cliffwater direct lending index

>> /K 273 << /Pg 22 0 R >> >> 3502 0 obj << /S /P /S /P >> 3796 0 obj /S /P 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 >> /S /P endobj /S /P endobj >> /Pg 22 0 R << /Pg 22 0 R << /K 1447 >> /Pg 24 0 R endobj 2053 0 obj /Lang (EN-US) >> /Pg 23 0 R << >> endobj endobj << /Pg 23 0 R << 1320 0 obj /K 740 endobj /Pg 22 0 R /K 709 << << /K 1139 /S /P >> << /Lang (EN-US) >> 3970 0 obj /Pg 25 0 R endobj 1286 0 obj /Lang (EN-US) 1009 0 R null null null 1010 0 R null 1011 0 R null 1012 0 R null >> >> >> /P 5960 0 R >> null 978 0 R null 979 0 R 980 0 R null 981 0 R null 982 0 R null >> endobj << endobj /S /P 2690 0 obj 508 0 obj null null null 2576 0 R null 2577 0 R null 2578 0 R null 2579 0 R /Pg 25 0 R /Pg 25 0 R endobj endobj /S /P /K 628 >> /P 10 0 R endobj /S /P endobj /K 1246 /K 142 endobj << << endobj 208 0 obj /S /P /Lang (EN-US) /K 1506 639 0 obj /S /P /Pg 23 0 R /Pg 23 0 R >> endobj /K 21 endobj /K 1502 endobj >> /Pg 23 0 R << /K 1478 3999 0 obj >> /K 583 /K 931 /K 1501 /Pg 23 0 R endobj /Lang (EN-US) 2970 0 obj endobj >> /Pg 24 0 R /K 1175 /Pg 25 0 R >> /P 5697 0 R /S /Artifact 2744 0 R null 2745 0 R null 2746 0 R null 2747 0 R null null null /P 193 0 R 3828 0 obj 3224 0 R 3225 0 R 3226 0 R 3227 0 R 3228 0 R 3229 0 R 3230 0 R 3231 0 R 3232 0 R 3233 0 R /P 5587 0 R /Pg 25 0 R /S /P /K 20 /S /Artifact >> /S /Artifact /Tabs /S /K 1358 /K 56 /S /P /Pg 18 0 R 1846 0 obj /Pg 24 0 R /S /Artifact /S /Artifact /Pg 25 0 R /S /P >> >> /P 5877 0 R endobj /P 6180 0 R endobj >> /K 1329 >> << >> >> endobj >> endobj endobj 3434 0 obj endobj /P 4838 0 R 4219 0 obj /S /P /S /P /S /P endobj 434 0 obj /K 831 /S /P >> 3180 0 obj /Lang (EN-US) /Pg 18 0 R /K 1366 /Pg 23 0 R endobj /K 1110 >> >> /K 837 /Pg 25 0 R /P 4964 0 R /P 33 0 R /Pg 23 0 R >> 3777 0 obj 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). /K 70 /Pg 22 0 R >> 197 0 obj /Lang (EN-US) << /S /P << 2277 0 obj 2564 0 obj 3859 0 obj /Lang (EN-US) >> << /Pg 25 0 R /K 17 /S /P /Pg 25 0 R /K 479 858 0 obj /Lang (EN-US) endobj endobj /Lang (EN-US) << >> 4242 0 obj 2825 0 obj /Pg 20 0 R /K 14 /S /P 2831 0 obj >> >> /K 129 endobj /Lang (EN-US) endobj /S /P /P 5199 0 R 3969 0 obj /Lang (EN-US) /Lang (EN-US) /S /Artifact /S /P >> /K 1094 /K 1432 /S /Artifact /P 4891 0 R 846 0 R null 847 0 R null null null 848 0 R null null null /Pg 23 0 R endobj /S /P null null null 2599 0 R null null null 2600 0 R null 2601 0 R /S /Artifact /Pg 25 0 R /Metadata 3 0 R >> 3034 0 obj /Pg 22 0 R 3159 0 obj /S /P 3959 0 obj << << endobj 1760 0 obj /Type /Page 1788 0 obj 2756 0 obj /S /Artifact << << >> /S /Artifact /S /P /K 1540 /S /Artifact 666 0 obj /S /Artifact << /K 659 /Pg 25 0 R 662 0 obj /S /P << /S /P /S /P 2932 0 obj >> /P 6569 0 R 1092 0 obj << /Pg 23 0 R /K 1347 1377 0 obj endobj 2702 0 obj /K 23 /Pg 24 0 R /S /P endobj /S /P /Lang (EN-US) /Pg 19 0 R 3336 0 obj >> /Lang (EN-US) /P 4984 0 R >> /S /Artifact /P 5813 0 R /Lang (EN-US) 3083 0 obj /K 1387 3749 0 obj >> >> endobj /K 430 /P 4720 0 R /K 1008 4229 0 obj /Lang (EN-US) /S /Artifact endobj 1276 0 obj endobj /Pg 22 0 R /Pg 25 0 R << /P 6719 0 R /Pg 25 0 R endobj 4237 0 obj >> /Pg 24 0 R /P 6732 0 R << /S /P /Pg 23 0 R /K 102 << >> /K 612 << /Pg 17 0 R << /Lang (EN-US) /S /P /S /Artifact /K 517 /S /P 2475 0 obj With this data, we can run a successive - more robust - analysis of the direct lending . >> /K 1440 /Pg 22 0 R /K 1350 << /S /P /S /P /S /P /K 1260 /Lang (EN-US) endobj /K 90 346 0 obj >> 2343 0 R 2344 0 R 2345 0 R 2346 0 R 2347 0 R 2348 0 R 2349 0 R 2350 0 R 2351 0 R 2352 0 R >> /P 5308 0 R /Pg 22 0 R << >> << null 907 0 R 908 0 R null 909 0 R null 910 0 R null 911 0 R null endobj << /Lang (EN-US) /Pg 19 0 R >> /Type /Page >> endobj /P 4713 0 R /Lang (EN-US) /S /Artifact >> >> /S /P /Lang (EN-US) /Lang (EN-US) << /K 581 /K 1170 /K 1449 /Lang (EN-US) /P 6576 0 R null 2531 0 R null 2532 0 R null 2533 0 R 2534 0 R null 2535 0 R null /K 647 /Resources 4350 0 R 2722 0 obj endobj << /P 5932 0 R /Lang (EN-US) << /P 6028 0 R /Pg 22 0 R << << 460 0 obj /Lang (EN-US) /K 414 /K 1506 /Pg 24 0 R /P 538 0 R null 784 0 R null 785 0 R null 786 0 R null 787 0 R null null /S /P /P 5606 0 R >> endobj /P 6512 0 R /Pg 23 0 R << endobj 4250 0 obj 1278 0 obj /Pg 22 0 R endobj /K 1278 /Lang (EN-US) << 3278 0 obj /Pg 21 0 R /K 1200 >> /K 1513 /S /Artifact /Lang (EN-US) /Pg 22 0 R 990 0 obj /K 484 >> 2418 0 obj /P 10 0 R << << << << /P 10 0 R >> >> endobj 1548 0 obj /Pg 25 0 R << /S /P >> /P 4760 0 R /K 426 /K 257 /K 77 /Lang (EN-US) /K 1412 /S /Artifact /K 230 /P 10 0 R /Lang (EN-US) 3873 0 obj /S /Artifact endobj /P 4654 0 R >> /Pg 22 0 R /Pg 25 0 R /S /Artifact endobj /P 6619 0 R >> endobj /Pg 24 0 R /P 6351 0 R 2672 0 obj /P 5216 0 R 4104 0 obj /S /Artifact endobj /K 593 /K 1255 /P 74 0 R >> /Pg 23 0 R 1144 0 obj /K 952 >> /S /P << >> endobj /S /Artifact /Pg 24 0 R /Resources 4385 0 R /S /Artifact /P 4845 0 R /Pg 13 0 R 1853 0 obj >> << /S /P 3135 0 obj << >> 3109 0 obj 2437 0 obj /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) /Lang (EN-US) >> >> /Pg 25 0 R 853 0 obj << 440 0 obj /S /P /P 10 0 R /Pg 25 0 R /Pg 23 0 R endobj /S /P 1886 0 obj /K 612 << /P 5133 0 R /K 1198 << << /K 551 /Lang (EN-US) >> /Lang (EN-US) 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 requirements. /K 1337 /Rotate 0 /P 4869 0 R endobj << /S /P /P 6508 0 R << /Lang (EN-US) /S /P /Pg 22 0 R /Pg 24 0 R /Pg 22 0 R << << /K 707 4608 0 R] 2217 0 obj << 3072 0 obj >> endobj >> /P 4821 0 R 402 0 obj endobj endobj /S /P /Pg 24 0 R 352 0 obj /K 476 >> /K 1146 /K 96 << /Lang (EN-US) /S /P << >> 1553 0 obj /K 7 /S /Artifact 3920 0 obj endobj /K 235 endobj >> /Pg 23 0 R endobj 967 0 obj /S /P endobj /S /P >> 3449 0 obj /P 6151 0 R /S /Artifact 1411 0 obj /P 5187 0 R /Contents [4339 0 R 4340 0 R 4341 0 R 4342 0 R 4343 0 R 4344 0 R 4345 0 R 4346 0 R] /S /Artifact /S /P /Pg 23 0 R 3928 0 obj /K 1237 /S /P endobj /P 5111 0 R /Pg 25 0 R /K 66 >> /S /P 871 0 obj /S /Artifact 3671 0 obj /S /Artifact 4280 0 obj /K 98 /K 244 /K 1302 << /P 6387 0 R << << >> /Lang (EN-US) endobj << /K 1453 /Pg 22 0 R >> /S /P /Pg 15 0 R endobj /Pg 24 0 R endobj /Pg 23 0 R << 2763 0 obj >> /S /Artifact /Lang (EN-US) 3403 0 obj endobj << << << << 3673 0 obj /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 2760 0 obj /Lang (EN-US) 3619 0 obj /P 5603 0 R endobj >> /K 665 /Pg 22 0 R endobj 1850 0 R null 1851 0 R null 1852 0 R null 1853 0 R null 1854 0 R null /Pg 24 0 R endobj /K 345 endobj /P 6002 0 R /Pg 23 0 R endobj /S /Artifact /Pg 22 0 R endobj endobj 3016 0 obj endobj << 3224 0 obj /K 70 << /P 5033 0 R /Lang (EN-US) /Lang (EN-US) /K 74 /S /P /P 5165 0 R /P 5602 0 R /S /P 4310 0 obj /K 357 /S /P /Pg 22 0 R /P 5675 0 R << endobj /K 767 1925 0 obj 475 0 obj null null null 2011 0 R null null null 2012 0 R null 2013 0 R >> << /S /Artifact /K [1117 1118] endobj 827 0 obj endobj 2565 0 obj /P 4763 0 R endobj << << 979 0 obj 2139 0 obj /P 10 0 R /Pg 24 0 R endobj /P 4716 0 R /Tabs /S 3040 0 obj /Pg 14 0 R /K 1455 !A4( Ezn&Z] | /Pg 24 0 R /Pg 25 0 R /Lang (EN-US) >> endobj endobj /K 1365 >> /P 5961 0 R /Lang (EN-US) /K 1475 1025 0 obj /Pg 20 0 R >> /K 1544 /S /P << /S /P /K 1516 /K 295 endobj /K 1046 /K 1107 /S /P /K 1120 /Pg 22 0 R << /K 725 >> 2844 0 obj 2024 0 obj << endobj /K 1010 /Pg 25 0 R 761 0 obj << >> >> /Pg 23 0 R /S /P << /Lang (EN-US) /K 1205 /Pg 20 0 R /Lang (EN-US) /Lang (EN-US) endobj << 2558 0 obj /S /Artifact /Pg 25 0 R /S /P /S /Artifact /P 5456 0 R /Pg 25 0 R /Lang (EN-US) /Pg 18 0 R /S /Artifact /Pg 24 0 R 738 0 obj >> endobj /S /Artifact << /Lang (EN-US) /K 1371 /S /Artifact /Pg 23 0 R << 1223 0 obj >> /K 44 /K 52 /S /Artifact /K 1326 endobj /S /Artifact << /Lang (EN-US) << 2711 0 obj /S /Artifact 3577 0 obj endobj endobj 3699 0 obj /K 1373 endobj /Lang (EN-US) << /P 6313 0 R m /S /P /Pg 25 0 R /S /Table /P 6306 0 R endobj endobj /Lang (EN-US) 2708 0 obj /Pg 23 0 R 3634 0 obj << /K 415 /Lang (EN-US) /Pg 25 0 R >> endobj /Lang (EN-US) endobj endobj 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 /P 10 0 R /S /P >> /P 6317 0 R /K 1151 /K 433 /Pg 24 0 R /S /Artifact endobj 807 0 obj /Pg 23 0 R /Pg 22 0 R << << /P 6696 0 R /S /P /K 349 << endobj /Lang (EN-US) << >> /K 998 null 2572 0 R null 2573 0 R null 2574 0 R null null null 2575 0 R /Pg 25 0 R /S /P /Pg 24 0 R /P 4403 0 R 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 << /K 126 /Lang (EN-US) /S /P /S /P endobj /Pg 25 0 R endobj << /P 5122 0 R /Pg 25 0 R /P 5223 0 R /Pg 24 0 R 3706 0 obj /Pg 25 0 R /K 800 << /Pg 25 0 R /Pg 13 0 R >> 4228 0 obj /Lang (EN-US) 2612 0 obj /Lang (EN-US) endobj /K 846 endobj /P 5143 0 R /S /P << 3870 0 obj >> endobj >> /Pg 25 0 R /K 102 /Pg 22 0 R /S /P << << /K 1426 1899 0 obj << /S /P /K 1157 /K 55 << /P 4960 0 R endobj << /K 1288 /Pg 22 0 R >> /S /P /S /Artifact 1700 0 obj /S /Artifact /Lang (EN-US) << >> /Contents 4380 0 R << endobj /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) >> /K 1203 Here's my overview of the Corporate Transparency Act, a new federal law that will require most private U.S. companies to report to the U.S. Treasury the names endobj endobj /Pg 23 0 R /P 6388 0 R >> << /Pg 23 0 R /S /P /S /P << /K 26 >> /S /Artifact endobj /S /P /S /Artifact >> 3910 0 obj >> 2 Demand for capital from /K 1263 /K 1356 << /Pg 25 0 R endobj 3306 0 obj 426 0 obj /P 5058 0 R >> << endobj /P 6626 0 R /K 824 /Title (Q1 Report on U.S. /P 5137 0 R /S /P << endobj 3621 0 obj >> UK. >> /Pg 24 0 R << << << 2038 0 obj /S /Link /DropCap /Figure 1054 0 R null 1055 0 R null 1056 0 R null null null 1057 0 R null >> 324 0 obj 58 0 obj /Pg 24 0 R << /Pg 24 0 R /K 647 >> /K 334 /S /Artifact null null 3613 0 R null null null 3614 0 R null 3615 0 R null /S /Artifact << /Pg 25 0 R 2624 0 obj 2762 0 obj /S /P /Lang (EN-US) >> /Lang (EN-US) 2108 0 obj << /P 6486 0 R /S /P 2427 0 obj /Parent 9 0 R 3472 0 obj >> null 1992 0 R null 1993 0 R 1994 0 R null 1995 0 R null 1996 0 R null >> 3512 0 obj >> 2294 0 obj 1897 0 obj >> endobj /S /P /K 1154 >> /S /Artifact /Superscript /Span << /S /Artifact /K 1526 /P 5576 0 R /K 1161 endobj << /Lang (EN-US) /Lang (EN-US) /P 6033 0 R << << /Lang (EN-US) /Pg 23 0 R null 568 0 R null null null null null null null null >> endobj /Pg 24 0 R /K 1085 << << 658 0 R null 659 0 R null 660 0 R null 661 0 R null 662 0 R 663 0 R /K 128 >> endobj /Lang (EN-US) 3343 0 obj /K 51 << /S /P /K 320 << endobj endobj >> << << 2076 0 obj /Pg 22 0 R << >> endobj endobj /S /Artifact /S /P 2889 0 obj /P 5859 0 R >> 15 0 obj >> /S /P /P 10 0 R /S /P /P 4771 0 R << << /Pg 25 0 R << /Pg 25 0 R 4266 0 obj /S /P /S /P /Pg 14 0 R >> << /K 1440 << /K 14 >> 3053 0 obj 4156 0 obj endobj /Lang (EN-US) endobj /P 4635 0 R /S /P /K 624 /K 657 endobj /K 467 /S /Artifact /K 293 /P 10 0 R /K 72 /S /Artifact endobj endobj /P 10 0 R /Lang (EN-US) >> /S /P endobj /S /P >> /S /Artifact /Lang (EN-US) /P 6665 0 R /P 4775 0 R J.P.Morgan, Guide to Alternatives, 2Q 2020. /K 129 /Lang (EN-US) /Lang (EN-US) << 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 /P /S /Artifact << 4079 0 obj /Pg 22 0 R /Lang (EN-US) endobj /Lang (EN-US) >> /Lang (EN-US) endobj << /S /Artifact /Pg 24 0 R /K 1120 /S /Artifact /P 6347 0 R /K [193 4750 0 R] endobj 1914 0 obj /K [1117 1118] 2269 0 obj /K 966 /P 5438 0 R >> /Pg 25 0 R endobj /K 116 endobj 2942 0 obj /P 5562 0 R 1933 0 obj 2168 0 obj << /S /P /K 428 >> >> /P 5074 0 R endobj << 864 0 obj /Pg 18 0 R /P 5833 0 R /P 6466 0 R /K 1149 /S /P /K 1109 /K 1100 << /S /P /Pg 19 0 R 3062 0 obj endobj 4014 0 obj /S /P /S /P /K [56 57 58 59 60] >> >> /K 216 /S /Artifact /Lang (EN-US) /P 6422 0 R 2504 0 obj 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 >> /Pg 22 0 R << /P 6455 0 R /Pg 23 0 R /S /P /Pg 23 0 R >> << /S /P /S /P << 3756 0 obj /Pg 23 0 R >> >> endobj /Pg 22 0 R << 1949 0 obj /Pg 25 0 R /S /P endobj /Lang (EN-US) /Pg 24 0 R endobj /K 30 2726 0 obj /Lang (EN-US) 1143 0 obj 2485 0 obj /K 1274 endobj 3606 0 obj 3384 0 R 3385 0 R 3386 0 R 3387 0 R 3388 0 R 3389 0 R 3390 0 R 3391 0 R 3392 0 R 3393 0 R 2945 0 obj /K 67 723 0 obj << /Pg 25 0 R /Lang (EN-US) /P 5653 0 R /S /P /K 1289 /Pg 23 0 R endobj endobj /K 24 680 0 obj /Lang (EN-US) 2390 0 obj << /P 5556 0 R >> /Pg 23 0 R /K 624 << 2308 0 obj /Pg 25 0 R 795 0 obj endobj /Pg 22 0 R /S /P 2919 0 obj /K 914 >> /Pg 23 0 R /P 5212 0 R /S /Artifact >> << /Lang (EN-US) >> /K 1176 null 611 0 R null 612 0 R 613 0 R null 246 0 R 247 0 R 248 0 R 249 0 R /Pg 18 0 R /Pg 25 0 R /K 5 /S /P << /K 1033 endobj 1503 0 obj /Pg 24 0 R /Pg 25 0 R /Lang (EN-US) 3724 0 obj endobj In 2015 Cliffwater introduced the Cliffwater Direct Lending Index ("CDLI") that tracks the performance of the actual loans in all applicable BDCs from 2004. endobj 776 0 obj /K 1518 << >> >> 4187 0 obj /P 4398 0 R 2861 0 obj 1410 0 obj 586 0 obj >> /P 5799 0 R /K 370 endobj << /Lang (EN-US) endobj 2397 0 obj /Pg 24 0 R endobj /P 5444 0 R endobj /P 6140 0 R endobj /Pg 24 0 R /K 1269 endobj /K 875 3177 0 R 3178 0 R 3179 0 R 3180 0 R 3181 0 R 3182 0 R 3183 0 R 3184 0 R 323 0 R 3185 0 R >> 2912 0 obj >> /P 6360 0 R /Pg 22 0 R << /P 6624 0 R /K 55 1661 0 obj /K 1436 /S /P /Pg 24 0 R /K [4411 0 R 4412 0 R 4413 0 R 4414 0 R 4415 0 R 4416 0 R 4417 0 R 4418 0 R 4419 0 R 4420 0 R endobj 505 0 obj endobj /Pg 24 0 R 2159 0 obj endobj /K 30 /P 4770 0 R endobj << /K 1017 endobj /Pg 25 0 R >> /K 1 /Lang (EN-US) /S /Artifact /S /P /K 867 /Pg 13 0 R << /K 383 /P 4719 0 R /P 5517 0 R 2293 0 R 2294 0 R 2295 0 R 2296 0 R 2297 0 R 2298 0 R 2299 0 R 2300 0 R 2301 0 R 2302 0 R >> 3477 0 obj << /Pg 25 0 R /K 1198 /S /Artifact /S /Artifact << /S /Artifact endobj /S /P >> /S /P /K 1180 /Lang (EN-US) /S /P /K 728 66 0 obj >> /Pg 22 0 R /Lang (EN-US) /Pg 23 0 R << 3328 0 obj >> endobj /K 590 /Lang (EN-US) /Lang (EN-US) << /K 1373 endobj 2620 0 obj /Lang (EN-US) 3133 0 obj /K 799 endobj /K 1379 >> endobj >> /Pg 24 0 R /Pg 24 0 R So we built one. /S /Artifact /Pg 24 0 R /S /P /K 1481 /S /Artifact 4018 0 obj /S /P << /S /P /Pg 24 0 R /P 5276 0 R >> /Pg 22 0 R /Pg 24 0 R endobj 2017 0 obj endobj /Pg 22 0 R << endobj endobj 1315 0 obj << /S /P >> /Pg 22 0 R /S /Artifact /K 1527 << << << << << /Lang (EN-US) 2665700.00000000 /S /Artifact 556 0 obj /S /Artifact << /Lang (EN-US) /K 20 endobj << /K 1106 /Lang (EN-US) endobj << >> /K 599 /S /Artifact 4038 0 obj >> /Pg 20 0 R 2554 0 obj >> << /S /Artifact endobj >> /K 79 >> endobj /K [49 50 51 52 53] /S /Artifact /K 297 /K 884 1017 0 obj >> >> /Pg 24 0 R /Pg 23 0 R << endobj /P 10 0 R >> /S /P /K 72 /Pg 23 0 R /K 1429 << /P 5333 0 R /S /P /P 6440 0 R >> endobj /Pg 23 0 R /P 6299 0 R 2395 0 obj << endobj /Lang (EN-US) /Pg 23 0 R /P 6401 0 R endobj << 4019 0 obj >> /Pg 24 0 R << >> endobj /Pg 24 0 R 1997 0 obj endobj 900 0 obj << /Pg 23 0 R >> >> /P 5189 0 R /S /P 4259 0 obj >> endobj 3678 0 R null null null 3679 0 R null 3680 0 R null 3681 0 R null /K 774 /Lang (EN-US) /K 1156 /K 49 null 2930 0 R null 2931 0 R null 2932 0 R null 2933 0 R null 2934 0 R /K 1059 /S /P /S /P /S /P << /P 6490 0 R /S /Artifact /S /Artifact /P 6328 0 R endobj /Pg 25 0 R /S /P /Lang (EN-US) 842 0 obj >> << << >> << << endobj /K 304 >> >> 2380 0 obj endobj 1136 0 obj >> endobj << << 2472 0 obj /Pg 25 0 R /K 1246 /Pg 22 0 R 2990 0 obj /P 10 0 R << /S /P /S /Artifact null 3532 0 R null 3533 0 R null 3534 0 R null 3535 0 R 3536 0 R null 3334 0 obj /S /P /Lang (EN-US) 245 0 obj /S /P << /Pg 25 0 R /S /Artifact 277 0 R 278 0 R 279 0 R 280 0 R 281 0 R 282 0 R 283 0 R 284 0 R 285 0 R 286 0 R /Pg 22 0 R << endobj /Pg 25 0 R /S /P /K 3 /P 6750 0 R >> endobj /S /P << endobj 1397 0 obj << /Lang (EN-US) 4195 0 obj 1923 0 obj /P 6369 0 R /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) 3658 0 obj 4094 0 obj /K 1217 endobj 904 0 obj /K 33 /K [1111 1112] << << /S /P null null null null null 424 0 R null null null null << << >> /K 1201 endobj endobj << << endobj endobj >> /Pg 25 0 R /Lang (EN-US) 748 0 obj /K 156 /K 468 /Lang (EN-US) << /K 437 0 R /P 6604 0 R >> /P 5489 0 R /Pg 24 0 R /S /P /K 64 /Pg 23 0 R endobj /S /P 1311 0 obj endobj >> >> << /S /Artifact endobj >> 2685 0 obj >> 2413 0 obj /K 64 /K 1294 /K [27 419 0 R 38] The CDLI. endobj endobj /P 5076 0 R /Pg 19 0 R endobj /P 10 0 R 1222 0 obj /Count 14 /K 1116 /K 855 /Lang (EN-US) << /S /P /Pg 25 0 R endobj 867 0 obj 2787 0 obj << /K 1370 /K 601 /K 526 << /Pg 13 0 R /Pg 24 0 R /Pg 22 0 R << endobj /S /Artifact >> /S /P 1936 0 obj /Pg 22 0 R >> << /S /P endobj endobj /P 6293 0 R << /S /P endobj >> /S /LBody /S /P << /S /P /Lang (EN-US) << /Lang (EN-US) /P 10 0 R /P 6363 0 R endobj /Pg 25 0 R >> 3861 0 obj /Lang (EN-US) /A 4397 0 R 497 0 obj /S /P >> /K 1496 >> << /P 10 0 R endobj /Pg 25 0 R endobj /S /P /Pg 25 0 R endobj /K 1533 /Pg 13 0 R 3281 0 obj >> /S /P 3572 0 obj /Pg 24 0 R 1239 0 obj 157 0 obj 583 0 obj /Lang (EN-US) /Lang (EN-US) /P 5029 0 R /Lang (EN-US) /S /P /S /P /K 836 /S /P /K 167 << 2575 0 obj /P 4636 0 R /S /Artifact /K 851 endobj 3348 0 obj /Pg 25 0 R /S /Artifact /S /P /K 67 endobj /K 172 /P 4826 0 R /S /Artifact << << /S /Artifact /S /P endobj /S /Artifact 3228 0 obj /S /P /Pg 23 0 R << 685 0 R null 686 0 R 687 0 R null 688 0 R null 689 0 R null 690 0 R /Lang (EN-US) >> /S /P >> >> >> << << /S /P /P 5150 0 R /Lang (EN-US) /Pg 25 0 R >> << >> 2516 0 obj endobj /P 5430 0 R /P 5313 0 R /Pg 25 0 R 399 0 obj >> 1792 0 R null null 1793 0 R null null null 1794 0 R null null << /Lang (EN-US) 14 [333 0 R 334 0 R 335 0 R 336 0 R 337 0 R 338 0 R 339 0 R 340 0 R 341 0 R 342 0 R /Pg 22 0 R << 1066 0 obj /K 1172 << 3639 0 obj /Lang (EN-US) /Pg 25 0 R /Lang (EN-US) /Pg 18 0 R /Pg 22 0 R /P 5170 0 R << >> /S /Artifact endobj >> endobj 248 0 obj /Pg 25 0 R endobj 3346 0 obj endobj 1670 0 obj /K 104 /Lang (EN-US) 3648 0 obj /K 1222 >> << << /K 666 831 0 obj /S /Artifact endobj << << /Pg 15 0 R /S /Artifact >> 3715 0 obj /K 250 /K 1322 4251 0 obj >> /S /Artifact endobj /S /P /S /P 966 0 obj /S /P << << /Pg 17 0 R /Pg 25 0 R /Lang (EN-US) 4317 0 obj 229 0 R null 207 0 R 207 0 R 207 0 R 207 0 R 207 0 R 207 0 R 207 0 R 207 0 R << /Pg 23 0 R >> endobj << /P 4889 0 R 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 /K 1132 endobj /K 58 << /K 61 /P 6371 0 R 2800 0 obj /S /Artifact /K 1504 2880 0 obj 2647 0 obj /Lang (EN-US) /Pg 23 0 R /Pg 22 0 R 2403 0 R 2404 0 R 2405 0 R 2406 0 R 2407 0 R 2408 0 R 2409 0 R 2410 0 R 2411 0 R 2412 0 R /S /Artifact endobj /Pg 18 0 R /Lang (EN-US) /K 634 endobj >> /Lang (EN-US) 2112 0 obj /P 6303 0 R /Lang (EN-US) /S /Artifact /Pg 24 0 R >> /P 5215 0 R /P 10 0 R << << >> /P 5483 0 R /Pg 24 0 R /K 325 /Pg 16 0 R endobj /Pg 23 0 R /S /P << endobj endobj /Pg 24 0 R /Lang (EN-US) << >> /S /Artifact /P 4894 0 R /K 25 << /K 1473 1484 0 obj /S /Artifact /S /Table endobj >> /S /P endobj /S /Artifact << 3244 0 obj /Pg 23 0 R /Lang (EN-US) >> 272 0 obj /Pg 22 0 R >> /K 31 endobj /K 932 /Pg 24 0 R >> endobj /P 5924 0 R << >> /Pg 25 0 R endobj >> << 4098 0 obj /Lang (EN-US) 3314 0 R 3315 0 R 3316 0 R 3317 0 R 3318 0 R 3319 0 R 3320 0 R 3321 0 R 3322 0 R 3323 0 R >> endobj << endobj /Lang (EN-US) /S /Artifact << /Pg 22 0 R << /Lang (EN-US) 3488 0 obj /S /Artifact >> /K 4 /S /Artifact << /Lang (EN-US) /Pg 22 0 R /K 432 << << << << endobj /K 142 /K 583 endobj /Lang (EN-US) << /K 1216 /K 266 endobj >> >> /K 1438 /P 6573 0 R endobj >> null null null 2696 0 R null 2697 0 R null 2698 0 R null 2699 0 R /S /P /P 6644 0 R << 2917 0 obj >> 2350 0 obj /S /P << /Pg 25 0 R 1 0 obj /Pg 24 0 R 1840 0 obj /K 1144 /P 5798 0 R >> /K 5 /P 4929 0 R endobj /S /P /S /Artifact /P 4943 0 R 893 0 R null 894 0 R null 895 0 R 896 0 R null 897 0 R null 898 0 R << /Pg 17 0 R << /S /P << /P 10 0 R /K 141 << /P 4832 0 R 687 0 obj >> << endobj /P 6470 0 R /Pg 22 0 R /K 24 758 0 obj /P 6706 0 R << The index is currently comprised of over 5000 direct loans valued at about $75 billion. << /K 1209 << endobj 4245 0 obj << endobj /Lang (EN-US) /K 1012 /Pg 23 0 R endobj endobj /S /P endobj /P 6411 0 R 1176 0 obj /Pg 25 0 R >> >> /K 1192 << /Pg 25 0 R /P 5622 0 R /P 6726 0 R /S /Artifact /K 1497 /P 5810 0 R /P 5027 0 R /Pg 24 0 R /Pg 24 0 R << << /P 4639 0 R /P 5963 0 R /S /P /P 6105 0 R /K 186 /Pg 24 0 R /K 1367 2161 0 obj /K 1282 /S /Artifact /Lang (EN-US) << /S /Artifact /Pg 22 0 R endobj >> endobj endobj /Lang (EN-US) 3045 0 obj >> endobj /Lang (EN-US) /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 2119 0 obj 3983 0 obj 1333 0 obj endobj /K 408 /Lang (EN-US) /Pg 16 0 R << 3355 0 obj /P 6488 0 R endobj >> endobj 3898 0 obj /Lang (EN-US) endobj 4159 0 obj /K 1106 << endobj 9 0 obj 3248 0 obj /K 1543 /S /P 2740 0 obj << /S /P << /S /P /Pg 22 0 R /S /LBody endobj >> >> endobj /S /P 510 0 obj /P 5479 0 R

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cliffwater direct lending index

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