cliffwater direct lending index

/S /Artifact 1510 0 obj /Metadata 3 0 R 1052 0 obj /K 432 /Pg 13 0 R 3273 0 obj /K 1476 /P 6620 0 R /Pg 25 0 R endobj /Pg 24 0 R /S /P 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 /K 869 /S /Artifact /P 6105 0 R >> endobj /Pg 23 0 R /Lang (EN-US) null 2621 0 R null 2622 0 R null null null 2623 0 R null null /S /Artifact /P 5576 0 R /P 6410 0 R 3320 0 obj /S /Artifact endobj 774 0 obj 3762 0 obj /P 5607 0 R >> >> /Pg 13 0 R /K 1065 >> >> << 3938 0 obj >> >> endobj << endobj /Pg 25 0 R >> /S /P /S /P endobj /Pg 24 0 R endobj >> /S /Artifact /K 2 1740 0 obj /P 5259 0 R /Lang (EN-US) /P 4788 0 R 2032 0 obj 3215 0 obj 3224 0 obj /Pg 23 0 R >> /Pg 24 0 R >> >> >> << /Lang (EN-US) endobj /Pg 24 0 R <> << << /Pg 23 0 R >> /P 5561 0 R << /K 355 >> 3535 0 obj /S /Artifact /K 1370 >> /Pg 24 0 R endobj << endobj /Lang (EN-US) null 2014 0 R null 2015 0 R null 2016 0 R null 2017 0 R 2018 0 R null /S /Artifact /P 5984 0 R << /S /P 1337 0 obj <> >> >> /K 1170 1291 0 obj 2010 0 obj /Pg 24 0 R >> << /Pg 23 0 R /P 5151 0 R /P 6130 0 R 2823 0 R null 2824 0 R null 2825 0 R null 2826 0 R 2827 0 R null 2828 0 R endobj /P 5051 0 R /Lang (EN-US) >> << /Lang (EN-US) /Lang (EN-US) /Pg 18 0 R 2299 0 obj >> /S /Artifact /S /P 642 0 obj /K 1358 473 0 obj /P 5930 0 R /P 6159 0 R endobj 594 0 obj << /Pg 22 0 R /P 5941 0 R >> /Lang (EN-US) << /Pg 22 0 R /S /P >> /K 875 endobj >> << >> /Pg 24 0 R /P 6271 0 R << 1932 0 obj endobj >> /S /Artifact endobj /Pg 23 0 R 978 0 obj /K 956 << /Pg 25 0 R 1690 0 obj /Pg 23 0 R << 2689 0 obj /Lang (EN-US) 1991 0 obj 4081 0 obj /S /P /S /Artifact /K 1208 << /K 554 /K 244 /Pg 24 0 R /S /P /Lang (EN-US) 788 0 obj /K 1058 << 913 0 obj /P 10 0 R >> >> << /S /Artifact >> /Lang (EN-US) >> endobj /Lang (EN-US) >> 3412 0 obj /K 918 /K 11 /P 5272 0 R endobj /Lang (EN-US) 3574 0 obj /Pg 24 0 R /S /Artifact /K 1315 >> /Lang (EN-US) << 1685 0 obj 2887 0 obj /K 1147 /Lang (EN-US) /Pg 23 0 R endobj << /Pg 22 0 R /P 6097 0 R /S /P /Lang (EN-US) /K 1485 /S /P << 3244 0 R 3245 0 R 3246 0 R 3247 0 R 3248 0 R 3249 0 R 3250 0 R 3251 0 R 3252 0 R 3253 0 R endobj 4269 0 obj /Lang (EN-US) /Pg 24 0 R /S /Artifact 1308 0 R 1309 0 R 1310 0 R 1311 0 R 1312 0 R 1313 0 R 1314 0 R 1315 0 R 1316 0 R 1317 0 R /K 60 /Pg 25 0 R /P 10 0 R /Pg 22 0 R /S /P endobj endobj /K 547 << /K 250 /Pg 24 0 R /K 1066 /Lang (EN-US) /P 5519 0 R /S /Artifact /K 1369 /Lang (EN-US) << 1878 0 obj endobj endobj /S /Artifact /S /P /K 1383 /P 6303 0 R >> endobj << /Lang (EN-US) << endobj 329 0 obj /K 1249 /S /Artifact /K 1048 endobj << /Lang (EN-US) /K 1422 /S /Artifact 1994 0 obj >> << /S /Artifact 4171 0 obj 684 0 obj 297 0 obj endobj 3420 0 obj endobj /Pg 25 0 R /Lang (EN-US) endobj 2 0 obj /Lang (EN-US) << endobj /S /Artifact /K 52 /CropBox [0 0 612 792] << >> /Pg 22 0 R /K 1137 /P 6318 0 R endobj /Pg 25 0 R /S /P endobj << /K 853 4137 0 obj /Pg 23 0 R 3394 0 obj /Pg 25 0 R >> /K 697 /Pg 23 0 R /Pg 24 0 R endobj endobj >> /Pg 22 0 R endobj /Lang (EN-US) /K 1274 /P 6351 0 R >> /S /P endobj /K 633 >> >> /S /Artifact << /Pg 23 0 R /K 493 3571 0 obj << endobj /S /P /K 927 /P 6515 0 R /S /P endobj /Pg 26 0 R 1316 0 obj /Lang (EN-US) 541 0 obj 1758 0 obj >> <> endobj >> /P 5473 0 R <> /S /Artifact << endobj >> 3139 0 obj << /K 962 /P 5399 0 R /P 4819 0 R /P 6269 0 R /Lang (EN-US) 106 0 obj /Lang (EN-US) /K 1541 3237 0 obj endobj >> /Pg 22 0 R endobj /K 374 /Pg 19 0 R 3847 0 obj endobj /K 154 /Pg 22 0 R << 4036 0 obj >> 165 0 obj /Lang (EN-US) 2132 0 obj /S /Artifact /P 6360 0 R /Pg 24 0 R /S /P >> /S /P 1775 0 obj /Pg 20 0 R /Pg 25 0 R /S /P >> endobj 1105 0 obj >> /K 505 /K 165 >> 3960 0 obj /Pg 25 0 R /Pg 14 0 R /K 1 << >> /S /Table /Pg 24 0 R /K 641 << 4136 0 obj /Pg 23 0 R /S /Artifact /K 343 null 1984 0 R null 1985 0 R null 1986 0 R null null null 1987 0 R /K 1234 /K 17 endobj /Pg 25 0 R endobj /S /P /Lang (EN-US) << 3873 0 R null 3874 0 R null 3875 0 R null 3876 0 R 3877 0 R null 3878 0 R >> 3936 0 obj >> << /S /P endobj endobj /Lang (EN-US) /S /P /K 1138 /Lang (EN-US) /K 1517 endobj /Lang (EN-US) /K 52 4109 0 obj /Lang (EN-US) /S /Table << 4556 0 R 4557 0 R 4558 0 R 4559 0 R 4560 0 R 4561 0 R 4562 0 R 4563 0 R 4564 0 R 4565 0 R 78 0 R] /S /Artifact /S /Artifact null 770 0 R 771 0 R null 772 0 R null 773 0 R null 774 0 R null << 2721 0 obj << >> /Pg 22 0 R The Cliffwater Direct Lending Index (the "CDLI") seeks to measure the unlevered, gross of fees performance of U.S. middle mar ket corporate loans, as represented by the underlying assets of Business Development Companies ("BDCs"), including both exchange - traded and unlisted BDCs, subject to certain eligibility requirements. /P 4895 0 R 1307 0 obj << /Pg 20 0 R null 3830 0 R null 3831 0 R null 3832 0 R null 3833 0 R null null 3969 0 obj /P 4871 0 R 2762 0 obj >> << /S /Artifact /Pg 25 0 R null 3457 0 R null null null 3458 0 R null 3459 0 R null 3460 0 R /Pg 23 0 R /K 293 /S /Artifact >> /Pg 24 0 R /S /P 4284 0 obj /Pg 22 0 R /S /Artifact 4314 0 R 4315 0 R 4316 0 R 4317 0 R 4318 0 R 4319 0 R 4320 0 R 4321 0 R 4322 0 R 4323 0 R << /K 1189 /Pg 23 0 R /Lang (EN-US) /P 5811 0 R >> /P 6747 0 R 301 0 obj /S /Artifact /S /Artifact endobj endobj /K 1211 <> /P 5213 0 R /Pg 25 0 R >> endobj /Lang (EN-US) /K 1272 /S /P endobj /Lang (EN-US) /Pg 24 0 R 2285 0 obj /S /P << /Pg 23 0 R /Lang (EN-US) /S /P endobj >> /P 5251 0 R 133 0 R] /Pg 23 0 R Get the latest insights and knowledge delivered to your inbox. /K 898 /S /Artifact /Lang (EN-US) << 1475 0 obj endobj /S /Artifact /S /P /S /Artifact << null 2033 0 R null 2034 0 R null null 312 0 R 2035 0 R 2036 0 R 2037 0 R 1 355 0 R 2 [46 0 R 47 0 R 48 0 R 49 0 R 50 0 R 52 0 R 53 0 R 54 0 R 55 0 R 56 0 R /S /P /K 35 /Pg 22 0 R << 1035 0 obj /S /P /K 54 >> >> 917 0 obj >> >> 4524 0 R] >> >> >> /Pg 24 0 R /Lang (EN-US) << /P 5 0 R /K 121 /K 299 2274 0 obj /Pg 23 0 R endobj /Pg 24 0 R /P 5773 0 R endobj << /Pg 24 0 R << /S /P /Lang (EN-US) << 4062 0 obj /Pg 23 0 R /Lang (EN-US) endobj /Pg 25 0 R /Pg 22 0 R << /Pg 22 0 R /Pg 25 0 R /P 5490 0 R >> 3600 0 obj << /K [1334 1335] 980 0 obj << endobj endobj /Pg 24 0 R >> endobj /S /LBody /Pg 22 0 R /K 998 2412 0 obj /Lang (EN-US) /S /P /Rect [449.6000061035 546.3229980469 451.7309875488 554.9949951172] /K 76 endobj /K 464 554 0 obj /Pg 17 0 R /S /P << /K 242 /K 1408 899 0 obj C}'([N.SC&1+fWK8TEhtIH:&F\o{w2rtnnp AeG'wf9Q1rb KR@Ilx&eq%lJ33@\ 3.FC~'. /P 6472 0 R /Pg 24 0 R 798 0 obj /P 6736 0 R << /Pg 25 0 R /S /Artifact /S /P endobj /S /Artifact endobj /S /P /K 1303 2629 0 obj /K 957 >> endobj /P 6084 0 R endobj /Lang (EN-US) /S /P /S /P /S /P /K 13 endobj 3826 0 obj /S /P >> endobj << /K 1144 >> /Pg 23 0 R 1098 0 obj /S /Artifact 1036 0 obj 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 /Pg 22 0 R 1786 0 obj /K 635 337 0 obj 1032 0 obj endobj >> >> 1455 0 obj /S /Artifact /S /Artifact /K 171 /P 73 0 R /Lang (EN-US) /S /P >> endobj /K 1316 endobj /P 5703 0 R /Pg 23 0 R /Pg 23 0 R endobj >> /K 136 /K 1533 /K 1540 /K 716 >> /Pg 23 0 R << /S /P /S /Artifact endobj /Pg 23 0 R /Pg 25 0 R /K 927 << /Lang (EN-US) endobj endobj /Pg 25 0 R >> endobj /Pg 24 0 R /S /P /S /Artifact 3572 0 obj 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 << 1489 0 obj endobj /Lang (EN-US) endobj /Pg 22 0 R /S /Artifact /S /P /Lang (EN-US) /S /P /Pg 24 0 R << 1699 0 R null 1700 0 R 1701 0 R null 1702 0 R null 1703 0 R null 1704 0 R /K 1546 >> endobj 1235 0 obj << /Lang (EN-US) 1820 0 obj /S /P /S /P /P 5671 0 R /K 1197 /Lang (EN-US) >> 3357 0 obj /S /P << /K 1360 /K 959 << /P 4776 0 R endobj endobj /P 4876 0 R /P 5865 0 R /Lang (EN-US) <> 670 0 obj 4161 /K 1348 >> /S /P 4271 0 obj 1127 0 obj << null 2643 0 R null 2644 0 R null 2645 0 R null 2646 0 R null null 3493 0 obj endobj /Lang (EN-US) << << /Lang (EN-US) /Pg 25 0 R << /K 1520 /K 1199 /S /Artifact /P 6241 0 R >> >> /Pg 24 0 R endobj /P 4803 0 R << /Lang (EN-US) endobj >> 380 0 obj /Lang (EN-US) /K 629 /Lang (EN-US) 3077 0 R 3078 0 R 3079 0 R 3080 0 R 3081 0 R 3082 0 R 3083 0 R 3084 0 R 3085 0 R 3086 0 R /P 10 0 R /K 882 /Lang (EN-US) << /K 1476 endobj /Lang (EN-US) /K 1235 /Pg 24 0 R >> /P 10 0 R /P 10 0 R << /K 1405 /Pg 24 0 R endobj endobj /S /P /K 107 /S /Artifact /Lang (EN-US) 1776 0 obj << null 2553 0 R null 2554 0 R null 2555 0 R null 2556 0 R null 2557 0 R << /K 1358 endobj << 877 0 obj 1042 0 obj << /K 587 << /S /Artifact /S /P /S /Artifact /Pg 24 0 R << /S /P << 665 0 obj >> << 2415 0 obj 139 0 obj >> >> 476 0 obj endobj /Lang (EN-US) 323 0 obj 3553 0 obj /Type /Pages /Lang (EN-US) endobj >> 2571 0 obj /K 1406 71 0 obj /K 774 endobj /P 6643 0 R /S /P /K 117 endobj 136 0 obj >> << /S /P /K 794 /K 1504 << << 2591 0 obj endobj /Pg 23 0 R endobj /S /P endobj >> 3707 0 obj 4482 0 R] /Pg 25 0 R /Lang (EN-US) /S /P /S /P /S /Artifact << >> endobj /Pg 23 0 R >> endobj endobj /Lang (EN-US) /Pg 25 0 R << /K 1208 /Pg 22 0 R /Pg 24 0 R /K 868 << endobj << /K 1146 /Lang (EN-US) /K 1516 /K 116 >> /S /Artifact 2691 0 obj /K 1125 /Pg 24 0 R /K 657 << endobj /S /P << /Pg 21 0 R endobj /K 740 2275 0 obj /P 5541 0 R /K 1126 /Pg 25 0 R /Pg 24 0 R /Lang (EN-US) 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. /Pg 24 0 R /K 586 /S /P 3200 0 obj Source: Morningstar, Cliffwater Direct Lending Index, as of December 31, 2021. /P 4894 0 R /K 1539 /Lang (EN-US) /K 95 /Lang (EN-US) /P 6491 0 R /K 1073 /P 6182 0 R >> >> 889 0 obj /Lang (IT-IT) /Pg 22 0 R << 1107 0 obj >> endobj << /Pg 22 0 R 900 0 obj endobj /S /P /S /P /Pg 25 0 R >> /S /Artifact /S /P /K 1204 1363 0 obj >> /S /P /S /P 328 0 obj >> << /K 277 << >> /K 608 2356 0 obj <> /Pg 22 0 R endobj /Pg 24 0 R /S /P /Pg 22 0 R /P 6503 0 R /Pg 23 0 R /S /Artifact << >> 1915 0 obj /S /P 3522 0 obj endobj >> << >> >> >> 2263 0 obj /Pg 23 0 R /S /P /S /P endobj 2405 0 obj /Lang (EN-US) CLIFFWATER and the CLIFFWATER LLC logo are trademarks of Cliffwater LLC. /Pg 24 0 R /S /Sect /Pg 16 0 R >> 3823 0 obj /S /Artifact /P 5397 0 R endobj << 2108 0 obj << /K 1467 /P 5977 0 R 2951 0 obj << endobj >> endobj /Pg 23 0 R /Pg 22 0 R /S /P endobj >> 1941 0 obj /K [390 0 R 391 0 R 392 0 R 389 0 R 393 0 R 394 0 R 395 0 R 396 0 R 397 0 R 398 0 R /K 1176 /K 1528 /K 747 1161 0 obj /Lang (EN-US) endobj /Pg 20 0 R 1306 0 obj 4204 0 obj endobj /P 10 0 R /Lang (EN-US) /CropBox [0 0 612 792] 1089 0 obj >> /Pg 25 0 R /S /Artifact 3533 0 obj /Pg 20 0 R /P 6216 0 R /K 468 /S /P /K 537 /Pg 24 0 R >> 2070 0 obj /P 6709 0 R /Lang (EN-US) /S /P /Lang (EN-US) << endobj /S /P << 5 0 obj /S /Artifact /Pg 23 0 R /S /P /S /Artifact endobj << 298 0 obj /S /P 2393 0 R 2394 0 R 2395 0 R 2396 0 R 2397 0 R 2398 0 R 2399 0 R 2400 0 R 2401 0 R 2402 0 R /Pg 24 0 R << /K 327 << /Pg 23 0 R << /P 5003 0 R endobj /K 6 /K 384 /Lang (EN-US) /Pg 25 0 R /K 57 endobj 215 0 obj endobj /K 138 endobj /K 872 /P 10 0 R << /Lang (EN-US) endobj 3872 0 obj /Pg 23 0 R endobj /S /Artifact /P 10 0 R 252 0 obj 1288 0 obj /Group 4370 0 R 2646 0 obj endobj /S /P /A 4410 0 R << /K 824 endobj 3904 0 obj 1269 0 obj /Lang (EN-US) /Pg 23 0 R 182 0 obj >> /Pg 22 0 R 2701 0 obj /S /P << 67 0 R 68 0 R 69 0 R 70 0 R 71 0 R 72 0 R 73 0 R 74 0 R 75 0 R 76 0 R /Pg 24 0 R /Pg 23 0 R endobj /P 5688 0 R 2013 0 obj endobj /S /P >> /S /P /P 6556 0 R /K 669 /Pg 24 0 R << /K 179 1154 0 obj /Pg 21 0 R >> /K [4610 0 R 4611 0 R 4612 0 R 4613 0 R 4614 0 R 4615 0 R 4616 0 R 4617 0 R 4618 0 R 4619 0 R 2903 0 obj >> /P 96 0 R >> /Pg 25 0 R >> 1 The Cliffwater Direct Lending Index (the "CDLI") seeks to measure the unlevered, gross of fees performance of U.S. middle mar ket corporate loans, as represented by the underlying assets of Business Development Companies ("BDCs"), including both exchange-traded and unlisted BDCs, subject to certain eligibility requirements. /S /P << endobj >> /P 5618 0 R 3114 0 obj 3871 0 obj /S /P /Pg 24 0 R 3612 0 obj /K 225 2264 0 obj <> 3180 0 obj /Lang (EN-US) null 2527 0 R null null null 2528 0 R null 2529 0 R null 2530 0 R /Pg 22 0 R 660 0 obj /Pg 20 0 R 2036 0 obj 2599 0 obj /K 47 >> endobj /K 1432 /P 5276 0 R /Pg 22 0 R endobj /Pg 25 0 R >> /P 5195 0 R << /K [1111 1112] endobj /Pg 20 0 R /K 981 /K 1094 /K 1480 /P 5989 0 R /P 5181 0 R /K 1333 /Lang (EN-US) >> /K 977 /Lang (EN-US) /Pg 22 0 R 131 0 obj /Pg 24 0 R /K 1212 >> << 934 0 R null 935 0 R null 936 0 R null null null 937 0 R null << /K 1134 /S /Artifact 359 0 R 360 0 R 361 0 R 362 0 R 363 0 R null null 364 0 R null 365 0 R /Pg 25 0 R endobj <> << /P 5170 0 R 3235 0 obj /Pg 22 0 R /P 10 0 R /Pg 25 0 R /Lang (EN-US) endobj /K 1154 null 970 0 R null 971 0 R null 972 0 R null null null 973 0 R /K 1332 /S /Artifact /Pg 22 0 R 1927 0 obj 1580 0 obj /Pg 22 0 R /Pg 24 0 R >> >> /Pg 26 0 R /P 4902 0 R /K 1365 1623 0 R null 1624 0 R null 1625 0 R null 1626 0 R null 1627 0 R null >> /P 10 0 R << /S /Artifact << /S /P endobj /P 5762 0 R endobj endobj /S /P endobj /Pg 23 0 R << endobj /K 635 /Lang (EN-US) /Pg 24 0 R /S /Artifact /K 295 >> /S /P /Pg 23 0 R /K 1377 /Lang (EN-US) endobj 3102 0 obj /Lang (EN-US) /P 5712 0 R /Pg 14 0 R >> endobj endobj /K 809 /Pg 23 0 R 717 0 obj endobj /S /Artifact 2585 0 R null 2586 0 R null null null 2587 0 R null null null 3089 0 obj /S /P /Lang (EN-US) 923 0 obj /Pg 22 0 R >> << /K 1299 4120 0 obj /S /P >> endobj /S /Table >> /P 10 0 R /MediaBox [0 0 612 792] /P 6143 0 R /S /Artifact /Lang (EN-US) /K 73 /K 7 /K 1522 endobj >> /Pg 24 0 R << 2574 0 obj 4306 0 obj /P 38 0 R /Pg 25 0 R /Lang (EN-US) /Pg 24 0 R << >> /Pg 25 0 R /Type /Annot endobj /S /Artifact 4205 0 obj endobj /K 1146 endobj /Pg 22 0 R /P 6334 0 R /Pg 26 0 R /Pg 25 0 R 1996 0 obj /S /Artifact /P 4899 0 R << /Lang (EN-US) << endobj << >> 2183 0 obj /K 579 << /Pg 25 0 R /S /P <> /Lang (EN-US) /Pg 24 0 R /S /Artifact /S /Artifact endobj /P 5377 0 R /K 1331 >> /K 580 /K 682 /P 5832 0 R /K 1269 << /Lang (EN-US) << 3041 0 obj << /Lang (EN-US) /S /P /K 196 /S /P <> << /Pg 23 0 R >> >> endobj /S /P /P 6043 0 R >> /Pg 25 0 R 2493 0 obj /Pg 19 0 R /K 221 3167 0 obj endobj /Lang (EN-US) 3709 0 obj 2655 0 obj /Lang (EN-US) endobj 3758 0 obj 2512 0 obj endobj /K 1430 247 0 obj 2669 0 obj 2685 0 obj /S /Artifact /Pg 24 0 R 883 0 obj /S /Artifact endobj endobj 1942 0 obj /S /P /S /Artifact /K 1247 /Pg 25 0 R endobj endobj /S /P 67 0 R 67 0 R 67 0 R 67 0 R 71 0 R 71 0 R 78 0 R 78 0 R 78 0 R 78 0 R /S /P /S /P << 391 0 obj endobj /P 6473 0 R >> /StructTreeRoot 5 0 R endobj >> /K 1245 /K 1489 /Pg 25 0 R /K 1013 /P 5616 0 R /S /P /K 216 /K 526 /Pg 23 0 R /S /P 310 0 obj 4292 0 obj 4027 0 obj >> /S /P null 1682 0 R null null null 1683 0 R null 1684 0 R null 1685 0 R >> >> /Pg 23 0 R /K 1114 /S /P /K 22 << 4545 0 R] /S /P /P 6565 0 R 1822 0 obj 3512 0 obj /Lang (EN-US) >> >> 374 0 obj /K 1120 << /Lang (EN-US) 3731 0 R null 3732 0 R 3733 0 R null 3734 0 R null 3735 0 R null 3736 0 R endobj >> /Pg 25 0 R /K 1036 2543 0 obj >> << << /Pg 24 0 R << /S /Artifact /K 1517 /Pg 25 0 R 3898 0 obj null 921 0 R null 922 0 R null 923 0 R null 924 0 R null null /Pg 22 0 R /Pg 23 0 R /Lang (EN-US) /P 6660 0 R /Lang (EN-US) endobj 3607 0 obj endobj /K 1056 /Pg 24 0 R endobj /Pg 25 0 R /K 140 /Lang (EN-US) << /K 1175 /P 5815 0 R /Pg 18 0 R >> /Lang (EN-US) /S /P endobj /K 1403 /S /P endobj /S /P endobj 3870 0 obj >> endobj >> endobj /S /P /P 10 0 R /S /Link /K 1362 /S /P endobj >> 1937 0 obj /S /P /Pg 25 0 R /Pg 22 0 R /Lang (EN-US) 3220 0 obj /S /Artifact /Pg 17 0 R /Lang (EN-US) /Lang (EN-US) << << /Lang (EN-US) /Lang (EN-US) 3951 0 obj << << /S /P endobj /P 6041 0 R << /Pg 23 0 R 2336 0 obj /K 1443 793 0 obj As base rates (LIBOR/SOFR) have risen to over 4% today, both existing loans and new originations offer enhanced return potential. >> endobj /A 4687 0 R /Lang (EN-US) /K 1245 /Lang (EN-US) /Lang (EN-US) endobj /Pg 24 0 R >> >> 2908 0 obj /S /Artifact >> /Subtype /XML endobj endobj /K 776 /Pg 25 0 R endobj 365 0 obj /Lang (EN-US) 1150 0 obj /S /Artifact >> endobj 3294 0 obj >> /K [8 431 0 R 72] null 1585 0 R null null null 1586 0 R null null null 1587 0 R 3628 0 obj /K 734 1013 0 R null 1014 0 R null 1015 0 R 1016 0 R null 1017 0 R null 1018 0 R /Pg 23 0 R /Pg 23 0 R 2283 0 obj 3520 0 obj /Pg 23 0 R 3601 0 obj >> << /K 112 /Lang (EN-US) >> /Pg 21 0 R << /K 541 << /Pg 23 0 R /Pg 25 0 R /Pg 25 0 R >> << /Pg 24 0 R << /K 1132 >> /Lang (EN-US) >> /Pg 22 0 R 675 0 obj /Pg 23 0 R >> /K 25 /K 274 << 1796 0 obj /K 1143 << /S /P /K 1100 endobj << /S /P 1182 0 obj 2303 0 obj /Pg 24 0 R 971 0 obj >> >> /S /Artifact /K 13 /S /P >> /Pg 24 0 R << 1727 0 obj /Pg 25 0 R >> 3037 0 obj /K 431 2757 0 obj << << << /Pg 23 0 R >> /S /Artifact >> /P 4840 0 R >> /Pg 23 0 R /Pg 22 0 R /Pg 24 0 R >> /S /P /K 163 /S /Artifact /Pg 25 0 R /S /P >> >> /S /P << /Pg 23 0 R << /S /Artifact /S /Artifact << /Pg 22 0 R 495 0 R null 496 0 R null 497 0 R null 498 0 R 499 0 R 500 0 R null endobj /K 439 /S /P /Pg 23 0 R endobj << endobj 1617 0 obj endobj /P 5304 0 R <> << << /S /P >> << >> /P 6205 0 R >> /Pg 24 0 R >> << endobj /P 5302 0 R endobj endobj 3090 0 obj /Lang (EN-US) << endobj /K 1422 /Pg 25 0 R /K 1211 /Pg 24 0 R >> /K 260 /K 1 endobj 3097 0 obj /Pg 23 0 R >> /S /P 1497 0 obj /S /P 703 0 obj endobj /K 1237 /S /Artifact 2000 0 R null 2001 0 R null 2002 0 R null 2003 0 R null 2004 0 R null >> /Pg 25 0 R 4124 0 obj /Lang (EN-US) endobj /Lang (EN-US) << /Pg 22 0 R >> /S /P /K 315 /P 6540 0 R << /S /P /Pg 22 0 R << /Lang (EN-US) /Lang (EN-US) /Pg 16 0 R /K 8 /Pg 16 0 R /Lang (EN-US) >> endobj /K 871 << /Lang (EN-US) 133 0 obj >> /S /Artifact /Pg 24 0 R endobj /S /P endobj /K 1158 endobj endobj endobj << << >> 4313 0 obj /S /P /Pg 24 0 R endobj /S /P endobj /Pg 26 0 R /K 1514 << endobj /K 71 965 0 obj << 2612 0 obj >> /Pg 23 0 R /K 1431 >> endobj endobj /P 6028 0 R /Pg 22 0 R /Lang (EN-US) /K 1314 /Pg 25 0 R /Pg 23 0 R endobj endobj endobj 3266 0 obj << /S /P 2203 0 obj /K 1421 /S /P >> /K 689 endobj /K 28 endobj /Lang (EN-US) /Lang (EN-US) endobj /Pg 23 0 R /MediaBox [0 0 612 792] /K 662 /S /P /P 6073 0 R /Pg 24 0 R /K 1159 /Pg 25 0 R 4016 0 obj << <> /Pg 25 0 R /S /P /K 647 3050 0 obj << 228 0 obj >> << endobj 1616 0 obj /K 1331 2241 0 obj endobj /K 23 >> 2660 0 obj /P 4961 0 R >> /P 5816 0 R >> /K 779 1675 0 obj /K 1251 2352 0 obj endobj << endobj /K 1527 /Pg 23 0 R << endobj 3194 0 obj /K 1281 /K 437 0 R << In fact, in comparison with high-yield and traded loans, the Cliffwater Direct Lending Index (CDLI) has delivered an average yield pickup of 391 basis points (bps) and 547 bps, respectively, since 2005. endobj << >> endobj 373 0 obj >> /Lang (EN-US) /Lang (EN-US) 3447 0 obj << There can be no assurance that historical trends will continue during the life of any fund. /Pg 25 0 R 1642 0 R null 1643 0 R null 1644 0 R null 1645 0 R null null null endobj >> >> 2482 0 obj /K 503 /K 1197 /S /Artifact /Pg 24 0 R /K 1178 /S /P >> >> /Lang (EN-US) >> >> 3555 0 obj endobj 65 0 obj << endobj /Pg 22 0 R 2099 0 obj /S /Artifact 1548 0 R null null null 1549 0 R null null null 1550 0 R null >> /Pg 23 0 R >> >> >> << >> >> 1604 0 obj << /S /Artifact /P 10 0 R /Pg 24 0 R 723 0 obj 2638 0 obj /Lang (EN-US) <> /Pg 24 0 R << /S /P 2286 0 obj endobj /Lang (EN-US) >> endobj /S /Artifact >> /K 1171 << << endobj /Lang (EN-US) >> endobj /Pg 22 0 R 2163 0 obj >> endobj /P 6114 0 R A repricing of real estate is underway. /K 1015 >> /Lang (EN-US) /S /P /S /Artifact /S /Artifact >> >> /K 1526 /P 5424 0 R 1460 0 obj << << << >> 2410 0 obj << /K 324 /Pg 18 0 R /Lang (EN-US) >> 2943 0 R null 2944 0 R null 2945 0 R null 2946 0 R 2947 0 R null 2948 0 R << /Pg 22 0 R << /S /Artifact 736 0 obj /Lang (EN-US) 226 0 obj /S /Artifact /P 10 0 R /Pg 25 0 R 843 0 obj /P 6079 0 R endobj /K [1117 1118] >> endobj 1834 0 obj /K 1197 << /K 217 << 3341 0 obj /P 6465 0 R << >> 2617 0 obj << /K 1105 589 0 R null 221 0 R 222 0 R 223 0 R 224 0 R 225 0 R 226 0 R 227 0 R 228 0 R /S /P >> /Lang (EN-US) /S /P >> /S /Artifact << >> /P 5137 0 R /S /P /K 115 /Pg 23 0 R /P 6609 0 R endobj 3720 0 obj /S /P /Pg 25 0 R 1823 0 obj /Pg 25 0 R 593 0 obj 1571 0 R null 1572 0 R null 1573 0 R null null null 1574 0 R null >> endobj << << /S /P >> /Lang (EN-US) /S /P /K [112 113 114 115 116 117 118 119 120 121 976 0 obj >> >> >> /Pg 22 0 R /Lang (EN-US) endobj /S /P /K 857 endobj /K 958 /S /Artifact 3793 0 obj null 3649 0 R 329 0 R null 331 0 R null 3650 0 R null null 3651 0 R >> /Pg 22 0 R 3075 0 obj /Lang (EN-US) /Lang (EN-US) >> 1797 0 obj endobj /K 156 endobj /Pg 25 0 R /S /P >> << /Pg 25 0 R /S /Artifact 2544 0 R null 2545 0 R 2546 0 R null 2547 0 R null 2548 0 R null 2549 0 R /Pg 24 0 R 3821 0 R null null null 3822 0 R null null null 3823 0 R null << /S /P endobj >> /Lang (EN-US) /Pg 22 0 R 2144 0 obj endobj /K 1351 << /Lang (EN-US) /K 1395 /Lang (EN-US) /Pg 25 0 R 1620 0 R null 1621 0 R null null null 1622 0 R null null null 820 0 obj /Pg 22 0 R << /Pg 25 0 R >> << /K 1138 /P 5065 0 R << /Pg 22 0 R /K 1481 /P 4703 0 R /S /P /Pg 24 0 R /S /Artifact /Pg 24 0 R endobj 519 0 obj /P 4770 0 R /S /Artifact /P 6047 0 R << /Pg 24 0 R /K 1429 endobj endobj >> 2729 0 R 2730 0 R null 2731 0 R null 2732 0 R null 2733 0 R null 2734 0 R >> /P 6676 0 R /Lang (EN-US) >> >> /P 6044 0 R /Pg 25 0 R /K 1288 1346 0 obj /K 1452 endobj << endobj /Lang (EN-US) 3654 0 R null 3655 0 R null 3656 0 R null 3657 0 R null 3658 0 R null /Lang (EN-US) /K 1549 /S /P /Pg 22 0 R >> /Pg 24 0 R /S /P endobj /Pg 23 0 R >> 478 0 obj <> endobj << Acrobat PDFMaker 22 for Word /S /P endobj >> /S /Artifact endobj /P 4900 0 R /P 5002 0 R /S /Artifact endobj /Lang (EN-US) >> null null 1952 0 R null 1953 0 R null 1954 0 R null 1955 0 R null >> >> /Pg 25 0 R 3906 0 obj >> /K 1292 /Lang (EN-US) >> endobj 3895 0 obj <> 2940 0 obj /K 890 << /Lang (EN-US) 2202 0 obj /K 426 /Lang (EN-US) >> /Pg 25 0 R /S /Artifact /Pg 23 0 R /S /Artifact >> endobj endobj /K 815 << /K 541 >> 2222 0 obj /Lang (EN-US) << >> /K 283 /Lang (EN-US) >> << endobj /Pg 22 0 R /K 734 /S /Artifact /P 5159 0 R 127 0 obj /K 924 /K 1496 endobj << /StructParents 12 /S /Artifact >> /Lang (EN-US) << /Pg 23 0 R /Lang (EN-US) >> /Pg 25 0 R endobj /K 736 >> >> /S /P /Pg 22 0 R << >> /Pg 24 0 R /S /P /Pg 23 0 R >> 2235 0 obj >> /K 268 >> /Pg 25 0 R << endobj >> 2394 0 obj 1979 0 obj >> 470 0 obj /S /Artifact /K 1196 /K 1325 /P 10 0 R /Pg 25 0 R /P 6086 0 R << endobj 2475 0 obj /K 1251 >> /K 1380 /K 659 /K 8 >> 4339 0 obj /Pg 23 0 R /S /P endobj 2641 0 obj /S /P /K 1453 /Pg 23 0 R /P 6337 0 R /K 566 765 0 obj >> /Lang (EN-US) 3206 0 obj /Lang (EN-US) 582 0 obj /S /P /S /P /S /Artifact >> << >> /K 82 /Pg 24 0 R /K 279 null 929 0 R null 930 0 R null 931 0 R 932 0 R null 933 0 R null