/K 621 /K 1260 /K 1176 >> 221 0 obj 3583 0 obj 1490 0 obj 110 0 obj /S /P /Pg 23 0 R << /S /P /Rotate 0 /Pg 23 0 R << >> /Lang (EN-US) /S /P endobj /Pg 22 0 R /Lang (EN-US) /P 6577 0 R /Pg 22 0 R /Pg 25 0 R /Pg 22 0 R /Pg 25 0 R /S /P /K 1329 4022 0 obj << 3876 0 obj << << 1207 0 obj 3003 0 obj /Pg 22 0 R /Pg 23 0 R /S /P >> 3415 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 25 0 R /S /P >> >> /K 1240 /P 6524 0 R endobj /S /Artifact /Pg 22 0 R /S /Artifact >> /P 4823 0 R /K 1332 endobj 2536 0 R null 2537 0 R null 2538 0 R null null null 2539 0 R null << endobj >> 511 0 obj /Lang (EN-US) /K 433 endobj >> endobj << /Pg 22 0 R << endobj /S /Artifact /P 10 0 R /Lang (EN-US) endobj << 2635 0 obj << endobj /Pg 25 0 R /Lang (EN-US) /Pg 22 0 R /K 1435 >> /Pg 22 0 R /Lang (EN-US) /K 1257 endobj /P 4911 0 R /S /Artifact /Pg 16 0 R /S /P >> << /K 217 /Pg 23 0 R /Pg 23 0 R endobj 2214 0 obj /S /P >> /S /P /S /Artifact >> >> << /Pg 22 0 R 1079 0 obj endobj /Pg 24 0 R /Pg 25 0 R /Pg 23 0 R >> /Pg 25 0 R >> /Pg 18 0 R /K 751 2093 0 obj /S /P null 1708 0 R null 1709 0 R null 1710 0 R null 1711 0 R null 1712 0 R >> /K [1335 1336] /P 10 0 R /P 10 0 R /K 298 /K 1507 /S /Artifact /Pg 23 0 R /K 412 /Pg 16 0 R /P 5930 0 R >> << << /Lang (EN-US) /K 110 << endobj /Pg 23 0 R /Pg 24 0 R /Pg 24 0 R endobj /Lang (EN-US) endobj /S /Artifact << /S /Artifact << /K 1189 null 1913 0 R null 1914 0 R null null null 1915 0 R null null >> /S /P /P 5154 0 R /S /P /S /P << 764 0 obj /Lang (EN-US) endobj /K 18 /K 720 >> /Pg 21 0 R /Pg 25 0 R /S /Artifact /S /P 2652 0 obj /Pg 23 0 R /P 4832 0 R >> 1546 0 obj endobj 4119 0 obj << /Pg 25 0 R >> << /K 111 null 3737 0 R null null null 3738 0 R null null null 3739 0 R /Lang (EN-US) << endobj << endobj /S /P endobj /K 1254 /Pg 22 0 R 169 0 R 170 0 R 171 0 R null 441 0 R null 442 0 R null null null /P 4648 0 R 3635 0 R null 3636 0 R null null null 3637 0 R null null null /Pg 23 0 R endobj endobj endobj /K 610 << /Lang (EN-US) endobj /P 10 0 R /K 1545 << /Pg 24 0 R endobj >> >> << << 4273 0 obj /Type /Pages /Lang (EN-US) /K 1521 << /K 79 endobj /P 5289 0 R endobj /K 1323 endobj endobj /K 1231 2819 0 obj >> /K 511 << /S /P >> /S /P /S /P 2491 0 R null null null 2492 0 R null 2493 0 R null 2494 0 R null /P 4636 0 R /P 5693 0 R /Lang (EN-US) /Pg 23 0 R /K 1456 << /Lang (EN-US) /K 280 /S /P << /K 486 /Pg 23 0 R /P 5534 0 R /S /Artifact /Lang (EN-US) /Pg 25 0 R /Lang (EN-US) /K 1233 endobj /S /P >> >> 1505 0 obj 2942 0 obj /K 1193 /S /P /Pg 25 0 R /K 905 endobj << /K 1278 >> /Pg 23 0 R >> >> /K 1114 >> endobj /P 10 0 R /Pg 24 0 R endobj << >> >> 3081 0 obj /K 1346 /S /Artifact endobj >> /Pg 22 0 R /P 5778 0 R endobj /K 424 >> /K 992 /S /P << /S /Artifact >> >> << >> /Pg 25 0 R 2493 0 obj /P 6302 0 R /S /P << /Pg 23 0 R /Lang (EN-US) 3648 0 obj /Pg 15 0 R endobj /P 5756 0 R /K 121 /Lang (EN-US) /Lang (EN-US) /P 10 0 R 4005 0 obj >> >> /Lang (EN-US) >> 3694 0 obj /Lang (EN-US) /K 584 Middle-market direct lending has evolved over the last 20 years, and many institutional investors increasingly view it as a strategic portfolio allocation. /K 266 << >> 2378 0 obj /S /Artifact /Pg 17 0 R /S /Artifact endobj << /K 1126 /Pg 23 0 R /K 1413 >> >> /Pg 23 0 R 54 0 obj << << /S /Figure /P 5187 0 R /S /Artifact >> /P 10 0 R >> /Lang (EN-US) >> /S /Artifact /K 1532 /S /P /Lang (EN-US) With this data, we can run a successive - more robust - analysis of the direct lending . /K 450 3701 0 obj /K 305 1798 0 obj << 1578 0 obj << 160 0 obj /K 1160 /P 5054 0 R /S /Artifact endobj << 1058 0 obj << >> /S /P /S /Artifact 4630 0 R] /S /Artifact endobj >> >> endobj /P 6217 0 R endobj /Lang (EN-US) /K 1172 4202 0 obj /Pg 22 0 R /Pg 24 0 R /K 741 /S /Artifact endobj 4227 0 obj /K 1246 /Pg 23 0 R /P 434 0 R /K 1174 /Lang (EN-US) >> /S /Artifact 738 0 obj 3796 0 obj >> >> << /S /Artifact /S /P /S /P /Pg 26 0 R /Pg 22 0 R /Pg 23 0 R /P 5681 0 R /Pg 23 0 R /Lang (EN-US) /K 184 endobj /S /P 3159 0 obj /K 1380 /P 6235 0 R << endobj >> << /Lang (EN-US) /P 5764 0 R /P 5822 0 R /S /P /Pg 22 0 R /K 1096 2125 0 obj /P 5388 0 R /Lang (EN-US) /Pg 24 0 R << 925 0 obj >> endobj << endobj >> 605 0 obj /Pg 24 0 R >> /S /P /Pg 24 0 R 1028 0 obj /Pg 23 0 R /K 1504 /Pg 25 0 R /S /P /Pg 25 0 R 1585 0 obj endobj /Pg 22 0 R << /K 665 endobj endobj Cliffwater Direct Lending Index Performance Annual Total Returns Since Inception Annual Income Returns Since Inception As of 12/31/21. /S /Artifact /K [27 0 R 28 0 R 29 0 R 30 0 R 31 0 R 32 0 R 33 0 R 34 0 R 35 0 R 36 0 R >> /Pg 24 0 R 2858 0 obj /Lang (EN-US) endobj >> /K 378 /Lang (EN-US) /S /Artifact 2926 0 obj /K [131 4660 0 R] /S /P /S /P /K 93 1522 0 obj /K 1400 << /S /P 1761 0 obj >> endobj << << /K 188 << endobj 436 0 obj >> 246 0 obj /MarkInfo 2 0 R /K 1503 /S /Artifact /S /P /S /P endobj /S /P endobj /Pg 23 0 R endobj << /P 6351 0 R >> /Lang (EN-US) << /Pg 24 0 R >> /K 10 /Lang (EN-US) /P 6204 0 R >> /Lang (EN-US) << 1410 0 obj /K 776 >> /Pg 24 0 R /K 1473 << << << /P 5323 0 R /Lang (EN-US) 3062 0 obj << >> /Lang (EN-US) /K 1386 /K 1252 << 2632 0 obj >> endobj /Pg 24 0 R endobj null 792 0 R null 793 0 R null 794 0 R 795 0 R null 796 0 R null /Pg 22 0 R /P 5096 0 R << endobj >> >> 1671 0 obj 3226 0 obj endobj /Pg 22 0 R /Lang (EN-US) >> /S /Artifact /P 6300 0 R /P 4766 0 R /S /Artifact 161 0 obj null 3649 0 R 329 0 R null 331 0 R null 3650 0 R null null 3651 0 R << >> >> << >> << 19 0 obj >> Loans are made or arranged pursuant to a California Financing Law license. 901 0 obj 259 0 obj >> /Pg 25 0 R 183 0 obj << endobj >> /K 1283 3827 0 obj >> /S /P endobj << /P 5882 0 R /P 4952 0 R /K 56 endobj << /S /P /Lang (EN-US) << << endobj Manager selection, therefore, is part of investing in direct loans. 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 /Lang (EN-US) /S /P << >> 3215 0 obj /K 1338 << /Pg 15 0 R /Lang (EN-US) >> /S /P /S /Artifact << << /Lang (EN-US) /Resources 4347 0 R /K 559 4071 0 obj endobj /Pg 25 0 R /Lang (EN-US) /P 6129 0 R /P 5864 0 R endobj >> /Pg 24 0 R /Lang (EN-US) endobj endobj /K 1177 Markets currently appear to need further sequential evidence before pricing in a more sustained period of higher yields /Pg 24 0 R /Lang (EN-US) >> /Pg 24 0 R /K 1220 << /K 1056 3732 0 obj >> /S /P 954 0 obj /S /P endobj << << 25 0 obj /K 63 >> /K 3 endobj /Lang (EN-US) /Lang (EN-US) /Pg 22 0 R /S /Artifact 592 0 obj /K 1156 /P 5528 0 R /S /P >> endobj /StructTreeRoot 5 0 R << /S /Artifact /K 1184 1649 0 obj << /Pg 20 0 R endobj 3392 0 obj /K 782 1166 0 obj >> << endobj /Pg 25 0 R /P 5555 0 R endobj endobj /Lang (EN-US) >> 1538 0 obj /Pg 22 0 R >> >> /K 1109 /K 1232 /Pg 22 0 R /P 6578 0 R 4006 0 obj >> << << /S /P 1193 0 obj 241 0 R 242 0 R 243 0 R 244 0 R null 592 0 R null null null null >> << 3407 0 obj /Pg 26 0 R 1948 0 R null 1949 0 R null 1950 0 R null null null 1951 0 R null endobj /Pg 24 0 R >> endobj << << endobj 576 0 obj >> /K 1548 << endobj << 1575 0 obj /Lang (EN-US) 588 0 obj /K 190 << /S /Artifact 2416 0 obj /S /P /K 827 /Pg 22 0 R /K [2 444 0 R 44] >> >> endobj /K 10 /Pg 22 0 R endobj /K 616 /K 127 /K 1243 /K 1357 /S /P endobj /Pg 25 0 R >> << >> /S /P endobj /Pg 25 0 R /Pg 22 0 R /P 6305 0 R /Lang (EN-US) 1660 0 obj >> /S /P /K 655 << >> 2299 0 obj >> 3864 0 obj 915 0 obj endobj /Pg 24 0 R << >> /Pg 17 0 R /S /P /Pg 22 0 R >> /S /P 2468 0 obj << /S /P >> /Pg 24 0 R /P 4871 0 R /K 31 156 0 obj /S /Artifact /Lang (EN-US) endobj 3926 0 obj endobj << /Pg 24 0 R /Lang (EN-US) endobj /K 52 939 0 obj /S /P /Pg 23 0 R /K 107 /K 462 1549 0 obj /StructParents 14 endobj >> /K 1446 endobj /Pg 24 0 R /P 4690 0 R endobj << >> /S /P /S /P >> /Pg 22 0 R >> /Lang (EN-US) /K 148 >> /S /Artifact 1476 0 obj 3368 0 obj /P 5458 0 R >> /S /Artifact /Lang (EN-US) /Pg 25 0 R /Pg 25 0 R /Pg 24 0 R endobj 2424 0 obj /Lang (IT-IT) >> 4206 0 obj /Lang (EN-US) /K 538 /P 74 0 R endobj >> >> /P 10 0 R 3156 0 obj << /S /Artifact << /K 55 /K 1104 >> 3964 0 obj /Pg 18 0 R /S /Artifact /Pg 22 0 R /K 669 endobj /K 10 << /P 6340 0 R /K 1026 4115 0 obj endobj /Pg 25 0 R /K 1419 /K 1230 >> /Lang (EN-US) endobj << /K 30 >> 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 /P 6654 0 R null 3453 0 R null 3454 0 R null 3455 0 R null 3456 0 R null null 589 0 obj /S /P << /Pg 24 0 R /K 510 1669 0 R null null null 1670 0 R null null null 1671 0 R null /Pg 22 0 R /Pg 22 0 R endobj 3537 0 obj null null null 2833 0 R null 2834 0 R null 2835 0 R null 2836 0 R endobj endobj /S /P /S /Artifact /K 1494 /Pg 24 0 R /Lang (EN-US) endobj /Lang (EN-US) /S /Artifact << /K 918 /S /P 896 0 obj endobj null 925 0 R null null null 926 0 R null 927 0 R null 928 0 R endobj /S /P /S /P << endobj 3550 0 obj 2802 0 obj /K 772 << Patrick Wolfe, Managing Director, is a member of Blackrock's Global Credit Platform. endobj >> << >> /S /P /K 867 /P 4702 0 R /Lang (EN-US) /S /P << /S /P /P 6663 0 R /Lang (EN-US) 2117 0 obj 1692 0 obj >> /Lang (EN-US) 671 0 obj /Lang (EN-US) /P 5092 0 R endobj null null 1952 0 R null 1953 0 R null 1954 0 R null 1955 0 R null >> /Pg 25 0 R >> >> endobj /K 1514 /S /Artifact endobj >> /K 283 /P 4915 0 R >> 2325 0 obj << << /P 5140 0 R endobj /K 30 /K 51 endobj 428 0 obj << << << << << /Pg 23 0 R /Pg 25 0 R << /Pg 18 0 R /Lang (EN-US) /P 5838 0 R /Lang (EN-US) /K 636 /Parent 8 0 R 2762 0 obj /Pg 25 0 R endobj << /Lang (EN-US) 4245 0 obj /K 1337 /Pg 22 0 R /Lang (EN-US) 1991 0 obj >> endobj /Pg 25 0 R /S /P /Pg 23 0 R >> 825 0 obj /P 5214 0 R 2722 0 obj /P 5051 0 R 3271 0 obj /S /Artifact 1254 0 obj >> endobj endobj >> >> 3802 0 obj /A 4459 0 R null 2900 0 R null 2901 0 R null 2902 0 R null 2903 0 R null null /Pg 23 0 R >> endobj endobj /S /Artifact /S /Artifact /K 26 /S /Artifact /P 10 0 R << << << endobj /S /Artifact /K 1279 /P 10 0 R /K 1507 2270 0 obj /Pg 25 0 R /S /P /P 10 0 R >> /Pg 23 0 R 2004 0 obj /S /Artifact << /Pg 23 0 R /Pg 24 0 R /K 0 /Pg 23 0 R /P 5915 0 R >> /K 50 >> /P 5301 0 R endobj << /K 499 /S /P /S /Artifact /Pg 24 0 R /S /P /Pg 13 0 R /Pg 18 0 R 20 0 obj /K [1111 1112] /Lang (EN-US) /K 43 Looking at historical << >> /Pg 25 0 R endobj /K 605 /K 1458 << /K 1231 << 912 0 obj << /S /P 127 0 R 128 0 R 129 0 R 130 0 R 131 0 R 132 0 R 133 0 R 134 0 R 135 0 R 136 0 R 4087 0 R 4088 0 R 4089 0 R 4090 0 R 4091 0 R 4092 0 R 4093 0 R 4094 0 R 4095 0 R 4096 0 R /P 6430 0 R endobj endobj endobj /Pg 23 0 R /Pg 24 0 R endobj 3496 0 obj endobj /K 882 1805 0 R null 1806 0 R null 1807 0 R null null null 1808 0 R null 393 0 obj /K 1256 endobj 2343 0 obj /Lang (EN-US) 3528 0 obj << /K 749 /K 1088 1750 0 obj The CDLI assists investors to better understand asset class characteristics and to benchmark manager performance. 4065 0 obj /Lang (EN-US) /S /P << << /K 911 /K 1395 2757 0 obj << /Pg 26 0 R 2170 0 obj /S /P endobj endobj /K 1498 3816 0 obj 312 0 obj 523 0 obj /S /Artifact 2034 0 obj 961 0 obj endobj >> 2935 0 R null 2936 0 R null 2937 0 R null 2938 0 R null 2939 0 R null /S /P endobj /Pg 25 0 R << /K 65 >> << /P 6192 0 R /Pg 23 0 R << << 3541 0 R null null null 3542 0 R null 3543 0 R null 3544 0 R null /S /Artifact endobj /K 1202 >> >> /Lang (EN-US) /K 1381 << 2447 0 obj /Pg 25 0 R /S /P /S /P /S /P /Pg 23 0 R << 510 0 obj 1455 0 obj /P 5457 0 R /P 6274 0 R 3447 0 obj /S /Artifact /Pg 22 0 R /Pg 23 0 R /P 6288 0 R endobj 1473 0 obj << endobj << << /Pg 22 0 R /Pg 19 0 R /K 875 endobj 536 0 obj /P 5426 0 R endobj /Pg 23 0 R /S /Artifact endobj /S /P endobj /Pg 23 0 R << << << /K 1339 endobj << endobj /S /Artifact >> << /S /P /Lang (EN-US) /P 10 0 R /A 4663 0 R /Pg 22 0 R << >> << /Lang (EN-US) /Pg 24 0 R 3726 0 obj << /Pg 22 0 R /P 6476 0 R /Pg 24 0 R /Pg 24 0 R >> << /K 1116 1304 0 obj << endobj /P 5892 0 R /P 5229 0 R >> /K 208 /P 5744 0 R /P 5639 0 R /S /P /Lang (EN-US) /S /Artifact /Pg 24 0 R endobj << /Lang (EN-US) /Pg 25 0 R /Pg 23 0 R /K 1211 << /Pg 24 0 R >> 1835 0 obj >> >> 1272 0 obj /P 6339 0 R 552 0 obj endobj /Pg 13 0 R /K 1360 >> << << endobj /S /Artifact /K 1224 2382 0 obj >> /Lang (EN-US) endobj /P 5699 0 R << /Pg 16 0 R endobj << /Pg 24 0 R endobj << /S /Artifact /Pg 22 0 R >> /Pg 23 0 R /K 716 /S /Artifact /S /P 1051 0 obj /Pg 24 0 R /S /P endobj /K 1375 /S /P << endobj /S /P /Pg 23 0 R 3567 0 R null 3568 0 R null 3569 0 R null 3570 0 R null 3571 0 R 3572 0 R /Lang (EN-US) /K 102 null null null 2478 0 R null null null 2479 0 R null 2480 0 R 3269 0 obj >> /Pg 23 0 R endobj /S /P /S /P >> endobj /K 256 endobj /Pg 22 0 R /Pg 22 0 R 2920 0 obj 1333 0 obj >> /K 1466 1448 0 obj /Lang (EN-US) /K 643 /P 5131 0 R endobj /Pg 23 0 R /Pg 23 0 R 1083 0 obj 3057 0 obj /Lang (EN-US) /K 884 endobj /K 1180 /K 1184 >> << /S /Artifact endobj << /K 721 2569 0 obj 86 0 obj << /Lang (EN-US) 3272 0 obj /K 58 /P 5788 0 R /S /P << /Lang (EN-US) << << /P 4768 0 R /K 813 /S /P /Lang (EN-US) 979 0 obj /Lang (EN-US) /S /Artifact >> << endobj endobj 385 0 obj endobj /S /Artifact << /Lang (EN-US) >> << /S /Artifact << /K 853 /Pg 23 0 R 2666 0 obj << endobj /K 38 /Lang (EN-US) 3064 0 obj /Pg 22 0 R /Pg 25 0 R endobj 3570 0 obj /P 5522 0 R endobj << /Lang (EN-US) /Lang (EN-US) /Pg 25 0 R endobj >> 2513 0 obj /P 5255 0 R /K 482 2398 0 obj endobj endobj /Lang (EN-US) /S /P /K 82 >> /Lang (EN-US) 3122 0 obj endobj >> /K 1509 /Pg 24 0 R /Pg 23 0 R /K 1166 /P 40 0 R >> >> /K 46 /Lang (EN-US) << endobj /K 165 endobj >> << endobj /S /P >> /P 5810 0 R /P 5365 0 R /Pg 22 0 R >> endobj >> /K 1199 2283 0 R 2284 0 R 2285 0 R 2286 0 R 2287 0 R 2288 0 R 2289 0 R 2290 0 R 2291 0 R 2292 0 R endobj /Lang (EN-US) /Pg 25 0 R >> >> /Pg 24 0 R >> /Pg 23 0 R << /P 6225 0 R 1062 0 obj /S /P 3243 0 obj /K 1284 << /K 43 /S /P /S /P /Pg 22 0 R /Kids [18 0 R 19 0 R 20 0 R 21 0 R 22 0 R 23 0 R 24 0 R 25 0 R 26 0 R] 3287 0 obj /Pg 18 0 R /S /P << /K 496 null 2531 0 R null 2532 0 R null 2533 0 R 2534 0 R null 2535 0 R null /Pg 24 0 R /P 6378 0 R /K 1123 1638 0 obj >> endobj /S /Artifact /K 1226 >> /Pg 25 0 R << /S /P /P 6205 0 R << endobj 2604 0 obj /Pg 25 0 R /S /P /S /P /P 5526 0 R >> endobj 415 0 obj /K 1516 /Pg 22 0 R /P 5167 0 R /S /Artifact /K 214 /Lang (EN-US) << /S /Artifact endobj /Pg 23 0 R 1300 0 obj endobj /Pg 22 0 R /P 5943 0 R /Lang (EN-US) >> endobj endobj /P 5815 0 R /K 1389 /S /P /S /P >> 1811 0 obj endobj endobj /K 1261 /Lang (EN-US) 3465 0 obj endobj /K 1138 /Lang (EN-US) /P 5267 0 R 1291 0 obj << endobj 2843 0 obj /Pg 16 0 R
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