cliffwater direct lending index

/K 1469 /P 6083 0 R endobj /K 927 << << 1239 0 obj endobj /Lang (EN-US) >> /Lang (EN-US) 3564 0 obj endobj >> >> /Pg 23 0 R << endobj /Pg 23 0 R >> >> /P 5329 0 R endobj 2040 0 obj 3036 0 obj << 1818 0 obj 582 0 obj >> >> /Lang (EN-US) >> endobj /Pg 16 0 R >> 2286 0 obj /K 160 189 0 obj /S /P /Document#20Type (5) /K 745 /S /P /P 4880 0 R 3627 0 obj >> << /Pg 25 0 R /Lang (EN-US) << 1978 0 R null 1979 0 R null 1980 0 R null 1981 0 R 1982 0 R null 1983 0 R /K 1482 >> >> /Pg 25 0 R endobj endobj >> << endobj >> /Pg 22 0 R /S /P 3290 0 obj << << /S /Artifact /Pg 15 0 R << << /K 68 /K 693 849 0 R null 850 0 R null 851 0 R null 852 0 R null 853 0 R null 364 0 obj endobj /P 6131 0 R endobj << /Lang (EN-US) << << /Pg 23 0 R /S /P /S /P null null null 2953 0 R null 2954 0 R null 2955 0 R null 2956 0 R << 3724 0 obj << /S /P >> 2443 0 obj >> 2946 0 obj /Pg 25 0 R /S /P /Pg 23 0 R /Lang (EN-US) /Lang (EN-US) << /S /Artifact /Pg 22 0 R 2646 0 obj endobj /K 1157 835 0 obj >> << /S /Artifact /P 5834 0 R endobj endobj /Pg 24 0 R /Lang (EN-US) >> >> >> /Pg 25 0 R /K 71 317 0 obj Menu. /K 716 << /Lang (EN-US) /S /Artifact /Pg 23 0 R 573 0 obj /Pg 22 0 R /K 1090 >> /Pg 25 0 R /MediaBox [0 0 612 792] >> /P 4868 0 R /K 627 /K 1528 /S /P /K 615 /S /Artifact /S /P /S /P /K 613 << /K 1466 << 4083 0 obj /Lang (EN-US) endobj 3912 0 obj << 2870 0 obj /Pg 24 0 R /S /P /Pg 18 0 R /P 5815 0 R /Pg 23 0 R endobj >> /S /P /Pg 23 0 R >> null null null 974 0 R null 975 0 R null 976 0 R null 977 0 R endobj >> << endobj null 1041 0 R null 1042 0 R null 1043 0 R null 1044 0 R null null /Pg 22 0 R >> endobj /Lang (EN-US) /S /Artifact endobj << /Pg 25 0 R >> << << /A 4429 0 R >> 2113 0 obj /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) 4090 0 obj endobj endobj <> /Lang (EN-US) /Pg 25 0 R >> 2563 0 obj /Pg 23 0 R /Pg 19 0 R /S /Artifact /S /P >> /P 6091 0 R /P 6382 0 R /P 5056 0 R /Pg 25 0 R Direct lending - Institutional | BlackRock endobj /Lang (EN-US) << /K 1517 /Pg 24 0 R /S /P /Pg 25 0 R >> >> 2430 0 obj << endobj /P 6143 0 R >> /K 533 << /Lang (EN-US) >> endobj /Lang (EN-US) endobj 173 0 obj endobj /Pg 24 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 /Pg 22 0 R >> >> endobj /P 6065 0 R /Lang (EN-US) /Lang (EN-US) >> /K 1288 << 158 0 R 160 0 R 161 0 R 162 0 R 163 0 R 164 0 R 165 0 R 166 0 R 167 0 R 168 0 R endobj /S /Artifact /S /Artifact /P 6672 0 R /Pg 23 0 R /P 6106 0 R /K 1125 1327 0 obj endobj /Pg 23 0 R << /Pg 25 0 R /S /Artifact /S /Artifact endobj << /Pg 23 0 R /K 267 >> endobj /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 /Lang (EN-US) /Pg 22 0 R /Pg 22 0 R 945 0 obj /S /Artifact /K 355 << 907 0 obj endobj endobj 2909 0 obj /Pg 25 0 R 6 [173 0 R 174 0 R 175 0 R 176 0 R 177 0 R 178 0 R null 447 0 R null null /S /Artifact /S /Artifact << /Pg 23 0 R endobj 2163 0 obj endobj >> >> endobj /K 1542 /Lang (EN-US) >> endobj /K 136 /P 5142 0 R >> << 798 0 obj /Lang (EN-US) >> /K 1369 3325 0 obj /S /Artifact /K 455 << >> /S /P 3173 0 obj << 139 0 obj /K 817 3775 0 R null 3776 0 R null 3777 0 R null 3778 0 R null 3779 0 R null 1672 0 R null 1673 0 R null 1674 0 R null 1675 0 R null 1676 0 R 1677 0 R /K 1142 endobj /S /P >> PDF Private Credit's Rapid Growth: A Secular Trend /K 1462 << << /Pg 23 0 R /S /P /S /P null null 2540 0 R null 2541 0 R null 2542 0 R null 2543 0 R null << endobj /Pg 23 0 R /S /P /Pg 24 0 R << /Pg 24 0 R /K 60 /S /P /Lang (EN-US) >> /S /Artifact endobj /Lang (EN-US) << /S /P /S /Artifact /Pg 24 0 R /Lang (EN-US) /Lang (EN-US) 1717 0 obj /S /P << endobj >> /K 1392 /Lang (EN-US) /K 923 >> endobj endobj /K 994 230 0 obj >> /Lang (EN-US) /Lang (EN-US) /K 8 << /K 1190 /Annots [4357 0 R] /K 4 3333 0 obj 3469 0 obj >> /Pg 22 0 R << /S /P /Pg 25 0 R >> /Lang (EN-US) /S /P 2713 0 obj /S /P /Lang (EN-US) /K 1333 /P 6217 0 R /S /Artifact /S /P /P 33 0 R >> endobj /Lang (EN-US) /K 237 /S /P /K 1497 >> /S /Artifact >> endobj >> << 1697 0 obj 2558 0 R null 2559 0 R null 2560 0 R null 2561 0 R null 2562 0 R null >> /Pg 25 0 R 2051 0 obj 3501 0 obj >> >> /Lang (EN-US) endobj /Pg 25 0 R /Pg 22 0 R /S /P >> >> /K 1108 /P 5189 0 R /Pg 23 0 R /Pg 13 0 R /S /Artifact 883 0 obj /S /Artifact endobj /K 628 2967 0 obj /K 925 /P 4840 0 R /Pg 24 0 R 1721 0 R null 1722 0 R null 1723 0 R null 1724 0 R 1725 0 R null 1726 0 R /Pg 23 0 R 4058 0 obj << endobj /Lang (EN-US) endobj >> /Lang (EN-US) /P 5838 0 R /P 10 0 R /K 675 /P 6257 0 R /K 913 >> /Lang (EN-US) /K 1474 << /K 70 /S /Artifact >> >> 1127 0 obj >> /Pg 24 0 R >> << /K 142 /S /Artifact /Lang (EN-US) /K 379 /Pg 23 0 R >> 819 0 R null 820 0 R null 821 0 R null 822 0 R null 823 0 R null 805 0 obj /K 1022 2727 0 obj >> 1158 0 R 1159 0 R 1160 0 R 1161 0 R 1162 0 R 1163 0 R 1164 0 R 1165 0 R 1166 0 R 1167 0 R /Lang (EN-US) 3704 0 obj /Pg 25 0 R >> 2672 0 obj endobj >> /Pg 25 0 R /Pg 22 0 R >> /Pg 25 0 R << /Pg 25 0 R /S /Artifact /K 63 /P 5720 0 R /S /Artifact /S /P 938 0 obj << endobj /S /P >> /S /P << /Lang (EN-US) << << endobj 501 0 R null 502 0 R null 503 0 R 504 0 R 505 0 R null 506 0 R null << 1450 0 obj /K 978 /K 266 endobj << /K 1231 /Lang (EN-US) endobj endobj endobj /Pg 23 0 R /S /Artifact /S /P /S /Artifact /K 1171 /K 1103 /Pg 23 0 R << /K 1167 << /K 209 << >> /Pg 23 0 R /P 5455 0 R >> 3395 0 obj /Lang (EN-US) >> << /Pg 25 0 R << /S /Artifact endobj << /Pg 24 0 R /P 5278 0 R endobj 54 0 obj /S /P endobj /P 5577 0 R 441 0 obj 2932 0 obj << /K 263 >> 188 0 obj /K 1098 /S /P /S /P << /S /Artifact /K 38 267 0 obj endobj /K 140 /K 959 /Pg 25 0 R endobj >> /Pg 25 0 R /Lang (EN-US) /S /Artifact << >> endobj /Pg 22 0 R /Pg 26 0 R /K 495 /Pg 23 0 R >> /K 3 /P 6178 0 R 3988 0 obj 3730 0 obj /Pg 25 0 R endobj >> /Pg 22 0 R /Pg 23 0 R >> /S /Artifact /P 4765 0 R endobj /Pg 19 0 R >> 2599 0 obj /K 530 /S /Artifact /Pg 23 0 R /S /P 2119 0 obj /Pg 17 0 R /Lang (EN-US) << /K 995 /Lang (EN-US) null 395 0 R null 396 0 R null 397 0 R null 398 0 R null 399 0 R /K 13 /P 5207 0 R >> /K 81 /S /Artifact << /Lang (EN-US) << >> >> /K 154 /K 1206 /S /P /P 33 0 R /Pg 23 0 R /Pg 19 0 R /S /Artifact >> << /Pg 23 0 R 2240 0 obj /Pg 25 0 R >> f325a0f1-a9d5-4034-846d-c1ef2129f6d0 /P 4992 0 R /K 49 /K 1073 endobj /Pg 24 0 R << << /Pg 25 0 R /K 1516 >> >> /S /P endobj 2389 0 obj /Lang (EN-US) /K 1107 /K 760 /Pg 24 0 R endobj /Pg 24 0 R /P 4694 0 R /Pg 22 0 R /Pg 22 0 R /P 6434 0 R >> /Pg 23 0 R /K 1323 << /K 878 null null null 3506 0 R null 3507 0 R null 3508 0 R null 3509 0 R /Pg 22 0 R 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 << 2792 0 obj << << endobj 1528 0 obj /Lang (EN-US) endobj 1071 0 obj >> 258 0 obj /K 388 >> endobj /Pg 25 0 R 2911 0 obj /Lang (EN-US) /S /P >> /Pg 18 0 R /S /Artifact 3821 0 R null null null 3822 0 R null null null 3823 0 R null << >> /S /Artifact /S /P 3204 0 obj 2707 0 obj /Pg 22 0 R >> /K 689 endobj /S /P 2993 0 obj /Lang (EN-US) /Pg 24 0 R /S /P /Pg 25 0 R /K 1152 << /S /Artifact /K 347 >> /K [171 541 0 R 192] endobj endobj /Pg 24 0 R 237 0 obj /Pg 22 0 R 456 0 obj >> >> /K 1266 /S /Artifact /S /Artifact >> endobj /Pg 21 0 R /P 4780 0 R /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) /Pg 24 0 R /K 1482 /Pg 13 0 R /K 1398 233 0 obj /S /P /Pg 23 0 R /K 63 2686 0 obj endobj endobj << /K 360 /S /Artifact 1187 0 obj <> /Pg 25 0 R << /Contents 4349 0 R /P 5533 0 R /K 189 /K 1343 /Pg 25 0 R endobj /Lang (EN-US) >> /S /P /Pg 24 0 R /S /P >> /K 556 /Pg 25 0 R << endobj /Pg 23 0 R /Type /Page 2752 0 obj << >> endobj >> /Pg 22 0 R endobj /Lang (EN-US) << >> endobj endobj 3701 0 R null null null 3702 0 R null null null 3703 0 R null 1148 0 obj /K 1032 endobj /K 27 /Lang (EN-US) 250 0 obj << endobj /Lang (EN-US) /S /Artifact /Pg 25 0 R endobj 564 0 obj /Pg 24 0 R << 358 0 obj /Contents 4380 0 R /Resources 4365 0 R /S /Artifact << << << >> endobj 1836 0 R null 1837 0 R 1838 0 R null 1839 0 R null 1840 0 R null 1841 0 R endobj 3353 0 obj /S /P /Rotate 0 /S /P /Pg 25 0 R 2999 0 obj /P 10 0 R <> 4338 0 obj endobj << << /S /P 2085 0 obj 1393 0 obj /Lang (EN-US) endobj endobj endobj /P 5525 0 R /S /Artifact >> << endobj >> 2239 0 obj /P 4879 0 R >> << <> /S /P /Pg 22 0 R << 4118 0 obj << /K 1548 /P 5026 0 R endobj /S /P /S /P 3957 0 obj endobj 701 0 obj /K 1033 << /S /P /S /P endobj 2020 0 obj endobj /K 1049 <> /P 6308 0 R /P 6120 0 R /K 1165 /P 10 0 R /K 1429 /Pg 24 0 R endobj >> endobj /P 5903 0 R 3437 0 obj /S /P /K 34 endobj /Lang (EN-US) 613 0 obj /S /Artifact endobj /S /P /P 4885 0 R /Pg 24 0 R endobj 3043 0 obj 1274 0 obj 1633 0 obj >> /K 1300 /K 1218 >> >> 3152 0 obj /S /P endobj >> /Pg 24 0 R endobj /S /P /Pg 25 0 R endobj << /Lang (EN-US) << /Pg 23 0 R /K 580 << endobj >> /P 4721 0 R 3163 0 obj /Producer (Adobe PDF Library 22.1.149) endobj /K 40 /S /Artifact /S /Artifact >> 1711 0 obj 4312 0 obj /S /Artifact PRIVATE DEBT - Yield, Safety and the Emergence of Alternative Lending: Opportuni - 36.01. >> /Pg 22 0 R /Pg 22 0 R 1820 0 obj /K 1301 endobj << /Pg 25 0 R >> /Lang (EN-US) /S /Artifact /Pg 25 0 R << endobj >> /Pg 25 0 R /K 3 endobj /S /Artifact /Pg 22 0 R endobj /Pg 23 0 R << /Pg 25 0 R <> /P 5573 0 R << /K 1379 /Lang (EN-US) /P 5482 0 R 1918 0 obj << /K 1203 <> 2710 0 obj /Pg 25 0 R /K 1428 /S /Artifact >> /S /Artifact /Pg 24 0 R >> >> >> /S /Artifact << >> /S /Artifact 2991 0 obj /Pg 24 0 R /Pg 22 0 R << 3690 0 obj /S /P >> null 907 0 R 908 0 R null 909 0 R null 910 0 R null 911 0 R null /S /Artifact /Lang (EN-US) /K 1180 << << >> /S /P >> /S /Artifact >> 781 0 obj /Pg 23 0 R << endobj >> 1688 0 obj endobj /S /P /P 5265 0 R /S /P endobj /P 6028 0 R /S /P /S /Artifact >> endobj /P 5371 0 R 3689 0 obj 3240 0 obj >> /Lang (EN-US) /Pg 23 0 R /P 6740 0 R /Lang (EN-US) 1473 0 obj >> 756 0 obj /S /P endobj /S /P /S /P /S /Artifact >> 1550 0 obj 3943 0 obj >> 3656 0 obj /Pg 22 0 R /Pg 25 0 R /S /P /Lang (EN-US) >> /K 913 /Pg 25 0 R In its 2021 third quarter report, Cliffwater reported that since inception in September 2004, the Cliffwater Direct Lending Index (CDLI) had provided a net return (after realized and unrealized losses of 1.3%) of 9.5% per annum, 8.3 percentage points above the return on one-month Treasury bills - higher than the annualized equity premium has been over the long term and with far . 1425 0 obj endobj /K 1231 3087 0 R 3088 0 R 3089 0 R 3090 0 R 3091 0 R 3092 0 R 3093 0 R 3094 0 R 3095 0 R 3096 0 R /K 605 << >> /Lang (EN-US) 2987 0 R 2988 0 R 2989 0 R 2990 0 R 2991 0 R 2992 0 R 2993 0 R 2994 0 R 2995 0 R 2996 0 R /K 76 >> /K 11 endobj << /S /P << /S /P /P 4937 0 R >> /Lang (EN-US) << /Lang (EN-US) /S /Artifact /Pg 23 0 R /S /P /P 10 0 R /K 125 /Lang (EN-US) >> 3414 0 obj 700 0 obj << /P 6295 0 R << /S /Artifact endobj /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) << endobj /S /P /Pg 23 0 R /S /Artifact /Pg 25 0 R /S /P /Pg 22 0 R /Pg 23 0 R 1752 0 obj /Lang (EN-US) null 2957 0 R null 2958 0 R 2959 0 R null 2960 0 R null 2961 0 R null /Pg 22 0 R >> >> endobj << endobj /S /P 797 0 R null 798 0 R null 799 0 R null null null 800 0 R null /Lang (EN-US) >> /K 89 /S /Artifact >> /Pg 25 0 R >> >> /P 5137 0 R /K 1186 endobj /Pg 25 0 R /P 4698 0 R null 2553 0 R null 2554 0 R null 2555 0 R null 2556 0 R null 2557 0 R 937 0 obj /Lang (EN-US) 2840 0 obj /S /P << endobj << /Lang (EN-US) << /Pg 24 0 R >> /Pg 22 0 R /Pg 22 0 R endobj >> endobj /K 1464 /Resources 4377 0 R endobj >> /Lang (EN-US) 1268 0 R 1269 0 R 1270 0 R 1271 0 R 1272 0 R 1273 0 R 1274 0 R 1275 0 R 1276 0 R 1277 0 R 3851 0 R null 3852 0 R 3853 0 R null 3854 0 R null 3855 0 R null 3856 0 R /Pg 22 0 R 3619 0 obj /Pg 23 0 R 2313 0 R 2314 0 R 2315 0 R 2316 0 R 2317 0 R 2318 0 R 2319 0 R 2320 0 R 2321 0 R 2322 0 R << /S /P << /Pg 22 0 R /Pg 23 0 R /K 1525 endobj /Pg 25 0 R >> /P 5771 0 R /Pg 25 0 R /S /P << /S /P /P 10 0 R << >> /Pg 25 0 R endobj /Lang (EN-US) /S /Artifact 270 0 obj endobj /S /P /K 36 /K 1326 2540 0 obj /P 6507 0 R /Pg 24 0 R /S /P << 1623 0 R null 1624 0 R null 1625 0 R null 1626 0 R null 1627 0 R null /S /P /Pg 23 0 R /P 6001 0 R /Pg 22 0 R /K 8 endobj 252 0 obj >> /Pg 24 0 R /Pg 25 0 R >> /P 4978 0 R /S /Artifact >> endobj /Pg 25 0 R endobj /S /Artifact << endobj /S /Artifact >> << endobj << << /Pg 25 0 R /Pg 24 0 R /K 79 >> 2093 0 obj 1946 0 obj 377 0 obj >> endobj 575 0 obj >> << >> /P 6730 0 R /S /P >> endobj >> endobj << >> << 3558 0 obj << /Lang (EN-US) 1579 0 obj << endobj endobj endobj endobj /K 1539 1178 0 R 1179 0 R 1180 0 R 1181 0 R 1182 0 R 1183 0 R 1184 0 R 1185 0 R 1186 0 R 1187 0 R 2643 0 obj /Pg 25 0 R 859 0 obj Why Direct Lending? A Compelling History - ORCIC /Pg 22 0 R << /K 1143 /K 934 >> 4266 0 obj 726 0 obj <> >> /Pg 20 0 R 3618 0 obj 3772 0 obj endobj 503 0 obj 4125 0 R 4125 0 R 4126 0 R 4127 0 R 4128 0 R 4129 0 R 4130 0 R 4131 0 R 4132 0 R 4133 0 R 887 0 obj /Pg 23 0 R /Pg 23 0 R /P 5030 0 R /Pg 25 0 R /S /Artifact /Lang (EN-US) /S /P endobj >> << null 123 0 R 124 0 R 125 0 R 126 0 R 127 0 R 128 0 R 129 0 R 130 0 R 131 0 R 2463 0 obj endobj endobj >> /S /P /P 5856 0 R >> /Type /Annot /K 1197 << >> /S /P /Pg 24 0 R << endobj >> endobj >> /Pg 25 0 R endobj endobj /P 6112 0 R /Lang (EN-US) /S /P /Lang (EN-US) >> /S /Artifact /Lang (EN-US) << endobj /S /Artifact /Lang (EN-US) << /S /P >> /K 514 2863 0 obj endobj /Pg 14 0 R /S /Artifact >> << 7 [null null 538 0 R null null null 561 0 R null null null 1888 0 obj endobj /Pg 22 0 R /K 297 /Pg 24 0 R /S /Artifact /K 607 /K 1366 /S /P /P 10 0 R /K 1138 >> /S /Artifact << << /K 1183 << endobj 4032 0 obj /P 5677 0 R endobj 463 0 obj /Pg 22 0 R endobj /K 536 /P 5347 0 R /P 10 0 R /K 54 /S /Artifact /S /P /K 1297 /K 1463 /S /Artifact << null 3688 0 R null 3689 0 R null null null 3690 0 R null null >> /S /P /K 1044 /K 75 <> endobj << >> 3243 0 obj >> /S /Table 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 >> /P 10 0 R endobj >> >> /S /P /S /P endobj /Pg 25 0 R << >> /Pg 22 0 R 2022 0 obj << Private Equity generally outperforms Public Equities in almost all environments except the 'low inflation/low growth' regime. /Pg 24 0 R << /S /P << << << /Pg 24 0 R >> /Pg 25 0 R /S /P /Pg 24 0 R endobj >> /CropBox [0 0 612 792] /K 419 >> /Lang (EN-US) 3761 0 obj /S /P /Lang (EN-US) endobj /Pg 22 0 R >> << >> /Pg 25 0 R /S /P /K 1283 /Lang (EN-US) << /Pg 23 0 R /P 10 0 R 3364 0 obj >> /S /P endobj /P 4794 0 R /P 5831 0 R 2237 0 obj endobj endobj >> /S /P /Pg 25 0 R <> >> 804 0 obj >> /Lang (EN-US) /P 5968 0 R /Pg 24 0 R << 1193 0 obj 1770 0 obj << /Lang (EN-US) << 2268 0 obj 2165 0 obj /P 4942 0 R >> << /S /Artifact /S /P endobj << endobj /K 776 /P 5890 0 R << << << /Pg 22 0 R /Lang (EN-US) /S /P /Lang (EN-US) endobj << endobj >> >> 3087 0 obj /S /Artifact /K 0 /P 10 0 R /Pg 25 0 R >> >> /K 774 4056 0 obj /S /P /Lang (EN-US) << /Lang (EN-US) 899 0 obj 2748 0 obj << /Pg 26 0 R /S /Artifact /S /P /K 1153 /S /P /K 873 << /Pg 23 0 R << <> /S /Artifact endobj endobj >> 2450 0 obj 1700 0 obj /K 602 << /S /P >> /S /Artifact /K 1262 /Lang (EN-US) /K 1287 2584 0 obj >> /P 10 0 R 3629 0 obj /Lang (EN-US) /Pg 23 0 R 3594 0 R null 3595 0 R 3596 0 R null 3597 0 R null 3598 0 R null 3599 0 R /K 1455 /Lang (EN-US) endobj /K 1408 /P 6003 0 R >> >> >> 1832 0 obj /K 1169 >> endobj 1919 0 obj /K 686 /Lang (EN-US) endobj /Pg 22 0 R /P 5554 0 R /P 5985 0 R 4184 0 R 4185 0 R 4186 0 R 4187 0 R 4188 0 R 4189 0 R 4190 0 R 4191 0 R 4192 0 R 4193 0 R endobj endobj 2416 0 obj /Lang (EN-US) /Lang (EN-US) endobj /S /Artifact /K 1305 /K 61 endobj /K 102 >> /K 1355 >> endobj /S /P /Pg 22 0 R endobj /Parent 9 0 R endobj endobj endobj endobj <> 3077 0 obj /Pg 25 0 R 2989 0 obj endobj /Pg 24 0 R >> /S /P endobj >> << /K 1088 /Lang (EN-US) /K 1286 /S /P /K 1218 << endobj << /S /P endobj >> 247 0 R 248 0 R 249 0 R 250 0 R 251 0 R 252 0 R 253 0 R 254 0 R 255 0 R 256 0 R << 2571 0 obj /P 5420 0 R endobj /K 1064 << /Lang (EN-US) /S /Artifact /S /P 10.6200 USD. /P 5738 0 R << /S /Artifact /K 860 <> /Resources 4371 0 R /Pg 24 0 R /K 7 /Pg 24 0 R >> /Pg 25 0 R 1066 0 obj 1648 0 obj /Lang (EN-US) /K 104 >> /P 6354 0 R /Pg 22 0 R endobj /K 315 3447 0 obj /P 5494 0 R endobj >> /K 732 /K 161 3649 0 obj endobj endobj endobj /Lang (EN-US) endobj /Pg 23 0 R /Pg 16 0 R << /K 235 /K 216 endobj /S /P >> >> >> /Pg 24 0 R 2038 0 R 2039 0 R 2040 0 R 2040 0 R 2041 0 R 2042 0 R 2043 0 R 2044 0 R 2045 0 R 2045 0 R 331 0 obj endobj >> 2701 0 obj 3847 0 obj 1570 0 obj /S /P /Pg 18 0 R /K 895 >> >> 1037 0 obj /Pg 25 0 R /P 6399 0 R 1045 0 obj << << endobj endobj /Lang (EN-US) >> << >> << << >> >> /S /P 3013 0 obj /Pg 25 0 R /Pg 23 0 R /Pg 24 0 R >> /P 5598 0 R >> /Lang (EN-US) /S /P 3392 0 obj /P 10 0 R /P 6186 0 R endobj << endobj /P 5119 0 R /Lang (EN-US) >> /S /P /P 6039 0 R /S /P /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) /K 27 1534 0 obj /S /P 4285 0 obj /Lang (EN-US) /Pg 24 0 R /Pg 22 0 R >> >> /Contents 4376 0 R 3919 0 obj /Lang (EN-US) << endobj >> endobj /Pg 22 0 R << /K 1191 3008 0 obj endobj /Pg 24 0 R >> << >> /Pg 22 0 R 3813 0 obj << endobj /K 1201 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, {{CDLI.indexValue}}Index Value ({{CDLI.indexDate}}), {{CDLI.assetFairValue}}BAssets (Fair Value), {{CDLI_S.indexValue}}Index Value ({{CDLI_S.indexDate}}), {{CDLI_S.assetFairValue}}BAssets (Fair Value), {{CDLI_V.indexValue}}Index Value ({{CDLI_V.indexDate}}), {{CDLI_V.assetFairValue}}BAssets (Fair Value), {{CWBDC.indexValue}} Index Value ({{CWBDC.indexDate}}), {{CWBDC.numberofCompanies}}Number of Companies, {{CWBDC.marketCapitalization}}BMarket Capitalization, {{CWBDC.navPremium}}%NAV Premium/Discount. endobj /Lang (EN-US) /Contents 4382 0 R /K 13 /K 1239 /S /Artifact << 614 0 obj /P 10 0 R /S /Artifact /P 4831 0 R 1683 0 obj /P 10 0 R /MediaBox [0 0 612 792] 549 0 obj /P 10 0 R >> << /S /Link >> 1385 0 R 1386 0 R 1387 0 R 1388 0 R 1389 0 R 1390 0 R 1391 0 R 1392 0 R 1393 0 R 1394 0 R /P 6610 0 R << endobj 3548 0 obj /Lang (EN-US) /S /P /S /Artifact /K 1073 /S /P /Pg 23 0 R /K 790 endobj << 1903 0 R null null null 1904 0 R null 1905 0 R null 1906 0 R null /P 5003 0 R /S /Artifact << /K 144 2642 0 obj /K 554 >> /S /P 1511 0 obj /Pg 23 0 R >> >> /Pg 19 0 R endobj /K 1229 endobj /Lang (EN-US) /S /Artifact /P 10 0 R /Pg 24 0 R endobj /P 5226 0 R /S /Artifact /Pg 25 0 R /K 1138 /Pg 25 0 R /K 1254 >> /Lang (EN-US) << << endobj /K 1250 /K 251 /P 4814 0 R endobj /S /Artifact >> /Lang (EN-US) /K 640 /K 1013 /K 99 >> /K 1500 /K 1479 endobj /S /Artifact /P 4967 0 R /Pg 24 0 R /S /P << endobj /S /P << /S /P >> /K 210 /K 1435 >> /Lang (EN-US) endobj /P 6701 0 R 1761 0 obj endobj >> endobj /K 1124 /P 6115 0 R << /Pg 22 0 R << endobj /Pg 24 0 R /S /Artifact /K 772 >> /S /Artifact /A 4457 0 R endobj /P 5452 0 R endobj /Lang (EN-US) << endobj /P 5430 0 R 3680 0 obj /Lang (EN-US) /S /P endobj << /S /P /Pg 25 0 R /Pg 23 0 R >> << endobj endobj << endobj << /S /P /Pg 25 0 R /P 4711 0 R /Pg 24 0 R /P 10 0 R << /K 842 /Lang (EN-US) endobj endobj 58 0 obj /S /P /S /P /Lang (EN-US) 772 0 obj >> >> /K 1204 /Pg 16 0 R /Pg 24 0 R << null 1921 0 R 1922 0 R null 1923 0 R null 1924 0 R null 1925 0 R null << 436 0 obj /Pg 25 0 R 3651 0 obj endobj null 565 0 R null null null 566 0 R null null null 567 0 R /S /Artifact << endobj 1601 0 R null 1602 0 R null 1603 0 R null 1604 0 R 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endobj /Pg 25 0 R endobj 1607 0 obj /Lang (EN-US) /Lang (EN-US) >> 1660 0 obj 1953 0 obj /Pg 25 0 R /S /P /S /Artifact 4166 0 obj >> 337 0 R 338 0 R 339 0 R 340 0 R 341 0 R 342 0 R 343 0 R 344 0 R 345 0 R 346 0 R >> endobj /P 10 0 R /Pg 22 0 R endobj /K 262 >> >> << /Lang (EN-US) null 2629 0 R 2630 0 R null 2631 0 R null 2632 0 R null 2633 0 R null 25 0 obj Cliffwater Direct Lending Fund (the " Fund ") is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and organized as a Delaware statutory trust. endobj << PRIVATE DEBT - Yield, Safety and the Emergence of Alternative Lending 1926 0 R null null null 1927 0 R null null null 1928 0 R null /Lang (EN-US) << /Pg 23 0 R endobj 2878 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). 3367 0 obj /S /Artifact /P 4923 0 R /S /P /Lang (EN-US) /S /Artifact 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