cliffwater direct lending index

/S /P /P 4905 0 R /S /P endobj 1405 0 obj /Pg 23 0 R /P 6355 0 R /K 63 /Parent 9 0 R /K 894 /S /P /S /P 3007 0 obj /K 361 >> 4196 0 obj >> /Pg 22 0 R uuid:30597d73-1730-4471-be3e-6267c552ffc2 >> 3864 0 obj /P 5064 0 R endobj 3493 0 obj 2426 0 obj >> /Pg 22 0 R >> << endobj >> << endobj >> /K 716 >> /K 1479 /Pg 23 0 R >> << null null null 2011 0 R null null null 2012 0 R null 2013 0 R 2615 0 R null 2616 0 R null 2617 0 R 2618 0 R null 2619 0 R null 2620 0 R endobj endobj /S /P /S /Artifact /K 44 /K 84 /P 6642 0 R /Lang (EN-US) << << << >> /K 643 /Pg 22 0 R << 1183 0 obj /S /Artifact >> endobj /S /Artifact /Pg 22 0 R << 187 0 R 188 0 R 189 0 R 190 0 R 191 0 R 192 0 R 193 0 R 194 0 R 195 0 R 196 0 R /S /P /Pg 25 0 R /Lang (EN-US) endobj endobj /Lang (EN-US) 3851 0 R null 3852 0 R 3853 0 R null 3854 0 R null 3855 0 R null 3856 0 R >> /S /Artifact 537 0 obj >> /Pg 24 0 R /K 368 endobj /K 1126 /S /Artifact >> /K 743 1248 0 R 1249 0 R 1250 0 R 1251 0 R 1252 0 R 1253 0 R 1254 0 R 1255 0 R 1256 0 R 1257 0 R << >> endobj << << << /Pg 23 0 R << /K 1368 /K 1272 /Pg 24 0 R /S /P /K 1320 /S /P endobj 2965 0 obj endobj << endobj /S /P /K 786 /K 360 << << /K 1371 /S /Artifact /P 5519 0 R endobj << >> 2600 0 obj /K 1429 2353 0 R 2354 0 R 2355 0 R 2356 0 R 2357 0 R 2358 0 R 2359 0 R 2360 0 R 2361 0 R 2362 0 R /S /P /Pg 20 0 R endobj /Pg 23 0 R endobj 2054 0 obj /P 10 0 R /S /P /S /Artifact /S /P /K 1474 /Pg 23 0 R 814 0 obj /Pg 25 0 R /Pg 23 0 R endobj /K 457 /S /Artifact /K 988 endobj >> /S /Artifact endobj /Lang (EN-US) /Pg 15 0 R endobj /Pg 22 0 R endobj /S /P << endobj >> /Pg 22 0 R 747 0 obj /Pg 25 0 R /Pg 22 0 R /Lang (EN-US) << endobj /S /P /K 855 /K 8 << 582 0 obj << /Pg 24 0 R /Pg 24 0 R /K 1083 << >> /K 967 << endobj /Pg 24 0 R << endobj >> 2459 0 obj >> /K 181 <> /P 6651 0 R /P 10 0 R /Lang (EN-US) >> /K 774 >> endobj 1618 0 obj /K 651 /S /P 689 0 obj >> /Lang (EN-US) 2735 0 obj /Lang (EN-US) endobj /K 106 /K 1156 2846 0 obj endobj >> >> 2690 0 obj 2018 0 obj 1898 0 obj >> /Pg 23 0 R /Pg 23 0 R endobj /K 851 >> 1417 0 obj /Pg 24 0 R << >> << /Lang (EN-US) /K 1431 >> 3144 0 obj /K 1291 /S /Artifact /Lang (EN-US) << >> /K 510 << endobj /Pg 25 0 R /K 18 2273 0 obj /Pg 22 0 R 2634 0 obj << endobj /P 6658 0 R << /Pg 24 0 R >> /Lang (EN-US) << /Pg 23 0 R endobj /K 651 /K 126 /S /Artifact /Pg 23 0 R /P 5868 0 R >> endobj /K 567 /Pg 23 0 R /Lang (EN-US) << <> /Pg 25 0 R 2988 0 obj /S /Figure endobj /K 538 >> << /K 684 /K 1430 endobj /P 4956 0 R /S /Artifact /S /P /K 316 2927 0 obj 3492 0 obj endobj /P 5910 0 R >> /K 298 /S /Artifact 4142 0 obj >> 3288 0 obj 4259 0 obj /S /Artifact /K 424 /K 50 >> /K 904 /Pg 22 0 R /K 1120 << << endobj << /ParentTree 11 0 R /Pg 22 0 R 496 0 obj /Pg 23 0 R endobj endobj /Pg 22 0 R /S /Artifact >> << /K 1247 598 0 obj /S /Artifact >> 911 0 obj << ujUvi(f(44sH+8f,JC T7jR($V!V? /K 241 >> /Lang (EN-US) 1805 0 obj /P 5908 0 R 1527 0 obj >> << >> /Lang (EN-US) /Pg 24 0 R endobj /P 5018 0 R /Lang (EN-US) /Pg 23 0 R /K 1146 818 0 obj /Pg 25 0 R >> endobj << << << >> /K 514 148 0 R 148 0 R 148 0 R 148 0 R 159 0 R 159 0 R 159 0 R 159 0 R 172 0 R 172 0 R /Lang (EN-US) << >> 2666 0 obj >> << endobj endobj << /Parent 8 0 R endobj >> endobj >> << endobj /S /P << << /K 1276 3137 0 R 3138 0 R 3139 0 R 3140 0 R 3141 0 R 3142 0 R 3143 0 R 3144 0 R 3145 0 R 3146 0 R endobj /Lang (EN-US) 2335 0 obj >> /S /Artifact endobj /Lang (EN-US) /K 1500 >> << << endobj /P 5668 0 R /P 5474 0 R endobj << << /Pg 23 0 R endobj << << << 1255 0 obj endobj 1547 0 obj /Pg 22 0 R /Pg 24 0 R /Pg 24 0 R >> endobj 2869 0 obj /S /P 4151 0 obj /S /P /S /Artifact << >> /Lang (EN-US) endobj /P 10 0 R 3482 0 obj /S /P >> /Pg 22 0 R endobj /Lang (EN-US) /S /P /P 6488 0 R 3905 0 obj /Lang (EN-US) >> /K 1551 /S /Artifact 3254 0 obj /K 1182 << /Pg 25 0 R /Lang (EN-US) >> 3160 0 obj /Pg 22 0 R >> 3045 0 obj << endobj endobj /Pg 25 0 R << >> >> << 2465 0 obj /K 1314 /S /P >> /Lang (EN-US) /S /P endobj /S /Artifact /P 4778 0 R >> >> /P 4901 0 R 2662 0 obj 2093 0 obj /Lang (EN-US) /K 1301 endobj /S /P >> /Pg 25 0 R /S /Artifact /P 5041 0 R << /Pg 23 0 R /Pg 22 0 R endobj /Pg 23 0 R /P 6497 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 endobj >> 3727 0 obj /K 503 << /Endnote /Note endobj 2613 0 obj /S /Artifact /K 1314 << /S /Artifact /P 5078 0 R << /S /Artifact 4133 0 obj endobj /Lang (EN-US) 137 0 obj /K 944 /Pg 24 0 R endobj endobj /K 156 /Pg 22 0 R >> >> 3133 0 obj << /Pg 23 0 R 1937 0 obj >> /Pg 18 0 R /Pg 23 0 R null 694 0 R null 695 0 R null 696 0 R null 697 0 R null 698 0 R /Pg 25 0 R endobj << << /K 187 endobj 185 0 obj >> 3564 0 obj endobj >> >> /K 1529 /Lang (EN-US) endobj /K 1102 /S /Artifact /Pg 25 0 R /Pg 24 0 R /Lang (EN-US) >> >> /Pg 25 0 R <> << /Lang (EN-US) /Pg 23 0 R /S /Link << /S /P << endobj << /Pg 23 0 R << /Pg 25 0 R /S /Artifact /P 6626 0 R /Pg 22 0 R /Lang endobj /Pg 18 0 R 828 0 obj /S /P >> /S /Artifact /Pg 25 0 R /S /P /Lang (EN-US) << endobj /Pg 22 0 R /P 6527 0 R /K 1483 << /K 1458 2452 0 obj 1251 0 obj /S /P 1330 0 obj << endobj /Pg 24 0 R endobj << /Lang (EN-US) /K 1015 endobj 1225 0 obj endobj /K 870 /S /P <> >> /K 193 /Pg 24 0 R endobj << /Pg 23 0 R << /Lang (EN-US) /Lang (EN-US) 3433 0 obj /K 1311 << /S /Artifact /S /P /Lang (EN-US) /S /P /Lang (EN-US) 2105 0 obj << /Pg 22 0 R endobj endobj << >> << /S /P /Pg 23 0 R /P 6743 0 R 3394 0 obj >> 2498 0 obj << /S /Artifact /S /P endobj null 2553 0 R null 2554 0 R null 2555 0 R null 2556 0 R null 2557 0 R endobj /Pg 23 0 R /Pg 25 0 R /S /Artifact endobj /S /Artifact /S /Footnote /K 908 >> endobj /P 5407 0 R 4119 0 obj >> -*[\]!$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$5ZOGYPYX^'suPt " xrB ]0Ha' de,%|;m~'D yI7Jv=eWd{\6yF,8c+1`6*MW-/"AC@b8r?18hOY;(N'/Wu!#%V)+PGv;9+*2+D_S@5+E4IUVdT;RC&=hygu%+=I6.M@ jDJkK9%(BW|IGoQi& ]weMN[$zYH@W&zSRz gN_z[Hn`l)$;N/lc [zzoaF;`4]^nDCGdr$G[[6u7=*wF7;n_l8= endobj << /K 1230 504 0 obj 2774 0 obj 4094 0 obj /Pg 17 0 R /K 25 >> null null 2660 0 R null 2661 0 R null 2662 0 R null 2663 0 R null /Lang (EN-US) /P 5432 0 R /Pg 19 0 R /S /P /S /P << /Pg 23 0 R /S /P /S /P /Pg 22 0 R endobj >> /K 1472 >> /Pg 22 0 R /S /Artifact 2941 0 obj /K 1454 /K 956 >> /S /P endobj /S /Artifact 2491 0 R null null null 2492 0 R null 2493 0 R null 2494 0 R null >> /P 5826 0 R /Lang (EN-US) /Pg 24 0 R endobj /P 5054 0 R << >> /K 81 >> /Lang (EN-US) /K 688 << >> /P 6258 0 R << /S /Artifact endobj /K 200 /Pg 23 0 R /K 928 /K 1066 >> /S /P endobj /S /P endobj endobj /K 882 << /S /P /K 896 /K 1365 >> >> /P 6070 0 R /Pg 25 0 R /P 5311 0 R /P 4979 0 R endobj 2667 0 obj endobj 1510 0 obj << /Lang (EN-US) endobj 746 0 obj /Pg 24 0 R 2444 0 obj 907 0 obj << /S /P 797 0 obj >> << 1901 0 obj endobj /K 891 <> << << 4003 0 obj 1501 0 obj /S /P 3872 0 obj /K 7 /S /Figure >> 3080 0 obj << /K 325 >> /P 5498 0 R 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 18 0 R /S /Artifact /S /P /S /P >> << /StructParents 0 /K 21 /Pg 23 0 R endobj /Pg 22 0 R endobj 889 0 obj 3282 0 obj endobj /K 1441 /P 5207 0 R 767 0 obj << /Pg 25 0 R 2027 0 obj /K 58 707 0 obj /K 356 1438 0 obj 40 0 obj << /Lang (EN-US) << /Pg 22 0 R /P 6078 0 R << >> /K 1258 >> >> >> << /K 975 >> /K 1469 << /Lang (EN-US) 384 0 obj /S /P /Pg 25 0 R /K 251 1893 0 obj >> 2184 0 obj /K 57 1789 0 R null 1790 0 R 315 0 R null 317 0 R null 1791 0 R null null /K 4 /K 1528 /K 270 >> /Pg 24 0 R endobj 2639 0 obj endobj << endobj /P 5960 0 R 2861 0 obj /S /Artifact /Lang (EN-US) endobj /K 652 3913 0 obj /P 5149 0 R 3923 0 obj /K 58 endobj >> >> >> endobj /S /Link 3938 0 obj /Pg 24 0 R >> >> /S /P /P 5790 0 R /Lang (EN-US) /K 689 /Lang (EN-US) << /K 693 << /K 1209 << /Pg 23 0 R << /K 279 /Pg 23 0 R /S /P >> endobj /Lang (EN-US) /P 5830 0 R 2546 0 obj << endobj /K 300 /K 1181 /S /P endobj /K 644 /S /P /S /P endobj /Lang (EN-US) /K 634 4331 0 obj >> endobj endobj /S /P 2561 0 obj endobj /Pg 21 0 R 292 0 obj /S /Artifact /K 423 >> /S /P /P 10 0 R 1116 0 obj >> /S /Artifact 3615 0 obj >> /P 6679 0 R >> /K 2 /P 5279 0 R >> /K 819 3001 0 obj >> /S /P /S /P /S /P >> /P 10 0 R >> << /K 1121 endobj /S /P /Pg 24 0 R 1967 0 obj /K 1168 /Pg 22 0 R /S /P << 312 0 obj 1639 0 obj /S /Artifact << /S /Artifact /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 /S /Artifact endobj /Lang (EN-US) /S /Artifact >> << /Pg 23 0 R << endobj /Pg 22 0 R 127 0 obj /Pg 23 0 R >> 3744 0 obj /Lang (EN-US) << /S /Artifact /K 1496 /Pg 22 0 R << 616 0 obj /Pg 24 0 R << /S /Artifact /K 1231 << /S /P /Lang (EN-US) /Pg 25 0 R << 1520 0 obj /P 10 0 R /P 10 0 R /Pg 24 0 R /K 1142 813 0 obj /S /P 3717 0 obj >> 3849 0 obj >> /Pg 22 0 R /K 1543 /S /Artifact /Lang (EN-US) /K [68 4676 0 R] << >> /P 6432 0 R /Pg 24 0 R /S /P /P 5483 0 R /S /Artifact >> /K 79 /S /Artifact >> << 1646 0 obj >> <> 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 386 0 obj >> >> /P 5733 0 R /K 9 << >> /S /P /S /P 3880 0 obj /P 5182 0 R endobj /Lang (EN-US) /P 5942 0 R /P 10 0 R 2040 0 obj << << 2838 0 obj endobj /S /P /Pg 23 0 R /S /P << << 2716 0 obj /Pg 23 0 R endobj /P 5670 0 R endobj >> 2210 0 obj endobj >> >> 532 0 R null 533 0 R 534 0 R 535 0 R 180 0 R 181 0 R 182 0 R 183 0 R 184 0 R /S /P /K 641 endobj /P 5124 0 R /K 599 /K 1253 2535 0 obj endobj /K 63 /S /P >> endobj >> /Pg 23 0 R /K 735 1780 0 obj /K 1026 << /K [386 0 R 387 0 R 388 0 R] /S /P >> /Pg 25 0 R 4042 0 obj /S /P >> /K 659 >> endobj << endobj /Pg 14 0 R /Pg 23 0 R /P 5832 0 R endobj /Lang (EN-US) 2993 0 obj endobj /Lang (EN-US) /Pg 25 0 R endobj 3831 0 obj << /Pg 22 0 R /Lang (EN-US) >> /K 138 /S /P /K 198 /Pg 23 0 R endobj endobj << 1322 0 obj /P 6693 0 R /K 815 /P 6597 0 R endobj /S /Artifact /S /P >> >> << /Lang (EN-US) >> /K 499 >> endobj << >> /P 6661 0 R endobj >> << 207 0 R 208 0 R 209 0 R 210 0 R 211 0 R 212 0 R 213 0 R 214 0 R 215 0 R 216 0 R /Pg 25 0 R >> 1460 0 obj /K 487 endobj << endobj /K 828 /P 6301 0 R endobj /K 452 /P 10 0 R /K 1465 /Pg 24 0 R /S /Artifact /Pg 24 0 R << /Pg 23 0 R 1187 0 obj /Pg 25 0 R << endobj /P 10 0 R endobj /Lang (EN-US) << endobj endobj << <> endobj << /Lang (EN-US) /K 559 >> /S /P << << /Lang (EN-US) 4099 0 obj endobj >> /Lang (EN-US) endobj 1903 0 R null null null 1904 0 R null 1905 0 R null 1906 0 R null 833 0 obj 4013 0 obj /Lang (EN-US) /K 532 1552 0 obj << >> >> >> 2910 0 obj 4231 0 obj /K 678 /StructParent 1 2854 0 obj 3793 0 obj endobj /Pg 25 0 R /S /P 902 0 obj /Pg 22 0 R endobj /K 1318 2991 0 obj << 1701 0 obj >> /P 6421 0 R << /Pg 25 0 R /S /P >> /Lang (EN-US) /Pg 24 0 R /S /Artifact << /S /P << >> /Pg 25 0 R /K 1065 /Pg 23 0 R endobj /Lang (EN-US) /Pg 23 0 R 2402 0 obj /Pg 14 0 R << >> << /P 10 0 R /P 5754 0 R /Pg 23 0 R /Lang (EN-US) /P 5063 0 R /S /Artifact /Lang (EN-US) 2839 0 obj 4087 0 obj /K 1233 endobj /K 1422 /S /P 562 0 obj << 3716 0 obj endobj /Pg 25 0 R /Pg 23 0 R endobj 3431 0 obj /S /P /S /P /K 1424 >> /P 4910 0 R /Pg 23 0 R << 2250 0 obj /S /P endobj /K 1328 /Lang (EN-US) /Pg 24 0 R /Pg 23 0 R endobj /K 599 /S /P endobj 1622 0 obj /K 0 /Type /Page << endobj 2416 0 obj /P 5351 0 R /K 701 /K 1296 /Lang (EN-US) /Pg 23 0 R /K 1447 endobj /K 1424 /S /P /Lang (EN-US) 548 0 R 549 0 R 550 0 R 551 0 R 552 0 R 553 0 R 554 0 R 555 0 R 556 0 R 557 0 R Derivative instruments may be used to hedge /K 1113 /P 10 0 R << >> /Resources 4375 0 R /Pg 24 0 R /S /P /Pg 22 0 R /Lang (EN-US) << >> /Lang (EN-US) /K 1191 << >> /Lang (EN-US) /Pg 22 0 R 1475 0 R 1476 0 R 1477 0 R 1478 0 R 1479 0 R 1480 0 R 1481 0 R 1482 0 R 1483 0 R 1484 0 R endobj /Lang (EN-US) /K 30 /Pg 25 0 R <> << /Lang (EN-US) /Pg 23 0 R 2618 0 obj /K 1440 /S /P >> 526 0 obj /S /Artifact /K 794 /K 13 /K 1067 /Pg 24 0 R << /S /Artifact << /S /Artifact >> 3213 0 obj >> /K 1394 endobj /S /Artifact >> endobj endobj /P 4782 0 R /K 111 /K 1127 /S /Artifact << << endobj << /Pg 23 0 R >> endobj >> >> 851 0 obj /S /P /S 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stream /Pg 22 0 R /Lang (EN-US) >> /K 293 endobj /S /P /K 433 << /Lang (EN-US) /Pg 18 0 R /K 163 /K 17 << /K 66 /S /P endobj /Pg 23 0 R <> >> /Lang (EN-US) endobj 3837 0 obj endobj /Lang (EN-US) /K 1400 /S /P << 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 /Lang (EN-US) /K [536 0 R 537 0 R] /K 1360 << >> /P 6124 0 R /K 917 /Pg 24 0 R endobj /K 86 >> /K 1365 >> 2150 0 obj >> 205 0 obj << /Pg 24 0 R << /Lang (EN-US) << endobj 369 0 obj /Lang (EN-US) >> null 3767 0 R null 3768 0 R 3769 0 R null 3770 0 R null 3771 0 R null << >> /S /P /S /P endobj << /S /P /Pg 24 0 R 1877 0 R null 1878 0 R null null null 1879 0 R null null null endobj /Pg 24 0 R endobj 1855 0 obj /Pg 24 0 R /Pg 25 0 R 548 0 obj 433 0 obj /K 1267 /Pg 23 0 R /K 503 << << /Pg 25 0 R 2961 0 obj /S /P >> /K 1114 /Pg 22 0 R /P 6500 0 R endobj 3069 0 obj /K 1156 /Pg 21 0 R /S /P /Pg 22 0 R endobj 3513 0 obj 349 0 obj /Pg 25 0 R /K 1490 /S /P /S /P /Pg 23 0 R 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 /S /Artifact /S /P /S /P /K 853 /Lang (EN-US) /Parent 8 0 R << 2558 0 R null 2559 0 R null 2560 0 R null 2561 0 R null 2562 0 R null /TextBox /Art /Pg 25 0 R /Pg 23 0 R /Lang (EN-US) null 596 0 R null 597 0 R 598 0 R null null 599 0 R null 600 0 R 2121 0 obj endobj 664 0 obj /Pg 23 0 R endobj << /Lang (EN-US) 1888 0 obj 2935 0 obj /Lang (EN-US) /S /P /Pg 23 0 R /Pg 25 0 R /Lang (EN-US) /S /P /K 548 endobj /Pg 25 0 R /K 98 /Pg 25 0 R /S /P /P 10 0 R 1931 0 obj /K 562 /K 104 << endobj endobj /S /Artifact << /S /Artifact /Lang (EN-US) /K 765 1746 0 obj >> <> << /Pg 24 0 R /K 16 3284 0 obj << /Pg 24 0 R >> 3901 0 obj endobj >> << /Lang (EN-US) /K 296 449 0 obj /P 10 0 R /Lang (EN-US) /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. /Lang (EN-US) /K 1244 << /Lang (EN-US) /Lang (EN-US) /Pg 13 0 R /S /P /Lang (EN-US) << >> /Pg 24 0 R 772 0 obj >> /K 1063 /Lang (EN-US) >> /S /P 4286 0 obj /K 720 /K 1219 null null 3750 0 R null null null 3751 0 R null 3752 0 R null /Pg 24 0 R >> /Pg 24 0 R << /Pg 23 0 R /Lang (EN-US) 2752 0 R null 2753 0 R null 2754 0 R 2755 0 R null 2756 0 R null 2757 0 R 2943 0 obj 1381 0 obj >> /Pg 24 0 R /Pg 25 0 R /Pg 18 0 R /Lang (EN-US) << << /S /P /P 5961 0 R /S /P 4229 0 obj <> /S /P /Pg 24 0 R << >> 2745 0 obj >> /K 217 /Lang (EN-US) /S /Table /S /P /S /Artifact /P 10 0 R /S /P << >> /Pg 25 0 R 77 0 R 78 0 R 79 0 R 80 0 R 81 0 R 82 0 R 83 0 R 84 0 R 85 0 R 86 0 R /S /P /S /Artifact 789 0 obj << endobj /Pg 25 0 R /P 5134 0 R 846 0 obj << << >> /S /Artifact endobj /Lang (EN-US) /K 914 /Lang (EN-US) >> /K 774 /K 666 endobj << /Lang (EN-US) << 3775 0 R null 3776 0 R null 3777 0 R null 3778 0 R null 3779 0 R null /Pg 18 0 R << /Lang (EN-US) 3046 0 obj /S /P /P 5192 0 R >> 399 0 R 400 0 R 401 0 R 402 0 R 403 0 R 404 0 R 405 0 R 406 0 R 407 0 R 408 0 R /P 112 0 R /K 1442 endobj << 371 0 obj /Pg 22 0 R endobj /S /Artifact /Lang (EN-US) /S /P 2964 0 obj /P 10 0 R /P 6094 0 R 667 0 obj /Pg 19 0 R >> /Pg 25 0 R /Pg 24 0 R /Pg 22 0 R endobj /S /Artifact /S /P 4101 0 obj /S /Artifact /S /Artifact 213 0 obj 11 [311 0 R null 313 0 R null 1546 0 R null null 1547 0 R null null >> 1387 0 obj /S /P /K 538 /Lang (EN-US) /Lang (EN-US) >> << >> /K 109 endobj /S /Artifact /P 6644 0 R /Pg 25 0 R /Pg 23 0 R /Pg 25 0 R endobj endobj 2120 0 obj null 2621 0 R null 2622 0 R null null null 2623 0 R null null /S /P /Lang (EN-US) /Lang (EN-US) /S /P /P 5376 0 R >> /S /Artifact >> null 3480 0 R null null null 3481 0 R null null null 3482 0 R /S /P /S /P /P 74 0 R 3608 0 obj /K 1346 >> /Pg 24 0 R /K 436 /K 1125 /S /P /K 1180 >> << >> /S /P /P 5453 0 R /K 165 /Pg 25 0 R << /K 1242 /P 5979 0 R >> /Pg 22 0 R /Pg 19 0 R /K 40 3091 0 obj << /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) endobj 1128 0 obj >> >> /S /P /Lang (EN-US) 1147 0 obj 1166 0 obj /Pg 19 0 R /S /P << 50 0 obj /Pg 24 0 R endobj endobj >> /P 33 0 R /S /Artifact >> /P 6499 0 R /StructParents 10 >> /K 1366 endobj endobj /Pg 23 0 R /P 5088 0 R endobj >> 1397 0 obj endobj 121 0 obj /K 76 /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R /Pg 18 0 R >> 1847 0 obj /S /Artifact /K 167 /Pg 24 0 R << 3108 0 obj >> /Pg 24 0 R endobj 140 0 obj /Lang (EN-US) << /K 540 >> >> endobj /P 6530 0 R << endobj /Lang (EN-US) /S /Artifact >> /K 1031 4005 0 obj << 1975 0 obj /Pg 22 0 R /P 5727 0 R /K 451 /T () /Lang (EN-US) >> /Lang (EN-US) 459 0 obj /Lang (EN-US) /K 1444 << /K 1146 << << /K 859 endobj /S /P 1912 0 obj /K 1269 endobj /Resources 4385 0 R /P 10 0 R >> 1105 0 obj /P 5330 0 R 1334 0 obj 1242 0 obj >> /K 713 >> /K 430 >> << /K 1383 >> /Lang (EN-US) 3404 0 obj /P 4971 0 R << /K 427 /K 65 /S /Artifact /S /Artifact /P 6588 0 R endobj 3790 0 obj /S /Artifact >> /K 1155 1679 0 obj /Pg 23 0 R endobj /S /Artifact /Lang (EN-US) /S /Artifact /P 10 0 R /K 918 << /K 1406 /P 4743 0 R << /Pg 23 0 R /Lang (EN-US) << 100 0 obj /Pg 22 0 R << 3440 0 obj /K 1148 /S /Artifact /K 260 /S /Artifact 1199 0 obj /K 1173 /Pg 24 0 R << endobj endobj endobj /S /Artifact /Pg 22 0 R endobj /Pg 25 0 R endobj 2422 0 obj 3205 0 obj 2433 0 obj 363 0 obj /S /P /S /P /Lang (EN-US) 2092 0 obj endobj << >> >> 2342 0 obj 643 0 obj /Lang (EN-US) /Pg 25 0 R /Lang (EN-US) >> /K 25 /K 1489 /S /P 1067 0 obj /P 6082 0 R /Lang (EN-US) /Pg 22 0 R 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 1202 0 obj endobj << 2141 0 obj 2270 0 obj /S /Artifact /Pg 24 0 R << >> /K 550 /Resources 4350 0 R /Lang (EN-US) /K 1368 /S /Artifact /S /Artifact endobj 192 0 obj /K 1362 << /Pg 17 0 R >> endobj /Pg 18 0 R 3834 0 obj /Pg 25 0 R /Pg 22 0 R endobj /K 1259 /K 1157 /K 371 /Pg 22 0 R /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) /P 5331 0 R /K 85 endobj >> /S /P /P 6140 0 R /S /Artifact endobj 3893 0 obj /P 5578 0 R /S /Artifact /S /P >> /P 6206 0 R endobj /S /P /P 5392 0 R endobj 1709 0 obj endobj 1155 0 obj Market Closed. /S /P endobj /K 1017 endobj /K 1436 /K 1530 << /K 1460 /P 5232 0 R /Pg 25 0 R endobj >> 940 0 obj <> /Lang (EN-US) /P 5032 0 R /S /P /K 878 580 0 obj 3022 0 obj /S /Artifact /Lang (EN-US) /Lang (EN-US) /S /P endobj /K 488 /K 52 << << << 950 0 obj /K 712 /S /P << /S /P << << 1891 0 obj >> /K [27 419 0 R 38] /S /P /Pg 23 0 R >> endobj >> /S /Artifact endobj /Pg 23 0 R /K 1532 4239 0 obj /K 783 endobj >> >> null null 704 0 R null null null 705 0 R null 706 0 R null << /Pg 25 0 R /Pg 25 0 R /Pg 23 0 R endobj /K 547 /P 6669 0 R >> /K 1382 >> /S /Artifact /Pg 24 0 R 3111 0 obj /Pg 24 0 R << /Pg 23 0 R 2754 0 obj << /Lang (EN-US) /Pg 23 0 R endobj /P 5913 0 R endobj >> /P 6363 0 R /S /P /Pg 22 0 R /Lang (EN-US) endobj >> /K 1430 endobj /Lang (EN-US) /S /Artifact /Lang (EN-US) 999 0 obj << 2797 0 obj /S /P endobj /K 863 /Parent 9 0 R 2244 0 obj /S /Artifact /S 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25 0 R /Pg 25 0 R /Pg 25 0 R >> /K 1234 << /K 1002 /Lang (EN-US) /K 1423 >> /Pg 23 0 R >> /Pg 22 0 R endobj endobj >> /P 6014 0 R << 1748 0 obj >> >> /P 5500 0 R /K 181 /S /P endobj /Lang (EN-US) /Lang (EN-US) endobj /K 1489 /P 5936 0 R endobj /Pg 23 0 R /Lang (EN-US) endobj endobj /K 1222 >> /K 50 >> /P 10 0 R >> /Pg 25 0 R << /K 1136 /P 6627 0 R 3475 0 obj 1845 0 obj /Lang (EN-US) /P 4884 0 R /S /Artifact endobj << << /Lang (EN-US) /Pg 16 0 R /S /P 3713 0 obj 2451 0 obj /Pg 23 0 R /S /P 1436 0 obj >> >> >> /Pg 25 0 R endobj /Lang (EN-US) << 3823 0 obj /Pg 25 0 R << << /K 1371 /K 136 2311 0 obj >> endobj 806 0 obj >> >> /Pg 22 0 R endobj /S /P /K 545 endobj /K 1378 >> /K 356 /Lang (EN-US) /Pg 24 0 R >> /Pg 25 0 R << /S /Artifact endobj << /K 435 << /Pg 19 0 R /P 6351 0 R /Lang (EN-US) endobj /K 1219 /Pg 18 0 R /K 587 2133 0 obj /K 1069 2986 0 obj /Lang (EN-US) << /S /P /K 373 endobj /K 1428 /K 32 /Pg 25 0 R 630 0 obj /Pg 22 0 R /Lang (EN-US) >> /Lang (EN-US) 2633 0 obj /K 287 /Pg 24 0 R << << /S /P << << 1743 0 R null 1744 0 R null 1745 0 R null 1746 0 R null 1747 0 R null << endobj << 4046 0 obj endobj >> /Pg 23 0 R /P 6554 0 R 1605 0 obj /Lang (EN-US) 2694 0 obj << endobj /P 5572 0 R >> /P 6459 0 R /Lang (EN-US) /S /P /S /P endobj /Pg 23 0 R 2255 0 obj /P 5825 0 R 1717 0 obj << /Lang (EN-US) <> /Lang (EN-US) /K 820 /K 981 endobj 2631 0 obj /Pg 22 0 R endobj /Pg 25 0 R /Pg 14 0 R /Pg 23 0 R >> /P 5699 0 R 2175 0 obj endobj /K 826 /S /P endobj << << 3236 0 obj /Lang (EN-US) endobj /S /P /P 5841 0 R /K 152 1803 0 obj << << /Pg 25 0 R >> endobj /S /P /S /Artifact /S /P /Pg 23 0 R endobj /Pg 23 0 R /S /Artifact >> /S /P >> /S /P 941 0 obj /Lang (EN-US) /S /P << Markets currently appear to need further sequential evidence before pricing in a more sustained period of higher yields /S /P /P 6293 0 R endobj << /S /P endobj /P 4885 0 R endobj 1168 0 obj endobj << /S /P /Pg 24 0 R endobj /Pg 16 0 R endobj << /S /P /K 964 >> << 693 0 obj /K 788 << /Pg 25 0 R /P 6495 0 R /Border [0 0 0] /Pg 24 0 R /P 6630 0 R /K 1058 >> /P 5066 0 R << endobj >> endobj /K 629 /S /Artifact /P 5271 0 R >> endobj 854 0 R 855 0 R null 856 0 R null 857 0 R null 858 0 R null 859 0 R << >> /K 324 1341 0 obj >> endobj << /S /Artifact /K 1293 /S /P >> /Pg 24 0 R 1256 0 obj /Pg 25 0 R /S /Artifact /S /P /P 5840 0 R /Lang (EN-US) /K 1358 3971 0 obj << /S /Artifact << /Pg 24 0 R endobj 2216 0 R 2217 0 R 2218 0 R 2219 0 R 2220 0 R 2221 0 R 2222 0 R 2223 0 R 2224 0 R 2225 0 R /K 1035 << << >> /S /Artifact /S /P << >> << 3152 0 obj /K 1384 endobj /P 5565 0 R /K 284 /S /Artifact >> endobj << /Lang (EN-US) /Pg 23 0 R 2562 0 obj /Lang (EN-US) << endobj << >> /P 5036 0 R 1424 0 obj <> /P 4861 0 R >> >> /P 5918 0 R << endobj /K 1369 >> /Pg 24 0 R >> >> /Pg 17 0 R /S /P >> << /Lang (EN-US) << /S /P 2310 0 obj << /Pg 25 0 R <> << >> >> /P 5921 0 R >> /S /Artifact endobj A repricing of real estate is underway. endobj >> /K 1101 endobj >> /S /P /Pg 22 0 R 495 0 obj /S /Artifact << >> << /K 1461 /Lang (EN-US) >> endobj /Lang (EN-US) /K 332 2041 0 obj << endobj /Lang (EN-US) endobj /S /Artifact endobj endobj >> /Pg 22 0 R /S /P 2065 0 obj >> /P 6061 0 R /K 9 /K 1468 /Lang (EN-US) /P 6328 0 R /Pg 18 0 R 3466 0 R null 3467 0 R null 3468 0 R null null null 3469 0 R null 1008 0 obj /Pg 24 0 R 125 0 obj /S /Artifact << /Pg 24 0 R 3100 0 obj >> /P 6531 0 R /Pg 22 0 R /Pg 22 0 R 2228 0 obj /P 6758 0 R << /Pg 14 0 R /K 1331 2021 0 obj /S /P /K 1304 /S /P /Lang (EN-US) >> /Pg 14 0 R /S /Artifact /S /P << 2318 0 obj endobj endobj 1497 0 obj /K 439 /Lang (EN-US) << /Lang (EN-US) <> 1872 0 obj /P 5817 0 R >> 4244 0 obj 2440 0 obj /S /P /Pg 25 0 R /K 520 >> /Lang (EN-US) /K 1044 >> >> endobj /Lang (EN-US) >> /K 1156 /S /Artifact /Pg 23 0 R /K 7 /K 1215 /S /Artifact /Pg 22 0 R 3583 0 obj /Pg 23 0 R /S /Artifact /Lang (EN-US) /Pg 25 0 R /S /P /K 1412 /S /P 3395 0 obj /P 6164 0 R >> >> 2742 0 obj /S /Artifact 2187 0 obj /Pg 24 0 R /Lang (EN-US) /S /Artifact /K 587 /K 159 /P 10 0 R 1176 0 obj /S /P >> >> >> << 728 0 obj << /K 857 endobj /S /P endobj /Pg 16 0 R >> endobj /S /P 4107 0 R 4108 0 R 4109 0 R 4110 0 R 4111 0 R 4112 0 R 4113 0 R 4114 0 R 330 0 R 4115 0 R 2816 0 obj << /K 1115 >> /P 5509 0 R << >> 2464 0 obj << endobj >> endobj /Lang (EN-US) /S /P 2664 0 R null 2665 0 R 2666 0 R null 2667 0 R null 2668 0 R null 2669 0 R << << /Pg 23 0 R /S /P 2245 0 obj << 2247 0 obj /Pg 17 0 R >> >> /Pg 25 0 R << /S /Artifact Source: Morningstar, Cliffwater Direct Lending Index, as of December 31, 2021. endobj /Lang (EN-US) 3281 0 obj endobj <> /P 6088 0 R /S /P /Pg 23 0 R /Pg 24 0 R /MediaBox [0 0 612 792] endobj /Lang (EN-US) >> /Pg 24 0 R << /K 210 endobj endobj >> 4122 0 obj /S /Artifact /S /Artifact endobj >> endobj /Lang (EN-US) /S /Artifact endobj << endobj 1613 0 obj << /S /P /S /P endobj /Lang (EN-US) 2673 0 obj endobj 1903 0 obj /P 5579 0 R endobj /P 5698 0 R 1664 0 obj endobj endobj /Lang (EN-US) /Pg 24 0 R 3563 0 obj endobj /Pg 22 0 R >> /S /Artifact /P 5629 0 R /Pg 25 0 R >> << /S /Artifact /Pg 25 0 R CLIFFWATER DIRECT LENDING INDEX (CDLI) CLIFFWATER BDC INDEX (CWBDC) Stay in the know. >> /P 5249 0 R /Pg 23 0 R 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. /P 4767 0 R endobj endobj << >> /Pg 25 0 R /P 5156 0 R /Pg 24 0 R 2007 0 obj 2534 0 obj endobj >> 1735 0 obj endobj /P 6175 0 R /S /P 1782 0 obj /P 5421 0 R /Pg 23 0 R /S /P /S /Artifact >> null null 938 0 R null 939 0 R null 940 0 R null 941 0 R null /K 487 >> endobj >> << /K 1182 /Lang (EN-US) endobj /S /Artifact >> >> /S /Artifact 3874 0 obj /Lang (EN-US) << endobj << << 361 0 obj endobj >> 2107 0 obj << /Pg 23 0 R /K 1464 endobj /K 10 >> 22 null 925 0 R null null null 926 0 R null 927 0 R null 928 0 R endobj /P 5642 0 R /S /Artifact 107 0 obj /S /P >> << 2171 0 obj << >> /Pg 25 0 R << /S /P 3914 0 obj /S /P >> /Pg 22 0 R /K 22 << /Pg 25 0 R /K 877 3890 0 obj /K 1465 >> /K 1047 /S /P endobj /K 625 endobj /K 237 << /K 106 endobj << /Lang (EN-US) /Pg 24 0 R /P 6604 0 R << /S /P 2884 0 obj /K 4 2514 0 obj >> /Pg 25 0 R /Pg 24 0 R << /K 75 3682 0 obj /K 770 2057 0 obj /Pg 22 0 R /P 5598 0 R /K 1289 2094 0 obj null 1557 0 R null 1558 0 R null 1559 0 R null 1560 0 R null 1561 0 R >> /S /P >> << /Lang (EN-US) endobj /K 1140 /Pg 25 0 R << >> 4150 0 obj << endobj endobj /P 6603 0 R endobj /K 1372 /S /P >> /Lang (EN-US) /Pg 24 0 R 3911 0 obj /Lang (EN-US) << >> /Pg 22 0 R endobj >> >> /K 1496 endobj /S /Artifact /Lang (EN-US) >> << endobj 4303 0 obj 2433 0 R 2434 0 R 2435 0 R 2436 0 R 2437 0 R 2438 0 R 2439 0 R 2440 0 R 2441 0 R 2442 0 R /Lang (EN-US) endobj 4248 0 obj << /S /P /Lang (EN-US) /K 886 560 0 obj /K 1293 /P 4863 0 R /K 734 /Pg 25 0 R >> /K [159 540 0 R 190] 2520 0 obj << 8 0 obj

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