cliffwater direct lending index

/K [212 213 214] >> 1667 0 obj /Pg 23 0 R >> /S /Artifact << /Pg 22 0 R CCLFX: Cliffwater Corporate Lending Fund - MutualFunds.com endobj 3536 0 obj >> /Lang (EN-US) endobj 1773 0 obj /S /P endobj << /Pg 25 0 R << /Lang (EN-US) /Lang (EN-US) /MediaBox [0 0 612 792] 3520 0 obj endobj /K 476 >> /Lang (EN-US) << /K 69 /K 148 /P 5943 0 R /Pg 22 0 R /S /P /P 10 0 R endobj << /Pg 23 0 R endobj endobj endobj /Pg 23 0 R /Pg 24 0 R /Pg 22 0 R >> >> << endobj /P 4693 0 R /S /P 3226 0 obj /Pg 25 0 R /Lang (EN-US) 2433 0 R 2434 0 R 2435 0 R 2436 0 R 2437 0 R 2438 0 R 2439 0 R 2440 0 R 2441 0 R 2442 0 R /Pg 24 0 R 1398 0 obj /K 32 endobj << /K 1534 1686 0 obj /K 939 /Pg 23 0 R /S /Artifact endobj endobj 3999 0 obj /S /Artifact /Pg 22 0 R endobj endobj << 3566 0 obj /K 128 /Pg 25 0 R /S /P >> << null 2643 0 R null 2644 0 R null 2645 0 R null 2646 0 R null null endobj /Pg 23 0 R /S /Artifact /S /P /K 581 /P 10 0 R >> endobj >> << /K 1533 /K 1185 /P 5486 0 R >> << <> /Pg 23 0 R /Pg 22 0 R endobj /Pg 24 0 R /K 822 /K 1033 /Pg 23 0 R >> endobj /K 318 4148 0 obj >> << endobj /Pg 22 0 R /Pg 24 0 R /Lang (EN-US) >> >> endobj /S /P endobj /Pg 25 0 R << 4264 0 R 4265 0 R 4266 0 R 4267 0 R 4268 0 R 4269 0 R 4270 0 R 4271 0 R 4272 0 R 4273 0 R /Pg 23 0 R << << /Lang (EN-US) Cliffwater Direct Lending Index Our performance analysis relies on the Cliffwater Di-rect Lending Index ("CDLI"), an asset-weighted in-dex of over 6,000 directly originated middle market loans totaling $99 billion in assets. /S /Artifact /Pg 24 0 R endobj /Lang (EN-US) /Pg 14 0 R /K 900 228 0 obj << 4220 0 obj 190 0 obj 2166 0 R 2167 0 R 2168 0 R 2169 0 R 2170 0 R 2171 0 R 2172 0 R 2173 0 R 2174 0 R 2175 0 R /K 1479 /Pg 25 0 R /S /P /S /Artifact >> 775 0 obj endobj /K 55 /Lang (EN-US) endobj /Pg 26 0 R endobj /P 10 0 R /S /Artifact << /Pg 24 0 R /Pg 24 0 R /Pg 23 0 R /P 95 0 R null 3816 0 R 3817 0 R null 3818 0 R null 3819 0 R null 3820 0 R null /Lang (EN-US) endobj << 467 0 obj /P 10 0 R /K 846 endobj /K 1510 >> endobj /Pg 22 0 R /Lang (EN-US) << 4025 0 obj << << endobj /S /P /Pg 23 0 R << /K 1311 << endobj /Lang (EN-US) /Lang (EN-US) << /Pg 23 0 R 2840 0 obj null 3740 0 R null 3741 0 R null 3742 0 R null 3743 0 R null 3744 0 R /S /Artifact 2264 0 obj /P 4743 0 R /K 364 /Pg 25 0 R /Pg 23 0 R /Lang (EN-US) /S /Artifact endobj >> >> /Pg 24 0 R << /Pg 25 0 R endobj endobj >> endobj << << << >> 1693 0 obj /K 985 /K 458 3733 0 obj >> /Pg 14 0 R /K 1523 /K 1366 /S /P /Pg 25 0 R null 691 0 R null null null 692 0 R null null null 693 0 R /Pg 23 0 R << << /S /LBody 2706 0 obj 2106 0 R 2107 0 R 2108 0 R 2109 0 R 2110 0 R 2111 0 R 2112 0 R 2113 0 R 2114 0 R 2115 0 R 546 0 obj 3764 0 obj /P 6706 0 R 3980 0 obj endobj endobj 183 0 obj /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) >> /K 1518 >> /S /P /S /P >> /P 4976 0 R endobj /S /P /K 1462 << 3040 0 obj << /S /P 3025 0 obj << << endobj 1422 0 obj endobj /S /Artifact /P 4742 0 R >> >> 526 0 R null 527 0 R 528 0 R null 529 0 R 530 0 R null 531 0 R null << 2578 0 obj /S /P >> << >> endobj /K 1370 << /S /Artifact /K 921 CLIFFWATER and the CLIFFWATER LLC logo are trademarks of Cliffwater LLC. endobj /P 4947 0 R The Private Credit Opportunity Part 1 | Canterbury Consulting << 2688 0 obj endobj >> /S /P << 2255 0 obj >> 927 0 obj /S /P /P 6068 0 R /K 1205 533 0 obj /Pg 23 0 R endobj /Lang (EN-US) /K 360 /S /P /Pg 18 0 R /Pg 25 0 R /Lang (EN-US) << endobj /K 1476 >> /S /Artifact 4170 0 obj << Cliffwater is an alternative investment adviser and fund manager. 154 0 obj /K 170 >> /S /P /P 6490 0 R /P 6143 0 R 2999 0 obj endobj << >> >> /Lang (EN-US) 3376 0 obj /S /P /K 1139 /Pg 24 0 R << << endobj /S /P endobj /Pg 25 0 R >> 1041 0 obj /P 5424 0 R endobj 2448 0 obj /K 217 /S /P Because direct lending uses rates that "float," cash coupons have been increasing as interest rates have . endobj 1632 0 obj 2304 0 obj /Lang (EN-US) /S /P << /Pg 24 0 R >> >> 440 0 obj endobj /Pg 25 0 R /Pg 22 0 R << << /K 1291 1156 0 obj endobj >> /K 921 null 3789 0 R null 3790 0 R null 3791 0 R null 3792 0 R 3793 0 R null /S /Artifact /Lang (EN-US) 2924 0 obj /Lang (EN-US) 374 0 obj 2269 0 obj << /Pg 25 0 R << /S /P /Pg 22 0 R /K 1328 2779 0 obj /Pg 24 0 R /S /P >> /Lang (EN-US) /S /Artifact /Pg 25 0 R << 1416 0 obj >> << << /Pg 22 0 R /Lang (EN-US) << /Pg 22 0 R /Pg 25 0 R endobj >> /S /P endobj endobj >> << /K 1232 << null 1678 0 R null 1679 0 R null 1680 0 R null 1681 0 R null null 1594 0 obj /Lang (EN-US) /Lang (EN-US) >> endobj >> /K 451 /Pg 23 0 R << <> /Pg 22 0 R 3747 0 obj >> >> >> endobj << /Pg 24 0 R /K 316 /S /P << >> /K 64 << /S /P /Lang (EN-US) >> << >> endobj 4174 0 R 4175 0 R 4176 0 R 4177 0 R 4178 0 R 4179 0 R 4180 0 R 4181 0 R 4182 0 R 4183 0 R /K 1456 /P 5094 0 R /P 6175 0 R >> >> /K 1135 /K 170 /Pg 22 0 R /S /Artifact /Pg 22 0 R endobj /S /P endobj >> /Lang (EN-US) /Pg 24 0 R /Pg 22 0 R /Pg 23 0 R 1818 0 obj /S /Artifact /S /Artifact /S /Artifact << /Pg 23 0 R /Pg 25 0 R 4334 0 obj /BS 6763 0 R endobj /P 10 0 R /P 5190 0 R endobj 2465 0 obj /Lang (EN-US) /Pg 22 0 R /K 135 /Pg 24 0 R 1793 0 obj /S /P << /K 1044 >> /S /Artifact /Pg 25 0 R endobj /P 5610 0 R 2561 0 obj /Lang (EN-US) endobj /P 6218 0 R /S /P >> endobj /K 1301 /S /P /S /Artifact 1278 0 R 1279 0 R 1280 0 R 1281 0 R 1282 0 R 1283 0 R 1284 0 R 1285 0 R 1286 0 R 1287 0 R << >> /S /P endobj /K 1427 << /Lang (EN-US) >> /K 1182 /P 4852 0 R /K 1249 /P 4751 0 R /S /P /Lang (EN-US) >> endobj /K 372 /K 18 791 0 obj /Lang (EN-US) >> /P 5178 0 R /Pg 23 0 R >> /S /Artifact /K 1110 /K 740 /P 4919 0 R /Pg 23 0 R 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 endobj endobj /Pg 24 0 R >> /K 1150 /K 712 /Pg 18 0 R /Pg 24 0 R endobj /Lang (EN-US) >> endobj << /K 349 >> /P 5815 0 R 1346 0 obj 3998 0 obj /S /Artifact endobj endobj endobj /Pg 24 0 R /Pg 24 0 R >> >> /P 4969 0 R /K 11 /K 1403 >> /S /Artifact 405 0 obj /Pg 25 0 R << /Pg 23 0 R 41 0 obj >> /Pg 22 0 R << >> >> >> <> 725 0 obj << /Lang (EN-US) /K 1548 /K 1391 << 754 0 obj /S /Artifact 910 0 obj endobj << /Lang (EN-US) /Pg 22 0 R /Pg 23 0 R /S /Artifact >> /Lang (EN-US) <> 2486 0 R null 2487 0 R null 2488 0 R null 2489 0 R null 2490 0 R null /Pg 23 0 R endobj endobj endobj /K 325 >> >> 1099 0 obj /Pg 23 0 R /S /Artifact /S /P /S /P /Lang (EN-US) endobj << /Lang (EN-US) << 3421 0 R null null null 3422 0 R null 3423 0 R null 3424 0 R null null 2761 0 R null 2762 0 R null 2763 0 R null 2764 0 R null 2765 0 R /S /P 3434 0 obj << /K 890 >> /P 5693 0 R << endobj endobj /S /P /Lang (EN-US) /Lang (EN-US) /K 1174 /Lang (EN-US) /S /Artifact endobj 352 0 obj << 2411 0 obj /S /P /Pg 24 0 R /S /P << 3594 0 obj /K 662 >> 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 >> 3191 0 obj 4180 0 obj 7 0 obj /P 6028 0 R /S /Artifact /S /P 592 0 obj 4090 0 obj 3570 0 obj << 1479 0 obj << >> /Pg 24 0 R << /Pg 23 0 R /K 1318 2763 0 obj /P 5937 0 R /Pg 24 0 R /Pg 25 0 R /S /P /K 813 212 0 obj >> /P 4782 0 R /Lang (EN-US) /T () 917 0 obj /P 5185 0 R << /S /Artifact /Pg 23 0 R endobj 4159 0 obj 2138 0 obj /Pg 22 0 R endobj /S /P 2720 0 obj /Parent 9 0 R 1149 0 obj /P 5839 0 R /Pg 22 0 R /Pg 22 0 R /Pg 23 0 R /S /P /S /Artifact 1476 0 obj endobj /Pg 22 0 R /K 1229 endobj /Lang (EN-US) << /S /P 3678 0 R null null null 3679 0 R null 3680 0 R null 3681 0 R null endobj << /S /Artifact endobj 3273 0 obj endobj /S /Artifact /S /P /P 6121 0 R /Pg 22 0 R /K [193 4750 0 R] /Pg 24 0 R /S /P << >> /S /Artifact /P 5371 0 R /P 6715 0 R /K 1203 /Pg 22 0 R << >> << /Lang (EN-US) /P 4826 0 R /P 6117 0 R /StructParents 11 /Pg 22 0 R 1309 0 obj 2480 0 obj /P 10 0 R endobj endobj /P 6275 0 R /K 1075 /Pg 23 0 R /K 1278 /Pg 24 0 R endobj 4201 0 obj >> /Pg 23 0 R /K 1404 /K 1266 /P 4948 0 R /S /P /K [4567 0 R 4568 0 R 4569 0 R 4570 0 R 4571 0 R 4572 0 R 4573 0 R 4574 0 R 4575 0 R 4576 0 R /S /Artifact /P 5997 0 R << /Parent 9 0 R >> /K 1449 3306 0 obj >> /S /P Cliffwater Funds: An authority on Private Debt CCLFX CELFX << /K 1290 /S /P /K 1355 >> >> /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) 2558 0 R null 2559 0 R null 2560 0 R null 2561 0 R null 2562 0 R null /P 6181 0 R /K 1006 << endobj >> >> >> endobj >> /S /P << /S /P /Lang (EN-US) /K 1087 << endobj << endobj << >> /Lang (EN-US) 2244 0 obj /K 1229 endobj null 3577 0 R null null null 3578 0 R null 3579 0 R null 3580 0 R /Pg 19 0 R /Lang (EN-US) endobj /Lang (EN-US) /P 6415 0 R /P 5088 0 R << 3072 0 obj /K 1155 endobj /S /P /K 793 << /K 1194 null 650 0 R 651 0 R null 652 0 R null 653 0 R null 654 0 R null endobj >> endobj /Lang (EN-US) /Pg 23 0 R 681 0 obj /Lang (EN-US) endobj /K 465 3033 0 obj << << /Pg 22 0 R /Pg 25 0 R 3487 0 obj 4297 0 obj /K 333 endobj 1928 0 obj /S /P /S /Artifact /S /P /K 1541 endobj /Pg 23 0 R <> /Pg 14 0 R << /Pg 22 0 R /K 1186 /S /Artifact /S /P /S /P << /Lang (EN-US) /Lang (EN-US) /S /P /S /P endobj /S /Artifact endobj /K 1134 /Pg 23 0 R /K 414 endobj /S /P endobj endobj 2461 0 obj endobj /K [73 74] /Pg 22 0 R endobj /Lang (EN-US) << >> /P 10 0 R /P 5639 0 R /S /P /S /P 187 0 R 188 0 R 189 0 R 190 0 R 191 0 R 192 0 R 193 0 R 194 0 R 195 0 R 196 0 R >> endobj 3386 0 obj >> >> << endobj >> null null null 3763 0 R null 3764 0 R null 3765 0 R null 3766 0 R /K 1461 endobj endobj 740 0 obj endobj 241 0 R 242 0 R 243 0 R 244 0 R null 592 0 R null null null null >> /S /P << /S /P << /K 580 << << /K 986 /K 965 /Pg 13 0 R >> /Lang (EN-US) >> /Pg 24 0 R /K 1313 2096 0 R 2097 0 R 2098 0 R 2099 0 R 2100 0 R 2101 0 R 2102 0 R 2103 0 R 2104 0 R 2105 0 R 355 0 obj /S /P /S /Link /Pg 23 0 R /P 5435 0 R << /Pg 24 0 R endobj <> << 2696 0 obj /Pg 25 0 R >> /P 5144 0 R /Pg 22 0 R 71 0 obj /Pg 24 0 R /Pg 24 0 R /Lang (EN-US) 4114 0 obj /K 1332 699 0 R null 700 0 R null 701 0 R null 702 0 R null 703 0 R null << << /Pg 23 0 R 2392 0 obj /K 1216 /Pg 23 0 R /S /P /S /P /Lang (EN-US) /S /P /S /Artifact /S /Table /Pg 22 0 R /S /Artifact 77 0 obj 2029 0 obj /Lang (EN-US) /K [84 85 86 87 88 89 90 91 92] << 771 0 obj << /S /Artifact /K 1544 /S /Artifact >> /Pg 23 0 R /K 1104 4259 0 obj >> /S /P 153 0 obj /Pg 23 0 R << >> >> 2020 0 obj 1118 0 obj endobj /Lang (EN-US) << endobj /S /P /K 932 /Lang (EN-US) 113 0 obj /Pg 24 0 R /K 20 2390 0 obj << endobj endobj /Pg 24 0 R 2147 0 obj >> /Pg 24 0 R /Pg 24 0 R endobj /S /Artifact /Pg 22 0 R << 407 0 obj >> /P 5387 0 R /Pg 22 0 R /K 1158 << >> 1062 0 obj << /K 343 2078 0 obj /K 452 /P 5766 0 R /S /P /Pg 18 0 R 457 0 obj >> /S /Artifact endobj /S /P /Annots [4366 0 R 4367 0 R 4368 0 R] /K 84 << 185 0 obj /P 6570 0 R /Pg 23 0 R << /Pg 25 0 R endobj << /S /Artifact null 814 0 R null 815 0 R null 816 0 R null 817 0 R null 818 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 << /K 1399 >> /Pg 13 0 R endobj /S /P 1788 0 obj 2803 0 obj /Pg 25 0 R << >> /Pg 25 0 R /P 6498 0 R endobj /S /P 1035 0 obj 14 0 obj /P 10 0 R endobj /Pg 22 0 R /Pg 23 0 R /Pg 20 0 R << /K 459 >> /K 1204 /P 5021 0 R 1964 0 obj /Lang (EN-US) endobj /P 5954 0 R endobj /S /Artifact /S /Artifact /S /P 524 0 obj 3970 0 obj /P 4645 0 R /P 4874 0 R /Lang (EN-US) /Pg 25 0 R 808 0 obj << >> /K 608 >> /K 745 << 3771 0 obj endobj 359 0 obj >> 1935 0 obj >> 3880 0 obj endobj >> /K [1340 1341] << 3718 0 obj Distribution Yield presented is based on the fund-level composite of all the share classes. /S /Artifact /Pg 25 0 R 4158 0 obj <> /Pg 25 0 R /Pg 25 0 R /Pg 22 0 R /K 1195 /S /P /S /Artifact /P 5603 0 R 3714 0 obj /Pg 23 0 R 1722 0 obj /S /Artifact endobj >> endobj >> /P 4794 0 R /K 601 endobj >> /K 1145 /Lang (EN-US) /K 1369 2477 0 obj 1589 0 obj /Pg 25 0 R /S /Artifact /K 1412 << >> >> /P 6555 0 R >> >> >> << /P 10 0 R /K 653 endobj endobj /S /Artifact /Lang (EN-US) /P 4980 0 R /K 949 /Pg 18 0 R /K 1221 /K 453 endobj /Pg 24 0 R endobj << endobj /Pg 13 0 R endobj /Pg 25 0 R /Pg 19 0 R << << << << /Pg 23 0 R 733 0 obj >> >> /K 1363 /S /P >> endobj /Pg 23 0 R /K 1157 /S /Artifact << 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 1344 /S /Artifact /K 10 1708 0 obj 1571 0 obj /Lang (EN-US) /P 5759 0 R << /K 743 << << endobj 43 0 obj << /S /Artifact /P 5422 0 R 2206 0 R 2207 0 R 2208 0 R 2209 0 R 2210 0 R 2211 0 R 2212 0 R 2213 0 R 2214 0 R 2215 0 R /K 491 /P 6339 0 R << /S /Artifact /Pg 25 0 R Sign in or Register Sign in / Register Database LP Search >> 3803 0 obj /K 761 /Pg 24 0 R >> << <> /K 556 /Pg 22 0 R >> >> /P 5891 0 R /K 1248 << >> /P 10 0 R << /K 989 /Pg 18 0 R /P 10 0 R /P 5060 0 R /Pg 22 0 R >> 98 0 obj << /S /P /Pg 23 0 R /K 322 /Pg 24 0 R >> /S /P /P 5642 0 R /Lang (EN-US) endobj >> >> >> >> << /K 44 /P 10 0 R /Lang (EN-US) 264 0 obj /K 1326 /Lang (EN-US) /S /Artifact /S /Artifact endobj /Pg 20 0 R >> 3097 0 R 3098 0 R 3099 0 R 3100 0 R 3101 0 R 3102 0 R 3103 0 R 3104 0 R 3105 0 R 3106 0 R 1430 0 obj 4167 0 obj /Lang (EN-US) /P 4740 0 R /S /P /Pg 23 0 R /Pg 22 0 R >> 115 0 R 116 0 R 117 0 R 118 0 R 119 0 R 120 0 R 121 0 R 122 0 R null 437 0 R /K 426 << /S /P << << endobj /Pg 24 0 R << <> /Lang (EN-US) /P 6026 0 R /Pg 24 0 R << /K 1304 /P 6371 0 R /Pg 24 0 R /K 98 endobj 1809 0 R null 1810 0 R null 1811 0 R null 1812 0 R null 1813 0 R 1814 0 R /Lang (EN-US) << /Pg 25 0 R /P 5655 0 R << << endobj /P 5262 0 R endobj endobj 3 0 obj << /K 328 endobj /K 1016 /S /Artifact endobj null null null 619 0 R null null null 620 0 R null 621 0 R /Pg 25 0 R /K 1420 1029 0 obj /Lang (EN-US) 1132 0 obj /Pg 25 0 R << 1548 0 R null null null 1549 0 R null null null 1550 0 R null << /Lang (EN-US) /Pg 24 0 R 4021 0 obj << 1573 0 obj /S /Artifact /S /Artifact /Lang (EN-US) /S /Artifact >> /S /Link 1606 0 obj 1312 0 obj /K 333 /S /Artifact endobj null null 1855 0 R null null null 1856 0 R null 1857 0 R null >> /Lang (EN-US) >> /P 5600 0 R /S /Artifact >> /P 10 0 R 222 0 obj >> /K 1160 endobj /Pg 24 0 R /Pg 22 0 R /S /P /S /P /Lang (EN-US) /S /Artifact >> << 1196 0 obj /K 1237 3143 0 obj /P 5774 0 R >> /Lang (EN-US) /Pg 23 0 R endobj endobj /K 152 /S /Artifact /Lang (EN-US) /K 664 /P 6095 0 R endobj endobj /K 1178 >> /Pg 24 0 R <> /K 621 989 0 obj >> /Pg 22 0 R << >> endobj /P 5473 0 R /P 5883 0 R /K 1314 /Pg 24 0 R /K 701 /Lang (EN-US) /S /P /Pg 24 0 R 633 0 obj /Pg 22 0 R >> endobj /S /P /S /Artifact endobj 3054 0 obj << /Pg 23 0 R endobj << << >> /K 830 1929 0 R null 1930 0 R null 1931 0 R null 1932 0 R null 1933 0 R 1934 0 R /Pg 24 0 R /Lang (EN-US) >> >> endobj << << /P 5534 0 R /Pg 25 0 R << /S /Artifact /Pg 23 0 R null 970 0 R null 971 0 R null 972 0 R null null null 973 0 R null null null 2576 0 R null 2577 0 R null 2578 0 R null 2579 0 R endobj /Pg 24 0 R << /S /P << endobj /P 5199 0 R 87 0 R 88 0 R 89 0 R 90 0 R 91 0 R 92 0 R 93 0 R 94 0 R 95 0 R 96 0 R /Lang (EN-US) <> endobj /P 6179 0 R 3526 0 obj endobj /K 1255 /S /P /K 1062 /P 6215 0 R 714 0 obj 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 2251 0 obj /K 1506 3866 0 obj << /Pg 23 0 R /S /P /K 87 /Lang (EN-US) << 1318 0 obj 568 0 obj >> << 3901 0 obj >> /Pg 23 0 R >> /S /Artifact /P 5247 0 R endobj /K 1323 1905 0 obj /S /Artifact /K 774 /K 185 /K 1201 3287 0 obj /K 934 /Pg 24 0 R /Lang (EN-US) /Pg 23 0 R /K 824 /Lang (EN-US) endobj /K 1344 endobj >> << << /K 358 1287 0 obj endobj >> >> << /S /P /Lang (EN-US) /Lang (EN-US) >> << 2266 0 obj /K 104 /P 5442 0 R /P 6588 0 R /P 5917 0 R >> /P 5470 0 R >> 951 0 obj endobj >> /S /Artifact >> /S /P >> << endobj 1358 0 obj >> /K 478 <> /Pg 24 0 R /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) << << /K 198 endobj /Pg 25 0 R <> 157 0 obj << /S /P /K 1375 /Pg 22 0 R /S /Artifact 104 0 obj /S /Artifact << /Pg 25 0 R 2190 0 obj /Lang (EN-US) /S /P /Pg 24 0 R /S /P /Lang (EN-US) 2321 0 obj /S /P endobj /K 545 /Pg 22 0 R 3867 0 obj /Pg 23 0 R >> endobj /Lang (EN-US) 3939 0 obj /K 28 /P 6400 0 R >> endobj /Pg 22 0 R /Pg 24 0 R 240 0 obj /A 4409 0 R /Pg 25 0 R /Lang (EN-US) 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 1449 0 obj << /Pg 23 0 R /K 680 4065 0 obj /K 1467 << /K 1279 endobj /S /P << /K 503 <> << 1387 0 obj endobj /Lang (EN-US) /Pg 24 0 R << endobj /S /P << /K 1469 << >> /Lang (EN-US) /Pg 19 0 R /S /P /S /P /K 13 /K 1202 /K 1295 /S /Artifact endobj << >> /T () << /CropBox [0 0 612 792] >> null 1588 0 R null 1589 0 R null 1590 0 R null 1591 0 R null 1592 0 R /Pg 23 0 R /K 49 1948 0 obj /K 1442 >> << << /Lang (EN-US) /MediaBox [0 0 612 792] endobj /S /Artifact << /K 1357 null 3759 0 R null 3760 0 R null 3761 0 R null null null 3762 0 R endobj endobj /K 8 /P 10 0 R >> /K 1190 /S /P /Pg 25 0 R /K 1381 /Lang (EN-US) <> >> /Lang (EN-US) /Lang (EN-US) << 1841 0 obj 2004 0 obj /S /Artifact /K 1438 /Pg 24 0 R >> /K 1542 /Lang (EN-US) >> << /Pg 23 0 R 4011 0 obj /K 560 << /S /P /Pg 23 0 R /P 10 0 R << 4587 0 R] endobj >> /Pg 13 0 R 3661 0 obj /S /P /K 884 endobj 854 0 R 855 0 R null 856 0 R null 857 0 R null 858 0 R null 859 0 R /S /P endobj endobj /Lang (EN-US) /K 293 /S /P /S /Artifact endobj 1623 0 obj 1757 0 obj /Pg 23 0 R /P 6049 0 R /S /P /K 375 << >> /Pg 22 0 R /Pg 22 0 R endobj 2009 0 obj /S /Artifact /Pg 24 0 R /Pg 23 0 R 3441 0 obj /T () /S /Artifact /P 6251 0 R USA & International; Australia; Canada; France; /K 562 >> >> 2977 0 obj /P 6017 0 R /Lang (EN-US) /Pg 23 0 R /S /P /K 952 >> 4098 0 obj >> /S /P /P 5485 0 R << 93 0 obj >> 2902 0 obj /S /P /P 5377 0 R /S /P /Pg 22 0 R /S /Artifact >> /Pg 23 0 R >> /S /P /Pg 17 0 R /P 6726 0 R /S /P >> /K 1368 endobj /K 1316 << /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) 351 0 obj /Lang (EN-US) 257 0 obj << /Pg 19 0 R /Lang (EN-US) endobj /Pg 25 0 R /S /Artifact >> /Pg 23 0 R /Lang (EN-US) <> <> /Pg 22 0 R >> << >> endobj /P 5370 0 R /Lang (EN-US) /Lang (EN-US) /K 1502 /Pg 23 0 R << endobj /Lang (EN-US) >> /P 5864 0 R >> /Pg 23 0 R 875 0 obj << endobj << 4168 0 obj 1276 0 obj >> /Lang (EN-US) endobj endobj /Pg 25 0 R /K 1212 endobj /Lang (EN-US) endobj 4162 0 obj >> 2455 0 obj endobj 608 0 obj /K 120 >> /K 1127 endobj /K 1200 >> << /K 1415 endobj /Lang (EN-US) /S /Artifact /P 5888 0 R /Lang (EN-US) /S /Artifact << /K 181 >> endobj << endobj << 1393 0 obj /S /P /P 5325 0 R /K 1066 << << << /K 327 << /S /P /Pg 25 0 R /Pg 24 0 R /Pg 25 0 R <> >> /Pg 24 0 R /S /P /Pg 18 0 R endobj endobj /S /Artifact /Pg 25 0 R 4176 0 obj /P 5969 0 R /Pg 23 0 R /K 397 >> 12 [null 320 0 R null 2475 0 R null null 2476 0 R null null 2477 0 R /Pg 25 0 R /S /Artifact >> /Pg 25 0 R << Seeking income throughout the cycle with direct lending. /Pg 22 0 R endobj 2064 0 obj /S /P 579 0 obj << endobj 923 0 obj endobj endobj >> /Lang (EN-US) 1899 0 obj /K 165 /S /P /K 378 /P 5184 0 R /Lang (EN-US) /S /P /Pg 22 0 R >> /S /P endobj >> /P 6300 0 R 4331 0 obj >> 603 0 obj /K 32 endobj 2093 0 obj endobj /Lang (EN-US) /Lang (EN-US) endobj >> endobj /Pg 15 0 R /P 4995 0 R /Pg 17 0 R endobj /S /Artifact /S /P endobj /S /Artifact /Lang (EN-US) /Pg 18 0 R /Lang (EN-US) 3344 0 R 3345 0 R 3346 0 R 3347 0 R 3348 0 R 3349 0 R 3350 0 R 3351 0 R 3352 0 R 3353 0 R /S /P endobj endobj /K 1364 /Pg 23 0 R /Pg 23 0 R /Pg 24 0 R 2908 0 obj << << /Lang (EN-US) 3431 0 obj /P 5172 0 R << endobj endobj endobj endobj /Pg 23 0 R /S /Artifact 3096 0 obj << >> /K 1106 /Lang (EN-US) 1867 0 obj /P 6204 0 R /Pg 24 0 R /P 4839 0 R << /S /Artifact 3809 0 obj /Pg 24 0 R 2216 0 obj /K 911 >> endobj /Lang (EN-US) /K 538 /S /P null null 3470 0 R null 3471 0 R null 3472 0 R null 3473 0 R null /Lang (EN-US) <> endobj /S /P << endobj 4174 0 obj /K 408 << 4244 0 obj << endobj /Lang (EN-US) /P 5517 0 R Average Realized Loss (2006 - 2021) Average realized loss is the historical average of the realized gains/losses for the Cliffwater Direct Lending Index. <> 523 0 obj /K 1393 /K 6 /K 702 /Pg 22 0 R /K 435 /Pg 14 0 R /K 1381 /K 1333 >> 3077 0 obj <> /Pg 24 0 R << /Pg 23 0 R << /Pg 24 0 R /K 118 /S /P /S /Artifact <> /Pg 22 0 R 1018 0 obj /Lang (EN-US) /Pg 23 0 R endobj 3650 0 obj endobj /Pg 23 0 R /P 6081 0 R 4057 0 R 4058 0 R 4059 0 R 4060 0 R 4061 0 R 4062 0 R 4063 0 R 4064 0 R 4065 0 R 4066 0 R /Pg 24 0 R /Lang (EN-US) /P 6327 0 R /S /P /K 1039 endobj << << /K 1137 << /Lang (EN-US) << >> /Lang (EN-US) endobj /K 933 endobj 218 0 obj /S /P /K 132 endobj << /Pg 22 0 R /P 10 0 R endobj << /K 1330 /P 5520 0 R >> endobj /Lang (EN-US) 1427 0 obj /S /Artifact /Lang (EN-US) 2762 0 obj << /K 1249 2959 0 obj << /S /Artifact /Pg 23 0 R << /S /Artifact endobj /S /Artifact >> >> >> /P 6196 0 R endobj /Pg 25 0 R endobj /P 5475 0 R >> >> /K 142 /Lang (EN-US) /Pg 24 0 R /K 934 /S /P /S /P endobj /P 4921 0 R >> /P 6089 0 R /K 171 766 0 obj /Pg 19 0 R endobj >> /S /P /S /P >> >> >> << >> /P 10 0 R 2801 0 R null 2802 0 R 2803 0 R null 2804 0 R null 2805 0 R null 2806 0 R /S /P /S /Artifact /Pg 25 0 R /S /P /S /P endobj /S /Artifact /S /P 2014 0 obj endobj >> endobj 611 0 obj /K 616 216 0 obj /S /Artifact /P 4920 0 R /K 171 >> /P 6515 0 R /Pg 23 0 R /P 10 0 R 175 0 obj << << /S /P /K 1252 /K 148 /S /P /Pg 25 0 R /S /Artifact endobj endobj endobj 2344 0 obj /Pg 24 0 R << /K 1029 /S /Artifact 1055 0 obj /Lang (EN-US) >> endobj /Lang (EN-US) >> << /K 1527 /K 349 /Lang (EN-US) /K 1134 >> null 2881 0 R null 2882 0 R null 2883 0 R null 2884 0 R null 2885 0 R /S /Artifact endobj /Pg 21 0 R >> /Lang (EN-US) 3697 0 obj << << /Pg 16 0 R /P 10 0 R endobj << >> 2920 0 obj /Lang (EN-US) 209 0 obj << /K 1226 /S /Artifact /Lang (EN-US) /P 10 0 R 1583 0 obj /P 5275 0 R /Pg 19 0 R /P 5375 0 R /K 872 1515 0 obj /S /P /Lang (EN-US) << 4294 0 obj /P 4959 0 R /S /Artifact /Lang (EN-US) /S /P >> endobj /K 1066 1824 0 obj /S /Artifact /Lang (EN-US) /P 5028 0 R 2077 0 obj /Pg 23 0 R >> 22 /K 1038 /Pg 24 0 R >> /P 6315 0 R >> 1263 0 obj endobj /K 26 /Pg 24 0 R >> /Lang (EN-US) /P 6411 0 R endobj << >> << /K 1130 /Pg 24 0 R /Lang (EN-US) /Pg 23 0 R endobj << << 970 0 obj /Pg 23 0 R << /K 110 /K 55 endobj /K 133 /S /Artifact /Pg 24 0 R /Pg 18 0 R >> /K 878 /P 5657 0 R /Pg 23 0 R 2602 0 obj /Pg 25 0 R << 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 >> /Pg 25 0 R >> /Lang (EN-US) endobj 1726 0 obj /Pg 16 0 R /Pg 23 0 R /Rotate 0 /P 6023 0 R /Lang (EN-US) << /S /P /S /P /K 923 << /S /Artifact /S /P /S /Artifact 4100 0 obj 4082 0 obj /P 6755 0 R /P 5133 0 R >> << /Pg 25 0 R /P 5217 0 R endobj /S /Artifact /K 1250 >> endobj 271 0 obj /S /Artifact >> >> endobj /K 1155 endobj /K 1446 3638 0 obj /S /Artifact endobj /K 1448 3851 0 R null 3852 0 R 3853 0 R null 3854 0 R null 3855 0 R null 3856 0 R /Pg 25 0 R /P 6343 0 R /S /LBody /K 1430 << 323 0 obj /K 823 /S /Artifact /Lang (EN-US) endobj /K 1161 << /K 327 /K 740 646 0 obj << >> /K 111 << /S /P << /S /P /S /Artifact /K 229 /S /Artifact >> << /K 1295 endobj /P 4891 0 R endobj /Pg 22 0 R /S /P endobj /K 1477 /K 1123 endobj /S /P << << /Lang (EN-US) << >> 1351 0 obj /K 1217 /Lang (EN-US) /S /P << /S /Artifact endobj << /S /Artifact /P 4710 0 R /K 1380 endobj /K 1263 3071 0 obj /Lang (EN-US) endobj 2729 0 obj << /Lang (EN-US) /K 1339 endobj 2795 0 obj 1797 0 obj 135 0 obj /S /Artifact Live from New York and Hong Kong,. endobj /S /P /K [41 42 43 44] 1933 0 obj << /S /P /Annots [4360 0 R 4361 0 R 4362 0 R 4363 0 R] /S /P /Lang (EN-US) /K 2 /Pg 22 0 R /Lang (EN-US) /P 5785 0 R >> endobj /S /Artifact /Pg 18 0 R /Pg 22 0 R << /S /P << /Pg 24 0 R >> << << << /Lang (EN-US) /K 1532 /Pg 23 0 R /K 1152 >> /Pg 23 0 R /Pg 26 0 R /Lang (EN-US) 1822 0 obj /Pg 25 0 R endobj /K 431 /K 620 1444 0 obj 441 0 obj /S /Artifact endobj /S /P << /Lang (EN-US) /Lang (EN-US) /P 5557 0 R /K 67 /S /Artifact /S /Artifact << /Pg 25 0 R 1440 0 obj /Pg 25 0 R << /Lang (EN-US) endobj >> /K 130 /Lang (EN-US) /P 5200 0 R 1493 0 obj 366 0 obj /K 873 3446 0 obj << 2813 0 obj endobj endobj endobj << /K 23 /Pg 14 0 R /K 1143 570 0 obj /A 6764 0 R /Lang (EN-US) /P 5029 0 R 2152 0 obj endobj 2809 0 obj 3 [81 0 R 82 0 R 83 0 R 84 0 R 85 0 R 86 0 R 87 0 R 88 0 R 89 0 R 91 0 R << /K 1083 /Lang (EN-US) /Pg 22 0 R 658 0 R null 659 0 R null 660 0 R null 661 0 R null 662 0 R 663 0 R endobj 3952 0 obj /S /Artifact /Strikeout /Span endobj /Pg 26 0 R >> /Pg 22 0 R >> 2306 0 obj endobj /S /Artifact << /K 212 /S /Artifact 707 0 obj /S /Artifact /P 6696 0 R /S /P /Pg 22 0 R /P 5056 0 R 4267 0 obj /K 1492 2939 0 obj /K 1501 endobj /Lang (EN-US) 207 0 R 208 0 R 209 0 R 210 0 R 211 0 R 212 0 R 213 0 R 214 0 R 215 0 R 216 0 R /K 45 2752 0 obj /Lang (EN-US) 510 0 obj /P 5407 0 R /K 327 /K 1115 << >> /Pg 24 0 R /Pg 23 0 R /S /P /S /Artifact /P 5626 0 R /K 3 /P 5251 0 R /K 19 >> /P 6038 0 R /S /P 69 0 obj 2058 0 obj >> endobj /Pg 25 0 R /Lang (EN-US) >> << 1839 0 obj 824 0 obj /Pg 24 0 R << null 584 0 R null 585 0 R 586 0 R null null 587 0 R null 588 0 R /K 1274 /Pg 24 0 R endobj >> >> >> /Pg 18 0 R >> /P 37 0 R /Pg 23 0 R endobj /Pg 19 0 R /Pg 25 0 R 398 0 obj /K 1409 /Lang (EN-US) 3966 0 obj /P 5293 0 R /Pg 23 0 R /K 333 /S /Artifact /Lang (EN-US) endobj endobj >> /P 6125 0 R /K 743 2845 0 R null 2846 0 R null 2847 0 R null 2848 0 R null 2849 0 R null endobj /K 1230 >> /Pg 23 0 R >> >> /K 1372 2351 0 obj /Pg 25 0 R endobj /P 5606 0 R /Pg 23 0 R /Pg 23 0 R /S /Artifact /Pg 18 0 R /Lang (EN-US) >> /Pg 22 0 R /K [68 4676 0 R] 2108 0 obj /S /P /P 5694 0 R 453 0 obj endobj /Pg 25 0 R /Pg 25 0 R /Lang (EN-US) 2144 0 obj 694 0 obj 944 0 obj >> /P 5738 0 R /S /P /Pg 22 0 R null 2673 0 R null 2674 0 R null 2675 0 R null 2676 0 R null 2677 0 R << >> 3671 0 obj << 577 0 obj /K 9 endobj /S /P /K 851 /S /P >> /Pg 23 0 R 4001 0 obj endobj /P 5805 0 R >> /Pg 20 0 R /S /Artifact /S /Artifact /K 1318 /S /Artifact /K 33 endobj /S /Artifact >> endobj /K 1069 endobj endobj /P 5122 0 R /Lang (EN-US) << endobj /P 4955 0 R 1319 0 obj /Lang (EN-US) 941 0 obj endobj << >> 3735 0 obj << << /S /P /K 1156 306 0 obj endobj << >> /Pg 24 0 R /S /Artifact /S /P endobj << /K 1183 /P 6679 0 R >> /S /Artifact >> /Pg 24 0 R >>
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