cliffwater direct lending index

endobj 2502 0 obj /Pg 16 0 R /Pg 25 0 R /Pg 23 0 R 3679 0 obj endobj <> /S /P 2208 0 obj null null 681 0 R null 682 0 R null 683 0 R null 684 0 R null In addition to consolidating existing knowledge on direct lending, Private Debt offers several completely new analysis tools and concepts, representing significant value to the investment community. >> /P 6590 0 R >> endobj /Pg 25 0 R /Pg 24 0 R /K 664 << /Pg 22 0 R >> endobj >> /S /Link /S /P << endobj /H /I /S /P /S /P /S /Artifact 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 << /S /P /Lang (EN-US) 1426 0 obj << /Lang (EN-US) /K 358 /Pg 25 0 R >> endobj >> endobj /Pg 23 0 R endobj << /Pg 24 0 R << endobj /S /P endobj /S /Artifact >> /K 196 << << /Pg 24 0 R 1572 0 obj /K 1482 /Pg 23 0 R /Pg 24 0 R /K 1404 /P 5912 0 R /K 202 >> /K 1085 /Lang (EN-US) /K 898 1682 0 obj endobj /P 6284 0 R /Lang (EN-US) /Lang (EN-US) /K 603 2945 0 obj << /S /Artifact /Pg 23 0 R /Lang (EN-US) /S /Artifact /S /P << << endobj /K 5 >> /K 54 endobj endobj /Pg 22 0 R >> << << endobj /P 10 0 R << /Lang (EN-US) endobj 169 0 obj >> /P 4828 0 R << >> endobj /Pg 23 0 R endobj << endobj /Lang (EN-US) << 4073 0 obj endobj /S /P >> /K 589 3276 0 obj endobj /K 1029 endobj 711 0 obj /Pg 23 0 R << /K 1222 << /Lang (EN-US) /P 5927 0 R >> 2699 0 obj /S /P /P 5661 0 R >> /Lang (EN-US) /S /P << /K 983 >> /Lang (EN-US) /K 213 /S /P 2023 0 obj /Pg 22 0 R /Lang (EN-US) Should I Invest in Alternative/Direct Lending (LENDX)? >> endobj endobj /K 1433 342 0 obj 3462 0 obj << << /P 10 0 R /Pg 25 0 R /Pg 23 0 R 3425 0 R null 3426 0 R null 3427 0 R 3428 0 R null 3429 0 R null 3430 0 R 2143 0 obj /K 682 3711 0 obj 3542 0 obj /S /P endobj 1119 0 obj /Lang (EN-US) /K 1196 /S /P << 1999 0 obj /Pg 24 0 R /S /P << /S /P 3478 0 obj /Pg 25 0 R /K 167 >> >> /Pg 23 0 R /K 798 << 2592 0 obj 1195 0 obj << /K 659 /S /Artifact /Pg 25 0 R /Pg 25 0 R endobj << << endobj /A 6760 0 R /S /P << 1565 0 obj /Pg 24 0 R 2661 0 obj /Pg 25 0 R >> /S /P /S /Artifact endobj /K 94 /S /P << /K 1202 /P 5876 0 R /K 1076 47 0 obj endobj >> /S /Artifact >> >> /S /P >> /K 1546 /Lang (EN-US) >> << /S /Artifact >> /K 713 /K 1032 endobj endobj /Lang (EN-US) /K 65 /Pg 23 0 R << >> /P 10 0 R endobj << >> /Pg 24 0 R 2028 0 obj endobj /P 5788 0 R /S /P endobj /P 10 0 R << /K 786 >> << /K 1246 3876 0 obj 2178 0 obj /K 491 3566 0 obj /P 10 0 R 556 0 obj /K 1408 /P 5031 0 R /S /P application/pdf endobj endobj /K 161 >> /S /P /Pg 25 0 R 2213 0 obj /Pg 24 0 R /Pg 25 0 R /Pg 22 0 R /K 1500 >> /P 6736 0 R endobj >> 4100 0 obj /Resources 4371 0 R 328 0 obj >> /P 4401 0 R >> 2593 0 R 2594 0 R null 2595 0 R null 2596 0 R null 2597 0 R null 2598 0 R /K 557 >> endobj /Pg 23 0 R endobj 302 0 obj 1614 0 obj /K 4 /Pg 24 0 R /K 616 /P 185 0 R /Pg 15 0 R /Pg 23 0 R Cliffwater draws up direct lending index - Private Debt Investor << endobj >> endobj /K 1530 endobj /Pg 22 0 R /S /P endobj >> 3873 0 R null 3874 0 R null 3875 0 R null 3876 0 R 3877 0 R null 3878 0 R >> /Pg 22 0 R endobj 2742 0 obj null null null null null 424 0 R null null null null endobj /S /P /P 10 0 R /S /Artifact <> >> << endobj >> /Lang (EN-US) /S /P 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 196 /K 1382 177 0 R 178 0 R 179 0 R 180 0 R 181 0 R 182 0 R 183 0 R 184 0 R 185 0 R 186 0 R /Pg 22 0 R endobj << 3474 0 obj >> /S /P >> /S /Artifact >> 1339 0 obj << endobj /Pg 23 0 R endobj /K 237 /Lang (EN-US) endobj /K 274 << /K 291 /Lang (EN-US) << /K 216 /Pg 25 0 R /S /P /K 1325 2473 0 obj >> endobj /Pg 25 0 R << /Lang (EN-US) >> /Lang (EN-US) /S /Artifact /P 4720 0 R /Lang (EN-US) /Pg 24 0 R endobj 1027 0 obj /K 1260 1219 0 obj endobj 1015 0 obj endobj endobj /K 1497 4250 0 obj /Pg 19 0 R /Lang (EN-US) /S /P /K 369 /S /P >> endobj >> /P 5730 0 R >> /Lang (EN-US) << /Pg 24 0 R 3333 0 obj 2937 0 obj /P 5842 0 R /P 5681 0 R << /K 250 << 10 [null 305 0 R null 616 0 R null null 617 0 R null null 618 0 R /P 10 0 R /K 301 endobj /P 6225 0 R endobj /P 5611 0 R /Pg 23 0 R /Lang (EN-US) /P 6298 0 R 4270 0 obj << /Lang (EN-US) 68 0 obj << /Lang (EN-US) >> endobj << /K 655 >> endobj >> 3892 0 obj endobj /P 5342 0 R /P 6262 0 R /K 1385 /K 1361 /S /Artifact /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) 1463 0 obj /Lang (EN-US) /S /P /S /Artifact /Pg 25 0 R /P 5808 0 R >> << >> 1350 0 obj /S /Artifact /P 6067 0 R /S /Artifact >> >> 3106 0 obj << /Contents [4339 0 R 4340 0 R 4341 0 R 4342 0 R 4343 0 R 4344 0 R 4345 0 R 4346 0 R] /Lang (EN-US) /Pg 24 0 R >> 1796 0 obj /Lang (EN-US) /S /P /K 1424 /Pg 24 0 R /S /Artifact /S /P endobj endobj /S /Artifact 1694 0 obj /S /Artifact >> /Pg 24 0 R << >> /Lang (EN-US) 4 0 obj /K 1160 /P 5142 0 R /P 4635 0 R /K 1549 /P 5973 0 R >> /K 271 /Pg 25 0 R << >> >> /K 799 195 0 obj << 3355 0 obj /Pg 23 0 R /P 6591 0 R /K 640 /Lang (EN-US) << << /Lang (EN-US) /K 1480 endobj /S /Artifact endobj /Lang (EN-US) /S /P /Pg 16 0 R 3650 0 obj endobj /S /Artifact 615 0 obj /Lang (EN-US) >> /Lang (EN-US) 504 0 obj endobj /Pg 25 0 R 2566 0 R null 2567 0 R null 2568 0 R null 2569 0 R 2570 0 R null 2571 0 R >> << >> 763 0 obj endobj >> /Pg 24 0 R 186 0 obj /S /P /P 5511 0 R << /S /P /Pg 25 0 R 1022 0 obj /Pg 18 0 R 105 0 obj /Lang (EN-US) /Pg 24 0 R >> /Pg 22 0 R /S /P /S /P /S /P 2623 0 obj /Pg 22 0 R >> /P 6214 0 R 2452 0 obj /Lang (EN-US) << /K 1491 >> >> << endobj >> /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 1804 0 obj Private Equity generally outperforms Public Equities in almost all environments except the 'low inflation/low growth' regime. /Lang (EN-US) /K 742 /P 5473 0 R /P 6414 0 R << /S /Artifact << endobj endobj 775 0 obj /Lang (EN-US) /S /P >> << /S /Artifact << >> >> >> null 929 0 R null 930 0 R null 931 0 R 932 0 R null 933 0 R null /Lang (EN-US) /S /P /Lang (EN-US) 3093 0 obj endobj /P 5437 0 R /K 1170 >> /Pg 23 0 R endobj /S /Table 3731 0 obj /P 5248 0 R << endobj /K 45 1492 0 obj << 1877 0 R null 1878 0 R null null null 1879 0 R null null null /S /P << endobj /Pg 24 0 R endobj 2126 0 obj /K 1203 >> 3247 0 obj 3317 0 obj /S /P >> /K [56 57 58 59 60] >> endobj /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 4110 0 obj /Pg 22 0 R << /Lang (EN-US) /K 1531 endobj /P 5460 0 R endobj << /S /Artifact /P 5702 0 R /Pg 23 0 R /Pg 24 0 R >> << << << /Pg 24 0 R 213 0 obj << << << << /Lang (EN-US) /S /Artifact /P 10 0 R /K 4 null 3759 0 R null 3760 0 R null 3761 0 R null null null 3762 0 R /Pg 18 0 R 484 0 obj >> >> /Pg 25 0 R 3026 0 obj /Pg 16 0 R /Lang (EN-US) 915 0 R null 916 0 R null 917 0 R null 918 0 R null 919 0 R 920 0 R /S /P 4272 0 obj /P 5548 0 R /K 1465 /K 1406 /Pg 24 0 R /Lang (EN-US) /S /P << << >> /S /Artifact /K 1290 4598 0 R 4599 0 R 4600 0 R 4601 0 R 4602 0 R 4603 0 R 4604 0 R 4605 0 R 4606 0 R 4607 0 R /P 10 0 R 167 0 R 168 0 R 169 0 R 170 0 R 171 0 R 172 0 R 173 0 R 174 0 R 175 0 R 176 0 R /Parent 4 0 R 997 0 obj /S /Artifact /Lang (EN-US) << /S /P /Pg 22 0 R /K 1526 << >> /K 1474 1344 0 obj /P 5911 0 R << >> /Lang (EN-US) /S /Artifact /K 1358 << 182 0 obj endobj /K 1283 << /S /P Source: Cliffwater. /Pg 25 0 R endobj /Lang (EN-US) /Pg 24 0 R >> 4033 0 obj PDF Relative Attractiveness of Direct Lending: Term and Credit Risk /Lang (EN-US) /P 5164 0 R /P 5481 0 R 1593 0 R null 1594 0 R null 1595 0 R null 1596 0 R null 1597 0 R null /S /Artifact 4335 0 obj /K 1547 /S /P /S /P /Pg 23 0 R /K 1450 /Pg 22 0 R 2468 0 obj /Pg 25 0 R /K 30 /K 1344 << /K [1341 1342] /S /P /Pg 25 0 R /S /P >> 3313 0 obj 2351 0 obj /Lang (EN-US) >> endobj /Pg 23 0 R 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. /Pg 24 0 R /S /Artifact /K 4 /K 5 endobj /Pg 23 0 R /K 192 /K 1167 /Pg 24 0 R endobj /P 6014 0 R /Pg 25 0 R /Pg 25 0 R >> << /Pg 22 0 R /P 10 0 R /Pg 25 0 R /P 6099 0 R >> << /S /P 2463 0 obj /Pg 22 0 R 3784 0 obj PDF 2022 Q2 Report on U.S. Direct Lending endobj /K 46 /K 109 /K 1545 endobj /Lang (EN-US) /S /Artifact << >> /Pg 25 0 R endobj << /K 30 /Pg 24 0 R /Lang (EN-US) >> << 2298 0 obj /S /Artifact << 2850 0 R 2851 0 R null 2852 0 R null 2853 0 R null 2854 0 R null 2855 0 R << endobj /S /P /Footnote /Note /P 6482 0 R 2966 0 obj endobj /P 4752 0 R << 145 0 obj endobj endobj endobj >> /K 1324 /Pg 22 0 R 678 0 obj /Rotate 0 null 2572 0 R null 2573 0 R null 2574 0 R null null null 2575 0 R << /K 574 /P 6720 0 R (12-month) Source: Morningstar, Cliffwater Direct Lending Index, Morningstar LSTA US Leveraged Loan Index. /Pg 23 0 R >> /S /P /Pg 22 0 R 321 0 obj /K 235 >> /Pg 24 0 R /K 25 /K 110 /Pg 23 0 R << /Pg 22 0 R /P 6574 0 R /P 10 0 R endobj >> /Lang (EN-US) 1217 0 obj /Lang (EN-US) /Pg 24 0 R << >> << /K 827 /K 143 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 23 0 R /K 163 /K 54 /K 1506 /Pg 24 0 R >> /P 5238 0 R /Lang (EN-US) /K 345 3443 0 obj /K 1195 << /Lang (EN-US) endobj /K 1544 /P 6122 0 R endobj Blue Owl 2023 Direct Lending Market Outlook /Kids [13 0 R 14 0 R 15 0 R 16 0 R 17 0 R] /Lang (EN-US) endobj >> /P 6080 0 R >> << /Lang (EN-US) /S /P /Pg 23 0 R << /Pg 25 0 R >> 2166 0 obj /S /Artifact /S /P endobj /P 5498 0 R /K 628 <> /P 5843 0 R /K 434 In high inflation periods, for example, PE has generated returns in excess of about 6% above public stocks. 1893 0 obj endobj << endobj /Pg 22 0 R << /Lang (EN-US) /S /P /Pg 24 0 R /Contents 4386 0 R /P 5494 0 R /Lang (EN-US) << 59 0 obj endobj 3816 0 obj /K 580 << 312 0 obj /S /P /K 836 /P 5021 0 R endobj << /Pg 23 0 R /Pg 22 0 R /K 486 >> /S /Artifact << /K 197 3945 0 obj << 2194 0 obj << << >> /Pg 23 0 R 4153 0 obj /Pg 24 0 R 3069 0 obj /P 5191 0 R 2984 0 obj /Pg 22 0 R endobj <> << /K 1017 /Lang (EN-US) /P 5536 0 R /K 1342 << /S /P /K 898 /Lang (EN-US) endobj << /K 1526 /S /P /K [560 0 R 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/S /Artifact /S /Artifact /Pg 25 0 R /S /LBody >> /S /P 4265 0 obj Direct lending is characterized by flexible and creative financing solutions that are unique to each opportunity. >> /Lang (EN-US) /P 6651 0 R << /S /Artifact << >> endobj >> /S /P /S /P >> /Pg 24 0 R << /Lang (EN-US) /K 1439 /Pg 22 0 R endobj /P 6126 0 R /K 1512 1526 0 obj /S /Artifact /Pg 25 0 R /K 144 622 0 obj endobj /Lang (EN-US) << /Lang (EN-US) << << endobj endobj /Lang (EN-US) /K 1072 endobj null 1823 0 R null 1824 0 R null 1825 0 R 1826 0 R null 1827 0 R null 593 0 obj >> endobj >> << endobj /S /P /P 10 0 R /K 1299 3734 0 obj endobj endobj << /K 1219 /Lang (EN-US) 1476 0 obj /K 1405 >> /S /P /K 857 endobj /Pg 23 0 R /P 5939 0 R /P 6726 0 R >> /Pg 22 0 R /S /Artifact /S /Artifact /S /P >> >> << /Pg 23 0 R /PageLayout /OneColumn endobj /Pg 18 0 R >> endobj endobj /K 73 /P 5061 0 R endobj /K 1320 >> endobj /K 657 >> << endobj /P 5 0 R /K 626 << 2229 0 obj /Lang (EN-US) << >> /Pg 25 0 R >> endobj 1841 0 obj 221 0 obj /Pg 24 0 R /Lang (EN-US) /K 925 955 0 obj >> 3033 0 obj /K 1235 /Lang (EN-US) endobj << endobj /S /P /K 797 /P 6035 0 R /Lang (EN-US) << endobj >> /S /Artifact << /K 1309 endobj /S /Artifact /K 514 930 0 obj /Lang (EN-US) 3375 0 obj /Pg 22 0 R Editor, Real Assets Adviser magazine; producer and host of the podcast Novelist Spotlight, availabe on all major podcast platforms 3d /P 5485 0 R /Lang (EN-US) /S /P /S /P /K 1393 /Pg 25 0 R /Pg 24 0 R /P 6447 0 R 362 0 obj /K 263 /Pg 22 0 R /Pg 24 0 R /S /Artifact endobj 524 0 obj << /P 10 0 R /K 223 /K 1349 /Rect [69.75 410.1940002441 207.7660064697 422.1940002441] endobj /Pg 20 0 R 1314 0 obj 3984 0 obj 4274 0 R 4275 0 R 4276 0 R 4277 0 R 4278 0 R 4279 0 R 4280 0 R 4281 0 R 4282 0 R 4283 0 R endobj /Pg 25 0 R >> >> /P 6203 0 R /S /P /S /Artifact /S /P >> /K 1052 4054 0 obj endobj endobj /Lang (EN-US) << /Pg 14 0 R 3016 0 obj endobj /S /Artifact /S /P /K 133 /K 1205 /K 1164 << endobj /K 17 endobj 236 0 obj endobj endobj 4026 0 obj /K 1133 >> endobj >> >> endobj /S /Artifact /P 6178 0 R 3031 0 obj 219 0 obj /K 495 1133 0 obj /P 6248 0 R /S /P << >> /Pg 22 0 R endobj << /Lang (EN-US) 3371 0 obj 1241 0 obj 2293 0 R 2294 0 R 2295 0 R 2296 0 R 2297 0 R 2298 0 R 2299 0 R 2300 0 R 2301 0 R 2302 0 R 2595 0 obj 3051 0 obj /Pg 22 0 R /Pg 23 0 R /S /Artifact >> /Pg 25 0 R /P 5659 0 R /Lang (EN-US) /K 23 << /S /Artifact /Pg 23 0 R endobj << /Pg 19 0 R endobj << /S /P /S /Artifact /S /P endobj >> /Pg 18 0 R /Lang (EN-US) Loan Note: Credit cycle takes a turn; ESG due diligence template nears 2065 0 obj endobj /S /P /P 5750 0 R endobj endobj endobj endobj /Lang (EN-US) >> /K 541 /Lang (EN-US) /Pg 24 0 R /Pg 24 0 R /Lang (EN-US) << >> 917 0 obj /K 7 1843 0 obj /Pg 23 0 R /Lang (EN-US) 2023. 291 0 obj >> << endobj << /K 401 829 0 obj 237 0 obj endobj 3780 0 obj endobj null 2878 0 R null 2879 0 R null null null 2880 0 R null null /P 6654 0 R 870 0 obj /Lang (EN-US) 1673 0 obj /S /P /Lang (EN-US) endobj << 4155 0 obj /Pg 25 0 R /Pg 22 0 R 220 0 obj /K 1451 << /Lang (EN-US) 2139 0 obj << endobj endobj >> /Pg 23 0 R >> >> /K 172 /K 965 << /Pg 22 0 R endobj /K 1502 /S /Artifact /K 260 /S /Artifact >> << /Lang (EN-US) /K 491 << 1867 0 obj >> 3181 0 obj endobj >> /S /P /Pg 23 0 R /Pg 18 0 R /S /P endobj endobj /S /Artifact >> >> /Lang (EN-US) >> /Pg 23 0 R /Pg 23 0 R << /Lang (EN-US) << /S /Artifact 1136 0 obj >> 578 0 obj /Lang (EN-US) /Pg 25 0 R /K [41 42 43 44] /K 1369 >> /P 5370 0 R /S /Artifact >> << /S /P /Pg 25 0 R 5 endobj << /K 6 /S /Artifact /S /Artifact /Pg 25 0 R endobj >> 885 0 R null 886 0 R null 887 0 R null 888 0 R null null null endobj /Pg 23 0 R /K 59 /Lang (EN-US) endobj << /Pg 23 0 R << endobj endobj /S /P endobj 276 0 obj 3044 0 obj << 1897 0 obj /Pg 16 0 R >> endobj /S /P /Lang (EN-US) /Pg 23 0 R /S /Artifact /Pg 22 0 R 2432 0 obj << /K 1497 << /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R 4062 0 obj /Lang (EN-US) /S /P /K 1321 1117 0 obj /S /Artifact 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 /K 1391 << 3084 0 obj /K 1357 /P 5273 0 R >> /S /P >> /P 5839 0 R /K 346 /Pg 23 0 R /Lang (EN-US) endobj /Pg 22 0 R /K 1375 /K 1546 /K 1377 /K 1220 3014 0 obj endobj /K 955 /Lang (EN-US) /K 1203 /Lang (EN-US) /Lang (EN-US) 1307 0 obj endobj /P 6632 0 R 1883 0 obj /S /P << 4620 0 R 4621 0 R 4622 0 R 4623 0 R 4624 0 R 4625 0 R 4626 0 R 4627 0 R 4628 0 R 4629 0 R Derivative instruments may be used to hedge endobj /S /P 4095 0 obj 272 0 obj /K 84 << 117 0 R 118 0 R 119 0 R 120 0 R 121 0 R 122 0 R 123 0 R 124 0 R 125 0 R 126 0 R /K 1513 /K 626 /S /P << /K 948 /S /P endobj /Lang (EN-US) /S /Artifact endobj endobj /S /P >> null 1049 0 R null 1050 0 R null 1051 0 R 1052 0 R null 1053 0 R null /K 1304 /Pg 17 0 R << /K [1335 1336] << >> >> /S /Artifact /P 5607 0 R /P 6266 0 R /Pg 24 0 R /Pg 18 0 R 2738 0 obj /K 1517 4133 0 obj /K 1388 << >> >> /S /Artifact /S /Artifact 2473 0 R 2474 0 R] /S /Artifact endobj /K 110 >> 585 0 obj /P 5543 0 R null 1735 0 R null 1736 0 R 1737 0 R null 1738 0 R null 1739 0 R null 2105 0 obj endobj /K 73 /K 925 << endobj 2923 0 obj /K 701 endobj /S /Artifact 3570 0 obj /S /Artifact 232 0 obj /P 5401 0 R endobj The Cliffwater BDC Index (CWBDC) measures the performance of lending-oriented, exchange-traded Business Development Companies, subject to certain eligibility criteria regarding portfolio composition, market capitalization, and dividend history. << /Pg 13 0 R /K 117 /S /P << >> /P 10 0 R /Pg 25 0 R /S /Artifact /P 5970 0 R >> /S /P >> << 1111 0 obj /Lang (EN-US) /P 4437 0 R endobj /K 1324 /P 6525 0 R /S /Artifact /P 5094 0 R 1626 0 obj /S /P endobj << /Pg 25 0 R /K 1203 stream endobj >> << >> 2988 0 obj endobj >> 2296 0 obj >> >> /S /Artifact >> /S /Artifact /K 1316 /Lang (EN-US) /Pg 22 0 R /K 1442 << /Pg 23 0 R /S /P endobj /Lang (EN-US) << /S /P << endobj /K 391 >> 2650 0 obj << Welcome to BDCs.com - Cliffwater BDC Index & Research << /Lang (EN-US) /P 33 0 R /Pg 25 0 R /P 6471 0 R 1485 0 obj 2497 0 obj /S /Artifact endobj << /Pg 25 0 R /K 1207 /K 875 << /Pg 22 0 R /S /Artifact 4167 0 obj /P 10 0 R /P 5102 0 R << null 427 0 R null null 100 0 R 101 0 R 102 0 R null 428 0 R null endobj /Lang (EN-US) endobj 867 0 obj /Lang (EN-US) /S /Artifact endobj endobj /S /Artifact /K 1249 /S /P /K 1453 /S /Artifact Indices - Direct Lending: Cliffwater Direct Lending Index, Private Equity: CA US Private Equity Index, High-Yield Bonds: Bloomberg Barclays High-Yield Index. << /Lang (EN-US) << >> endobj /S /Artifact /Pg 25 0 R 2670 0 obj /Pg 23 0 R /S /Artifact << /Type /Annot >> >> /Pg 23 0 R << >> /Pg 13 0 R /K [49 50 51 52 53] /Pg 17 0 R /P 6166 0 R << /S /Artifact /Pg 22 0 R << /K 826 /K 473 /Pg 23 0 R 2829 0 obj /Pg 23 0 R >> 1639 0 obj endobj 1445 0 R 1446 0 R 1447 0 R 1448 0 R 1449 0 R 1450 0 R 1451 0 R 1452 0 R 1453 0 R 1454 0 R 1765 0 obj 2745 0 obj /S /Artifact /Pg 22 0 R /S /P endobj >> endobj /Lang (EN-US) /S /P << endobj /K 1241 3895 0 obj 3648 0 obj 3004 0 obj 2766 0 obj 363 0 obj /Pg 18 0 R 368 0 obj 4024 0 obj >> 794 0 obj /K [47 4688 0 R] >> /P 5268 0 R 2498 0 obj << << /Pg 16 0 R >> /K 1123 /S /P 2071 0 obj 621 0 obj 2125 0 obj << /K 28 /Pg 23 0 R 3299 0 obj 1833 0 obj << /Pg 22 0 R 2409 0 obj endobj /Lang (EN-US) /P 6425 0 R /S /P /S /P /S /Artifact /Pg 25 0 R /Pg 18 0 R endobj endobj /S /P >> /Lang (EN-US) /S /Artifact endobj /Tabs /S >> endobj >> /Pg 20 0 R /K 386 /K 1275 >> /S /P /Lang (EN-US) /K 639 /P 5857 0 R /P 5986 0 R /S /Artifact /S /Artifact >> endobj endobj /P 5660 0 R >> 1822 0 obj >> /S /Artifact endobj << /S /Link /P 5367 0 R endobj << 3772 0 R null 3773 0 R null null null 3774 0 R null null null 1689 0 obj >> /K 88 /Pg 22 0 R 976 0 obj << /Pg 24 0 R /Pg 22 0 R 2481 0 obj endobj endobj /K 1472 /Pg 13 0 R /Pg 25 0 R /K 101 >> <> /S /Artifact << 2897 0 obj /P 4980 0 R /Pg 22 0 R >> << /S /Artifact /S /P << endobj /P 6110 0 R endobj /Rotate 0 /P 5496 0 R >> /Lang (EN-US) /Pg 14 0 R << endobj >> >> /K 16 /Lang (EN-US) 4041 0 obj 690 0 obj /S /Artifact << 2638 0 obj /S /Artifact /Pg 25 0 R endobj /S /P 2103 0 obj endobj 3233 0 obj /P 4436 0 R endobj /S /P << endobj 2817 0 obj /K 35 /Pg 23 0 R /S /P >> /Pg 23 0 R endobj 1660 0 obj /K 296 /S /P << << endobj /Lang (EN-US) /K 1475 >> << 1914 0 obj >> /P 5995 0 R /Pg 22 0 R /Lang (EN-US) endobj << /Pg 23 0 R endobj /S /Artifact /S /P 4145 0 obj /K 1498 >> endobj >> /Lang (EN-US) /S /Artifact 1662 0 obj /K 1482 /K 1366 /P 5520 0 R >> /K 1440 /Creator (Acrobat PDFMaker 22 for Word) 12 [null 320 0 R null 2475 0 R null null 2476 0 R null null 2477 0 R /K 462 /Pg 25 0 R >> /K 1248 << /S /P 4233 0 obj >> >> 315 0 obj /Lang (EN-US) >> >> /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 endobj >> /S /P << >> << /S /Artifact << /Lang (EN-US) /P 4648 0 R >> /Pg 25 0 R << endobj /K 358 /Pg 25 0 R >> /K 250 << endobj endobj /Lang (EN-US) 3157 0 obj /Lang (EN-US) /P 6454 0 R >> 826 0 obj >> /S /Artifact /S /Artifact /S /P << << /Pg 22 0 R >> /Pg 22 0 R /S /P endobj /P 6244 0 R endobj << /S /P endobj /Pg 25 0 R >> null 3434 0 R null 3435 0 R null 3436 0 R null 3437 0 R null 3438 0 R << >> endobj << /Pg 24 0 R /Pg 24 0 R << /Pg 18 0 R 314 0 obj 1807 0 obj /K [212 213 214] 3401 0 obj /S /P /P 10 0 R /Pg 25 0 R /Pg 22 0 R 1495 0 obj 3670 0 obj >> /K 894 /S /Artifact /P 5257 0 R >> /Pg 24 0 R 3361 0 obj 647 0 obj >> >> /S /P 23 0 obj >> /Pg 22 0 R /Lang (EN-US) /S /Artifact /Parent 9 0 R << /Lang (EN-US) /K 1169 >> >> 2730 0 obj /K 1219 /Lang (EN-US) >> /Lang (EN-US) /P 5675 0 R 1771 0 obj << /S /P << /K 1431 endobj >> /P 5529 0 R << 2902 0 obj >> /Lang (EN-US) /Lang (EN-US) /Pg 22 0 R /Pg 22 0 R <> /K 1360 2192 0 obj 1965 0 obj /P 5069 0 R /K 629 780 0 obj /K 283 /S /P /K 1487 1929 0 obj >> /Lang (EN-US) /Pg 20 0 R /K 1030 >> /K 1099 endobj << endobj 3032 0 obj << >> /S /Artifact endobj /Lang (EN-US) /S /P 2516 0 obj /K 1400 /Pg 23 0 R /Pg 22 0 R << >> << /S /Artifact /Lang (EN-US) endobj 745 0 obj /S /P /S /Artifact << << /Lang (EN-US) endobj >> >> /K 1141 /S /Artifact >> << 664 0 obj 896 0 obj endobj << endobj /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) endobj /S /P /Lang (EN-US) /Lang (EN-US) /S /Artifact << /K 27 >> /Pg 24 0 R << endobj /K 1514 >> endobj >> << /K 1225 endobj << /K 458 /P 6446 0 R /S /Artifact endobj /Pg 18 0 R /K 1467 << 2686 0 obj endobj endobj /Pg 24 0 R endobj /Pg 22 0 R endobj /K 32 /Pg 25 0 R /K 1272 << endobj /Pg 22 0 R /P 5989 0 R /Pg 25 0 R /S /Artifact /S /P /Pg 25 0 R /Pg 24 0 R endobj endobj null 3811 0 R null 3812 0 R null 3813 0 R null 3814 0 R null 3815 0 R endobj endobj /Lang (EN-US) /Pg 22 0 R >> /S /P /S /P /Pg 23 0 R /P 6182 0 R >> /S /P >> /P 5178 0 R /K 1262 /Pg 23 0 R /Lang (EN-US) /S /P >> /Pg 19 0 R 1210 0 obj /Pg 24 0 R 1862 0 obj /K 33 << 2523 0 obj /K 30 2304 0 obj endobj << /K 1502 /Pg 23 0 R /S /Artifact /S /P 640 0 obj /P 5774 0 R /S /Artifact /K 139 >> << /Lang (EN-US) >> /Pg 24 0 R /Pg 25 0 R << /Pg 24 0 R /K 1287 << null 2692 0 R null 2693 0 R null 2694 0 R null null null 2695 0 R endobj /S /P /S /Artifact << 2291 0 obj 3450 0 obj /S /P /Pg 23 0 R /K 1225 /K 907 /Pg 16 0 R /K 1056 >> null null 2683 0 R null null null 2684 0 R null 2685 0 R null /S /LBody endobj /K 1165 endobj /S /P /Pg 24 0 R As of September 30, 2022. endobj /K 399 /P 6020 0 R >> /K 657 /S /Artifact /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 . /P 5855 0 R << endobj /P 6512 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 3061 0 obj /Pg 24 0 R /Lang (EN-US) /Pg 25 0 R 2715 0 obj endobj endobj >> /P 5942 0 R /S /Artifact 3264 0 obj /Lang (EN-US) << >> endobj 4178 0 obj /S /P /Pg 25 0 R /S /Artifact /P 4689 0 R /S /P << /S /P 676 0 obj 2981 0 obj endobj >> /Lang (EN-US) << /S /Artifact /S /P >> >> /Lang (EN-US) <> 1685 0 obj /K 437 >> /K 1487 >> << 4322 0 obj /Lang (EN-US) /K 1010 endobj /K 1106 229 0 obj /Lang (EN-US) >> >> 1327 0 obj 1374 0 obj >> /Lang (EN-US) 3471 0 obj 1253 0 obj /K 1006 1692 0 obj >> /K [41 42 43 44 45] /Lang (EN-US) endobj << << << << /Producer (Adobe PDF Library 22.1.149) /S /P /S /P /K 1121 /K 320 << endobj >> /P 6016 0 R /S /P null 443 0 R 140 0 R 444 0 R 143 0 R 445 0 R 145 0 R 446 0 R 152 0 R 148 0 R endobj << << Cliffwater Direct Lending Index is an asset-weighted index of over 8,000 directly originated middle market loans totaling $223 billion. /K 64 /Pg 16 0 R /Pg 25 0 R /S /Artifact /Pg 23 0 R /P 5553 0 R endobj 3405 0 obj endobj endobj /Lang (EN-US) /Pg 23 0 R /Pg 23 0 R << /Lang (EN-US) endobj /Pg 22 0 R /Lang (EN-US) 3727 0 obj >> << >> << 804 0 obj /Lang (EN-US) /Lang (EN-US) /Pg 18 0 R 2360 0 obj /K 1 /S /P /Pg 25 0 R << /Pg 25 0 R >> 15 410 0 R 16 411 0 R 17 412 0 R 18 419 0 R 19 431 0 R The Cliffwater Direct Lending index, which represents $260 billion in private credit assets, unlevered, returned 6.6% for the 12 months ended Sept. 30, compared to 14.25% for the prior 12-month . /K 1532 endobj 1170 0 obj /S /P 2013 0 obj /K 1474 /S /P /Lang (EN-US) >> 2806 0 obj /P 5407 0 R >> /S /Artifact 1158 0 obj >> >> /T () /S /Artifact endobj /S /P /P 6700 0 R /S /Artifact >> /P 6333 0 R endobj /Pg 23 0 R null 2900 0 R null 2901 0 R null 2902 0 R null 2903 0 R null null endobj /K 774 >> endobj endobj >> >> /K 194 2860 0 obj << >> /Lang (EN-US) 1593 0 obj 1922 0 obj /Pg 23 0 R /Pg 14 0 R /MediaBox [0 0 612 792] << 2830 0 obj >> /S /Artifact /Pg 18 0 R /Lang (EN-US) >> /S /P /Lang (EN-US) << /Pg 22 0 R <> /Pg 23 0 R endobj /Pg 24 0 R /Lang (EN-US) /Pg 18 0 R /S /Artifact /K 198 >> /K 818 /P 146 0 R /S /Artifact /P 6692 0 R 3957 0 R 3958 0 R 3959 0 R 3960 0 R 3961 0 R 3962 0 R 3963 0 R 3964 0 R 3965 0 R 3966 0 R endobj /Pg 22 0 R /P 6663 0 R endobj endobj 2526 0 obj >> 685 0 obj /S /Artifact 3235 0 obj /Pg 25 0 R /P 5733 0 R 3444 0 R null null null 3445 0 R null null null 3446 0 R null /Lang (EN-US) endobj <> /Pg 23 0 R >> 702 0 obj /S /P 938 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