cliffwater direct lending index

<< /Pg 23 0 R /Pg 25 0 R /K 626 <> /K 1519 /S /P 636 0 obj /Lang (EN-US) << /K 1437 /Pg 24 0 R /P 4974 0 R /Pg 25 0 R 2205 0 obj /P 6457 0 R /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) >> /Pg 18 0 R /Pg 22 0 R /K 55 /P 6687 0 R endobj /S /Artifact >> 3139 0 obj /P 33 0 R endobj << 865 0 obj endobj /Lang (EN-US) endobj << 3664 0 obj 4177 0 obj endobj /K 1312 endobj /S /P /S /P /Pg 22 0 R >> null 2780 0 R null 2781 0 R null 2782 0 R null 2783 0 R null null 2938 0 obj /S /P >> /K 95 /Pg 24 0 R /K 682 /K 121 /S /P endobj >> /P 6124 0 R >> /Lang (EN-US) /S /Artifact /S /P /Pg 22 0 R endobj >> << 88 0 obj /S /P /Lang (EN-US) >> /S /Artifact /Pg 15 0 R /K 1136 /K 1211 /Pg 23 0 R /S /P >> /Pg 25 0 R 4216 0 obj /S /Artifact /S /P >> /P 5800 0 R /Type /Pages << /Pg 22 0 R endobj /S /P /S /P << >> 2372 0 obj << >> /Pg 22 0 R << endobj /K 578 239 0 obj endobj 4577 0 R 4578 0 R 4579 0 R 4580 0 R 4581 0 R 4582 0 R 4583 0 R 4584 0 R 4585 0 R 4586 0 R /Lang (EN-US) 4064 0 obj 2017 0 obj /Pg 22 0 R << /K 823 1011 0 obj /Pg 25 0 R /P 6585 0 R /P 4700 0 R endobj /S /P >> /S /P 2587 0 obj endobj /K [7 438 0 R 40] /Pg 24 0 R endobj 4246 0 obj /Pg 24 0 R 2374 0 obj endobj << 2096 0 R 2097 0 R 2098 0 R 2099 0 R 2100 0 R 2101 0 R 2102 0 R 2103 0 R 2104 0 R 2105 0 R /Lang (EN-US) 1153 0 obj << /S /Artifact endobj /Lang (EN-US) /Pg 21 0 R /K 425 endobj endobj endobj << /Pg 22 0 R /Pg 24 0 R /Pg 24 0 R /Pg 22 0 R /S /P >> /Pg 23 0 R << 37 0 R 38 0 R 39 0 R 40 0 R 41 0 R 42 0 R 43 0 R 44 0 R 45 0 R 46 0 R >> 3666 0 obj /P 6346 0 R 3635 0 obj /S /P /Pg 24 0 R /K 1168 /Pg 22 0 R >> /Lang (EN-US) /S /P /K 52 endobj /Pg 24 0 R /Pg 24 0 R /Pg 24 0 R endobj /K 441 2297 0 obj 1892 0 obj /S /Artifact /Lang (EN-US) 4157 0 obj /Lang (EN-US) /K 1048 endobj /Lang (EN-US) endobj 3785 0 obj /K 1314 /Lang (EN-US) /P 10 0 R /Pg 25 0 R endobj endobj /S /P << 466 0 obj /P 10 0 R /P 6459 0 R /K 913 /Lang (EN-US) /K 1422 /S /P endobj /Pg 19 0 R 582 0 obj Loan Note: Credit cycle takes a turn; ESG due diligence template nears Lee Menifee previews what to expect during the market downturn and what the current environment means for investment << endobj << endobj >> /K 1472 << /S /P /S /P /S /Artifact 2777 0 obj /S /P /S /Artifact /K 1493 /S /Artifact /P 10 0 R /P 5857 0 R /K 1433 endobj /S /P /S /P endobj >> /Pg 17 0 R /K 424 /K 1376 2388 0 obj 2171 0 obj /P 10 0 R 3367 0 obj /K 778 >> /MediaBox [0 0 612 792] 2620 0 obj << /K 609 >> endobj endobj >> /Lang (EN-US) /S /P /K 31 endobj 3513 0 obj >> /S /Artifact 2724 0 obj << /K 208 1872 0 obj /P 4845 0 R /Pg 25 0 R /S /P >> /Lang (EN-US) 3212 0 obj >> >> /S /Artifact endobj /S /Artifact /Lang (EN-US) endobj endobj /K 109 150 0 obj << >> /Pg 22 0 R /T () /S /Artifact null 2673 0 R null 2674 0 R null 2675 0 R null 2676 0 R null 2677 0 R endobj >> endobj /P 6324 0 R /S /P 1415 0 R 1416 0 R 1417 0 R 1418 0 R 1419 0 R 1420 0 R 1421 0 R 1422 0 R 1423 0 R 1424 0 R << >> /Pg 24 0 R /Pg 24 0 R endobj /P 4767 0 R << << << 1201 0 obj << endobj << /Pg 23 0 R /Pg 25 0 R /P 5771 0 R /K 58 /Lang (EN-US) 3293 0 obj /P 6612 0 R << endobj /K 899 endobj >> /Pg 26 0 R /Lang (EN-US) /Lang (EN-US) >> endobj << endobj >> /Pg 18 0 R 1611 0 obj 3350 0 obj /K 1002 459 0 obj 670 0 obj /K 1091 endobj 3442 0 obj /S /Artifact >> >> >> 468 0 obj endobj /K 1311 << /Pg 25 0 R /K 1431 /P 6586 0 R /S /P >> /P 6341 0 R /Pg 22 0 R 4012 0 obj /Lang (EN-US) endobj /S /P << <> /P 5243 0 R endobj /Pg 23 0 R /K 21 4193 0 obj /S /P 26 0 obj /Pg 24 0 R << << /K 1266 /Lang (EN-US) /Pg 22 0 R >> /Lang (EN-US) /S /P /Pg 25 0 R /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) /K 1090 >> endobj /S /Artifact << endobj /Pg 24 0 R /S /P /P 5646 0 R /K 1376 /Pg 25 0 R /Lang (EN-US) /S /P endobj << /S /P /K 986 /Diagram /Figure endobj /K 266 << /Lang (EN-US) /Lang (EN-US) /S /P 976 0 obj << /K 593 /S /P /K 614 << /K 306 >> << /K 195 836 0 obj /P 5654 0 R /S /P /Pg 22 0 R /P 5461 0 R << endobj /Lang (EN-US) >> >> /Lang (EN-US) /S /P 3395 0 obj >> << /S /P /Lang (EN-US) endobj endobj << >> /Pg 25 0 R /Pg 25 0 R He is a portfolio manager responsible for US Direct Lending funds, BlackRock Credit Strategies Fund, and middle-market CLOs in the US. 3479 0 obj << 397 0 obj << >> /S /P 1870 0 obj << 1746 0 obj /Lang (EN-US) /K 1501 endobj >> endobj /Pg 15 0 R << /Pg 22 0 R endobj << /Lang (EN-US) /K 1056 /K 1474 3027 0 R 3028 0 R 3029 0 R 3030 0 R 3031 0 R 3032 0 R 3033 0 R 3034 0 R 3035 0 R 3036 0 R >> /Lang (EN-US) endobj /S /P /K 122 /CropBox [0 0 612 792] 3870 0 obj /K 171 1090 0 obj /Pg 23 0 R /S /P 197 0 obj /S /Artifact endobj /Lang (EN-US) /Lang (EN-US) 5 This growth has been due in part to the declining presence of banks in middle-market lending - a trend that began in the /K 23 2742 0 obj /K 76 << << /Lang (EN-US) << >> /P 4777 0 R /K 294 << /K 1209 endobj /S /Figure /Pg 25 0 R /Pg 22 0 R 3678 0 R null null null 3679 0 R null 3680 0 R null 3681 0 R null <> /P 6634 0 R endobj 2914 0 obj /P 5904 0 R /K 299 4149 0 obj /K 1343 /K 233 endobj >> << 3462 0 obj 3742 0 obj >> /Lang (EN-US) /Lang (EN-US) /Pg 25 0 R /S /Artifact endobj null 3767 0 R null 3768 0 R 3769 0 R null 3770 0 R null 3771 0 R null >> /K 652 /S /P << /S /P 2990 0 obj /K 1039 45 0 R null 386 0 R null 387 0 R null 388 0 R null null 389 0 R endobj 53 0 obj << /Lang (EN-US) /K 93 /Pg 18 0 R 1141 0 obj /K 4 /K 1125 /Lang (EN-US) >> /Pg 22 0 R >> >> <> /Lang (EN-US) /K 1352 << << /K 1067 /S /P /S /Artifact endobj LS@.JU endobj /P 10 0 R /Pg 22 0 R /Pg 25 0 R /S /P /S /Artifact endobj /P 33 0 R /K 127 /Pg 25 0 R endobj endobj /Pg 24 0 R /Pg 23 0 R >> 605 0 obj null 1678 0 R null 1679 0 R null 1680 0 R null 1681 0 R null null /Pg 23 0 R /S /Artifact /Pg 23 0 R 2485 0 obj /K 38 endobj >> /Pg 22 0 R << 1017 0 obj >> 1609 0 obj /K 1232 /K 1047 >> << endobj >> 2635 0 obj endobj /Lang (EN-US) 566 0 obj >> /Pg 23 0 R 4071 0 obj >> /P 5766 0 R /Pg 24 0 R /P 5514 0 R 3616 0 R null 3617 0 R null 3618 0 R null 3619 0 R 3620 0 R null 3621 0 R >> /Type /StructTreeRoot null 3838 0 R null 3839 0 R null 3840 0 R 3841 0 R null 3842 0 R null /P 6028 0 R 952 0 obj endobj >> /K 300 2194 0 obj /Pg 23 0 R 237 0 obj /K 1253 /Lang (EN-US) << /K 1038 endobj /K 1206 /K 647 >> 2733 0 obj /S /P 1361 0 obj >> /K 1264 /S /Artifact >> endobj /Pg 24 0 R /K 1374 733 0 obj /Lang (EN-US) 3656 0 obj /S /P 2774 0 obj endobj /Pg 24 0 R /K 668 endobj /S /P /S /Artifact << /S /P null null null 1611 0 R null 1612 0 R null 1613 0 R null 1614 0 R << endobj >> << /S /P 4186 0 obj >> Index data stretches back to September of 2004. /Lang (EN-US) /S /Artifact 3078 0 obj endobj /K 1432 endobj /K 1014 /S /Artifact << /S /P /P 5343 0 R endobj 1816 0 obj 1200 0 obj << 1216 0 obj /P 6471 0 R 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 3782 0 obj /Pg 22 0 R endobj << null 2837 0 R null 2838 0 R 2839 0 R null 2840 0 R null 2841 0 R null /Pg 23 0 R 2809 0 obj << /Pg 22 0 R /P 6579 0 R /Pg 22 0 R 12 [null 320 0 R null 2475 0 R null null 2476 0 R null null 2477 0 R << >> /S /P endobj << /Pg 25 0 R /K 298 >> /Pg 18 0 R /Pg 25 0 R /K 799 /K 1542 /Lang (EN-US) /Lang (EN-US) 2539 0 obj /Lang (EN-US) >> /Pg 25 0 R 2421 0 obj << /Pg 25 0 R >> /K 37 endobj /P 5159 0 R 3828 0 obj 743 0 obj endobj /Pg 22 0 R << /Pg 25 0 R /K 71 /Pg 23 0 R /Lang (EN-US) /Pg 23 0 R << endobj >> << endobj 2793 0 obj << /S /P << /Lang (EN-US) /S /P /K 701 /Pg 24 0 R >> /Pg 23 0 R >> /K 534 /S /Artifact /K 1543 /S /P /K 1302 /Pg 25 0 R << /S /P /S /Artifact endobj >> /K 535 /Pg 25 0 R endobj /P 4789 0 R >> /P 5802 0 R << >> /K 1548 /S /P /Lang (EN-US) 4109 0 obj >> /Pg 23 0 R endobj /S /P endobj 2170 0 obj << /K 1227 << 3567 0 obj 3709 0 obj <> 250 0 R 250 0 R 250 0 R 250 0 R 262 0 R] endobj << >> /S /Artifact /Lang (EN-US) endobj /Pg 25 0 R /K 424 /S /Link endobj /S /P >> >> /S /P << >> endobj << /Pg 23 0 R 1386 0 obj /S /Artifact endobj /P 5557 0 R 1535 0 obj /Pg 24 0 R /K 260 /P 6441 0 R >> 2271 0 obj >> << /Pg 22 0 R << << /K 251 310 0 obj /Lang (EN-US) endobj /P 4903 0 R <> /P 5858 0 R << 4324 0 obj /S /P >> <> << endobj /P 4743 0 R /Lang (EN-US) << endobj >> 1905 0 obj << /S /Artifact /S /P 2705 0 obj /K 1102 /Pg 25 0 R >> << << endobj << /K 1193 /P 5537 0 R /Pg 24 0 R /K 374 967 0 obj 3752 0 obj 1979 0 obj null null 212 0 R 213 0 R 214 0 R 215 0 R 216 0 R 217 0 R 218 0 R 219 0 R >> << /Pg 25 0 R /S /Artifact endobj /S /P /K 1443 endobj /K 1290 >> /K 722 endobj 4326 0 obj << /Lang (EN-US) endobj 902 0 obj /Pg 22 0 R 1618 0 obj /S /P >> /K 1481 /Pg 25 0 R endobj >> /K 1175 >> >> endobj endobj /Pg 23 0 R /Lang (EN-US) 3265 0 obj /Pg 19 0 R /Lang (EN-US) /P 5173 0 R /Pg 24 0 R /Lang (EN-US) /P 5767 0 R /S /Artifact endobj endobj /S /Artifact endobj /Lang (EN-US) /P 5700 0 R >> /S /Artifact >> << >> /K 1333 << 3300 0 obj endobj /Lang (EN-US) /S /P /S /Artifact /P 6473 0 R endobj endobj /Lang (EN-US) /S /Artifact /Pg 24 0 R 3114 0 obj /Pg 22 0 R /S /P 1302 0 obj /Lang (EN-US) /Lang (EN-US) >> 3493 0 obj 833 0 obj /Pg 18 0 R << endobj 3564 0 obj /Pg 22 0 R /Pg 25 0 R >> << >> 58 0 obj << /K 1461 /Pg 21 0 R 1814 0 obj /K 22 /Lang (EN-US) >> /K 1258 << /K 1396 /S /P endobj << <> /S /Artifact /Pg 24 0 R endobj << endobj /S /Artifact /Pg 22 0 R /K 771 endobj /P 6117 0 R endobj endobj /Pg 22 0 R /Pg 25 0 R /P 5353 0 R << /S /Artifact /K 283 /K 154 /P 6646 0 R /K 1483 /Lang (EN-US) /Pg 25 0 R /Pg 22 0 R /S /P >> 481 0 obj /Pg 25 0 R /Pg 24 0 R /Lang (EN-US) /Pg 25 0 R << /S /Artifact << /S /Artifact << /S /P 496 0 obj /S /P /Pg 24 0 R << 560 0 obj /Pg 24 0 R /Pg 24 0 R << /Pg 25 0 R /Lang (EN-US) << 1620 0 obj << stream /Lang (EN-US) 3145 0 obj /P 5133 0 R >> /Pg 25 0 R /K 1 /P 6643 0 R >> 831 0 obj /K 1417 endobj 50 0 obj /K 414 endobj << 747 0 obj << /Pg 23 0 R 268 0 obj << << /S /P /K 708 /S /Artifact >> /Lang (EN-US) /K 1195 endobj /S /P endobj /K 977 /Pg 25 0 R 4292 0 obj >> 4608 0 R] >> 3004 0 obj /Lang (EN-US) endobj /S /Artifact /S /Artifact /S /P >> >> /P 5657 0 R << << >> /Pg 24 0 R /K 1411 /Pg 25 0 R endobj << >> endobj /S /P /Lang (EN-US) endobj << << /Pg 22 0 R >> >> /S /Artifact << /Lang (EN-US) /S /P /K 1158 /K 1006 /Pg 22 0 R /Lang (EN-US) /K 5 /Pg 22 0 R /Lang (EN-US) endobj /Pg 25 0 R /Lang (EN-US) /P 6445 0 R /K 1053 /S /P endobj /S /Table /Pg 25 0 R << endobj << /S /Artifact /K 1157 endobj endobj >> /Lang (EN-US) << 1784 0 obj /S /P /P 6137 0 R << << << null 427 0 R null null 100 0 R 101 0 R 102 0 R null 428 0 R null >> 1661 0 obj /Pg 24 0 R >> endobj 1952 0 obj >> /S /P /S /P /Lang (EN-US) 2916 0 obj 2106 0 obj << 4237 0 obj >> endobj /Pg 23 0 R >> /S /P /S /P /S /LBody << >> 1981 0 obj /Pg 24 0 R /P 5044 0 R endobj << >> << 1232 0 obj /P 4855 0 R 3431 0 obj >> /S /P /Lang (EN-US) /S /Artifact /P 4720 0 R /Pg 22 0 R << >> /Pg 24 0 R /Pg 23 0 R /P 5167 0 R /K 161 /S /Artifact 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 /Lang (EN-US) << /Pg 22 0 R /S /P 1393 0 obj endobj /Lang (EN-US) /Pg 22 0 R /S /P endobj >> >> /S /P >> endobj /Lang (EN-US) << /S /Artifact <> 896 0 obj /K 1298 << endobj /S /P 1132 0 obj /S /Artifact 932 0 obj endobj >> /P 5750 0 R 1283 0 obj /S /P /P 10 0 R >> /S /P >> 2710 0 obj >> /K 1184 /S /Artifact << /K 1115 endobj << >> /Pg 25 0 R 1248 0 obj /Lang (EN-US) /Lang (IT-IT) << 2021 0 obj /Pg 23 0 R /K 31 /Pg 22 0 R /S /P /Pg 22 0 R endobj /S /Artifact /Lang (EN-US) endobj 2272 0 obj null 3532 0 R null 3533 0 R null 3534 0 R null 3535 0 R 3536 0 R null endobj /K 9 3836 0 obj /Pg 22 0 R /S /P 841 0 obj 2326 0 obj /Pg 24 0 R /Pg 23 0 R << 3896 0 obj /S /Artifact /Pg 25 0 R /Pg 24 0 R 4296 0 obj /P 5695 0 R /Pg 23 0 R << << /S /Artifact /Lang (EN-US) /K 1161 null 792 0 R null 793 0 R null 794 0 R 795 0 R null 796 0 R null endobj 2674 0 obj >> >> endobj /K 0 /Lang (EN-US) 2986 0 obj << >> /K 1212 /Lang (EN-US) >> null 1585 0 R null null null 1586 0 R null null null 1587 0 R /Pg 23 0 R 4062 0 obj /S /Artifact /K 1134 1317 0 obj /Pg 24 0 R /K 1189 /Lang (EN-US) endobj /K 1219 /Pg 23 0 R 1591 0 obj /Lang (EN-US) <> /Pg 23 0 R /S /P endobj /Pg 23 0 R endobj /Pg 13 0 R Private credit booms while deal activity slows /K 74 <> /Pg 16 0 R << /K 1151 /K 1303 << << << << 2517 0 R null 2518 0 R null 2519 0 R null 2520 0 R null 2521 0 R 2522 0 R >> /Pg 24 0 R /P 5312 0 R << /Pg 18 0 R /Pg 23 0 R /S /Artifact /S /P >> null 1659 0 R null 1660 0 R null 1661 0 R null 1662 0 R null 1663 0 R /K 1288 >> /Pg 21 0 R /S /P endobj >> /S /Artifact Cliffwater Corporate Lending Fund Class I (CCLFX) - Yahoo! /P 5755 0 R endobj endobj /K 1133 endobj endobj /Lang (EN-US) endobj /P 5 0 R >> /S /Artifact !A4( Ezn&Z] | << >> /Pg 23 0 R /Pg 25 0 R >> /K 1492 3103 0 obj /Pg 23 0 R endobj /Lang (EN-US) /P 6326 0 R endobj endobj >> /P 6527 0 R endobj /K 1309 /Pg 25 0 R >> endobj /S /P /Lang (EN-US) << >> /Pg 13 0 R 852 0 obj /K 73 /K 57 /S /P /S /P /Pg 18 0 R /S /P 3013 0 obj << << endobj >> /Pg 23 0 R 1799 0 obj /S /Artifact endobj >> /Pg 23 0 R >> /S /Artifact >> endobj /S /P /P 6608 0 R endobj >> endobj /P 5594 0 R /S /Artifact 1828 0 R null 1829 0 R null 1830 0 R null null null 1831 0 R null /K 698 endobj endobj << >> << 737 0 obj /Subtype /Link endobj >> >> /K 55 endobj >> << /S /Artifact >> /Lang (EN-US) endobj /Lang (EN-US) 329 0 obj >> 1403 0 obj /Pg 25 0 R << 3641 0 obj /K 1161 << 4115 0 obj endobj 1790 0 obj /P 6058 0 R << 3436 0 obj << /Lang (EN-US) /Lang (EN-US) 2731 0 obj /K 46 /Lang (EN-US) /S /P << >> Distribution Yield presented is based on the fund-level composite of all the share classes. /K 63 << << /S /P /S /Artifact 1362 0 obj 1623 0 obj /K 1299 /K 76 /Pg 24 0 R >> endobj << >> /Group 4370 0 R <> /Lang (EN-US) 1984 0 obj Together with management fees, Cliffwater estimates that total fees and expenses for direct lending private partnerships equals 3.56% of net asset value. /Pg 20 0 R 2185 0 obj << /Pg 24 0 R Loans are made or arranged pursuant to a California Financing Law license. /P 6059 0 R /Pg 22 0 R /K 124 /Pg 24 0 R /P 5397 0 R /Lang (EN-US) endobj <> 2460 0 obj /S /P /Pg 23 0 R /S /Artifact << >> /S /P /Lang (EN-US) 2829 0 obj << << /P 5113 0 R /S /P /Pg 17 0 R /Lang (EN-US) endobj /S /Artifact endobj /Pg 22 0 R /K 1124 /Pg 22 0 R /Pg 15 0 R << /S /P null null 3727 0 R null 3728 0 R null 3729 0 R null 3730 0 R null 532 0 R null 533 0 R 534 0 R 535 0 R 180 0 R 181 0 R 182 0 R 183 0 R 184 0 R endobj /P 5207 0 R 1095 0 obj /S /P /S /Artifact /Pg 24 0 R /P 6680 0 R 2415 0 obj /K 30 >> << >> 682 0 obj 1931 0 obj endobj << << /K 8 712 0 obj 1204 0 obj << endobj /P 5686 0 R /Lang (EN-US) /K 357 /K 284 /P 10 0 R /K 1430 >> endobj /K 801 /S /Artifact /Pg 24 0 R /Pg 25 0 R /Lang (EN-US) endobj << /S /P <> << /S /Artifact << 2546 0 obj << 4234 0 obj << << 2913 0 R null 2914 0 R null 2915 0 R null null null 2916 0 R null /Lang (EN-US) /K 199 /K 145 /S /Artifact /K 1245 /Lang (EN-US) /K 1369 /K 302 << << /K 374 endobj << /S /P >> /K 1542 endobj >> /T () /K [4435 0 R 4436 0 R 4437 0 R 4438 0 R] /P 10 0 R /S /Artifact /Pg 22 0 R 3390 0 obj 1829 0 obj << /Lang (EN-US) /P 6505 0 R /Pg 22 0 R /P 10 0 R /S /Artifact << >> endobj 1418 0 obj >> >> /K 824 /P 5433 0 R >> /Pg 24 0 R >> endobj >> /Lang (EN-US) 3998 0 obj /Lang (EN-US) 1849 0 obj << endobj /Lang (EN-US) << /S /Artifact << endobj endobj /S /P /K 1534 endobj endobj << endobj >> << /Lang (EN-US) /Lang (EN-US) /S /Artifact 3930 0 obj >> CLIFFWATER DIRECT LENDING INDEX (CDLI) CLIFFWATER BDC INDEX (CWBDC) Stay in the know. 723 0 obj /P 5530 0 R 2179 0 obj /Pg 24 0 R endobj /Pg 22 0 R >> 1043 0 obj >> /K 15 endobj >> << endobj /P 6743 0 R 1325 0 obj >> /Pg 25 0 R >> >> /K 678 /S /P /K 810 675 0 obj >> 2159 0 obj << /Lang (EN-US) /P 6265 0 R /Lang (EN-US) /Pg 22 0 R /DropCap /Figure 3424 0 obj /Pg 24 0 R /S /P /Pg 24 0 R endobj /K [1118 1119] /S /Artifact 1395 0 R 1396 0 R 1397 0 R 1398 0 R 1399 0 R 1400 0 R 1401 0 R 1402 0 R 1403 0 R 1404 0 R 206 0 obj << endobj >> << << /Pg 24 0 R /Pg 20 0 R /Pg 25 0 R 2416 0 obj << /Lang (EN-US) /A 4409 0 R << /K 824 /Lang (EN-US) /P 10 0 R << /K 473 /Pg 23 0 R >> << endobj << /P 5848 0 R << /S /P endobj 4146 0 obj 3239 0 obj endobj 4175 0 obj endobj /S /P /S /Artifact /Pg 23 0 R /S /P /K 898 /S /P /K 86 This book dissects direct loans as a class, providing the critical background 385397403217. >> endobj endobj /S /P /Lang (EN-US) /Pg 18 0 R << 3156 0 obj /P 5752 0 R /K 1430 << /K 935 /S /Artifact /K 833 << 489 0 obj << 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 endobj 265 0 obj /S /P /Pg 23 0 R /K 747 /K 634 >> /S /P /K 656 endobj >> /S /P /Lang (EN-US) 3682 0 R null 3683 0 R null 3684 0 R 3685 0 R null 3686 0 R null 3687 0 R endobj 2077 0 obj endobj endobj /S /P endobj /K 1025 /Pg 23 0 R /K 519 /S /P endobj >> >> 756 0 R null 757 0 R null 758 0 R 759 0 R null 760 0 R null 761 0 R /Pg 24 0 R << /Pg 25 0 R /K 32 /P 5559 0 R /S /P /P 6468 0 R 772 0 obj >> /Lang (EN-US) /P 5138 0 R >> /Lang (EN-US) << 2917 0 obj /P 6683 0 R << 2370 0 obj /K 55 endobj endobj /P 6569 0 R << 2655 0 obj /K 1489 endobj /S /P >> >> << endobj >> /P 5558 0 R /Pg 22 0 R >> /Pg 22 0 R /Lang (EN-US) << /K 1147 >> /Pg 23 0 R << >> /K 22 endobj /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) >> << /K 71 /Lang (EN-US) /S /P >> << endobj /S /Artifact /K 476 /K 1084 endobj endobj endobj /K 559 /S /P 4267 0 obj /K 387 >> /S /Artifact endobj /Pg 24 0 R >> 3193 0 obj /S /P >> >> << 1590 0 obj /Pg 17 0 R /P 5393 0 R 82 0 obj endobj /K 229 /K 26 /S /Artifact 534 0 obj 1881 0 obj /S /P /P 33 0 R Cliffwater produces in-depth research on the BDC space and found that, in calendar-year 2022, BDCs were down 8.6 percent, while the aggregate bond index was down 13.4 percent and stocks were down 18.0 percent. 2535 0 obj >> /Pg 25 0 R null 3439 0 R 3440 0 R null 3441 0 R null 3442 0 R null 3443 0 R null /S /P /P 5093 0 R /K 1300 1399 0 obj /K 989 << << /K 1410 UK. /Pg 22 0 R /S /P 1828 0 obj /K 1420 The Cliffwater Direct Lending Index (CDLI) seeks to measure the unlevered, gross of fee performance of U.S. middle market corporate loans, as represented by the asset-weighted performance of the underlying assets of Business Development Companies (BDCs), including both exchange-traded and unlisted BDCs, subject to certain eligibility . endobj 1673 0 obj 232 0 R 232 0 R 232 0 R 614 0 R 615 0 R 250 0 R 250 0 R 250 0 R 250 0 R 250 0 R endobj /K 159 /Lang (EN-US) >> /K 1195 << >> endobj endobj /S /P >> 462 0 obj << /S /P /S /P 317 0 R 318 0 R 319 0 R 320 0 R 321 0 R 322 0 R 323 0 R 324 0 R 325 0 R 326 0 R endobj endobj /Pg 22 0 R /Pg 25 0 R /S /Artifact << << /Pg 22 0 R /P 4899 0 R >> /P 10 0 R endobj /S /P /Pg 24 0 R 1688 0 obj << 337 0 R 338 0 R 339 0 R 340 0 R 341 0 R 342 0 R 343 0 R 344 0 R 345 0 R 346 0 R /K 399 4001 0 obj 12 0 obj /K [171 541 0 R 192] << /S /P /Pg 25 0 R << endobj >> >> 3392 0 obj endobj /Pg 23 0 R >> >> << endobj 1550 0 obj >> >> null 2761 0 R null 2762 0 R null 2763 0 R null 2764 0 R null 2765 0 R /Lang (EN-US) /P 10 0 R /Lang (EN-US) >> 2753 0 obj << /Pg 25 0 R >> 1054 0 R null 1055 0 R null 1056 0 R null null null 1057 0 R null endobj /Lang (EN-US) /Pg 24 0 R /P 10 0 R 3884 0 obj /H /I >> 1172 0 obj /Lang (EN-US) << /Pg 13 0 R null 765 0 R null 766 0 R null 767 0 R null 768 0 R null 769 0 R << /S /P /P 5740 0 R /P 4857 0 R /Pg 25 0 R endobj << /Pg 24 0 R /K 1293 /S /P << /Lang (EN-US) /Pg 23 0 R endobj endobj << endobj null 1708 0 R null 1709 0 R null 1710 0 R null 1711 0 R null 1712 0 R /Pg 25 0 R PRIVATE DEBT - Yield, Safety and the Emergence of Alternative Lending /K 848 /S /P /Pg 24 0 R endobj endobj << /S /Artifact /P 6406 0 R >> << 937 0 obj /S /P /K 370 /K 287 /Pg 23 0 R /Pg 21 0 R /Lang (EN-US) /P 5933 0 R 3911 0 obj 435 0 R 426 0 R 89 0 R 92 0 R 92 0 R 94 0 R 94 0 R 98 0 R 434 0 R 434 0 R endobj endobj /K 477 1098 0 obj /S /Artifact /P 4811 0 R 4103 0 obj 4013 0 obj << /Pg 24 0 R /K 1196 /K 1216 endobj << /S /Artifact /Pg 14 0 R /Lang (EN-US) /Lang (EN-US) /K 46 2689 0 obj >> 1428 0 obj >> /P 10 0 R 3733 0 obj /Pg 23 0 R /P 5884 0 R >> /S /Artifact /S /Artifact /S /Artifact /Pg 22 0 R << endobj >> 805 0 R null 806 0 R 807 0 R null 808 0 R null 809 0 R null 810 0 R /Lang (EN-US) /S /Artifact endobj /K 351 /K 37 3926 0 obj /K 1300 >> /Pg 23 0 R endobj /Pg 23 0 R /Pg 24 0 R >> >> endobj 2424 0 obj endobj >> >> 396 0 obj >> << 286 0 obj >> /Border [0 0 0] /S /Artifact 2096 0 obj /Pg 17 0 R /P 4667 0 R /Pg 23 0 R >> /Pg 22 0 R 119 0 obj 3539 0 obj << /Pg 22 0 R /S /Table /K 262 /Pg 23 0 R 1636 0 obj /S /P << /K 577 endobj /Lang (EN-US) /K 44 << /Pg 22 0 R /Lang (EN-US) /Pg 22 0 R 1100 0 obj /P 5718 0 R /K 1046 /K 50 /Pg 22 0 R /Pg 23 0 R /Lang (EN-US) /S /Artifact /S /P >> /K 1514 /K 491 1516 0 obj /Pg 23 0 R << >> /P 6654 0 R /P 10 0 R /K 1211 /Lang (EN-US) /S /Artifact /Pg 25 0 R << /Lang (EN-US) << /S /P 2754 0 obj /P 10 0 R endobj >> 1308 0 obj >> >> << >> /P 6678 0 R endobj << >> endobj /S /Artifact /Lang (EN-US) 4176 0 obj /P 5257 0 R 2845 0 R null 2846 0 R null 2847 0 R null 2848 0 R null 2849 0 R null >> /P 5738 0 R /S /Artifact 699 0 R null 700 0 R null 701 0 R null 702 0 R null 703 0 R null /K 117 << << 4126 0 obj /Pg 25 0 R /Pg 25 0 R 2279 0 obj 1877 0 R null 1878 0 R null null null 1879 0 R null null null /Pg 19 0 R /P 6253 0 R << /S /Artifact << >> /Pg 18 0 R /K 9 /Tabs /S 593 0 obj /Pg 23 0 R 6 0 obj 2866 0 obj >> /S /P >> << endobj endobj /Lang (EN-US) endobj 538 0 obj /Pg 13 0 R >> /Lang (EN-US) /Pg 22 0 R << /Lang (EN-US) << endobj /Pg 23 0 R /Pg 25 0 R 2533 0 obj /S /P /S /Artifact 527 0 obj /S /P 4063 0 obj /K 1303 >> /P 5527 0 R endobj >> /Pg 25 0 R /K 1304 endobj >> /S /Artifact /K 682 135 0 obj /S /Artifact 2548 0 obj /K 1549 endobj endobj /Lang (EN-US) /P 90 0 R >> /K 29 >> 1741 0 obj /Pg 23 0 R >> /K 104 /Pg 22 0 R >> /Lang (EN-US) /S /P /K 410 <> << 1335 0 obj /Pg 21 0 R /S /Artifact endobj 327 0 obj /K 580 /Lang (EN-US) /S /Artifact /Lang (EN-US) /Lang (EN-US) >> ICE, Bank of America for US High Yield represented by the ICE BofA High Yield. /S /Artifact >> /K 1366 1772 0 obj /K 81 3821 0 R null null null 3822 0 R null null null 3823 0 R null endobj 2277 0 obj /Pg 24 0 R /S /P 3500 0 obj << endobj /Lang (EN-US) << 3180 0 obj /Pg 24 0 R /S /Artifact endobj 3574 0 obj

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