R /P 6516 0 R /K 131 /Pg 22 0 R /Lang (EN-US) << /S /Artifact 167 0 obj >> endobj /K 1416 << << /Lang (EN-US) 3674 0 obj /Pg 25 0 R endobj /K 1223 /K 219 /Pg 24 0 R /K 1333 << /K 1324 The Index measures the unlevered, gross of fee performance of U.S. middle market corporate loans. /S /P endobj /Pg 20 0 R << /P 6019 0 R /Pg 22 0 R 2854 0 obj /Lang (EN-US) 2945 0 obj endobj /K 18 /Lang (EN-US) 3780 0 obj /K 606 /Pg 18 0 R /S /Artifact /P 5290 0 R endobj /Pg 25 0 R 2410 0 obj /Pg 23 0 R endobj >> /S /P /Pg 22 0 R /S /P >> /K 1394 << 3620 0 obj endobj /Lang (EN-US) /S /P /S /Artifact /K 94 endobj /S /Artifact /K 439 >> /P 5341 0 R >> 2413 0 R 2414 0 R 2415 0 R 2416 0 R 2417 0 R 2418 0 R 2419 0 R 2420 0 R 2421 0 R 2422 0 R /Pg 25 0 R << /Pg 22 0 R /K 1484 /K 1218 /S /P /Pg 24 0 R << >> << 2367 0 obj << 156 0 obj 3871 0 obj /K 25 >> /K 1357 << 2868 0 obj /Pg 24 0 R endobj /K 1223 >> /P 6044 0 R /K 1144 endobj << >> /P 6097 0 R /S /P >> 526 0 obj << << /Lang (EN-US) /Lang (EN-US) << << /K 58 endobj endobj << >> << /Pg 23 0 R endobj /S /P << 2767 0 obj /Pg 25 0 R >> >> /K 142 >> 540 0 obj endobj /K 82 /Lang (EN-US) /Lang (EN-US) /S /P /Pg 25 0 R 3704 0 R null 3705 0 R null 3706 0 R null 3707 0 R null 3708 0 R 3709 0 R << /S /P /Pg 14 0 R /P 10 0 R /Lang (EN-US) >> /S /P endobj endobj /P 4808 0 R >> << >> << 3453 0 obj /Pg 23 0 R /K 8 endobj << << endobj << /Lang (EN-US) /K 1275 /P 5750 0 R >> >> /Pg 24 0 R /P 5310 0 R >> >> 1519 0 obj >> /P 10 0 R /S /Artifact /K 818 /Lang (EN-US) 3207 0 obj 1268 0 R 1269 0 R 1270 0 R 1271 0 R 1272 0 R 1273 0 R 1274 0 R 1275 0 R 1276 0 R 1277 0 R 1086 0 obj /S /Artifact >> endobj 1269 0 obj endobj /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) 2078 0 obj /K 119 /S /Artifact >> 1049 0 obj 3902 0 obj 2475 0 obj endobj /P 10 0 R /S /Artifact endobj 1760 0 obj /Lang (EN-US) endobj endobj >> /S /P /S /P /Pg 24 0 R /Pg 23 0 R >> /P 5437 0 R /K 1219 >> << 2676 0 obj /K 1333 /S /Artifact /S /Artifact /S /Artifact endobj 1669 0 obj /Pg 24 0 R >> >> << /P 6071 0 R /S /Artifact 2242 0 obj /S /P /Pg 22 0 R /K [560 0 R 539 0 R] >> /Pg 24 0 R /K 1535 3574 0 obj /K 860 /Lang (EN-US) /S /Artifact >> /S /P << endobj /Lang (EN-US) >> 2397 0 obj << << /S /Artifact /K 51 << >> 1688 0 obj endobj /Pg 22 0 R /K 1165 endobj /S /Artifact 2963 0 obj 3822 0 obj << /S /P /K 1470 /S /P /K 1087 >> << << >> endobj >> 1685 0 obj /Lang (EN-US) /S /P 3294 0 R 3295 0 R 3296 0 R 3297 0 R 3298 0 R 3299 0 R 3300 0 R 3301 0 R 3302 0 R 3303 0 R /K 913 >> /Lang (EN-US) /Lang (EN-US) 1711 0 obj /Lang (EN-US) endobj /Pg 25 0 R endobj /Lang (EN-US) endobj endobj 573 0 obj << /K 769 << >> /Pg 24 0 R >> /Pg 23 0 R 3401 0 obj /K 373 >> endobj /S /P /P 5982 0 R /P 6082 0 R /K 1248 stream /K 938 Seeking income throughout the cycle with direct lending. /S /P /Pg 25 0 R /Pg 22 0 R /Lang (EN-US) endobj /Pg 23 0 R /K 769 /Lang (EN-US) /Pg 18 0 R /P 6336 0 R >> 3514 0 obj 3465 0 obj /K 1400 >> /Lang (EN-US) As of September 30, 2022. 311 0 obj /K 41 >> endobj /K 48 /K 716 /K 437 /S /P /Lang (EN-US) /Pg 23 0 R 3255 0 obj /K 98 >> /Pg 24 0 R /S /Artifact endobj 1295 0 obj /Pg 25 0 R /K 1419 /S /P /CropBox [0 0 612 792] /S /P /P 6606 0 R 181 0 obj /S /P /Pg 15 0 R endobj >> << endobj << >> /Pg 24 0 R /S /P /K 1226 endobj /P 6021 0 R endobj /Pg 25 0 R 687 0 obj /P 5917 0 R /T () /S /P /K 1483 /Lang (EN-US) 1492 0 obj endobj /K 912 /K 287 >> >> /K 961 Recent Developments >> /Pg 22 0 R >> null 1566 0 R null 1567 0 R null 1568 0 R 1569 0 R null 1570 0 R null /Lang (EN-US) 763 0 obj /P 5614 0 R /Lang (EN-US) << /K 1236 << >> /S /P /Lang (EN-US) >> << << Cliffwater estimates that the average coupon to the loans in their index over this horizon has been about 10.2 percent, with about 1 percent of net credit losses per year. /Pg 25 0 R << /K 1041 /P 4649 0 R endobj 273 0 obj /K 983 /Lang (EN-US) /P 5906 0 R 892 0 obj /Lang (EN-US) 1749 0 obj /P 5098 0 R 2443 0 R 2444 0 R 2445 0 R 2446 0 R 2447 0 R 2448 0 R 2449 0 R 2450 0 R 2451 0 R 2452 0 R /K 563 endobj /S /P << /S /P << endobj /S /Artifact endobj >> /Pg 22 0 R 1969 0 obj 3121 0 obj /Pg 22 0 R 89 0 obj /K 503 endobj >> >> endobj 1848 0 obj /S /Artifact endobj << /S /P /S /Artifact /S /P /S /P /S /P 2343 0 obj >> 4127 0 obj << So we built one. /Pg 23 0 R >> /Lang (EN-US) 3294 0 obj endobj null 3461 0 R null 3462 0 R null 3463 0 R 3464 0 R null 3465 0 R null endobj /Pg 24 0 R /Pg 25 0 R endobj 3385 0 obj 2985 0 obj endobj /S /P << endobj 3710 0 obj /Pg 23 0 R /Lang (EN-US) /Pg 24 0 R /Pg 23 0 R >> << 2914 0 obj >> << endobj << /Pg 25 0 R /Lang (EN-US) >> 1368 0 obj 2052 0 obj /P 10 0 R 1631 0 obj << null 2550 0 R null null null 2551 0 R null null null 2552 0 R /S /Artifact /S /Table endobj /P 5322 0 R >> /Lang (EN-US) /Pg 24 0 R /K 27 /P 5299 0 R << 3351 0 obj endobj 1033 0 obj endobj /S /P /S /Artifact /S /P /Pg 24 0 R /Lang (EN-US) 1672 0 R null 1673 0 R null 1674 0 R null 1675 0 R null 1676 0 R 1677 0 R /S /P /P 5721 0 R >> endobj << << /Pg 23 0 R 340 0 obj << /K 1144 endobj /Pg 25 0 R /Pg 23 0 R >> endobj /P 6592 0 R /Pg 22 0 R endobj endobj << /K 509 /P 10 0 R >> >> /K 105 115 0 obj /P 6514 0 R /S /P /S /P /Lang (EN-US) endobj << 2902 0 obj /S /Artifact /K 1136 >> >> /K [84 85 86 87 88 89 90 91 92] 4146 0 obj /Pg 24 0 R /Lang (EN-US) 3806 0 obj << /S /P /S /P >> endobj endobj 2810 0 obj /K 1211 >> /Pg 23 0 R /S /Artifact << 2953 0 obj endobj /Pg 22 0 R /K 1282 /Lang (EN-US) /S /P endobj << /S /P 3732 0 obj /K 959 /P 6700 0 R null null 2683 0 R null null null 2684 0 R null 2685 0 R null /Pg 23 0 R /Pg 25 0 R /Lang (EN-US) /S /Artifact /Lang (EN-US) /K 1043 endobj /Pg 22 0 R /Pg 23 0 R /S /Artifact << /Pg 23 0 R 2516 0 obj >> /Pg 13 0 R /S /P /P 5726 0 R >> << >> /Lang (EN-US) << /K 117 Here's today's brief for our valued subscribers only. /Lang (EN-US) /Pg 19 0 R >> endobj /Lang (EN-US) << << 1040 0 obj endobj /Pg 24 0 R endobj /K 1168 endobj /S /P /K 1075 << /S /Artifact /K 900 endobj /K 634 << endobj >> /Pg 25 0 R endobj /Lang (EN-US) << /P 6505 0 R /Pg 25 0 R null 3860 0 R null 3861 0 R null 3862 0 R null 3863 0 R null 3864 0 R endobj /Pg 25 0 R /S /Artifact /Lang (EN-US) 3056 0 obj << /K 1337 endobj /P 4736 0 R << << /K 1503 /K 132 /Pg 24 0 R >> endobj /Pg 22 0 R >> /Pg 23 0 R /K 1110 /K 552 >> /Pg 23 0 R /K 430 /S /P << endobj endobj >> /S /P endobj << 2725 0 obj endobj 5 This growth has been due in part to the declining presence of banks in middle-market lending - a trend that began in the >> << endobj 1710 0 obj /K 1184 >> /Lang (EN-US) endobj /S /Artifact endobj /Pg 22 0 R /S /P /S /P >> /S /P /Pg 22 0 R << /K 190 /P 6203 0 R << /P 5789 0 R 3231 0 obj /K 830 2727 0 obj >> /K 637 3999 0 obj /S /P << /S /P /K 1477 >> /P 6435 0 R << /Pg 23 0 R endobj endobj << /S 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0 R null 2687 0 R null 2688 0 R null 2689 0 R 2690 0 R null 2691 0 R >> << endobj endobj /Pg 24 0 R << 1366 0 obj /P 5603 0 R << /Pg 19 0 R endobj >> 4185 0 obj endobj /Pg 22 0 R /S /P /K 1120 /K 34 /K 1392 /S /P >> >> endobj null 2692 0 R null 2693 0 R null 2694 0 R null null null 2695 0 R /K 154 /Lang (EN-US) endobj endobj /Pg 24 0 R /Pg 22 0 R /K 1359 /P 10 0 R 3060 0 obj /P 4404 0 R << /K 509 /S /P << /Pg 24 0 R 2083 0 obj /K 1248 2048 0 obj 4287 0 obj 3215 0 obj /S /Artifact /K 1273 1677 0 obj endobj 287 0 R 288 0 R 289 0 R 290 0 R 291 0 R 292 0 R 293 0 R 294 0 R 295 0 R 296 0 R 778 0 R null 779 0 R null 780 0 R null 781 0 R null 782 0 R 783 0 R /S /P endobj /Pg 19 0 R /Pg 22 0 R endobj 2822 0 obj >> << /K 734 endobj /Lang (EN-US) 3067 0 R 3068 0 R 3069 0 R 3070 0 R 3071 0 R 3072 0 R 3073 0 R 3074 0 R 3075 0 R 3076 0 R endobj /S /P endobj /K 1527 << << 2698 0 obj << /S /Figure endobj /S /Artifact endobj 1424 0 obj /S /P /S /P /S /Artifact 91 0 obj /Pg 24 0 R >> /K 243 endobj << /Pages 4 0 R endobj /K 634 /K 535 /StructParents 5 /S /P /Pg 22 0 R << /P 5797 0 R /Pg 25 0 R 254 0 obj /K 931 endobj /S /Artifact 2448 0 obj >> /K 614 /P 4712 0 R /K 20 endobj /S /P /K 251 << endobj 2167 0 obj /Pg 25 0 R /Pg 25 0 R >> /K 1180 /S /P /K 423 /Pg 25 0 R endobj /Pg 22 0 R null 2788 0 R null 2789 0 R null 2790 0 R 2791 0 R null 2792 0 R null /Pg 24 0 R endobj /Pg 24 0 R /S /Artifact >> >> << endobj >> 2962 0 R null 2963 0 R null 2964 0 R 319 0 R 2965 0 R 2966 0 R 2967 0 R 2968 0 R 1188 0 R 1189 0 R 1190 0 R 1191 0 R 1192 0 R 1193 0 R 1194 0 R 1195 0 R 1196 0 R 1197 0 R endobj /Pg 23 0 R /Pg 23 0 R 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 /Lang (EN-US) 2086 0 R 2087 0 R 2088 0 R 2089 0 R 2090 0 R 2091 0 R 2092 0 R 2093 0 R 2094 0 R 2095 0 R /Lang (EN-US) /Lang (EN-US) >> 145 0 obj /S /P endobj /S /P 207 0 R 208 0 R 209 0 R 210 0 R 211 0 R 212 0 R 213 0 R 214 0 R 215 0 R 216 0 R 359 0 obj endobj /S /Artifact 3137 0 obj /S /P /S /P >> 1318 0 obj << << endobj /Pg 24 0 R 4142 0 obj /Pg 24 0 R /Pg 13 0 R << 673 0 obj endobj /Pg 18 0 R 327 0 R 328 0 R 329 0 R 330 0 R 331 0 R 332 0 R 333 0 R 334 0 R 335 0 R 336 0 R /P 5005 0 R 1954 0 obj /K 1485 /K 1243 1236 0 obj << /K 796 /K 437 0 R Private Equity generally outperforms Public Equities in almost all environments except the 'low inflation/low growth' regime. << >> endobj 509 0 obj << endobj /P 10 0 R /K 6 /K 9 /S /Artifact /K 8 >> /S /P >> >> /S /P /K 1009 /S /Artifact 2956 0 obj /K 1508 /S /P >> /S /P << >> /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) 3608 0 R null 3609 0 R null 3610 0 R null 3611 0 R null 3612 0 R null /Pg 22 0 R 2255 0 obj 902 0 obj /K 815 endobj /S /Artifact 2300 0 obj /S /P << endobj /P 10 0 R endobj << /S /Artifact /P 5500 0 R 946 0 obj 1202 0 obj >> /Parent 9 0 R /S /Artifact /Pg 25 0 R << 3695 0 obj endobj /Lang (EN-US) << /Pg 22 0 R endobj << endobj /S /Artifact << >> /Pg 21 0 R /K 1079 /Pg 24 0 R /Pg 23 0 R endobj << >> << 1518 0 obj >> endobj >> /Lang (EN-US) << << >> >> >> endobj endobj >> endobj /Pg 23 0 R /S /P /P 4800 0 R << << /P 4754 0 R /Lang (EN-US) >> >> /Pg 25 0 R 2267 0 obj endobj /Pg 24 0 R /Pg 23 0 R /Pg 22 0 R /Lang (EN-US) /A 4663 0 R 4086 0 obj >> >> /Lang (EN-US) /S /Link >> /K 1196 2615 0 obj /Lang (EN-US) << 3730 0 obj endobj /P 5605 0 R /Lang (EN-US) /P 5306 0 R /S /P >> /P 6273 0 R >> /P 10 0 R << << << /P 5579 0 R << << >> /Pg 23 0 R >> /K 809 444 0 obj << /Pg 23 0 R /Pg 24 0 R 2765 0 obj endobj /P 96 0 R 4161 /Lang (EN-US) 881 0 obj >> /P 6191 0 R 1660 0 obj >> /K 547 /P 4981 0 R endobj /Pg 22 0 R endobj /S /Artifact /K 1286 >> << << 3510 0 obj << 2459 0 obj /Pg 25 0 R /K 1528 /Lang (EN-US) >> << /P 6707 0 R >> >> >> /K 545 1886 0 obj << << << endobj /K 142 86 0 obj << endobj >> /Pg 25 0 R 1097 0 obj /P 6131 0 R /S /Artifact 388 0 obj >> << 3950 0 obj >> /Lang (EN-US) << /K 794 /P 4964 0 R /K 620 /S /Artifact /K 1441 >> 3983 0 obj /P 5921 0 R endobj /S /Artifact /K 591 2405 0 obj /P 33 0 R /P 5990 0 R 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(EN-US) /Lang (EN-US) >> /Lang (EN-US) /Lang (EN-US) endobj /P 6466 0 R /P 10 0 R /P 5360 0 R << << null 1041 0 R null 1042 0 R null 1043 0 R null 1044 0 R null null /K 1185 /S /P 2206 0 obj /K 273 /P 10 0 R >> /S /P >> /K 0 /Lang (EN-US) /Pg 25 0 R /S /Artifact /Pg 23 0 R /S /Artifact /P 4759 0 R /S /P endobj endobj /Pg 24 0 R /Pg 22 0 R /Lang (EN-US) 593 0 obj 2585 0 obj /K 154 2669 0 obj /K 1388 endobj << >> endobj >> /S /Artifact endobj /Pg 20 0 R /S /P /S /P /Pg 22 0 R /Pg 22 0 R 3572 0 obj /K 823 endobj /Pg 24 0 R << endobj /Lang (EN-US) /K 278 /S /Artifact /K 1135 /Pg 26 0 R /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) >> << /Pg 24 0 R /S /P 347 0 R 348 0 R 349 0 R 350 0 R 351 0 R 352 0 R 353 0 R 354 0 R] 2594 0 obj /S /Artifact << /K 10 1991 0 obj << /K 10 /K 1443 endobj 1332 0 obj 343 0 obj /S /P /S /P endobj /K 2 1809 0 obj endobj /Pg 22 0 R /P 6639 0 R >> /P 10 0 R /Pg 22 0 R 3609 0 obj 1740 0 R null 1741 0 R null null null 1742 0 R null null null /Pg 23 0 R /P 5427 0 R << << 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/Pg 17 0 R /Pg 24 0 R 1758 0 obj /S /Artifact /Lang (EN-US) >> << 3543 0 obj 417 0 obj /S /P /K 670 /K 1332 /P 6400 0 R /Pg 22 0 R /Lang (EN-US) /S /P /S /P /K 219 3904 0 obj << /S /P 2504 0 obj << >> /S /P /Pg 24 0 R >> << >> null 584 0 R null 585 0 R 586 0 R null null 587 0 R null 588 0 R /S /P /Pg 21 0 R /K 593 << null 443 0 R 140 0 R 444 0 R 143 0 R 445 0 R 145 0 R 446 0 R 152 0 R 148 0 R >> /Pg 22 0 R /P 4710 0 R << /Pg 22 0 R endobj >> >> /Pg 23 0 R 1378 0 obj >> /S /Artifact /Pg 22 0 R /Lang (EN-US) /K 66 574 0 obj /S /P /K 359 /Pg 17 0 R << 2997 0 obj /Pg 23 0 R /P 6358 0 R endobj << endobj /P 5379 0 R >> >> /S /Artifact /S /P /Pg 22 0 R /K [70 4678 0 R] 358 0 obj 993 0 obj >> 4007 0 obj 3755 0 obj /Lang (EN-US) /Pg 24 0 R /Pg 24 0 R /Pg 24 0 R /Lang (EN-US) >> /K 261 3770 0 obj endobj /P 6482 0 R endobj /S /P >> endobj /S /Artifact /Pg 22 0 R << /S /Artifact 4088 0 obj /Pg 15 0 R /S /P /Producer (Adobe PDF Library 22.1.149) /Pg 24 0 R >> /Pg 22 0 R endobj >> >> /S /P 3404 0 obj 2329 0 obj /P 10 0 R /P 5128 0 R >> /P 6066 0 R endobj << /Pg 25 0 R /Lang (EN-US) /K 11 /K 1508 /Lang (EN-US) 751 0 obj /Pg 24 0 R /P 10 0 R /K 770 2586 0 obj endobj /Pg 25 0 R endobj 1888 0 obj endobj endobj endobj >> endobj /S /Artifact >> /P 4887 0 R endobj 2111 0 obj /P 4939 0 R /S /P /K 64 >> /Pg 20 0 R 3243 0 obj endobj >> >> 2478 0 obj /S /Artifact /K 988 /Pg 24 0 R endobj /K 1408 << /S /P 4110 0 obj /S /P >> /K 520 2670 0 obj 2341 0 obj /K 1431 /S /P /S /Artifact /K 1107 /K 712 /K 75 /Lang (EN-US) endobj >> >> endobj /Pg 23 0 R endobj /Pg 23 0 R >> /Lang (EN-US) /Pg 23 0 R 1538 0 obj /K 1291 >> /Lang (EN-US) 154 0 obj 1387 0 obj >> /Pg 24 0 R endobj /Lang (EN-US) << /S /P /Lang (EN-US) /S /Artifact << endobj /S /Artifact >> /S /P /P 10 0 R >> /Lang (EN-US) >> /P 10 0 R /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R endobj << << /S /Artifact /S /P /Lang (EN-US) >> /Lang (EN-US) >> /Lang (EN-US) << >> endobj /S /P null 2908 0 R null 2909 0 R null 2910 0 R 2911 0 R null 2912 0 R null /K 1470 708 0 obj << /Lang (EN-US) >> /Lang (EN-US) 3368 0 obj 4070 0 obj endobj >> >> /S /P /Pg 22 0 R >> /Pg 24 0 R /S /P /P 5165 0 R /P 5858 0 R << 4297 0 obj /Pg 25 0 R 2022-05-24T03:04:44-06:00 /S /P /Pg 23 0 R /K 705 /S /Artifact >> 1851 0 obj 1111 0 obj 3393 0 obj /S /P >> /Pg 25 0 R /P 5935 0 R /Lang (EN-US) >> endobj >> << endobj endobj << /K 338 2120 0 obj >> /Pg 23 0 R << /P 6390 0 R 1351 0 obj 1271 0 obj /K 480 /Resources 4371 0 R /Pg 23 0 R /K 84 /S /Artifact /K 1202 /Lang (EN-US) << 4109 0 obj >> /S /Artifact >> /K 117 /S /Artifact 1527 0 obj /Lang (EN-US) /K 1157 >> /P 5443 0 R << /P 4877 0 R << /P 4655 0 R endobj /Lang (EN-US) 2457 0 obj /Lang (EN-US) /S /Artifact /P 6059 0 R /K 1018 << /K 31 2684 0 obj /S /Artifact /S /Artifact endobj /S /P /K 1542 /S /Artifact /S /P endobj << endobj /S /Artifact 3457 0 obj << 2850 0 R 2851 0 R null 2852 0 R null 2853 0 R null 2854 0 R null 2855 0 R /K 1354 /S /P << /Pg 22 0 R /S /Artifact << /S /Artifact endobj endobj 3707 0 obj /Pg 25 0 R << endobj /Lang (EN-US) /S /Artifact endobj /S /P /S /Artifact << endobj /Lang (EN-US) << << << /K 1446 /P 10 0 R /Lang (EN-US) Middle-market direct lending has evolved over the last 20 years, and many institutional investors increasingly view it as a strategic portfolio allocation. /Pg 24 0 R /Pg 24 0 R endobj >> endobj << /Lang (EN-US) /P 5001 0 R /Pg 23 0 R endobj endobj /K 1433 /S /Link >> /K 270 endobj /Lang (EN-US) 912 0 R null null null 913 0 R null null null 914 0 R null 544 0 obj /K 1176 << 1164 0 obj >> 98 0 obj 2219 0 obj >> /P 4405 0 R >> /K 786 1182 0 obj endobj /Pg 24 0 R /S /P >> >> /K 905 << /K 368 endobj /Lang (EN-US) /P 6411 0 R /Pg 22 0 R /Lang (EN-US) /K 647 /Pg 22 0 R /K 1176 3169 0 obj >> /S /Artifact Average Realized Loss (2006 - 2021) Average realized loss is the historical average of the realized gains/losses for the Cliffwater Direct Lending Index. << 1026 0 obj /K 826 endobj >> /P 6106 0 R /P 6098 0 R 1892 0 obj /Pg 22 0 R /Lang (EN-US) /K 50 >> /S /Artifact >> /K 1531 /S /P << /Pg 16 0 R /Pg 24 0 R /K [80 412 0 R 136] >> 385 0 obj endobj endobj /S /P /K 542 >> /K 37 null 1894 0 R null 1895 0 R null 1896 0 R null 1897 0 R 1898 0 R null << /P 5431 0 R >> /Pg 24 0 R << endobj endobj >> /K 1371 << >> /P 6311 0 R endobj << /K 493 /K 755 null 93 0 R null null 420 0 R null 421 0 R null 95 0 R 97 0 R >> /K 1364 /K 1493 << << /K 1132 << endobj 1362 0 obj 1909 0 obj /S /P >> /S /P /P 5868 0 R /S /Artifact /K 1128 /Lang (EN-US) /S /P /Pg 23 0 R /Pg 25 0 R /Pg 25 0 R >> /Lang (EN-US) /K 767 /K 1040 /S /Artifact >> /K 1428 /P 5995 0 R /P 5049 0 R >> /K 979 >> /Pg 24 0 R /Lang (EN-US) /Pg 23 0 R << << >> 1890 0 obj << 1603 0 obj << << /P 4824 0 R /P 5637 0 R endobj >> /Pg 25 0 R /Lang (EN-US) 393 0 obj 133 0 R] /Pg 25 0 R /S /Artifact /K 23 4300 0 obj >> /Lang (EN-US) >> /S /Artifact endobj endobj endobj >> << << /K 1458 /K 462 1247 0 obj /K 9 /Pg 22 0 R << /Pg 22 0 R /K 51 /K 186 endobj /Pg 15 0 R /P 6079 0 R /Lang (EN-US) << 604 0 obj /CropBox [0 0 612 792] /K 1338 3794 0 obj /S /P /K 1363 694 0 obj /Lang (EN-US) /Pg 22 0 R endobj endobj endobj >> 1622 0 obj >> << << << /Lang (EN-US) 284 0 obj /P 5627 0 R << >> /S /Artifact /Pg 22 0 R >> endobj << >> /Pg 25 0 R /Pg 24 0 R /K 1255 /Pg 23 0 R << 2100 0 obj >> /S /Artifact /S /P /S /P /Pg 25 0 R << << 3508 0 obj endobj /Pg 23 0 R endobj << >> >> 810 0 obj null 1071 0 R null 1072 0 R null 1073 0 R null 1074 0 R null 1075 0 R /K 74 /S /P << /P 4668 0 R /P 5810 0 R /P 10 0 R >> /K 718 /Pg 25 0 R >> >> 602 0 obj /K 29 3317 0 obj endobj 1668 0 obj /S /Artifact >> endobj << /S /P /Pg 25 0 R >> /K 1206 /Pg 25 0 R /K 5 /S /Artifact /K 271 /P 5256 0 R endobj endobj /P 5391 0 R endobj 495 0 R null 496 0 R null 497 0 R null 498 0 R 499 0 R 500 0 R null /S /Artifact /K 322 /K 1127 >> /Lang (EN-US) /P 5736 0 R /S /Artifact >> /K 986 1165 0 obj 4031 0 obj /K 944 /P 6031 0 R /K 1453 294 0 obj >> >> /S /Artifact /Pg 23 0 R endobj endobj /S /P /Lang (EN-US) /K 1120 << /Lang (EN-US) << /K 1246 /Lang (EN-US) >> /Pg 24 0 R /Lang (EN-US) 115 0 R 116 0 R 117 0 R 118 0 R 119 0 R 120 0 R 121 0 R 122 0 R null 437 0 R /K 1464 >> /S /Artifact endobj /Lang (EN-US) 1180 0 obj >> /S /P endobj /S /Artifact << endobj /Pg 24 0 R >> 191 0 R 192 0 R 194 0 R 196 0 R 197 0 R 198 0 R 199 0 R 200 0 R null null /S /LBody >> 2845 0 obj >> 1907 0 R null 1908 0 R null 1909 0 R 1910 0 R null 1911 0 R null 1912 0 R 1691 0 obj << 503 0 obj >> /S /Artifact /Lang (EN-US) >> /Pg 25 0 R /K 109 1788 0 obj /P 10 0 R /Pg 23 0 R 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 /Pg 23 0 R >> 815 0 obj /S /Artifact /S /Artifact /Pg 23 0 R /K 123 2031 0 obj << /P 4862 0 R /K 1515 2984 0 obj /K 559 /P 10 0 R /P 5815 0 R endobj >> >> >> /K 233 >> /Pg 23 0 R /P 33 0 R /S /Artifact 1094 0 obj /S /Artifact /S /P 1308 0 obj /K 105 /S /P endobj /S /P >> << 1340 0 obj /P 6622 0 R << /P 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