cliffwater direct lending index

/Pg 18 0 R /K 654 /Pg 21 0 R << /Pg 22 0 R 2876 0 obj /Pg 22 0 R >> /K 1448 endobj endobj /K 965 /S /P << /Lang (EN-US) /K 1244 endobj /S /Artifact << /Pg 25 0 R >> /S /Artifact 3066 0 obj /Pg 23 0 R /Pg 25 0 R /Pg 22 0 R /Lang (EN-US) /S /P /P 10 0 R /Pg 25 0 R /Pg 14 0 R /S /P >> /K 1005 << 201 0 obj endobj /S /Artifact /Pg 23 0 R /P 4838 0 R /P 4896 0 R endobj endobj /K 73 endobj /K 9 /Pg 25 0 R /S /Artifact /P 5405 0 R /Pg 22 0 R /Pg 25 0 R /T () /S /Table /K 327 /S /Artifact endobj /S /Artifact /K 385 null 3789 0 R null 3790 0 R null 3791 0 R null 3792 0 R 3793 0 R null /S /Artifact 491 0 obj /K 514 1961 0 obj /K 810 /S /Artifact /Pg 23 0 R 2826 0 obj endobj >> /Pg 25 0 R >> << endobj /S /Artifact /K 1253 >> /K 352 /K 601 >> >> >> endobj << endobj endobj << 2610 0 obj /K 533 /P 4709 0 R /Pg 25 0 R >> endobj /P 5016 0 R /S /Artifact /S /Artifact /S /Artifact << /K 493 1919 0 obj /K 88 /Pg 24 0 R /S /Artifact /Pg 24 0 R << /Pg 25 0 R /S /P << /K 326 >> endobj /Pg 25 0 R /S /Artifact 701 0 obj >> << /Lang (EN-US) /Pg 22 0 R /S /P /S /P /K 453 856 0 obj /S /P >> 2469 0 obj /P 5517 0 R endobj 3628 0 obj /Lang (EN-US) << /Pg 25 0 R endobj /Pg 25 0 R endobj /K 1278 Find the latest Cliffwater Corporate Lending Fund Class I (CCLFX) stock quote, history, news and other vital information to help you with your stock trading and investing. /Pg 18 0 R 3872 0 obj 1530 0 obj /P 4804 0 R << 1845 0 obj /Lang (EN-US) >> /P 5003 0 R endobj /S /P >> /Lang (EN-US) /S /Artifact /K 776 2325 0 obj /S /Artifact /K 478 2162 0 obj << /Pg 25 0 R /Lang (EN-US) >> 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 1818 0 obj /S /Artifact /S /P /S /P << >> /S /P /P 6464 0 R << /S /P << >> << endobj << 2587 0 obj >> /K 67 <> endobj /Pg 23 0 R 806 0 obj << <> /K 853 /Pg 21 0 R /P 10 0 R >> /S /P /Lang (EN-US) /P 5216 0 R /Pg 23 0 R 1934 0 obj /K 1270 1137 0 obj >> /Pg 24 0 R /P 5573 0 R << <> /Pg 23 0 R /Tabs /S /K 401 1009 0 obj /S /Artifact /Pg 24 0 R /Lang (EN-US) endobj 3767 0 obj /S /Artifact /S /Artifact /Lang (EN-US) 488 0 obj endobj /Lang (EN-US) /Lang (EN-US) /K 436 142 0 obj << /Lang (EN-US) 1576 0 obj /BS 6761 0 R /Lang (EN-US) endobj endobj 989 0 obj /Lang (EN-US) << >> >> /S /P 380 0 R 381 0 R 382 0 R null 383 0 R null 384 0 R null 385 0 R 44 0 R 2256 0 obj /K 1098 /P 5620 0 R >> endobj /S /Artifact /S /Artifact 643 0 obj /S /Artifact endobj /P 4937 0 R /P 6573 0 R /K 1168 /Lang (EN-US) 3902 0 obj <> /K 1015 /Pg 22 0 R 2800 0 obj /K 608 /P 5142 0 R 832 0 obj /K 606 /P 4873 0 R /Pg 24 0 R /K 1379 3719 0 obj /K 1372 /Pg 23 0 R /Pg 24 0 R << endobj /Lang (EN-US) 436 0 R 436 0 R] endobj >> 4299 0 obj >> >> endobj << 3568 0 obj << >> 1209 0 obj 2241 0 obj << << << << >> >> /K 239 /K 1409 /S /P >> /S /Artifact /Lang (EN-US) endobj endobj /S /Artifact /Pg 25 0 R endobj 1815 0 obj >> /S /Artifact >> /S /P >> /S /Artifact >> 736 0 obj /K 122 /K 894 << /Pg 22 0 R endobj /Lang (EN-US) 2769 0 obj /Pg 25 0 R 3044 0 obj 3420 0 obj endobj /Contents 4349 0 R endobj endobj >> endobj endobj << /S /Artifact endobj /Pg 24 0 R << /K 642 /Lang (EN-US) /S /Artifact endobj /T () /Pg 24 0 R >> >> /Pg 24 0 R /S /Artifact /P 5454 0 R /Pg 25 0 R 4277 0 obj >> /S /Artifact /Lang (EN-US) /P 5013 0 R << >> endobj << /Pg 23 0 R /P 6136 0 R /A 6762 0 R /Pg 22 0 R >> /P 6607 0 R /S /P /Pg 24 0 R /Pg 24 0 R ^+JA?\WDK /Pg 13 0 R << endobj 2949 0 obj 3984 0 obj /Pg 22 0 R /Pg 25 0 R /P 4884 0 R /Pg 24 0 R endobj /K 1516 >> <> /K 1148 /S /P /Lang (EN-US) /K 1541 /Lang (EN-US) >> <> << >> /P 6248 0 R << /S /P endobj /Pg 13 0 R /K 751 << >> /Pg 15 0 R 621 0 obj /Lang (EN-US) /Lang (EN-US) << >> 869 0 obj >> >> >> /K 73 1394 0 obj /Pg 25 0 R /P 10 0 R 2340 0 obj endobj 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 << 3890 0 obj << /K 1129 << 2175 0 obj /P 6616 0 R null null null 619 0 R null null null 620 0 R null 621 0 R 679 0 obj /K 1241 1475 0 R 1476 0 R 1477 0 R 1478 0 R 1479 0 R 1480 0 R 1481 0 R 1482 0 R 1483 0 R 1484 0 R << endobj 411 0 obj /Lang (EN-US) >> endobj 3910 0 obj << >> 1924 0 obj 1620 0 R null 1621 0 R null null null 1622 0 R null null null /S /Artifact /Pg 19 0 R endobj << /Lang (EN-US) /S /P /S /P /K 1040 /Pg 13 0 R /S /P 1635 0 obj endobj << >> /Pg 25 0 R endobj /P 5683 0 R >> /S /P >> /S /P /K 858 /S /Artifact >> 2989 0 obj >> /K 1527 << << >> /P 4668 0 R /K 216 203 0 obj /Lang (EN-US) <> /Lang (EN-US) /Pg 14 0 R << /Pg 23 0 R >> 346 0 obj endobj /Pg 13 0 R endobj /Pg 13 0 R >> endobj /A 6760 0 R >> /Pg 24 0 R /S /P 2388 0 obj 1777 0 obj << /Lang (EN-US) << /S /P /K 464 2801 0 obj /S /Artifact /Pg 25 0 R << << 374 0 obj /S /P /S /P /Pg 18 0 R <> << /S /P endobj >> 2260 0 obj << >> endobj 257 0 R 258 0 R 259 0 R 260 0 R 261 0 R 262 0 R 263 0 R 264 0 R 265 0 R 266 0 R /Pg 22 0 R /S /Artifact endobj /S /Artifact /Nums [0 [27 0 R 28 0 R 29 0 R null 31 0 R 32 0 R 34 0 R 35 0 R 36 0 R 37 0 R 4227 0 obj << /Pg 25 0 R endobj /S /P 760 0 obj 3786 0 obj /S /Artifact /Lang (EN-US) endobj /Lang (EN-US) 963 0 obj 587 0 obj /S /P /S /Artifact << << 2744 0 obj endobj << 3018 0 obj 960 0 obj /Pg 25 0 R << /Pg 22 0 R >> 2460 0 obj >> /Lang (EN-US) /Pg 18 0 R endobj /S /Artifact /K 1089 /K 978 Average Loss Rates /K 7 /Pg 22 0 R >> /K 1256 /Pg 22 0 R /S /Artifact 2607 0 R null 2608 0 R null 2609 0 R null 2610 0 R null null null /S /Artifact /Pg 13 0 R /Pg 24 0 R /K 50 /K 31 /Lang (EN-US) endobj /K 372 /Pg 22 0 R << /S /P /Pg 21 0 R << >> /P 4732 0 R /CropBox [0 0 612 792] /K 70 4132 0 obj /S /P >> >> /Pg 24 0 R << /Lang (EN-US) /S /Artifact >> /P 4829 0 R /Lang (EN-US) /S /P 4287 0 obj 2273 0 obj /S /Artifact /P 4811 0 R /Pg 24 0 R 3350 0 obj /Footnote /Note /P 6214 0 R 3884 0 obj >> /S /Artifact /Pg 15 0 R /Lang (EN-US) >> 3554 0 obj << endobj /Pg 23 0 R /Pg 25 0 R <> /Lang (EN-US) >> endobj /K 1182 >> /K 853 /K 1517 2050 0 obj /K 98 /K 1183 << 1458 0 obj endobj /S /Artifact 2179 0 obj /Pg 24 0 R << >> /Rotate 0 /K 1032 /Pg 22 0 R endobj endobj 3267 0 obj 413 0 obj << /Pg 21 0 R /K 1285 /Pg 23 0 R /S /P /S /P /S /P /Pg 24 0 R endobj /S /Artifact endobj /P 6057 0 R << 1284 0 obj 2819 0 obj 3559 0 obj >> /Lang (EN-US) /Pg 23 0 R >> /P 6203 0 R /S /P endobj /S /Artifact endobj /P 5030 0 R >> << << /P 5073 0 R /S /Artifact << /K 464 2988 0 obj endobj /K 22 /S /Artifact 3322 0 obj /S /P /Lang (EN-US) << endobj /K 1102 661 0 obj /Pg 13 0 R /P 5914 0 R /Pg 22 0 R /S /P /Pg 23 0 R /K 1233 /K 1108 /Pg 21 0 R /Pg 24 0 R endobj /S /Artifact 214 0 obj /Pg 23 0 R /S /P endobj endobj /Lang (EN-US) /S /P 7 [null null 538 0 R null null null 561 0 R null null null 4140 0 obj << >> /K 859 /K 884 /Lang (EN-US) /K 72 /K 591 << /K 609 /Pg 22 0 R /Pg 23 0 R << /K 1026 /K 5 /K 1356 /K 954 /P 10 0 R >> 3429 0 obj /S /Artifact 3900 0 obj /K 517 >> >> Private Equity generally outperforms Public Equities in almost all environments except the 'low inflation/low growth' regime. /P 5960 0 R >> /S /P /K 661 /Pg 23 0 R >> >> /Pg 22 0 R /S /Artifact 1475 0 obj /Lang (EN-US) 1184 0 obj /K 1445 1937 0 obj /Pg 25 0 R /K [58 59 60 61] << /Pg 22 0 R endobj 416 0 obj >> endobj /Lang (EN-US) 1324 0 obj >> /K 61 >> >> >> << /Pg 22 0 R 513 0 R 514 0 R 515 0 R null 516 0 R null 517 0 R null 518 0 R 519 0 R endobj /Lang (EN-US) /K 202 /K 174 1944 0 obj /P 4735 0 R >> /Pg 25 0 R endobj /Pg 22 0 R /Lang (EN-US) /Annotation /Span /S /P /Pg 17 0 R endobj /Lang (EN-US) 3292 0 obj /P 6459 0 R 3665 0 obj << 2327 0 obj /K 145 /Lang (EN-US) /K 1401 << endobj /K 1544 /K 212 1333 0 obj endobj /K 1263 /K 148 endobj /Pg 24 0 R /S /Artifact /P 5139 0 R /Pg 22 0 R 423 0 obj /Lang (EN-US) endobj 4023 0 obj >> /Pg 24 0 R /P 5966 0 R endobj /P 6224 0 R endobj << 364 0 obj 2729 0 obj endobj endobj null 2784 0 R null null null 2785 0 R null 2786 0 R null 2787 0 R endobj 3039 0 obj << << << /Lang (EN-US) endobj /S /Artifact /P 6124 0 R 172 0 R 172 0 R] /P 6636 0 R /K 43 /P 6604 0 R /Pg 25 0 R /K 1458 << /Lang (EN-US) /S /Artifact /S /P /P 6625 0 R 3878 0 obj /S /Artifact /K 1425 endobj /P 5817 0 R >> /Lang (EN-US) 822 0 obj /Lang (EN-US) /S /Artifact >> << endobj null 3581 0 R null 3582 0 R null 3583 0 R 3584 0 R null 3585 0 R null endobj endobj /K 581 endobj /Lang (EN-US) <> << << /S /P /Lang (EN-US) << /K 284 /Pg 25 0 R /K 379 /Lang (EN-US) 1481 0 obj /K 1436 2102 0 obj >> /K 644 endobj endobj 319 0 obj endobj >> /K 1477 3729 0 obj /Pg 25 0 R >> endobj endobj /Pg 23 0 R 3507 0 obj >> endobj << >> /P 4975 0 R /Pg 25 0 R /P 6080 0 R << /K [4388 0 R 4389 0 R 4390 0 R 4391 0 R 4392 0 R 4393 0 R] /Pg 24 0 R 3329 0 obj /Pg 22 0 R /Lang (EN-US) /P 5160 0 R endobj endobj /Pg 24 0 R << /Pg 24 0 R << << /Pg 24 0 R /K 103 endobj /S /Artifact /K 1373 endobj endobj /P 6323 0 R >> /K 74 endobj /S /Artifact endobj endobj >> 2452 0 obj /Lang (EN-US) /Pg 18 0 R >> endobj /S /Artifact /Pg 25 0 R 3324 0 obj endobj /S /Artifact /Pg 25 0 R /Pg 25 0 R /Pg 23 0 R /K 12 >> >> /K 1219 null null 938 0 R null 939 0 R null 940 0 R null 941 0 R null /K 1465 3053 0 obj >> /P 6100 0 R endobj /S /P /P 5414 0 R 4259 0 obj /K 716 endobj 2259 0 obj /S /Artifact 1024 0 obj /K 1194 2683 0 obj endobj endobj << endobj >> >> << << >> << endobj >> Direct lending is characterized by flexible and creative financing solutions that are unique to each opportunity. << endobj >> * "Direct Lending" is proxied by the Cliffwater Direct Lending Index - Senior (CDLI-S) which uses Current Yield as of June 30, 2021 in place of Yield to Worst. /Lang (EN-US) 205 0 obj /Pg 24 0 R /P 10 0 R 4214 0 obj /K 1223 /Pg 22 0 R /K 1110 endobj endobj << >> << >> endobj /S /P endobj null 1727 0 R null 1728 0 R null 1729 0 R null null null 1730 0 R >> <> /BS 6767 0 R 33 0 obj << << endobj /S /P 2 Demand for capital from /P 5769 0 R 2830 0 obj /Pg 24 0 R endobj >> >> >> /P 4889 0 R /P 10 0 R endobj 195 0 obj /Lang (EN-US) /S /P 3906 0 obj /K 854 << 133 0 obj << >> /Pg 23 0 R << /K 1531 >> 296 0 obj << endobj /Pg 25 0 R /K 1322 /P 10 0 R /Pg 23 0 R /S /Artifact 1248 0 obj /Pg 24 0 R 752 0 R null null null 753 0 R null 754 0 R null 755 0 R null /K 1039 >> 1614 0 obj >> 3548 0 obj << endobj /S /Artifact 2933 0 obj >> << 3242 0 obj /S /P /S /P /K 873 /P 4708 0 R /K 61 << >> /S /P /Lang (EN-US) /K 108 endobj endobj endobj /S /Artifact /P 33 0 R /K 534 /K 1504 endobj endobj /P 10 0 R /Lang (EN-US) /K 383 endobj /S /P 1132 0 obj >> /Pg 22 0 R /Lang (EN-US) /P 10 0 R endobj /K 532 << /K 1002 /Pg 24 0 R /K 356 1500 0 obj 4076 0 obj /P 10 0 R >> /P 5764 0 R endobj 385 0 obj /P 5260 0 R /Pg 16 0 R endobj /S /Artifact endobj >> >> endobj >> /Pg 19 0 R /S /P /Pg 24 0 R << >> /S /Artifact /Lang (EN-US) 3888 0 obj >> /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 /Pg 22 0 R << endobj /S /P >> /P 10 0 R >> /K 99 >> /Lang (EN-US) << /S /P /Lang (EN-US) /S /P >> endobj >> >> Volatility is measured using standard deviation. 3201 0 obj /S /P /P 5805 0 R >> 4123 0 obj /K 55 /K 265 /Tabs /S << endobj 1492 0 obj 62 0 obj /P 6063 0 R << << >> /S /P endobj endobj /K 205 endobj >> endobj >> /Pg 20 0 R >> /Lang (EN-US) /S /P 4168 0 obj << 4029 0 obj << << /S /P /P 6300 0 R /Pg 22 0 R /K 1226 << /S /Artifact /P 5288 0 R endobj /Lang (EN-US) /S /Artifact /S /P /Pg 18 0 R <> << 2139 0 obj /K 316 1968 0 obj endobj << << << /S /Artifact /Lang (EN-US) << >> endobj 3181 0 obj << << 938 0 obj >> << << /S /P /S /P /S /Artifact /Lang (EN-US) /Pg 23 0 R endobj /K 767 2023. 957 0 obj << /S /P 912 0 obj /Pg 25 0 R endobj << endobj 2680 0 obj m >> /S /Artifact << >> /K 1315 << << << /Lang (EN-US) << 1510 0 obj << 4193 0 obj /Pg 14 0 R << /S /P /Lang (EN-US) /Pg 20 0 R endobj endobj /S /P /Pg 22 0 R >> /Pg 25 0 R 2963 0 obj >> endobj /Lang (EN-US) /S /P /Lang (EN-US) /Pg 23 0 R /K 349 1877 0 obj /Pg 23 0 R endobj /K 815 << << endobj /K 297 /Pg 15 0 R /P 5611 0 R endobj 3411 0 obj null 1795 0 R null 1796 0 R null 1797 0 R null 1798 0 R null 1799 0 R >> /P 5317 0 R /S /Artifact << /Lang (EN-US) 4314 0 obj << 925 0 obj 3027 0 R 3028 0 R 3029 0 R 3030 0 R 3031 0 R 3032 0 R 3033 0 R 3034 0 R 3035 0 R 3036 0 R >> >> 3681 0 obj /S /P /S /Artifact /Lang (EN-US) >> endobj endobj << /S /Artifact 1664 0 obj /S /P 2703 0 obj /K 1266 endobj << >> 4105 0 obj << << 300 0 obj /K 1124 /P 10 0 R /K 121 /P 4721 0 R /K 383 /P 10 0 R /Lang (EN-US) /P 5140 0 R << 68 0 obj >> /K 55 /K 1157 /P 6400 0 R << endobj << /S /P /K 1442 /K 909 /S /LBody >> /Pg 25 0 R >> >> /S /P << /S /P >> /S /P /Pg 20 0 R /P 6119 0 R /S /P /K 298 << << >> >> /K 1143 /Pg 24 0 R /S /P << /K 179 endobj >> /Pg 22 0 R /Pg 25 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 /Lang (EN-US) << /S /Artifact endobj >> <> /K 136 endobj /P 5519 0 R endobj endobj /K 712 322 0 obj << 2583 0 obj endobj << >> endobj endobj /S /Artifact /Lang (EN-US) >> /K 52 << endobj /K 801 1106 0 obj endobj /Pg 22 0 R endobj /S /P >> /Pg 22 0 R /P 5097 0 R /K 710 >> <> >> /Pg 23 0 R /S /P /K 30 /Pg 19 0 R /Pg 22 0 R null 596 0 R null 597 0 R 598 0 R null null 599 0 R null 600 0 R 4245 0 obj << << << 3682 0 R null 3683 0 R null 3684 0 R 3685 0 R null 3686 0 R null 3687 0 R endobj /P 4895 0 R >> /K 1392 << /Pg 25 0 R endobj 2432 0 obj /Lang (EN-US) /Pg 21 0 R >> 1734 0 obj /K 262 602 0 obj endobj /K [4435 0 R 4436 0 R 4437 0 R 4438 0 R] /K 962 /Lang (EN-US) /Pg 24 0 R >> >> /P 5147 0 R /Pg 22 0 R endobj /S /P /S /Artifact /P 5825 0 R endobj /S /P 3318 0 obj /Pg 16 0 R endobj /K 166 /K 1370 /Pg 24 0 R /K 855 /S /Artifact /P 4645 0 R << /Pg 22 0 R /Pg 25 0 R /K 1420 endobj >> /Pg 25 0 R /P 6517 0 R 827 0 R null 828 0 R null 829 0 R null 830 0 R 831 0 R null 832 0 R /Pg 25 0 R endobj /K 1217 endobj /S /Artifact /P 5187 0 R >> 1175 0 obj /Lang (EN-US) /P 5629 0 R endobj /S /Artifact << >> /S /Artifact >> << /Pg 20 0 R /S /Artifact /Lang (EN-US) 525 0 obj endobj /Pg 23 0 R /K 1178 >> /Pg 23 0 R endobj /P 4742 0 R << /Lang (EN-US) endobj endobj /K 117 /K 87 << 560 0 obj 428 0 obj >> >> /K 963 << /Pg 23 0 R 1945 0 obj >> << 530 0 obj << << 3545 0 R null 3546 0 R null 3547 0 R 3548 0 R null 3549 0 R null 3550 0 R /K 833 << /Pg 22 0 R /Lang (EN-US) >> 2210 0 obj << 39 0 R 40 0 R 355 0 R null 41 0 R 42 0 R null 356 0 R null null 3049 0 obj /Pg 23 0 R /Pg 18 0 R /Lang (EN-US) << << /Lang (EN-US) /K 102 /S /Artifact /S /Artifact /Lang (EN-US) endobj 2473 0 R 2474 0 R] endobj /K 1038 /K 1069 /K 1141 <> We are proactive with our advice and recommendations to clients so they may achieve desired outcomes. /S /Artifact /S /P 2022-05-24T03:04:44-06:00 /K 331 >> >> /P 6371 0 R /K 1473 2879 0 obj 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 << << >> /Lang (EN-US) /Lang (EN-US) /P 6075 0 R 3808 0 obj /Lang (EN-US) /P 6743 0 R << << /CropBox [0 0 612 792] 188 0 obj /Pg 24 0 R >> /K 526 /S /P << /K 236 >> endobj /S /P endobj /Lang (EN-US) >> >> << /Lang (EN-US) endobj /Lang (EN-US) /Lang (EN-US) << 4215 0 obj null 811 0 R null null null 812 0 R null null null 813 0 R << /S /Artifact 302 0 obj /Pg 23 0 R /Lang (EN-US) << /Lang (EN-US) /K 998 /Pg 24 0 R /S /LBody >> >> >> /S /P /S /P /Pg 18 0 R endobj endobj 132 0 R 134 0 R 135 0 R 136 0 R 137 0 R 138 0 R 139 0 R null null 438 0 R /Lang (EN-US) endobj The Cliffwater Direct Lending Index (CDLI) prior quarter return explains only 8% of the index's current quarter return. >> >> << Together with management fees, Cliffwater estimates that total fees and expenses for direct lending private partnerships equals 3.56% of net asset value. /K 870 << /Pg 22 0 R /Lang (EN-US) << /K 472 4038 0 obj /Lang (EN-US) /S /P >> /Pg 23 0 R /Pg 15 0 R /K 668 << endobj /K 1279 /K 1535 /K 1473 /Lang (EN-US) 3757 0 obj endobj /P 6411 0 R /Lang (EN-US) /K 1264 /S /P /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) /S /Artifact endobj >> /P 6228 0 R << /Tabs /S >> << endobj /Lang (EN-US) 2565 0 obj /P 5599 0 R endobj endobj /S /P 2600 0 obj 3661 0 obj /S /Artifact >> 2492 0 obj 116 0 obj 571 0 obj /Lang (EN-US) /Pg 19 0 R >> /S /P << /K 1198 /Pg 24 0 R /S /Artifact /S /Artifact >> /Lang (EN-US) 2637 0 R null 2638 0 R null 2639 0 R null 2640 0 R null 2641 0 R 2642 0 R /S /P /Pg 22 0 R endobj << endobj 1060 0 obj >> /Pg 22 0 R << endobj >> endobj /P 6490 0 R <> /P 5304 0 R << 2562 0 obj endobj 25 444 0 R 26 445 0 R 27 446 0 R 28 540 0 R 29 541 0 R /S /P << /MediaBox [0 0 612 792] >> /Lang (EN-US) endobj << >> /Pg 25 0 R /S /P >> >> /P 6749 0 R /K 1300 /S /P 3347 0 obj >> /S /P >> /Pg 23 0 R /S /P 2593 0 R 2594 0 R null 2595 0 R null 2596 0 R null 2597 0 R null 2598 0 R >> endobj 4327 0 obj /Lang (EN-US) /Resources 4383 0 R 2416 0 obj endobj /Pg 25 0 R /K 76 /Pg 24 0 R 2883 0 obj /K 875 << /Pg 23 0 R endobj /K 1176 << endobj endobj /S /Artifact << << >> /Lang (EN-US) /S /Artifact 506 0 obj endobj 4184 0 R 4185 0 R 4186 0 R 4187 0 R 4188 0 R 4189 0 R 4190 0 R 4191 0 R 4192 0 R 4193 0 R /P 5309 0 R /Lang (EN-US) endobj << >> /Lang (EN-US) 748 0 R null 749 0 R null 750 0 R null 751 0 R null null null endobj /K 327 /K 580 /K 428 endobj >> /Lang (EN-US) null 762 0 R null 763 0 R null null null 764 0 R null null /S /P endobj endobj /K 1518 The CDLI. /Pg 23 0 R >> /Lang (EN-US) << /K 1044 >> /Pg 24 0 R >> 1227 0 obj >> 2917 0 obj 771 0 obj endobj 2920 0 obj << /S /P /S /Artifact 1149 0 obj << /K 1482 >> /Pg 23 0 R 737 0 obj /Pg 25 0 R /Lang (EN-US) /S /Artifact 4116 0 obj /Pg 18 0 R >> /K 662 /K 165 /K 1268 endobj /K 543 1566 0 obj endobj /Lang (EN-US) endobj /P 10 0 R 2788 0 obj 1012 0 obj /Lang (EN-US) /K 1308 << << /Pg 25 0 R /P 10 0 R /S /Artifact /S /Artifact 3137 0 obj /S /P /Pg 22 0 R << << /S /Artifact /S /P endobj endobj endobj << 3134 0 obj /K 32 907 0 obj /K 965 2141 0 obj endobj /K 601 >> 1219 0 obj << 3043 0 obj >> /S /P /Pg 23 0 R /S /Artifact /K 1135 /K 1528 582 0 obj endobj >> /P 4837 0 R /Pg 23 0 R Here's today's brief for our valued subscribers only. /Lang (EN-US) /Pg 23 0 R /S /Artifact /K 175 /Parent 9 0 R /S /Artifact << /S /P 2242 0 obj << /Pg 25 0 R /Pg 22 0 R /P 5204 0 R /Pg 25 0 R endobj >> /Pg 22 0 R endobj 1088 0 obj Average Realized Loss (2006 - 2021) Average realized loss is the historical average of the realized gains/losses for the Cliffwater Direct Lending Index. 4240 0 obj endobj << >> endobj endobj /S /Artifact endobj /Lang (EN-US) endobj /K 480 >> /K 641 << /Pg 23 0 R >> 3891 0 obj /P 5241 0 R >> endobj /Lang (EN-US) endobj endobj <> endobj << 734 0 R 735 0 R null 736 0 R null 737 0 R null 738 0 R null 739 0 R << >> >> /Lang (EN-US) /K 441 /K 155 /P 5372 0 R << >> 1757 0 obj /K 136 endobj endobj /S /P /S /P /Lang (EN-US) 2611 0 obj /K 1417 >> 1856 0 obj << << /K 1143 << /Lang (EN-US) 2436 0 obj /S /Artifact /S /P 3924 0 obj /K 11 /Pg 23 0 R 1070 0 obj 550 0 obj << 1522 0 obj /P 5141 0 R /K 1463 /K 86 << /K 391 endobj /Lang (EN-US) /S /P /Lang (EN-US) >> /Lang (EN-US) /P 6279 0 R << 2878 0 obj >> >> >> 5 [140 0 R 142 0 R 143 0 R 144 0 R 145 0 R 147 0 R 149 0 R 150 0 R 151 0 R 152 0 R >> /S /P /K 1331 /K [1111 1112] /P 4856 0 R >> << << endobj 3961 0 obj endobj /P 5733 0 R /P 6109 0 R >> /Pg 24 0 R /Pg 22 0 R << /Pg 25 0 R /P 4805 0 R /S /Artifact /K 1185 /Pg 25 0 R /K 1214 >> /P 6575 0 R << /Pg 23 0 R /Pg 22 0 R endobj /K 212 /S /P << /Pg 23 0 R endobj /K 494 <> /K 725 2705 0 obj /Lang (EN-US) 284 0 obj null 1776 0 R null 1777 0 R null null null 1778 0 R null null /K 1371 endobj >> endobj /S /Artifact 1160 0 obj /Lang (EN-US) /S /P >> << /Marked true 2547 0 obj endobj /S /P >> << 1487 0 obj endobj /S /P endobj /P 5706 0 R 2348 0 obj /S /Artifact 805 0 obj 3406 0 obj /Pg 22 0 R /S /P >> /K 1189 4284 0 obj /Pg 25 0 R 3217 0 obj /Pg 25 0 R 1867 0 obj 1620 0 obj 4015 0 obj /K 196 endobj /Pg 22 0 R 166 0 obj >> /Pg 24 0 R /K 82 << 2885 0 obj << /Pg 23 0 R 2641 0 obj /Lang (EN-US) /P 6257 0 R /S /P /K 329 >> /Document#20Type (5) /Pg 23 0 R <> >> << 2091 0 obj /K 562 /Pg 24 0 R /S /P null 1992 0 R null 1993 0 R 1994 0 R null 1995 0 R null 1996 0 R null 458 0 obj endobj /Pg 23 0 R /Lang (EN-US) endobj /K 1423 /Pg 23 0 R /S /Artifact 9 [263 0 R 264 0 R 265 0 R 266 0 R 267 0 R 268 0 R 269 0 R 270 0 R 271 0 R 272 0 R endobj << << >> /K 429 >> << endobj /Pg 25 0 R /Pg 25 0 R << /K 581 <> endobj endobj /P 6454 0 R /P 10 0 R endobj >> endobj /Pg 24 0 R << /S /Artifact /K 66 endobj >> /Lang (EN-US) /K 1259 /Lang (EN-US) << 230 0 obj /K 322 /S /P /K 583 endobj >> << /K 62 >> 2359 0 obj /K 778 /Pg 22 0 R endobj /K 1258 << /S /Artifact /K 1254 >> 1772 0 obj /S /P 4308 0 obj /K 1420 /K 736 >> << /Strikeout /Span endobj /K 1183 >> /Lang (EN-US) /Lang (EN-US) /P 6363 0 R << << >> >> /Pg 22 0 R << /Pg 24 0 R >> /K 2 2815 0 obj >> << >> /Pg 22 0 R << 1204 0 obj endobj /K 998 endobj endobj /S /Artifact /K 38 endobj /Pg 23 0 R 2411 0 obj /Pg 23 0 R >> 3289 0 obj >> /K 73 endobj /Pg 25 0 R >> /K 32 685 0 R null 686 0 R 687 0 R null 688 0 R null 689 0 R null 690 0 R /K 1085 >> /Pg 25 0 R endobj 90 0 obj >> /Pg 19 0 R >> 2005 0 R 2006 0 R null 2007 0 R null 2008 0 R null 2009 0 R null 2010 0 R 3094 0 obj /K [4411 0 R 4412 0 R 4413 0 R 4414 0 R 4415 0 R 4416 0 R 4417 0 R 4418 0 R 4419 0 R 4420 0 R /Pg 23 0 R 1780 0 obj << /K 1216 /S /Artifact /K 538 /Pg 25 0 R 2240 0 obj 87 0 obj Cliffwater is an alternative investment adviser and fund manager. /P 10 0 R /K 499 2679 0 obj /P 143 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 /Lang (EN-US) /Lang (EN-US) 167 0 obj /P 5678 0 R >> << 14 [333 0 R 334 0 R 335 0 R 336 0 R 337 0 R 338 0 R 339 0 R 340 0 R 341 0 R 342 0 R /S /Artifact /Lang (EN-US) 3650 0 obj endobj /K 1116 >> 666 0 obj /S /Artifact << /Pg 22 0 R /S /Link /K 495 /Lang (EN-US) >> /S /P /Lang (EN-US) << << /Lang (EN-US) >> Index. /Pg 24 0 R << /K 1494 2905 0 obj /S /P endobj endobj >> /P 10 0 R /S /P >> >> /P 5494 0 R 395 0 obj /K 184 /S /P endobj 4223 0 obj << endobj /Lang (EN-US) /K 464 /P 6693 0 R /Lang (EN-US) /K 1342 /K 194 /S /P 2261 0 obj /Lang (EN-US) /Pg 24 0 R 3046 0 obj 3838 0 obj /S /P << /Lang (EN-US) 1587 0 obj endobj /Pg 24 0 R << endobj /Pg 23 0 R >> /K 869 261 0 obj >> << /Lang (EN-US) /Lang (EN-US) endobj 800 0 obj /K [1341 1342] /P 6077 0 R /K 681 /S /P /Lang (EN-US) << << 3410 0 obj /S /Artifact /K 1427 /S /Artifact /Tabs /S /Pg 18 0 R endobj << 297 0 R 297 0 R] /S /P /S /P >> /Pg 23 0 R << /K 185 endobj /P 5409 0 R >> 4273 0 obj /K 198 /Lang (EN-US) >> 511 0 obj /Pg 23 0 R endobj /P 5710 0 R 3730 0 obj 1069 0 obj >> /S /Artifact 3416 0 R null 3417 0 R null 3418 0 R null 3419 0 R null 3420 0 R null /Lang (EN-US) endobj << /Pg 23 0 R 2518 0 obj << /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R << /K 979 1188 0 R 1189 0 R 1190 0 R 1191 0 R 1192 0 R 1193 0 R 1194 0 R 1195 0 R 1196 0 R 1197 0 R /K 1435 156 0 obj /Lang (EN-US) /S /P << /S /Artifact /S /Artifact /Pg 24 0 R << << /S /Artifact /P 4923 0 R /P 6096 0 R /S /Artifact /P 6494 0 R << >> endobj 1584 0 obj /Lang (EN-US) 2441 0 obj >> /K 495 30 542 0 R] /S /Artifact >> /K 1 endobj /K 1328 1399 0 obj /Pg 25 0 R 1534 0 obj /Pg 25 0 R >> /Parent 9 0 R /Lang (EN-US) << /Lang (EN-US) << << /S /P null 3622 0 R null 3623 0 R null 3624 0 R null null null 3625 0 R 2406 0 obj >> << /Pg 23 0 R endobj << /Pg 23 0 R << /K 1317 /K 1347 539 0 obj 3294 0 obj endobj /P 10 0 R << << /K 248 >> /K 1087 1455 0 obj /Pg 24 0 R /K 111 <> /K 1242 /K 61 >> << 838 0 obj >> 1814 0 obj /Pg 25 0 R >> /S /P >> 4235 0 obj endobj endobj << endobj /Lang (EN-US) << /K 219 /S /Artifact /S /P /S /P /Pg 22 0 R /Pg 23 0 R >> /Pg 25 0 R Index data stretches back to September of 2004. endobj 3701 0 R null null null 3702 0 R null null null 3703 0 R null /S /Artifact /P 6191 0 R /Pg 24 0 R Morningstar computes standard deviation using trailing quarterly total returns for 15 years. /Pg 25 0 R endobj /S /P /P 5867 0 R endobj << /Pg 25 0 R /K 640 /Lang (EN-US) /Pg 22 0 R /P 5144 0 R /K 1290 /S /Artifact endobj /K 791 endobj /S /P << >> /K 337 375 0 obj /Pg 24 0 R /S /P /Pg 22 0 R /K 1191 /S /P /K 913 /P 6332 0 R << /S /P /K 988 >> /K 1009 endobj 347 0 R 348 0 R 349 0 R 350 0 R 351 0 R 352 0 R 353 0 R 354 0 R] 1419 0 obj /S /Artifact /K 860 >> 3578 0 obj /P 5157 0 R 4016 0 obj /S /P >> /Pg 18 0 R /Parent 9 0 R <> 1125 0 obj /S /P /K 1536 /Lang (EN-US) >> /Pg 22 0 R /Pg 25 0 R >> 3354 0 obj /S /P endobj >> /S /Artifact << /K 678 >> << /Pg 13 0 R << 3848 0 obj << /S /Artifact /P 10 0 R << null 405 0 R null 406 0 R null 407 0 R null 408 0 R null 409 0 R << 849 0 obj >> /K 1391 >> << endobj /Pg 13 0 R >> endobj << /Lang (EN-US) /P 6033 0 R /Lang (EN-US) /Lang (EN-US) >> 1375 0 obj << endobj >> >> /K 1156 endobj /Pg 23 0 R /K 247 >> /Pg 23 0 R 2069 0 obj /K 297 2536 0 obj 490 0 obj << /K 540 << /Pg 22 0 R >> /S /P /Lang (EN-US) /Pg 22 0 R endobj /K 1523 endobj /Pg 22 0 R 2924 0 obj endobj << /S /Artifact 3156 0 obj 123 0 obj /Lang (EN-US) /P 33 0 R 2038 0 R 2039 0 R 2040 0 R 2040 0 R 2041 0 R 2042 0 R 2043 0 R 2044 0 R 2045 0 R 2045 0 R /S /P /S /P /K 1170 endobj /K 1270 << 3197 0 obj /Pg 23 0 R null null 3613 0 R null null null 3614 0 R null 3615 0 R null 3442 0 obj >> /Lang (EN-US) >> /S /Artifact /P 6218 0 R /P 5920 0 R /P 5692 0 R >> /S /P /Pg 23 0 R 1027 0 obj /P 6166 0 R /K 659 << >> 1911 0 obj /S /P /S /P << /S /LBody /Pg 22 0 R 2078 0 obj >> >> /S /P endobj /K 1477 /Lang (EN-US) >> >> /Pg 24 0 R <> << /S /Artifact endobj 733 0 obj /S /Artifact /S /P /Pg 22 0 R endobj 9 0 obj << << 137 0 R 138 0 R 139 0 R 140 0 R 141 0 R 142 0 R 143 0 R 144 0 R 145 0 R 146 0 R endobj << << << /K 199 /Pg 25 0 R << /K 639 /S /P /K 1419 /Lang (EN-US) /K 133 /K 109 >> 341 0 obj >> /Pg 22 0 R >> /K 1226 /K 911 1776 0 obj /P 10 0 R << /Pg 22 0 R /S /P endobj /K 1427 endobj << /S /P /S /Artifact /Pg 24 0 R /K 958 >> /S /P /P 6073 0 R << endobj /S /P << endobj << /Lang (EN-US) /Lang (EN-US) endobj 2309 0 obj 628 0 obj /P 5042 0 R endobj /Pg 25 0 R /Lang (EN-US) endobj /Lang (EN-US) /K 770 /Lang (EN-US) /S /P /S /Artifact /Pg 25 0 R /S /P /A 4429 0 R /Pg 24 0 R 1721 0 obj /P 5703 0 R /Lang (EN-US) /K 761 2864 0 R null 2865 0 R null 2866 0 R null 2867 0 R null null null << /S /P >> << /Pg 24 0 R /S /Artifact /Pg 23 0 R 1110 0 obj >> /K 1368 /Lang (EN-US) /Pg 22 0 R /S /P /Pg 24 0 R endobj /P 10 0 R endobj 3937 0 R 3938 0 R 3939 0 R 3940 0 R 3941 0 R 3942 0 R 3943 0 R 3944 0 R 3945 0 R 3946 0 R /Lang (EN-US) << endobj endobj /K 1174 708 0 obj /P 6156 0 R /Pg 22 0 R /P 5215 0 R 3135 0 obj /K 1413 endobj /Lang (EN-US) /P 4807 0 R /P 10 0 R >> /K 1216 << /K 1225 /S /P /K 1535 /Pg 23 0 R /Lang (EN-US) /P 6466 0 R /Lang (EN-US) /P 6705 0 R /S /P >> 4192 0 obj << /S /Artifact /K 842 << << /Lang (EN-US) >> /A 4609 0 R /K 1209 /Pg 24 0 R /P 6021 0 R /S /P /S /P /P 5183 0 R /StructParents 6 /K 58 /Pg 23 0 R >> /Pg 23 0 R /S /P endobj >> 769 0 obj /Lang (EN-US) /P 5809 0 R null null null 3529 0 R null null null 3530 0 R null 3531 0 R /S /Artifact >> endobj /Pg 23 0 R 2248 0 obj 1679 0 obj 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 22 0 R >> << /S /Artifact /S /P /P 4809 0 R << >> /S /Artifact /Pg 15 0 R /S /Artifact << >> /Lang (EN-US) /K 1128 /Pg 24 0 R /Pg 24 0 R << /K 1233 /K 208 << 2377 0 obj /K 352 /Pg 25 0 R >> 4202 0 obj << /K 1091 /S /Artifact /S /Artifact /P 5695 0 R << >> /Lang (EN-US) /S /Artifact >> << << << endobj >> endobj /Pg 22 0 R >> /Parent 8 0 R /Lang (EN-US)