endobj >> /Lang (EN-US) 112 0 obj >> 2958 0 obj << endobj 1241 0 obj >> >> /S /Artifact /K 1216 endobj >> 853 0 obj 1338 0 obj << endobj /K 1108 3700 0 obj << << << /K 1175 /K 1399 /S /Artifact /Pg 23 0 R << >> /Lang (EN-US) endobj >> /Pg 22 0 R /K 376 /S /P /K 125 /P 4945 0 R /Pg 23 0 R /S /Artifact >> /Pg 24 0 R 4301 0 obj /S /Artifact ICE, Bank of America for US High Yield represented by the ICE BofA High Yield. << 1562 0 obj /K 152 >> /Lang (EN-US) /S /Artifact /S /P << << /Metadata 3 0 R /Pg 18 0 R 1951 0 obj /Lang (EN-US) /S /Artifact endobj /S /Artifact /S /Artifact << >> endobj >> >> << /P 10 0 R endobj >> >> endobj /Pg 13 0 R 2923 0 obj /Pg 23 0 R /Pg 23 0 R 1023 0 obj /P 5901 0 R /Pg 22 0 R /S /P >> /Lang (EN-US) >> 3274 0 obj >> /Pg 24 0 R /S /P /K 358 << /Lang (EN-US) << /S /P /S /P endobj /Lang (EN-US) >> /Pg 23 0 R >> endobj endobj endobj /S /P endobj /Lang (EN-US) /Pg 22 0 R 3037 0 obj >> /S /P /P 10 0 R << /K 486 2256 0 obj /K 1200 /P 4858 0 R /K 554 3360 0 obj /P 4768 0 R /Lang (EN-US) /H /I 1840 0 obj << << /Lang (EN-US) << /Lang (EN-US) /S /P /K 1395 endobj /Lang (EN-US) /S /Artifact >> /Pg 25 0 R << >> >> endobj /S /P << /K 16 /S /Artifact /Pg 25 0 R 3832 0 obj << /P 5065 0 R /Pg 22 0 R /P 5018 0 R endobj /K 598 /P 434 0 R /P 5160 0 R endobj /Lang (EN-US) /S /P 3028 0 obj /Lang (EN-US) >> endobj /S /Artifact /K 1317 /K 1314 /Pg 23 0 R << 247 0 obj /Pg 22 0 R /S /Artifact /Pg 22 0 R 4338 0 obj /S /P endobj /S /Artifact /P 6022 0 R /S /P /K 1285 /S /Artifact /P 5326 0 R /Pg 22 0 R endobj endobj endobj /Pg 25 0 R endobj /Pg 23 0 R 395 0 obj 4295 0 obj endobj /Pg 22 0 R /P 5026 0 R /S /Artifact /K 1331 /Lang (EN-US) /Lang (EN-US) >> endobj This book dissects direct loans as a class, providing the critical background 385397403217. /P 6264 0 R 337 0 obj >> endobj << /S /P << << 47 0 R 48 0 R 49 0 R 50 0 R 51 0 R 52 0 R 53 0 R 54 0 R 55 0 R 56 0 R /P 33 0 R /Pg 24 0 R 4133 0 obj >> >> /K 108 << 1608 0 obj /Lang (EN-US) /Lang (EN-US) << endobj /S /P /K 15 /K 168 >> 4173 0 obj /K 32 /P 6141 0 R /Lang (EN-US) /Lang (EN-US) /S /Artifact >> << << /Pg 18 0 R /S /P null 3740 0 R null 3741 0 R null 3742 0 R null 3743 0 R null 3744 0 R /Pg 25 0 R /P 5517 0 R endobj >> /Lang (EN-US) >> 3977 0 obj /Lang (EN-US) /S /P /Lang (EN-US) /K 1330 /Pg 18 0 R /K 73 >> 815 0 obj 3411 0 obj << /K 1194 << /P 6735 0 R /S /Artifact /Pg 25 0 R << << /K 203 /Tabs /S << /Lang (EN-US) /S /P >> >> /Pg 22 0 R /K 21 /Pg 25 0 R /S /P 2977 0 obj 726 0 R null 727 0 R null null null 728 0 R null null null endobj /Pg 24 0 R << /S /P << 2339 0 obj /P 6003 0 R >> endobj /K 1241 /Lang (EN-US) >> 2290 0 obj /P 5797 0 R /Pg 24 0 R 2153 0 obj /K 14 2329 0 obj 1661 0 obj /Pg 24 0 R >> endobj /Pg 18 0 R 2857 0 obj << /Pg 25 0 R /P 192 0 R /K 133 /S /Artifact >> /K 168 /P 10 0 R >> >> /K 1131 /Pg 23 0 R /Pg 23 0 R << /Lang (EN-US) >> endobj /Pg 18 0 R /Lang (EN-US) /Lang (EN-US) /Pg 22 0 R >> /Pg 18 0 R endobj endobj 639 0 obj /Pg 23 0 R endobj 1 0 obj /Lang (EN-US) /K 397 << 850 0 obj >> /S /Artifact endobj 1710 0 obj /P 5859 0 R /Pg 25 0 R 1989 0 obj << << /Lang (EN-US) >> << /K 1440 2747 0 obj << /CropBox [0 0 612 792] /Pg 24 0 R /Pg 24 0 R >> >> /Pg 22 0 R << /Pg 23 0 R /Lang (EN-US) 3779 0 obj << /S /P 3518 0 R null 3519 0 R null 3520 0 R null 3521 0 R null 3522 0 R null 2383 0 obj /Pg 22 0 R 984 0 obj endobj endobj >> << /K 1438 << /P 4708 0 R /Pg 23 0 R /Pg 18 0 R >> << /Pg 24 0 R 1847 0 obj /S /P << >> endobj /Lang (EN-US) /P 6696 0 R /P 5534 0 R endobj /K 418 << << endobj /S /Artifact /P 10 0 R endobj endobj >> /S /P /Pg 20 0 R Alex Condrell, managing director at Cliffwater discusses the firm's direct lending index and corporate lending fund and how investments in middle-market corporate credit should stand up to the challenges of rising inflation and interest rates, providing something close to historic return levels of 9 percent for the asset class without . /Pg 24 0 R null 951 0 R null 952 0 R null 953 0 R null 954 0 R null 955 0 R << /S /P /K 1158 /S /Artifact /S /Artifact >> /Lang (EN-US) /S /P /S /P << << << << /Pg 23 0 R /S /Artifact >> /K 403 /Lang (EN-US) /Pg 24 0 R 3144 0 obj 4261 0 obj /S /Artifact /Lang (EN-US) /K 1318 /S /LBody << >> /Pg 23 0 R /S /P >> /S /P /S /P >> << << endobj endobj << >> >> 598 0 obj 2487 0 obj /K 986 null 645 0 R null 646 0 R null 647 0 R null 648 0 R null 649 0 R /S /Artifact 2385 0 obj /P 5997 0 R /P 5291 0 R endobj << 3676 0 obj endobj 3157 0 obj 3920 0 obj /Pg 22 0 R endobj << /K 1296 /Pg 22 0 R /K 385 /Pg 22 0 R endobj /K 1138 << /S /Artifact << /Lang (EN-US) >> Loans are made or arranged pursuant to a California Financing Law license. /P 10 0 R 3153 0 obj >> >> << /Lang (EN-US) >> >> /Pg 22 0 R /Pg 25 0 R << /K 572 null 2949 0 R null 2950 0 R null 2951 0 R null null null 2952 0 R /K 1357 /S /Artifact << << endobj endobj endobj >> /Marked true >> /K 289 /S /P << << /Pg 22 0 R /S /P /K 1287 /K 1445 >> >> /K 511 /Lang (EN-US) /K 1339 endobj /Lang (EN-US) endobj >> << endobj 2458 0 obj endobj 3381 0 obj >> 3994 0 obj << /Pg 24 0 R /K 657 endobj /Lang (EN-US) >> /K 122 /P 4933 0 R >> /Pg 19 0 R /S /P endobj /K 25 endobj endobj /Pg 23 0 R /K 848 null 2784 0 R null null null 2785 0 R null 2786 0 R null 2787 0 R >> /Lang (EN-US) endobj >> 632 0 obj /P 6226 0 R /S /Artifact >> /Pg 24 0 R >> /P 96 0 R /Lang (EN-US) << endobj << endobj << >> >> /S /P /P 4916 0 R << >> << << /Lang (EN-US) >> endobj /Endnote /Note 2836 0 obj /T () >> endobj << /Pg 24 0 R /S /P /P 5746 0 R /Pg 23 0 R << /P 6120 0 R /S /P /Lang (EN-US) endobj << /Pg 25 0 R endobj null 400 0 R null 401 0 R null 402 0 R null 403 0 R null 404 0 R 1882 0 obj 1701 0 obj /Lang (EN-US) /Pg 25 0 R /P 6150 0 R 499 0 obj /K 4 /Pg 25 0 R >> 2000 0 obj /S /P endobj << /S /P /S /Artifact /S /Artifact endobj /P 6023 0 R /S /P << >> /K 29 2074 0 obj /Lang (EN-US) 3643 0 obj << >> >> /K 220 /Pg 24 0 R /K 847 /K 1320 1465 0 R 1466 0 R 1467 0 R 1468 0 R 1469 0 R 1470 0 R 1471 0 R 1472 0 R 1473 0 R 1474 0 R /Pg 22 0 R >> /Pg 25 0 R /Pg 18 0 R /S /Artifact /Pg 24 0 R /Company (Hewlett-Packard Company) /Pg 18 0 R /K 1129 3481 0 obj endobj << >> /S /Artifact /Pg 23 0 R /S /Artifact >> null 3577 0 R null null null 3578 0 R null 3579 0 R null 3580 0 R /S /Artifact /S /P 2350 0 obj /P 5425 0 R /K 109 /Pg 25 0 R endobj /P 33 0 R /S /P /P 10 0 R /Pg 22 0 R 2750 0 obj /K 19 << /K 297 /S /Artifact /K 1211 endobj /Lang (EN-US) endobj endobj /K 1163 553 0 obj /K 953 << /S /Artifact /S /Artifact /K 84 /P 6552 0 R 4124 0 obj 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 /Pg 24 0 R >> /S /P endobj << >> endobj endobj << /S /P endobj << /S /P >> /K 1500 << /K 158 endobj 900 0 obj endobj >> endobj << /P 5342 0 R >> >> /K 507 904 0 obj << /Type /Metadata /K 1149 /K 1370 /Pg 24 0 R endobj /Pg 15 0 R 1006 0 obj /Lang (EN-US) /Lang (EN-US) endobj /Pg 22 0 R /Lang (EN-US) >> /Lang (EN-US) 2864 0 R null 2865 0 R null 2866 0 R null 2867 0 R null null null 889 0 R null null null 890 0 R null 891 0 R null 892 0 R null /Pg 25 0 R >> /Lang (EN-US) /InlineShape /Figure /K 136 /S /Artifact /K 591 endobj /S /Artifact /K 90 /K 517 337 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 /S /Artifact /K 89 /Lang (EN-US) /K 88 >> /K 21 >> /Pg 23 0 R << /S /P /K 71 >> /Lang (EN-US) << /S /Artifact /Pg 22 0 R endobj /Pg 23 0 R endobj endobj /Lang (EN-US) endobj /S /P /P 6742 0 R receive by clicking each checkbox Cliffwater Research Cliffwater Webcast Invitation Cliffwater Daily Capital Markets Cliffwater Daily BDC Analysis save preferences Indices You can't define an asset class or take it seriously without an index. /S /P endobj /Pg 23 0 R /K 1102 522 0 obj /Pg 19 0 R /P 6285 0 R /Lang (EN-US) /P 10 0 R /Pg 13 0 R >> /Lang (EN-US) >> >> << /S /Artifact endobj << /S /P endobj null 1921 0 R 1922 0 R null 1923 0 R null 1924 0 R null 1925 0 R null /S /P /K 1066 /K 654 << /K 104 /Pg 25 0 R 3828 0 obj /S /Artifact << /K 33 /P 5820 0 R >> /Lang (EN-US) /Pg 25 0 R >> >> /Pg 25 0 R << /Lang (EN-US) /K 1448 >> /S /P >> 1778 0 obj /Pg 17 0 R /S /Artifact /S /Artifact /P 5442 0 R /P 5929 0 R endobj endobj endobj endobj 1993 0 obj /Lang (EN-US) /S /Artifact endobj 176 0 obj /Lang (EN-US) /Lang (EN-US) /K 139 /S /P >> Average Realized Loss (2006 - 2021) Average realized loss is the historical average of the realized gains/losses for the Cliffwater Direct Lending Index. /S /P << /P 5596 0 R >> /Lang (EN-US) /Pg 24 0 R << /K 697 endobj endobj /K 1377 /K 295 1454 0 obj >> endobj endobj << endobj /P 5880 0 R /Pg 25 0 R /Pg 25 0 R /Lang (EN-US) /K 1496 375 0 obj /S /P >> << /Lang (EN-US) /Pg 23 0 R /K 352 /Pg 25 0 R null 948 0 R null null null 949 0 R null null null 950 0 R 456 0 obj /Lang (EN-US) /K 374 >> endobj >> << endobj /Pg 24 0 R >> 2439 0 obj /Lang (EN-US) /Lang (EN-US) << /MediaBox [0 0 612 792] endobj /S /P /S /Artifact 985 0 obj /K 1008 /K 1206 59 0 obj 3211 0 obj 3752 0 obj << >> /K 1468 << /K 437 /S /P /Pg 23 0 R 1337 0 obj >> /K 1116 /S /P /Pg 25 0 R /P 6411 0 R /P 5012 0 R << endobj >> /K 1499 /Lang (EN-US) endobj /Lang (EN-US) /S /P 744 0 obj /Lang (EN-US) /Rotate 0 /Lang (EN-US) endobj /Pg 24 0 R endobj 2079 0 obj /K 1242 3431 0 obj >> /K 163 /P 5335 0 R 2044 0 obj endobj /P 10 0 R 2800 0 obj /K 582 endobj >> endobj /Pg 24 0 R /K 387 /K 60 3715 0 obj >> /P 5390 0 R << /Pg 25 0 R /S /P /Pg 23 0 R 1685 0 obj endobj /K 1169 endobj /S /Artifact << /K 617 << /S /Artifact /P 5947 0 R /K 875 << >> endobj /K 43 endobj endobj /P 10 0 R 3406 0 obj /Pg 24 0 R 3182 0 obj /Lang (EN-US) >> endobj /P 4917 0 R << >> 3839 0 obj 3579 0 obj >> 2106 0 obj null null 1718 0 R null null null 1719 0 R null 1720 0 R null /K 1309 /Lang (EN-US) /S /P /S /P << /S /Artifact /K 453 >> 156 0 obj /K 171 /Lang (EN-US) /S /P /S /Artifact /Pg 23 0 R 295 0 R 296 0 R 298 0 R 299 0 R 300 0 R 301 0 R 302 0 R 303 0 R null null << /Pg 25 0 R << /Lang (EN-US) 1298 0 obj 2647 0 obj /K 1187 /Pg 22 0 R 1406 0 obj /K 376 << /K 1301 3586 0 obj /S /Artifact /S /Artifact /Lang (EN-US) /Pg 23 0 R /P 5449 0 R /S /P endobj >> /S /Artifact << /Pg 17 0 R >> 4052 0 obj << /Lang (EN-US) << /Pg 22 0 R /K 163 endobj >> /S /P /Lang (EN-US) /Pg 20 0 R << << /P 5137 0 R /K 1272 >> /K 1491 >> /Pg 22 0 R 1588 0 obj << endobj endobj endobj /S /Artifact /S /Artifact << >> 2014 0 obj << /K [1111 1112] 402 0 obj >> << /Lang (EN-US) /Pg 23 0 R /S /P /K 931 /Lang (EN-US) /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 endobj 1809 0 obj << /Lang (EN-US) >> /S /Artifact >> /S /P endobj 2838 0 obj >> /S /Artifact 4202 0 obj /S /P /P 143 0 R /K 20 /K 4 /Pg 22 0 R /S /Artifact << /K 1109 /Lang (EN-US) << /Pg 22 0 R /P 5203 0 R endobj /S /P /P 5757 0 R /P 5296 0 R /S /Artifact >> /K 110 352 0 obj /Lang (EN-US) endobj << /Lang (EN-US) 1639 0 obj endobj In fact, in comparison with high-yield and traded loans, the Cliffwater Direct Lending Index (CDLI) has delivered an average yield pickup of 391 basis points (bps) and 547 bps, respectively, since 2005. 2774 0 R null 2775 0 R null 2776 0 R null 2777 0 R null 2778 0 R 2779 0 R 1629 0 obj /Pg 24 0 R /Pg 23 0 R endobj 2577 0 obj endobj endobj /S /P >> /K 179 /S /P << /S /P 410 0 obj >> >> >> /S /Artifact >> << /Lang (EN-US) /P 10 0 R /K 1164 << /Pg 22 0 R /K 1320 3857 0 obj << << /Lang (EN-US) 3537 0 R null 3538 0 R null 3539 0 R null 3540 0 R null null null << >> 3442 0 obj << /K 560 >> /K 1119 /S /Artifact << null 536 0 R null 537 0 R null 186 0 R 187 0 R 188 0 R 189 0 R 190 0 R /K 1204 /S /P /K 1491 >> >> >> endobj >> 4112 0 obj /Pg 23 0 R << << /P 5130 0 R << >> /S /Artifact /P 5882 0 R >> endobj /K 813 2616 0 obj /P 5230 0 R << >> /Lang (EN-US) >> 3166 0 obj /K 13 >> CLIFFWATER DIRECT LENDING INDEX (CDLI) CLIFFWATER BDC INDEX (CWBDC) Stay in the know. /P 6009 0 R /K 1351 endobj >> /S /P >> << endobj << 2495 0 obj /P 6569 0 R endobj << << /Pg 16 0 R endobj /S /Artifact >> endobj /S /Artifact /Pg 24 0 R >> << /K 1236 << endobj << >> /S /P 3298 0 obj /P 5812 0 R /P 4999 0 R /Pg 23 0 R /K 1067 << >> /Lang (EN-US) 1064 0 obj >> /K 696 /Pg 24 0 R 526 0 obj 4250 0 obj >> /S /P /Lang (EN-US) /S /P endobj /Pg 23 0 R endobj /Pg 18 0 R /S /Artifact >> /P 5740 0 R 3816 0 obj
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