cliffwater direct lending index

>> endobj /Pg 24 0 R /Pg 25 0 R /K 35 << /Pg 24 0 R 4070 0 obj endobj endobj endobj endobj /K 1457 sees both positives and negatives to banking constraints. /K [78 79 433 0 R 69] /Pg 24 0 R >> endobj /K 1247 /K 242 3731 0 R null 3732 0 R 3733 0 R null 3734 0 R null 3735 0 R null 3736 0 R /Lang (EN-US) >> /Lang (EN-US) endobj >> /S /P << << << /Pg 18 0 R 1316 0 obj /K 94 "The positive effect is direct lending gains market share, which has . 2302 0 obj /S /P /S /Artifact /K 1150 endobj endobj /K 1483 endobj 1041 0 obj 3790 0 obj endobj /K 1520 >> /P 4656 0 R endobj /S /Artifact endobj << /S /Artifact /S /P endobj /Lang (EN-US) /P 10 0 R << /K 1342 >> /Lang (EN-US) << >> <> /S /Artifact /Lang (EN-US) /S /P 4052 0 obj /S /Artifact << >> endobj /P 10 0 R /S /Artifact 1349 0 obj << << endobj 2511 0 obj /S /Artifact 107 0 obj /Pg 22 0 R /Pg 24 0 R /K 817 /S /P /Pg 23 0 R /S /P << << endobj 1261 0 obj >> /S /Artifact /P 4651 0 R /Pg 22 0 R /Lang (EN-US) /P 6062 0 R /Pg 24 0 R endobj << /K 1234 >> << /S /P 3476 0 obj endobj /K 472 << <> endobj << endobj << endobj /Pg 18 0 R /S /P endobj 1721 0 obj >> /P 6691 0 R /Lang (EN-US) 688 0 obj /K 1501 >> << >> >> << /K 707 /Lang (EN-US) /Pg 18 0 R 2344 0 obj << >> 4314 0 obj /Pg 22 0 R /K [1112 1113] << Performance. << /K 1548 << 4225 0 obj << << /Pg 24 0 R >> /S /Artifact /P 5883 0 R /S /Artifact 2938 0 obj >> /K 446 1884 0 obj << /Pg 23 0 R >> 2949 0 obj /S /Figure /K 19 /Lang (EN-US) /K 256 << /Pg 13 0 R endobj endobj endobj /Pg 22 0 R /K 216 /Pg 25 0 R /Pg 24 0 R endobj 410 0 obj << /Pg 23 0 R 993 0 obj >> endobj >> >> /Pg 24 0 R >> endobj /Lang (EN-US) >> endobj 2810 0 obj /K 1264 2004 0 obj /P 10 0 R << /Pg 23 0 R /Pg 24 0 R << 2648 0 obj endobj /S /P /Pg 22 0 R << /S /P /Pg 24 0 R << /S /P << /Pg 25 0 R /S /P << /Pg 24 0 R /Pg 24 0 R << >> << /K 1331 /K 1257 /Pg 23 0 R /K 1204 << /K 441 /Lang (EN-US) endobj /S /P /Pg 22 0 R << 4145 0 obj /S /P << /Lang (EN-US) endobj /S /Artifact << /S /P /S /Artifact >> /Pg 25 0 R <> /Pg 23 0 R /K 796 /K 1521 /K 1202 /Pg 18 0 R 1166 0 obj 164 0 obj /P 5051 0 R /S /P /K 198 /P 10 0 R endobj /S /Artifact /Pg 22 0 R 2442 0 obj 958 0 obj >> Source: Morningstar, Cliffwater Direct Lending Index, as of December 31, 2021. /Lang (EN-US) /S /P /S /P >> /S /P /P 4857 0 R /Lang (EN-US) /S /Artifact << /K 1199 /Lang (EN-US) << endobj /K 1132 >> >> /S /P /K 1251 endobj /P 4786 0 R /P 4839 0 R << /S /P endobj /S /P /Lang (EN-US) /Pg 23 0 R 2271 0 obj /Pg 25 0 R >> endobj >> /P 6374 0 R endobj << 1857 0 obj /P 10 0 R /P 5184 0 R /Pg 24 0 R endobj /Pg 22 0 R >> The Cliffwater Direct Lending Index (the "CDLI") seeks to measure the unlevered, gross of fees performance of U.S. middle mar ket corporate loans, as represented by the underlying assets of Business Development Companies ("BDCs"), including both exchange - traded and unlisted BDCs, subject to certain eligibility requirements. /S /Artifact /S /P /P 10 0 R CDLI Quote - Cliffwater Direct Lending Index - Total Return - Bloomberg Markets Subscribe Live Now Bloomberg TV+ Bloomberg Daybreak Asia Bloomberg Daybreak Asia. /K 245 >> >> endobj /S /P 2020 0 obj /Lang (EN-US) << /Pg 22 0 R >> endobj endobj /Pg 22 0 R 3691 0 obj 1797 0 obj /S /P >> /Pg 23 0 R >> /K 53 /S /Artifact 3139 0 obj /S /Artifact /Lang (EN-US) endobj /Pg 24 0 R >> >> endobj /Lang (EN-US) >> /P 5866 0 R /Rect [449.6000061035 546.3229980469 451.7309875488 554.9949951172] >> /Pg 15 0 R /P 5466 0 R /Lang (EN-US) << >> endobj 3498 0 obj << endobj 3660 0 obj 1105 0 obj 4150 0 obj 4059 0 obj /K 1068 << 3185 0 obj << /K 1484 <> << /S /P << /K 1172 1452 0 obj /Pg 25 0 R << << endobj >> << /K 1356 2669 0 obj /Lang (EN-US) /P 10 0 R /H /I /Lang (EN-US) /P 10 0 R 36 0 obj endobj null 2692 0 R null 2693 0 R null 2694 0 R null null null 2695 0 R /Pg 25 0 R /Pg 18 0 R /Pg 19 0 R << 2894 0 R null 2895 0 R null 2896 0 R null 2897 0 R null 2898 0 R 2899 0 R >> /Lang (EN-US) /S /Artifact 1238 0 R 1239 0 R 1240 0 R 1241 0 R 1242 0 R 1243 0 R 1244 0 R 1245 0 R 1246 0 R 1247 0 R /Pg 23 0 R /S /Artifact endobj /K 767 >> /P 6354 0 R << << /K 1505 << /S /Artifact /Lang (EN-US) >> /P 5791 0 R >> /Lang (EN-US) /P 5442 0 R /Pg 23 0 R 1029 0 obj endobj /S /Artifact >> /Pg 23 0 R /Pg 25 0 R endobj >> 3314 0 R 3315 0 R 3316 0 R 3317 0 R 3318 0 R 3319 0 R 3320 0 R 3321 0 R 3322 0 R 3323 0 R << /Pg 25 0 R /K 585 >> << /K 4 >> /P 5520 0 R >> /Lang (EN-US) /Lang (EN-US) /S /Artifact /K 723 /Lang (EN-US) /Pg 25 0 R /S /P >> << /S /P /Lang (EN-US) 101 0 obj << << /Lang (EN-US) /Pg 22 0 R endobj << /S /P /S /Artifact /Pg 25 0 R /K 1085 3584 0 obj endobj /Pg 18 0 R endobj endobj endobj >> endobj /K 769 /K 1433 /S /P endobj endobj 2958 0 obj 391 0 obj /K 331 <> endobj 1505 0 obj endobj /Pg 25 0 R /K 1365 /S /P 3202 0 obj << /S /P /S /P << >> << >> /K 21 /K 856 2040 0 obj null 2481 0 R null 2482 0 R null 2483 0 R null 2484 0 R 2485 0 R null endobj 326 0 obj 3147 0 obj /Pg 20 0 R /Pg 22 0 R /Pg 13 0 R /S /P endobj /P 5680 0 R << 4292 0 obj /Pg 18 0 R << /Parent 9 0 R /K 36 4067 0 R 4068 0 R 4069 0 R 4070 0 R 4071 0 R 4072 0 R 4073 0 R 4074 0 R 4075 0 R 4076 0 R >> >> /Type /Annot << /Lang (EN-US) >> /S /P >> << <> << /K 109 /Lang (EN-US) << 2463 0 R 2464 0 R 2465 0 R 2466 0 R 2467 0 R 2468 0 R 2469 0 R 2470 0 R 2471 0 R 2472 0 R /S /P 3420 0 obj << endobj /Lang (EN-US) endobj /K [54 55 56 57] 515 0 obj << /K 740 /Pg 23 0 R >> << /S /Artifact 1089 0 obj /K 1305 /S /P /Lang (EN-US) /P 10 0 R /S /P /Lang (EN-US) >> /Pg 22 0 R >> /S /P >> /Lang (EN-US) /S /P << /Pg 23 0 R << endobj >> /K 864 >> /K 1273 2658 0 obj 3056 0 obj /Pg 25 0 R 293 0 obj << endobj /P 5947 0 R /P 6394 0 R /S /P >> endobj /K 31 3448 0 obj 1700 0 obj /K 400 /Lang (EN-US) /MediaBox [0 0 612 792] /S /P endobj /P 10 0 R endobj /P 5851 0 R 3231 0 obj 3587 0 obj /P 6558 0 R 55 0 obj /S /Artifact /K 1425 << /Lang (EN-US) /S /Artifact /Pg 16 0 R /Pg 22 0 R <> /K 1008 endobj /S /P /Pg 22 0 R >> /S /P /Lang (EN-US) /S /P /P 5252 0 R endobj >> /P 5454 0 R endobj 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 >> /S /P << /K 207 /S /P /P 5313 0 R /Pg 21 0 R /P 4710 0 R /S /Artifact /S /Artifact /K 368 >> >> /K 424 endobj /S /P /S /Artifact /Lang (EN-US) /K 770 /K 556 847 0 obj /P 10 0 R >> /K 241 endobj /Pg 24 0 R /K 57 << /Pg 24 0 R 2166 0 obj endobj /Pg 18 0 R endobj 212 0 obj /K 43 /Lang (EN-US) /P 4398 0 R >> 1140 0 obj /Pg 25 0 R /K 1101 /K 725 << /K 1252 endobj /Pg 22 0 R /P 5345 0 R /StructParents 4 /P 6501 0 R /K 31 1964 0 obj /Lang (EN-US) /S /P /Lang (EN-US) endobj << /K 843 2277 0 obj /T () /S /P << >> /S /P /K 4 << /Pg 23 0 R /S /P << >> endobj endobj /S /Artifact /S /Artifact 3706 0 obj /Lang (EN-US) << 386 0 obj /Pg 25 0 R >> endobj 2335 0 obj 1335 0 obj /Pg 24 0 R endobj >> >> /K 1108 >> /Lang (EN-US) >> 137 0 R 138 0 R 139 0 R 140 0 R 141 0 R 142 0 R 143 0 R 144 0 R 145 0 R 146 0 R /S /P 2366 0 obj << /S /Artifact /P 5168 0 R /Pg 22 0 R >> /Lang (EN-US) /K 1233 >> endobj /Lang (EN-US) /P 6092 0 R /P 5561 0 R 2489 0 obj << endobj 3612 0 obj << /S /Artifact << << /Pg 23 0 R /CropBox [0 0 612 792] 3093 0 obj endobj /S /P /K 93 /Pg 24 0 R /S /Artifact << << /Pg 24 0 R /K 905 /S /P /S /P /Pg 22 0 R << /K 0 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 /K 165 /S /P /Pg 24 0 R >> /P 6169 0 R /Lang (EN-US) << 1662 0 obj endobj << /Lang (EN-US) /S /P /S /P /Lang (EN-US) /Lang (EN-US) /K 1246 >> /P 5190 0 R << /Lang (EN-US) null 2602 0 R null 2603 0 R null 2604 0 R null 2605 0 R 2606 0 R null /K 1327 /Lang (EN-US) >> 2618 0 obj /K [80 81] 779 0 obj 2480 0 obj >> /K 563 /S /P >> /S /Artifact /P 5283 0 R /Pg 22 0 R >> /Pg 22 0 R /S /Artifact << << /Lang (EN-US) 1546 0 obj endobj << null null null 1634 0 R null null null 1635 0 R null 1636 0 R endobj << >> /S /Artifact /Lang (EN-US) /P 6350 0 R 2727 0 obj /P 5075 0 R 3374 0 obj endobj /Lang (EN-US) /K 387 /Lang (EN-US) 1066 0 obj /Pg 20 0 R /P 6170 0 R /K 1270 /K 52 /K 1225 /S /Artifact /P 6520 0 R endobj /Lang (EN-US) /K 1413 /K 1332 2196 0 obj /Pg 24 0 R /S /Artifact 2485 0 obj /S /Artifact >> endobj /Pg 18 0 R /K 1246 /S /Artifact endobj endobj 2702 0 obj << /K 373 << /S /P /K 848 << /S /P << /S /P /Pg 23 0 R 1997 0 obj endobj endobj << /S /P endobj endobj << /S /P 587 0 obj << /K 196 /S /Artifact /K 130 endobj /Pg 24 0 R /S /Artifact 176 0 obj << 1667 0 obj << /Pg 22 0 R /S /Artifact >> << 2222 0 obj /P 10 0 R << /Lang (EN-US) << 105 0 obj /Pg 22 0 R >> endobj endobj /Pg 21 0 R <> >> 1103 0 obj endobj 2002 0 obj /S /Artifact << /Pg 23 0 R >> /Rotate 0 /K 1473 >> /Pg 22 0 R /P 5110 0 R /K 1208 endobj /P 4883 0 R /Pg 25 0 R /S /Artifact >> /K 1419 /P 5667 0 R /P 6272 0 R endobj 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 4133 0 obj /K 1169 >> >> /Pg 24 0 R /S /P /Pg 25 0 R 790 0 obj 3072 0 obj /Pg 24 0 R /Pg 23 0 R >> /K 304 /P 5008 0 R << >> >> /S /P 2774 0 obj 3047 0 R 3048 0 R 3049 0 R 3050 0 R 3051 0 R 3052 0 R 3053 0 R 3054 0 R 3055 0 R 3056 0 R 495 0 obj /P 10 0 R /K 1399 /K 1319 /Pg 25 0 R >> >> /P 10 0 R endobj /S /Artifact >> >> 1979 0 obj >> /K 1152 /P 10 0 R /K 1226 1463 0 obj /Pg 22 0 R /Pg 24 0 R /S /P /Lang (EN-US) /Pg 22 0 R /P 185 0 R /Pg 22 0 R /K 1235 /S /P /Pg 24 0 R /Pg 22 0 R /Lang (EN-US) 3854 0 obj /S /Artifact /Pg 18 0 R >> /P 5378 0 R /Lang (EN-US) 2323 0 obj >> /P 6718 0 R 827 0 R null 828 0 R null 829 0 R null 830 0 R 831 0 R null 832 0 R /K 533 endobj /K 1177 /K 55 << /S /P /S /P /S /P endobj /Pg 14 0 R 3509 0 obj endobj << /Pg 23 0 R << /S /Artifact 2438 0 obj /K 1453 1608 0 obj 2491 0 obj /S /P endobj << /S /Artifact /K [45 46 47 48] /Lang (EN-US) endobj /Lang (EN-US) 564 0 obj /Pg 25 0 R /Pg 23 0 R /K 1162 /P 6643 0 R << 3764 0 obj >> /P 10 0 R /K 1009 endobj endobj /K 1166 /P 5391 0 R /Lang (EN-US) 4288 0 obj /K 1237 /Tabs /S endobj /K 1394 /Pg 25 0 R 2417 0 obj /Pg 23 0 R /Pg 23 0 R << << endobj 1062 0 R null 1063 0 R 1064 0 R null 1065 0 R null 1066 0 R null 1067 0 R /K 196 /Lang (EN-US) endobj << /Pg 23 0 R << /Lang (IT-IT) /K 1495 endobj /P 10 0 R endobj /K 109 << /S /Artifact /Pg 24 0 R /P 5105 0 R << endobj /P 6412 0 R 3529 0 obj endobj /Resources 4381 0 R /S /Artifact endobj >> /Pg 24 0 R /Pg 25 0 R << /Pg 25 0 R /Pg 22 0 R 3304 0 obj /Pg 24 0 R /S /P /S /P << 1652 0 obj /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) 3129 0 obj >> /Pg 23 0 R 1782 0 obj << /S /P /K 24 /S /P /K 592 /S /P /Pg 23 0 R /K 1333 /Lang (EN-US) << /Lang (EN-US) >> /S /P /K 1302 /K 1419 endobj >> /S /Artifact endobj << << << /K 6 endobj /K 1524 << 177 0 R 178 0 R 179 0 R 180 0 R 181 0 R 182 0 R 183 0 R 184 0 R 185 0 R 186 0 R >> /Pg 22 0 R endobj /K 655 << endobj endobj endobj endobj /Pg 25 0 R 1773 0 obj This book dissects direct loans as a class, providing the critical background 385397403217. 178 0 obj << /S /P >> << /S /Artifact /S /P << /S /P /Pg 22 0 R /K 99 endobj /Pg 23 0 R endobj /Lang (EN-US) /Lang (EN-US) /S /P /S /P endobj << >> 2399 0 obj endobj /Pg 25 0 R endobj endobj /S /P /P 5875 0 R 1004 0 obj 3543 0 obj >> /S /Artifact endobj /K 638 >> /K 1286 3991 0 obj >> /S /P endobj /Lang (EN-US) 1437 0 obj /K 1427 /K 29 /K 434 << /S /P /K 318 /K 1120 /S /P << /Lang (EN-US) >> >> endobj >> endobj 562 0 obj << /K 1369 << endobj 867 0 obj << 3728 0 obj /Lang (EN-US) /Pg 24 0 R /Pg 25 0 R >> /Lang (EN-US) /P 6490 0 R /K 81 /Pg 24 0 R 2085 0 obj /K 251 endobj /Pg 24 0 R /Lang (EN-US) /Pg 24 0 R endobj /K 189 << 2823 0 obj /Pg 24 0 R endobj /S /P endobj << /Pg 23 0 R 117 0 obj /K 1311 >> endobj endobj 3614 0 obj 753 0 obj /Lang (EN-US) /S /P 4278 0 obj << /S /P 616 0 obj /K 412 << /K 995 /S /P /P 6076 0 R endobj /Pg 22 0 R >> 2041 0 obj /S /P /Pg 22 0 R endobj >> << 1537 0 obj << 2837 0 obj /Pg 22 0 R /P 5465 0 R endobj endobj /Pg 25 0 R >> >> /P 5618 0 R /P 5589 0 R /Lang (EN-US) endobj 826 0 obj /S /P /Lang (EN-US) /Pg 23 0 R << endobj /Lang (EN-US) /K 370 /K 1450 /S /P /Lang (EN-US) 3308 0 obj 2977 0 obj /K 105 1883 0 obj endobj /Lang (EN-US) /S /P << endobj /K 430 /K 90 /Pg 26 0 R Volatile public markets and interest rate increases could lead more investors to boost their exposure to private credit at a time when the same economic factors are threatening to slow transaction. >> /Lang (EN-US) /Pg 24 0 R endobj /Pg 22 0 R /P 6257 0 R /K 1541 endobj /K 116 << /S /Artifact >> << /S /P 4132 0 obj /Lang (EN-US) /Pg 25 0 R /P 5133 0 R 3545 0 obj << << >> >> 3947 0 obj /Pg 22 0 R /K 486 /Pg 22 0 R /S /P /K 664 << /Pg 22 0 R >> endobj << >> /P 10 0 R /Pg 22 0 R 4035 0 obj endobj /K 1233 >> /P 5565 0 R /Pg 23 0 R /S /Artifact >> /S /P /Pg 25 0 R /Lang (EN-US) /S /P /P 4705 0 R /P 4734 0 R 2713 0 R 2714 0 R null 2715 0 R null 2716 0 R null 2717 0 R null 2718 0 R /K 1182 /P 6741 0 R /P 6217 0 R /S /Artifact >> endobj /P 6150 0 R /S /Artifact /P 4668 0 R /S /P /Pg 22 0 R /K 277 /Pg 23 0 R >> >> /Lang (EN-US) /S /Artifact << /BS 6767 0 R /S /P /K 1 /Lang (EN-US) << /Pg 25 0 R /Pg 13 0 R /K 13 /K 1150 3988 0 obj >> /Pg 16 0 R /Pg 24 0 R /S /P /Lang (EN-US) << /K 380 Infra: Bloomberg mnemonic Infra300 Index; Private Credit: Cliffwater Direct Lending Index; Real Estate: . 1438 0 obj 2497 0 obj /Pg 23 0 R /Pg 23 0 R << >> endobj >> /S /P /Pg 23 0 R /S /Artifact << 3802 0 obj << /Pg 24 0 R /P 10 0 R /Pg 22 0 R >> endobj 2590 0 obj /P 6556 0 R /Pg 22 0 R endobj /P 4435 0 R << /S /P 1982 0 obj 2637 0 obj /S /Artifact 3277 0 obj 1321 0 obj << >> /Lang (EN-US) /Pg 17 0 R endobj /Lang (EN-US) /Pg 25 0 R endobj >> endobj /S /Artifact >> /P 4989 0 R 813 0 obj endobj /S /P << >> /S /P /K 61 /K 1130 /Lang (EN-US) endobj /K 986 endobj 699 0 R null 700 0 R null 701 0 R null 702 0 R null 703 0 R null /Lang (EN-US) /Lang (EN-US) /P 33 0 R 2461 0 obj << /K 559 /S /P >> endobj /Producer (Adobe PDF Library 22.1.149) 621 0 obj /S /P 932 0 obj /K 1426 /P 5058 0 R /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) >> /K 648 >> << >> endobj /S /P 12 [null 320 0 R null 2475 0 R null null 2476 0 R null null 2477 0 R /K 79 >> /K 603 >> 436 0 R 436 0 R] /S /P endobj << 3340 0 obj endobj /P 5570 0 R /Pg 16 0 R /K 1219 endobj >> >> /K 138 /K 929 >> /K 1424 /Pg 25 0 R >> /K 670 /K 1036 487 0 obj 4143 0 obj /K 2 << /K 1485 /Pg 24 0 R 4284 0 R 4285 0 R 4286 0 R 4287 0 R 4288 0 R 4289 0 R 4290 0 R 4291 0 R 4292 0 R 4293 0 R /S /Artifact 1581 0 obj /Pg 23 0 R /S /Artifact 3163 0 obj << 730 0 obj /K 1159 /K 1435 >> /Pg 23 0 R /K 510 endobj /K 1013 1174 0 obj /P 4692 0 R >> /S /P /Lang (EN-US) << endobj 2676 0 obj /S /P << endobj 1204 0 obj << /Lang (EN-US) /Pg 18 0 R >> 462 0 obj /S /P 1408 0 obj endobj /Pg 25 0 R /S /P << >> /Pg 23 0 R << /Pg 24 0 R 1692 0 obj /Pg 24 0 R /Lang (EN-US) << 484 0 obj /S /P /Pg 23 0 R endobj >> 181 0 obj 1116 0 obj /Pg 13 0 R /K 857 /S /P /Lang (EN-US) /Lang (EN-US) << >> /Pg 24 0 R << /S /Artifact /Pg 23 0 R endobj /S /P >> /K 302 >> 991 0 R 992 0 R null 993 0 R null 994 0 R null 995 0 R null 996 0 R /Lang (EN-US) endobj /S /Artifact 2290 0 obj >> /S /P /Pg 22 0 R 1218 0 R 1219 0 R 1220 0 R 1221 0 R 1222 0 R 1223 0 R 1224 0 R 1225 0 R 1226 0 R 1227 0 R >> << /K 34 endobj null null null 1094 0 R null 1095 0 R null 1096 0 R null 1097 0 R << 2615 0 R null 2616 0 R null 2617 0 R 2618 0 R null 2619 0 R null 2620 0 R endobj << << /K 1281 739 0 obj /K [4398 0 R 4399 0 R 4400 0 R 4401 0 R 4402 0 R 4403 0 R 4404 0 R 4405 0 R] << 291 0 obj /K 126 393 0 obj >> 1507 0 obj endobj endobj /S /Figure /S /P /K 208 /P 6126 0 R endobj /S /Artifact /Lang (EN-US) /K 19 /K 1228 <> /Pg 22 0 R /S /P /S /P endobj /P 5550 0 R /K 428 /K 500 /Pg 26 0 R >> 1325 0 obj /Kids [18 0 R 19 0 R 20 0 R 21 0 R 22 0 R 23 0 R 24 0 R 25 0 R 26 0 R] >> /S /P << /Lang (EN-US) 3070 0 obj /Pg 23 0 R /K 1511 3745 0 R null 3746 0 R null 3747 0 R null 3748 0 R null 3749 0 R null 2164 0 obj /Lang (EN-US) /K 1215 /P 6551 0 R /Pg 24 0 R >> /S /P /P 5837 0 R << /S /P 43 0 obj /S /Artifact /S /Artifact >> /S /Artifact /Pg 23 0 R << /Pg 24 0 R << 768 0 obj /S /P /P 5645 0 R /P 5952 0 R << >> >> /K 27 /S /Artifact >> /K 1441 /K 415 >> >> /K 1319 endobj >> /S /P endobj endobj null 1916 0 R null 1917 0 R null 1918 0 R null 1919 0 R null 1920 0 R >> << 3480 0 obj /K 7 /S /Artifact << /K 890 2332 0 obj 3560 0 obj /K 1103 /K 654 /Pg 24 0 R endobj /Pg 22 0 R endobj 432 0 obj /K 1146 /Lang (EN-US) /S /P << /Pg 24 0 R /S /Artifact >> >> endobj << << >> >> /S /P << endobj /K 109 /Pg 22 0 R /S /P endobj << 2504 0 obj endobj << endobj /P 5730 0 R /Lang (EN-US) 3600 0 obj << >> /K 1348 endobj 1519 0 obj endobj /K 1143 970 0 obj endobj 1218 0 obj /S /Artifact endobj /K 1349 /K 5 >> << /K 90 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. /Pg 24 0 R /S /P /K 155 >> /Pg 25 0 R /Lang (EN-US) 3421 0 obj endobj null 948 0 R null null null 949 0 R null null null 950 0 R endobj endobj >> << /Pg 22 0 R /Type /Annot /S /P /S /P /P 6351 0 R /P 6708 0 R /S /P endobj 359 0 R 360 0 R 361 0 R 362 0 R 363 0 R null null 364 0 R null 365 0 R >> endobj endobj /K 1124 /Lang (EN-US) >> << /Lang (EN-US) << 854 0 obj /P 4781 0 R 2068 0 obj /Pg 22 0 R /K 77 3604 0 obj /Pg 22 0 R 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. /K 543 /Pg 25 0 R /P 6228 0 R endobj 2044 0 obj endobj /Lang (EN-US) /Lang (EN-US) >> >> >> << /S /Artifact << /S /P 2299 0 obj << /Pg 25 0 R /P 5568 0 R /P 5324 0 R /Pg 22 0 R >> /S /P null 1819 0 R null null null 1820 0 R null 1821 0 R null 1822 0 R 303 0 obj /S /P 2801 0 obj /Lang (EN-US) endobj /K 1069 2034 0 obj /K 572 /Pg 23 0 R << /Lang (EN-US) /Pg 24 0 R /S /P /S /Artifact /S /Artifact endobj /S /P >> 3224 0 obj /Lang (EN-US) /Pg 23 0 R /S /P /S /Artifact /Lang (EN-US) /K 31 >> /S /Artifact /P 4799 0 R /Lang (EN-US) /Lang (EN-US) /Pg 25 0 R /S /P /Lang (EN-US) /P 4904 0 R << endobj /S /P 3255 0 obj 956 0 R null 957 0 R null 958 0 R null 959 0 R null 960 0 R null endobj >> /Pg 25 0 R /S /P 888 0 obj /K 1409 /K 1072 3360 0 obj /K 1444 3846 0 obj 480 0 obj 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 1032 endobj << null 1735 0 R null 1736 0 R 1737 0 R null 1738 0 R null 1739 0 R null endobj /S /Artifact /S /P >> /K 110 /S /Artifact 3232 0 obj 700 0 obj /K 28 << >> /P 5781 0 R /K 303 4013 0 obj /Pg 24 0 R /P 5644 0 R 3609 0 obj /S /Artifact /K 959 /Pg 24 0 R /Lang (EN-US) << /K 1550 /Pg 22 0 R endobj /P 5725 0 R /Pg 14 0 R /S /P 185 0 obj 4043 0 obj << /K 1521 endobj /S /Artifact endobj >> /Pg 23 0 R >> /Pg 24 0 R /Pg 22 0 R 202 0 obj 3932 0 obj /S /Link /P 5477 0 R << >> >> /Pg 22 0 R /S /Artifact /P 5116 0 R /Pg 15 0 R /Pg 22 0 R /Pg 25 0 R /Lang (EN-US) /P 6027 0 R /StructParent 17 /Pg 22 0 R 680 0 obj >> /S /Artifact /Pg 22 0 R /P 5613 0 R /K 1262 >> /S /P /P 5888 0 R >> /Pg 25 0 R /S /Artifact /Pg 24 0 R >> 3337 0 obj endobj >> /Pg 23 0 R >> << 112 0 obj /S /P >> << >> endobj 2969 0 R 2970 0 R 2970 0 R 2971 0 R 2972 0 R 2973 0 R 2974 0 R 2975 0 R 2975 0 R 2976 0 R endobj 89 0 obj /S /Artifact endobj /S /Artifact /K 1185 >> >> 4125 0 obj /K [54 55] >> >> /Lang (EN-US) 1879 0 obj >> 346 0 obj >> /Pg 23 0 R /K 226 << /Pg 23 0 R /P 10 0 R << /S /Artifact /Footnote /Note >> /K 453 954 0 obj 3567 0 R null 3568 0 R null 3569 0 R null 3570 0 R null 3571 0 R 3572 0 R /S /P >> endobj /K 1236 /Lang (EN-US) 3404 0 R] /P 4665 0 R /S /Artifact /Pg 23 0 R endobj << /K 1331 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 2401 0 obj 3727 0 obj >> << endobj /Pg 22 0 R /S /Artifact endobj endobj /P 6426 0 R >> /Pg 18 0 R 511 0 obj << << << /K 600 /Lang (EN-US) /Pg 24 0 R << /Lang (EN-US) /S /Artifact /Lang (EN-US) << << >> /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) 1385 0 obj /S /Artifact /Lang (EN-US) << /S /P /S /P endobj << /Pg 24 0 R << <> /K 509 <> /Pg 22 0 R /P 10 0 R << >> >> /K 1222 /S /P 2757 0 obj << /S /P /Lang (EN-US) 3574 0 obj /K 1049 8 [230 0 R 231 0 R 233 0 R 234 0 R 235 0 R 236 0 R 237 0 R 238 0 R 239 0 R 240 0 R 3672 0 obj <> /K 1176 /Pg 24 0 R /Lang (EN-US) /K 776 /K 23 << <> /S /Artifact << /S /P null 2504 0 R null 2505 0 R null 2506 0 R null 2507 0 R null 2508 0 R /K 742 /S /P /Pg 22 0 R /K 1099 /Pg 24 0 R /S /Artifact /Pg 17 0 R /K 639 <> 909 0 obj >> >> >> << null 1659 0 R null 1660 0 R null 1661 0 R null 1662 0 R null 1663 0 R /K 1221 /Pg 24 0 R /S /P /P 6149 0 R /K 821 << << /Pg 25 0 R >> /Lang (EN-US) /Pg 25 0 R /Pg 25 0 R /P 6594 0 R /S /P << endobj 2772 0 obj endobj /S /P /S /Artifact << 666 0 obj 2101 0 obj 2579 0 obj endobj 475 0 obj /Pg 25 0 R /Lang (EN-US) endobj /S /Artifact endobj >> /S /Artifact <> >> endobj /P 5364 0 R /K 422 3230 0 obj /P 6295 0 R 1130 0 obj << /S /P /S /P << /Lang (EN-US) >> /Pg 25 0 R << /Pg 22 0 R /S /P endobj >> /Pg 23 0 R endobj 1791 0 obj >> Direct lending represented by the Cliffwater Direct Lending Index (CDLI). << /Pg 22 0 R <> /K 1367 /Pg 24 0 R /S /P >> /S /P /P 5566 0 R endobj >> 1411 0 obj /S /P /K 79 >> 127 0 obj /K 13 /S /P 3902 0 obj /Pg 23 0 R << 3537 0 R null 3538 0 R null 3539 0 R null 3540 0 R null null null << 3527 0 obj /P 5094 0 R endobj << /S /P null 395 0 R null 396 0 R null 397 0 R null 398 0 R null 399 0 R 1445 0 obj >> /K 1146 /Pg 22 0 R /K 796 /K 69 /Lang (EN-US) /P 6204 0 R /K 966 /P 5043 0 R <> endobj /Lang (EN-US) /P 10 0 R /Pg 25 0 R << endobj /Pg 23 0 R Average Realized Loss (2006 - 2021) Average realized loss is the historical average of the realized gains/losses for the Cliffwater Direct Lending Index. 2644 0 obj /K 1533 /K 583 /K 388 /K 246 /P 5332 0 R /K 98 << /K 1540 /Pg 22 0 R endobj /K 233 /Pg 22 0 R /K 12 /Pg 25 0 R 1945 0 obj /P 4982 0 R 3336 0 obj >> /K 1154 146 0 obj /Pg 18 0 R /Pg 22 0 R endobj /K 52 3586 0 R null 3587 0 R null 3588 0 R null null null 3589 0 R null /S /Artifact >> >> >> 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 . >> endobj /Pg 22 0 R /P 6285 0 R /K 1378 >> /S /P /Lang (EN-US) /Pg 25 0 R /S /P /K 1 >> >> null null 2722 0 R null null null 2723 0 R null null null /K 1248 /Pg 22 0 R /S /P << endobj endobj /P 5342 0 R /Pg 22 0 R /Pg 25 0 R >> /S /Artifact endobj endobj 282 0 obj /Pg 24 0 R /Pg 22 0 R 482 0 R null 483 0 R 484 0 R 485 0 R null 486 0 R null 487 0 R 488 0 R /Pg 25 0 R 3293 0 obj /P 10 0 R /Pg 22 0 R << >> /Pg 22 0 R /K 1406 4156 0 obj endobj /Pg 25 0 R /K 1538 << /K 1375 /K 1006 /Pg 25 0 R /P 6139 0 R 3995 0 obj >> /P 10 0 R /K 761 /K 44 /Pg 20 0 R CLIFFWATER and the CLIFFWATER LLC logo are trademarks of Cliffwater LLC. /S /P /S /P 3610 0 obj /P 6361 0 R endobj 216 0 obj 1636 0 obj >> /K 1549 /Pg 22 0 R /Pg 24 0 R /Pg 25 0 R /Lang (EN-US) Looking at historical /S /Artifact /P 6243 0 R /S /P /K 468 1495 0 R 1496 0 R 1497 0 R 1498 0 R 1499 0 R 1500 0 R 1501 0 R 1502 0 R 1503 0 R 1504 0 R >> /P 4820 0 R >> endobj 4255 0 obj /S /P >> endobj 1047 0 obj << >> C}'([N.SC&1+fWK8TEhtIH:&F\o{w2rtnnp AeG'wf9Q1rb KR@Ilx&eq%lJ33@\ 3.FC~'. /Pg 23 0 R << /Lang (EN-US) endobj << /Lang (EN-US) /K 1087 /Pg 23 0 R 2428 0 obj << << /Pg 22 0 R Mr. Wolfe joined BlackRock through the acquisition of TCP. /K 1331 876 0 obj endobj /RoleMap 12 0 R /K 956 /K 782 << /Lang (EN-US) << /K 1520 3875 0 obj /S /P /Pg 25 0 R /Lang (EN-US) /S /P >> /Pg 22 0 R >> /P 6485 0 R /Pg 25 0 R endobj /S /Artifact >> << >> /Lang (EN-US) /P 5784 0 R /Lang (EN-US) 2166 0 R 2167 0 R 2168 0 R 2169 0 R 2170 0 R 2171 0 R 2172 0 R 2173 0 R 2174 0 R 2175 0 R /Pg 26 0 R /S /Artifact << endobj /S /P /S /Artifact endobj /Lang (EN-US) /Lang (EN-US) endobj >> >> /P 6739 0 R /Pg 24 0 R /K 265 1267 0 obj /Pg 23 0 R 2414 0 obj endobj /S /Artifact /S /P 1613 0 obj /Lang (EN-US) /K 566 /K 1369 /Pg 22 0 R >> << /K 46 /S /P endobj /Lang (EN-US) /Lang (EN-US) << endobj 1415 0 obj endobj >> /K 1481 /Pg 24 0 R endobj /S /Artifact << /Pg 22 0 R /Pg 24 0 R 2925 0 obj /Lang (EN-US) endobj /P 6720 0 R /Pg 24 0 R >> /Pg 24 0 R endobj endobj >> >> /S /P endobj /Lang (EN-US) endobj << 364 0 obj << endobj /P 4753 0 R /Pg 24 0 R /K 1325 >> >> /Pg 23 0 R 2132 0 obj endobj /Lang (EN-US) endobj >> >> /S /P 811 0 obj >> /P 90 0 R /Pg 24 0 R /Pg 19 0 R endobj /Pg 22 0 R 4187 0 obj 4199 0 obj 2136 0 R 2137 0 R 2138 0 R 2139 0 R 2140 0 R 2141 0 R 2142 0 R 2143 0 R 2144 0 R 2145 0 R /K 1387 /K 1549 << /Pg 24 0 R /P 5241 0 R << /K 1286 << /K 455 >> << >> 2420 0 obj 4213 0 obj endobj /P 6212 0 R /S /P /P 5329 0 R >> /Pg 18 0 R /P 10 0 R /P 5371 0 R /Lang (EN-US) << >> 2312 0 obj 808 0 obj endobj << /Pg 19 0 R /S /P /Pg 24 0 R << >> << << /Lang (EN-US) 4263 0 obj /Pg 23 0 R /Lang (EN-US) /P 6744 0 R >> /K 172 /S /P /K 925 >> /K 73 << 4191 0 obj /Pg 24 0 R endobj /Lang (EN-US) endobj >> /Lang (EN-US) 4076 0 obj << /K 894 /P 5869 0 R /S /Artifact << endobj /Pg 19 0 R /S /Artifact /K 745 2402 0 obj /Pg 25 0 R /K 1474 >> /Pg 24 0 R /Lang (EN-US) >> endobj 3774 0 obj /Pg 24 0 R /K 1182 2262 0 obj /P 4638 0 R /S /Artifact 989 0 obj endobj >> /Pg 25 0 R 2684 0 obj /Pg 25 0 R /S /Artifact /Lang (EN-US) /S /Artifact /S /Footnote /K 1474 286 0 obj /P 10 0 R /Pg 25 0 R /S /P 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 /Pg 24 0 R /S /P /K 206 /S /Artifact << << /K 133 >> endobj /Pg 23 0 R >> /S /Artifact 3958 0 obj 2587 0 obj /K 846 endobj /Lang (EN-US) /K 1048 % endobj >> /Pg 24 0 R 1359 0 obj >> >> /P 4828 0 R << 3997 0 R 3998 0 R 3999 0 R 4000 0 R 4001 0 R 4002 0 R 4003 0 R 4004 0 R 4005 0 R 4006 0 R /P 6229 0 R endobj endobj /S /Artifact /S /Artifact endobj <> 3146 0 obj >> /Pg 24 0 R >> 2274 0 obj 4138 0 obj /Pg 23 0 R 1869 0 obj /K 1305 /Pg 22 0 R /P 6726 0 R /Lang (EN-US) /P 6644 0 R endobj /P 5736 0 R /K 1193 << << /K 1017 << /Pg 24 0 R /S /Figure >> Survey of Corporate Pension Disclosures for Fiscal Years Ending 2003 /S /Artifact /P 6172 0 R /S /Artifact endobj >> 1600 0 obj 2553 0 obj 3246 0 obj 1071 0 obj endobj /P 5953 0 R 2180 0 obj /Pg 22 0 R /Pg 23 0 R 2637 0 R null 2638 0 R null 2639 0 R null 2640 0 R null 2641 0 R 2642 0 R endobj >> /Lang (EN-US) <> /S /P /Lang (EN-US) >> /Parent 8 0 R /Pg 22 0 R Editor, Real Assets Adviser magazine; producer and host of the podcast Novelist Spotlight, availabe on all major podcast platforms 3d

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