cliffwater direct lending index cliffwater direct lending index

/Pg 24 0 R << >> << 2716 0 obj /S /Artifact /P 4436 0 R 2131 0 obj 3418 0 obj /Pg 19 0 R /Pg 17 0 R /P 5977 0 R >> 2650 0 obj /Pg 25 0 R << /K 770 /P 6396 0 R /P 6138 0 R /K 715 endobj endobj /K 857 << /P 10 0 R 3541 0 R null null null 3542 0 R null 3543 0 R null 3544 0 R null endobj /K 1286 endobj /Lang (EN-US) >> endobj 3091 0 obj /Pg 24 0 R 3090 0 obj 2850 0 obj 1473 0 obj null 2501 0 R null 2502 0 R null null null 2503 0 R null null /Pg 24 0 R /Rect [149.6000061035 387.0660095215 153.43699646 399.3500061035] << /K 202 2744 0 R null 2745 0 R null 2746 0 R null 2747 0 R null null null /K 1304 1628 0 R 1629 0 R null 1630 0 R null 1631 0 R null 1632 0 R null 1633 0 R << endobj << /Pg 24 0 R endobj << 2404 0 obj >> << /Lang (EN-US) << 4251 0 obj 2973 0 obj 1489 0 obj /Pg 25 0 R << endobj /K 706 /S /Artifact /K 1464 /Pg 25 0 R /Lang (EN-US) endobj /P 10 0 R null null null null null 424 0 R null null null null /S /P endobj endobj /S /P /P 5401 0 R /S /Artifact /Pg 25 0 R endobj /Lang (EN-US) /K 1190 endobj /K 70 /P 4983 0 R << endobj endobj 1716 0 obj endobj /K 198 >> /Pg 18 0 R /Lang (EN-US) /Lang (EN-US) 1320 0 obj << >> endobj 1827 0 obj /Pg 25 0 R /S /Artifact endobj << /S /Artifact /Pg 22 0 R /S /P endobj /K 20 3966 0 obj << 1551 0 R null 1552 0 R null 1553 0 R null 1554 0 R null 1555 0 R 1556 0 R 2196 0 R 2197 0 R 2198 0 R 2199 0 R 2200 0 R 2201 0 R 2202 0 R 2203 0 R 2204 0 R 2205 0 R /S /P 827 0 R null 828 0 R null 829 0 R null 830 0 R 831 0 R null 832 0 R /Pg 25 0 R << Cliffwater estimates that the average coupon to the loans in their index over this horizon has been about 10.2 percent, with about 1 percent of net credit losses per year. /Pg 24 0 R >> << /Lang (EN-US) /K 1012 >> /K 435 endobj >> 1211 0 obj >> /K 1324 /Pg 22 0 R /K 647 /S /P endobj /K 1069 >> /S /P /S /P >> /Lang (EN-US) endobj endobj /Lang (EN-US) 2665 0 obj /P 5841 0 R /K 790 << << /Pg 22 0 R >> << /Pg 22 0 R /Pg 24 0 R /P 5922 0 R /K 1053 /S /Artifact endobj << >> /Pg 22 0 R << /K 1203 << 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(EN-US) 1314 0 obj endobj >> /Lang (EN-US) 2201 0 obj /Pg 25 0 R 108 0 obj /S /P endobj /S /P >> /Pg 22 0 R /S /Artifact 2490 0 obj >> /P 6258 0 R /Lang (EN-US) /K 129 endobj endobj /Pg 25 0 R /K 1015 /K 1487 /Pg 25 0 R /P 10 0 R << /Pg 23 0 R /K [4435 0 R 4436 0 R 4437 0 R 4438 0 R] << endobj /Pg 24 0 R >> /S /Artifact /Lang (EN-US) /Pg 25 0 R /Pg 22 0 R /S /Artifact 222 0 obj /K 460 << 2629 0 obj /K [8 431 0 R 72] endobj /Pg 23 0 R 3204 0 obj /P 5646 0 R /Pg 23 0 R /S /Artifact endobj << endobj /Pg 25 0 R /K 1289 >> endobj 3305 0 obj endobj 915 0 obj endobj endobj << endobj 3291 0 obj /K 818 << /Pg 24 0 R 3957 0 obj /Pg 24 0 R /S /P >> /K [4525 0 R 4526 0 R 4527 0 R 4528 0 R 4529 0 R 4530 0 R 4531 0 R 4532 0 R 4533 0 R 4534 0 R endobj 3194 0 obj 901 0 obj >> /Pg 18 0 R << /K 538 /P 6725 0 R 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 /Pg 22 0 R /S /P /S /P endobj 3267 0 obj 1610 0 obj 1877 0 obj << /S /P /Pg 23 0 R << /K 426 3743 0 obj /K 851 /Pg 22 0 R 1711 0 obj /K 1436 endobj /Pg 13 0 R endobj << /S /P 2840 0 obj endobj endobj >> /S /P /K 531 >> /Pg 24 0 R /Pg 22 0 R endobj endobj /K 63 endobj In high inflation periods, for example, PE has generated returns in excess of about 6% above public stocks. /Pg 25 0 R 3730 0 obj << >> /P 5790 0 R 2239 0 obj /S /P << /A 4406 0 R endobj /S /P endobj /K 1421 85 0 obj /Pg 24 0 R /Pg 22 0 R /Pg 25 0 R endobj << 2825 0 obj << >> CLIFFWATER DIRECT LENDING INDEX (CDLI) CLIFFWATER BDC INDEX (CWBDC) Stay in the know. /Lang (EN-US) << /K 69 endobj >> /S /P /P 10 0 R >> 1886 0 obj /P 6578 0 R >> /K 589 /S /P /P 10 0 R >> << /Lang (EN-US) endobj /Pg 22 0 R 1908 0 obj /K 57 /P 10 0 R 4286 0 obj /S /Artifact /S /Artifact 2635 0 obj endobj 3576 0 obj endobj /P 5744 0 R 775 0 R null null null 776 0 R null null null 777 0 R null /S /Artifact /Pg 23 0 R endobj 2544 0 R null 2545 0 R 2546 0 R null 2547 0 R null 2548 0 R null 2549 0 R >> /Pg 18 0 R /K 268 /S /Artifact endobj /K 157 /Lang (EN-US) 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R /P 5996 0 R >> /K 724 >> endobj /P 4976 0 R endobj /S /Artifact 3106 0 obj >> >> /S /Artifact /Pg 25 0 R /K 271 /K 73 /P 5307 0 R /P 5084 0 R /S /P /Pg 25 0 R 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 2260 0 obj endobj >> /Pg 23 0 R /K 983 >> /S /Artifact endobj endobj /Lang (EN-US) >> /P 5538 0 R /P 6425 0 R 1171 0 obj /Pg 23 0 R /S /Artifact /Pg 19 0 R << << /Pg 24 0 R >> << /S /Artifact /Lang (EN-US) /S /Artifact /S /P /S /Artifact /K 14 /Pg 24 0 R /Pg 25 0 R 2801 0 R null 2802 0 R 2803 0 R null 2804 0 R null 2805 0 R null 2806 0 R /Pg 23 0 R 485 0 obj << 1327 0 obj /S /Artifact /Pg 22 0 R /K 1434 << 774 0 obj /S /P /Lang (EN-US) << << << 3164 0 obj endobj endobj /P 5886 0 R /K 1171 3793 0 obj << endobj >> << /Lang (EN-US) /S /P 2532 0 obj << 3594 0 obj /Pg 24 0 R endobj << endobj << /P 6351 0 R >> /S /Artifact /P 5429 0 R >> << /Pg 22 0 R /Pg 22 0 R >> 3311 0 obj >> /Pg 25 0 R /Lang (EN-US) << endobj << /Lang (EN-US) << /K 681 /Pg 24 0 R << endobj /K 1531 827 0 obj << /K 1178 endobj << << 3843 0 obj 2728 0 obj /Lang (EN-US) 3947 0 R 3948 0 R 3949 0 R 3950 0 R 3951 0 R 3952 0 R 3953 0 R 3954 0 R 3955 0 R 3956 0 R /Lang (EN-US) /Pg 25 0 R 756 0 obj << /K 364 /K 252 >> >> >> << >> << /S /P /Pg 24 0 R /Lang (EN-US) /Pg 24 0 R /K 1235 /P 6222 0 R /Pg 23 0 R /K 521 /P 5144 0 R >> endobj >> /P 6308 0 R /K 1452 /K 536 << << >> 2793 0 R null 2794 0 R null 2795 0 R null null null 2796 0 R null endobj 1987 0 obj endobj /Lang (EN-US) /K 880 /S /P << /S /P /Lang (EN-US) 2559 0 obj /P 5520 0 R << 903 0 obj << << /Pg 24 0 R << /Pg 22 0 R << /S /Artifact /S /P /P 10 0 R /K 233 endobj 2265 0 obj 2004 0 obj /Lang (EN-US) endobj /Pg 24 0 R 603 0 obj >> /K 555 1516 0 obj /Lang (EN-US) 3187 0 obj >> << << /K 126 endobj /K 94 << 2032 0 obj << << /S /P /K 1462 /P 5589 0 R << /K 7 /S /P /P 10 0 R /Pg 25 0 R << << << /Lang (EN-US) >> 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 /P 10 0 R /K 1353 /S 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obj endobj >> 2818 0 obj << /Pg 25 0 R /Lang (EN-US) >> >> /Pg 25 0 R /S /Artifact << >> /Pg 22 0 R endobj endobj >> /Lang (EN-US) /S /P 2888 0 obj /S /P /K 992 /Lang (EN-US) 3172 0 obj >> 614 0 obj /Lang (EN-US) endobj /S /P << /K 1314 /Pg 25 0 R /K 1547 endobj endobj /P 6686 0 R /K 1125 /Pg 24 0 R /S /P endobj >> >> /K 435 /S /Artifact /K 138 /P 5025 0 R /S /P << null 1664 0 R 1665 0 R null 1666 0 R null 1667 0 R null 1668 0 R null /Pg 23 0 R >> 2430 0 obj /Pg 23 0 R 1061 0 obj /Lang (EN-US) /Pg 22 0 R /Pg 22 0 R endobj 3718 0 obj /K 1269 /Pg 23 0 R >> endobj /P 6374 0 R 131 0 obj >> /Lang (EN-US) /S /P /S /Artifact << >> 539 0 obj 428 0 obj /Tabs /S /K 491 << /Lang (EN-US) /S /Artifact 915 0 R null 916 0 R null 917 0 R null 918 0 R null 919 0 R 920 0 R /Lang (EN-US) /S /P /S /Artifact endobj 3069 0 obj 2191 0 obj >> endobj endobj /Pg 25 0 R /Pg 23 0 R endobj /K 167 /K 40 >> endobj /Lang (EN-US) endobj /K 224 742 0 obj /Pg 22 0 R /K 370 << 4331 0 obj /K 104 endobj >> endobj /Lang (EN-US) /K 1464 /K 1325 << 2960 0 obj /S /P >> /Lang (EN-US) 2497 0 obj /S /P /Lang (EN-US) /K 1410 endobj /Pg 22 0 R /Pg 24 0 R << /Pg 22 0 R /Lang (EN-US) << 2475 0 obj /Lang (EN-US) /Pg 18 0 R /S /Artifact endobj /K 1506 endobj << 3026 0 obj /P 5392 0 R endobj /Lang (EN-US) /Resources 4365 0 R /Pg 24 0 R /K 140 << /S /Table /K 189 2122 0 obj endobj /S /P /Pg 25 0 R 858 0 obj >> Cliffwater Direct Lending Index (CDLI) - Primary source of data on middle market corp orate private debt (>7,000 individual loans) - Quarterly performance benchmark for corporat e direct lending going back to Sept 2004 - Market data on yields, defaults, recoveries, borrower size, sponsorship, loan-to-value, etc. endobj 1586 0 obj /Pg 22 0 R /Pg 23 0 R endobj /S /P endobj >> >> << /Pg 22 0 R 77 0 obj endobj 2658 0 obj /P 10 0 R << /K 778 endobj /S /Artifact null 3457 0 R null null null 3458 0 R null 3459 0 R null 3460 0 R 1842 0 obj /S /Artifact << << /K 343 /P 5750 0 R << endobj 652 0 obj >> 1778 0 obj /S 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