cliffwater direct lending indexcliffwater direct lending index
/K 18 /Pg 24 0 R /S /Artifact /P 5827 0 R /Pg 22 0 R endobj /Lang (EN-US) /Pg 23 0 R /Pg 24 0 R /S /P /K 1252 /Pg 25 0 R 1090 0 obj endobj /Pg 24 0 R 2118 0 obj endobj /Lang (EN-US) /P 5666 0 R /Lang (EN-US) 3606 0 obj << /Pg 22 0 R endobj /Pg 23 0 R /Lang (EN-US) /K 792 << >> /S /P /Lang (EN-US) What is the CDLI? Cliffwater Direct Lending Index 3Q2022 /K 433 /K 1203 /Tabs /S /S /P endobj 4227 0 obj << /K 819 /Lang (EN-US) /Pg 22 0 R /S /Artifact /Lang (EN-US) /Pg 25 0 R 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. /Pg 25 0 R << endobj >> >> 1693 0 obj endobj /P 5084 0 R /S /Artifact /Pg 24 0 R /P 5469 0 R /S /P /S /Artifact /Pg 25 0 R /S /Artifact /Pg 24 0 R 1379 0 obj /Pg 24 0 R >> /P 5013 0 R /S /P /K [12 4631 0 R] endobj >> << /P 5385 0 R /Lang (EN-US) 2908 0 obj /S /Artifact /K 1107 /K 4 /S /Artifact 3993 0 obj /P 5228 0 R /Pg 23 0 R endobj 2365 0 obj /K 446 >> << << null 664 0 R null 665 0 R null 666 0 R null 667 0 R null null << >> >> /Pg 24 0 R << /K 272 /Lang (EN-US) 2312 0 obj /Pg 15 0 R 2907 0 obj /S /Artifact /S /Artifact >> /Pg 22 0 R /K 1331 /S /P /S /Artifact endobj << /K 1245 /K 836 1460 0 obj << << >> >> /S /Artifact << /Pg 23 0 R << /Pg 24 0 R /S /P /Lang (EN-US) /P 6201 0 R >> << << /S /P 2043 0 obj /S /P 2386 0 obj /Lang (EN-US) /S /P << << /Pg 23 0 R << /Pg 15 0 R /Lang (EN-US) << 2169 0 obj >> Hewlett-Packard Company /K 365 endobj /Lang (EN-US) /Lang (EN-US) 1547 0 obj >> << endobj /S /Artifact /Pg 22 0 R /K 1357 /Lang (EN-US) >> endobj /K 1284 /S /P endobj /K 1226 189 0 obj /Lang (EN-US) 1218 0 R 1219 0 R 1220 0 R 1221 0 R 1222 0 R 1223 0 R 1224 0 R 1225 0 R 1226 0 R 1227 0 R << /Lang (EN-US) /Lang (EN-US) << >> /K 23 endobj /Pg 23 0 R << /S /Artifact >> endobj null 668 0 R null null null 669 0 R null 670 0 R null 671 0 R >> << /K 175 /Lang (EN-US) /S /P /K 1108 /Pg 23 0 R /Pg 23 0 R 3616 0 R null 3617 0 R null 3618 0 R null 3619 0 R 3620 0 R null 3621 0 R endobj 3043 0 obj /S /P << endobj << /K 1107 3095 0 obj endobj /S /Artifact >> >> endobj 1247 0 obj >> << >> /K 589 >> 2367 0 obj /Pg 24 0 R /Lang (EN-US) /Pg 23 0 R 2825 0 obj endobj >> endobj /K 1229 1569 0 obj /Pg 22 0 R /Lang (EN-US) /P 6030 0 R endobj >> /Lang (EN-US) >> >> /S /P /K 562 /Lang (EN-US) /S /Artifact /K 1342 endobj /K 1246 << 2272 0 obj /P 6061 0 R 1682 0 obj /S /Artifact endobj endobj << /Lang (EN-US) /K 1415 1713 0 obj endobj endobj /Pg 23 0 R >> /Lang (EN-US) /K 1362 /K 594 /K 1413 /P 5715 0 R >> /S /Artifact /K 1514 /P 5145 0 R << /S /P endobj 753 0 obj /K 1260 /P 6365 0 R /Pg 25 0 R >> >> << /Lang (EN-US) /S /P >> /Pg 25 0 R endobj endobj endobj /S /Artifact /Lang (EN-US) /P 10 0 R endobj endobj /P 5817 0 R << 2646 0 obj /Pg 25 0 R /P 6632 0 R /Lang (EN-US) /K 774 /S /P /S /P /S /P /S /P endobj /Pg 23 0 R endobj /P 5585 0 R /S /P /Pg 24 0 R /S /P >> 4212 0 obj << endobj /Pg 25 0 R /K 827 1179 0 obj /Lang (EN-US) /S /Artifact << 2629 0 obj endobj /Pg 25 0 R /K 601 505 0 obj 2886 0 obj /Lang (EN-US) << >> /S /P >> endobj >> 3564 0 obj /S /P >> /P 6458 0 R /K 131 310 0 obj /S /P << /Parent 8 0 R /Lang (EN-US) >> /Lang (EN-US) /Pg 24 0 R >> endobj /Pg 25 0 R << /Pg 23 0 R << /P 45 0 R 1727 0 obj /K 1191 << /Pg 25 0 R endobj /Pg 22 0 R /S /Artifact /K 1 /S /P 37 0 R 38 0 R 39 0 R 40 0 R 41 0 R 42 0 R 43 0 R 44 0 R 45 0 R 46 0 R /Lang (EN-US) /S /Artifact endobj 2682 0 obj 2691 0 obj << /Pg 25 0 R >> 2882 0 obj /P 6623 0 R /Lang (EN-US) 227 0 R 228 0 R 229 0 R 230 0 R 231 0 R 232 0 R 233 0 R 234 0 R 235 0 R 236 0 R /P 6056 0 R /Pg 24 0 R << << endobj 2049 0 obj /Pg 24 0 R >> endobj /Pg 26 0 R /Lang (EN-US) /Lang (EN-US) >> /K 1241 << /P 5548 0 R << /K 31 >> >> endobj >> /K 1124 /S /Artifact /Pg 13 0 R /S /P >> /S /P /Lang (EN-US) endobj /S /Artifact /P 4857 0 R null 1779 0 R null 1780 0 R null 1781 0 R null 1782 0 R null 1783 0 R /P 5136 0 R 2721 0 obj 1868 0 obj << /S /P /Lang (EN-US) /Lang (EN-US) /S /P endobj /S /P null 1913 0 R null 1914 0 R null null null 1915 0 R null null /P 5898 0 R 3364 0 obj 2250 0 obj endobj >> /Pg 15 0 R << 139 0 obj /Pg 25 0 R >> /Lang (EN-US) 1135 0 obj /Pg 24 0 R << /Lang (EN-US) /S /P /K 814 4121 0 obj endobj /K 1545 endobj >> /K 1231 /Lang (EN-US) 3151 0 obj /P 6295 0 R /S /P endobj >> /S /Artifact /Lang (EN-US) /Lang (EN-US) endobj /Pg 22 0 R endobj /K 435 /K 1056 2398 0 obj << /K 1279 /S /P << /K 26 1251 0 obj /P 5421 0 R 1954 0 obj /Pg 25 0 R endobj >> 2428 0 obj 312 0 obj /S /P endobj /K 693 >> /S /P /S /P /Lang (EN-US) 627 0 R null 628 0 R null 629 0 R null 630 0 R null 631 0 R null << /K 1176 /Pg 23 0 R /K 381 >> << /Pg 25 0 R /P 6006 0 R endobj << /K 192 /Parent 4 0 R >> /Lang (EN-US) /S /Artifact /S /Artifact 3638 0 obj /P 4796 0 R endobj /Pg 23 0 R endobj /K 767 /Lang (EN-US) /Lang (EN-US) 4071 0 obj /K 1491 /Pg 24 0 R /S /Artifact /K 958 << /K 1196 /Pg 25 0 R << endobj 2284 0 obj << 2851 0 obj /Pg 23 0 R /ParentTreeNextKey 31 /Pg 22 0 R >> << /S /Artifact endobj endobj << /Pg 22 0 R endobj /P 6375 0 R endobj /Pg 25 0 R endobj /P 5514 0 R /K 6 /K 1040 /K 472 /Pg 24 0 R /K 292 /P 6241 0 R 430 0 obj /Pg 17 0 R << << 4181 0 obj << << /Pg 25 0 R /Pg 23 0 R 4025 0 obj << << /S /P endobj endobj /K 844 endobj >> /Lang (EN-US) /S /Artifact /K 75 1617 0 obj /K 277 /S /Link endobj /Pg 24 0 R /S /P >> 506 0 obj /Lang (EN-US) 655 0 obj /Pg 25 0 R /Lang (EN-US) null 2033 0 R null 2034 0 R null null 312 0 R 2035 0 R 2036 0 R 2037 0 R /Lang (EN-US) >> /S /P /Pg 25 0 R /K 1400 >> /S /P 2205 0 obj >> /Pg 23 0 R 870 0 R 871 0 R null 872 0 R null 873 0 R null 874 0 R null 875 0 R /Pg 23 0 R << /Pg 13 0 R << /P 6674 0 R /K 466 /Lang (EN-US) /Pg 13 0 R /Pg 24 0 R << 3481 0 obj 2009 0 obj /Pg 20 0 R << /S /P /P 6013 0 R 2567 0 obj /Pg 25 0 R >> endobj << >> 2370 0 obj >> >> /P 5505 0 R /Pg 23 0 R /Lang (EN-US) /S /Artifact /Lang (EN-US) 1565 0 obj /K 1147 /K 1035 /K 797 endobj /K 1453 /Lang (EN-US) /Pg 24 0 R /S /P /Pg 24 0 R 1647 0 obj /Pg 18 0 R << 1935 0 obj /P 4955 0 R /Pg 23 0 R /Pg 25 0 R << << /Lang (EN-US) >> endobj /K 1373 /Pg 24 0 R >> /S /Artifact endobj /P 6324 0 R 79 0 obj 2407 0 obj /K 1332 /S /Artifact 127 0 R 128 0 R 129 0 R 130 0 R 131 0 R 132 0 R 133 0 R 134 0 R 135 0 R 136 0 R /K 1094 /S /P /P 5704 0 R /K 10 >> 1911 0 obj 3094 0 obj /Pg 25 0 R /Pg 24 0 R /Lang (EN-US) /S /Artifact /K 256 << >> endobj /K 1106 1062 0 obj 4038 0 obj /Pg 22 0 R >> /K 756 << endobj << 2940 0 obj endobj 2255 0 R 2256 0 R 2257 0 R 2258 0 R 2259 0 R 2260 0 R 2260 0 R 2261 0 R 2262 0 R 2263 0 R /Pg 25 0 R endobj /K 1143 /Pg 24 0 R endobj << /Pg 22 0 R /Pg 24 0 R 3944 0 obj /K 857 PDF Investing in Private Market Alternatives >> /Pg 24 0 R 2997 0 R 2998 0 R 2999 0 R 3000 0 R 3001 0 R 3002 0 R 3003 0 R 3004 0 R 3005 0 R 3006 0 R >> /Pg 25 0 R endobj /S /P /K 457 2850 0 R 2851 0 R null 2852 0 R null 2853 0 R null 2854 0 R null 2855 0 R /S /P /P 4951 0 R /Pg 21 0 R endobj 707 0 R null 708 0 R null 709 0 R null 710 0 R 711 0 R null 712 0 R /Pg 18 0 R /K 250 3559 0 obj /Pg 24 0 R /S /P /P 6457 0 R /S /P /P 6673 0 R /S /Artifact /P 6605 0 R >> /Pg 14 0 R >> >> << /K 1477 91 0 obj >> 4001 0 obj /Pg 24 0 R /S /Artifact 2727 0 obj endobj /K 559 619 0 obj >> >> >> endobj endobj endobj /Pg 25 0 R 1371 0 obj /Lang (EN-US) /S /Artifact /A 4397 0 R /K 209 /Pg 25 0 R /Pg 22 0 R /P 6170 0 R 2981 0 obj 2238 0 obj >> /Lang (EN-US) endobj endobj endobj 3444 0 R null null null 3445 0 R null null null 3446 0 R null /K 397 << /K [80 81] /Lang (EN-US) /K 805 /Pg 22 0 R >> /Pg 17 0 R /K [4546 0 R 4547 0 R 4548 0 R 4549 0 R 4550 0 R 4551 0 R 4552 0 R 4553 0 R 4554 0 R 4555 0 R /Pg 23 0 R << /S /P /K 1209 /Pg 24 0 R /K 1035 898 0 obj /S /P >> /Lang (EN-US) /K 593 This book dissects direct loans as a class, providing the critical background 385397403217. /S /P /S /Artifact /P 6702 0 R /S /P endobj /K 651 endobj endobj >> /K 1520 /Pg 24 0 R /Lang (EN-US) endobj /S /Artifact /K 324 endobj >> /S /P /K 1031 >> /Pg 22 0 R << /P 10 0 R /S /P /P 4634 0 R 2970 0 obj /P 5257 0 R endobj /Pg 22 0 R /K 1255 endobj << 1638 0 obj /K 164 /Pg 24 0 R 2435 0 obj /Lang (EN-US) >> /S /P >> endobj << /P 6689 0 R /K 1466 /P 6105 0 R /Lang (EN-US) endobj /K 143 endobj endobj /S /Artifact << >> << /S /Artifact 645 0 obj << /Lang (EN-US) /S /P 99 0 obj /Pg 22 0 R >> /K 1093 /K 1012 /Pg 22 0 R /P 5473 0 R endobj << /K 25 << endobj 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 /K 1510 /Lang (EN-US) /S /P endobj << /Lang (EN-US) /Lang (EN-US) /K 198 endobj << << /P 5455 0 R /Pg 23 0 R << /T () endobj /Pg 23 0 R << /S /Artifact << /Lang (EN-US) >> endobj /P 10 0 R >> << >> endobj >> << /Lang (EN-US) endobj 284 0 R 285 0 R 286 0 R 287 0 R 288 0 R 290 0 R 291 0 R 292 0 R 293 0 R 294 0 R << /K 76 3574 0 obj /P 5870 0 R /S /P /Lang (EN-US) endobj /S /Artifact /Lang (EN-US) >> /K 822 /S /P endobj /S /Artifact << << << endobj /P 5386 0 R /K 195 >> /Pg 23 0 R endobj /P 4991 0 R /S /Artifact /P 5347 0 R /Pg 23 0 R 1633 0 obj /Lang (EN-US) /P 10 0 R /P 5126 0 R >> 3492 0 obj << /Lang (EN-US) >> /Lang (EN-US) >> /S /P /K 560 /Lang (EN-US) /K 1008 >> /Pg 23 0 R >> /K 113 /K 298 /K 559 3294 0 R 3295 0 R 3296 0 R 3297 0 R 3298 0 R 3299 0 R 3300 0 R 3301 0 R 3302 0 R 3303 0 R endobj /Pg 24 0 R << /Pg 25 0 R endobj /Pg 25 0 R endobj endobj /Lang (EN-US) /S /P >> 4243 0 obj >> /P 10 0 R endobj /K 729 /Pg 24 0 R 1643 0 obj >> 1689 0 obj /Pg 18 0 R 3921 0 obj /S /Link /K 850 /Pg 23 0 R >> /K 1463 endobj 2064 0 obj 1051 0 obj >> << /Pg 25 0 R null null 3590 0 R null 3591 0 R null 3592 0 R null 3593 0 R null /Lang (EN-US) /Pg 23 0 R /Pg 23 0 R /P 5427 0 R /S /P 4175 0 obj << /K 1145 /K 1159 endobj null 1842 0 R null null null 1843 0 R null null null 1844 0 R /Lang (EN-US) /P 5086 0 R /K 434 >> endobj /P 6379 0 R /K 244 << endobj /Lang (EN-US) /P 5644 0 R 2476 0 obj << /S /Artifact null 645 0 R null 646 0 R null 647 0 R null 648 0 R null 649 0 R endobj null 902 0 R null 903 0 R null 904 0 R null 905 0 R null 906 0 R Derivative instruments may be used to hedge 1656 0 obj /P 6704 0 R 216 0 obj /Pg 24 0 R >> /K 1175 endobj /K 1004 >> /K 14 2778 0 obj << << >> /S /Artifact /S /P << /K 114 /K 846 << endobj /K [386 0 R 387 0 R 388 0 R] /P 5625 0 R << endobj endobj /Pg 22 0 R 3017 0 R 3018 0 R 3019 0 R 3020 0 R 3021 0 R 3022 0 R 3023 0 R 3024 0 R 3025 0 R 3026 0 R /S /Artifact /S /P /S /P << /Pg 25 0 R /Lang (EN-US) 784 0 obj /Pg 23 0 R << /Pg 24 0 R << /Pg 25 0 R << /K 1391 /P 5760 0 R << 2196 0 obj 3231 0 obj >> /Pg 23 0 R /P 5381 0 R /P 4732 0 R /P 10 0 R >> 1669 0 obj endobj /K 27 3635 0 R null 3636 0 R null null null 3637 0 R null null null << << >> /S /Artifact /P 5613 0 R /Pg 25 0 R 4244 0 R 4245 0 R 4246 0 R 4247 0 R 4248 0 R 4249 0 R 4250 0 R 4251 0 R 4252 0 R 4253 0 R endobj endobj /S /P /P 10 0 R /Type /Page << /S /P /S /P /P 5255 0 R 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 /P 6756 0 R 1880 0 R null 1881 0 R null 1882 0 R null 1883 0 R null 1884 0 R null null 907 0 R 908 0 R null 909 0 R null 910 0 R null 911 0 R null 2309 0 obj >> /S /P /K 1365 4309 0 obj /P 6230 0 R >> /P 6641 0 R 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 >> 1876 0 obj /P 5113 0 R endobj endobj >> /Pg 24 0 R 2124 0 obj 4330 0 obj endobj 2237 0 obj /Pg 23 0 R /P 5852 0 R 173 0 obj endobj >> Lee Menifee previews what to expect during the market downturn and what the current environment means for investment 3846 0 obj /S /Artifact endobj /K 1312 << 875 0 obj >> /P 4971 0 R /K 50 null 2761 0 R null 2762 0 R null 2763 0 R null 2764 0 R null 2765 0 R /P 5061 0 R /Pg 20 0 R << >> << /K 252 >> >> /Pg 24 0 R /P 5410 0 R endobj endobj << /P 5472 0 R /Pg 23 0 R << 3639 0 obj endobj /Pg 25 0 R << /K 1480 << /S /P 1458 0 obj >> /K 1274 /P 5609 0 R /K 1199 /P 6413 0 R /Pg 22 0 R /P 5428 0 R >> /P 6607 0 R << /Pg 25 0 R >> /S /P /K 1426 /K 1228 << /P 10 0 R /P 6638 0 R >> 3755 0 obj /Lang (EN-US) /K 944 /P 6399 0 R /Lang (EN-US) /Lang (EN-US) /Pg 22 0 R 2701 0 obj 3174 0 obj /K 987 >> /S /Artifact endobj << /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) /P 6003 0 R /S /P << << << >> /K 1233 << /Pg 23 0 R /Pg 25 0 R /S /Artifact 4535 0 R 4536 0 R 4537 0 R 4538 0 R 4539 0 R 4540 0 R 4541 0 R 4542 0 R 4543 0 R 4544 0 R /Pg 23 0 R 756 0 obj Menu. >> /P 10 0 R endobj /Lang (EN-US) /Lang (EN-US) /P 6053 0 R /S /P /Pg 24 0 R /K 1229 501 0 R null 502 0 R null 503 0 R 504 0 R 505 0 R null 506 0 R null endobj endobj 4283 0 obj /P 6716 0 R /Pg 25 0 R /K 480 /Pg 24 0 R /P 6225 0 R >> /Type /Page /K 325 << /K 1353 >> /S /Artifact /K 16 /Lang (EN-US) << 4090 0 obj 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 /Pg 23 0 R >> /Lang (EN-US) endobj /P 38 0 R /S /Artifact /S /Artifact << /Lang (EN-US) 3987 0 obj /Pg 24 0 R << /Lang (EN-US) 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 25 0 R /Pg 22 0 R /Lang (EN-US) >> 1639 0 obj /Pg 25 0 R endobj /P 4438 0 R endobj /P 5245 0 R /P 10 0 R 2729 0 obj 1542 0 obj 453 0 obj << 798 0 obj endobj 4276 0 obj 348 0 obj /Lang (EN-US) /CropBox [0 0 612 792] /P 6415 0 R >> /Pg 18 0 R << /S /P >> /Pg 25 0 R /S /P /K 1267 << endobj /Pg 14 0 R /S /Artifact << /Pg 23 0 R /K 1094 /S /P endobj >> /P 4868 0 R endobj /Pg 25 0 R /Lang (EN-US) << 1572 0 obj /P 6027 0 R << /S /Artifact /S /P >> /P 6313 0 R /Pg 25 0 R endobj << 3824 0 obj >> >> /S /P 730 0 obj /K 1481 /S /Link /Pg 25 0 R >> /S /Artifact endobj 1134 0 obj /Pg 23 0 R << 2861 0 obj << /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R endobj 3229 0 obj endobj /K 1239 endobj /K [11 355 0 R 138] /K 1517 /S /Artifact /P 4884 0 R 886 0 obj /Lang (EN-US) /K 1214 << /K 55 /P 6720 0 R /P 4801 0 R >> /P 5466 0 R << /S /P >> /K 536 << << /Pg 25 0 R /Pg 23 0 R << endobj >> /Pg 25 0 R /P 6195 0 R /Lang (EN-US) << /S /Artifact /Pg 25 0 R 1108 0 obj << >> /S /P /Lang (EN-US) 2799 0 obj /S /P /Type /Pages >> << << /K [4440 0 R 4441 0 R 4442 0 R 4443 0 R 4444 0 R 4445 0 R 4446 0 R 4447 0 R] /Pg 24 0 R /P 10 0 R >> >> /S /P >> /Lang (EN-US) /Lang (EN-US) endobj /S /Artifact >> << 199 0 obj /Lang (EN-US) /Lang (EN-US) >> /Lang (EN-US) /K 1349 /K 1222 231 0 obj << /S /P /K 1344 << /P 6517 0 R endobj endobj /Pg 23 0 R << /K 1113 >> << /K 17 >> endobj /Lang (EN-US) /A 6762 0 R endobj >> 2913 0 obj /S /Artifact /S /P /S /Artifact /S /Artifact /Lang (EN-US) endobj endobj >> /K 1185 /S /P 680 0 obj /K 1474 2194 0 obj /Pg 25 0 R >> /P 6377 0 R /P 4888 0 R /S /Artifact >> endobj /S /P 238 0 obj /Lang (EN-US) 1234 0 obj 4288 0 obj >> /Pg 22 0 R >> /S /Artifact /K 352 109 0 obj /Pg 24 0 R /Lang (EN-US) 4285 0 obj /Pg 23 0 R 2984 0 obj << endobj >> /Pg 24 0 R << /P 6437 0 R /S /Artifact /P 6578 0 R >> << /K 1399 /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 /Lang (EN-US) /P 5822 0 R << null 1585 0 R null null null 1586 0 R null null null 1587 0 R /K [0 443 0 R 42] /Lang (EN-US) /S /P /P 6425 0 R /S /P /K [4483 0 R 4484 0 R 4485 0 R 4486 0 R 4487 0 R 4488 0 R 4489 0 R 4490 0 R 4491 0 R 4492 0 R << 3375 0 obj endobj /K 1221 /S /Artifact endobj << << /S /P /S /P >> /K 418 0 R endobj 3052 0 obj endobj /Lang (EN-US) endobj << endobj /P 6500 0 R /Lang (EN-US) /Pg 23 0 R endobj /Lang (EN-US) endobj 416 0 obj >> /P 10 0 R /K 1239 /K 1451 << >> /Lang (EN-US) << null null null 425 0 R null null null 426 0 R null null 483 0 obj /K 791 endobj endobj /P 5614 0 R /S /P >> /Pg 23 0 R /S /Artifact /S /Artifact /K 171 endobj << 2865 0 obj 2249 0 obj >> /S /Artifact endobj /Pg 23 0 R /P 10 0 R 1802 0 obj >> << /P 5354 0 R /K 1188 /S /P 3093 0 obj endobj /K 1313 /S /P /K 1152 >> /K 125 endobj << /K 4 endobj /Pg 18 0 R 3767 0 obj /Pg 22 0 R /K 1305 << endobj /K 399 1131 0 obj >> /P 10 0 R /S /Artifact /P 5634 0 R /S /Artifact /K 1383 >> endobj /P 5985 0 R >> /P 5598 0 R >> endobj /Lang (EN-US) /Pg 23 0 R endobj 3449 0 obj >> /P 5869 0 R /Pg 23 0 R 4047 0 obj << /Pg 22 0 R /K 1491 >> << /Lang (EN-US) >> /S /P /S /P >> /Pg 22 0 R endobj >> /P 6501 0 R /K 820 endobj /Pg 24 0 R /S /Artifact >> endobj >> /S /P /K [439 0 R 440 0 R] endobj 2471 0 obj endobj /S /P << /Lang (EN-US) endobj 2239 0 obj << 126 0 obj /K 1297 /Pg 25 0 R << 2434 0 obj endobj << /S /P >> endobj << << 288 0 obj >> /Pg 22 0 R /Lang (EN-US) /S /P /Lang (EN-US) << /K [4435 0 R 4436 0 R 4437 0 R 4438 0 R] /K 1525 /S /P /S /Artifact /S /P /K 1536 /S /Artifact endobj << >> /S /P << /P 5500 0 R endobj /K 1150 << >> >> /Pg 25 0 R /K 1131 1298 0 obj /P 6385 0 R endobj endobj /K 23 /K 57 endobj << >> << /P 5302 0 R /S /P /S /Link << /K 1132 >> /S /P >> 2453 0 obj endobj endobj >> endobj endobj null 770 0 R 771 0 R null 772 0 R null 773 0 R null 774 0 R null << 1143 0 obj 403 0 obj /P 10 0 R << /Pg 25 0 R << /Pg 20 0 R /Lang (EN-US) /S /Artifact 2495 0 R null 2496 0 R null 2497 0 R 2498 0 R null 2499 0 R null 2500 0 R /Pg 22 0 R /Pg 23 0 R endobj /S /P 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 /K 851 2183 0 obj /K 1241 /S /Artifact /K 1225 >> >> /S /Artifact /Pg 24 0 R << >> /Pg 24 0 R /S /P 51 0 R 51 0 R 51 0 R 51 0 R 51 0 R 60 0 R 60 0 R 60 0 R 60 0 R 67 0 R 1592 0 obj 1661 0 obj /Pg 22 0 R >> /S /P /S /Artifact 3808 0 obj /P 6671 0 R >> /K 1183 /Pg 22 0 R All of the monthly standard deviations are then annualized and the volatility is expressed as a percentage. endobj /Pg 24 0 R >> /Lang (EN-US) 2576 0 obj 295 0 obj Stephen Nesbitt provides an update on the Cliffwater Direct Lending Index ("CDLI"), an asset-weighted index of 11,884 directly originated middle market loans totaling $264 billion. /K 809 /Pg 15 0 R /Pg 24 0 R /K 1490 << >> However, there are certain structural features that are common to most loans: security, structural seniority, floating rate pricing, contractual yield and amortization, financial covenant protections, and management access.