cliffwater direct lending index

/K 1333 /Pg 24 0 R >> endobj /K 48 >> /K 831 3576 0 obj endobj /Pg 24 0 R /K 34 >> << >> << >> >> << 4339 0 obj <> /K 1303 /S /Artifact << /Lang (EN-US) /S /Artifact /Pg 23 0 R /K 310 >> /S /Artifact /Pg 22 0 R endobj 4216 0 obj >> endobj << /K 1069 endobj << << /K 1293 << << endobj /Lang (EN-US) /K 1170 /S /P /S /Artifact >> >> /P 10 0 R /P 5454 0 R 1010 0 obj << /S /P 1614 0 obj /Pg 24 0 R << >> /Lang (EN-US) endobj 831 0 obj /Pg 22 0 R /K 324 endobj /Pg 23 0 R /Lang (EN-US) << /K 1165 502 0 obj /Lang (EN-US) /P 6314 0 R 3431 0 obj /K 918 << /Pg 22 0 R endobj As base rates (LIBOR/SOFR) have risen to over 4% today, both existing loans and new originations offer enhanced return potential. /K 652 /P 6530 0 R << 1317 0 obj /Pg 13 0 R endobj >> /K 1037 /Lang (EN-US) 4112 0 obj >> >> 1380 0 obj /P 33 0 R << endobj 1775 0 obj /Lang (EN-US) endobj /Pg 24 0 R /Lang (EN-US) /Pg 23 0 R 1071 0 obj /Lang (EN-US) /S /P << 4190 0 obj /P 6129 0 R 955 0 obj /K 1399 >> /K 53 3466 0 obj /S /P /P 10 0 R 1575 0 obj endobj 2311 0 obj << /K 1375 /Pg 23 0 R endobj 1501 0 obj /K 1217 /Pg 25 0 R /Lang (EN-US) /Pg 24 0 R endobj /P 5970 0 R endobj /K 33 /P 5801 0 R /Pg 24 0 R /Pg 14 0 R >> endobj /S /P /Pg 22 0 R /Type /Page /P 10 0 R << 2070 0 obj /S /P endobj null 1708 0 R null 1709 0 R null 1710 0 R null 1711 0 R null 1712 0 R /Lang (EN-US) >> << /K 1331 461 0 obj >> /Pg 23 0 R endobj >> << << 1928 0 obj 2570 0 obj /K 1134 /K 1413 /K 28 /P 5161 0 R 1891 0 obj 738 0 obj >> /P 5467 0 R endobj 4250 0 obj /S /Artifact << << /Lang (EN-US) /Pg 18 0 R /Pg 25 0 R << /K 1177 /S /P /Lang (EN-US) /Pg 15 0 R << /S /Artifact endobj 637 0 obj endobj /S /P /P 5414 0 R endobj /P 5404 0 R << endobj /S /P >> /Pg 22 0 R /S /Artifact /K 348 120 0 obj << /S /P << /K 1174 endobj /Pg 23 0 R /P 4766 0 R /S /P /K 1094 /Pg 23 0 R /Pg 23 0 R << << /Pg 18 0 R /P 5221 0 R << /Pg 13 0 R >> endobj endobj >> 4107 0 obj /K 760 /K 376 /Pg 24 0 R /P 5105 0 R /S /P >> /S /Artifact /Tabs /S /Pg 23 0 R >> >> /K 104 >> /K 1172 /S /P /S /P /S /Artifact /S /P /S /P /S /Artifact /Pg 22 0 R >> 3414 0 obj 457 0 R null 458 0 R 459 0 R 460 0 R null 461 0 R null 462 0 R null /Pg 22 0 R >> >> endobj /Pg 13 0 R /K 30 /P 4859 0 R /K 1164 /Pg 23 0 R >> /K 1288 << 3385 0 obj /S /P >> >> << << /K 1175 /Pg 25 0 R /Pg 25 0 R /P 5882 0 R /S /P /S /P >> 1168 0 R 1169 0 R 1170 0 R 1171 0 R 1172 0 R 1173 0 R 1174 0 R 1175 0 R 1176 0 R 1177 0 R /S /P /P 5681 0 R 3005 0 obj 2690 0 obj /Pg 22 0 R /K 1256 429 0 R null 430 0 R null 431 0 R null 432 0 R 95 0 R 433 0 R 434 0 R /Pg 22 0 R >> /K [131 4660 0 R] endobj /K 1088 /K 58 /A 4747 0 R /S /P << /K 1248 endobj >> << endobj /Pg 23 0 R endobj /Pg 23 0 R << << /Pg 23 0 R /S /P /K 1405 >> /S /P endobj /S /Artifact >> /S /Artifact /K 179 1515 0 obj << /Lang (EN-US) /Lang (EN-US) 1965 0 obj /Lang (EN-US) >> << /S /Figure << /Pg 14 0 R /S /P /S /P << >> Menu. endobj /S /P << 542 0 obj /Pg 18 0 R /Lang (EN-US) /K 332 /P 10 0 R /Pg 13 0 R 2850 0 R 2851 0 R null 2852 0 R null 2853 0 R null 2854 0 R null 2855 0 R << /Pg 22 0 R In the U.S., direct lending assets under management jumped by over 800% in the decade following the GFC. /Lang (EN-US) >> /S /P /S /P /S /P >> /Lang (EN-US) << << 3117 0 obj 836 0 obj /K 1549 << 2146 0 R 2147 0 R 2148 0 R 2149 0 R 2150 0 R 2151 0 R 2152 0 R 2153 0 R 2154 0 R 2155 0 R >> 3087 0 R 3088 0 R 3089 0 R 3090 0 R 3091 0 R 3092 0 R 3093 0 R 3094 0 R 3095 0 R 3096 0 R /K 1022 175 0 obj /S /Artifact 3261 0 obj 652 0 obj /Lang (EN-US) /P 5571 0 R /P 10 0 R /Pg 23 0 R 1897 0 obj >> >> /K 935 << >> /P 6083 0 R /P 6495 0 R >> << /S /Artifact /K 428 /S /P << >> /P 6570 0 R /Pg 23 0 R endobj /S /P endobj /Pg 19 0 R endobj /P 5464 0 R /Pg 24 0 R /Lang (EN-US) /K 819 << << /S /P /P 5704 0 R /S /Artifact endobj /K 1239 /S /P /P 10 0 R >> /K 1505 /S /P endobj << endobj << /Lang (EN-US) /P 5294 0 R /P 33 0 R << /Lang (EN-US) /Tabs /S /S /P /Pg 23 0 R /P 5590 0 R /S /Artifact << endobj 1627 0 obj /S /P >> /K 1427 << endobj << 399 0 R 400 0 R 401 0 R 402 0 R 403 0 R 404 0 R 405 0 R 406 0 R 407 0 R 408 0 R /Pg 22 0 R endobj >> >> /S /P << 1372 0 obj 51 0 obj /P 6169 0 R endobj /S /P << /Pg 24 0 R /Pg 23 0 R 3601 0 obj /P 10 0 R /S /P endobj >> >> endobj /S /P /Pg 23 0 R /K 1176 >> << /K 550 3513 0 obj /Lang (EN-US) >> >> 1516 0 obj 3991 0 obj /Lang (EN-US) endobj endobj /S /Artifact >> /Pg 24 0 R /S /P endobj endobj 1370 0 obj << /K 591 null 2904 0 R null null null 2905 0 R null 2906 0 R null 2907 0 R /Pg 25 0 R endobj /P 5443 0 R /Lang (EN-US) /S /P >> endobj 3147 0 R 3148 0 R 3149 0 R 3150 0 R 3151 0 R 3152 0 R 3153 0 R 3154 0 R 3155 0 R 3156 0 R /Pg 22 0 R << 4152 0 obj /P 4696 0 R endobj /Lang (EN-US) endobj /P 37 0 R /K 52 /P 5873 0 R 1539 0 obj endobj 4238 0 obj /Pg 18 0 R /Pg 22 0 R /K 1126 /Pg 13 0 R /Type /Page /K 395 endobj << /S /P /P 5477 0 R endobj 3831 0 obj endobj 1638 0 obj 2569 0 obj /P 5965 0 R /S /P /S /P 308 0 obj /P 6238 0 R 3075 0 obj 3833 0 obj /Pg 23 0 R endobj >> 2448 0 obj /S /Artifact endobj /K 32 /K 1350 /Pg 25 0 R /Pg 22 0 R /Lang (EN-US) endobj /K 491 >> /Pg 23 0 R 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 endobj /Lang (EN-US) << 4071 0 obj /S /P >> endobj >> /P 6476 0 R << /Pg 24 0 R /K 1041 /P 5987 0 R /Pg 25 0 R /Lang (EN-US) /K 1447 1262 0 obj endobj << /S /P /Lang (EN-US) /S /P /Pg 22 0 R >> /K 1207 endobj /P 10 0 R 2810 0 obj endobj << 1732 0 obj << /Lang (EN-US) << /Pg 19 0 R << /Lang (EN-US) /S /Artifact >> >> /Pg 25 0 R /Lang (EN-US) endobj /K 777 /Lang (EN-US) >> 4078 0 obj << /K 1472 << /S /P << /Pg 25 0 R /K 23 /Lang (EN-US) >> >> >> >> /S /P /S /P <> /Pg 16 0 R << >> /Lang (EN-US) << 1399 0 obj /S /Artifact /S /P endobj endobj /K 40 >> /Pg 25 0 R /Pg 24 0 R 2155 0 obj /K 1171 /Pg 20 0 R >> endobj << /S /Artifact << >> 1639 0 obj << <> 797 0 R null 798 0 R null 799 0 R null null null 800 0 R null HW]o[7}M^(-v-4*!,*kB8%gfnsyo9yr{'>n#>I`E2IQy0fL?o8Yr|o=={+'KF,/+/4~,$Ze\GOsGt&eC!Zh Z%{nw/!+Fn /Pg 23 0 R 1313 0 obj /P 5202 0 R 2109 0 obj null 921 0 R null 922 0 R null 923 0 R null 924 0 R null null >> /Lang (EN-US) endobj /S /P >> /K 140 endobj /Lang (EN-US) 2000 0 R null 2001 0 R null 2002 0 R null 2003 0 R null 2004 0 R null /Pg 17 0 R /S /P /P 6157 0 R >> /P 5502 0 R /S /Artifact /Pg 25 0 R /Pg 23 0 R 2259 0 obj >> >> << >> /Pg 22 0 R /S /Artifact /K 1216 /Pg 24 0 R endobj endobj endobj /K 1343 946 0 obj /S /Artifact /Pg 23 0 R endobj 3013 0 obj /Lang (EN-US) 3627 0 obj << /Lang (EN-US) /P 6589 0 R endobj endobj /P 6145 0 R >> >> endobj << >> endobj /S /Artifact 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 /Artifact /P 4640 0 R /S /P 1159 0 obj <> 1737 0 obj 3599 0 obj 1707 0 obj /S /P >> endobj /K 1254 /P 5288 0 R 3314 0 R 3315 0 R 3316 0 R 3317 0 R 3318 0 R 3319 0 R 3320 0 R 3321 0 R 3322 0 R 3323 0 R >> << endobj /Lang (EN-US) /Lang (EN-US) << 1880 0 obj /K 11 << /S /P /Pg 23 0 R /S /P /Lang (EN-US) << endobj /Pg 25 0 R /Pg 23 0 R endobj /P 5333 0 R /Pg 22 0 R /K 1116 << /Pg 22 0 R /Pg 24 0 R /Lang (EN-US) /K 99 << 2688 0 obj << << endobj /K 1218 /P 6152 0 R /S /P 153 0 obj /Pg 23 0 R /S /P >> endobj 2730 0 obj /K 183 /S /P << /Lang (EN-US) /P 4809 0 R /K 1297 /S /P >> /S /P >> /S /Artifact >> /S /Artifact endobj /Lang (EN-US) 2306 0 obj /K 958 << >> /Lang (EN-US) 3253 0 obj /S /P /Pg 25 0 R >> >> << /Lang (EN-US) 2441 0 obj 2397 0 obj /S /P << /Pg 22 0 R /K 107 endobj /K 1452 endobj >> endobj << endobj >> endobj /Pg 23 0 R << /Pg 24 0 R 3728 0 obj /S /P /Pg 22 0 R /Pg 25 0 R >> /P 5122 0 R << << /K 430 >> << 2170 0 obj /K 1411 /S /P /K 168 1196 0 obj /Pg 18 0 R >> /Pg 24 0 R endobj /Pg 24 0 R << >> 1013 0 R null 1014 0 R null 1015 0 R 1016 0 R null 1017 0 R null 1018 0 R /Lang (EN-US) >> << endobj << /Pg 23 0 R /Lang (EN-US) << endobj endobj "The positive effect is direct lending gains market share, which has . /K 1178 /Pg 23 0 R >> /P 5972 0 R << /Pg 24 0 R /Pg 24 0 R /Lang (EN-US) /S /P >> /Rotate 0 /Lang (EN-US) /S /Artifact /P 5250 0 R /Pg 25 0 R >> /Pg 23 0 R << 3549 0 obj /Pg 24 0 R 3024 0 obj 2595 0 obj >> /P 10 0 R /K 38 endobj endobj /Contents 4369 0 R >> /K 75 2435 0 obj >> << /K 225 /Lang (EN-US) >> /K 1213 /Pg 18 0 R /Pg 25 0 R endobj 704 0 obj /P 4843 0 R /P 5675 0 R >> /A 6764 0 R 4226 0 obj >> endobj /S /P /S /Artifact /Lang (EN-US) >> /K 1260 << /Pg 25 0 R endobj /K 104 /S /Artifact endobj 4236 0 obj endobj << /Pg 22 0 R /Lang (EN-US) endobj >> /K 849 3010 0 obj /Pg 23 0 R 4061 0 obj 2455 0 obj /Pg 24 0 R 1642 0 R null 1643 0 R null 1644 0 R null 1645 0 R null null null null 565 0 R null null null 566 0 R null null null 567 0 R endobj endobj 1452 0 obj /S /P /K 1230 /Lang (EN-US) 1387 0 obj null 721 0 R null 722 0 R 723 0 R null 724 0 R null 725 0 R null 549 0 obj endobj /S /Artifact /Pg 24 0 R /P 5699 0 R /Pg 24 0 R 122 0 obj /Pg 22 0 R 2065 0 obj /S /P /P 5328 0 R /Pg 23 0 R << /Pg 24 0 R /K 1308 /Pg 18 0 R /CropBox [0 0 612 792] 2077 0 obj << 1435 0 R 1436 0 R 1437 0 R 1438 0 R 1439 0 R 1440 0 R 1441 0 R 1442 0 R 1443 0 R 1444 0 R /K 1384 /K 1286 /P 10 0 R /S /Artifact /Lang (EN-US) endobj /P 5728 0 R >> 4288 0 obj endobj /Pg 24 0 R /S /Artifact << /Pg 24 0 R >> >> /Pg 23 0 R /S /P 2489 0 obj endobj /Pg 25 0 R 1741 0 obj /Pg 24 0 R 276 0 obj /Pg 23 0 R /Pg 25 0 R /Pg 23 0 R /Pg 22 0 R 2373 0 obj /K 188 /S /P /K 1272 /S /Artifact endobj /Lang (EN-US) 3687 0 obj /Pg 22 0 R /Pg 22 0 R << << /K 1292 /Lang (EN-US) 2246 0 obj endobj /Pg 22 0 R endobj >> /Lang (EN-US) 2244 0 obj 247 0 obj /P 5033 0 R /Pg 23 0 R /S /P /Lang (EN-US) endobj >> << endobj endobj << 3747 0 obj >> /S /P endobj 4154 0 R 4155 0 R 4156 0 R 4157 0 R 4158 0 R 4159 0 R 4160 0 R 4161 0 R 4162 0 R 4163 0 R endobj /S /Artifact >> /P 5486 0 R << >> 1195 0 obj << endobj 1857 0 obj << 426 0 obj << endobj 655 0 R null null null 656 0 R null null null 657 0 R null /Pg 24 0 R /Pg 17 0 R endobj /K 932 >> >> >> /Pg 25 0 R /K 22 >> << 1006 0 obj << endobj 3301 0 obj endobj >> endobj >> << << << /K 1287 /S /P /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] /S /Artifact << /P 6619 0 R endobj << 2057 0 obj /S /Artifact /Pg 24 0 R 1033 0 obj << /Pg 25 0 R << /Lang (EN-US) << 26 0 obj /Pg 22 0 R /P 4924 0 R /P 4869 0 R /Pg 24 0 R /P 6136 0 R /Lang (EN-US) /K 1208 << /S /P 2875 0 obj 273 0 R 275 0 R 276 0 R 277 0 R 278 0 R 279 0 R 280 0 R 281 0 R 282 0 R 283 0 R >> /S /P >> /Pg 22 0 R 796 0 obj /P 5714 0 R /Pg 22 0 R >> /S /P /K 772 /Pg 24 0 R /K 1483 4 The way many of the style indices are constructed is to split the core index into two parts. 3427 0 obj endobj /K 1417 /Pg 25 0 R endobj >> 759 0 obj /P 10 0 R null 2735 0 R null 2736 0 R null null null 2737 0 R null 2738 0 R /S /P >> /S /Artifact /P 10 0 R /P 6598 0 R /K 344 /S /P endobj >> /Lang (EN-US) 2960 0 obj /K 280 /S /P /S /P /Lang (EN-US) >> /Pg 22 0 R /Lang (EN-US) 3843 0 R null 3844 0 R null 3845 0 R null null null 3846 0 R null /Lang (EN-US) /S /Artifact /Pg 24 0 R endobj /Lang (EN-US) <> /Lang (EN-US) /Pg 25 0 R 2728 0 obj /S /Artifact endobj 2634 0 obj /K 493 /Lang (EN-US) 957 0 obj 326 0 obj 1922 0 obj endobj 3901 0 obj /K 1273 endobj 907 0 obj endobj >> /K 1532 endobj /S /P /S /LBody << >> /S /P endobj /S /Artifact /S /Artifact /K 1546 << /S /P /Lang (EN-US) /S /P /S /P endobj /K 194 endobj << /K 109 >> << null 2881 0 R null 2882 0 R null 2883 0 R null 2884 0 R null 2885 0 R << 1598 0 obj endobj /Lang (EN-US) << /S /P /Pg 18 0 R 3238 0 obj endobj /Lang (EN-US) /Pg 24 0 R /K 994 /S /P << << 2957 0 obj 2036 0 obj /S /Artifact >> /K 508 /P 5460 0 R >> /P 4957 0 R >> /K 1466 << /K 271 /Lang (EN-US) /K 134 3361 0 obj << /Lang (EN-US) 1805 0 R null 1806 0 R null 1807 0 R null null null 1808 0 R null /Pg 24 0 R << << /S /P << /S /P >> >> >> /S /P >> /P 10 0 R /S /P endobj << >> /S /P /Lang (EN-US) /K 1331 endobj 847 0 obj 2619 0 obj /K 1344 /K 1329 << /Lang (EN-US) /S /P << /S /Artifact >> /K 1204 /Pg 16 0 R >> endobj /S /P /S /P endobj << /Pg 23 0 R << 3389 0 obj << /Pg 24 0 R /K 31 /K 1436 endobj /Lang (EN-US) >> >> /Lang (EN-US) << /Lang (EN-US) /Pg 25 0 R /K 63 >> /Lang (EN-US) /Pg 25 0 R /K 1073 /K 33 endobj endobj /Pg 22 0 R /S /P 4239 0 obj /Lang (EN-US) endobj /Pg 24 0 R /K 1204 << << /Pg 14 0 R endobj /S /P endobj /Pg 24 0 R >> /K 482 /Pg 25 0 R << 4228 0 obj /S /P /S /Artifact >> endobj 2179 0 obj null 876 0 R null 877 0 R null null null 878 0 R null 879 0 R 1914 0 obj /Lang (EN-US) /Pg 22 0 R >> endobj >> /Pg 22 0 R /Pg 25 0 R /K 1126 /S /P /P 6357 0 R 3716 0 obj 3098 0 obj /Pg 25 0 R 1992 0 obj /Lang (EN-US) 3270 0 obj >> /Lang (EN-US) /CropBox [0 0 612 792] 3219 0 obj /Pg 24 0 R /S /P /Lang (EN-US) /P 6142 0 R endobj 971 0 obj /K 764 /P 5929 0 R >> >> >> 110 0 obj /Lang (EN-US) 2908 0 obj /K 1518 /S /P /P 4939 0 R /K 722 endobj 1498 0 obj 4070 0 obj /Lang (EN-US) 4493 0 R 4494 0 R 4495 0 R 4496 0 R 4497 0 R 4498 0 R 4499 0 R 4500 0 R 4501 0 R 4502 0 R /K 1426 /K 1447 /Pg 14 0 R 100 0 obj /Pg 25 0 R /K 261 /Contents 4380 0 R /Alt 213 0 obj endobj /S /Artifact 3341 0 obj 802 0 obj /S /Artifact 1100 0 obj /K 701 /Lang (EN-US) /S /P /Pg 25 0 R D:20220524090108 << null 2670 0 R null null null 2671 0 R null null null 2672 0 R /S /P /S /P 1622 0 obj /K 1326 /Pg 23 0 R >> >> << >> << >> >> 4202 0 obj /S /Artifact >> <> << /S /Artifact << 2935 0 R null 2936 0 R null 2937 0 R null 2938 0 R null 2939 0 R null << /Lang (EN-US) << null 2810 0 R null 2811 0 R null 2812 0 R null 2813 0 R null 2814 0 R >> /K 1257 >> endobj /Pg 25 0 R /S /P << 1840 0 obj /S /P 1669 0 R null null null 1670 0 R null null null 1671 0 R null 610 0 obj /K 1167 2933 0 obj /K 607 endobj >> /K 131 /K 1170 /K 1288 /K 77 /P 5950 0 R /S /P endobj endobj /S /P /S /Artifact endobj /P 6599 0 R /K 75 /Lang (EN-US) /P 4932 0 R << /K 106 /Lang (EN-US) /P 6522 0 R /S /P /K 275 /P 6744 0 R /Pg 17 0 R /Pg 22 0 R >> /S /P 849 0 R null 850 0 R null 851 0 R null 852 0 R null 853 0 R null /Pg 23 0 R /K 1351 /K 4 >> /P 5469 0 R /K 404 << >> endobj 3510 0 obj endobj >> /K 1458 >> >> 387 0 obj /Lang (EN-US) >> /Pg 18 0 R /K 10 >> 1140 0 obj >> /S /P endobj /S /Artifact /Pg 24 0 R /Lang (EN-US) >> /P 6673 0 R /Lang (EN-US) endobj >> << /Pg 22 0 R /S /P /S /P /Lang (EN-US) >> >> << /Pg 22 0 R 1688 0 obj /S /P endobj /K 1298 /K 1415 /K 342 >> /Pg 18 0 R endobj >> /P 4645 0 R endobj << 2232 0 obj /Pg 24 0 R /K 422 /S /P 1258 0 obj endobj /S /P /P 10 0 R /K 660 1205 0 obj >> /Lang (EN-US) /S /Artifact /S /P endobj /S /P /K 1053 809 0 obj /K 1515 >> /Pg 23 0 R endobj 2235 0 obj /P 5782 0 R /P 6033 0 R /S /P /S /P /Pg 22 0 R /S /P >> /P 6559 0 R /K 1167 >> << endobj /S /Artifact endobj /K 1004 /P 5326 0 R 791 0 obj /Lang (EN-US) endobj << endobj /Lang (EN-US) << >> >> /K 94 endobj endobj /S /Artifact /Pg 18 0 R /K 1379 /P 5147 0 R /K 1409 << <> << 361 0 obj /K 346 << >> /P 10 0 R /S /P /S /Artifact << endobj /Pg 23 0 R Get the latest insights and knowledge delivered to your inbox. endobj /S /Artifact /S /Artifact /P 33 0 R /Lang (EN-US) endobj /S /P /S /Artifact >> >> >> /Lang (EN-US) /S /P >> >> >> << 2812 0 obj /S /P >> /K 1489 /Lang (EN-US) /S /Artifact /Lang (EN-US) << /Pg 22 0 R >> /Lang (EN-US) /P 4917 0 R /K 100 << 2732 0 obj /Pg 23 0 R /Lang (EN-US) endobj endobj >> /Pg 26 0 R >> << /Lang (EN-US) /Lang (EN-US) /S /P << /Pg 25 0 R /Pg 18 0 R /Lang (EN-US) /Pg 26 0 R 1527 0 obj /P 5104 0 R /Pg 24 0 R << 2034 0 obj endobj /S /Artifact endobj /Lang (EN-US) endobj endobj endobj endobj /Pg 24 0 R <> endobj << 3639 0 obj endobj 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 /Lang (EN-US) /Pg 25 0 R /Pg 24 0 R /P 4657 0 R endobj /K 68 >> 3036 0 obj >> >> 4007 0 obj endobj Direct Lending Download View Private Debt Research /K 984 /S /Artifact endobj /Pg 25 0 R /Lang (EN-US) /K 1180 /Pg 25 0 R endobj >> /Pg 24 0 R 4217 0 obj /S /P /Pg 21 0 R /Lang (EN-US) /P 4781 0 R endobj /Lang (EN-US) 4188 0 obj 3725 0 obj /Pg 23 0 R /P 5358 0 R /Lang (EN-US) << << 1971 0 obj 1080 0 obj /K 1439 2593 0 R 2594 0 R null 2595 0 R null 2596 0 R null 2597 0 R null 2598 0 R endobj /S /P >> << /S /Artifact /P 5535 0 R /Pg 24 0 R /S /Artifact /S /Artifact /Pg 23 0 R endobj /K 311 << /Lang (EN-US) /P 6278 0 R 1048 0 obj << /S /Artifact endobj 521 0 obj >> /Lang (EN-US) >> /S /Artifact endobj /K 778 endobj /P 10 0 R endobj >> /S /P /S /P /S /Artifact /S /Artifact /Lang (EN-US) /S /Artifact /Pg 23 0 R /K 1528 /Pg 24 0 R /Lang (EN-US) << /Pg 23 0 R 2149 0 obj /S /P 3490 0 obj << /Lang (EN-US) /Lang (EN-US) /S /P /K 1106 /S /P /MediaBox [0 0 612 792] 4215 0 obj /P 6469 0 R /K 381 /K 1188 >> /S /P endobj 3497 0 obj /Pg 25 0 R 4178 0 obj /K 643 231 0 obj /K 504 << /S /Artifact /P 5470 0 R /Lang (EN-US) 2525 0 obj /K 1315 /K 70 <> endobj /Pg 24 0 R /Lang (EN-US) /Pg 25 0 R << 304 0 obj 2351 0 obj >> /S /P << << endobj /K 1137 /Pg 13 0 R >> /Pg 22 0 R << >> /K 1317 /Pg 25 0 R 419 0 obj >> /Type /Pages endobj >> /Pg 23 0 R endobj /P 5644 0 R /S /P >> /S /Artifact 3472 0 obj /Lang (EN-US) /Pg 14 0 R 3910 0 obj endobj << 2731 0 obj /S /P /Pg 25 0 R >> 3632 0 obj endobj << 2905 0 obj 2589 0 obj 3692 0 obj /K 1 /P 10 0 R << /Pg 24 0 R << << << /K 349 endobj /K [1117 1118] /K 1047 /Pg 23 0 R 1001 0 obj >> /K 1093 /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) /Lang (EN-US) /Pg 25 0 R endobj PRIVATE DEBT - Yield, Safety and the Emergence of Alternative Lending: Opportuni - 36.01. /Lang (EN-US) endobj 406 0 obj /Lang (EN-US) endobj 1200 0 obj << << << >> endobj <> /K 160 /Pg 20 0 R /A 4671 0 R endobj endobj /S /P /S /Artifact << /S /P /K 641 >> endobj 2553 0 obj endobj /K 0 /S /P 2273 0 obj << <> 1104 0 obj /P 5027 0 R /P 6520 0 R << >> /Resources 4381 0 R /K 460 /K 632 /S /P /K 29 << >> 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 endobj /Lang (EN-US) << << /Lang (EN-US) << /K 4 /S /P /Lang (EN-US) /Lang (EN-US) /Pg 13 0 R null null 681 0 R null 682 0 R null 683 0 R null 684 0 R null >> >> 2746 0 obj 3865 0 R null 3866 0 R null 3867 0 R null 3868 0 R null 3869 0 R null endobj >> /P 6621 0 R /P 5283 0 R /S /Artifact endobj /K 1154 << >> /Pg 22 0 R << << /Pg 24 0 R 3977 0 obj << 1960 0 obj 1342 0 obj << /S /Artifact So we built one. >> >> /S /P /K 819 /K 1160 /S /P endobj /K 1181 /K 1125 /P 10 0 R endobj << >> >> /S /P 892 0 obj >> /S /P >> endobj 2942 0 obj /S /Artifact /Pg 24 0 R endobj 357 0 obj 1181 0 obj /K 963 << << >> /S /P /Lang (EN-US) /S /Artifact /Lang (EN-US) /K 27 /S /P endobj /S /Artifact >> << 586 0 obj /P 10 0 R /S /P /Pg 21 0 R /K 761 << endobj 46 0 obj 3532 0 obj endobj /K 1292 /K [1335 1336] << 1942 0 obj /Lang (EN-US) /Pg 22 0 R 3967 0 R 3968 0 R 3969 0 R 3970 0 R 3971 0 R 3972 0 R 3973 0 R 3974 0 R 3975 0 R 3976 0 R /Pg 23 0 R /S /Artifact /S /P 3285 0 obj << /K 27 /Pg 24 0 R 4192 0 obj /S /P endobj /K 1202 >> >> >> /P 6389 0 R << /S /P /P 4816 0 R >> endobj /Pg 22 0 R << >> 4120 0 obj endobj /K 1270 /P 5513 0 R /S /Artifact /S /P endobj /K 1407 /S /Artifact null 2900 0 R null 2901 0 R null 2902 0 R null 2903 0 R null null /S /Artifact /S /Artifact /Lang (EN-US) /K 179 >> 107 0 obj /Pg 22 0 R 4272 0 obj /K 1333 /Lang (EN-US) /Pg 24 0 R << /S /P 1116 0 obj /K 921 << /S /P /Pg 25 0 R endobj /S /P /S /Artifact <> /P 5148 0 R /Lang (EN-US) /Lang (EN-US) 932 0 obj /Pg 23 0 R /P 4728 0 R 2602 0 obj /Lang (EN-US) << endobj << << endobj /P 6474 0 R /K 4 /K [536 0 R 537 0 R] /Lang (EN-US) << /Pg 25 0 R 4221 0 obj endobj <> /S /Artifact endobj 2945 0 obj >> /Pg 24 0 R /Lang (EN-US) 1844 0 obj >> << /K 322 /S /Artifact << /Pg 24 0 R /Lang (EN-US) /P 4848 0 R /S /P /S /Artifact /K 1310 1448 0 obj /S /P << endobj /Pg 25 0 R /S /P << /S /P 341 0 obj endobj << 122 123 124] << /K 1267 >> /P 10 0 R /Lang (EN-US) << /Lang (EN-US) /K 239 >> /S /Artifact /Lang (EN-US) /P 5425 0 R endobj /P 6228 0 R /S /Artifact /P 5588 0 R >> 3493 0 obj 3339 0 obj 3111 0 obj 3336 0 obj /S /P /Lang (EN-US) /S /Artifact /K 880 << /Lang (EN-US) /Pg 23 0 R /S /Artifact endobj /S /P /Pg 25 0 R /K 1516 /Pg 23 0 R 3918 0 obj 1232 0 obj /S /P /Pg 23 0 R << /S /Artifact /S /P /Lang (EN-US) >> <> 3914 0 obj /S /Artifact /Pg 22 0 R /K 770 /K 1329 >> 3137 0 R 3138 0 R 3139 0 R 3140 0 R 3141 0 R 3142 0 R 3143 0 R 3144 0 R 3145 0 R 3146 0 R << /S /P 2347 0 obj /Pg 22 0 R /K 1281 endobj >> >> /Pg 22 0 R /Lang (EN-US) << /Lang (EN-US) /Pg 22 0 R << endobj /P 6368 0 R (12-month) Source: Morningstar, Cliffwater Direct Lending Index, Morningstar LSTA US Leveraged Loan Index. /S /P /Pg 25 0 R 1359 0 obj /S /P /Lang (EN-US) 401 0 obj /K 778 2115 0 obj /S /P /S /Artifact << 3088 0 obj /Lang (EN-US) << endobj 1981 0 obj << /K 1429 << endobj endobj << << /Pg 25 0 R /S /P /K 1471 endobj << >> >> /Pg 21 0 R /Pg 23 0 R /Lang (EN-US) 2633 0 obj /K 51 << /S /Artifact /K 1275 /Pg 22 0 R /K 1285 /K [1117 1118] <> >> /S /P /S /P /S /P /Lang (EN-US) /S /P << endobj << /S /P <> << << /S /P >> /K 1079 <> /S /Artifact /Lang (EN-US) /Lang (EN-US) << >> /K 1191 /K 1169 /S /Artifact /P 5797 0 R endobj 4232 0 obj endobj endobj endobj endobj /Lang (EN-US) /S /P << endobj << /S /Artifact /K 1388 /Pg 23 0 R << >> null null null 2953 0 R null 2954 0 R null 2955 0 R null 2956 0 R endobj /Pg 24 0 R >> >> /Lang (EN-US) << /S /P >> 997 0 obj endobj /S /P /K 1489 >> >> /K 1448 >> 607 0 obj /S /Artifact endobj 1286 0 obj >> /Pg 14 0 R << >> >> << <> << /S /P /Pg 24 0 R >> endobj /S /P >> >> /Pg 23 0 R << << 1418 0 obj 20 432 0 R 21 433 0 R 22 435 0 R 23 438 0 R 24 443 0 R /K 306 /K 1245 endobj /S /P /K 67 2148 0 obj << << 3273 0 obj << << << /S /Figure /Lang (EN-US) /Pg 25 0 R /Pg 22 0 R << /Lang (EN-US) /Pg 17 0 R /Pg 23 0 R 2367 0 obj 154 0 obj endobj /S /P 1509 0 obj << /K 4 /K 1123 /Pg 16 0 R /S /Artifact endobj /Pg 23 0 R /S /Figure endobj /S /P /Pg 24 0 R 893 0 obj endobj /Pg 23 0 R endobj endobj /Pg 22 0 R endobj 1336 0 obj /K 455 /Pg 23 0 R endobj /K 64 /Pg 24 0 R /Pg 25 0 R << 3559 0 obj endobj 2390 0 obj >> /Lang (EN-US) /S /Artifact endobj /Pg 25 0 R << << null null 1855 0 R null null null 1856 0 R null 1857 0 R null << endobj << /S /Artifact << << >> /K 1194 endobj /K 1267 /S /P /Lang (EN-US) << /S /P /P 5381 0 R 4242 0 obj /P 6124 0 R /S /Artifact >> endobj << << endobj /K 439 /P 6210 0 R /Pg 23 0 R /K 625 endobj endobj << >> endobj >> << >> /P 5198 0 R /P 5079 0 R /K 1197 >> /S /P /Pg 25 0 R 525 0 obj /P 5217 0 R /Pg 25 0 R 1434 0 obj /K 1158 /K 607 endobj endobj /S /Artifact endobj >> 940 0 obj /Pg 22 0 R >> /K 1434 << >> << 3619 0 obj /Pg 24 0 R >> 895 0 obj /K 294 /K 828 /H /I /S /P /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) endobj /Lang (EN-US) /S /Artifact /Lang (EN-US) << /K 1275 >> /P 5069 0 R endobj /K 1085 4022 0 obj << /K 372 <> 649 0 obj endobj >> >> << In high inflation periods, for example, PE has generated returns in excess of about 6% above public stocks. endobj << >> 1318 0 obj endobj 1277 0 obj >> /K 913 /K 243 3382 0 obj /Pg 24 0 R /K 1029 /Pg 13 0 R /StructParents 9 /Pg 24 0 R /S /Artifact endobj << 3766 0 obj /S /Artifact /S /P >> 460 0 obj /Pg 23 0 R << /K 104 /StructParents 8 /Lang (EN-US) >> << >> 286 0 obj /S /Artifact << /K 1328 /S /P << 1916 0 obj >> /K 1495 endobj << 1679 0 obj << >> /Pg 25 0 R /P 5568 0 R <> 2175 0 obj /Pg 20 0 R endobj /S /P endobj /P 6364 0 R /S /P <> /Pg 18 0 R /K 823 >> /P 10 0 R /Pg 23 0 R /Pg 25 0 R << endobj /K 867 /K 50 << /Lang (EN-US) >> /K 289 /P 5115 0 R << /S /P /K 1332 << /Lang (EN-US) 1362 0 obj endobj endobj /P 5961 0 R >> << /K 1333 /K 32 << << /K 1071 endobj /Pg 23 0 R /Pg 25 0 R /K 402 3665 0 obj /P 5110 0 R /Lang (EN-US) 2258 0 obj << 3364 0 R 3365 0 R 3366 0 R 3367 0 R 3368 0 R 3369 0 R 3370 0 R 3371 0 R 3372 0 R 3373 0 R >> /Lang (EN-US) endobj 1272 0 obj /K 243 << 1129 0 obj /S /P << >> /S /P /K 1064 >> UK. /P 10 0 R /Pg 24 0 R /K 105 2834 0 obj /Pg 22 0 R /S /Artifact /P 6029 0 R /Lang (EN-US) /K 1149 2307 0 obj << /K 451 endobj endobj /Pg 23 0 R /K [66 4674 0 R] >> 1155 0 obj <> /K 1208 <> << 1325 0 obj /Lang (EN-US) endobj << /K 412 endobj 3096 0 obj /P 6745 0 R /S /P >> /K 1416 /K 1278 /K 487 1193 0 obj /Pg 25 0 R /K 878 2978 0 obj /S /P 371 0 obj /Pg 23 0 R 4077 0 obj /Pg 24 0 R 2337 0 obj << /Lang (EN-US) 1351 0 obj << /Pg 23 0 R >> /P 6753 0 R >> endobj /Pg 25 0 R /K 632 /K 47 /K 1373 /Pg 23 0 R /Pg 25 0 R endobj << /S /Artifact >> 1828 0 obj /S /Artifact /P 6611 0 R 969 0 obj /S /P /K 414 endobj << >> >> endobj /S /Table /P 10 0 R << 3357 0 obj /S /P << /S /Artifact >> /Pg 25 0 R endobj /K 190 /Lang (EN-US) <> << << /S /Artifact /K 1302 endobj /S /P /Pg 23 0 R 1592 0 obj >> endobj >> >> >> << >> >> /K 6 /Pg 23 0 R <> /K 848 << /Pg 19 0 R 2864 0 obj /K 1166 /K 986 /Lang (EN-US) /S /Artifact /Pg 24 0 R /S /Artifact /Pg 22 0 R << >> /K 64 /Lang (EN-US) /Pg 23 0 R << endobj <> /K 7 245 0 obj endobj << /K 449 /Pg 17 0 R 3769 0 obj >> >> /P 4643 0 R endobj /Lang (EN-US) /Lang (EN-US) /K 1124 /Lang (EN-US) /K 1513 /K 1513 3887 0 obj /K 1420 >> /P 5287 0 R /Pg 25 0 R /S /Artifact /P 10 0 R /Pg 23 0 R 1180 0 obj /Lang (EN-US) /Pg 22 0 R /S /P << /Company (Hewlett-Packard Company) /K 1367 /Lang (EN-US) /K 1325 >> << /S /Artifact << /Pg 25 0 R /Pg 25 0 R endobj /Lang (EN-US) /Pg 25 0 R << /K 412 /Lang (EN-US) >> << /Lang (EN-US) /Pg 23 0 R >> <> >> /Pg 25 0 R /S /P /Lang (EN-US) /Pg 24 0 R /S /P /Lang (EN-US) /Pg 22 0 R endobj /P 5120 0 R /Pg 24 0 R /P 6627 0 R /Pg 22 0 R /P 5438 0 R <> /S /Artifact /K 327 4113 0 obj /Pg 17 0 R /Lang (EN-US) /K 20 /Pg 24 0 R 3326 0 obj 1830 0 obj /K 395 /K 1031 /Lang (EN-US) /Lang (EN-US) << /S /P endobj 3264 0 R 3265 0 R 3266 0 R 3267 0 R 3268 0 R 3269 0 R 3270 0 R 3271 0 R 3272 0 R 3273 0 R endobj endobj /Pg 25 0 R endobj /S /P /P 5489 0 R /P 4980 0 R /K 35 /Pg 25 0 R /Pg 18 0 R /S /Artifact >> << /Pg 20 0 R 3685 0 obj /S /Artifact endobj /Lang (EN-US) /K 1256 /P 5422 0 R /P 5820 0 R /S /P >> << /K 702 endobj /P 6422 0 R 261 0 obj endobj endobj /Pg 22 0 R /K 187 endobj endobj << /S /Artifact /K 828 >> 3975 0 obj /K 1416 /K 979 /Pg 24 0 R /Pg 23 0 R >> /Pg 25 0 R 4307 0 obj /K 201 /K 17 /S /Artifact /K 1257 /S /P endobj /Lang (EN-US) /S /P << /K 772 >> /S /P /S /Artifact /P 5397 0 R /P 10 0 R /K 1547 3242 0 obj /P 5143 0 R endobj >> /S /P >> 2434 0 obj /P 5416 0 R 45 0 R null 386 0 R null 387 0 R null 388 0 R null null 389 0 R /S /P /S /P /Lang (EN-US) /K 1171 >> endobj endobj << /S /P >> /K 1424 /Pg 23 0 R /P 6592 0 R >> endobj << << /Lang (EN-US) /K 391 << << endobj endobj /S /Artifact /Lang (EN-US) 606 0 obj << /P 5220 0 R /K 1230 << The Cliffwater Direct Lending Index (the "CDLI") seeks to measure the unlevered, gross of fees performance of U.S. middle mar ket corporate loans, as represented by the underlying assets of Business Development Companies ("BDCs"), including both exchange - traded and unlisted BDCs, subject to certain eligibility requirements. /S /Artifact /S /P /S /Artifact /S /Artifact /Pg 23 0 R 988 0 obj 3507 0 obj /Lang (EN-US) /S /Artifact /S /Artifact >> /P 6680 0 R /S /Link /K 1509 /Lang (EN-US) /S /P /T () >> /P 5456 0 R /Pg 23 0 R << << /S /Artifact /Pg 20 0 R << /P 10 0 R /Pg 18 0 R /Pg 22 0 R /Pg 25 0 R 2130 0 obj 2136 0 R 2137 0 R 2138 0 R 2139 0 R 2140 0 R 2141 0 R 2142 0 R 2143 0 R 2144 0 R 2145 0 R /P 6141 0 R /S /P << /Pg 24 0 R /Lang (EN-US) << /Lang (EN-US) 1059 0 obj This book dissects direct loans as a class, providing the critical background 385397403217. 910 0 obj /P 6176 0 R /Pg 25 0 R /S /Artifact 414 0 R 415 0 R 416 0 R 417 0 R] 3957 0 obj << 3862 0 obj /Pg 23 0 R /Pg 24 0 R endobj /P 5697 0 R /S /Artifact /Pg 25 0 R /K 127 >> >> << /Lang (EN-US) /S /Artifact 2900 0 obj endobj 1406 0 obj >> >> /K 1302 endobj /Lang (EN-US) << << /K 833 << ** First Eagle Credit Opportunities Fund uses Distribution Yield in place of Yield to Worst.
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