cliffwater direct lending index

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<< 3518 0 R null 3519 0 R null 3520 0 R null 3521 0 R null 3522 0 R null /P 10 0 R /Lang (EN-US) << 1608 0 obj /Pg 24 0 R 810 0 obj At TCP, Mr. Wolfe launched the middle-market CLO platform taking . endobj /Pg 23 0 R /Lang (EN-US) >> >> >> /Pg 25 0 R /Pg 22 0 R 1804 0 obj /K 1450 955 0 obj 1400 0 obj >> >> << /Lang (EN-US) /S /P /Lang (EN-US) << /S /Artifact /Lang (EN-US) /P 6583 0 R /Lang (EN-US) << >> /Pg 23 0 R /P 10 0 R /S /P CLIFFWATER and the CLIFFWATER LLC logo are trademarks of Cliffwater LLC. /Pg 24 0 R /S /P /Lang (EN-US) endobj >> /K 552 /Pg 23 0 R /K 695 >> << /K 1427 /K 1435 << >> /Lang (EN-US) 998 0 obj /Lang (EN-US) endobj 1877 0 obj /S /P /P 5834 0 R 2116 0 R 2117 0 R 2118 0 R 2119 0 R 2120 0 R 2121 0 R 2122 0 R 2123 0 R 2124 0 R 2125 0 R << /Pg 25 0 R endobj << /Pg 22 0 R 991 0 obj /K 1374 2838 0 obj 332 0 obj /K 1432 << null 691 0 R null null null 692 0 R null null null 693 0 R /Pg 24 0 R << /S /P 1292 0 obj >> 4064 0 obj /P 5517 0 R >> /S /P endobj 1723 0 obj endobj /P 10 0 R 4041 0 obj endobj /Pg 22 0 R << /Pg 22 0 R /Pg 25 0 R 2536 0 obj >> endobj << /Lang (EN-US) /Pg 22 0 R >> /S /Artifact << /S /P /K 1274 /S /P /S /P endobj 3470 0 obj /Pg 20 0 R >> /S /Artifact >> /S /Artifact /K 1454 3020 0 obj /S /P /P 6023 0 R /S /Artifact >> >> << << >> endobj << endobj endobj 598 0 obj << /K 1210 /P 4843 0 R endobj /S /P >> << /Lang (EN-US) /K 1161 /K 1409 /Pg 19 0 R /Pg 23 0 R /P 6162 0 R 3881 0 obj /K 202 /K 1148 1951 0 obj /K 1073 /Pg 24 0 R /K 1342 endobj /K 799 /P 5422 0 R 3571 0 obj /P 5953 0 R >> << endobj /P 6557 0 R 3872 0 obj /K 507 << >> << /Pg 24 0 R /Pg 24 0 R /S /Artifact /P 4767 0 R 2216 0 obj /K 18 /P 6099 0 R /K 1277 /Pg 25 0 R /S /Artifact endobj 2055 0 obj >> /Pg 22 0 R /P 6447 0 R /S /Artifact /K 1390 /P 6185 0 R /S /Artifact endobj 899 0 obj endobj /Pg 22 0 R /Lang (EN-US) /K 707 /K 1450 << 2496 0 obj /S /Artifact /S /P /Pg 25 0 R >> /Resources 4359 0 R 4314 0 obj >> /Lang (EN-US) /S /P /Pg 24 0 R /Pg 24 0 R >> /K 555 /S /Artifact 3287 0 obj /P 152 0 R << /P 5840 0 R 393 0 obj 4197 0 obj endobj 1920 0 obj Morningstar computes standard deviation using trailing quarterly total returns for 15 years. 3805 0 obj /S /Artifact /P 5136 0 R /Pg 24 0 R endobj endobj << << It is often said policy takes around 6-12 months to take effect. 2097 0 obj /Pg 25 0 R /Lang (EN-US) /S /Artifact >> >> /K 1374 <> /Pg 22 0 R endobj >> 913 0 obj >> >> >> 4200 0 obj >> /Pg 25 0 R /Lang (EN-US) /S /P 1077 0 obj >> /K 1162 /S /P endobj 769 0 obj /K 3 /K 1286 2689 0 obj /Pg 22 0 R /P 6389 0 R /S /P /K 1448 /Lang (EN-US) /K 69 /S /Artifact /K 876 /S /Artifact endobj /K [73 74] /P 5938 0 R << /Pg 22 0 R /S /P >> /S /P << >> endobj /S /Artifact endobj endobj 767 0 obj endobj 3925 0 obj 601 0 obj /K 664 /Pg 24 0 R >> /K 1207 << endobj 2771 0 R null null null 2772 0 R null null null 2773 0 R null /K 526 3499 0 obj 103 0 obj /K 4 /K 30 2518 0 obj /K 894 >> /S /Artifact 3141 0 obj >> 2063 0 obj /K 682 3068 0 obj /K 1529 /K 718 /Pg 23 0 R /S /Artifact Loans are made or arranged pursuant to a California Financing Law license. >> endobj /K 1462 /P 6276 0 R /K 863 /S /P /Lang (EN-US) /S /P endobj /S /P endobj endobj endobj << /P 5901 0 R /S /Artifact /K 1120 << /Pg 22 0 R endobj /Pg 23 0 R 796 0 obj /P 5311 0 R /S /Artifact endobj /S /P 1059 0 obj /K 350 /K 722 /Lang (EN-US) << endobj endobj 3724 0 obj << null 1776 0 R null 1777 0 R null null null 1778 0 R null null /Pg 24 0 R /Pg 22 0 R /A 4406 0 R /S /Artifact /P 5796 0 R /S /P <> /P 5337 0 R /Pg 22 0 R 1Great Financial Crisis 2008/2009. << /Pg 25 0 R << /K 58 3873 0 R null 3874 0 R null 3875 0 R null 3876 0 R 3877 0 R null 3878 0 R /P 5607 0 R >> << /Lang (EN-US) /Lang (EN-US) /K 1352 /K 1417 /K 1429 2048 0 obj /S /P endobj << endobj 3667 0 obj >> /Type /Page endobj endobj /P 5800 0 R /S /P << /Pg 25 0 R /Lang (EN-US) /K 801 /P 6655 0 R endobj 2754 0 obj /S /P /S /Artifact /Lang (EN-US) <> /P 4931 0 R >> 1717 0 obj /K 886 /S /Artifact /K 2 >> /S /Artifact /Pg 18 0 R /K 514 /P 5375 0 R /P 10 0 R endobj /K 30 >> /K 1083 >> /K 1400 /K 1325 2059 0 obj endobj << << /S /P endobj /P 5393 0 R /P 6455 0 R /P 6419 0 R endobj The Cliffwater Direct Lending Index (CDLI) prior quarter return explains only 8% of the index's current quarter return. /S /P endobj /Lang (EN-US) << /Pg 25 0 R /Pg 25 0 R /P 10 0 R endobj /K 101 /K 9 /Lang (EN-US) endobj endobj >> /Pg 25 0 R /K 776 2633 0 obj /Type /Page endobj /K 216 /Pg 24 0 R /Producer (Adobe PDF Library 22.1.149) 2823 0 obj << 2213 0 obj endobj /Lang (EN-US) /K 1291 /Lang (EN-US) /Pg 23 0 R /K 1540 /Lang (EN-US) << << /K 641 /K [39 40 41 42 43 44] >> /Pg 24 0 R /K 34 /K 100 3902 0 obj endobj /S /P /P 10 0 R /Lang (EN-US) 2542 0 obj endobj endobj /Lang (EN-US) << /K 136 /K 729 endobj /Pg 20 0 R /Lang (EN-US) /S /Artifact /K 1327 /K 376 /S /P << based upon the market price or level of an index, or the market price or value of a security, currency, commodity, or financial instrument. 625 0 obj /ModDate (D:20220524030506-06'00') endobj /K 1534 /Lang (EN-US) /Pg 23 0 R 1926 0 R null null null 1927 0 R null null null 1928 0 R null /Lang (EN-US) /P 10 0 R >> << 3317 0 obj << >> >> >> >> /S /P /K 798 endobj /Lang (EN-US) endobj /Pg 25 0 R /Lang (EN-US) 3483 0 obj endobj /Pg 22 0 R /S /P endobj << /K 1475 /S /P 752 0 obj 295 0 obj >> 1940 0 obj /Pg 22 0 R /S /P /P 6083 0 R << /Lang (EN-US) << << /Pg 23 0 R /K 1338 << 2207 0 obj << /K 570 /K 1415 /P 5531 0 R << << /K 1396 /Pg 25 0 R endobj /P 10 0 R << << << /Pg 15 0 R /Pg 25 0 R /S /Artifact /K 1163 /S /P /K 62 835 0 obj /Pg 23 0 R 1463 0 obj /Lang (EN-US) endobj /Pg 21 0 R << >> /Lang (EN-US) /Pg 25 0 R /Pg 23 0 R endobj 2039 0 obj <> 3266 0 obj << 2023. endobj 3282 0 obj /Pg 24 0 R /Lang (EN-US) 3199 0 obj /S /P endobj 4175 0 obj /Pg 24 0 R << << /Lang (EN-US) /Lang (EN-US) << 1364 0 obj << /Pg 23 0 R >> >> 1977 0 obj >> 3425 0 obj 1623 0 R null 1624 0 R null 1625 0 R null 1626 0 R null 1627 0 R null >> endobj /K 1423 /K 1039 /Pg 25 0 R >> /P 6560 0 R endobj /K 1348 << /Pg 22 0 R /K 791 << << /K 688 /S /P /Pg 24 0 R << << 3080 0 obj /K 1375 /Pg 24 0 R >> /Pg 22 0 R >> /P 4875 0 R >> /S /Artifact /K 153 << /Lang (EN-US) endobj endobj >> << /Pg 24 0 R << >> >> 1385 0 obj /K 491 /S /P /S /Artifact 3313 0 obj /A 4671 0 R /S /Artifact >> 2321 0 obj 1691 0 obj /Lang (EN-US) 3659 0 obj >> /Pg 25 0 R /K 662 /S /P /K 129 /Lang (EN-US) << null 3696 0 R 3697 0 R null 3698 0 R null 3699 0 R null 3700 0 R null << << /S /P /Pg 25 0 R >> /Pg 24 0 R << >> /K 1338 >> << /S /P 3060 0 obj /Pg 22 0 R /Pg 22 0 R >> << 2380 0 obj /Pg 25 0 R << /Lang (EN-US) /Pg 22 0 R /K 840 endobj << endobj 2220 0 obj 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 $264 billion. /Pg 23 0 R /Pg 25 0 R /Pg 22 0 R /Lang (EN-US) /K 342 << /K 1493 /P 4651 0 R 3576 0 obj << /Pg 23 0 R /Lang (EN-US) /S /Artifact /Pg 25 0 R /S /Artifact 2566 0 R null 2567 0 R null 2568 0 R null 2569 0 R 2570 0 R null 2571 0 R /P 5610 0 R 947 0 obj << /Pg 22 0 R endobj >> << endobj /Lang (EN-US) 3620 0 obj << 2568 0 obj endobj /S /P 1265 0 obj /K 765 /Pg 22 0 R /K 534 << << /Lang (EN-US) 3126 0 obj /Lang (EN-US) /Pg 16 0 R /S /Artifact 2453 0 R 2454 0 R 2455 0 R 2456 0 R 2457 0 R 2458 0 R 2459 0 R 2460 0 R 2461 0 R 2462 0 R << /S /P /Pg 24 0 R /S /P /P 4658 0 R /P 5518 0 R endobj /Lang (EN-US) /Pg 24 0 R endobj >> /Pg 24 0 R endobj /S /Artifact 1395 0 obj /Contents 4374 0 R /P 5903 0 R 385 0 obj /Pg 23 0 R /Pg 24 0 R 3759 0 obj /P 5407 0 R /Lang (EN-US) /Pg 18 0 R /K 1349 /K 1307 /Pg 23 0 R /P 5086 0 R /S /Artifact /Pg 24 0 R /Pg 22 0 R /Pg 25 0 R endobj << >> >> >> /Pg 25 0 R << >> endobj 220 0 obj >> /S /P endobj /S /Artifact 592 0 obj >> /Pg 22 0 R /S /P 3449 0 obj null null null 3626 0 R null 3627 0 R null 3628 0 R null 3629 0 R endobj /Lang (EN-US) 1638 0 obj /P 4961 0 R endobj endobj /K 214 /S /P /Lang (EN-US) >> /Pg 23 0 R /Pg 25 0 R /S /Artifact 3510 0 obj endobj endobj 157 0 obj /Pg 24 0 R /K 1499 /P 10 0 R <n#>I`E2IQy0fL?o8Yr|o=={+'KF,/+/4~,$Ze\GOsGt&eC!Zh Z%{nw/!+Fn >> >> /K 1165 2615 0 R null 2616 0 R null 2617 0 R 2618 0 R null 2619 0 R null 2620 0 R endobj /S /P /Lang (EN-US) >> >> >> << /Lang (EN-US) /K 14 << >> null null 961 0 R null null null 962 0 R null 963 0 R null /K 44 endobj >> endobj /K 140 endobj << /S /P /Pg 22 0 R /P 6376 0 R /Lang (EN-US) 4093 0 obj 456 0 obj endobj /Pg 18 0 R /K 809 endobj /P 5016 0 R << /S /P >> endobj endobj /P 10 0 R /Pg 22 0 R >> 1594 0 obj J.P.Morgan, Guide to Alternatives, 2Q 2020. /Pg 22 0 R /K 1351 /K 1529 <> /Lang (EN-US) << endobj /S /P /S /P /K 1536 /S /Artifact /K 1409 << /S /P /S /P /Pg 22 0 R 3522 0 obj >> << 2605 0 obj /S /P endobj null null null 974 0 R null 975 0 R null 976 0 R null 977 0 R endobj /Pg 23 0 R /P 5148 0 R /Pg 24 0 R << endobj 1847 0 obj /S /Artifact /Pg 22 0 R /Lang (EN-US) << /Pg 23 0 R 4032 0 obj /P 5042 0 R /K 192 /P 4983 0 R 3962 0 obj >> << << /S /Artifact /S /P /A 4685 0 R /Pg 24 0 R /K 1035 /Pg 23 0 R 2381 0 obj endobj endobj 426 0 obj /K 1345 >> >> /K 904 /Lang (EN-US) /K 938 /S /P /Pg 25 0 R /P 5627 0 R 1349 0 obj >> /Pg 24 0 R >> Cliffwater for Direct Lending by the Cliffwater Direct Lending Index (CDLI). /K 158 /K 1109 /Lang (EN-US) /Pg 24 0 R /Pg 23 0 R 3433 0 obj /S /Artifact endobj /P 4835 0 R endobj >> /Lang (EN-US) /P 6662 0 R /Pg 19 0 R >> >> endobj /P 4975 0 R /S /Artifact /S /Artifact /Pg 19 0 R << << /Lang (EN-US) << << 3065 0 obj endobj endobj >> /P 6264 0 R /S /P /K 797 /P 4886 0 R /Lang (EN-US) /S /P << 4043 0 obj >> /Pg 20 0 R 1094 0 obj << << /S /Artifact 3414 0 obj /S /Artifact << null 427 0 R null null 100 0 R 101 0 R 102 0 R null 428 0 R null 1008 0 obj >> 2210 0 obj /Pg 24 0 R /Pg 24 0 R /P 4777 0 R << /S /Artifact endobj >> /Lang (EN-US) /Lang (EN-US) /P 5644 0 R /K 1509 >> endobj endobj >> /Pg 23 0 R /K 106 >> /K 1150 endobj 3710 0 obj >> /Lang (EN-US) /Pg 25 0 R /Pg 23 0 R /K 243 /K 1160 << /S /P /K 896 /K 484 << null 3879 0 R null 3880 0 R null 3881 0 R null null null 3882 0 R endobj /Pg 25 0 R endobj /S /P /Lang (EN-US) /Pg 25 0 R /S /Artifact 3887 0 obj << /Lang (EN-US) /Pg 25 0 R endobj /Lang (EN-US) /Pg 24 0 R /Pg 23 0 R /K [37 4670 0 R] /Lang (EN-US) >> /Pg 24 0 R /K 466 /Pg 24 0 R >> 614 0 obj 2664 0 R null 2665 0 R 2666 0 R null 2667 0 R null 2668 0 R null 2669 0 R << endobj /K 169 17 0 obj /P 5345 0 R endobj >> /S /P 3507 0 obj /P 5779 0 R /K 515 /S /Artifact endobj << /K 1529 /K 1152 /K 13 >> 3669 0 obj /Lang (EN-US) /Lang (EN-US) 670 0 obj << >> /S /Artifact endobj /S /P >> endobj endobj /K 1183 /P 5259 0 R /Pg 25 0 R 3633 0 obj << 2152 0 obj /Pg 24 0 R /Pg 24 0 R >> >> << >> /S /Artifact /Pg 23 0 R /P 10 0 R /K 1084 << 3821 0 obj << /Pg 23 0 R 2900 0 obj /Lang (EN-US) >> << << << endobj 1829 0 obj endobj >> /K 357 /Pg 23 0 R /P 4956 0 R /Pg 25 0 R endobj /S /Artifact << /K 793 /K 662 2603 0 obj /P 10 0 R >> /K 1105 /S /Artifact /Pg 22 0 R 2245 0 obj /P 5897 0 R /K 61 /P 5391 0 R /K 1408 endobj endobj endobj endobj /Group 4370 0 R << endobj /K 109 978 0 obj 2238 0 obj /S /P /K 31 3595 0 obj /Pg 22 0 R 3465 0 obj /P 10 0 R << /S /Artifact 2597 0 obj /K 381 endobj 4514 0 R 4515 0 R 4516 0 R 4517 0 R 4518 0 R 4519 0 R 4520 0 R 4521 0 R 4522 0 R 4523 0 R << /S /P /Pg 24 0 R << /S /P /Pg 23 0 R <> >> /S /Artifact /Pg 20 0 R 2904 0 obj endobj /K 1456 /Pg 25 0 R /Lang (EN-US) >> /S /P 2659 0 obj >> /P 6458 0 R /StructParent 1 /K 293 /P 5009 0 R 3169 0 obj /P 4892 0 R /K 1238 endobj /K 503 1055 0 obj >> endobj << 2628 0 obj <> /Pg 18 0 R >> 3150 0 obj 1705 0 obj >> /Type /Page /K 792 /S /L <> << endobj endobj /S /Artifact /S /P /S /P /Pg 22 0 R 2883 0 obj /S /P << /Lang (EN-US) /S /Artifact /Lang (EN-US) 2477 0 obj /Pg 23 0 R << << >> << /K 707 3843 0 obj /Pg 23 0 R 2666 0 obj 1305 0 obj /K [1117 1118] << /Lang (EN-US) endobj endobj /Pg 22 0 R /K 108 /K 1524 >> 144 0 obj 1339 0 obj /S /Artifact /Pg 23 0 R null 2673 0 R null 2674 0 R null 2675 0 R null 2676 0 R null 2677 0 R /Pg 13 0 R /S /P endobj /Lang (EN-US) /Pg 23 0 R >> >> 2581 0 obj /Pg 23 0 R /Lang (EN-US) endobj /S /Artifact /S /P /Pg 24 0 R /Pg 25 0 R /Pg 22 0 R 2354 0 obj endobj /S /P /S /Artifact /Lang (EN-US) >> /S /P << >> /S /Artifact /K 559 endobj >> endobj /Pg 23 0 R /S /Artifact 4082 0 obj /S /Artifact 63 0 obj 603 0 obj /Pg 22 0 R << /Pg 22 0 R >> >> 734 0 R 735 0 R null 736 0 R null 737 0 R null 738 0 R null 739 0 R /Pg 18 0 R endobj endobj << /K 5 /S /Artifact << /S /P 200 0 obj /P 4667 0 R /S /P << /Pg 22 0 R << << /Pg 25 0 R >> /S /Artifact /P 4962 0 R endobj /S /Artifact 2192 0 obj << /S /P Get the latest insights and knowledge delivered to your inbox. endobj >> 4 0 obj << /K 1319 >> /K 1481 /P 6501 0 R << /S /P /Lang (EN-US) endobj << << 3416 0 obj /S /P /Lang (EN-US) /K 1365 /K 1465 endobj /P 4398 0 R /K 1204 >> /K 402 /Pg 22 0 R << << /Lang (EN-US) /S /P /P 6129 0 R << endobj /Lang (EN-US) 3006 0 obj endobj >> /MediaBox [0 0 612 792] >> endobj 4130 0 obj 3464 0 obj /S /P >> >> /K 867 /Pg 21 0 R /Lang (EN-US) /K 317 /Pg 22 0 R /Lang (EN-US) /K 1359 /Lang (EN-US) endobj /S /Artifact << /Pg 24 0 R endobj /Lang (EN-US) << /Pg 25 0 R endobj /S /Artifact endobj /Pg 25 0 R endobj /Lang (EN-US) endobj /S /P /Pg 22 0 R << /K 269 /Pg 24 0 R /Lang (EN-US) /P 6216 0 R >> 2858 0 obj 4239 0 obj /S /P /Pg 22 0 R << 278 0 obj /S /Artifact /K 1321 /Lang (EN-US) /Pg 25 0 R >> 859 0 obj /S /Artifact /P 4844 0 R /S /Artifact /Lang (EN-US) >> >> >> << /Pg 23 0 R endobj /P 4912 0 R /S /Artifact /P 6744 0 R /Pg 24 0 R 2774 0 R null 2775 0 R null 2776 0 R null 2777 0 R null 2778 0 R 2779 0 R << /K 1538 endobj /K 944 /S /P /Pg 22 0 R 825 0 obj /S /Artifact /P 10 0 R /Pg 22 0 R 1528 0 obj /Pg 20 0 R endobj >> /P 10 0 R << /K 1459 >> >> /Pg 14 0 R Private Equity generally outperforms Public Equities in almost all environments except the 'low inflation/low growth' regime. 2002 0 obj << endobj /S /P >> << /K 578 << >> << >> /K 1177 /K 902 endobj /Lang (EN-US) << /Pg 22 0 R 1683 0 obj /Pg 25 0 R /S /P 2993 0 obj 101 0 obj /K 620 endobj /Lang (EN-US) >> /K 1532 >> 3049 0 obj /Pg 24 0 R /Lang (EN-US) >> All of the monthly standard deviations are then annualized and the volatility is expressed as a percentage. 891 0 obj << endobj endobj endobj 3656 0 obj /Lang (EN-US) /Pg 25 0 R /K 1548 /Pg 22 0 R endobj << /K 1413 null 2949 0 R null 2950 0 R null 2951 0 R null null null 2952 0 R endobj endobj 2767 0 obj << >> /Pg 25 0 R /S /Artifact /K 32 /P 6659 0 R 1842 0 obj >> 1245 0 obj >> 2953 0 obj /Pg 22 0 R /Lang (EN-US) 2418 0 obj endobj 2315 0 obj /Pg 22 0 R >> /Pg 23 0 R /S /Artifact << >> >> /S /P /Lang (EN-US) /S /P 3114 0 obj /Pg 24 0 R /Lang (EN-US) << endobj << 942 0 R null 943 0 R 944 0 R null 945 0 R null 946 0 R null 947 0 R /S /Artifact /Pg 22 0 R >> 2305 0 obj << 3327 0 obj /P 4691 0 R /Lang (EN-US) >> >> /S /P <> /Lang (EN-US) 2910 0 obj 3119 0 obj /Lang (EN-US) /K 139 >> endobj /S /P /S /P /Lang (EN-US) /P 10 0 R endobj /Pg 22 0 R 2267 0 obj /Lang (EN-US) /Pg 22 0 R /K 809 >> >> /S /Artifact /K 1512 >> /S /Artifact /K 1376 << << >> endobj >> /S /LBody /S /P 3101 0 obj 2630 0 obj /Pg 22 0 R 3914 0 obj /Lang (EN-US) << 3650 0 obj /Lang (EN-US) endobj endobj /Lang (EN-US) /Pg 24 0 R endobj /K 1393 << <> /P 5892 0 R >> /P 6238 0 R /Lang (EN-US) endobj /K 827 /Lang (EN-US) /Lang (EN-US) /Pg 22 0 R endobj >> /Pg 25 0 R endobj endobj >> << /S /P << 702 0 obj >> /P 5342 0 R >> >> 954 0 obj /S /P /S /P /Lang (EN-US) 346 0 obj 1584 0 obj /Pg 22 0 R /P 5399 0 R >> null 841 0 R null 842 0 R 843 0 R null 844 0 R null 845 0 R null << /Pg 24 0 R >> /Pg 25 0 R /Lang (EN-US) /K 1542 /Lang (EN-US) 3623 0 obj /Pg 25 0 R /S /Artifact /S /Artifact /K 310 endobj /P 5156 0 R /Pg 24 0 R 1493 0 obj << >> /P 5859 0 R >> 3094 0 obj /P 6749 0 R 1238 0 obj /K 24 /Lang (EN-US) /S /P /K [212 213 214] /Pg 22 0 R /Pg 24 0 R /S /Artifact /K 823 << /K 824 /Pg 21 0 R /K 71 /Pg 23 0 R endobj 4067 0 obj /S /Artifact /Pg 24 0 R /S /P /Lang (EN-US) << endobj 2752 0 obj /Pg 24 0 R /S /P /Pg 24 0 R /P 6300 0 R << /S /P >> 1035 0 R null 1036 0 R null 1037 0 R null 1038 0 R null 1039 0 R 1040 0 R /Pg 22 0 R 1423 0 obj /Pg 25 0 R << /Pg 22 0 R >> 414 0 R 415 0 R 416 0 R 417 0 R] >> /Pg 22 0 R /K 374 << /S /P /K [4610 0 R 4611 0 R 4612 0 R 4613 0 R 4614 0 R 4615 0 R 4616 0 R 4617 0 R 4618 0 R 4619 0 R /K 998 /S /P /Pg 23 0 R /K 1160 /P 5080 0 R endobj << >> /Pg 13 0 R << 1989 0 obj >> << /Lang (EN-US) 2956 0 obj /Pg 25 0 R /K 105 >> /Lang (EN-US) >> endobj endobj 3637 0 obj /K 84 << /S /P endobj << 4134 0 obj /Pg 19 0 R /K 845 /S /Artifact << >> /K 629 /S /P /Pg 23 0 R 1497 0 obj /Pg 24 0 R /Pg 22 0 R endobj /S /P /K 1478 >> >> >> /Lang (EN-US) /P 6100 0 R << endobj 3803 0 obj /K 585 << /K 25 3652 0 obj /Pg 25 0 R 3638 0 R null 3639 0 R null 3640 0 R null 3641 0 R null 3642 0 R null 3995 0 obj /Pg 24 0 R >> << /Lang (EN-US) /P 5427 0 R /Pg 25 0 R /Pg 23 0 R /Pg 23 0 R /P 5738 0 R << /S /P >> /K 1380 /K 459 /CropBox [0 0 612 792] 618 0 obj >> << /Pg 25 0 R >> endobj 2773 0 obj 4271 0 obj << 1741 0 obj /Pg 22 0 R << 3070 0 obj /P 10 0 R /P 6319 0 R /S /P /S /P 2677 0 obj >> 155 0 obj 1789 0 R null 1790 0 R 315 0 R null 317 0 R null 1791 0 R null null /Lang (EN-US) /Pg 25 0 R endobj /Pg 22 0 R 3503 0 obj 191 0 obj /Pg 22 0 R /S /Artifact /K 379 /Pg 22 0 R /S /P /K 1366 <> /S /P /Pg 24 0 R <> /S /P 2259 0 obj /Lang (EN-US) endobj /S /Artifact 1954 0 obj /P 4730 0 R /S /P << /Lang (EN-US) /K 1130 /K 1121 >> /Lang (EN-US) 875 0 obj /S /P /S /P /S /Artifact endobj 940 0 obj endobj /S /P /K 499 << /Pg 25 0 R >> 2907 0 obj /S /Artifact /S /P /Pg 24 0 R << 2104 0 obj /Pg 24 0 R /S /P << >> /K 1242 >> endobj << /K 1383 >> >> /K 10 /S /Artifact >> 1547 0 obj >> /Lang (EN-US) 1861 0 obj << 3720 0 obj /Pg 24 0 R >> /Pg 23 0 R /Lang (EN-US) >> /Pg 25 0 R 2545 0 obj /Pg 26 0 R /Pg 25 0 R /K 1409 /Lang (EN-US) << >> >> >> 3292 0 obj >> >> endobj /S /P /Pg 14 0 R /S /P /P 6699 0 R /K 1209 /Pg 25 0 R /K 878 /S /P /Lang (EN-US) endobj /K 1008 << endobj endobj 1414 0 obj /S /P 3935 0 obj 1974 0 obj /Lang (EN-US) << 3540 0 obj endobj The Cliffwater BDC Index (CWBDC) measures the performance of lending-oriented, exchange-traded Business Development Companies, subject to certain eligibility criteria regarding portfolio composition, market capitalization, and dividend history. endobj /Pg 25 0 R << 1909 0 obj /K 372 >> 2804 0 obj /Pg 22 0 R /Lang (EN-US) endobj /K 67 /S /Artifact 26 0 obj >> /P 5969 0 R /S /Artifact 3149 0 obj >> /Pg 22 0 R /K 405 >> /S /P >> endobj >> /K 1323 /K 314 /K 926 endobj endobj << /Lang (EN-US) 3956 0 obj /Pg 22 0 R /S /Artifact << <> >> /S /Artifact 1927 0 obj << /S /P /Pg 23 0 R /Lang (EN-US) >> /P 5666 0 R << /K 1178 endobj << 3723 0 R null 3724 0 R null 3725 0 R null null null 3726 0 R null /Parent 9 0 R 4158 0 obj /P 10 0 R 1509 0 obj 708 0 obj /Pg 25 0 R >> >> 763 0 obj /Pg 24 0 R /S /P /P 6464 0 R /S /P /K 1379 /Lang (EN-US) /K 0 1782 0 obj /K 1056 1535 0 obj endobj /Lang (EN-US) endobj /K 1347 678 0 obj /Pg 18 0 R /Pg 16 0 R >> 2966 0 obj 2850 0 R 2851 0 R null 2852 0 R null 2853 0 R null 2854 0 R null 2855 0 R >> /S /P >> /K 297 endobj 2583 0 obj endobj /K 33 /P 10 0 R /P 5553 0 R /K 48 endobj /K 429 /K 1129 1681 0 obj >> /Lang (EN-US) /Pg 23 0 R endobj /S /P endobj /P 6361 0 R >> /Lang (EN-US) /Lang (EN-US) endobj /Pg 24 0 R >> endobj endobj endobj >> 3356 0 obj /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R 2575 0 obj endobj /S /P /K 616 2516 0 obj /Lang (EN-US) 96 0 obj /Pg 23 0 R /K 385 514 0 obj /S /Artifact >> << /S /Artifact /Lang (EN-US) /S /Artifact /S /Artifact endobj /Pg 23 0 R 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 /Lang (EN-US) << /S /Artifact /S /P >> 1315 0 obj /P 4970 0 R endobj 4323 0 obj /Pg 23 0 R endobj << /K 262 3677 0 obj /Pg 23 0 R In addition to consolidating existing knowledge on direct lending, Private Debt offers several completely new analysis tools and concepts, representing significant value to the investment community. << >> /S /P /Pg 23 0 R /S /P /S /P /Pg 23 0 R << /Lang (EN-US) /S /P endobj /K 219 593 0 obj >> /Pg 24 0 R 55 0 obj << 3459 0 obj /Pg 22 0 R /S /P /S /Artifact /Pg 25 0 R 3008 0 obj 277 0 obj /P 4820 0 R /K 124 /S /P /P 5722 0 R /Pg 25 0 R 353 0 R 354 0 R] /K 684 /Pg 22 0 R /K 1515 3981 0 obj /Pg 22 0 R >> /Pg 23 0 R /P 5309 0 R << endobj /S /P /K 1187 /Pg 19 0 R 2801 0 R null 2802 0 R 2803 0 R null 2804 0 R null 2805 0 R null 2806 0 R 3107 0 obj 2046 0 obj << /Pg 23 0 R /Pg 22 0 R /P 5493 0 R << >> >> endobj 3688 0 obj /Pg 25 0 R 3531 0 obj 3504 0 obj endobj /S /P /S /P /P 6689 0 R /A 4439 0 R << /Pg 25 0 R /Lang (EN-US) 1743 0 obj << /K 1421 /K 1527 << endobj 116 0 obj /S /Artifact endobj /Lang (EN-US) >> << << endobj endobj /K 1434 /S /Artifact 4079 0 obj /K 547 /S /Artifact /P 6510 0 R << /S /P 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 endobj endobj endobj 3191 0 obj >> /K 1185 /Pg 24 0 R /S /Artifact /K 882 /S /Artifact endobj /K 628 endobj /P 5262 0 R >> /S /Artifact 927 0 obj << >> /Pg 25 0 R endobj endobj /Lang (EN-US) endobj endobj endobj >> >> << 3192 0 obj /Lang (EN-US) endobj /Lang (EN-US) 3819 0 obj /Lang (EN-US) /S /Artifact 158 0 obj /K 82 /Pg 23 0 R endobj /P 5252 0 R >> /P 6035 0 R endobj << << 1437 0 obj /Pg 15 0 R endobj 3617 0 obj >> << 2963 0 obj 2316 0 obj 3976 0 obj << >> 3680 0 obj 2888 0 obj >> /P 6710 0 R /Lang (EN-US) /Pg 25 0 R /S /Figure /K 1037 3260 0 obj >> 3026 0 obj >> /Pg 24 0 R >> endobj << /S /P Acrobat PDFMaker 22 for Word /Lang (EN-US) /Pg 22 0 R /K 110 endobj /S /P /Pg 22 0 R >> /Pg 25 0 R endobj 3567 0 R null 3568 0 R null 3569 0 R null 3570 0 R null 3571 0 R 3572 0 R /K 1212 >> 2333 0 R 2334 0 R 2335 0 R 2336 0 R 2337 0 R 2338 0 R 2339 0 R 2340 0 R 2341 0 R 2342 0 R /S /Artifact << /Pg 18 0 R >> >> endobj /S /P /Pg 23 0 R 62 0 obj >> >> /Lang (EN-US) /Pg 25 0 R /S /P >> endobj /Pg 25 0 R /K 487 /Pg 23 0 R /S /Artifact >> /P 10 0 R 2554 0 obj /K 643 2559 0 obj >> /K 10 /S /P /S /Artifact /S /Artifact /K 1264 /P 6236 0 R /K 1465 /P 10 0 R >> >> endobj >> /K 1407 /P 6536 0 R endobj endobj endobj /K 1363 /K 932 /Pg 23 0 R /S /Figure /S /Artifact /Lang (EN-US) /Lang (EN-US) /P 6033 0 R /Lang (EN-US) << /S /P << endobj /P 5557 0 R >> Get the latest insights and knowledge delivered to your inbox. /P 6081 0 R /K 1219 endobj endobj >> >> << /K 58 endobj /S /P /K 1318 >> /P 4995 0 R /Pg 25 0 R << /Pg 25 0 R /Lang (EN-US) 3193 0 obj /K 1190 endobj /S /Artifact /K 832 >> /K 300 endobj >> >> /Pg 17 0 R <> endobj endobj >> >> /K 1010 << /S /P /Lang (EN-US) endobj /S /P 1038 0 obj /Lang (EN-US) >> /S /P /S /Artifact /S /P /Pg 25 0 R endobj /Pg 24 0 R >> /Pg 23 0 R /K 1194 /K 900 4493 0 R 4494 0 R 4495 0 R 4496 0 R 4497 0 R 4498 0 R 4499 0 R 4500 0 R 4501 0 R 4502 0 R >> /P 6677 0 R 4076 0 obj /S /P << /S /P /Pg 17 0 R /Lang (EN-US) 2717 0 obj /P 10 0 R endobj /S /P /S /Artifact endobj /S /P /K 950 /S /Artifact /K 6 /P 5107 0 R 440 0 obj << /S /Artifact LS@.JU /K 1413 /K 1546 /Pg 20 0 R 2035 0 obj /S /P null 2881 0 R null 2882 0 R null 2883 0 R null 2884 0 R null 2885 0 R /T () endobj << 1201 0 obj /Lang (EN-US) /K 1513 /K 1254 null 606 0 R 607 0 R null null 608 0 R null 609 0 R 610 0 R null /Pg 18 0 R /K 1444 /S /P /K 1225 /P 4757 0 R /S /P endobj /S /Artifact 2349 0 obj 2481 0 obj << >> /Pg 22 0 R /Pg 22 0 R /Pg 24 0 R /S /Artifact /Pg 24 0 R endobj << /Lang (EN-US) endobj << >> endobj 1396 0 obj << /Pg 24 0 R /Pg 19 0 R /P 5331 0 R /Pg 17 0 R endobj 2387 0 obj >> >> 1519 0 obj /K 879 /K 799 /Pg 24 0 R >> << 1838 0 obj endobj /Pg 24 0 R << /S /Artifact 435 0 obj /S /P >> 364 0 obj << null 3434 0 R null 3435 0 R null 3436 0 R null 3437 0 R null 3438 0 R endobj << 941 0 obj /K 121 3790 0 obj >> /S /P /Pg 24 0 R 12 0 obj /S /Artifact endobj endobj 2819 0 obj /S /P /Pg 22 0 R /S /Table /S /Artifact /Pg 23 0 R null 713 0 R null 714 0 R null 715 0 R null null null 716 0 R (12-month) Source: Morningstar, Cliffwater Direct Lending Index, Morningstar LSTA US Leveraged Loan Index. /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) /S /Artifact 1065 0 obj << /Lang (EN-US) /S /P /P 6632 0 R <> Hewlett-Packard Company << << /Lang (EN-US) /P 6268 0 R /Lang (EN-US) /S /Artifact << >> /K 545 611 0 obj endobj >> /K 257 >> /K 271 >> /K 1273 << endobj /S /P >> /K 1343 endobj /Lang (EN-US) /Pg 24 0 R endobj << /K 1182 null 2739 0 R null 2740 0 R null 2741 0 R null 2742 0 R 2743 0 R null endobj << /Pg 22 0 R >> >> >> 2893 0 obj /P 5759 0 R endobj /P 6071 0 R /S /P 3993 0 obj /Lang (EN-US) << /Lang (EN-US) << /S /P /K 325 >> >> 3778 0 obj /S /P << << /Pg 24 0 R >> endobj /S /Artifact /S /Artifact /K 1360 /Lang (EN-US) 676 0 obj endobj /S /Artifact endobj 473 0 obj 813 0 obj /Pg 25 0 R /K 932 endobj /S /Artifact >> <> << << /S /P >> >> /Pg 22 0 R /K 22 /S /P endobj endobj << /Pg 23 0 R /K 1389 197 0 R 198 0 R 199 0 R 200 0 R 201 0 R 202 0 R 203 0 R 204 0 R 205 0 R 206 0 R << << /Lang (EN-US) endobj >> 1563 0 obj >> /S /P /K 518 << >> /Lang (EN-US) /Pg 24 0 R << /Pg 23 0 R /Pg 22 0 R /K 1344 >> 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 << endobj >> >> >> /Pg 25 0 R /S /P /Lang (EN-US) endobj endobj 95 0 obj >> /P 5774 0 R <> 292 0 obj /S /Artifact >> /K 207 endobj /S /Artifact /P 5801 0 R /K 766 << endobj endobj endobj << /Lang (EN-US) endobj /Lang (EN-US) 2235 0 obj endobj 2705 0 obj /P 33 0 R /S /P << >> /Lang (EN-US) /S /Artifact /S /P >> >> endobj /Pg 24 0 R >> /K 1336 endobj /P 6158 0 R /Pg 24 0 R endobj /Pg 16 0 R /K 239 /S /Artifact /Lang (EN-US) 995 0 obj >> /K 932 /Lang (EN-US) /S /Artifact /K 1493 endobj 1993 0 obj So we built one. << /K 480 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). >> /Pg 20 0 R 1427 0 obj /P 4949 0 R /S /Artifact >> >> << /S /P /K 1361 /K 1276 /P 4858 0 R /S /P /K 927 endobj 2486 0 obj /P 5389 0 R /Pg 23 0 R 3883 0 obj /S /Artifact <> /Pg 22 0 R >> >> << << /S /Artifact 2785 0 obj /K 844 << 1894 0 obj 3104 0 obj << 653 0 obj /S /P 2141 0 obj /P 5767 0 R 3300 0 obj << /S /P << /Pg 22 0 R /P 5283 0 R /K 10 /Lang (EN-US) >> >> >> >> /P 6012 0 R >> /S /P /Pg 24 0 R /S /P /P 10 0 R endobj /P 6179 0 R /P 5169 0 R 1455 0 R 1456 0 R 1457 0 R 1458 0 R 1459 0 R 1460 0 R 1461 0 R 1462 0 R 1463 0 R 1464 0 R /P 6135 0 R /Pg 22 0 R /K 1489 /Lang (EN-US) /Pg 24 0 R /K 1227 /P 4924 0 R endobj /K 909 521 0 obj 3901 0 obj >> endobj 374 0 obj /Pg 23 0 R <> >> 2625 0 obj 2264 0 R 2265 0 R 2265 0 R 2266 0 R 2267 0 R 2268 0 R 2269 0 R 2270 0 R 2271 0 R 2272 0 R /S /Artifact /S /Artifact 99 0 obj >> >> endobj >> << /K 1294 endobj >> 2313 0 obj 3148 0 obj /S /Artifact >> null 3573 0 R null 3574 0 R null 3575 0 R null 3576 0 R null null /P 4901 0 R /S /P /K 1017 2056 0 R 2057 0 R 2058 0 R 2059 0 R 2060 0 R 2061 0 R 2062 0 R 2063 0 R 2064 0 R 2065 0 R endobj /S /Artifact << 4016 0 obj /P 4655 0 R /P 10 0 R 295 0 R 296 0 R 298 0 R 299 0 R 300 0 R 301 0 R 302 0 R 303 0 R null null null 3510 0 R null 3511 0 R 3512 0 R null 3513 0 R null 3514 0 R null 3911 0 obj endobj endobj /K 983 endobj endobj 1719 0 obj endobj >> /K 1224 /Lang (EN-US) /Pg 22 0 R /S /P 479 0 obj 3479 0 obj /P 5728 0 R /P 5199 0 R /Pg 22 0 R endobj /K 1056 endobj 2949 0 obj << >> << /K 189 /S /P endobj /K 31 /Pg 22 0 R /P 4896 0 R /K 46 487 0 obj /S /P endobj << /K 225 /K 1229 /S /P >> /S /P /K [4462 0 R 4463 0 R 4464 0 R 4465 0 R 4466 0 R 4467 0 R 4468 0 R 4469 0 R 4470 0 R 4471 0 R /K 607 /S /Artifact 2528 0 obj << endobj << /Pg 23 0 R /Lang (EN-US) 2000 0 R null 2001 0 R null 2002 0 R null 2003 0 R null 2004 0 R null null 3502 0 R null 3503 0 R null 3504 0 R null null null 3505 0 R endobj /P 5743 0 R /S /P << /Pg 24 0 R << /K 453 /K 356 /K 1486 /Pg 22 0 R 628 0 obj /K 1280 >> /S /P /K 414 endobj endobj /S /Artifact /P 6006 0 R 442 0 obj /S /P /K 190 1968 0 obj 3970 0 obj 1658 0 obj /Pg 25 0 R endobj /K 1317 /Pg 22 0 R /Pg 23 0 R /K 530 /K 872 /K 1357 /S /Artifact >> 1233 0 obj 1765 0 obj endobj /Pg 22 0 R /Pg 24 0 R /S /P <> 1231 0 obj << >> /K 575 /Pg 17 0 R /K 126 /P 4698 0 R >> Add To Watchlist. endobj << /S /P /S /P >> /Pg 24 0 R /Pg 25 0 R endobj /P 5503 0 R << endobj /Pg 22 0 R /P 6152 0 R /S /Artifact >> /P 6381 0 R << >> endobj 2373 0 R 2374 0 R 2375 0 R 2376 0 R 2377 0 R 2378 0 R 2379 0 R 2380 0 R 2381 0 R 2382 0 R >> endobj /TextBox /Art >> endobj /K 1009 /Pg 24 0 R /K 641 >> 505 0 obj /S /P endobj /K 1510 endobj /S /P /K 1190 >> /S /Artifact /S /Artifact /Lang (EN-US) /Lang (EN-US) endobj /Lang (EN-US) 1813 0 obj /S /P >> /K 206 /Lang (EN-US) /P 6384 0 R << /S /P endobj 2517 0 R null 2518 0 R null 2519 0 R null 2520 0 R null 2521 0 R 2522 0 R /K 41 /P 6304 0 R endobj endobj /K 697 /S /P >> /P 10 0 R null 410 0 R 37 0 R 411 0 R 42 0 R 412 0 R 45 0 R 30 0 R 40 0 R 413 0 R /K [4504 0 R 4505 0 R 4506 0 R 4507 0 R 4508 0 R 4509 0 R 4510 0 R 4511 0 R 4512 0 R 4513 0 R /K 1420 kryptonian spoken language, is glassell park 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