/Pg 25 0 R /Pg 19 0 R >> endobj 850 0 obj null null null 740 0 R null null null 741 0 R null 742 0 R endobj << 3651 0 obj << endobj /Pg 22 0 R << /K 1549 /Pg 22 0 R >> 3514 0 obj /K 1318 >> /S /P endobj endobj >> null 1795 0 R null 1796 0 R null 1797 0 R null 1798 0 R null 1799 0 R 1989 0 obj /P 5378 0 R >> /K 1390 /K 1208 /S /P /S /Artifact >> endobj 876 0 obj /Lang (EN-US) 3324 0 obj /P 6572 0 R /K 1189 /P 6035 0 R endobj >> endobj >> /P 4941 0 R /S /P 400 0 obj /K 456 /S /Artifact /K 61 << /Lang (EN-US) 2620 0 obj /S /Artifact /K 1152 /P 5964 0 R /P 10 0 R /Pg 23 0 R /S /P 3648 0 obj /Pg 24 0 R /S /P /K 734 /P 6390 0 R endobj 1095 0 obj /T () endobj >> << /K 1121 /S /P /K 863 >> /K 775 /Pg 25 0 R /S /P >> /K 1323 /K 13 endobj /Pg 22 0 R >> /P 5161 0 R /K 1497 /K 1190 /K 662 endobj >> >> >> >> /Lang (EN-US) >> /S /Artifact << << /K 1303 /S /P endobj << >> /K 817 << /Pg 25 0 R << endobj >> /Pg 24 0 R /S /P >> endobj /S /P /Pg 22 0 R 1741 0 obj << /P 5676 0 R >> /S /P >> /P 5700 0 R /Pg 25 0 R /P 6002 0 R << /P 4708 0 R endobj /Lang (EN-US) << /S /P endobj /Pg 24 0 R 436 0 obj 4061 0 obj >> 1144 0 obj 1360 0 obj /Pg 24 0 R /Lang (EN-US) /S /P << << 1730 0 obj 4259 0 obj /Lang (EN-US) /S /Artifact /K 1056 endobj endobj /K 368 /P 4762 0 R >> << << /Lang (EN-US) << endobj >> >> endobj /S /P >> >> >> 2734 0 obj /Pg 23 0 R 1913 0 obj /P 33 0 R /Lang (EN-US) /Pg 22 0 R /K 13 << endobj /Pg 22 0 R >> >> /K 214 endobj /S /P /Pg 25 0 R /S /Footnote << >> /Pg 23 0 R /P 6701 0 R /K 1377 endobj /S /P /S /P 2676 0 obj /K 211 /S /P /Tabs /S >> /K 245 endobj << /S /Artifact /Pg 23 0 R endobj /K 981 620 0 obj /S /P endobj << endobj 2133 0 obj >> /Lang (EN-US) >> >> >> /S /Artifact endobj /Lang (EN-US) /P 6740 0 R endobj << /Lang (EN-US) /Pg 22 0 R /P 10 0 R << /Lang (EN-US) /S /Artifact /K 464 >> >> /K 1475 /Pg 22 0 R 4048 0 obj /S /Artifact /Pg 23 0 R endobj >> 4281 0 obj /Lang (EN-US) 3272 0 obj << 410 0 obj /S /Artifact >> /P 6627 0 R /K 1238 >> >> >> 660 0 obj /Pg 22 0 R /Pg 23 0 R >> /K 1267 116 0 obj /K 1125 /P 10 0 R /S /P << /Pg 22 0 R endobj /S /LBody /P 6113 0 R /Lang (EN-US) /P 6419 0 R /Pg 25 0 R << << >> /Pg 24 0 R endobj /K 130 /K 208 /Pg 24 0 R endobj 2878 0 obj /P 10 0 R /K 1539 2854 0 obj << /K 1442 /S /P /Pg 24 0 R >> 3658 0 obj /P 5860 0 R /S /Artifact >> /S /P >> /K 167 /Lang (EN-US) /Lang (EN-US) endobj /S /P >> /K 304 1668 0 obj 3047 0 obj 3177 0 obj endobj /K 720 /P 5982 0 R /K 1013 /Pg 22 0 R /Pg 23 0 R /P 4768 0 R 85 0 obj /Pg 22 0 R endobj >> endobj /S /P 2761 0 obj endobj 143 0 obj >> >> /Pg 22 0 R /K 142 1618 0 obj << /S /P /K 759 /S /Artifact >> /Lang (EN-US) >> /Lang (EN-US) endobj 1526 0 obj endobj 1089 0 obj endobj << << endobj 2384 0 obj /P 6303 0 R /S /Artifact /S /Artifact endobj /Lang (EN-US) << /P 5008 0 R >> 2710 0 obj /P 6545 0 R /K 626 3208 0 obj 3808 0 obj /Lang (EN-US) endobj >> /K 670 /P 10 0 R endobj endobj /Pg 25 0 R null 3710 0 R null 3711 0 R null 3712 0 R null 3713 0 R null null 3215 0 obj /K 1292 endobj endobj /S /P /Pg 23 0 R endobj /K 651 << /Pg 23 0 R /Pg 14 0 R << << 3406 0 obj >> endobj 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 /Pg 22 0 R /Lang (EN-US) /S /Artifact /P 6403 0 R /Pg 24 0 R /Pg 22 0 R 282 0 obj /S /Artifact /Pg 24 0 R << 4119 0 obj /S /P /S /Artifact 1167 0 obj >> /S /P /P 10 0 R << endobj >> << >> << /P 5427 0 R /P 5251 0 R /Pg 24 0 R 2139 0 obj /S /Artifact /S /Artifact << /K 65 /K 40 /S /LBody >> /S /P endobj 1310 0 obj 162 0 obj /S /P >> 2333 0 obj /Lang (EN-US) >> null null 2722 0 R null null null 2723 0 R null null null endobj /K 233 /P 6691 0 R /S /Artifact << endobj /S /Artifact 414 0 obj /S /Artifact << /S /P << /Pg 24 0 R 2338 0 obj /S /Artifact /Lang (EN-US) /Pg 24 0 R 3171 0 obj /Lang (EN-US) /S /P /S /Artifact endobj /S /P /P 6357 0 R /Lang (EN-US) /S /P /K 1395 2205 0 obj /K 1173 3971 0 obj >> << /P 10 0 R 372 0 obj >> /P 4761 0 R /K 107 3471 0 obj /K 203 /K 1130 /S /Artifact /P 5217 0 R << endobj /Pg 24 0 R /P 10 0 R 435 0 obj /S /P >> endobj /S /Artifact << /Pg 24 0 R /Pg 22 0 R /S /P /P 5485 0 R << /K 1100 endobj /P 5380 0 R 3715 0 obj >> /P 10 0 R >> /K 355 /P 10 0 R endobj /S /LBody /Pg 22 0 R 3911 0 obj /K 422 /K 1383 /Pg 24 0 R >> endobj /K 796 endobj 124 0 obj << /K 1525 /K 117 3823 0 obj /Pg 22 0 R endobj /Lang (EN-US) /S /Artifact /S /Artifact /K 6 /Pg 25 0 R /Pg 24 0 R /K 310 /K 541 << endobj /Pg 22 0 R endobj /K 22 >> /S /Artifact /K 801 /P 5159 0 R /K 1447 3300 0 obj << 4037 0 R 4038 0 R 4039 0 R 4040 0 R 4041 0 R 4042 0 R 4043 0 R 4044 0 R 4045 0 R 4046 0 R /P 5686 0 R 2917 0 obj /S /P 3851 0 obj << /Pg 23 0 R endobj << endobj /K 352 /Lang (EN-US) >> 1208 0 R 1209 0 R 1210 0 R 1211 0 R 1212 0 R 1213 0 R 1214 0 R 1215 0 R 1216 0 R 1217 0 R /K 102 /Pg 22 0 R /K 1347 << /S /P endobj /S /P endobj << /P 5397 0 R null null null 619 0 R null null null 620 0 R null 621 0 R 3755 0 obj /S /Footnote /Pg 22 0 R << /K 489 << /S /P 801 0 obj endobj /P 6395 0 R /K 603 /K 1345 << /K 1182 1397 0 obj >> >> /Pg 25 0 R >> endobj /K 940 endobj /Lang (EN-US) >> /Pg 24 0 R << endobj /Pg 23 0 R /S /Artifact 569 0 obj /K 900 << 1969 0 obj >> 1495 0 R 1496 0 R 1497 0 R 1498 0 R 1499 0 R 1500 0 R 1501 0 R 1502 0 R 1503 0 R 1504 0 R 2699 0 obj /Pg 25 0 R The Cliffwater Direct Lending Index Our analysis relies heavily upon the Cliffwater Direct Lending Index, or CDLI, an asset-weighted index of over 6,000 direct loans totaling $87 billion in assets.1 The CDLI is a first-of-its-kind index used by well-known investment firms to help understand asset class 4115 0 obj << 1442 0 obj /K 657 /K 478 /S /Artifact /K 740 677 0 obj >> /K 21 /Pg 25 0 R endobj 2156 0 obj 772 0 obj /K 125 /S /Figure >> >> /S /P /Pg 24 0 R >> 2124 0 obj endobj << /S /Artifact >> /S /Artifact /Lang (EN-US) /Pg 25 0 R /Lang (EN-US) /Pg 25 0 R /Tabs /S /K 1379 << 368 0 obj /S /Artifact << /P 10 0 R /Pg 22 0 R /S /Artifact /Pg 25 0 R 1320 0 obj >> 1764 0 obj /S /Artifact >> >> /K 110 153 0 obj 3059 0 obj /S /P /Pg 25 0 R /S /Artifact /S /Artifact /S /P /S /P /S /P /P 5604 0 R /K 1519 2748 0 R null null null 2749 0 R null 2750 0 R null 2751 0 R null >> << 4235 0 obj /S /P /K 5 /S /P /Pg 21 0 R /P 6507 0 R /K 896 /K 8 >> /Lang (EN-US) 3433 0 obj /P 6277 0 R 2160 0 obj /Pg 25 0 R /S /P /Pg 22 0 R >> /Pg 23 0 R << /Pg 25 0 R /Lang (EN-US) /P 10 0 R >> 1336 0 obj >> >> /P 10 0 R << endobj /S /P /S /P >> endobj /P 6578 0 R /S /P /S /Artifact /P 5707 0 R 4319 0 obj null null null 1094 0 R null 1095 0 R null 1096 0 R null 1097 0 R 847 0 obj /K 158 /K 192 >> /Lang (EN-US) /Pg 22 0 R /K 832 956 0 R null 957 0 R null 958 0 R null 959 0 R null 960 0 R null >> /S /P /Pg 25 0 R >> 1973 0 obj endobj endobj << /S /P << /Pg 22 0 R /K 1094 >> /Resources 4377 0 R << /Pg 23 0 R 2881 0 obj /Lang (EN-US) endobj /Lang (EN-US) endobj endobj /Pg 13 0 R << 3097 0 obj /P 10 0 R /S /P >> >> 458 0 obj /K 8 << /K 1324 /S /P /S /Artifact 7 0 obj /S /P endobj << >> endobj /S /Artifact /K 25 /Pg 23 0 R /Pg 25 0 R >> >> >> << /Pg 22 0 R 481 0 obj /K 1173 /Lang (EN-US) /Pg 24 0 R endobj << /S /Artifact << /S /P /Pg 18 0 R /P 6165 0 R >> /Lang (EN-US) >> /P 6005 0 R >> /S /P 3345 0 obj /Lang (EN-US) 2587 0 obj 1459 0 obj << /Pg 24 0 R /P 10 0 R /P 5117 0 R /K 264 endobj >> /S /P >> >> /K 217 /P 5872 0 R 540 0 obj endobj >> /K 52 /P 5031 0 R 1330 0 obj /K 1151 /S /Artifact /Pg 24 0 R << 2292 0 obj /S /Artifact /S /Artifact << /Lang (EN-US) endobj endobj /P 10 0 R /S /Artifact 3723 0 obj << /Pg 18 0 R /K 106 << /Lang (EN-US) << /P 6064 0 R /K 1233 /Lang (EN-US) >> /S /P /K 142 << endobj /K 102 << endobj >> >> /P 10 0 R /P 5214 0 R /P 6224 0 R << endobj << /Lang (EN-US) /S /P << 4011 0 obj /S /Artifact endobj /K 1319 /P 6104 0 R endobj /K 848 << /Pg 25 0 R /S /P /Lang (EN-US) /S /P endobj /Pg 25 0 R /K 791 /K 1239 << endobj << /S /Artifact /Lang (EN-US) << << /S /Artifact 437 0 obj /Pg 24 0 R << 2166 0 obj endobj /P 4802 0 R 306 0 obj 1711 0 obj << /Pg 23 0 R /S /P >> /K 76 /Pg 22 0 R endobj << /K 1537 endobj /S /P endobj null 579 0 R 580 0 R null null 581 0 R null 582 0 R 583 0 R null /K 175 /Pg 24 0 R << << endobj /K 1284 /Pg 25 0 R /K 1157 /K 78 /Pg 22 0 R >> /S /P 1739 0 obj /Pg 23 0 R << endobj null 1090 0 R null 1091 0 R null 1092 0 R null null null 1093 0 R endobj endobj endobj /Lang (EN-US) /K 11 /P 10 0 R << /P 33 0 R /ParentTreeNextKey 31 << 3978 0 obj /K 1040 >> 1681 0 obj /Pg 24 0 R << /S /P >> 414 0 R 415 0 R 416 0 R 417 0 R] /K 713 << 1851 0 obj /S /Artifact /Pg 18 0 R 150 0 obj /Pg 22 0 R /S /Artifact /Pg 23 0 R << << /Pg 20 0 R /Pg 25 0 R /S /Artifact /Pg 22 0 R endobj 1210 0 obj >> endobj 822 0 obj /P 6046 0 R 3033 0 obj /Pg 24 0 R /Pg 24 0 R /S /Artifact >> /Lang (EN-US) 4081 0 obj endobj endobj << /Lang (EN-US) << /A 4677 0 R << /S /P /K 162 /Lang (EN-US) /K 1361 777 0 obj /K 145 Volatile public markets and interest rate increases could lead more investors to boost their exposure to private credit at a time when the same economic factors are threatening to slow transaction. /K 961 /Pg 24 0 R 3145 0 obj /K 64 << /K 262 << /Pg 23 0 R /K 1477 /Lang (EN-US) /Pg 25 0 R /P 6387 0 R /S /P 3067 0 R 3068 0 R 3069 0 R 3070 0 R 3071 0 R 3072 0 R 3073 0 R 3074 0 R 3075 0 R 3076 0 R >> 1367 0 obj >> /Pg 23 0 R >> /S /Artifact 2354 0 obj /K 626 /S /P /P 6233 0 R << 4183 0 obj /K 1115 >> /Pg 22 0 R 1550 0 obj << /Lang (EN-US) /S /Artifact /Pg 25 0 R /Pg 24 0 R << /Pg 22 0 R 1019 0 obj /Pg 22 0 R endobj >> endobj endobj << /S /P /K 1464 /S /Table /P 5114 0 R << 995 0 obj /Lang (EN-US) /Pg 25 0 R /K 47 /T () /Lang (EN-US) 2779 0 obj /S /P /P 4894 0 R << /S /Artifact /S /P /K 270 /K 1510 >> >> 967 0 obj << /K 1440 >> /Lang (EN-US) endobj 3731 0 R null 3732 0 R 3733 0 R null 3734 0 R null 3735 0 R null 3736 0 R /Pg 22 0 R /Pg 25 0 R >> 1437 0 obj /P 4984 0 R 734 0 R 735 0 R null 736 0 R null 737 0 R null 738 0 R null 739 0 R << endobj endobj /P 4969 0 R /Pg 24 0 R /K 1449 endobj /P 5235 0 R >> /K 1250 /Lang (EN-US) /P 6716 0 R /K 23 /Pg 25 0 R >> endobj endobj /P 5794 0 R << endobj /S /P /S /P /K 243 /P 6026 0 R 3071 0 obj /K 1174 /Lang (EN-US) /P 6426 0 R << << 1335 0 obj /S /P endobj /S /P endobj >> endobj 177 0 obj endobj /P 6394 0 R null null null 2696 0 R null 2697 0 R null 2698 0 R null 2699 0 R 3048 0 obj >> 3466 0 obj /Pg 22 0 R << /Lang (EN-US) << /P 5349 0 R /S /P /Lang (EN-US) /Lang (EN-US) /Pg 23 0 R /Pg 24 0 R << /Pg 24 0 R /S /P endobj >> /S /Artifact >> endobj /Lang (EN-US) /S /Artifact >> /K 1114 3015 0 obj /S /Artifact /Pg 25 0 R 819 0 R null 820 0 R null 821 0 R null 822 0 R null 823 0 R null << << /S /P >> /K 0 /Lang (EN-US) << /P 6752 0 R /K 93 /K 1263 /K 1127 2067 0 obj /S /P << endobj << >> << endobj 3000 0 obj >> >> << >> /K [1334 1335] /S /P /S /Artifact /Pg 22 0 R /K 1455 >> /K 537 The Cliffwater Direct Lending Index (CDLI) prior quarter return explains only 8% of the index's current quarter return. endobj << << 2357 0 obj /P 5731 0 R >> >> 1981 0 obj endobj << >> 3613 0 obj /S /Artifact /K 121 3649 0 obj endobj endobj /K 1206 endobj /S /P /K 1138 /Pg 25 0 R >> endobj 4121 0 obj 3403 0 obj endobj /S /Artifact /P 5708 0 R >> /K 1446 1369 0 obj >> /Pg 26 0 R /Lang (EN-US) /K 774 /S /Artifact null null 2683 0 R null null null 2684 0 R null 2685 0 R null 486 0 obj endobj /S /Artifact 2695 0 obj /K 602 << /Lang (EN-US) endobj 2536 0 obj /K 23 >> << << /Pg 22 0 R 2540 0 obj << /K 1532 /Pg 19 0 R /Pg 23 0 R >> /K 100 >> /P 6309 0 R endobj /P 6222 0 R /P 6162 0 R 497 0 obj >> /K 237 149 0 obj >> /K 599 /P 5072 0 R /Pg 20 0 R /Lang (EN-US) /P 5318 0 R /S /P 326 0 obj << >> /Pg 22 0 R /S /P 250 0 R 250 0 R 250 0 R 250 0 R 262 0 R] << /P 5565 0 R /S /Artifact 1137 0 obj endobj 373 0 R 374 0 R 375 0 R null null 376 0 R null 377 0 R 378 0 R 379 0 R /S /P endobj /Pg 20 0 R /S /Artifact /Pg 21 0 R /S /P >> /P 5592 0 R /P 5507 0 R /P 10 0 R << /S /P /K 1192 /S /P endobj /Lang (EN-US) << >> /K 715 65 0 obj /Pg 23 0 R endobj 1569 0 obj /Pg 18 0 R << << << >> null 3431 0 R null 3432 0 R null null null 3433 0 R null null endobj 1086 0 obj /Pg 24 0 R endobj 397 0 obj 906 0 obj /K 428 << /Pg 22 0 R /Pg 23 0 R << endobj /K 13 /S /Artifact /S /P /Pg 20 0 R /Parent 8 0 R 2946 0 obj 278 0 obj /S /P 2443 0 R 2444 0 R 2445 0 R 2446 0 R 2447 0 R 2448 0 R 2449 0 R 2450 0 R 2451 0 R 2452 0 R /Lang (EN-US) endobj >> 1258 0 R 1259 0 R 1260 0 R 1261 0 R 1262 0 R 1263 0 R 1264 0 R 1265 0 R 1266 0 R 1267 0 R /K 19 /K 1276 /S /P << >> /Lang (EN-US) /K 80 endobj /K 1256 >> /Lang (EN-US) >> /Pg 23 0 R /Pg 18 0 R << /Pg 23 0 R /P 5394 0 R endobj /Pg 18 0 R /K 1234 /P 6560 0 R endobj << /Lang (EN-US) /K 1507 endobj /K 657 /K 223 601 0 obj 893 0 obj >> /Lang (EN-US) >> endobj /K 909 /Lang (EN-US) 4144 0 R 4145 0 R 4146 0 R 4147 0 R 4148 0 R 4149 0 R 4150 0 R 4151 0 R 4152 0 R 4153 0 R endobj << >> >> endobj << << /K 1404 >> /Pg 24 0 R /S /P /P 5694 0 R << /S /P /K 530 endobj 3453 0 obj /Lang (EN-US) /K 1352 1877 0 obj /Lang (EN-US) 1617 0 obj /K 1525 695 0 obj /K 1427 356 0 obj /S /P /S /P 2009 0 obj /P 5273 0 R /K 1535 << /Pg 24 0 R /K 634 /P 6524 0 R /Lang (EN-US) /Lang (EN-US) << >> endobj 320 0 obj /S /P << /Pg 22 0 R << 3157 0 R 3158 0 R 3159 0 R 3160 0 R 3161 0 R 3162 0 R 3163 0 R 3164 0 R 3165 0 R 3166 0 R 3589 0 obj endobj /Lang (EN-US) >> >> /K 1052 endobj /Pg 23 0 R >> /K 960 /Lang (EN-US) /P 5239 0 R /S /Artifact << 3301 0 obj /S /P >> /Pg 25 0 R /Lang (EN-US) /Pg 23 0 R >> >> /P 5589 0 R /S /P << /P 5061 0 R 426 0 obj /Parent 4 0 R /Lang (EN-US) 2566 0 obj 4303 0 obj /Pg 22 0 R null 3461 0 R null 3462 0 R null 3463 0 R 3464 0 R null 3465 0 R null /P 5204 0 R >> /Pg 24 0 R >> /Pg 22 0 R /K 117 >> 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 << endobj << >> << /P 5528 0 R endobj 2999 0 obj /S /Artifact /K 441 endobj /P 5128 0 R >> endobj << /P 6402 0 R << << /StructParents 14 /P 10 0 R /Pg 22 0 R /Lang (EN-US) >> endobj 1695 0 obj >> >> /K 1170 /Lang (EN-US) endobj 920 0 obj >> 3546 0 obj >> 3518 0 obj /K 734 /Pg 24 0 R /P 6481 0 R /K 749 /Pg 25 0 R << /K 109 /Tabs /S 4154 0 R 4155 0 R 4156 0 R 4157 0 R 4158 0 R 4159 0 R 4160 0 R 4161 0 R 4162 0 R 4163 0 R /Pg 22 0 R << /Pg 22 0 R /K 6 /Pg 23 0 R 2115 0 obj /Pg 23 0 R /Lang (EN-US) /P 6557 0 R << /S /Artifact endobj /P 5017 0 R /S /P 3264 0 R 3265 0 R 3266 0 R 3267 0 R 3268 0 R 3269 0 R 3270 0 R 3271 0 R 3272 0 R 3273 0 R >> endobj endobj /S /Artifact endobj endobj << /K 330 2066 0 R 2067 0 R 2068 0 R 2069 0 R 2070 0 R 2071 0 R 2072 0 R 2073 0 R 2074 0 R 2075 0 R /P 5864 0 R 4336 0 obj endobj /S /Artifact >> >> /Pg 25 0 R /Pg 24 0 R /S /P /K 1315 /K 671 /Lang (EN-US) /S /P >> endobj >> >> endobj /Lang (EN-US) /K 1012 endobj >> << endobj endobj /P 5610 0 R endobj endobj << /Pg 23 0 R /S /P /Pg 25 0 R /Lang (EN-US) /Pg 22 0 R 3098 0 obj << << /K 1197 endobj 3350 0 obj /S /P /K 20 1615 0 obj /K 1040 /K 1310 /K 1210 /K 819 2899 0 obj /S /Artifact /Lang (EN-US) /Pg 24 0 R /Pg 25 0 R 2491 0 R null null null 2492 0 R null 2493 0 R null 2494 0 R null >> >> >> << 1399 0 obj /Pg 18 0 R 800 0 obj /P 10 0 R 1719 0 obj /Lang (EN-US) /Lang (EN-US) >> /Pg 23 0 R /P 5028 0 R /S /P << 2603 0 obj /K 873 /Pg 25 0 R /Lang (EN-US) endobj null 2629 0 R 2630 0 R null 2631 0 R null 2632 0 R null 2633 0 R null >> /S /Artifact 3044 0 obj >> endobj << /S /P over the past several years as direct lending strategies have accounted for a larger portion of fundraising. /P 5032 0 R /Pg 25 0 R endobj << endobj /S /Artifact >> /K 552 << /K 1313 /S /P >> << /Pg 25 0 R 2186 0 R 2187 0 R 2188 0 R 2189 0 R 2190 0 R 2191 0 R 2192 0 R 2193 0 R 2194 0 R 2195 0 R /Pg 24 0 R << >> endobj /Pg 21 0 R /K 127 2915 0 obj >> << /Pg 25 0 R /K 880 /Pg 24 0 R /K 1425 >> /K 762 /K 1515 /S /Artifact << /S /P >> /S /Artifact >> endobj /S /P >> >> /S /P >> /S /Artifact endobj >> /K 585 /K 3 /Pg 24 0 R 655 0 obj /K 1430 964 0 obj endobj >> /S /P << /K 714 << 1660 0 obj /P 6059 0 R /K 1278 /S /P /K 1229 /K 1246 /K 696 3206 0 obj >> >> /Pg 22 0 R /P 4943 0 R 3542 0 obj /P 6299 0 R 3308 0 obj /S /P 1435 0 obj /S /P 3349 0 obj /Pg 24 0 R endobj /K 317 /Lang (EN-US) /S /P /K 608 /S /P endobj endobj /Pg 24 0 R 3304 0 obj /K 381 >> endobj /S /Artifact 1434 0 obj /P 4798 0 R /Pg 24 0 R >> /K 249 >> << /S /Artifact endobj 2742 0 obj endobj /P 4954 0 R >> endobj >> /P 5057 0 R 3539 0 obj << 314 0 obj /S /P endobj 4031 0 obj endobj /K 814 /S /P >> endobj null 2881 0 R null 2882 0 R null 2883 0 R null 2884 0 R null 2885 0 R /K 1213 /P 5364 0 R 3494 0 obj /K 823 1116 0 obj << 1808 0 obj /S /Artifact 3916 0 obj >> 700 0 obj >> 1939 0 obj /S /P /K 770 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. /K 206 /K [193 4750 0 R] endobj /K 1426 /Lang (EN-US) endobj /Lang (EN-US) << endobj >> /Lang (EN-US) /S /P endobj /StructParents 9 endobj /Pg 16 0 R endobj >> 1947 0 obj 2756 0 obj /K 1292 >> 902 0 obj /Pg 23 0 R 622 0 obj /S /P /K 577 null 1071 0 R null 1072 0 R null 1073 0 R null 1074 0 R null 1075 0 R /S /P << << endobj /Pg 22 0 R /S /P /S /P endobj << /Pg 22 0 R >> << /K 850 /K 813 << 3096 0 obj << /Pg 23 0 R /P 5823 0 R /Lang (EN-US) /S /P /K 234 1005 0 R null 1006 0 R null 1007 0 R null 1008 0 R null null null /K 1210 495 0 R null 496 0 R null 497 0 R null 498 0 R 499 0 R 500 0 R null /K 72 << null 691 0 R null null null 692 0 R null null null 693 0 R << >> /S /P /S /Artifact /P 6360 0 R 4231 0 obj /K 1419 << << /K 552 /S /Artifact >> null 2700 0 R null 2701 0 R 2702 0 R null 2703 0 R null 2704 0 R null >> << /Lang (EN-US) /K 1101 endobj /P 6196 0 R 1583 0 obj >> endobj 2767 0 obj endobj >> 2424 0 obj << /Pg 25 0 R /Pg 23 0 R /K 70 /S /Artifact /P 6124 0 R >> 2277 0 obj /Pg 24 0 R 3261 0 obj /K 1547 The CDLI assists investors to better understand asset class characteristics and to benchmark manager performance VIEW CDLI REPORT VIEW CDLI FACT PAGE Learn More View Resources endobj 1961 0 obj >> 2514 0 R null null null 2515 0 R null null null 2516 0 R null >> endobj /S /P >> /Pg 22 0 R endobj >> 3854 0 obj 3148 0 obj /K 570 /K 787 625 0 obj /S /Artifact /Lang (EN-US) /F 4 /Lang (EN-US) /Pg 19 0 R << /K 1349 /S /P /S /Artifact /P 5021 0 R 3856 0 obj /Pg 14 0 R /S /Artifact /Pg 23 0 R >> >> /S /Artifact /S /P 4191 0 obj << /K 136 /K 1288 endobj /Pg 16 0 R << endobj /K 738 >> /Pg 24 0 R /S /P /P 5804 0 R /Pg 23 0 R /Lang (EN-US) /K 423 endobj /S /Artifact >> /P 5704 0 R /Pg 23 0 R endobj >> 2867 0 obj >> /Lang (EN-US) /S /P endobj >> >> /P 10 0 R /K [27 419 0 R 38] 2447 0 obj >> 1098 0 obj 2876 0 obj endobj /K 27 endobj /Pg 18 0 R /K 1424 /Pg 20 0 R /K 148 /Pg 22 0 R /S /P 2111 0 obj >> 1097 0 obj /K 225 << << /K 601 /Pg 25 0 R /Pg 23 0 R << >> endobj 371 0 obj >> /K 26 /Lang (EN-US) /P 5045 0 R >> /Pg 22 0 R /S /P /K 1504 /S /P >> /S /P /Pg 15 0 R >> /K 573 endobj /K 181 /Lang (EN-US) << endobj endobj << >> /A 4747 0 R 1012 0 obj 1279 0 obj endobj << 299 0 obj << 3007 0 R 3008 0 R 3009 0 R 3010 0 R 3011 0 R 3012 0 R 3013 0 R 3014 0 R 3015 0 R 3016 0 R /K 387 /S /P /S /P /K 1309 2602 0 obj /K 593 << 2462 0 obj 2729 0 R 2730 0 R null 2731 0 R null 2732 0 R null 2733 0 R null 2734 0 R /Pg 25 0 R 3988 0 obj 3054 0 obj /K 353 << /S /Artifact /Resources 4387 0 R 646 0 obj >> endobj /Pg 24 0 R << 4218 0 obj /Lang (EN-US) /S /P /P 5242 0 R 1943 0 obj << /Pg 13 0 R /K 1274 /K 1409 >> /K 1540 >> /Pg 24 0 R /Pg 25 0 R 3974 0 obj /Pg 23 0 R /Lang (EN-US) /K 9 >> >> << >> /S /Artifact /Pg 24 0 R >> << << 1870 0 obj /K 34 /P 4986 0 R /S /Artifact << /P 6561 0 R endobj /P 4838 0 R
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