cliffwater direct lending index

/S /Artifact /P 5784 0 R /K 297 /Pg 23 0 R endobj /Pg 24 0 R endobj /Pg 22 0 R << endobj /Pg 18 0 R /K 1332 /Pg 25 0 R >> endobj >> /K 654 /Lang (EN-US) /P 5207 0 R /Pg 22 0 R << << /K [54 55] /K 1544 1267 0 obj endobj /S /P endobj /P 5748 0 R << 4141 0 obj >> >> >> /K 1484 2527 0 obj /S /P 645 0 obj /K 30 /P 10 0 R 2020 0 obj << << /Bibliography /BibEntry endobj << /K 1 endobj >> >> /Pg 15 0 R >> /Pg 22 0 R endobj /Pg 17 0 R 3856 0 obj /S /P /P 4942 0 R /K 328 4143 0 obj 1895 0 obj /S /Artifact /Pg 24 0 R /Pg 22 0 R /S /P >> /K 1371 endobj /K 1489 448 0 obj 2705 0 obj /S /P /K 1301 /P 10 0 R /Pg 25 0 R 2544 0 R null 2545 0 R 2546 0 R null 2547 0 R null 2548 0 R null 2549 0 R 3307 0 obj /Pg 25 0 R 1881 0 obj >> /S /P /Pg 24 0 R /S /P /K 190 /Pg 14 0 R 3218 0 obj /K 1232 723 0 obj /P 10 0 R /Pg 22 0 R null 2531 0 R null 2532 0 R null 2533 0 R 2534 0 R null 2535 0 R null /P 5869 0 R /Lang (EN-US) /S /Artifact << /Pg 20 0 R << 913 0 obj /P 6644 0 R 1180 0 obj 1536 0 obj /Pg 24 0 R 613 0 obj >> >> /S /P << >> null 3577 0 R null null null 3578 0 R null 3579 0 R null 3580 0 R /K 408 /Pg 18 0 R null null 2917 0 R null 2918 0 R null 2919 0 R null 2920 0 R null endobj /P 5544 0 R /Lang (EN-US) 1691 0 obj endobj 1344 0 obj /P 5755 0 R >> /S /Artifact >> >> /S /P /Lang (EN-US) /S /P endobj 2254 0 obj /Pg 22 0 R /Pg 25 0 R /A 4677 0 R /P 5461 0 R /K 1279 /P 5997 0 R /P 145 0 R /S /Artifact >> /K 1175 4608 0 R] 1693 0 obj /K 43 endobj 1204 0 obj /K 584 endobj << >> 3805 0 obj 3830 0 obj /Pg 23 0 R 1013 0 R null 1014 0 R null 1015 0 R 1016 0 R null 1017 0 R null 1018 0 R 1563 0 obj 595 0 obj >> <> endobj << /K 658 /Pg 25 0 R endobj /Lang (EN-US) endobj >> 986 0 R null 987 0 R null 988 0 R null 989 0 R null 990 0 R null /Pg 25 0 R /Lang (EN-US) /Pg 18 0 R >> 953 0 obj 252 0 obj /Pg 23 0 R /S /Artifact << << /K 1383 /Pg 23 0 R /Lang (EN-US) 207 0 R 207 0 R 207 0 R 207 0 R 207 0 R 590 0 R 591 0 R] 1726 0 obj endobj /S /P /S /Artifact >> << CLIFFWATER and the CLIFFWATER LLC logo are trademarks of Cliffwater LLC. /Pg 23 0 R 481 0 obj endobj >> /Lang (EN-US) /Pg 25 0 R 1961 0 obj >> 2656 0 R null 2657 0 R null 2658 0 R null null null 2659 0 R null /Lang (EN-US) 2140 0 obj >> >> >> endobj /P 5941 0 R endobj /Lang (EN-US) /P 5532 0 R 3624 0 obj 1716 0 obj /K 1182 4093 0 obj /Lang (EN-US) <> >> /K 38 /S /P /K 1087 >> /S /Artifact << >> endobj /Lang (EN-US) /Lang (EN-US) /Pg 22 0 R << /S /P 3826 0 obj /Pg 22 0 R 2160 0 obj /Pg 24 0 R endobj /S /P /K 303 /Pg 25 0 R 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. /Pg 22 0 R >> /S /P /H /I << 1850 0 obj >> /S /P /Pg 13 0 R /S /Artifact /S /P /Pg 14 0 R /K 1102 endobj /K 1358 << /Lang (EN-US) /K 462 >> endobj /S /P << endobj /K 1153 1309 0 obj << /Pg 16 0 R 2385 0 obj /K 1447 << endobj /K 493 << /Lang (EN-US) /P 6158 0 R /Lang (EN-US) /Lang (EN-US) endobj >> << /Pg 24 0 R 1680 0 obj << << << endobj /P 5894 0 R << /Pg 22 0 R >> /Pg 22 0 R endobj /Pg 25 0 R /K 145 null null 2820 0 R null null null 2821 0 R null 2822 0 R null /S /Artifact /Pg 23 0 R /K 140 2149 0 obj /Lang (EN-US) /S /Artifact /S /Artifact << /S /P << >> /P 6375 0 R endobj /S /P /Pg 23 0 R /P 5206 0 R /S /P /K 105 /S /P /P 10 0 R /Lang (EN-US) /Lang (EN-US) endobj /Lang (EN-US) /Pg 22 0 R /Pg 22 0 R /S /P <> /Pg 24 0 R /Pg 24 0 R /S /Artifact << /K 480 1844 0 obj /Lang (EN-US) /Pg 23 0 R endobj /K 925 /P 5756 0 R /P 6459 0 R /Pg 23 0 R /K 1092 /Lang (EN-US) /Lang (EN-US) /K 1129 /K 1360 /K 1244 null 93 0 R null null 420 0 R null 421 0 R null 95 0 R 97 0 R /S /P /Pg 25 0 R /K 575 /S /P /Lang (EN-US) 3033 0 obj /P 5856 0 R endobj 2337 0 obj endobj >> 2505 0 obj /S /P endobj /Pg 18 0 R /P 6584 0 R >> /K 410 1005 0 obj /S /Artifact 4054 0 obj >> /Pg 24 0 R << /K 25 /K 496 /S /P /K 1370 /S /P /S /Artifact endobj /S /P endobj >> << /Pg 20 0 R << /Lang (EN-US) /P 5079 0 R 2420 0 obj << /Lang (EN-US) /P 5334 0 R /S /Artifact << endobj /K 436 /Pg 24 0 R endobj /Pg 23 0 R endobj /Pg 22 0 R /Lang (EN-US) /S /Artifact >> /K 137 /S /P 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. /P 6508 0 R << >> /S /Artifact /Pg 24 0 R /K 1328 /Pg 23 0 R /Pg 19 0 R /Pg 23 0 R /K 1206 /S /P /Pg 25 0 R 223 0 obj endobj /Pg 24 0 R /K 515 /K 747 2485 0 obj /P 6316 0 R >> /P 5954 0 R /K 1236 /S /P endobj endobj endobj << /K 688 >> endobj /Lang (EN-US) Stephen Nesbitt provides an overview of the Cliffwater Direct Lending Index ("CDLI"), an asset-weighted index of 11,884 directly originated middle market loans totaling $264 billion. null 1842 0 R null null null 1843 0 R null null null 1844 0 R /P 5078 0 R /P 4705 0 R /Lang (EN-US) << /Lang (EN-US) >> /S /P >> /Lang (EN-US) /Lang (EN-US) endobj endobj endobj endobj /S /Artifact /P 5758 0 R /Pg 22 0 R << /Lang (EN-US) << << /P 5692 0 R endobj /P 4720 0 R /P 5559 0 R << << /Lang (EN-US) 1401 0 obj /P 5849 0 R << /CropBox [0 0 612 792] 799 0 obj /Pg 25 0 R /Pg 24 0 R 217 0 R 218 0 R 219 0 R 220 0 R 221 0 R 222 0 R 223 0 R 224 0 R 225 0 R 226 0 R endobj 2351 0 obj endobj 2804 0 obj /Lang (EN-US) /S /Artifact <> endobj 2817 0 obj /Pg 25 0 R /K 680 /Lang (EN-US) 2379 0 obj /Pg 25 0 R /P 4874 0 R >> << /K 491 /Lang (EN-US) /P 10 0 R <> << endobj /S /P /Pg 24 0 R /P 6076 0 R /S /Artifact /K 1543 /Pg 24 0 R 4187 0 obj /Pg 23 0 R 624 0 obj endobj endobj /Lang (EN-US) 1800 0 obj /Pg 21 0 R << endobj /K 1419 3769 0 obj /Pg 22 0 R /S /P 3429 0 obj 113 0 obj 3854 0 obj /Lang (EN-US) << endobj << endobj /Pg 25 0 R /P 4808 0 R /S /P >> << endobj /P 5604 0 R /Pg 25 0 R /Pg 23 0 R endobj << /S /Artifact /Pg 22 0 R /S /Artifact << /Lang (EN-US) <> endobj /S /Artifact /K 1363 endobj endobj 4213 0 obj /Pg 23 0 R /Pg 23 0 R 3222 0 obj << << /S /Artifact /Lang (EN-US) << 661 0 obj >> endobj /Pg 18 0 R /Lang (EN-US) >> << endobj /Pg 23 0 R null 1566 0 R null 1567 0 R null 1568 0 R 1569 0 R null 1570 0 R null /P 6137 0 R >> /K 154 722 0 obj /Pg 22 0 R /S /Artifact << /K 47 /K 1259 /Lang (EN-US) /S /Artifact /P 5479 0 R >> /K 12 /K 1503 /K 229 692 0 obj endobj /S /P << /K 1044 /Pg 25 0 R endobj /Lang (EN-US) /K 185 /K 1550 /Lang (EN-US) /K 1245 null 833 0 R null 834 0 R null 835 0 R null null null 836 0 R endobj /K 1347 /Pg 24 0 R endobj /K 1 /P 5055 0 R /Lang (EN-US) /P 4904 0 R 327 0 obj >> /K 1533 >> endobj /K 191 /S /P >> /Pg 22 0 R >> /K 7 3951 0 obj /P 6321 0 R 456 0 obj << >> << /K 495 /Lang (EN-US) >> /Pg 13 0 R /S /Artifact 3177 0 obj endobj << >> /P 4404 0 R /P 6573 0 R 47 0 R 48 0 R 49 0 R 50 0 R 51 0 R 52 0 R 53 0 R 54 0 R 55 0 R 56 0 R /P 10 0 R endobj 1873 0 obj /Lang (EN-US) endobj /P 6191 0 R /Pg 23 0 R /Pg 25 0 R /K 1490 endobj >> /Pg 23 0 R /P 5283 0 R /P 4915 0 R <> <> endobj << /P 5814 0 R 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 . /StructParents 3 /K 1301 /K 786 /S /Artifact >> /Lang (EN-US) << endobj /P 5680 0 R >> << >> /S /P /S /P 2199 0 obj >> /Pg 23 0 R >> /K 292 1658 0 obj 392 0 obj endobj >> endobj endobj 3502 0 obj endobj endobj 59 0 obj endobj /P 6075 0 R 2230 0 obj /K 1400 >> endobj >> >> /P 5221 0 R /K 15 /K 629 /Pg 23 0 R /S /P 1017 0 obj endobj >> /P 6309 0 R endobj /Pg 24 0 R >> /Pg 25 0 R 650 0 obj /Lang (EN-US) 2596 0 obj endobj endobj << /S /P /K 1235 >> << /Pg 22 0 R /Pg 24 0 R << /Lang (EN-US) 1060 0 obj /Lang (EN-US) /Pg 13 0 R 4279 0 obj /Lang (EN-US) /Lang (EN-US) >> endobj /Pg 19 0 R endobj /S /P /K 171 /K 801 endobj >> /P 4737 0 R 3092 0 obj /Pg 23 0 R >> /S /Artifact 3279 0 obj /Lang (EN-US) /K 430 >> /Pg 23 0 R /S /P /Pg 23 0 R endobj >> >> 2257 0 obj /K 179 /P 4821 0 R endobj >> 3665 0 obj /S /P 1356 0 obj /K 61 /Pg 22 0 R /K 64 /Pg 24 0 R >> >> /S /Artifact >> /Pg 18 0 R /Lang (EN-US) << << /S /Artifact endobj /S /P << endobj endobj >> << /S /Artifact /Lang (EN-US) 4194 0 R 4195 0 R 4196 0 R 4197 0 R 4198 0 R 4199 0 R 4200 0 R 4201 0 R 4202 0 R 4203 0 R /K 518 /Pg 22 0 R /S /P /Lang (EN-US) /Pg 25 0 R /Lang (EN-US) << /S /Artifact /S /Artifact 2453 0 R 2454 0 R 2455 0 R 2456 0 R 2457 0 R 2458 0 R 2459 0 R 2460 0 R 2461 0 R 2462 0 R /Pg 25 0 R /P 4774 0 R /K 770 /S /Artifact >> >> /Pg 24 0 R 2099 0 obj >> /S /P >> 3835 0 obj endobj >> /P 6497 0 R << /Lang (EN-US) /Pg 23 0 R >> >> endobj /K [45 46 47 48] /Pg 23 0 R << 3151 0 obj endobj /S /Artifact 4176 0 obj << /Pg 22 0 R 4261 0 obj 4134 0 obj /Pg 24 0 R 2818 0 obj >> /S /Artifact 3654 0 R null 3655 0 R null 3656 0 R null 3657 0 R null 3658 0 R null /K 15 >> >> >> endobj 3766 0 obj endobj 57 0 R 58 0 R 59 0 R 60 0 R 61 0 R 62 0 R 63 0 R 64 0 R 65 0 R 66 0 R /Lang (EN-US) endobj 264 0 obj /Lang (EN-US) /Pg 19 0 R << /S /P /S /P >> >> 2923 0 obj << 3445 0 obj /S /Artifact << 1595 0 obj /K 1188 << << << /Lang (EN-US) /Lang (EN-US) 6 0 obj /Lang (EN-US) 1922 0 obj >> 2330 0 obj /S /P /S /Artifact /P 33 0 R endobj /Pg 24 0 R null 2758 0 R null 2759 0 R null null null 2760 0 R null null /S /P << /K 0 /Lang (EN-US) << /Lang (EN-US) >> << /S /P /K 1121 832 0 obj >> endobj << << endobj /P 6264 0 R 3983 0 obj 2785 0 obj 1052 0 obj endobj <> /K 221 /P 5883 0 R /S /P 4070 0 obj 2320 0 obj endobj 861 0 obj endobj endobj /K 794 /K 882 endobj endobj /S /P /K [1334 1335] endobj /S /Artifact endobj /Pg 24 0 R << /Pg 22 0 R /P 6057 0 R /K 1357 /Pg 23 0 R 3591 0 obj >> >> /Pg 24 0 R /S /P endobj endobj /K 1380 /P 5628 0 R /Pg 22 0 R /K 1456 /Pg 25 0 R /K 1221 /K 155 /K 1398 /S /Artifact 2456 0 obj endobj >> >> /Lang (IT-IT) >> endobj /S /Artifact 962 0 obj << /Pg 24 0 R endobj >> endobj /Filter /FlateDecode << 1736 0 obj /P 10 0 R << endobj /Pg 25 0 R /Pg 18 0 R /Pg 15 0 R endobj endobj >> /Pg 24 0 R 3496 0 obj /Pg 16 0 R endobj endobj >> endobj << /K 291 << endobj /K 28 /S /P /P 10 0 R /Lang (EN-US) /Pg 24 0 R /K 243 << /K 1521 1430 0 obj /Pg 25 0 R /Lang (EN-US) /K 275 >> /Lang (EN-US) /Pg 22 0 R /S /P endobj >> 1158 0 R 1159 0 R 1160 0 R 1161 0 R 1162 0 R 1163 0 R 1164 0 R 1165 0 R 1166 0 R 1167 0 R /Lang (EN-US) /Pg 18 0 R /K 1287 The Cliffwater Direct Lending Index, or CDLI, is an asset-weighted index of 11,884 directly originated middle market loans totaling $264 billion as of September 30, 2022. << endobj null null null 3786 0 R null null null 3787 0 R null 3788 0 R 2816 0 obj /K 652 787 0 obj /S /P >> endobj null null null 1094 0 R null 1095 0 R null 1096 0 R null 1097 0 R >> /Pg 23 0 R >> /Lang (EN-US) endobj endobj /K 306 << 2051 0 obj 1450 0 obj /K 478 /Tabs /S /P 5707 0 R >> /Pg 25 0 R /K 160 /Pg 25 0 R << endobj << /Pg 25 0 R 1862 0 obj 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 /P 4956 0 R /K 1293 << /K 1384 >> /K 1133 1005 0 R null 1006 0 R null 1007 0 R null 1008 0 R null null null /K 817 3660 0 obj /P 5258 0 R 2250 0 obj 3516 0 obj /S /P 3635 0 obj /Lang (EN-US) /Type /Pages /Pg 22 0 R /S /P /S /Artifact endobj /K 102 >> /S /P >> /S /Artifact /P 5718 0 R endobj << >> 4109 0 obj /P 4881 0 R /Lang (EN-US) << /Lang (EN-US) << /S /P /K 168 >> 2787 0 obj 3016 0 obj endobj /S /P 3930 0 obj 241 0 R 242 0 R 243 0 R 244 0 R null 592 0 R null null null null /S /Artifact >> >> /S /Footnote /S /P 339 0 obj /K 1498 endobj << << /Pg 25 0 R /Lang (EN-US) 1506 0 obj /Pg 25 0 R << /P 6562 0 R << 3474 0 obj /S /P /S /Artifact null null 3727 0 R null 3728 0 R null 3729 0 R null 3730 0 R null << 2622 0 obj /S /P /K 1520 /Pg 24 0 R /K 435 /K 0 /Pg 22 0 R endobj 1620 0 obj /K 1530 /Lang (EN-US) 4200 0 obj >> /S /P /Pg 23 0 R 2503 0 obj >> /Lang (EN-US) endobj endobj /Pg 22 0 R /Pg 23 0 R /K 96 /Pg 23 0 R /K 10 << endobj endobj 3532 0 obj << /K 1252 /K 1178 null null null 2953 0 R null 2954 0 R null 2955 0 R null 2956 0 R /K 486 /Pg 24 0 R >> /Lang (EN-US) endobj << >> /P 6633 0 R >> >> << endobj /Pg 24 0 R endobj >> /Pg 24 0 R /P 6689 0 R 3692 0 obj /S /Artifact endobj /Pg 24 0 R 470 0 R null 471 0 R null 472 0 R 473 0 R null 474 0 R 475 0 R null 1254 0 obj /K 1318 endobj /S /Artifact >> 1805 0 obj endobj 2110 0 obj >> /Pg 26 0 R /Lang (EN-US) /Pg 24 0 R /Pg 22 0 R 2476 0 obj << 2685 0 obj /S /P endobj >> /P 5132 0 R /Contents 4349 0 R /P 4934 0 R 147 0 obj endobj /Pg 25 0 R << >> /K 1417 /K 64 379 0 obj 342 0 obj >> /K 756 2798 0 obj /K 95 endobj 3345 0 obj << /S /P /Pg 25 0 R /Pg 22 0 R /S /Artifact /Pg 24 0 R /S /Artifact endobj /P 5442 0 R endobj << 3600 0 obj /K 385 /S /P >> /Lang (EN-US) >> 3366 0 obj /P 6025 0 R /S /P /S /P << >> /P 5178 0 R /Pg 24 0 R /K 1064 1941 0 obj >> << << >> << 1571 0 R null 1572 0 R null 1573 0 R null null null 1574 0 R null 4174 0 R 4175 0 R 4176 0 R 4177 0 R 4178 0 R 4179 0 R 4180 0 R 4181 0 R 4182 0 R 4183 0 R 2877 0 obj /Pg 25 0 R /S /Link 1814 0 obj /Author (Bloomberg) >> /P 6205 0 R >> >> endobj /S /Artifact >> << >> /Pg 22 0 R /Pg 22 0 R /Lang (EN-US) << /K 1177 /Pg 25 0 R << >> /P 6182 0 R >> >> /K 826 /Lang (EN-US) /K 585 /Pg 23 0 R /Lang (EN-US) /S /P 1598 0 obj /Lang (EN-US) /Pg 14 0 R /K 142 /S /P /P 10 0 R >> >> << >> /P 5625 0 R >> << >> /K 1373 endobj /K 922 /Pg 25 0 R 818 0 obj endobj /Pg 22 0 R endobj >> 2626 0 obj >> << 2314 0 obj /Pg 13 0 R endobj /S /Artifact endobj << /Lang (EN-US) endobj endobj /S /P /P 10 0 R /S /Artifact 4077 0 obj /P 6667 0 R /K 697 /Pg 23 0 R /S /P >> /Lang (EN-US) endobj /K 583 /S /P /Pg 24 0 R 856 0 obj endobj /K 16 >> /Pg 25 0 R >> ^+JA?\WDK /P 5937 0 R /Lang (EN-US) /S /P /Pg 24 0 R /P 5881 0 R >> /Pg 22 0 R /P 5226 0 R endobj /K 1486 2823 0 obj << /Lang (EN-US) 1073 0 obj /Lang (EN-US) /S /P /Pg 22 0 R endobj /Pg 16 0 R /S /P <> << << /Pg 25 0 R /S /P 954 0 obj >> 2293 0 obj /S /Artifact endobj /K 1541 1224 0 obj /Pg 23 0 R 1662 0 obj << endobj /Lang (EN-US) >> /S /P /P 10 0 R >> >> << /K 1146 /Pg 23 0 R endobj >> 272 0 obj >> >> endobj /S /P <> /K 1387 2363 0 obj /Lang (EN-US) /Pg 23 0 R /P 6265 0 R /K 320 >> << endobj /S /P /P 4758 0 R << /K 1345 << << /Lang (EN-US) << 82 0 obj <> /Pg 24 0 R /P 4699 0 R /S /Artifact /Lang (EN-US) 3947 0 obj /P 6096 0 R /P 6150 0 R /Pg 24 0 R /Lang (EN-US) << << << 170 0 obj >> /Pg 22 0 R << /Lang (EN-US) endobj 2781 0 obj /P 5553 0 R /S /P 3444 0 R null null null 3445 0 R null null null 3446 0 R null /Pg 24 0 R /Pg 23 0 R /S /P endobj 4313 0 obj /K 1022 /S /Artifact >> /S /Artifact /Lang (EN-US) endobj /Lang (EN-US) /S /Artifact /K 911 >> /S /P /S /Artifact 3709 0 obj 584 0 obj /K 1551 endobj >> endobj /Pg 22 0 R >> /Pg 24 0 R /K 1275 /K 651 /K 755 endobj 3037 0 R 3038 0 R 3039 0 R 3040 0 R 3041 0 R 3042 0 R 3043 0 R 3044 0 R 3045 0 R 3046 0 R 2403 0 obj /Pg 24 0 R endobj /Pg 23 0 R /K 1304 3901 0 obj /K 8 /P 5811 0 R endobj /S /Artifact /Pg 22 0 R /S /P /Pg 23 0 R << endobj >> /S /Artifact /K 547 3554 0 obj /K 8 2105 0 obj >> /Lang (EN-US) /K 1326 endobj endobj /P 5215 0 R 470 0 obj endobj /K 1374 /S /Artifact 1208 0 R 1209 0 R 1210 0 R 1211 0 R 1212 0 R 1213 0 R 1214 0 R 1215 0 R 1216 0 R 1217 0 R /S /Artifact /S /P << /K 1376 endobj /S /P >> 2732 0 obj /K 983 /S /Artifact >> /Lang (EN-US) /S /Artifact <> endobj 3694 0 obj 846 0 obj << 1838 0 obj 1384 0 obj /S /P /S /P endobj /S /Artifact >> >> 1095 0 obj >> << 3953 0 obj /S /P /Pg 24 0 R /Lang (EN-US) /S /Artifact /Lang (EN-US) /P 5214 0 R /Pg 22 0 R /Pg 25 0 R /K 446 /K 260 << 747 0 obj 1340 0 obj /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) >> /Lang (EN-US) /Lang (EN-US) /K [4588 0 R 4589 0 R 4590 0 R 4591 0 R 4592 0 R 4593 0 R 4594 0 R 4595 0 R 4596 0 R 4597 0 R Average Loss Rates 2509 0 obj << /Lang (EN-US) /S /P >> /P 5888 0 R endobj /S /P endobj 1998 0 obj << /S /P endobj /P 4996 0 R /S /P /Pg 24 0 R /Pg 25 0 R /Pg 23 0 R /K 1126 /K 680 >> << >> /Lang (EN-US) /K 38 << >> /Pg 22 0 R /S /Artifact << endobj 3641 0 obj /S /P /K 333 endobj /P 5413 0 R >> /K 778 endobj << /K 17 /Pg 23 0 R 1456 0 obj 2387 0 obj /Lang (EN-US) /Pg 15 0 R /K 36 4303 0 obj >> /S /Artifact 2285 0 obj /Lang (EN-US) /Pg 21 0 R << >> /P 6396 0 R /S /Artifact 3075 0 obj /Lang (EN-US) >> <> /S /Artifact /Pg 23 0 R /Lang (EN-US) 28 0 obj /Pg 22 0 R endobj /P 6129 0 R /Pg 18 0 R << /Pg 25 0 R /Pg 22 0 R endobj /P 6742 0 R /K 873 /S /P /S /P endobj 3228 0 obj << /K 386 endobj << 3336 0 obj >> /P 5299 0 R endobj /Lang (EN-US) << /S /P /S /Artifact /S /P 701 0 obj /Pg 23 0 R endobj /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) >> /Pg 22 0 R /K 235 /Pg 22 0 R 2329 0 obj << >> >> /K 1100 2876 0 obj /Pg 22 0 R endobj >> << /S /P << endobj /Lang (EN-US) << << 4168 0 obj /Pg 25 0 R /K 273 1721 0 R null 1722 0 R null 1723 0 R null 1724 0 R 1725 0 R null 1726 0 R /S /P endobj /K 77 >> /Lang (EN-US) << /Pg 25 0 R /P 90 0 R endobj >> 1984 0 obj endobj /S /P 1505 0 R 1506 0 R 1507 0 R 1508 0 R 1509 0 R 1510 0 R 1511 0 R 1512 0 R 1513 0 R 1514 0 R << /Pg 24 0 R /Lang (EN-US) /Lang (EN-US) 2032 0 obj >> << 798 0 obj /Pg 24 0 R /S /Artifact 729 0 obj /S /Artifact 865 0 obj >> >> /CreationDate (D:20220524030444-06'00') /Pg 20 0 R /Pg 22 0 R endobj /S /Artifact endobj /P 10 0 R << /S /P << /Pg 22 0 R /Pg 24 0 R >> /Pg 25 0 R /P 5766 0 R /S /P 1714 0 obj /P 5769 0 R /Lang (EN-US) endobj /S /Artifact /Pg 23 0 R /Lang (EN-US) >> >> /Pg 25 0 R endobj /S /P 3918 0 obj 2653 0 obj /Pg 23 0 R endobj << /S /P 1480 0 obj /K 374 /Pg 24 0 R /K 1484 << >> << /S /P /S /P >> /P 10 0 R /Pg 23 0 R 2597 0 obj endobj >> /Pg 25 0 R 2427 0 obj /K 1 2222 0 obj 1951 0 obj << /K 358 /K 1228 /Lang (EN-US) 2913 0 obj /S /P endobj /S /P 2146 0 R 2147 0 R 2148 0 R 2149 0 R 2150 0 R 2151 0 R 2152 0 R 2153 0 R 2154 0 R 2155 0 R /K 1217 /Pg 22 0 R <> << 3777 0 obj << >> /P 6263 0 R /S /P CLIFFWATER DIRECT LENDING INDEX (CDLI) CLIFFWATER BDC INDEX (CWBDC) Stay in the know. 3774 0 obj /S /P /Lang (EN-US) /S /P /S /P /Pg 23 0 R endobj << endobj /P 10 0 R << >> << << /K 1509 << 2386 0 obj << /K 1230 /S /Artifact endobj endobj /Lang (EN-US) /S /P 3234 0 obj /Pg 25 0 R << >> << 1466 0 obj /S /P endobj /Pg 22 0 R 3758 0 obj /Lang (EN-US) << /K 553 /Pg 23 0 R endobj << /K 1185 /Pg 22 0 R << /Pg 22 0 R /Pg 23 0 R >> endobj endobj endobj << >> endobj /S /Artifact /S /Artifact /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R endobj 1676 0 obj /Lang (EN-US) /Pg 25 0 R /S /Artifact /Pg 25 0 R 3214 0 obj >> << << 3066 0 obj /S /Artifact /Lang (EN-US) >> 3110 0 obj /Lang (EN-US) >> /S /P /Pg 25 0 R /Pg 22 0 R 404 0 obj endobj /P 5359 0 R /Pg 23 0 R /Pg 24 0 R 775 0 R null null null 776 0 R null null null 777 0 R null >> << /K 1199 << << 3748 0 obj >> /S /P /Pg 22 0 R /P 5652 0 R >> endobj /Pg 22 0 R /K 1265 /K 911 >> /P 5822 0 R >> endobj endobj /S /Artifact 3286 0 obj endobj 1359 0 obj /S /Artifact 2987 0 R 2988 0 R 2989 0 R 2990 0 R 2991 0 R 2992 0 R 2993 0 R 2994 0 R 2995 0 R 2996 0 R /K 682 /K 815 endobj << << /S /Artifact /K 935 /Pg 23 0 R /S /P <> endobj 743 0 obj /S /Artifact /Lang (EN-US) Alex Condrell, managing director at Cliffwater discusses the firm's direct lending index and corporate lending fund and how investments in middle-market corporate credit should stand up to the challenges of rising inflation and interest rates, providing something close to historic return levels of 9 percent for the asset class without .