cliffwater direct lending index

238 0 obj << /Pg 23 0 R /S /Artifact endobj << /K 489 /Lang (EN-US) /Pg 22 0 R endobj >> >> << /Lang (EN-US) << /K [1111 1112] << 3390 0 obj 2082 0 obj >> /Pg 22 0 R /Pg 24 0 R endobj /Lang (EN-US) >> >> << /S /P /K 248 /K 327 /Parent 4 0 R /P 5313 0 R /K 1446 /Pg 25 0 R /Pg 25 0 R /K 720 /S /P /Pg 16 0 R >> >> /K 260 << 496 0 obj 3488 0 obj /Lang (EN-US) /S /P << 1011 0 obj 1535 0 obj /K 499 << /Pg 23 0 R /Pg 22 0 R 1372 0 obj /Pg 24 0 R /K 458 >> /Pg 16 0 R >> /P 10 0 R endobj /Lang (EN-US) /K 79 endobj /K 140 endobj /P 10 0 R /S /Artifact 3224 0 R 3225 0 R 3226 0 R 3227 0 R 3228 0 R 3229 0 R 3230 0 R 3231 0 R 3232 0 R 3233 0 R /K 1006 /Lang (EN-US) /K 457 >> << /Pg 24 0 R /S /Artifact /Pg 22 0 R >> /K 766 >> endobj << 3700 0 obj endobj /P 6706 0 R /K [1111 1112] /K 934 /Pg 24 0 R << /Pg 17 0 R /Lang (EN-US) /Pg 22 0 R /K 1017 /S /Artifact << >> << /Pg 23 0 R 3554 0 obj /Lang (EN-US) endobj /P 6656 0 R /K 1145 >> 3359 0 obj endobj >> endobj >> /Lang (EN-US) << /Lang (EN-US) 267 0 R 268 0 R 269 0 R 270 0 R 271 0 R 272 0 R 273 0 R 274 0 R 275 0 R 276 0 R /K 1125 /P 5654 0 R /S /P /S /P <> endobj /S /P null 860 0 R 307 0 R null 309 0 R null 861 0 R null null 862 0 R 279 0 obj /Pg 25 0 R 2750 0 obj << >> endobj endobj << endobj /Pg 25 0 R 1204 0 obj endobj 1988 0 obj /K 1416 >> 4285 0 obj /K 931 endobj /Pg 22 0 R /P 5031 0 R endobj /Pg 25 0 R /Lang (EN-US) >> 628 0 obj >> >> >> endobj endobj /Pg 22 0 R /Pg 22 0 R /S /P endobj 3963 0 obj >> << /K 581 << /Lang (EN-US) /S /P endobj /S /Footnote /P 5256 0 R /S /P /Pg 23 0 R << << >> /Pg 24 0 R null 672 0 R null 673 0 R null 674 0 R 675 0 R null 676 0 R null >> /Pg 24 0 R /S /P << /S /Artifact 1601 0 obj null 2810 0 R null 2811 0 R null 2812 0 R null 2813 0 R null 2814 0 R /K 437 /Pg 24 0 R endobj /Pg 23 0 R /Pg 25 0 R >> /S /P /Pg 24 0 R /P 5887 0 R 1807 0 obj /K 1404 /Pg 22 0 R /S /P /Pg 25 0 R >> /S /P /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) /Pg 24 0 R 3616 0 obj endobj /Lang (EN-US) >> /Pg 25 0 R /K 1309 endobj /P 5093 0 R >> << >> >> null null 1718 0 R null null null 1719 0 R null 1720 0 R null /Lang (EN-US) /Lang (EN-US) endobj << << /K 97 << /Lang (EN-US) /K [56 57 58 59 60] /K 778 4079 0 obj /P 5621 0 R >> /S /P endobj /K 813 /Pg 25 0 R 574 0 obj << >> >> << endobj 669 0 obj /K 301 << /Lang (EN-US) /Lang (EN-US) endobj /Pg 25 0 R /K 6 >> /S /P 2471 0 obj /S /P /Pg 22 0 R 3250 0 obj endobj /Pg 14 0 R /K 1492 endobj /Pg 24 0 R /K 195 endobj << << << /Pg 22 0 R >> /P 5033 0 R >> /S /P >> /Type /Page /K 28 endobj /S /P /K 1408 /K 1233 1141 0 obj /Pg 25 0 R /S /Artifact endobj endobj >> /K 1460 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) /K 1346 /Pg 22 0 R /Pg 22 0 R /K 167 /S /Artifact endobj >> 2639 0 obj /Pg 22 0 R /S /P /K 252 /P 6126 0 R << 3889 0 obj /S /P /Pg 25 0 R /P 10 0 R >> /Pg 22 0 R >> /S /P 4042 0 obj >> /K 1537 /S /P /S /Artifact 2604 0 obj >> >> endobj /Lang (EN-US) /P 5240 0 R >> /Pg 25 0 R << /Pg 22 0 R << << /Pg 22 0 R >> endobj endobj 2974 0 obj /S /Figure 2563 0 obj 390 0 obj << >> << /S /P /Pg 24 0 R /K 73 endobj /Lang (EN-US) /Tabs /S 2986 0 obj 4566 0 R] /P 6235 0 R endobj endobj /S /P /K 667 endobj /K 135 endobj endobj 3850 0 obj /P 6034 0 R /P 5818 0 R 1911 0 obj << 3715 0 obj /Lang (EN-US) endobj 1375 0 obj >> /S /Artifact << /Pg 25 0 R /P 6599 0 R /P 6324 0 R >> endobj endobj /S /P /Pg 18 0 R /Pg 19 0 R 3252 0 obj >> /P 4812 0 R /S /P 3782 0 obj /S /P >> >> /K 1162 << >> 1731 0 obj /Pg 22 0 R >> /Pg 25 0 R 1379 0 obj /K 106 /K 1195 endobj endobj /P 5941 0 R /P 4647 0 R /P 5192 0 R endobj 2276 0 obj 1271 0 obj >> /Lang (EN-US) endobj >> /S /P endobj /S /P 2 Demand for capital from << << /Pg 24 0 R /Lang (EN-US) << 2587 0 obj /K 883 /Pg 23 0 R << /K 1549 >> >> /Lang (EN-US) /Lang (EN-US) 225 0 obj << endobj /K 266 /K 104 << << <> /P 4873 0 R /Pg 24 0 R /K 1171 3310 0 obj /Lang (EN-US) /K 844 /Pg 25 0 R endobj /P 5868 0 R 1489 0 obj /S /Artifact endobj << /Lang (EN-US) endobj /Pg 23 0 R 306 0 obj /S /P /P 6525 0 R /S /Artifact /Pg 23 0 R <> /K 1135 /Lang (EN-US) /P 5311 0 R /S /Artifact /S /P /S /Artifact /K 1374 <> /Lang (EN-US) << endobj >> >> /P 5705 0 R endobj 1721 0 R null 1722 0 R null 1723 0 R null 1724 0 R 1725 0 R null 1726 0 R /P 6598 0 R /K 124 << /K 203 >> /Lang (EN-US) endobj /K 1495 /S /P /Pg 22 0 R >> endobj 4290 0 obj /Pg 23 0 R /P 10 0 R >> null 427 0 R null null 100 0 R 101 0 R 102 0 R null 428 0 R null >> endobj /K 716 4088 0 obj /S /P /P 10 0 R /Pg 24 0 R >> 1763 0 obj /K 304 << /Pg 15 0 R << /K 223 /S /P >> /P 4831 0 R endobj /S /P endobj >> /P 6098 0 R 2742 0 obj /Lang (EN-US) endobj 2192 0 obj /S /Artifact endobj /K 1093 /K 222 /K 1047 /P 5578 0 R endobj /Lang (EN-US) >> >> /S /P /K 1019 /K 1466 endobj endobj /K 1533 << /Pg 13 0 R 2528 0 obj >> >> /S /Artifact >> /S /Artifact >> /Pg 24 0 R endobj /Lang (EN-US) /K 1508 endobj /P 6333 0 R endobj /S /P /K 46 667 0 obj >> /Pg 24 0 R << << /S /Artifact /S /Artifact /Lang (EN-US) /Pg 24 0 R endobj >> <> /K 601 << 1570 0 obj /Pg 24 0 R /Lang (EN-US) /Pg 18 0 R 3088 0 obj /Pg 22 0 R 843 0 obj /Pg 23 0 R /P 6369 0 R 3555 0 obj /Lang (EN-US) 3918 0 obj /K 578 /Lang (EN-US) /Pg 25 0 R /K 223 >> /S /Figure << 1278 0 R 1279 0 R 1280 0 R 1281 0 R 1282 0 R 1283 0 R 1284 0 R 1285 0 R 1286 0 R 1287 0 R << /Pg 24 0 R /K 1361 endobj >> /S /Artifact /S /Artifact /K 157 /Lang (EN-US) /K 817 << /Lang (EN-US) >> /Lang (EN-US) /Pg 24 0 R /P 6562 0 R /K 641 endobj << endobj /Pg 18 0 R 1913 0 obj /Pg 22 0 R << 4314 0 obj endobj /Pg 24 0 R /S /Artifact /Lang (EN-US) << /S /P 929 0 obj /K 1429 >> /Pg 22 0 R /P 4818 0 R << /S /Artifact >> /Pg 25 0 R /K 1397 endobj /K 1270 endobj /Pg 23 0 R 3477 0 obj endobj /P 5980 0 R endobj << /Lang (EN-US) >> 3939 0 obj endobj /K 32 >> /Lang (EN-US) 1327 0 obj /Pg 23 0 R << << /S /Artifact endobj 3462 0 obj /K 620 /S /P >> endobj >> /S /Artifact 2992 0 obj 2927 0 obj endobj >> /Lang (EN-US) endobj /P 4841 0 R << /Pg 22 0 R 3674 0 obj endobj /Lang (EN-US) 1583 0 obj << /K 247 /K 1289 /Lang (EN-US) >> /K 1167 /K 1327 4097 0 R 4098 0 R 4099 0 R 4100 0 R 4101 0 R 4102 0 R 4103 0 R 4104 0 R 4105 0 R 4106 0 R /K 305 /K 751 /Pg 24 0 R 1545 0 R] /K 1428 /Pg 22 0 R endobj >> << 3090 0 obj endobj /K 25 endobj 3375 0 obj 887 0 obj << 1102 0 obj /S /P << /S /P /P 4832 0 R CLIFFWATER DIRECT LENDING INDEX (CDLI) CLIFFWATER BDC INDEX (CWBDC) Stay in the know. /P 5111 0 R /K 1171 endobj /S /Artifact 1724 0 obj endobj /K 1264 /S /P /Pg 23 0 R << /Pg 24 0 R >> /S /Artifact 734 0 R 735 0 R null 736 0 R null 737 0 R null 738 0 R null 739 0 R >> /Lang (EN-US) 4158 0 obj /Pg 25 0 R 2536 0 obj 3474 0 obj endobj null 3759 0 R null 3760 0 R null 3761 0 R null null null 3762 0 R 1225 0 obj /S /P /K 288 endobj << >> /Pg 25 0 R 1463 0 obj 4335 0 obj << 443 0 obj /K 792 >> /K 981 >> null 721 0 R null 722 0 R 723 0 R null 724 0 R null 725 0 R null /Pg 23 0 R 1980 0 obj >> /Pg 24 0 R >> << << endobj >> /S /Artifact 480 0 obj /Pg 22 0 R /S /Artifact /S /P /K 715 endobj << 3978 0 obj /K 1169 /K 108 980 0 obj 4306 0 obj /S /Artifact endobj /S /P <> >> 849 0 obj /Rotate 0 <> << /S /P >> endobj << /Pg 22 0 R >> >> >> 327 0 obj /Pg 24 0 R << >> endobj 374 0 obj << << /K 1210 1828 0 obj /K 1219 /Pg 23 0 R /S /P /S /P /Lang (EN-US) << >> /K 1139 >> /Pg 24 0 R endobj 1930 0 obj /Lang (EN-US) endobj /Lang (EN-US) endobj endobj << /S /Artifact /S /P endobj /Pg 23 0 R /K 526 /S /P << >> 155 0 obj << >> /K 1325 /Pg 24 0 R /K 818 /Lang (EN-US) /K 521 /S /P 491 0 obj >> /Pg 24 0 R >> /K 1247 >> << >> 2293 0 R 2294 0 R 2295 0 R 2296 0 R 2297 0 R 2298 0 R 2299 0 R 2300 0 R 2301 0 R 2302 0 R endobj endobj endobj 574 0 R null null 575 0 R null 576 0 R 577 0 R null null 578 0 R 3081 0 obj endobj /K 1480 endobj /Lang (EN-US) /K 175 /K 1323 endobj /K 46 << /Pg 23 0 R endobj /K 863 /K 593 /P 6611 0 R /S /P >> >> /S /P << /Lang (EN-US) << /K 34 /Lang (EN-US) << /Pg 23 0 R /Lang (EN-US) /K 1168 /Pg 23 0 R >> endobj /K 1423 >> 4248 0 obj /K 468 /P 6637 0 R /Pg 22 0 R /Lang (EN-US) << /S /P << endobj endobj /P 6418 0 R << endobj endobj /Lang (EN-US) /K 112 /Pg 22 0 R 88 0 obj null 3622 0 R null 3623 0 R null 3624 0 R null null null 3625 0 R /K 1002 /K 1540 /Pg 23 0 R >> endobj 3836 0 obj /S /P 2762 0 obj /S /Artifact 1870 0 obj >> /K 1320 endobj /Lang (EN-US) endobj >> >> endobj /K 121 >> endobj /Lang (EN-US) endobj /S /Artifact 3881 0 obj << /Pg 23 0 R /A 4679 0 R /P 4979 0 R >> /K 17 /S /Artifact /P 5185 0 R /P 4776 0 R /K [41 42 43 44] endobj 1037 0 obj /K 522 endobj Website. /Pg 24 0 R /S /P /Pg 23 0 R /Pg 25 0 R >> /S /P << endobj << endobj << >> /Pg 23 0 R /P 6348 0 R 4018 0 obj endobj >> << >> /P 4958 0 R >> >> /Pg 24 0 R << << /S /Artifact /S /Artifact /Lang (EN-US) << >> /S /P 474 0 obj /S /P 2968 0 obj /K 378 /K 734 >> 2018 0 obj >> /S /Artifact << /S /Artifact /Lang (EN-US) /Lang (EN-US) /P 6739 0 R 48 0 obj /Pg 23 0 R /K 1405 endobj 373 0 obj /S /Artifact /K 381 endobj /K 165 >> /Lang (EN-US) /S /Artifact 3007 0 R 3008 0 R 3009 0 R 3010 0 R 3011 0 R 3012 0 R 3013 0 R 3014 0 R 3015 0 R 3016 0 R endobj /Pg 22 0 R /S /LBody endobj /K 983 /S /Artifact /K 1346 endobj /Lang (EN-US) 738 0 obj /S /Artifact << << >> /Pg 22 0 R 526 0 obj << >> 2128 0 obj /S /P /Pg 23 0 R >> /Pg 24 0 R endobj /S /P << >> /P 4816 0 R /Lang (EN-US) 3882 0 obj /K 801 /K 1495 /S /P endobj /K 530 /Pg 24 0 R >> >> 3519 0 obj 4127 0 obj << /S /P /Pg 25 0 R endobj << >> >> /S /Artifact /P 10 0 R 2299 0 obj << /S /P << >> /P 5165 0 R >> /Lang (EN-US) endobj 2037 0 obj /K 0 2038 0 obj /K 1233 << /K 636 1233 0 obj /S /Artifact >> >> /Pg 18 0 R << /S /Artifact 154 0 obj null 3630 0 R null 3631 0 R 3632 0 R null 3633 0 R null 3634 0 R null /Lang (EN-US) >> /K 1200 Patrick Wolfe, Managing Director, is a member of Blackrock's Global Credit Platform. << /P 5088 0 R /P 6301 0 R /K 1174 /Lang (EN-US) /Pg 24 0 R 3093 0 obj /P 5576 0 R 2398 0 obj 3957 0 R 3958 0 R 3959 0 R 3960 0 R 3961 0 R 3962 0 R 3963 0 R 3964 0 R 3965 0 R 3966 0 R << /K 1058 /P 5682 0 R 583 0 obj /P 6682 0 R << /Pg 14 0 R /Pg 24 0 R 987 0 obj /Lang (EN-US) << endobj >> >> 2383 0 R 2384 0 R 2385 0 R 2386 0 R 2387 0 R 2388 0 R 2389 0 R 2390 0 R 2391 0 R 2392 0 R /Pg 22 0 R /K 1311 /S /P << 3877 0 obj >> 2914 0 obj << << 359 0 obj /Pg 24 0 R /Lang (EN-US) >> 1657 0 obj /P 6540 0 R /Pg 22 0 R /Pg 25 0 R /Pg 23 0 R endobj >> endobj endobj /Lang (EN-US) endobj /P 6722 0 R /K 23 /Resources 4387 0 R /K 1449 endobj << >> endobj /P 10 0 R /S /Artifact /CropBox [0 0 612 792] >> /S /P /K 1487 >> << endobj endobj /S /Artifact /S /Artifact >> << /K 1226 endobj >> endobj 2855 0 obj << << The unsmoothed volatility adjustment for the CDLI is 4.5%, which is roughly less than that of the blended public credit index (shown in Exhibit C). /S /P /S /P endobj /K 689 endobj >> << /K 1483 /S /P endobj >> /P 6357 0 R /Lang (EN-US) >> >> endobj /Pg 24 0 R << /S /Artifact /P 4922 0 R /K 1114 /K 911 >> endobj 2629 0 obj << 3486 0 obj /S /P /Pg 22 0 R null 1842 0 R null null null 1843 0 R null null null 1844 0 R /K 1396 << /S /P /Pg 25 0 R /K 1223 >> /P 4850 0 R /P 5319 0 R 2836 0 obj /Pg 25 0 R /S /P /Pg 24 0 R /Lang (EN-US) 931 0 obj endobj << 3055 0 obj /S /Artifact /Lang (EN-US) /K 715 711 0 obj /P 5400 0 R >> /S /Artifact endobj /P 10 0 R /Lang (EN-US) /P 6527 0 R endobj << 873 0 obj << << /Lang (EN-US) /K 1456 /Pg 21 0 R endobj << /P 5098 0 R endobj endobj /Pg 20 0 R /K 1064 endobj endobj endobj /Lang (EN-US) /K 5 /Pg 23 0 R /Pg 24 0 R /S /P endobj << /S /P /K 652 /Resources 4359 0 R /S /Artifact /S /P << 550 0 obj /Pg 24 0 R 3681 0 obj 4332 0 obj /K 1318 /K 1269 << /StructParents 13 << << << /Type /Pages 40 0 obj 4154 0 obj /Lang (EN-US) /K 898 endobj 3113 0 obj 4126 0 obj >> /Lang (EN-US) null 536 0 R null 537 0 R null 186 0 R 187 0 R 188 0 R 189 0 R 190 0 R endobj endobj << endobj << /K 1497 << 2710 0 obj /P 4790 0 R <> 1175 0 obj /K 349 76 0 obj << /Pg 24 0 R endobj /P 5463 0 R >> /K 1204 << /S /P /K 1263 3773 0 obj /Pg 23 0 R /S /P >> << /K 1044 /Pg 24 0 R endobj /K 190 << /Lang (EN-US) endobj /P 6266 0 R /K 612 >> /K 1545 endobj /Pg 19 0 R 1316 0 obj /S /P >> 4134 0 obj /P 6715 0 R << << 3672 0 obj << endobj /Pg 23 0 R /Pg 24 0 R /S /P << /K 857 /S /P << /K 1221 4162 0 obj 985 0 obj /P 6496 0 R >> << endobj /Pg 21 0 R /K 246 567 0 obj /S /Artifact 141 0 obj /P 6547 0 R /S /Artifact /Pg 25 0 R << /Pg 25 0 R /Pg 24 0 R /K 695 endobj /Pg 19 0 R /K 1233 /S /Artifact /S /Artifact >> /S /P >> << /S /P >> 3976 0 obj endobj << /Contents 4369 0 R >> << endobj /S /Artifact << /K 142 /Pg 24 0 R >> /S /P /Lang (EN-US) /K 1198 /K 1486 /P 33 0 R >> >> endobj /S /P 699 0 obj null null null 3529 0 R null null null 3530 0 R null 3531 0 R /Lang (EN-US) 34 0 obj endobj /Pg 24 0 R endobj /Pg 22 0 R >> /S /P 1672 0 obj endobj /K 1538 /P 6711 0 R /S /P << /K 1126 3789 0 obj 3058 0 obj endobj endobj /Lang (EN-US) endobj /Lang (EN-US) 3415 0 obj /Pg 22 0 R /S /P /Pg 23 0 R endobj << /Pg 25 0 R 3579 0 obj endobj endobj endobj /K 1459 1119 0 obj endobj >> /Pg 24 0 R /K 472 << /Lang (EN-US) endobj /K 1461 2789 0 obj << /S /Artifact >> 3992 0 obj /K 992 /K 1496 825 0 obj 3605 0 obj << /P 10 0 R /Lang (EN-US) 151 0 obj 2519 0 obj << << << /K 668 /Lang (EN-US) /K 176 /P 6068 0 R endobj null 2504 0 R null 2505 0 R null 2506 0 R null 2507 0 R null 2508 0 R /K 1325 /Pg 25 0 R endobj /P 6332 0 R >> >> /P 10 0 R endobj << >> >> << /K 1455 1597 0 obj /Lang (EN-US) << /K 610 << endobj /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) >> >> /Contents 4376 0 R /P 5910 0 R /Pg 24 0 R >> >> endobj 1903 0 R null null null 1904 0 R null 1905 0 R null 1906 0 R null endobj << /Lang (EN-US) << >> endobj endobj /S /Artifact << << /Pg 25 0 R >> endobj 3588 0 obj 90 0 obj << 4192 0 obj >> /K 1373 1605 0 obj /K 1515 /S /Artifact /S /Artifact << << 3109 0 obj /K 266 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 4322 0 obj >> << 2875 0 obj /Lang (EN-US) /S /P /P 5328 0 R /S /Artifact >> /Pg 25 0 R /S /Artifact /Pg 25 0 R >> 2447 0 obj /K 1421 endobj /K 9 2880 0 obj /K 218 /S /P /K 998 2250 0 obj /Lang (EN-US) << << >> /K 4 /K 1400 /P 5216 0 R /P 6196 0 R 945 0 obj /S /Artifact >> << /Pg 24 0 R endobj /S /Artifact 2156 0 R 2157 0 R 2158 0 R 2159 0 R 2160 0 R 2161 0 R 2162 0 R 2163 0 R 2164 0 R 2165 0 R /K 1377 115 0 obj >> /Pg 13 0 R << /K 130 endobj /S /Artifact /P 6091 0 R >> >> << /Pg 24 0 R << /Pg 22 0 R /K 993 /S /Artifact 3520 0 obj /Pg 24 0 R /Pg 22 0 R 3838 0 obj << << << >> /P 5052 0 R /K 662 /Lang (EN-US) << endobj /StructParents 11 2452 0 obj /S /P >> 3443 0 obj /Pg 22 0 R /Pg 24 0 R /K 342 /Pg 24 0 R /Lang (EN-US) /S /Artifact /S /P /K 1192 << endobj /Lang (EN-US) /Lang (EN-US) /S /Artifact >> /K 213 << /S /Artifact >> /K 921 /Lang (EN-US) /Lang (EN-US) /P 5456 0 R /Pg 24 0 R /K 129 >> 2391 0 obj >> /Lang (EN-US) /Pg 22 0 R endobj endobj /Pg 24 0 R endobj /S /P /S /Artifact endobj << << /Lang (EN-US) 3396 0 obj /Pg 23 0 R >> /K 108 /Pg 23 0 R /Lang (EN-US) endobj /Pg 23 0 R /P 4948 0 R /K 167 endobj /K 192 endobj /K 494 /K 1295 2612 0 obj /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) >> 3551 0 obj >> /Lang (EN-US) >> << endobj 2027 0 R null 2028 0 R null 2029 0 R 2030 0 R null 2031 0 R null 2032 0 R endobj /P 5859 0 R /S /P /K 859 << /K 419 /Lang (EN-US) >> << /K 1149 878 0 obj 4140 0 obj 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. /K 1277 >> /K 314 1781 0 obj /Lang (EN-US) 340 0 obj >> >> endobj 146 0 obj 3997 0 obj << 1217 0 obj >> 734 0 obj 1639 0 obj /Lang (EN-US) /K 844 endobj /S /Artifact /K 682 << endobj /P 5182 0 R /Pg 15 0 R /Pg 25 0 R /K 1274 /Pg 17 0 R endobj /Pg 25 0 R >> /Lang (EN-US) /K 480 << /Pg 24 0 R endobj << 1997 0 R null 1998 0 R null null null 1999 0 R null null null /Pg 24 0 R >> /Pg 22 0 R << /K 1452 /Pg 24 0 R << /Pg 13 0 R /P 10 0 R /S /Artifact >> /S /Artifact >> >> endobj /Pg 23 0 R << << The Cliffwater Direct Lending Index (CDLI) prior quarter return explains only 8% of the index's current quarter return. endobj >> /Pg 18 0 R /Pg 20 0 R /Pg 22 0 R 3747 0 obj /P 6204 0 R << >> /Pg 22 0 R endobj /S /P /Pg 23 0 R /P 6383 0 R /Pg 25 0 R << /S /P /Pg 24 0 R /S /Artifact /P 5670 0 R /Pg 25 0 R /K 988 /S /P /Lang (EN-US) /Pg 25 0 R endobj >> endobj /Pg 25 0 R endobj endobj << << endobj /Lang (EN-US) >> endobj /K 507 /Pg 24 0 R 2717 0 obj /K 1252 >> /S /P /Pg 22 0 R /P 10 0 R /S /P endobj 3570 0 obj /Lang (EN-US) << 2715 0 obj >> << >> /K 697 >> /Pg 24 0 R >> /S /P /Pg 24 0 R 629 0 obj /P 6167 0 R << /Lang (EN-US) /Pg 23 0 R >> /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) 3135 0 obj 4081 0 obj /P 6054 0 R /P 5707 0 R endobj /K 1399 endobj /P 10 0 R /S /Artifact /K 1513 /K 326 /Pg 22 0 R >> /K 1423 3770 0 obj /Lang (EN-US) 2056 0 obj /Pg 19 0 R >> << >> /S /P /S /P 3750 0 obj /S /Artifact /S /Artifact endobj /Lang (EN-US) >> /S /P /K 1193 << /Lang (EN-US) /K 65 /Pg 23 0 R /K 1403 1748 0 R 1749 0 R null 1750 0 R null 1751 0 R null 1752 0 R null 1753 0 R >> >> /S /Artifact endobj /S /Artifact /Pg 23 0 R endobj /P 6594 0 R /P 4792 0 R << /Pg 25 0 R /K 1205 /K 54 4177 0 obj /Pg 25 0 R >> /Pg 22 0 R /S /Artifact /Pg 22 0 R 4099 0 obj << /Pg 25 0 R << >> 4097 0 obj /S /Artifact /S /P >> << /P 5388 0 R /K 908 /S /P /S /P 1365 0 obj 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 3447 0 R null 3448 0 R null 3449 0 R null 3450 0 R null 3451 0 R 3452 0 R << /Pg 24 0 R endobj /P 6653 0 R /P 6053 0 R >> /K 1234 /Lang (EN-US) /P 5082 0 R /Pg 25 0 R 1310 0 obj endobj endobj /Lang (EN-US) /Pg 23 0 R >> 1686 0 obj 2628 0 obj << 3633 0 obj endobj 2005 0 obj /Pg 23 0 R /K 314 /P 10 0 R /Pg 24 0 R endobj >> << /K 84 /S /P /P 5812 0 R 3893 0 obj endobj >> /S /P /P 5986 0 R 696 0 obj /P 6052 0 R /Pg 25 0 R /S /Artifact /Pg 25 0 R /K 1307 /P 6212 0 R << 3689 0 obj endobj endobj >> /Lang (EN-US) /S /P << /S /Artifact endobj /P 5730 0 R /Lang (EN-US) >> /Lang (EN-US) endobj /S /P 979 0 obj /S /P endobj /S /Link /Pg 23 0 R endobj << endobj 187 0 obj << /Pg 19 0 R endobj /Pg 22 0 R >> null 1557 0 R null 1558 0 R null 1559 0 R null 1560 0 R null 1561 0 R 1445 0 obj /Lang (EN-US) << /Pg 25 0 R /S /P /Lang (EN-US) /S /Artifact 1215 0 obj /K 82 /Pg 25 0 R endobj /Pg 19 0 R /K 1356 endobj >> /MediaBox [0 0 612 792] << endobj /K 1272 /P 6550 0 R 3211 0 obj /Lang (EN-US) 1348 0 obj >> /Pg 22 0 R endobj 1572 0 obj /Pg 23 0 R endobj /P 5109 0 R /K 1395 >> endobj << /Pg 22 0 R /K 144 endobj endobj <> >> /K 1248 /K 1379 >> endobj 3865 0 R null 3866 0 R null 3867 0 R null 3868 0 R null 3869 0 R null << /S /P /K 2 /K 6 /S /P /Pg 25 0 R >> /Lang (EN-US) << << /S /Artifact /Pg 22 0 R It is often said policy takes around 6-12 months to take effect. /K 348 << endobj /P 6446 0 R /Lang (EN-US) /K 379 /P 6062 0 R /K 403 /S /P /S /P /S /Artifact /K 36 << /S /Artifact >> >> >> /Lang (EN-US) << /S /Artifact << << >> >> /S /Artifact /Pg 24 0 R 772 0 obj 3550 0 obj /Pg 20 0 R /K 1348 /S /P >> << /K 769 /S /P << /K 1256 /Lang (EN-US) 3903 0 obj /K 1295 /Lang (EN-US) /K 140 /Pg 22 0 R endobj endobj >> /K 1383 /Lang (EN-US) 1129 0 obj /P 6423 0 R /K 422 /Pg 25 0 R >> /S /P >> /Pg 23 0 R /P 6480 0 R 3127 0 R 3128 0 R 3129 0 R 3130 0 R 3131 0 R 3132 0 R 3133 0 R 3134 0 R 3135 0 R 3136 0 R << /K [49 50 51 52 53] >> 586 0 obj /Pg 24 0 R 3037 0 obj >> /CropBox [0 0 612 792] /Lang (EN-US) /S /P /Pg 25 0 R /P 6187 0 R << >> /S /Artifact endobj /K 842 endobj << /Pg 22 0 R 4304 0 obj /P 5376 0 R null null null 3883 0 R null 3884 0 R null 3885 0 R null 3886 0 R /P 5382 0 R Not surprisingly, some managers have produced better outcomes than others, and by wide margins. /S /Figure /S /P 2659 0 obj /K 1326 >> /S /Artifact /Lang (EN-US) << 1343 0 obj /K 738 endobj << /S /Artifact /P 5672 0 R /Pg 25 0 R /Pg 23 0 R /S /Artifact >> << /S /P /S /Artifact /S /P /P 5282 0 R endobj 3931 0 obj /Lang (EN-US) endobj /Pg 24 0 R >> >> /K 1395 /P 5257 0 R /S /P >> /S /P 417 0 obj /P 6305 0 R /P 6485 0 R /Pg 22 0 R /Lang (EN-US) endobj /Pg 23 0 R >> /S /P 1228 0 R 1229 0 R 1230 0 R 1231 0 R 1232 0 R 1233 0 R 1234 0 R 1235 0 R 1236 0 R 1237 0 R /Pg 23 0 R /S /P /Pg 22 0 R /Lang (EN-US) 418 0 obj >> /S /P /Lang (EN-US) << /Pg 25 0 R /S /Artifact /Lang (EN-US) >> >> 3439 0 obj 3476 0 obj << /K 1211 /K 241 >> 455 0 obj << >> 3393 0 obj >> >> /S /P << 3110 0 obj /Pg 24 0 R endobj /K 1260 >> 1331 0 obj /K 464 1014 0 obj /S /P endobj 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 >> <> 3853 0 obj /K 1438 /K 226 /Subtype /XML endobj /Pg 23 0 R /P 5418 0 R endobj 1742 0 obj endobj << /Pg 24 0 R /S /Artifact endobj /Lang (EN-US) /K 73 /S /P /Lang (EN-US) << /S /Artifact >> /P 5467 0 R 3164 0 obj << 3314 0 obj /K 82 << /Pg 22 0 R >> /S /Artifact /Pg 24 0 R /Pg 22 0 R >> 3041 0 obj /Pg 25 0 R >> 3552 0 obj >> 1134 0 obj 3759 0 obj /K 1187 /K 245 endobj 1262 0 obj /K 5 endobj /Lang (EN-US) endobj 343 0 obj >> >> /K 608 /P 33 0 R /Pg 24 0 R /S /P << /S /P 65 0 obj 3210 0 obj >> endobj /Lang (EN-US) Cliffwater Corporate Lending Fund CCLFX provides all investors access to a private debt portfolio with the attractive pricing and quality of institutional caliber in corporate lending. endobj endobj /K 975 /K [1112 1113] /Lang (EN-US) /K 851 /Lang (EN-US) >> /K 102 /Pg 15 0 R 1178 0 R 1179 0 R 1180 0 R 1181 0 R 1182 0 R 1183 0 R 1184 0 R 1185 0 R 1186 0 R 1187 0 R /S /P 3444 0 obj /S /P >> 1046 0 obj /K 1282 /Pg 23 0 R /Pg 22 0 R >> endobj >> /S /Artifact /K 1138 /Pg 20 0 R /Pg 16 0 R /S /Artifact 3261 0 obj /S /Artifact /Lang (EN-US) /Pg 13 0 R /K 869 >> 957 0 obj << <> >> /Pg 22 0 R /Lang (EN-US) /S /Artifact /K 1427 /S /P 3537 0 R null 3538 0 R null 3539 0 R null 3540 0 R null null null /Pg 22 0 R /P 5348 0 R /S /P endobj /Pg 24 0 R /Lang (EN-US) /S /P << /Lang (EN-US) /Lang (EN-US) /P 33 0 R >> /P 4779 0 R endobj /Lang (EN-US) /P 10 0 R >> endobj /S /P /S /P >> >> << >> /K 985 /K 734 /K 1531 /P 5877 0 R /K 1119 /K 826 << /Pg 24 0 R /Pg 24 0 R /P 5755 0 R endobj /K 432 /K 32 >> /K 626 /P 10 0 R endobj >> /Pg 13 0 R /Pg 24 0 R /S /P endobj >> /Pg 14 0 R /Pg 23 0 R /K 1244 << /Pg 22 0 R >> <> >> << /S /Artifact /S /Artifact << endobj 770 0 obj /P 6291 0 R /Pg 23 0 R /P 10 0 R 3324 0 obj << /K 30 endobj /Pg 22 0 R /S /Artifact << /S /Artifact << /K 1382 >> /P 10 0 R /S /P /Pg 24 0 R << << 3039 0 obj endobj 729 0 obj /K 1311 >> /Pg 24 0 R /Type /Page << endobj >> endobj 781 0 obj /P 6554 0 R USA & International; Australia; Canada; France; /Pg 25 0 R endobj 1548 0 R null null null 1549 0 R null null null 1550 0 R null For example, the Russell 1000 Value and Growth >> endobj endobj >> 2890 0 obj /K 1091 /P 6603 0 R /K 1357 >> /P 5925 0 R >> /P 5242 0 R endobj >> endobj >> /Lang (EN-US) /Pg 25 0 R /Lang (EN-US) 2320 0 obj 3183 0 obj 2255 0 R 2256 0 R 2257 0 R 2258 0 R 2259 0 R 2260 0 R 2260 0 R 2261 0 R 2262 0 R 2263 0 R 4077 0 obj << null 1921 0 R 1922 0 R null 1923 0 R null 1924 0 R null 1925 0 R null >> >> /Pg 22 0 R /Pg 25 0 R >> /S /Artifact << /S /Artifact /Pg 22 0 R endobj endobj << 1459 0 obj >> 2062 0 obj endobj /P 5230 0 R /K 931 /K 1056 << << /K 647 endobj <> /K 59 /Pg 25 0 R /Pg 25 0 R /S /Artifact 2774 0 R null 2775 0 R null 2776 0 R null 2777 0 R null 2778 0 R 2779 0 R /P 6680 0 R 3419 0 obj /Pg 25 0 R /K 599 endobj << 3262 0 obj /Lang (EN-US) 952 0 obj /Lang (EN-US) endobj >> 2922 0 obj /Pg 22 0 R /Lang (EN-US) << 3433 0 obj /S /P 2872 0 obj /P 6122 0 R << << /S /Artifact 809 0 obj <> /Pg 24 0 R 3354 0 obj << /S /P /K 1240 4134 0 R 4135 0 R 4136 0 R 4137 0 R 4138 0 R 4139 0 R 4140 0 R 4141 0 R 4142 0 R 4143 0 R 3218 0 obj /K 1504 << >> << >> /Pg 13 0 R /S /P /S /Artifact >> >> /Pg 25 0 R 2586 0 obj >> >> /K 1182 /S /Artifact /K 691 /P 6725 0 R 246 0 obj /K 1359 >> << endobj /Pg 25 0 R 2458 0 obj /S /Artifact /K [135 4664 0 R] /P 6269 0 R /Lang (EN-US) 451 0 obj /S /Artifact /K 229 /K 675 /Pg 22 0 R 2761 0 obj /Pg 13 0 R /S /Artifact /Lang (EN-US) >> >> /S /Artifact 3496 0 obj 2684 0 obj /P 10 0 R << endobj /Pg 24 0 R /P 4771 0 R endobj endobj endobj << /Pg 26 0 R << >> 1545 0 obj << 2140 0 obj /Pg 25 0 R << /S /P << /Pg 23 0 R /K 1257 /Lang (EN-US) /S /Artifact /K 899 null null null 3408 0 R null null null 3409 0 R null 3410 0 R 2980 0 obj /Pg 23 0 R endobj /P 4405 0 R endobj /P 5274 0 R << /K 1350 3032 0 obj >> 4004 0 obj /Lang (EN-US) /P 4761 0 R /Pg 22 0 R 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 requirements. << << /Pg 23 0 R /P 4803 0 R 3913 0 obj >> /Lang (EN-US) /Pg 25 0 R << endobj /P 6302 0 R >> /P 6268 0 R >> >> << /Pg 24 0 R /K 295 3484 0 obj /Lang (EN-US) 320 0 obj /Pg 23 0 R /Pg 23 0 R >> 4316 0 obj /K 33 /Pg 18 0 R /Pg 23 0 R 3748 0 obj /Lang (EN-US) /Pg 23 0 R 4093 0 obj /S /P >> 1386 0 obj /K 123 /Lang (EN-US) /Pg 24 0 R << endobj /K 154 2921 0 R null 2922 0 R 2923 0 R null 2924 0 R null 2925 0 R null 2926 0 R /S /P /S /Artifact /K 1295 2681 0 obj /Pg 24 0 R /S /Artifact 1627 0 obj 2055 0 obj << /Lang (EN-US) endobj /Lang (EN-US) << >> /Pg 23 0 R endobj /K 193 3926 0 obj /K 1232 endobj /S /P /S /P >> /Pg 23 0 R >> << << /Pg 17 0 R /K 1519 /Pg 24 0 R 2420 0 obj endobj /Lang (EN-US) << /Pg 24 0 R >> /S /P /S /Artifact endobj /Pg 23 0 R /K 67 endobj endobj /K 1485 << >> << /Pg 24 0 R /S /P 2263 0 obj /Lang (EN-US) endobj >> /K 360 /K 1529 >> << /Pg 24 0 R << << /Lang (EN-US) endobj /S /P /K 1379 /Pg 22 0 R << endobj /Pg 22 0 R /S /P endobj 2479 0 obj /Pg 24 0 R << << /Pg 22 0 R /P 5431 0 R <> /K 46 endobj << >> 1396 0 obj /P 5352 0 R /P 6237 0 R /Pg 23 0 R endobj >> /Lang (EN-US) 2783 0 obj /S /P << >> /K 73 endobj /P 4924 0 R 80 0 obj endobj << /Pg 25 0 R endobj /Pg 23 0 R << >> endobj /S /P << >> 4255 0 obj << /S /Artifact /K 1175 /Pg 13 0 R /P 6736 0 R /Pg 22 0 R /Pg 24 0 R /S /P /S /Artifact << /Pg 25 0 R /K 1352 558 0 R 559 0 R 560 0 R 560 0 R 560 0 R] 148 0 obj /S /P << /S /P /Pg 23 0 R << /S /P /Lang (EN-US) /Lang (EN-US) /P 4656 0 R /K 1322 /K 953 /S /P << << endobj /K 694 endobj 688 0 obj /K 1548 >> << /K 828 >> endobj /Lang (EN-US) /Pg 24 0 R endobj << /S /Artifact >> 507 0 obj /K 516 endobj 1251 0 obj >> /S /Artifact << /P 10 0 R endobj /S /Artifact 1183 0 obj /S /P endobj endobj 1899 0 R null 1900 0 R null 1901 0 R null 1902 0 R null null null /Pg 22 0 R /S /P /Pg 18 0 R endobj /Lang (EN-US) /Pg 24 0 R 603 0 obj 4087 0 R 4088 0 R 4089 0 R 4090 0 R 4091 0 R 4092 0 R 4093 0 R 4094 0 R 4095 0 R 4096 0 R 1214 0 obj /Pg 25 0 R << /S /Artifact << /Lang (EN-US) 1544 0 obj endobj /Pg 22 0 R >> /Lang (EN-US) /Pg 25 0 R /Pg 24 0 R 3049 0 obj /K 76 /K 182 /P 10 0 R /P 6165 0 R << /P 5499 0 R endobj 3416 0 obj 844 0 obj /Lang (EN-US) /P 4825 0 R /K 347 /P 5079 0 R /P 5095 0 R /K 1151 1695 0 obj /P 6385 0 R << << /Pg 22 0 R /S /P 3694 0 obj /S /P 2983 0 obj << Suisse Leveraged Loan Index, Bloomberg Barclays Indices for US IG Credit. >> >> /S /P endobj << /S /P << /Pg 24 0 R /Pg 23 0 R /Pg 25 0 R /S /Artifact /Pg 25 0 R >> >> /P 6003 0 R /K 63 /K 1136 82 0 obj /S /P /S /P << /Parent 9 0 R 3163 0 obj endobj >> /P 5193 0 R /Pg 22 0 R 632 0 R null null null 633 0 R null 634 0 R null 635 0 R null endobj /P 4690 0 R << << /K 48 << endobj /P 6345 0 R >> /Pg 25 0 R << << << endobj <> /Pg 25 0 R /H /I /S /P /P 4650 0 R /Pg 22 0 R endobj /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R /P 4866 0 R /K 1043 /Lang (EN-US) 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.

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