cliffwater direct lending index

/Rotate 0 1163 0 obj /P 152 0 R >> /S /Artifact << /Pg 23 0 R 2236 0 R 2237 0 R 2238 0 R 2239 0 R 2240 0 R 2241 0 R 2242 0 R 2243 0 R 2244 0 R 2245 0 R /K 1328 /K 690 >> /Pg 24 0 R >> /K 1396 >> /K 586 /Pg 24 0 R /Lang (EN-US) /P 6332 0 R << /K 981 endobj 4045 0 obj /K 1452 /K 548 /Pg 25 0 R /P 6025 0 R endobj /P 5327 0 R /Pg 25 0 R /K 41 /Pg 23 0 R /K 381 /K 34 /K 591 /S /P /K 1330 1633 0 obj /Lang (EN-US) /P 6453 0 R /Pg 23 0 R 236 0 obj endobj << 1592 0 obj /K 1491 /K 1523 /P 10 0 R 3146 0 obj endobj endobj >> /Pg 22 0 R << /K 379 /S /Artifact /Lang (EN-US) The 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 . << /S /P endobj /S /Artifact /K 905 670 0 obj /S /Artifact endobj >> /S /Artifact null 405 0 R null 406 0 R null 407 0 R null 408 0 R null 409 0 R >> /K 160 endobj 1779 0 obj << >> >> 2769 0 obj /S /P >> 4298 0 obj >> >> /K 979 /S /P endobj /Pg 22 0 R /K 922 null 2580 0 R null 2581 0 R 2582 0 R null 2583 0 R null 2584 0 R null endobj /P 4698 0 R endobj /S /P 3288 0 obj /K 1287 3187 0 obj << /Lang (EN-US) << << /S /P <> endobj /S /P /Lang (EN-US) /Pg 24 0 R 4254 0 R 4255 0 R 4256 0 R 4257 0 R 4258 0 R 4259 0 R 4260 0 R 4261 0 R 4262 0 R 4263 0 R << /K 736 /Pg 23 0 R endobj /K 1184 /S /P endobj /K 655 /K 1436 /K 844 >> >> 781 0 obj endobj /Lang (EN-US) endobj /Pg 25 0 R >> >> <> >> /S /P /P 5414 0 R /S /Artifact /Lang (EN-US) <> /P 6678 0 R /Lang (EN-US) /S /P /P 5688 0 R >> /K 261 >> /P 6166 0 R /P 5488 0 R 3278 0 obj >> 4189 0 obj >> 295 0 obj /P 6706 0 R << >> >> >> /K 191 /Pg 24 0 R >> endobj /Pg 23 0 R /P 6024 0 R /Pg 23 0 R << endobj endobj /K 20 endobj /Lang (EN-US) /Pg 25 0 R /Pg 18 0 R << /Pg 25 0 R 3873 0 R null 3874 0 R null 3875 0 R null 3876 0 R 3877 0 R null 3878 0 R 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. /S /Artifact /S /P << /Pg 13 0 R 2972 0 obj << /Contents [4339 0 R 4340 0 R 4341 0 R 4342 0 R 4343 0 R 4344 0 R 4345 0 R 4346 0 R] endobj /K [49 50 51 52 53] /K 84 endobj >> /S /P /K 152 endobj << /Pg 24 0 R /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) endobj /K 1216 endobj /Pg 22 0 R endobj >> /Lang (EN-US) << 3575 0 obj /Pg 25 0 R /Pg 23 0 R >> /S /Artifact The CDLI assists investors to better understand asset class characteristics and to benchmark manager performance VIEW CDLI REPORT VIEW CDLI FACT PAGE Learn More View Resources >> /S /P /Pg 25 0 R >> /P 10 0 R >> >> 2078 0 obj /Pg 22 0 R /P 10 0 R 2899 0 obj << /K 1157 /P 6095 0 R 4248 0 obj /S /Artifact /S /P 497 0 obj 2330 0 obj <> /P 5270 0 R << /Pg 23 0 R /K 1307 >> /S /Artifact /K 1198 >> /P 6102 0 R endobj /S /P /Pg 24 0 R /Pg 23 0 R /S /P /Lang (EN-US) 3573 0 obj >> /K 1104 endobj >> /S /P << /S /P 708 0 obj /P 5848 0 R << /K 208 /Pg 14 0 R /S /Artifact >> /K 858 /P 6445 0 R /S /Artifact 2027 0 R null 2028 0 R null 2029 0 R 2030 0 R null 2031 0 R null 2032 0 R endobj endobj /MediaBox [0 0 612 792] >> /Lang (EN-US) >> /Pg 22 0 R 1744 0 obj /S /P /K 122 /Pg 25 0 R endobj /S /P 1528 0 obj 3746 0 obj >> /P 6725 0 R <> << 2230 0 obj /K 1458 2559 0 obj >> /S /P 1935 0 obj << >> /S /P >> /Pg 23 0 R /S /P endobj 801 0 obj /P 6020 0 R >> /Pg 20 0 R endobj /K [1111 1112] /K 13 <> /P 5529 0 R << endobj endobj /S /Artifact endobj << /S /P /Pg 25 0 R endobj endobj /P 5170 0 R endobj /Lang (EN-US) /S /P /K 994 /K 3 470 0 obj endobj endobj >> /K 6 /P 10 0 R endobj 1502 0 obj endobj /Pg 24 0 R /P 4699 0 R /Pg 25 0 R 1184 0 obj /K 1212 endobj >> /S /Artifact /P 5121 0 R >> 3226 0 obj << endobj /Pg 22 0 R /K 1425 /P 5603 0 R /Pg 18 0 R 934 0 R null 935 0 R null 936 0 R null null null 937 0 R null >> /K 353 << endobj /S /P /Pg 25 0 R endobj endobj 130 0 obj endobj /K 430 /Pg 14 0 R endobj /P 5467 0 R 1438 0 obj /Lang (EN-US) <> endobj endobj /S /P /K 1201 /K 331 /K 823 >> null 3838 0 R null 3839 0 R null 3840 0 R 3841 0 R null 3842 0 R null /Pg 24 0 R /Lang (EN-US) /S /Artifact /Lang (EN-US) /S /Figure /S /Artifact /Lang (EN-US) << /Pg 25 0 R /S /Artifact 2232 0 obj /K 1091 >> 1103 0 obj 3127 0 obj /K 1190 /K 1225 /P 6161 0 R >> 2359 0 obj /Lang (EN-US) /P 5056 0 R /S /Artifact /Pg 22 0 R /Lang (EN-US) /Pg 25 0 R /P 5819 0 R /S /P /K 793 >> /Pg 24 0 R /K 406 << 3232 0 obj /S /Artifact /P 6173 0 R endobj /Lang (EN-US) << 2762 0 obj endobj 3453 0 obj /S /Artifact 4121 0 obj endobj /K 1492 513 0 R 514 0 R 515 0 R null 516 0 R null 517 0 R null 518 0 R 519 0 R /S /Artifact /K 898 /S /Artifact 1542 0 obj /S /P << /Pg 25 0 R /S /Artifact /Lang (EN-US) The Cliffwater Direct Lending index, which represents $260 billion in private credit assets, unlevered, returned 6.6% for the 12 months ended Sept. 30, compared to 14.25% for the prior 12-month . << /K 20 << /K 1222 << /S /Artifact 1862 0 obj << /S /Artifact << /Pg 24 0 R /K 1491 endobj /Pg 25 0 R >> >> >> /P 5826 0 R /P 96 0 R /K 176 << >> endobj 1753 0 obj endobj << >> endobj << /Lang (EN-US) endobj >> << /S /Artifact /K 8 endobj /S /P >> >> << 1767 0 obj /K 1129 /Lang (EN-US) /S /Artifact /Pg 23 0 R /Pg 22 0 R /Lang (EN-US) /S /P endobj /Lang (EN-US) 2911 0 obj /K 1488 >> 257 0 R 258 0 R 259 0 R 260 0 R 261 0 R 262 0 R 263 0 R 264 0 R 265 0 R 266 0 R Mid-market direct lending loans in the US enjoyed a year of strong performance in 2021 according to the Cliffwater Direct Lending Index, an index compiled by investment adviser and fund manager Cliffwater of 8,000 mid-market loans totalling $191 billion at the end of last year. 4196 0 obj /P 6559 0 R 2580 0 obj endobj << /Lang (EN-US) >> /K 896 /Pg 23 0 R /S /P endobj 1577 0 obj null 1562 0 R null null null 1563 0 R null 1564 0 R null 1565 0 R >> << /Lang (EN-US) << /Pg 22 0 R endobj << endobj <> 1058 0 obj >> /P 6333 0 R << 1075 0 obj 1691 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 >> /P 4724 0 R /K 1374 /K 1376 << /Lang (EN-US) /S /P /P 5161 0 R /K 104 4125 0 R 4125 0 R 4126 0 R 4127 0 R 4128 0 R 4129 0 R 4130 0 R 4131 0 R 4132 0 R 4133 0 R >> << << /Lang (EN-US) /S /P /K 802 2194 0 obj /Lang (EN-US) /Pg 20 0 R << /P 5436 0 R 1343 0 obj /Pg 23 0 R endobj /Pg 24 0 R /Pg 23 0 R endobj /P 33 0 R endobj << << 271 0 obj << <> 580 0 obj << << /Lang (EN-US) /Lang (EN-US) /K 1372 /S /Artifact /S /Artifact << << endobj /Pg 24 0 R /Pg 23 0 R /S /Artifact /Lang (EN-US) >> /S /Artifact /Pg 24 0 R endobj /K [11 355 0 R 138] /Lang (EN-US) /Lang (EN-US) >> /Pg 24 0 R endobj endobj /K 765 endobj endobj /Pg 25 0 R /Pg 23 0 R <> 2748 0 R null null null 2749 0 R null 2750 0 R null 2751 0 R null /Lang (EN-US) endobj /Lang (EN-US) << /S /P 65 0 R 66 0 R 68 0 R 69 0 R 70 0 R null 72 0 R 73 0 R 75 0 R 76 0 R /P 6372 0 R /S /P endobj /Pg 24 0 R /K 1003 endobj << 3696 0 obj 2758 0 obj >> endobj endobj /K 206 1921 0 obj /P 4984 0 R >> /Pg 22 0 R /P 10 0 R /Pg 23 0 R endobj /Lang (EN-US) /Lang (EN-US) << 3869 0 obj >> 3017 0 R 3018 0 R 3019 0 R 3020 0 R 3021 0 R 3022 0 R 3023 0 R 3024 0 R 3025 0 R 3026 0 R << << endobj endobj 521 0 obj <> /K 657 /P 33 0 R endobj 1969 0 obj /S /P >> /K 306 endobj << endobj << 3405 0 obj /P 6347 0 R /Pg 24 0 R << /K 1526 null null 357 0 R null null null null null 358 0 R null endobj << /K 578 /P 6342 0 R >> >> /K 1544 >> /Pg 24 0 R endobj /Pg 24 0 R 3215 0 obj << >> 1387 0 obj << /Lang (EN-US) /Pg 23 0 R /Pg 23 0 R endobj /K 1322 endobj 3625 0 obj /Lang (EN-US) endobj /Pg 22 0 R endobj >> 3967 0 R 3968 0 R 3969 0 R 3970 0 R 3971 0 R 3972 0 R 3973 0 R 3974 0 R 3975 0 R 3976 0 R 2088 0 obj endobj << /K 1104 1209 0 obj 67 0 R 67 0 R 67 0 R 67 0 R 71 0 R 71 0 R 78 0 R 78 0 R 78 0 R 78 0 R /S /Artifact endobj endobj /S /Artifact /S /P endobj /Pg 22 0 R >> >> /S /Artifact 1085 0 obj >> /Pg 24 0 R Private Debt - Cliffwater Direct Lending Index, 3rd Quarter 2022 Download Access Webcasts Latest Asset Allocation Report Jan 16, 2023 2023 Asset Allocation Report Download View Asset Allocation Research Latest CDLI Index Report Dec 06, 2022 Q3 Report on U.S. 3701 0 R null null null 3702 0 R null null null 3703 0 R null /Lang (EN-US) /K 687 >> 3841 0 obj /S /P /Pg 23 0 R >> /K 912 endobj null 645 0 R null 646 0 R null 647 0 R null 648 0 R null 649 0 R << /S /Artifact 18 0 obj endobj /S /Artifact /S /P /K 599 endobj /P 4774 0 R /K 695 null 3457 0 R null null null 3458 0 R null 3459 0 R null 3460 0 R /K 1367 /K 108 /Pg 22 0 R /K 31 /Lang (EN-US) /P 5044 0 R /K 76 /K 32 << << >> /S /Artifact >> /Pg 13 0 R >> 435 0 obj /K 57 >> /Lang (EN-US) /K 1517 >> /Pg 25 0 R << endobj << 2440 0 obj endobj /Pg 25 0 R 2291 0 obj 3357 0 obj 3302 0 obj 3888 0 obj /Pg 22 0 R 2139 0 obj endobj << endobj 3149 0 obj /Lang (EN-US) /S /P >> 1288 0 obj /S /Artifact >> /K 66 endobj /Pg 25 0 R >> /K 1459 /K 1225 endobj /P 6699 0 R endobj /Lang (EN-US) /K 1163 /P 5504 0 R /Lang (EN-US) /S /P /K 585 2459 0 obj /S /P /Pg 23 0 R endobj /Lang (EN-US) << /K 235 3482 0 obj /Pg 24 0 R /K 1379 /K 1390 << /S /Artifact >> 3099 0 obj /K 1439 >> >> endobj >> /K [4546 0 R 4547 0 R 4548 0 R 4549 0 R 4550 0 R 4551 0 R 4552 0 R 4553 0 R 4554 0 R 4555 0 R endobj << /Pg 24 0 R <> /Lang (EN-US) endobj 3907 0 obj << /K 1199 /K 849 /P 6519 0 R /K 608 >> endobj endobj 4021 0 obj /Lang (EN-US) /Pg 17 0 R 1036 0 obj 2946 0 obj /P 6126 0 R /Lang (EN-US) /P 10 0 R 272 0 obj endobj /Pg 16 0 R endobj /S /Artifact endobj /MediaBox [0 0 612 792] << << /K 1548 /P 5865 0 R /K 105 endobj /P 6702 0 R << /Type /Page 3314 0 obj /P 5883 0 R endobj /K 1266 /S /P >> /P 4844 0 R /K 235 2563 0 obj << /K 1160 /Pg 23 0 R 2943 0 R null 2944 0 R null 2945 0 R null 2946 0 R 2947 0 R null 2948 0 R /K 121 /S /P 3332 0 obj /Pg 23 0 R /Pg 25 0 R << /K 801 /Pg 16 0 R /Pg 25 0 R endobj 2826 0 obj 3674 0 obj null 611 0 R null 612 0 R 613 0 R null 246 0 R 247 0 R 248 0 R 249 0 R >> << >> >> >> >> /S /Artifact 3024 0 obj /K 1123 /K 148 /Pg 17 0 R /Pg 18 0 R /Pg 25 0 R >> endobj 3156 0 obj /P 10 0 R /Lang (EN-US) endobj endobj 1318 0 obj << /Lang (EN-US) 211 0 obj /K 1153 /Pg 22 0 R /Lang (EN-US) 2042 0 obj /Pg 24 0 R /K 1269 endobj 619 0 obj /K 1121 >> /Pg 18 0 R /Pg 18 0 R /Pg 18 0 R /P 6377 0 R /K 1492 >> endobj /K 1233 /P 5004 0 R << null null null 1988 0 R null 1989 0 R null 1990 0 R null 1991 0 R >> << endobj 880 0 obj >> /Pg 25 0 R /P 5182 0 R /Pg 25 0 R >> endobj 403 0 obj 4239 0 obj /Lang (EN-US) << /Pg 24 0 R 1001 0 obj /Pg 24 0 R >> /S /Artifact /S /P /Pg 23 0 R /K 1477 /Lang (EN-US) 308 0 obj 3137 0 obj << /Pg 23 0 R /Pg 25 0 R /Lang (EN-US) 4015 0 obj /Lang (EN-US) /K 345 << /S /Artifact /Lang (EN-US) /P 5892 0 R 2287 0 obj /P 10 0 R 3119 0 obj /S /P /K 360 /P 6119 0 R >> /P 10 0 R << << /P 6016 0 R << /K 1388 endobj /Lang (EN-US) /K 1220 << 3878 0 obj Here's my overview of the Corporate Transparency Act, a new federal law that will require most private U.S. companies to report to the U.S. Treasury the names 1634 0 obj /P 5583 0 R /P 6584 0 R /K 270 endobj 2281 0 obj << /Pg 22 0 R >> /Lang (EN-US) /Pg 22 0 R 3923 0 obj /S /P >> >> /Pg 22 0 R /Lang (EN-US) 2204 0 obj << /StructParents 10 /Lang (EN-US) /Pg 22 0 R /K 1109 << /K 560 /P 5410 0 R /Lang (EN-US) /P 5426 0 R /K 965 >> /K 988 /S /P 3760 0 obj endobj endobj /S /Artifact /Pg 21 0 R << >> /K 841 /A 6762 0 R /S /LBody /K 290 endobj null null 1695 0 R null 1696 0 R null 1697 0 R null 1698 0 R null >> 304 0 obj >> /Pg 18 0 R 3054 0 obj 4010 0 obj null 1022 0 R null 1023 0 R null 1024 0 R null 1025 0 R null 1026 0 R /P 4967 0 R /Lang (EN-US) endobj /Pg 24 0 R /Lang (EN-US) /K 1250 850 0 obj /P 6260 0 R null null null 1094 0 R null 1095 0 R null 1096 0 R null 1097 0 R /Pg 15 0 R /K 1204 /Pg 22 0 R /S /P 3169 0 obj /P 5246 0 R >> 2935 0 R null 2936 0 R null 2937 0 R null 2938 0 R null 2939 0 R null /K 464 /S /P /S /Artifact /Lang (EN-US) >> /Pg 22 0 R <> /Lang (EN-US) /K 1193 /Lang (EN-US) endobj >> /P 6076 0 R << endobj /Pg 22 0 R /Pg 25 0 R << endobj /S /P /Pg 23 0 R endobj /K 860 /Subtype /Link /Pg 25 0 R << >> 564 0 obj << << /Lang (EN-US) /S /P /Pg 24 0 R /K 1191 /Pg 22 0 R /K 1497 /Lang (EN-US) << >> << /K 1356 >> /Pg 25 0 R /Lang (EN-US) << << /K 948 >> /Pg 24 0 R /P 5063 0 R >> endobj /K 1249 /Pg 23 0 R << /S /Artifact /S /P << 1402 0 obj /S /Artifact endobj << /K 437 /K 1291 /P 10 0 R >> endobj >> /Pg 25 0 R endobj >> /Pg 22 0 R <> /Pg 25 0 R /S /Artifact /S /P /S /Artifact /K 938 /S /P /K 1421 /Pg 24 0 R >> null null 1832 0 R null 1833 0 R null 1834 0 R null 1835 0 R null endobj PDF Figure 1 - meketa.com /S /Artifact /Pg 13 0 R /S /P << /S /P >> << /K 32 /S /P /S /Artifact /K 239 >> << /Pg 24 0 R /Pg 25 0 R endobj /Pg 25 0 R /K 341 << /K 187 /S /P /K 1144 endobj /S /P >> /K 126 /Lang (EN-US) << 342 0 obj /Pg 23 0 R /Pg 23 0 R 1258 0 R 1259 0 R 1260 0 R 1261 0 R 1262 0 R 1263 0 R 1264 0 R 1265 0 R 1266 0 R 1267 0 R /P 10 0 R /Pg 23 0 R /K 1546 >> /Pg 24 0 R endobj /S /Artifact 2869 0 obj >> /Lang (EN-US) endobj endobj /S /Artifact /K 693 /K 22 >> endobj /S /P << 3313 0 obj 1405 0 obj /K 273 >> endobj /S /Artifact << >> /K 1247 >> >> /P 4784 0 R /S /P >> endobj /S /Artifact >> >> 738 0 obj /Pg 25 0 R /K 1469 << 1616 0 obj /S /P endobj endobj << << 723 0 obj << /S /Link /Pg 24 0 R /Lang (EN-US) /P 5221 0 R /K 545 2462 0 obj 2834 0 obj /K 1480 /K 1188 /Lang (EN-US) /K 392 /S /Artifact 3087 0 obj 1027 0 obj /S /Artifact >> endobj /Lang (EN-US) /Lang (EN-US) >> null 2758 0 R null 2759 0 R null null null 2760 0 R null null /S /P >> /K 332 << /K 1450 >> /K 35 endobj endobj >> <> /K 1026 /K 1235 /S /P /S /P 3975 0 obj /Lang (EN-US) /P 5271 0 R >> << /Lang (EN-US) /Pg 24 0 R << /Pg 25 0 R >> /K 162 /P 5945 0 R endobj /S /Artifact endobj /Lang (EN-US) 2993 0 obj <> >> << /K 1234 endobj << /Lang (EN-US) << >> >> 2669 0 obj >> endobj /Lang (EN-US) /S /P /S /Artifact /S /L /S /P << /Lang (EN-US) << endobj <> /P 6740 0 R >> /Pg 23 0 R /K 1062 1720 0 obj endobj /Pg 18 0 R 632 0 R null null null 633 0 R null 634 0 R null 635 0 R null /S /P /K 509 /S /Footnote /K 1264 1506 0 obj /S /P /S /P << endobj /P 5994 0 R /P 4893 0 R endobj 1917 0 obj endobj 3736 0 obj endobj << << endobj /K 1428 >> /Pg 25 0 R 382 0 obj >> /Lang (EN-US) /Pg 24 0 R /Pg 22 0 R 762 0 obj 1643 0 obj 2282 0 obj endobj /K 398 << /S /Artifact /Pg 23 0 R /Lang (EN-US) (2) Refinitiv LPC's 4Q22 Sponsored Middle Market Private Deals Analysis - January. >> >> /Pg 23 0 R /Pg 22 0 R /K 472 /S /P >> /Lang (EN-US) 4207 0 obj 3587 0 obj << 739 0 obj 3570 0 obj /Pg 22 0 R /Pg 22 0 R >> /P 4708 0 R << endobj /K 48 4080 0 obj /P 6356 0 R /K 119 /K 61 >> endstream /K 163 >> >> /P 6504 0 R endobj << >> /K 1432 /K 1412 2886 0 obj >> /P 6370 0 R /S /P /Lang (EN-US) >> /S /P endobj /Pg 23 0 R >> /S /Artifact >> endobj /S /Artifact /K 1199 /S /P 2335 0 obj /Lang (EN-US) endobj 3728 0 obj << 2411 0 obj << << 3122 0 obj /Lang (EN-US) /K 1113 >> /K 1543 /K 1185 >> 3597 0 obj endobj endobj /K 189 << >> /K 67 >> 2594 0 obj /P 5336 0 R /K 1513 Alternative Investments | Portfolio Protection | Fidelity Investments 2732 0 obj >> >> endobj << endobj 1124 0 obj >> 1148 0 obj /Pg 25 0 R /Pg 23 0 R /Pg 25 0 R << >> /S /Artifact << endobj >> /S /Artifact /S /Artifact /S /P endobj /K 34 /Pg 25 0 R 259 0 obj /S /P endobj 380 0 obj endobj << /Marked true endobj /Lang (EN-US) /S /Artifact >> << endobj /K 78 /P 5066 0 R << /Lang (EN-US) /Pg 13 0 R << /K 1360 /K 1285 /S /P << /S /Artifact /Pg 14 0 R /S /Artifact /Lang (EN-US) endobj >> /Pg 23 0 R >> /S /Artifact /P 5409 0 R << 1460 0 obj 3518 0 R null 3519 0 R null 3520 0 R null 3521 0 R null 3522 0 R null >> /S /Artifact 2536 0 R null 2537 0 R null 2538 0 R null null null 2539 0 R null /Pg 25 0 R endobj /Pg 22 0 R /K 923 /P 5051 0 R 4236 0 obj endobj /S /P /Pg 22 0 R 2202 0 obj /Lang (EN-US) /K 1126 << /Pg 24 0 R >> /S /P >> /K 1315 /K 459 /Pg 24 0 R >> 2706 0 obj /K 1350 4218 0 obj /S /P /K 1207 >> /Pg 24 0 R endobj /S /P /Lang (EN-US) /S /Artifact << >> /Pg 25 0 R /Lang (EN-US) >> >> /Lang (EN-US) /S /P /Pg 19 0 R >> 3476 0 obj >> /S /P 3572 0 obj /S /Artifact endobj /K 1541 /Lang (EN-US) /P 5593 0 R 2483 0 obj /Pg 23 0 R /Lang (EN-US) /K 1533 /Lang (EN-US) << /Lang (EN-US) << /Pg 24 0 R /P 6701 0 R << /Pg 24 0 R . endobj /P 10 0 R /K 424 endobj /K 878 4321 0 obj /S /Artifact endobj /K 1305 /K 1544 /S /P /K 1460 /K 1371 >> /Pg 24 0 R 3321 0 obj << /Pg 24 0 R /K 1233 endobj /Pg 25 0 R /Lang (EN-US) endobj /K 1413 991 0 R 992 0 R null 993 0 R null 994 0 R null 995 0 R null 996 0 R 3469 0 obj /Pg 23 0 R /K 14 The CDLI. endobj 2277 0 obj /K 196 1295 0 obj /Pg 24 0 R /S /Artifact /Pg 24 0 R endobj endobj << /Pg 14 0 R endobj 2148 0 obj /Lang (EN-US) endobj /Pg 18 0 R /P 5555 0 R endobj /Pg 25 0 R /S /Artifact >> /Pg 23 0 R /S /Artifact /P 6264 0 R /S /P /Pg 18 0 R /Pg 22 0 R >> null 3510 0 R null 3511 0 R 3512 0 R null 3513 0 R null 3514 0 R null /Lang (EN-US) /K 1358 1142 0 obj 3898 0 obj /Lang (EN-US) 3437 0 obj /Pg 16 0 R /S /Artifact /P 5256 0 R endobj /P 5977 0 R /K 1434 /K 701 /K 194 4099 0 obj 188 0 obj 425 0 obj /S /P endobj /S /Artifact 3676 0 obj /P 5083 0 R endobj << /S /P /S /P /P 6222 0 R >> >> /K 1211 /S /P 1813 0 obj /P 6046 0 R /S /P << /Pg 17 0 R >> endobj /Pg 21 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 23 0 R /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) /S /Artifact << /S /Artifact /K 851 /K 603 /K 926 /P 6032 0 R << >> <> /Pg 23 0 R 3664 0 obj >> /Lang (EN-US) << 1360 0 obj << endobj /K 482 >> /Pg 24 0 R >> /Lang (EN-US) /P 5816 0 R /Pg 19 0 R 1899 0 R null 1900 0 R null 1901 0 R null 1902 0 R null null null /Pg 25 0 R /S /P /P 5668 0 R /Pg 22 0 R 1723 0 obj >> /S /Artifact /Tabs /S /K 16 /Pg 22 0 R endobj >> /Lang (EN-US) /S /P /P 5996 0 R endobj << /Lang (EN-US) >> << >> >> Stephen Nesbitt provides an update on the Cliffwater Direct Lending Index ("CDLI"), an asset-weighted index of 11,884 directly originated middle market loans totaling $264 billion. We are not afraid to talk about it. >> >> /P 6528 0 R /K 1137 /Pg 22 0 R /Lang (EN-US) /Resources 4375 0 R /Pg 25 0 R /K 1433 endobj /Lang (EN-US) /P 4983 0 R << >> << /Pg 24 0 R /S /Artifact /S /Artifact /K 1345 endobj endobj >> endobj /S /P /Lang (EN-US) /S /Artifact endobj /K 1148 /S /Artifact /P 5106 0 R >> /K 2 /K 1447 4128 0 obj 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 endobj /Lang (EN-US) /P 4988 0 R 854 0 R 855 0 R null 856 0 R null 857 0 R null 858 0 R null 859 0 R /S /P 3670 0 obj /Pg 22 0 R 3824 0 R null 3825 0 R null 3826 0 R null 3827 0 R null 3828 0 R 3829 0 R << endobj /P 5822 0 R endobj >> /Lang (EN-US) /S /P /K 1534 << << 2874 0 obj /K 769 /Parent 8 0 R >> /S /Artifact 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 /Pg 23 0 R >> /S /P << /S /Artifact 3206 0 obj 72 0 obj << endobj >> null 2643 0 R null 2644 0 R null 2645 0 R null 2646 0 R null null >> /K 246 /Pg 24 0 R /Lang (EN-US) << /S /P /Lang (EN-US) endobj /Pg 23 0 R endobj 3804 0 obj /K 499 <> /Pg 25 0 R /Lang (EN-US) << 3222 0 obj /K 1251 >> 3074 0 obj /P 5274 0 R << 4482 0 R] endobj >> /P 10 0 R /P 5466 0 R << 127 0 obj /Pg 24 0 R 2235 0 obj endobj endobj endobj null 1776 0 R null 1777 0 R null null null 1778 0 R null null 3885 0 obj >> >> /P 6249 0 R /Pg 23 0 R /Pg 22 0 R 2071 0 obj >> /S /P /Pg 23 0 R /Pg 24 0 R /K 880 /P 5386 0 R endobj endobj << /Lang (EN-US) endobj /S /P << << >> /Lang (EN-US) /Pg 14 0 R endobj /S /P /S /P endobj 887 0 obj /K 137 /Pg 25 0 R /P 5146 0 R << << /K 306 endobj /Pg 20 0 R /P 6568 0 R /Pg 22 0 R /S /P 1447 0 obj /K 58 /S /P 591 0 obj >> 4290 0 obj /Pg 23 0 R << 2829 0 obj << /K 14 << endobj /K 1349 >> 1676 0 obj /Pg 23 0 R << << 3716 0 obj /Lang (EN-US) /S /Artifact >> /Pg 22 0 R << << endobj << << /Lang (EN-US) /Lang (EN-US) endobj /Lang (EN-US) /Pg 25 0 R /P 5556 0 R << 3949 0 obj >> 2492 0 obj /Lang (EN-US) << /K 171 endobj endobj endobj >> /Pg 25 0 R /P 5736 0 R /P 6595 0 R endobj /Pg 13 0 R >> << >> 2725 0 obj /K 179 >> /K 250 /K 216 >> 1452 0 obj >> endobj endobj << /K 322 /Lang (EN-US) << /K 1502 /S /P 2651 0 obj /S /P endobj 4087 0 obj endobj >> >> << << << 669 0 obj 1563 0 obj /K 1272 /S /Footnote 3837 0 obj endobj /K 341 Cliffwater Corporate Lending Fund. null 489 0 R 490 0 R null 491 0 R null 492 0 R null 493 0 R 494 0 R /K 163 /P 5907 0 R 1070 0 obj /K 1504 >> << 3273 0 obj 2859 0 obj endobj /S /P /S /P >> 347 0 obj << /P 10 0 R 483 0 obj /Pg 24 0 R /S /P /Lang (EN-US) /S /P /P 5469 0 R /P 10 0 R 334 0 obj /Lang (EN-US) /Pg 24 0 R /Pg 23 0 R /K 1156 /S /P 2842 0 obj 441 0 obj /Pg 24 0 R endobj 1480 0 obj /Pg 23 0 R << << endobj /P 6448 0 R /P 10 0 R >> endobj 1524 0 obj endobj 2644 0 obj << /Pg 25 0 R /S /P /S /P 1219 0 obj /Pg 24 0 R /K 745 endobj /Pg 23 0 R /Pg 23 0 R /Lang (EN-US) >> << >> /P 5242 0 R 2044 0 obj /S /Artifact /Pg 24 0 R /Pg 22 0 R 1312 0 obj >> >> /K 1379 endobj << endobj << endobj /Pg 24 0 R /Lang (EN-US) /K [45 46 47 48] /K 94 endobj 863 0 obj /K 1334 endobj endobj /K 374 /S /Artifact null 792 0 R null 793 0 R null 794 0 R 795 0 R null 796 0 R null endobj /Lang (EN-US) /P 6738 0 R 1118 0 obj /S /Artifact /S /Artifact >> >> /Pg 17 0 R /S /P /S /P << /Lang (EN-US) << /K 170 /K 34 <> >> /P 5082 0 R endobj 1216 0 obj /Lang (EN-US) /K 1534 /K 1348 << endobj >> endobj endobj /Pg 22 0 R /K 351 /Lang (EN-US) endobj << >> >> >> /K 192 /S /P << /Pg 23 0 R 1132 0 obj /Pg 22 0 R endobj endobj << >> /Pg 25 0 R /Pg 22 0 R /P 5411 0 R << >> << /Lang (EN-US) /S /Artifact >> /P 10 0 R /S /Artifact /S /P