cliffwater direct lending index

/Pg 13 0 R << << /Pg 24 0 R endobj /S /Artifact 121 0 obj /Pg 25 0 R null 721 0 R null 722 0 R 723 0 R null 724 0 R null 725 0 R null endobj endobj /K 1183 /S /Footnote /Pg 22 0 R /S /P /Lang (EN-US) /K 1516 /Lang (EN-US) /P 4959 0 R 3426 0 obj /P 6647 0 R 3984 0 obj /S /P /P 4965 0 R 77 0 R 79 0 R 80 0 R null null null null 419 0 R 73 0 R 51 0 R 2199 0 obj endobj /Pg 25 0 R /K 1331 << <> /K 156 /P 6087 0 R /Pg 25 0 R << /P 10 0 R 3557 0 obj << endobj << /S /P 9 [263 0 R 264 0 R 265 0 R 266 0 R 267 0 R 268 0 R 269 0 R 270 0 R 271 0 R 272 0 R /S /P << /S /P <> << 4300 0 obj 2365 0 obj /S /P /Lang (EN-US) /K 11 /S /P >> /S /Artifact 3309 0 obj /Pg 22 0 R /K 1432 /K 1206 /S /P endobj 4209 0 obj << Cliffwater Corporate Lending Fund. /Pg 25 0 R 196 0 obj /S /Artifact >> endobj << /Pg 23 0 R 2021 0 obj >> << endobj endobj /S /Artifact /K 28 /K 1365 /K 165 12 0 obj >> 353 0 obj /Pg 23 0 R /K 1319 /P 5747 0 R endobj /Lang (EN-US) endobj /Lang (EN-US) /S /Artifact <> >> /K 1467 /P 6239 0 R endobj /Pg 23 0 R /Pg 22 0 R endobj /P 5296 0 R /Pg 25 0 R {{featuredResearch.formattedEffectiveDate}}, {{featuredWebcasts.formattedEffectiveDate}}, {{latestAssetAllocation.formattedEffectiveDate}}. endobj 2935 0 obj /S /P /K 1228 /Pg 22 0 R /Pg 24 0 R /S /P /K 668 677 0 obj endobj /P 5799 0 R /Pg 23 0 R /Pg 22 0 R >> >> /S /Artifact << endobj /K 1236 /P 10 0 R << /Lang (EN-US) /P 4971 0 R >> >> /S /Artifact /S /P /P 4739 0 R << 3055 0 obj /Pg 25 0 R /S /Artifact /S /P 3528 0 obj /Lang (EN-US) endobj >> >> << << /Pg 25 0 R 1064 0 obj >> >> >> >> /Pg 22 0 R /Pg 22 0 R /S /Artifact >> /Lang (EN-US) >> /P 5260 0 R << /S /P endobj 2181 0 obj /Lang (EN-US) /Lang (EN-US) << endobj endobj <> /Pg 22 0 R /K 433 endobj /K 384 >> /P 10 0 R 1119 0 obj endobj endobj endobj >> /K 788 /S /Artifact /Lang (EN-US) /Lang (EN-US) << endobj /K 429 endobj >> /P 5708 0 R >> 1645 0 obj /P 4719 0 R 2302 0 obj /K 23 /P 5112 0 R 3389 0 obj /K 1527 632 0 R null null null 633 0 R null 634 0 R null 635 0 R null /Pg 23 0 R endobj null 2501 0 R null 2502 0 R null null null 2503 0 R null null /P 5661 0 R endobj /S /P >> 4184 0 obj 3223 0 obj endobj /Lang (EN-US) >> /Lang (EN-US) /K 1069 << 1470 0 obj /Pg 24 0 R 2806 0 obj <> /Lang (EN-US) /Lang (EN-US) endobj 1249 0 obj /S /P null 3554 0 R null 3555 0 R null 3556 0 R null 3557 0 R null 3558 0 R /K 1274 /K 734 /Lang (EN-US) endobj 2481 0 obj endobj >> 1202 0 obj endobj endobj /K 547 endobj endobj /K 489 /S /Artifact 3022 0 obj /Pg 23 0 R /P 6695 0 R 819 0 obj >> /S /P /S /P null 3439 0 R 3440 0 R null 3441 0 R null 3442 0 R null 3443 0 R null /S /Artifact >> 2793 0 R null 2794 0 R null 2795 0 R null null null 2796 0 R null /K 244 >> /K 1259 << /K 1181 /P 6449 0 R <> << >> >> 2947 0 obj null 2621 0 R null 2622 0 R null null null 2623 0 R null null 3839 0 obj /P 5914 0 R /Lang (EN-US) endobj /K 1236 >> Loans are made or arranged pursuant to a California Financing Law license. /S /P /P 4652 0 R /Pg 24 0 R /P 5791 0 R /Lang (EN-US) << >> /S /P /Pg 25 0 R endobj >> endobj << endobj /K 964 /P 5738 0 R /Pg 22 0 R endobj /Lang (EN-US) /S /P /Lang (EN-US) /K [95 96 97 98 99 100 101 102 103] /S /Artifact /Lang (EN-US) endobj endobj /S /Artifact << /S /P << << >> << /Lang (EN-US) /P 4843 0 R /K 626 749 0 obj 2897 0 obj endobj 786 0 obj /K 1030 /Pg 16 0 R >> >> /Lang (EN-US) >> >> /S /P 1812 0 obj /S /P /K 1350 /S /P /S /Artifact << >> << /Pg 23 0 R /S /P /Pg 22 0 R endobj << /S /Artifact 2641 0 obj >> >> endobj /Pg 23 0 R /P 112 0 R /S /Artifact << endobj null null 3590 0 R null 3591 0 R null 3592 0 R null 3593 0 R null /Pg 25 0 R /P 5352 0 R /Lang (EN-US) >> /Pg 19 0 R /S /Artifact <> >> /K 435 endobj 3881 0 obj /P 6260 0 R /K 264 /K 1394 >> /Type /Page >> /Lang (EN-US) << /Pg 25 0 R /K 578 2077 0 obj endobj /BS 6767 0 R 2816 0 obj /S /P << /K 1025 /S /Artifact /P 5414 0 R >> /Pg 22 0 R << >> null 1894 0 R null 1895 0 R null 1896 0 R null 1897 0 R 1898 0 R null /S /P endobj 3873 0 R null 3874 0 R null 3875 0 R null 3876 0 R 3877 0 R null 3878 0 R 1329 0 obj >> /S /Artifact >> /K 383 /S /Artifact << /Pg 23 0 R /S /P 3288 0 obj endobj /Lang (EN-US) >> /K 1203 >> /Pg 22 0 R endobj endobj << /K 1358 endobj << /S /P endobj endobj /K 1513 endobj /Pg 22 0 R /S /P endobj /Pg 25 0 R 1845 0 obj /Lang (EN-US) /Pg 18 0 R /S /Artifact << >> /S /P /Pg 22 0 R 3095 0 obj /S /Artifact >> << endobj /Pg 23 0 R /Lang (EN-US) /S /P endobj 1748 0 R 1749 0 R null 1750 0 R null 1751 0 R null 1752 0 R null 1753 0 R endobj endobj 590 0 obj /P 10 0 R >> 2223 0 obj /S /P endobj /S /P endobj /K 459 >> /K 1388 >> << 359 0 R 360 0 R 361 0 R 362 0 R 363 0 R null null 364 0 R null 365 0 R /ParentTree 11 0 R /S /Artifact /Pg 22 0 R 726 0 obj /K 1332 /Pg 24 0 R endobj /Pg 24 0 R << /S /Artifact /S /Artifact /Pg 24 0 R /S /Artifact endobj /Lang (EN-US) >> /S /Artifact 2706 0 obj endobj >> /P 5725 0 R 2861 0 obj << /Lang (EN-US) /Lang (EN-US) endobj /K 824 << << << /K 302 /Pg 24 0 R << /S /P /Lang (EN-US) 263 0 obj /Pg 24 0 R /Pg 23 0 R 1061 0 obj /K 486 /K 1190 << >> endobj /Pg 24 0 R /P 5645 0 R /K 1361 /K 17 /Lang (EN-US) << >> << << endobj /P 6235 0 R /S /P endobj /K 277 endobj /K 1530 /Pg 25 0 R 4068 0 obj /Pg 24 0 R >> 3869 0 obj << /Pg 20 0 R <> /P 6387 0 R /S /P /Pg 25 0 R /Lang (EN-US) /S /Artifact >> >> /Pg 18 0 R endobj /S /P /S /Artifact << /S /P /S /Artifact 2833 0 obj /K 17 1237 0 obj 4039 0 obj >> endobj /K 169 /Pg 25 0 R >> /S /P /S /Artifact << /K 17 /Pg 25 0 R /K 932 << endobj endobj >> >> /Pg 22 0 R /Lang (EN-US) /S /Artifact 247 0 R 248 0 R 249 0 R 250 0 R 251 0 R 252 0 R 253 0 R 254 0 R 255 0 R 256 0 R /Pg 20 0 R 2956 0 obj /S /P /K 86 >> >> endobj /S /Artifact 4197 0 obj /S /P >> 3739 0 obj << << 2313 0 obj /Pg 18 0 R << endobj /Lang (EN-US) /Pg 14 0 R endobj /K 1287 /K 963 /Pg 25 0 R << /K 1154 <> 2371 0 obj endobj /S /Artifact << null null null 3408 0 R null null null 3409 0 R null 3410 0 R 643 0 obj 2465 0 obj /S /P << << /K 156 endobj endobj 1846 0 obj /Pg 25 0 R >> /S /Artifact endobj /K 15 /P 6441 0 R 1900 0 obj /K 28 endobj /S /P /K 592 /Parent 9 0 R /S /Artifact endobj /Pg 22 0 R 2286 0 obj >> /K 113 >> /S /Artifact << /K 318 2123 0 obj >> /Pg 22 0 R 3980 0 obj /K 548 /S /P >> >> /P 10 0 R /Pg 25 0 R /Lang (EN-US) /K 19 /P 6667 0 R /K 786 << /S /P /S /Artifact /Pg 18 0 R /Pg 23 0 R /K 688 /P 5053 0 R /Pg 20 0 R /Parent 9 0 R /K 1410 /P 5233 0 R endobj /K 1466 << /K 1215 /Lang (EN-US) endobj /S /P /Pg 25 0 R << /P 10 0 R 2923 0 obj 1298 0 R 1299 0 R 1300 0 R 1301 0 R 1302 0 R 1303 0 R 1304 0 R 1305 0 R 1306 0 R 1307 0 R /Pg 21 0 R /K [80 81] /Lang (EN-US) << /K 446 /Lang (EN-US) /K 1317 /S /P /S /P /Lang (EN-US) /Lang (EN-US) /S /P <> endobj endobj 2019 0 obj /P 6567 0 R 3407 0 obj /S /Artifact /S /P /Pg 25 0 R /Pg 25 0 R /Pg 22 0 R /K 5 endobj 2559 0 obj /P 4998 0 R 2457 0 obj /Pg 23 0 R /Lang (EN-US) >> << /Pg 15 0 R /Pg 22 0 R /S /P 1518 0 obj /K 131 >> << /K 1396 Consistent floating-rate income with low volatility - Cliffwater launched CCLFX as an opportunity to track the Cliffwater Direct Lending Index (CDLI) /K 769 >> /P 10 0 R /K 1278 endobj /S /Artifact /Lang (EN-US) /K 1131 /S /P /S /Artifact endobj /S /P /Lang (EN-US) >> << endobj /P 4774 0 R /K 515 /Lang (EN-US) /Pg 23 0 R >> endobj 3758 0 obj << << << endobj endobj >> 863 0 obj >> 579 0 obj /P 5214 0 R endobj << /Pg 23 0 R /P 6258 0 R << /S /Artifact /Pg 23 0 R /S /P endobj /S /P /Pg 22 0 R >> /S /P 511 0 obj 3462 0 obj /Pg 25 0 R /K 1538 endobj /Pg 24 0 R /P 5637 0 R /P 6027 0 R 3619 0 obj /K 408 /K 522 /Pg 24 0 R /A 4661 0 R /P 5894 0 R /K 58 << << << /S /Artifact >> 2619 0 obj /K 1127 /K 6 endobj << >> /Pg 23 0 R << endobj /S /Artifact 36 0 obj >> /K 163 << 3276 0 obj /S /P /K 1270 endobj /S /P endobj /S /Artifact /S /Artifact << endobj /K 60 /S /Artifact << 4503 0 R] << 1034 0 obj endobj >> /K 799 /P 6570 0 R << endobj 744 0 obj /Lang (EN-US) /Pg 24 0 R 1789 0 obj /S /P /K 1345 /Pg 25 0 R 1104 0 obj >> >> >> /P 4949 0 R null 2553 0 R null 2554 0 R null 2555 0 R null 2556 0 R null 2557 0 R Opportunities in Corporate Direct Lending", 2019. << >> /K 1464 /K 1189 /Pg 25 0 R endobj /Lang (EN-US) >> /S /Table 872 0 obj >> << /Lang (EN-US) /K 1435 /S /Artifact 2532 0 obj /S /Artifact /K 1198 /Pg 21 0 R << /K 331 /S /P << /S /Artifact /S /Artifact /S /P /Pg 22 0 R endobj /K 142 1127 0 obj << << /Lang (EN-US) >> 2020 0 obj /Lang (EN-US) /Pg 24 0 R endobj 3920 0 obj /S /Artifact 445 0 obj << /K 624 2102 0 obj << 2461 0 obj /Pg 22 0 R << endobj << 3376 0 obj /Lang (EN-US) /K 261 <> << /K 1090 >> >> /S /Artifact /S /P >> endobj /S /P >> /K 1211 endobj /S /Artifact endobj << /Pg 21 0 R /S /P 748 0 R null 749 0 R null 750 0 R null 751 0 R null null null BCRED | Blackstone Private Credit Fund >> endobj >> 2463 0 obj /Resources 4371 0 R /Pg 24 0 R 1248 0 obj endobj >> /Pg 22 0 R 701 0 obj /StructParents 13 /S /Artifact /K [9 410 0 R 132] endobj /Pg 22 0 R /Lang (EN-US) /S /P /S /P 2626 0 obj 2266 0 obj 760 0 obj /K 1033 <> >> /Pg 19 0 R endobj << /S /Artifact endobj endobj 371 0 obj /P 6247 0 R /S /P null 1659 0 R null 1660 0 R null 1661 0 R null 1662 0 R null 1663 0 R /S /Footnote /P 6645 0 R /P 5223 0 R /Lang (EN-US) 1415 0 R 1416 0 R 1417 0 R 1418 0 R 1419 0 R 1420 0 R 1421 0 R 1422 0 R 1423 0 R 1424 0 R /K 1205 endobj >> << /Lang (EN-US) /K 1073 /P 4841 0 R >> 1923 0 obj << 2909 0 obj /K [45 46 47 48 49] /K 130 /S /P /S /P /S /Artifact >> /Pg 24 0 R endobj /K 873 /P 6310 0 R endobj 3710 0 obj /S /P /Pg 22 0 R >> /Pg 23 0 R /P 10 0 R /Lang (EN-US) 2824 0 obj /K 1478 /P 5032 0 R /Pg 24 0 R << 1668 0 obj /S /P Cliffwater Funds: An authority on Private Debt CCLFX CELFX << << /S /P /P 5078 0 R /S /Artifact endobj << /S /P >> /S /P /S /P /Pg 24 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 /Lang (EN-US) /P 4831 0 R /K 1131 3358 0 obj 2739 0 obj /S /P << << /Lang (EN-US) /K 1471 /Lang (EN-US) /K 830 /Pg 24 0 R endobj 312 0 obj 1944 0 obj 1201 0 obj /K 1314 /Pg 25 0 R << 484 0 obj 711 0 obj /Pg 25 0 R /Pg 23 0 R /S /P >> 3026 0 obj /K 198 /K 72 /Pg 24 0 R << endobj /K 1517 319 0 obj null 3834 0 R null null null 3835 0 R null 3836 0 R null 3837 0 R /K 953 /Pg 24 0 R /Pg 25 0 R /Pg 25 0 R D:20220524090108 2851 0 obj endobj endobj /P 6344 0 R endobj >> 2141 0 obj << /K 1066 /K 765 endobj /S /P /Pg 24 0 R >> /Lang (EN-US) 2705 0 R null 2706 0 R null null null 2707 0 R null null null << >> endobj /Lang (EN-US) /Pg 24 0 R /S /P /S /P endobj /K 1132 << >> endobj /Pg 23 0 R >> /Pg 22 0 R /Pg 22 0 R /K 1002 2759 0 obj 2433 0 obj >> /S /P 1219 0 obj /K 273 /K 237 /P 5967 0 R /K 66 << /K 710 /F 4 /S /P 3332 0 obj /S /Artifact endobj /P 5624 0 R /S /P 74 0 obj 2427 0 obj /Pg 24 0 R /Lang (EN-US) << >> << << 1637 0 obj 3273 0 obj << >> 3482 0 obj /Lang (EN-US) 765 0 obj >> 2303 0 R 2304 0 R 2305 0 R 2306 0 R 2307 0 R 2308 0 R 2309 0 R 2310 0 R 2311 0 R 2312 0 R 1603 0 obj 1596 0 obj endobj /S /Artifact endobj << << /K 878 /Pg 13 0 R /S /Artifact endobj /S /Artifact endobj /S /P endobj /K 47 << << << /Pg 19 0 R /S /Artifact /S /P 3992 0 obj >> << /K 1300 endobj /S /Artifact /P 5061 0 R endobj 1171 0 obj endobj /MediaBox [0 0 612 792] >> << 3066 0 obj 355 0 obj /P 5880 0 R >> endobj << >> /Pg 24 0 R 3424 0 obj /S /Artifact << /K 166 /P 5987 0 R endobj /K 695 /Lang (EN-US) 633 0 obj endobj 4201 0 obj /K 1426 As shown in Exhibit 1, Preqin1 reported that private debt funds raised an aggregate $92.6 billion of capital globally in 2016 with direct lending funds accounting for $23.2 billion of the aggregate capital. << << << /Pg 18 0 R /S /P /Pg 25 0 R /K 74 endobj << /Lang (EN-US) /Pg 23 0 R /Pg 24 0 R 3304 0 obj /Pg 24 0 R /Pg 19 0 R /K 1257 << /S /P endobj /P 5811 0 R /S /P >> /S /P /Pg 22 0 R >> /K 1129 endobj >> /S /P /Lang (EN-US) 3892 0 obj /S /Artifact << << 3381 0 obj /S /Artifact /K 27 /K 1171 2971 0 obj /K 324 442 0 obj /K 191 /Pg 23 0 R >> << /K 1178 /P 10 0 R /Pg 25 0 R endobj /S /Artifact /Pg 19 0 R /P 5128 0 R 1745 0 obj Cliffwater Direct Lending Index Performance Annual Total Returns Since Inception Annual Income Returns Since Inception As of 12/31/21. /S /P << >> endobj /K 1295 /S /Artifact /Lang (EN-US) /Lang (EN-US) /S /P >> /K 651 << /K 883 /K 1511 3720 0 obj /Pg 25 0 R endobj /Lang (EN-US) 184 0 R 541 0 R 192 0 R 542 0 R 538 0 R 543 0 R 544 0 R 545 0 R 546 0 R 547 0 R /Pg 25 0 R 1282 0 obj /Lang (EN-US) endobj /Pg 22 0 R endobj /Pg 23 0 R endobj /Lang (EN-US) /Lang (EN-US) /Pg 23 0 R /K 1172 /S /P >> /Pg 25 0 R endobj /P 5409 0 R /Pg 23 0 R /Pg 24 0 R /Pg 23 0 R << >> /S /Artifact 2328 0 obj /S /P /S /Artifact /Pg 24 0 R endobj >> endobj << >> /K 542 3050 0 obj /Pg 23 0 R /K 1401 /Pg 22 0 R /Pg 22 0 R 1809 0 R null 1810 0 R null 1811 0 R null 1812 0 R null 1813 0 R 1814 0 R >> % >> /K 1099 << >> endobj /Pg 24 0 R /Pg 25 0 R 4172 0 obj endobj 1842 0 obj << >> endobj >> /MarkInfo 2 0 R endobj >> << /Lang (EN-US) /Lang (EN-US) 1190 0 obj >> << endobj >> /Pg 25 0 R endobj /Lang (EN-US) endobj /K 747 /Pg 25 0 R /Lang (EN-US) /Pg 25 0 R /Pg 25 0 R 3579 0 obj /A 4675 0 R 2670 0 obj 3253 0 obj /S /Artifact /P 5658 0 R 2338 0 obj /Pg 25 0 R /Pg 23 0 R << endobj /Pg 24 0 R /K 1185 /S /Artifact >> /K 1252 /Pg 25 0 R endobj /Lang (EN-US) 3529 0 obj << >> /Lang (EN-US) /K 454 >> endobj /P 10 0 R 743 0 obj /Pg 25 0 R /Pg 24 0 R >> /P 4714 0 R endobj /Pg 25 0 R /A 4429 0 R >> << << /Pg 22 0 R 1090 0 obj /K 321 /Pg 23 0 R 2469 0 obj endobj endobj /Lang (EN-US) >> 2952 0 obj /S /P 191 0 R 192 0 R 194 0 R 196 0 R 197 0 R 198 0 R 199 0 R 200 0 R null null /Pg 23 0 R << /Lang (EN-US) endobj /K 7 /S /P /P 5668 0 R /Lang (EN-US) 1065 0 obj 1626 0 obj endobj /Lang (EN-US) /Pg 22 0 R /K 1540 /K 17 << /K 1174 /P 6001 0 R >> /Pg 23 0 R 515 0 obj >> endobj /S /P /P 6209 0 R /Lang (EN-US) /Lang (EN-US) << /K 1401 >> /P 5503 0 R >> << << /Pg 23 0 R /Pg 25 0 R /K 904 2479 0 obj 2202 0 obj null 3691 0 R null 3692 0 R null 3693 0 R null 3694 0 R null 3695 0 R 191 0 obj /K 149 /Lang (EN-US) /Pg 18 0 R 125 0 obj /Footnote /Note endobj /Pg 23 0 R /Lang (EN-US) endobj >> /K 1537 /S /Artifact /S /Artifact /K 1519 null 1962 0 R null null null 1963 0 R null null null 1964 0 R /K 468 /K 1177 580 0 obj endobj >> /P 5475 0 R << << >> 3145 0 obj << endobj /P 5977 0 R /Lang (EN-US) endobj /Lang (EN-US) /Pg 22 0 R << << /S /P /Pg 23 0 R /Lang (EN-US) /P 5018 0 R >> >> endobj /Pg 24 0 R << /Lang (EN-US) endobj <> /K 20 << /Pg 21 0 R /S /P << << null 1090 0 R null 1091 0 R null 1092 0 R null null null 1093 0 R endobj /S /Artifact /A 4671 0 R /K 977 << /Pg 23 0 R /P 6661 0 R >> >> 2589 0 obj endobj /S /P >> /P 6064 0 R 3162 0 obj << /Pg 23 0 R /Rotate 0 /Pg 25 0 R /Pg 25 0 R 2411 0 obj >> /Lang (EN-US) /P 5531 0 R endobj /K 190 /Pg 23 0 R 2013 0 obj /P 5945 0 R /K 796 /Pg 24 0 R << 2196 0 obj /Pg 22 0 R /Lang (EN-US) endobj /P 4777 0 R << /Lang (EN-US) endobj endobj /S /Artifact /S /Artifact endobj 1478 0 obj << /ParentTreeNextKey 31 2594 0 obj /P 6701 0 R 4058 0 obj << 736 0 obj /Pg 25 0 R /S /Artifact endobj /K 165 endobj 3629 0 obj /Pg 23 0 R /Pg 25 0 R endobj endobj /Pg 23 0 R 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/Pg 18 0 R 766 0 obj /Pg 13 0 R endobj >> /S /Artifact >> /Border [0 0 0] Index data stretches back to September of 2004. endobj >> /Pg 25 0 R /Pg 24 0 R /K 1543 endobj /P 6400 0 R null 1637 0 R null 1638 0 R null 1639 0 R null 1640 0 R 1641 0 R null /Lang (EN-US) << >> << 3988 0 obj /Pg 25 0 R >> /S /Artifact >> /K 881 >> /Lang (EN-US) /Pg 23 0 R << /Pg 23 0 R << endobj /S /P /Lang (EN-US) 1743 0 R null 1744 0 R null 1745 0 R null 1746 0 R null 1747 0 R null << /Pg 22 0 R 1485 0 R 1486 0 R 1487 0 R 1488 0 R 1489 0 R 1490 0 R 1491 0 R 1492 0 R 1493 0 R 1494 0 R << 1366 0 obj << /K 1371 /S /P endobj endobj /K 1244 /Pg 18 0 R 2890 0 obj /Lang (EN-US) /P 6484 0 R >> /S /Artifact >> /K 225 2724 0 R null 2725 0 R null 2726 0 R null 2727 0 R null 2728 0 R null >> endobj << /K 728 /Lang (EN-US) /S /P /S /P /S /Artifact 3558 0 obj endobj /Pg 24 0 R >> /Lang (EN-US) /S /Artifact 3885 0 obj endobj 4266 0 obj /Contents 4372 0 R << /Pg 22 0 R endobj /S /P >> /P 6398 0 R endobj null null null 2953 0 R null 2954 0 R null 2955 0 R null 2956 0 R null null 1952 0 R null 1953 0 R null 1954 0 R null 1955 0 R null /K 445 /P 4926 0 R /S /Artifact << >> /P 10 0 R 4274 0 R 4275 0 R 4276 0 R 4277 0 R 4278 0 R 4279 0 R 4280 0 R 4281 0 R 4282 0 R 4283 0 R /P 5390 0 R /Pg 24 0 R >> 542 0 obj /S /P /P 10 0 R /S /P >> endobj endobj /P 6740 0 R 1056 0 obj << /Lang (EN-US) /Lang (EN-US) 526 0 obj 2585 0 obj /Lang (EN-US) 1653 0 obj /S /P << 592 0 obj endobj endobj >> /S /P << /Pg 24 0 R << /K 1195 /S /P endobj /K 607 /K 139 1323 0 obj /Lang (EN-US) << /Rotate 0 /K 377 /Lang (EN-US) /K 1475 << >> /Pg 23 0 R << << /S /Artifact /S /P >> >> << >> << endobj << endobj /Pg 22 0 R /S /P /K 1513 /S /P 4204 0 R 4205 0 R 4206 0 R 4207 0 R 4208 0 R 4209 0 R 4210 0 R 4211 0 R 4212 0 R 4213 0 R /Pg 22 0 R /K 343 >> 3400 0 obj /Pg 25 0 R /K 543 /K 1322 /K 635 2639 0 obj >> /Pg 24 0 R /K 552 /S /Artifact endobj 827 0 obj /P 4991 0 R 778 0 obj /Pg 24 0 R /K 266 /Lang (EN-US) 1483 0 obj /S /Artifact /Lang (EN-US) >> endobj /Pg 25 0 R 2419 0 obj /K 1429 << >> /P 6227 0 R /P 5911 0 R endobj >> /P 6058 0 R << >> /Pg 23 0 R 2178 0 obj endobj /Pg 25 0 R 289 0 obj >> /Pg 25 0 R 2762 0 obj /K 850 /P 4653 0 R /Pg 25 0 R endobj /P 5873 0 R << << /K 1141 endobj 408 0 obj >> /K 43 /K 887 282 0 obj << /Lang (EN-US) << /S /P /Pg 22 0 R /P 4913 0 R /K 432 /K 1128 /Pg 23 0 R 3887 0 obj /Pg 23 0 R 755 0 obj endobj /K 1394 >> /Pg 23 0 R /K 441 >> << /Pg 22 0 R /S /P << /K 830 /K 1134 /P 5299 0 R << << /K 91 << /K 54 /Pg 24 0 R /K 1110 << endobj /Pg 13 0 R endobj /Pg 23 0 R /K 1138 >> >> endobj endobj 1690 0 obj /Lang (EN-US) /Lang (EN-US) 2709 0 obj /S /P >> What is the CDLI? Cliffwater Direct Lending Index 3Q2022 3781 0 obj /S /P /Lang (EN-US) /Pg 22 0 R /Pg 19 0 R /P 6187 0 R 3660 0 obj /Lang (EN-US) /Lang (EN-US) endobj /Lang (EN-US) /Pg 22 0 R 2142 0 obj /S /P /P 6501 0 R << /K 1259 /S /P /S /P endobj /S /P >> /K 732 3289 0 obj << endobj 1584 0 obj /K 788 717 0 obj /K 1197 1489 0 obj >> /K 1297 /Pg 23 0 R /K 796 << /Lang (EN-US) /P 4632 0 R endobj >> /Lang (EN-US) 552 0 obj 98 0 obj >> endobj /K 1449 /K 1415 endobj << 4011 0 obj << 2668 0 obj /Pg 22 0 R << >> endobj /P 10 0 R 327 0 obj /S /P >> /S /P << endobj /K 1291 /S /P /Pg 24 0 R /S /P << /Pg 23 0 R endobj endobj /K 122 /K 1246 /Pg 18 0 R << >> /Lang (EN-US) endobj /Pg 25 0 R /Lang (EN-US) /K 1121 /K 375 /Lang (EN-US) /Lang (EN-US) /K 1315 <> >> 3100 0 obj >> << /K 589 /Pg 22 0 R /Pg 22 0 R /S /P /S /P << 3588 0 obj /K [49 50 51 52 53] 2965 0 obj /K 1121 /P 4726 0 R endobj 251 0 R 252 0 R 253 0 R 254 0 R 255 0 R 256 0 R 257 0 R 258 0 R 259 0 R 260 0 R /S /Artifact 2954 0 obj endobj 2448 0 obj /Pg 14 0 R << endobj /S /Artifact /Pg 23 0 R 1177 0 obj 4309 0 obj << >> >> endobj /Pg 22 0 R 3589 0 obj /K 894 >> /S /P /S /Artifact endobj /Pg 18 0 R >> << 636 0 obj << endobj 2011 0 obj /Lang (EN-US) endobj endobj endobj /S /P 2414 0 obj 1156 0 obj /K 848 /S /P /S /Artifact /Pg 25 0 R /K 804 /P 6532 0 R /Pg 23 0 R /K [27 0 R 28 0 R 29 0 R 30 0 R 31 0 R 32 0 R 33 0 R 34 0 R 35 0 R 36 0 R 4047 0 R 4048 0 R 4049 0 R 4050 0 R 4051 0 R 4052 0 R 4053 0 R 4054 0 R 4055 0 R 4056 0 R endobj >> /S /P 3873 0 obj << /S /P 926 0 obj endobj endobj 2535 0 obj >> /Lang (EN-US) /S /Artifact /Pg 22 0 R endobj <> >> /P 5295 0 R /Lang (EN-US) /K 863 /P 5374 0 R endobj /Lang (EN-US) 1870 0 obj /Lang (EN-US) /S /P /Pg 25 0 R >> /K 1522 286 0 obj >> /S /Artifact /Lang (EN-US) >> << 1802 0 obj >> /S /Artifact /Pg 24 0 R >> /S /Artifact endobj 1293 0 obj /S /P /S /P << >> /K 349 /K 1359 /K 799 1175 0 obj 3012 0 obj 976 0 obj Seeking income throughout the cycle with direct lending. >> >> /K 990 << /Pg 23 0 R /Lang (EN-US) <> >> /P 6452 0 R 2819 0 obj >> /Pg 25 0 R >> /Pg 24 0 R 1016 0 obj >> << << endobj /S /Artifact /K 991 /Lang (EN-US) /S /Artifact /S /Artifact endobj /K 1551 1546 0 obj /K 628 /Pg 24 0 R /S /Artifact Private Credit vs. Other Private Capital Asset Classes << >> 1486 0 obj << >> 1629 0 obj /S /P 3954 0 obj 3824 0 obj /S /P /K 115 548 0 obj /Lang (EN-US) /K 3 endobj /K 27 endobj << 4072 0 obj /P 4713 0 R /S /P << /Pg 25 0 R /Pg 24 0 R 2349 0 obj /P 6070 0 R >> endobj >> /Lang (EN-US) /Pg 25 0 R /Pg 23 0 R /S /P 2583 0 obj << /K 1426 /P 4953 0 R 3364 0 obj /Lang (EN-US) /Lang (EN-US) /K 1302 endobj /K 880 /Pg 25 0 R >> /Pg 25 0 R << 1520 0 obj /K 1350 endobj >> >> >> /S /Artifact >> 3218 0 obj << 165 0 obj /P 6573 0 R 73 0 obj /K 1225 endobj 373 0 R 374 0 R 375 0 R null null 376 0 R null 377 0 R 378 0 R 379 0 R 4253 0 obj /K 1126 1160 0 obj 924 0 obj 2628 0 obj 3821 0 obj 753 0 obj 1699 0 R null 1700 0 R 1701 0 R null 1702 0 R null 1703 0 R null 1704 0 R 1916 0 obj >> << null 2550 0 R null null null 2551 0 R null null null 2552 0 R endobj /Lang (EN-US) 3893 0 obj >> >> /Lang (EN-US) /S /Artifact /S /Artifact << 223 0 obj >> >> >> /Pg 22 0 R >> /K 637 /Lang (EN-US) 2826 0 obj /K 759 /Pg 23 0 R 2342 0 obj /Lang (EN-US) 3017 0 R 3018 0 R 3019 0 R 3020 0 R 3021 0 R 3022 0 R 3023 0 R 3024 0 R 3025 0 R 3026 0 R /Lang (EN-US) endobj /Pg 23 0 R endobj endobj /S /P /P 6052 0 R /K 105 << /K 457 endobj /Pg 25 0 R endobj << /K 936 << >> >> << endobj <> /S /Artifact 1247 0 obj 4298 0 obj /Pg 14 0 R /S /P /Pg 22 0 R 843 0 obj /StructParents 9 null null null 3786 0 R null null null 3787 0 R null 3788 0 R /K 1135 /Pg 23 0 R /K 1413 endobj /K 772 /Pg 18 0 R /Lang (EN-US) /Pg 25 0 R /K 164 << /Lang (EN-US) 2745 0 obj endobj /Pg 22 0 R /S /P endobj >> >> >> /Lang (EN-US) << 3419 0 obj /Pg 24 0 R 1416 0 obj << endobj 2299 0 obj >> << 3949 0 obj << << endobj /Pg 23 0 R /Pg 25 0 R /Pg 24 0 R /K 1501 endobj /S /P /Lang (EN-US) 2336 0 obj endobj /Parent 9 0 R endobj >> /Pg 25 0 R << /Pg 22 0 R >> 775 0 obj <> >> /Pg 22 0 R endobj /Lang (EN-US) >> /K [428 0 R 429 0 R 430 0 R] /Pg 25 0 R /Pg 18 0 R 1702 0 obj /Lang (EN-US) 4161 0 obj endobj endobj /Pg 18 0 R << /K 782 >> /S /Artifact endobj /CropBox [0 0 612 792] 1601 0 R null 1602 0 R null 1603 0 R null 1604 0 R 1605 0 R null 1606 0 R /S /P endobj << 2325 0 obj /Lang (IT-IT) /A 4434 0 R /Pg 24 0 R 2225 0 obj /Lang (EN-US) endobj endobj << << >> /Pg 24 0 R >> << /S /P /P 4706 0 R /Tabs /S 2885 0 obj endobj /P 5211 0 R endobj >> endobj /A 4687 0 R 923 0 obj >> /S /Artifact endobj /Pg 22 0 R >> /S /P << /S /P /K 1351 /S /P endobj /Pg 25 0 R 2303 0 obj /K 1272 /P 5735 0 R /P 4436 0 R >> /S /P /Contents 4364 0 R endobj /P 10 0 R /S /Artifact <> endobj 1197 0 obj /S /P /P 5707 0 R endobj /K 1299 endobj << endobj << endobj /S /P /K 1295 /Lang (EN-US) null 1557 0 R null 1558 0 R null 1559 0 R null 1560 0 R null 1561 0 R >> << 3616 0 R null 3617 0 R null 3618 0 R null 3619 0 R 3620 0 R null 3621 0 R >> >> endobj << /K 39 endobj 2054 0 obj 2830 0 obj << /K 1307 /Pg 22 0 R 3765 0 obj /S /Artifact /S /P /S /Artifact /S /Artifact << /Lang (EN-US) null 3411 0 R null 3412 0 R null 3413 0 R null 3414 0 R 3415 0 R null >> /Pg 23 0 R /K 105 >> endobj >> /K [56 57 58 59 60] /K 130 endobj endobj /Lang (EN-US) /S /P endobj /P 5852 0 R 13 0 obj >> >> >> 2857 0 obj 4255 0 obj 2375 0 obj /Lang (EN-US) /P 5283 0 R 4161 << /Pg 22 0 R << endobj /S /Artifact << /Pg 23 0 R /S /Artifact /S /Artifact << >> /Pg 24 0 R >> << /S /P 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 endobj /P 6464 0 R null 93 0 R null null 420 0 R null 421 0 R null 95 0 R 97 0 R /K 137 endobj endobj endobj /Pg 24 0 R /S /P >> endobj >> /S /P 3098 0 obj /Pg 24 0 R << /S /P /Pg 22 0 R null 3603 0 R null 3604 0 R null 3605 0 R null 3606 0 R null 3607 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. >> /P 5746 0 R endobj << 1922 0 obj /K 1242 >> /Lang (EN-US) /K 1454 /P 5389 0 R /Lang (EN-US) 3614 0 obj << /K 94 /Lang (EN-US) 3972 0 obj >> >> >> /Pg 22 0 R 2431 0 obj 2122 0 obj endobj 1414 0 obj /Pg 14 0 R /Lang (EN-US) << >> 1260 0 obj << 1566 0 obj /Pg 25 0 R /S /Artifact /Pg 24 0 R << >> >> /K 213 189 0 obj << >> /P 10 0 R /S /P 955 0 obj << 1136 0 obj 3267 0 obj /Pg 16 0 R <> 1709 0 obj 1961 0 obj 1021 0 obj /S /Artifact /S /Artifact /Pg 24 0 R /Pg 23 0 R /K 1204 << endobj << >> 1375 0 R 1376 0 R 1377 0 R 1378 0 R 1379 0 R 1380 0 R 1381 0 R 1382 0 R 1383 0 R 1384 0 R 292 0 obj 1906 0 obj /Pg 24 0 R endobj 1373 0 obj << /S /P << 3457 0 obj /Lang (EN-US) >> << >> /S /P 356 0 obj /K 381 /S /Artifact 3197 0 obj << /S /P >> /K 1158 endobj /Pg 22 0 R /S /P 192 0 obj /P 5960 0 R /P 4816 0 R 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 /Lang (EN-US) /Pg 24 0 R /S /Artifact >> /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) /Pg 14 0 R /K 1421 >> << << endobj /S /Artifact >> /Pg 18 0 R /P 5038 0 R /S /Artifact /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 24 0 R 3931 0 obj << /Pg 24 0 R /K 1485 >> >> /Lang (EN-US) /Pg 22 0 R /S /P /K 30 /Lang (EN-US) /Pg 24 0 R >> /P 5017 0 R /S /Artifact endobj 3823 0 obj endobj /S /P endobj << /K 629 endobj /Lang (EN-US) /Pg 16 0 R 746 0 obj /Pg 22 0 R /Pg 23 0 R << endobj /Pg 25 0 R 2783 0 obj /Pg 22 0 R /Pg 22 0 R >> << /Pg 25 0 R 1125 0 obj /K 1162 >> endobj /Lang (EN-US) /S /Link /S /P /S /Artifact /Pg 22 0 R /K 907 /Pg 23 0 R /S /P endobj >> /K 500 /P 6488 0 R /Pg 22 0 R /S /P >> /Lang (EN-US) endobj /Pg 22 0 R 1126 0 obj >> << endobj 1785 0 obj >> /Lang (EN-US) /Pg 25 0 R 3591 0 obj /Pg 23 0 R /K 1056 /S /P /S /P /Pg 22 0 R /Pg 24 0 R endobj /K 1187 /S /P /P 5775 0 R 114 0 obj /K 162 endobj 4084 0 obj /P 6665 0 R /Pg 24 0 R /K 210 << null 2758 0 R null 2759 0 R null null null 2760 0 R null null 2232 0 obj /K 1278 /K 1106 2074 0 obj << << /K 1416 /Lang (EN-US) endobj /S /P /Lang (EN-US) endobj /S /Artifact /K 828 /S /Artifact /Lang (EN-US) /S /Artifact >> endobj
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