1985 0 obj >> >> << >> /K 1247 236 0 obj /K 357 /S /P /K 552 /K 452 >> 3769 0 obj /S /Artifact >> /S /P >> /K 122 /S /P >> endobj << /Pg 25 0 R 3012 0 obj /S /P >> /K 1281 /Lang (EN-US) >> /Lang (EN-US) /P 5922 0 R /Lang (EN-US) /S /P endobj 3967 0 R 3968 0 R 3969 0 R 3970 0 R 3971 0 R 3972 0 R 3973 0 R 3974 0 R 3975 0 R 3976 0 R endobj endobj endobj endobj 847 0 obj endobj /P 4963 0 R >> /S /Link /Lang (EN-US) 505 0 obj /Lang (EN-US) /S /P /Lang (EN-US) /S /P << /K 302 /Pg 22 0 R >> 1059 0 obj /Pg 25 0 R << >> endobj << /P 4814 0 R 987 0 obj /Pg 25 0 R /Lang (EN-US) << /K 206 /Pg 23 0 R endobj 941 0 obj >> /S /P /Lang (EN-US) /Pg 22 0 R endobj /S /P /K 118 << >> /S /Artifact << >> /S /Artifact << /Pg 25 0 R /Pg 25 0 R /S /Artifact >> << endobj /K 482 /K 1136 endobj 422 0 obj << << endobj >> /Pg 18 0 R /Pg 23 0 R /K 1471 /K 1544 << /K 1205 /S /Artifact >> >> 2651 0 obj endobj 2419 0 obj /Pg 25 0 R /Lang (EN-US) endobj 2979 0 obj << << /Pg 13 0 R >> /K 551 /Pg 25 0 R /S /P /K 368 >> /K 1475 /K 1431 << /K 91 33 0 obj << /Pg 22 0 R /Pg 24 0 R endobj 1008 0 obj >> endobj endobj endobj endobj /Lang (EN-US) << /K 257 << endobj /S /Artifact /P 10 0 R /K 138 endobj 10.6200 USD. 3051 0 obj >> endobj endobj << >> /S /P 4198 0 obj << /S /P /P 5322 0 R /Lang (EN-US) /S /P << endobj >> << << /Lang (EN-US) /K 1467 >> << 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 /S /Artifact endobj endobj /S /Artifact /P 5917 0 R endobj 1385 0 obj 125 0 obj 827 0 R null 828 0 R null 829 0 R null 830 0 R 831 0 R null 832 0 R /P 6500 0 R << << /Lang (EN-US) /S /P /S /Artifact << >> >> /Pg 24 0 R << /Lang (EN-US) endobj /Pg 24 0 R endobj >> /P 4893 0 R /S /P 2098 0 obj /Lang (EN-US) /Pg 22 0 R /S /P 562 0 obj << /S /Artifact /S /Artifact >> << >> << endobj >> >> << endobj /Lang (EN-US) << << endobj /Lang (EN-US) /Pg 22 0 R /P 10 0 R >> << /S /P /S /P /S /P /Lang (EN-US) /P 5766 0 R 2852 0 obj 927 0 obj /S /P endobj endobj /Pg 17 0 R 53 0 obj endobj /Lang (EN-US) /Pg 24 0 R >> /Lang (EN-US) /K 1357 << /S /P /K 341 >> /P 6669 0 R /P 5530 0 R /K 1371 << >> /K 641 << /P 5654 0 R >> endobj << /Lang (EN-US) /S /P endobj /Parent 9 0 R /K 932 endobj >> /K 1504 3541 0 obj << null 3510 0 R null 3511 0 R 3512 0 R null 3513 0 R null 3514 0 R null /Pg 20 0 R /Lang (EN-US) >> endobj endobj endobj << /K 877 /Pg 26 0 R << /K 1100 >> /P 5475 0 R >> endobj /K 1292 /S /P /S /P << /S /Artifact /Pg 22 0 R /Lang (EN-US) endobj /Pg 25 0 R /K 1107 << /Lang (EN-US) << /P 6394 0 R 2126 0 R 2127 0 R 2128 0 R 2129 0 R 2130 0 R 2131 0 R 2132 0 R 2133 0 R 2134 0 R 2135 0 R << /Lang (EN-US) endobj /K 1376 917 0 obj /Pg 22 0 R endobj /S /Artifact /S /P /Lang (EN-US) 1597 0 obj /F 4 The Cliffwater Direct Lending Index (CDLI) prior quarter return explains only 8% of the index's current quarter return. >> 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 3291 0 obj /S /Artifact 3625 0 obj endobj /Pg 25 0 R endobj 2665700.00000000 endobj << >> /K 453 /K 1252 /K 1368 /P 5601 0 R >> /K 547 >> /Lang (EN-US) endobj /Pg 22 0 R >> 1107 0 obj /S /P /Lang (EN-US) r bcErZ%+GXiC 5=:e5}cK /Lang (EN-US) endobj >> endobj endobj endobj /S /P << /P 5141 0 R /K 630 /S /Artifact endobj /K 562 << 1691 0 obj endobj /Pg 25 0 R /Lang (EN-US) >> /Lang (EN-US) /S /P /P 10 0 R /S /P << 2022 Q1 Report on U.S. Direct Lending - Cliffwater /Pg 23 0 R >> /K 22 >> >> endobj 3100 0 obj << /S /P /Pg 23 0 R /S /P >> /S /Artifact /Lang (EN-US) >> /Lang (EN-US) /Lang (EN-US) 1929 0 R null 1930 0 R null 1931 0 R null 1932 0 R null 1933 0 R 1934 0 R /K 1250 >> /P 6734 0 R /Lang (EN-US) /P 4937 0 R 674 0 obj /P 4948 0 R /K 63 endobj /K 38 << endobj null null 2940 0 R null null null 2941 0 R null 2942 0 R null >> endobj null 2807 0 R null null null 2808 0 R null null null 2809 0 R /K 685 /K 1042 << >> /Pg 22 0 R endobj /K 1498 /S /P /P 4819 0 R /S /P /Lang (EN-US) /S /Artifact /S /Artifact /S /Artifact >> 4042 0 obj >> /Pg 24 0 R /K 928 >> << >> /S /Artifact 3557 0 obj << /S /P /S /Artifact /Lang (EN-US) /P 5314 0 R >> << << endobj 2545 0 obj endobj /S /P >> endobj /Pg 22 0 R << /K 1166 /Lang (EN-US) << /P 4854 0 R /Pg 22 0 R endobj /S /Artifact /Lang (EN-US) /S /P /Lang (EN-US) /Pg 15 0 R /Pg 23 0 R >> 458 0 obj /P 6533 0 R 2487 0 obj /Pg 24 0 R 1428 0 obj >> endobj /Pg 23 0 R << /Lang (EN-US) /Lang (EN-US) endobj /K 264 2176 0 R 2177 0 R 2178 0 R 2179 0 R 2180 0 R 2181 0 R 2182 0 R 2183 0 R 2184 0 R 2185 0 R /S /Artifact /K 1348 532 0 obj 3761 0 obj 227 0 obj /S /Artifact /Pg 22 0 R /S /P /Pg 22 0 R /MediaBox [0 0 612 792] << 228 0 obj /K 56 /S /Artifact /S /Artifact endobj << >> /Lang (EN-US) /K 1250 /S /P /Lang (EN-US) /P 6368 0 R >> /S /Artifact /S /P /K 47 endobj /S /P /Lang (EN-US) /K 1235 /S /P /Pg 25 0 R /Lang (EN-US) /A 4394 0 R /P 5670 0 R /Pg 25 0 R /S /Artifact /Pg 24 0 R 4010 0 obj << << /P 5756 0 R >> endobj 3961 0 obj /Pg 24 0 R /P 5060 0 R /S /P >> >> 1141 0 obj /Lang (EN-US) endobj /K 113 >> null 2572 0 R null 2573 0 R null 2574 0 R null null null 2575 0 R /Pg 24 0 R /S /P /Lang (EN-US) /Lang (EN-US) << 4314 0 obj 2426 0 obj 2574 0 obj /Lang (EN-US) endobj 165 0 obj << /P 4905 0 R << /S /P >> /P 6178 0 R /K 1367 /K 1388 /S /P 4320 0 obj endobj >> /K 495 /Lang (EN-US) << /Pg 24 0 R /K 1330 /Pg 24 0 R 115 0 R 116 0 R 117 0 R 118 0 R 119 0 R 120 0 R 121 0 R 122 0 R null 437 0 R << /Lang (EN-US) endobj >> /S /P /Pg 23 0 R >> >> endobj /K 637 3472 0 obj << /S /P >> /S /P /Lang (EN-US) 4066 0 obj /S /P endobj /S /P /K 1180 /P 4714 0 R << /Pg 24 0 R /K 60 776 0 obj /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) Mid-market direct lending loans in the US enjoyed a year of strong performance in 2021 according to the Cliffwater Direct Lending Index, an index compiled by investment adviser and fund manager Cliffwater of 8,000 mid-market loans totalling $191 billion at the end of last year. /K 25 /S /P << 2288 0 obj /K 1458 2207 0 obj >> /Pg 21 0 R /Pg 22 0 R endobj << << /K 1044 endobj endobj >> /Pg 22 0 R /P 5150 0 R << /Lang (EN-US) endobj null null null 1988 0 R null 1989 0 R null 1990 0 R null 1991 0 R << 2094 0 obj /P 10 0 R /Pg 24 0 R /K 1232 /S /Artifact 1188 0 R 1189 0 R 1190 0 R 1191 0 R 1192 0 R 1193 0 R 1194 0 R 1195 0 R 1196 0 R 1197 0 R /K 1192 /Pg 23 0 R /S /P 1245 0 obj endobj endobj 2714 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 1097 0 obj >> endobj /Lang (EN-US) /S /Artifact /S /Artifact >> << /S /Artifact endobj 760 0 obj /K 642 << /K 1328 /P 10 0 R endobj /P 5368 0 R /Pg 23 0 R >> endobj 2708 0 obj 770 0 obj endobj endobj /K 19 /Pg 23 0 R /Pg 23 0 R >> >> >> /Pg 25 0 R << /K 975 385 0 obj >> 2720 0 obj /P 6186 0 R << >> endobj << /K 1171 >> Private Debt: Opportunities in Corporate Direct Lending (Wiley Finance) >> 496 0 obj endobj /P 5430 0 R /Pg 25 0 R >> Cliffwater | LinkedIn >> /K 910 /P 6035 0 R /K 743 << /P 5960 0 R >> 4168 0 obj /S /Artifact >> /K 1297 /K 35 >> endobj 1889 0 obj /Pg 24 0 R /Pg 19 0 R /P 5050 0 R 328 0 obj /K 101 << 3320 0 obj >> /P 4909 0 R << /S /P /S /Footnote endobj /Pg 25 0 R >> /Pg 25 0 R /Pg 22 0 R /K 1550 /P 6376 0 R << /Pg 22 0 R 3639 0 obj << /Lang (EN-US) /S /P /K 678 /K 460 << /S /P 2379 0 obj /Pg 24 0 R /S /Artifact /Pg 24 0 R /Pg 23 0 R << /K 1283 >> /K 1350 /Pg 22 0 R /Lang (EN-US) endobj /K 655 >> endobj endobj /K 51 >> >> /K 1486 /Lang (EN-US) >> << endobj endobj >> /Lang (EN-US) /Pg 23 0 R >> endobj endobj 908 0 obj endobj endobj /S /Artifact /K 701 endobj /K 427 endobj 2717 0 obj /K 1006 /P 6681 0 R >> Private Credit vs. Other Private Capital Asset Classes /K 1227 /P 6437 0 R /Pg 22 0 R /S /Artifact /K 563 Source: Morningstar, Cliffwater Direct Lending Index, as of December 31, 2021. >> endobj /S /P /K 1069 /Pg 23 0 R /K 532 /P 6258 0 R null 443 0 R 140 0 R 444 0 R 143 0 R 445 0 R 145 0 R 446 0 R 152 0 R 148 0 R >> /K 823 /P 5009 0 R >> >> /P 6521 0 R >> 2589 0 obj /P 6184 0 R /Pg 24 0 R << /S /P 1724 0 obj /S /Artifact /CropBox [0 0 612 792] >> endobj 777 0 obj << >> endobj >> /K 27 /S /Artifact /K 1394 endobj << endobj 1937 0 obj /Lang (EN-US) 3394 0 obj /Pg 23 0 R endobj /P 5790 0 R /K 715 2637 0 R null 2638 0 R null 2639 0 R null 2640 0 R null 2641 0 R 2642 0 R null null 1695 0 R null 1696 0 R null 1697 0 R null 1698 0 R null /S /Artifact endobj >> /Pg 23 0 R /Lang (EN-US) /P 10 0 R >> /Pg 25 0 R /S /P >> >> 2463 0 obj /K 589 /Lang (EN-US) << /P 10 0 R /K 864 /K 306 /P 6722 0 R 17 0 obj endobj << endobj 4146 0 obj << /S /Artifact 3846 0 obj /Lang (EN-US) << >> /Pg 23 0 R >> endobj /Pg 24 0 R << >> /Pg 22 0 R /P 6171 0 R endobj endobj 1241 0 obj /Pg 22 0 R endobj /Pg 22 0 R /Pg 23 0 R /Pg 23 0 R endobj 1205 0 obj /Pg 22 0 R >> 3731 0 obj 252 0 obj endobj /S /Artifact /Lang (EN-US) 4135 0 obj << 3487 0 obj /P 6089 0 R << /Lang (EN-US) /P 5462 0 R >> /P 4890 0 R /Lang (EN-US) endobj /K 322 /P 6526 0 R /Pg 23 0 R /Pg 24 0 R >> 2696 0 obj endobj >> endobj endobj >> << 632 0 R null null null 633 0 R null 634 0 R null 635 0 R null /P 10 0 R /K 686 /K 1259 >> >> /Artifact /P << /Lang (EN-US) /P 4933 0 R >> /S /P << 2022-05-24T03:04:44-06:00 1198 0 R 1199 0 R 1200 0 R 1201 0 R 1202 0 R 1203 0 R 1204 0 R 1205 0 R 1206 0 R 1207 0 R >> /S /Artifact 1778 0 obj >> << /K 455 endobj /Pg 22 0 R << /K 511 /S /Artifact endobj 2962 0 R null 2963 0 R null 2964 0 R 319 0 R 2965 0 R 2966 0 R 2967 0 R 2968 0 R /Lang (EN-US) /K 986 null 1939 0 R null null null 1940 0 R null 1941 0 R null 1942 0 R endobj /S /P << >> /K 80 /S /Artifact >> endobj 1076 0 R null 1077 0 R null 1078 0 R null 1079 0 R null 1080 0 R null 1916 0 obj /Pg 25 0 R /K 1547 1376 0 obj /Pg 13 0 R /K 100 /S /Artifact /Pg 22 0 R /Pg 24 0 R 3742 0 obj /S /Artifact /K 1361 /T () /Lang (EN-US) 1204 0 obj /Pg 22 0 R /K 374 /K 574 4279 0 obj >> >> 337 0 obj >> /Pg 26 0 R /Lang (EN-US) >> /Lang (EN-US) endobj /S /P /S /P 3272 0 obj 1195 0 obj /S /Artifact /S /P /Pg 25 0 R << /P 6619 0 R >> /S /Artifact /Lang (EN-US) /P 6727 0 R /P 10 0 R /S /P << endobj >> /K 867 /Pg 24 0 R >> << /Lang (EN-US) /Pg 24 0 R /K 1157 endobj endobj >> 3608 0 obj >> /S /Artifact >> /Pg 22 0 R endobj /K 1542 /S /Artifact /P 6582 0 R /Pg 13 0 R /Pg 23 0 R /Pg 23 0 R All of the monthly standard deviations are then annualized and the volatility is expressed as a percentage. << /P 5820 0 R endobj >> endobj << /Lang (EN-US) >> /Pg 25 0 R >> /Pg 24 0 R >> << /Lang (EN-US) /K 1098 /K 59 << /Pg 18 0 R /K 636 >> endobj endobj /K 815 /P 10 0 R /Pg 24 0 R 1706 0 obj /S /Artifact /S /P << 2612 0 obj endobj << /P 5947 0 R >> /P 6405 0 R /Pg 25 0 R endobj /K 1266 endobj endobj /S /Artifact /Lang (EN-US) >> << 326 0 obj /Lang (EN-US) /P 6057 0 R >> >> /S /P /Lang (EN-US) endobj >> /P 4797 0 R endobj 3863 0 obj /P 6401 0 R << /P 5724 0 R /Lang (EN-US) /S /Artifact 2737 0 obj 2997 0 R 2998 0 R 2999 0 R 3000 0 R 3001 0 R 3002 0 R 3003 0 R 3004 0 R 3005 0 R 3006 0 R 1741 0 obj /K 1388 << /Pg 18 0 R >> /K 15 /K 129 null 743 0 R null 744 0 R null 745 0 R null 746 0 R 747 0 R null /S /P endobj /S /P << /Pg 25 0 R /Pg 25 0 R D:20220524090108 147 0 R 148 0 R 149 0 R 150 0 R 151 0 R 152 0 R 153 0 R 154 0 R 155 0 R 156 0 R /K 631 /P 4790 0 R >> /P 5773 0 R /S /Artifact << /S /P /K 1126 endobj 3027 0 obj /Pg 25 0 R endobj >> /Pg 24 0 R /Pg 22 0 R endobj /K 1247 /P 5511 0 R /Pg 25 0 R << << >> /S /P << /P 4772 0 R endobj /S /Artifact /P 5784 0 R 739 0 obj << /S /Artifact >> >> /Lang (EN-US) 3514 0 obj << 4072 0 obj << /P 6749 0 R /Lang (EN-US) /K 1337 /S /P << >> >> /S /P /Pg 23 0 R /Lang (EN-US) 828 0 obj >> /S /P /Pg 25 0 R /CropBox [0 0 612 792] /K 493 << /Lang (EN-US) /K 441 >> /Pg 25 0 R 901 0 obj /Pg 24 0 R 506 0 obj /S /P /S /Artifact /P 4742 0 R /S /P endobj /Pg 21 0 R /S /P /K [78 79 433 0 R 69] 1472 0 obj endobj /Lang (EN-US) 1929 0 obj /Pg 25 0 R >> 2818 0 obj /K 1508 /K 1512 2471 0 obj /S /P endobj /S /P /K 187 endobj /S /P >> << << /K 1515 /S /Artifact >> >> /K 683 null 1000 0 R null 1001 0 R null 1002 0 R null 1003 0 R 1004 0 R null endobj /Pg 22 0 R /Lang (EN-US) << /S /Artifact << endobj 3343 0 obj /S /Artifact endobj << /Rotate 0 << /Lang (EN-US) endobj /Pg 15 0 R /K 534 /P 6357 0 R endobj << /Pg 25 0 R endobj /S /P /P 6308 0 R 2216 0 obj /S /P endobj /K 899 >> >> << /Pg 24 0 R /S /Artifact /K 76 endobj 131 0 obj >> /Pg 22 0 R 3132 0 obj endobj << /S /Artifact /K 1464 /Pg 20 0 R /S /P 520 0 R null 521 0 R null 522 0 R 523 0 R null 524 0 R 525 0 R null /Pg 25 0 R /P 5371 0 R << /Lang (EN-US) /S /P << << /Lang (EN-US) 2630 0 obj /Pg 24 0 R << /S /P /P 5278 0 R /Pg 22 0 R << >> << >> endobj /K 1171 << 3714 0 obj /Pg 23 0 R /Lang (EN-US) >> /S /P >> << /K 574 /K 1401 /S /P endobj /Pg 25 0 R << >> 3814 0 obj 3527 0 obj endobj >> << /Pg 19 0 R /K 1468 /S /P << << /S /P /S /P /S /P endobj /P 4916 0 R /Pg 23 0 R /S /Artifact /S /P endobj endobj endobj null null 1832 0 R null 1833 0 R null 1834 0 R null 1835 0 R null >> << /K 922 /S /Artifact endobj /K 480 >> /S /P >> /P 6682 0 R << 3150 0 obj /Pg 23 0 R endobj << >> 1672 0 R null 1673 0 R null 1674 0 R null 1675 0 R null 1676 0 R 1677 0 R >> >> >> 720 0 obj endobj /Pg 24 0 R /A 4747 0 R endobj endobj /Lang (EN-US) << << /S /P /K 360 << 408 0 obj /Pg 22 0 R /K 359 endobj endobj endobj /P 4982 0 R /S /Footnote >> >> 1162 0 obj /Pg 25 0 R /K 1113 /K 481 /Lang (EN-US) << 102 0 obj /Pg 24 0 R 779 0 obj endobj /Lang (EN-US) /S /P 2226 0 R 2227 0 R 2228 0 R 2229 0 R 2230 0 R 2231 0 R 2232 0 R 2233 0 R 2234 0 R 2235 0 R /Alt 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 . /Pg 22 0 R 3130 0 obj /Lang (EN-US) /S /Figure /K 797 /Pg 23 0 R << /Lang (EN-US) /K 1132 endobj /Pg 24 0 R /K 1226 /K 1102 /Lang (EN-US) /K 1453 /K 1353 >> endobj >> >> /S /P /K 985 /P 5039 0 R 1545 0 obj 3867 0 obj >> /P 5417 0 R >> /S /Artifact /S /P 2437 0 obj 1288 0 R 1289 0 R 1290 0 R 1291 0 R 1292 0 R 1293 0 R 1294 0 R 1295 0 R 1296 0 R 1297 0 R /P 5087 0 R /S /P >> >> >> >> 3415 0 obj endobj >> /Pg 23 0 R /K 961 /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) /P 5763 0 R << /Lang (EN-US) 1439 0 obj /K 1291 endobj /K 1290 >> /Lang (EN-US) /K 1021 1286 0 obj /Pg 24 0 R >> << /S /P << /Pg 22 0 R /K 1365 << /P 4777 0 R /P 6330 0 R 3050 0 obj << >> >> << /P 6756 0 R /Lang (EN-US) /K 297 2980 0 obj 3940 0 obj >> /Pg 23 0 R /Pg 25 0 R << /Lang (EN-US) << << /P 5594 0 R /Pg 13 0 R /K 131 endobj /K [46 47 48 49 50] /Lang (EN-US) /P 6651 0 R endobj /Pg 22 0 R /S /P 172 0 R 172 0 R] endobj endobj /K 913 865 0 obj endobj endobj endobj /WS_TRACKING_ID (f325a0f1-a9d5-4034-846d-c1ef2129f6d0) << /K 684 /Lang (EN-US) /Pg 23 0 R << << 1143 0 obj /K 472 /Pg 23 0 R /Lang (EN-US) /Pg 23 0 R /K 306 endobj endobj endobj << 2118 0 obj /CreationDate (D:20220524030444-06'00') 4080 0 obj >> /K 803 endobj >> endobj endobj /P 5573 0 R << << endobj 942 0 R null 943 0 R 944 0 R null 945 0 R null 946 0 R null 947 0 R 1278 0 obj 3908 0 obj /K 13 /S /P /K 510 endobj 3427 0 obj >> >> 1885 0 R 1886 0 R null 1887 0 R null 1888 0 R null 1889 0 R null 1890 0 R << >> << /K 798 << /S /P /S /Artifact /Pg 13 0 R /S /Artifact /K 1407 /Type /Page Website. /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) /S /Artifact endobj /Pg 23 0 R endobj null 3767 0 R null 3768 0 R 3769 0 R null 3770 0 R null 3771 0 R null /P 5882 0 R /Resources 4375 0 R null 2033 0 R null 2034 0 R null null 312 0 R 2035 0 R 2036 0 R 2037 0 R << /P 5961 0 R /K 1193 /P 10 0 R /Lang (EN-US) << 373 0 obj >> /K 580 >> >> /P 5317 0 R >> /P 4665 0 R /K 1262 1553 0 obj /Pg 25 0 R << >> /S /P /S /P >> /S /P /S /Artifact /P 6190 0 R /Lang (EN-US) -*[\]!$S!0]4sD+}),yE2p'.H%6D'fg[(/ "6=gEl:]U?fgp@4Y3yD$30FOx@Ml 16Kjy[/LAnpeKjJ'=P8*IQ5H6;'yE'HY*ZX}r pdL'A$8$5ZOGYPYX^'suPt " xrB ]0Ha' de,%|;m~'D 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/Pg 25 0 R << endobj >> /K 163 /S /P >> >> /K 70 << /K 1240 endobj << /S /Artifact /Pg 25 0 R /S /P 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 << << >> << /Pg 25 0 R >> /S /P >> endobj /S /Artifact endobj endobj /S /P /S /P endobj /Lang (EN-US) endobj /S /P /Pg 18 0 R 3277 0 obj /S /Artifact /Lang (EN-US) endobj << 4191 0 obj /Pg 24 0 R /Pg 15 0 R /S /P >> /Pg 25 0 R CLIFFWATER DIRECT LENDING INDEX (CDLI) CLIFFWATER BDC INDEX (CWBDC) Stay in the know. /Pg 25 0 R << << /P 5913 0 R 3654 0 R null 3655 0 R null 3656 0 R null 3657 0 R null 3658 0 R null << << << /Pg 23 0 R /S /P << endobj endobj << /Lang (EN-US) /K 370 /K 603 /S /Artifact /S /Artifact << /Pg 22 0 R << /Pg 22 0 R /Pg 25 0 R 3597 0 obj /K 1212 /Lang (EN-US) endobj /Lang (EN-US) endobj 1229 0 obj /Pg 22 0 R endobj /S /Artifact >> endobj /S /Artifact /P 5283 0 R << /K 455 endobj /Lang (EN-US) << /P 6245 0 R /S /Artifact 67 0 obj /K 513 /Lang (EN-US) << endobj /Pg 24 0 R << /P 6754 0 R << /S /Artifact /K 94 /S /Artifact /S /P << >> /K 1411 << /Lang (EN-US) /Pg 25 0 R 2249 0 obj /P 4860 0 R endobj 3416 0 R null 3417 0 R null 3418 0 R null 3419 0 R null 3420 0 R null /K 395 /S /P /S /P /Pg 22 0 R 193 0 obj endobj << /S /P << endobj /Pg 22 0 R 137 0 obj endobj >> /K 708 /K 440 /K 426 1565 0 obj /K 883 << /K 1242 /Pg 22 0 R endobj >> /K 1289 /P 6040 0 R /Pg 18 0 R /K 154 /K 540 endobj /S /Artifact << /Pg 22 0 R /P 6081 0 R 1841 0 obj endobj /K 1110 /Pg 25 0 R /K 1296 << /Lang (EN-US) /Lang (EN-US) /Tabs /S 1671 0 obj endobj endobj << >> endobj /K 337 >> /P 10 0 R /Lang (EN-US) endobj << 2899 0 obj /K 1221 939 0 obj /S /Artifact 4158 0 obj /Pg 25 0 R << /K 1430 /K 102 /Lang (EN-US) /Pg 24 0 R /S /P 4122 0 obj /K 1095 583 0 obj 501 0 R null 502 0 R null 503 0 R 504 0 R 505 0 R null 506 0 R null >> /Pg 25 0 R >> /S /P 3071 0 obj /S /Artifact << /Pg 25 0 R endobj endobj << /S /P >> /Pg 25 0 R /S /P << >> /S /Artifact /Lang (EN-US) /Pg 25 0 R << endobj /P 10 0 R /K 28 endobj /Lang (EN-US) /S /P endobj 2371 0 obj 1104 0 obj /Pg 22 0 R /K 1444 >> << /K 1219 /P 5931 0 R /K 1508 << 1769 0 obj /Pg 23 0 R 986 0 R null 987 0 R null 988 0 R null 989 0 R null 990 0 R null 3580 0 obj /Lang (EN-US) endobj /Lang (EN-US) endobj endobj >> /S /P /K 1114 /K 1544 4155 0 obj /Lang (EN-US) /Lang (EN-US) /K 265 331 0 obj endobj << /Lang (EN-US) endobj endobj >> Steve Nesbitt, Cliffwater's chief executive, told PDI he recommends his institutional clients invest about 5-10 percent of their portfolios in direct lending strategies. /K 345 /Lang (EN-US) /K 1428 /Pg 23 0 R 977 0 obj << >> >> << >> endobj 2642 0 obj >> endobj /Pg 24 0 R >> endobj /S /P << /Lang (EN-US) /Pg 24 0 R endobj 2830 0 obj << /S /Artifact << /Pg 24 0 R 3785 0 obj /Lang (EN-US) << endobj >> /Pg 22 0 R >> /K 1407 /Pg 25 0 R 716 0 obj /Pg 22 0 R /Lang (EN-US) 3788 0 obj << endobj >> endobj >> 253 0 obj /K 121 /S /Artifact /S /P /Pg 23 0 R 1239 0 obj endobj >> 1607 0 obj /P 5067 0 R /Pg 21 0 R << 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 /S /Artifact /P 5337 0 R endobj /Pg 25 0 R /S /P /K [180 542 0 R 194 4744 0 R] >> >> << 237 0 R 238 0 R 239 0 R 240 0 R 241 0 R 242 0 R 243 0 R 244 0 R 245 0 R 246 0 R endobj /P 4952 0 R << >> /K [1111 1112] /S /Artifact << /K 1468 1864 0 obj /K 1204 /P 5568 0 R << /Pg 22 0 R 4075 0 obj /Pg 23 0 R << << >> /S /P << << endobj 3581 0 obj 966 0 obj 2229 0 obj >> /S /Artifact /K 1516 /P 10 0 R /S /P 1471 0 obj /S /Artifact /Pg 22 0 R /Lang (EN-US) >> /Pg 25 0 R /P 5156 0 R /Pg 24 0 R << << /P 5821 0 R 47 0 R 48 0 R 49 0 R 50 0 R 51 0 R 52 0 R 53 0 R 54 0 R 55 0 R 56 0 R /S /Artifact >> endobj /S /P /S /P endobj /S /P /S /Artifact >> /Pg 25 0 R << /K 86 1163 0 obj /K 1506 /Pg 18 0 R >> /Pg 18 0 R /S /Artifact /S /P /S /Artifact /K 875 /P 5109 0 R endobj << /S /Artifact 3057 0 obj >> /P 4913 0 R /Pg 13 0 R 342 0 obj << >> /Lang (EN-US) << << /S /Artifact /Pg 24 0 R /Lang (EN-US) << >> /S /Artifact >> /P 5354 0 R /P 4869 0 R endobj 3819 0 obj endobj /Pg 23 0 R 2707 0 obj 78 0 obj << << << 1672 0 obj >> << endobj /Pg 25 0 R /K 1223 >> << >> /Lang (EN-US) endobj /P 5095 0 R /Lang (EN-US) 1753 0 obj << /Pg 22 0 R >> endobj endobj null 1022 0 R null 1023 0 R null 1024 0 R null 1025 0 R null 1026 0 R endobj << >> /K 432 /K 938 << 3362 0 obj 3860 0 obj /Pg 23 0 R >> /Lang (EN-US) 2307 0 obj << << 557 0 obj /K 509

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