cliffwater direct lending index

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(EN-US) 2786 0 obj 1550 0 obj /S /Artifact /P 5247 0 R 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. /Lang (EN-US) /P 5987 0 R >> /P 5854 0 R 850 0 obj 2203 0 obj /K 680 /P 4957 0 R /Pg 22 0 R /P 6039 0 R /Pg 25 0 R >> >> endobj << 1454 0 obj endobj /S /Artifact /K 489 /S /Link endobj << /S /P /Pg 25 0 R /K 1331 << /K [7 438 0 R 40] 331 0 obj 3703 0 obj /S /P /S /P << endobj /Pg 24 0 R /Pg 24 0 R endobj /Pg 26 0 R >> /P 6251 0 R 457 0 R null 458 0 R 459 0 R 460 0 R null 461 0 R null 462 0 R null /K 581 << /Lang (EN-US) /P 5610 0 R /P 10 0 R /Lang (EN-US) /Pg 25 0 R endobj /S /P endobj << endobj /K 1459 1839 0 obj << /Subtype /Link 3795 0 obj /Pg 23 0 R >> << << << endobj endobj 70 0 obj /P 6517 0 R /Pg 15 0 R 2225 0 obj << /S /P >> 393 0 obj << endobj 1901 0 obj /P 5513 0 R >> >> /P 5623 0 R 2689 0 obj /P 10 0 R /S /P endobj /K 1241 2462 0 obj << >> /S /P /K 403 /K 772 /Lang (EN-US) endobj << /Lang (EN-US) /Pg 23 0 R endobj >> >> /S /P endobj << endobj 1798 0 obj >> /Lang (EN-US) << /Lang (EN-US) 612 0 obj << /S /Artifact << /Pg 23 0 R >> <> /S /Artifact /K 252 /K 1135 >> /Pg 25 0 R /S /P /Lang (EN-US) 705 0 obj endobj << /Border [0 0 0] 3021 0 obj /Pg 22 0 R /Pg 22 0 R /Pg 23 0 R endobj /A 4460 0 R << /K 740 /S /Artifact /K 977 endobj /S /Artifact /S /Artifact /S /P /S /P << << /K 439 >> << /S /Artifact /Lang (EN-US) << endobj /Pg 24 0 R << endobj endobj /S /P null null 1855 0 R null null null 1856 0 R null 1857 0 R null /Pg 25 0 R /Pg 23 0 R >> endobj 2933 0 obj endobj /Lang (EN-US) /Lang (EN-US) endobj endobj /K 620 >> 1037 0 obj endobj /S /P /Pg 25 0 R 1073 0 obj /S /P >> /K 1375 << /Lang (EN-US) << /Pg 24 0 R /K 1406 << /S /Artifact >> << 3351 0 obj 785 0 obj /S /P 4231 0 obj << >> << endobj endobj << 2222 0 obj null 929 0 R null 930 0 R null 931 0 R 932 0 R null 933 0 R null 2535 0 obj /Pg 24 0 R 2057 0 obj << >> endobj 4182 0 obj /StructParents 12 1899 0 obj >> /Pg 22 0 R >> /K 690 << /K 86 /Lang (EN-US) << >> << /S /P << >> /Pg 22 0 R endobj 696 0 obj /S /Artifact >> /P 10 0 R endobj /K 81 /Pg 23 0 R 2962 0 obj 1707 0 obj << 3133 0 obj /P 5267 0 R >> /S /P /K 668 endobj /Lang (EN-US) >> 562 0 R null null null 563 0 R null null 202 0 R 203 0 R 204 0 R /K 751 /K 798 1020 0 obj /Pg 24 0 R /K 1073 /S /P /S /Artifact 1846 0 obj /K 1381 << 2593 0 R 2594 0 R null 2595 0 R null 2596 0 R null 2597 0 R null 2598 0 R 2762 0 obj /Lang (EN-US) /S /Artifact /Pg 25 0 R /K 1235 /P 5111 0 R /Lang (EN-US) endobj << 1336 0 R 1336 0 R 1337 0 R 1338 0 R 1339 0 R 1340 0 R 1341 0 R 1342 0 R 1343 0 R 1344 0 R /MediaBox [0 0 612 792] /Lang (EN-US) /Pg 25 0 R /Lang (EN-US) endobj /K 978 << /Pg 24 0 R /K 682 << /Lang (EN-US) 3296 0 obj >> /S /P /S /P endobj <> endobj << >> >> /K 94 endobj endobj 1600 0 obj endobj /Pg 26 0 R >> /S /P >> endobj /Tabs /S /Pg 25 0 R /Pg 17 0 R /K 1269 /K 669 >> /Pg 25 0 R >> /P 4433 0 R /Pg 24 0 R /K 35 << >> 1853 0 obj endobj <> /Pg 24 0 R endobj /K 722 endobj endobj >> endobj endobj m /Lang (EN-US) /P 5017 0 R <> 553 0 obj 1048 0 obj /K 644 << >> /S /P << << /Pg 23 0 R /Pg 23 0 R /K 1463 /S /P >> /K 13 /S /P endobj 3063 0 obj /Pg 23 0 R 3828 0 obj /S /Artifact /K 165 >> /Pg 24 0 R << 2191 0 obj endobj endobj 2404 0 obj /P 5609 0 R /K 82 Average Realized Loss (2006 - 2021) Average realized loss is the historical average of the realized gains/losses for the Cliffwater Direct Lending Index. /Pg 20 0 R /S /P /S /Artifact /Pg 22 0 R /S /P 745 0 obj /Lang (EN-US) 2164 0 obj /Pg 25 0 R 1050 0 obj /K 1006 /S /P >> null 2651 0 R null 2652 0 R null 2653 0 R 2654 0 R null 2655 0 R null /K 63 << << /S /Artifact /P 6291 0 R /S /Link The index is currently comprised of over 5000 direct loans valued at about $75 billion. /Lang (EN-US) >> 2423 0 R 2424 0 R 2425 0 R 2426 0 R 2427 0 R 2428 0 R 2429 0 R 2430 0 R 2431 0 R 2432 0 R /K 1067 /Pg 21 0 R endobj /Lang (EN-US) endobj endobj endobj /K 557 >> /Pg 18 0 R << >> /S /P /S /P << 232 0 obj /P 6361 0 R >> endobj /S /P /Lang (EN-US) << << << >> /K 1454 3394 0 obj /P 5423 0 R 3674 0 R null 3675 0 R null 3676 0 R null 3677 0 R null null null << /K 1173 1563 0 obj endobj /S /Artifact /Pg 23 0 R /P 4986 0 R /K 959 /S /Artifact << << /K 1283 /K 476 /Lang (EN-US) /P 6028 0 R /P 5093 0 R >> 2244 0 obj /Lang (EN-US) /S /Artifact /S /P /P 4934 0 R /Lang (EN-US) /S /P 1183 0 obj /Pg 24 0 R /Pg 22 0 R /S /P >> /P 6298 0 R >> << << endobj /S /Artifact /Pg 23 0 R /Pg 24 0 R /S /P /S /P << << /S /P /S /P /Pg 22 0 R /S /Artifact /K 125 <> 3019 0 obj 1400 0 obj >> 2982 0 obj 741 0 obj endobj /Lang (EN-US) /Lang (EN-US) /K 32 /Pg 23 0 R /Pg 24 0 R /T () /P 10 0 R endobj /S /P >> /K 1204 3377 0 obj << /Pg 25 0 R /S /Artifact /Pg 18 0 R /Lang (EN-US) /K 759 endobj endobj /K 1398 700 0 obj << endobj >> 2212 0 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null null 2695 0 R endobj >> 889 0 R null null null 890 0 R null 891 0 R null 892 0 R null << /K 1403 endobj /Lang (EN-US) << /K 1244 /P 6677 0 R /Pg 24 0 R /Pg 17 0 R /K 549 /K 1317 /S /P 1714 0 obj 1838 0 obj /Lang (EN-US) /K 998 /S /Artifact 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 2220 0 obj 310 0 obj /Pg 25 0 R /Pg 25 0 R >> /P 5772 0 R 2655 0 obj /K 1465 /S /Artifact endobj /Lang (EN-US) /K 170 /K 1211 >> /S /P endobj endobj /Pg 22 0 R /K 1143 << /S /P endobj /S /Artifact /P 6244 0 R << /K 1414 /S /P << /Lang (EN-US) 3354 0 obj << 513 0 R 514 0 R 515 0 R null 516 0 R null 517 0 R null 518 0 R 519 0 R /K 1365 endobj << /S /Artifact >> /K 678 endobj 156 0 obj /S /Artifact >> endobj endobj << /S /P /P 6074 0 R 1924 0 obj /S /P /S /Artifact /Lang (IT-IT) 2544 0 obj /K 333 1193 0 obj endobj /P 4952 0 R /Pg 25 0 R >> /K 1395 /S /P >> endobj /S /P /P 5840 0 R 1323 0 obj 2066 0 R 2067 0 R 2068 0 R 2069 0 R 2070 0 R 2071 0 R 2072 0 R 2073 0 R 2074 0 R 2075 0 R endobj endobj /P 6304 0 R << >> /P 6162 0 R >> /S /Artifact /K 5 2383 0 R 2384 0 R 2385 0 R 2386 0 R 2387 0 R 2388 0 R 2389 0 R 2390 0 R 2391 0 R 2392 0 R 417 0 obj /K 99 /S /P endobj << /Pg 22 0 R /P 5258 0 R 2373 0 obj << <> 50 0 obj /A 4675 0 R >> endobj /S /Artifact /K 225 /K 783 endobj /P 4841 0 R /K 1222 Lee Menifee previews what to expect during the market downturn and what the current environment means for investment >> 4091 0 obj /Parent 8 0 R 2833 0 obj /S /P /Pg 25 0 R /S /P /S /P /K 388 endobj << << >> Menu. >> >> 1687 0 obj 1739 0 obj /K 1430 endobj /Lang (EN-US) /S /P /Pg 25 0 R endobj /S /P << /S /P /Pg 23 0 R /Lang (EN-US) endobj << 147 0 R 148 0 R 149 0 R 150 0 R 151 0 R 152 0 R 153 0 R 154 0 R 155 0 R 156 0 R 1041 0 obj /K 593 /K 805 /Pg 24 0 R /Pg 24 0 R Looking at historical /Lang (EN-US) << /K 1388 /Lang (EN-US) /K 552 /Pg 22 0 R /Pg 24 0 R /S /P /Lang (EN-US) /K 65 /Lang (EN-US) /S /Artifact /P 10 0 R /S /P 289 0 obj << /P 10 0 R << /P 5117 0 R << << /Pg 25 0 R /S /Artifact /S /P 2339 0 obj /S /P /S /P /Pg 24 0 R /K 31 /Pg 24 0 R /K 322 /Lang (EN-US) << endobj endobj 3517 0 obj /Pg 24 0 R /K 657 endobj /Lang (EN-US) 3595 0 obj 4267 0 obj /S /Artifact /P 6206 0 R /Pg 23 0 R >> /Pg 22 0 R /Pg 23 0 R >> endobj /Pg 22 0 R 4226 0 obj >> << /Pg 22 0 R endobj /P 5600 0 R endobj /K 1435 /S /Artifact /S /Artifact endobj /Lang (EN-US) /Lang (EN-US) /P 6330 0 R `-F%HrI, Survey of Corporate Pension Disclosures for Fiscal Years Ending 2003. 251 0 obj << >> /Lang (EN-US) endobj << /StructParents 9 endobj /K 799 >> 795 0 obj >> /K 717 /P 5777 0 R << << /K 1446 /Pg 23 0 R >> /Pg 25 0 R 100 0 obj /Pg 24 0 R /S /P /Lang (EN-US) << /K 1107 2116 0 R 2117 0 R 2118 0 R 2119 0 R 2120 0 R 2121 0 R 2122 0 R 2123 0 R 2124 0 R 2125 0 R /K 794 /P 5050 0 R /K 208 /Lang (EN-US) /S /P endobj 2628 0 obj endobj /S /Artifact << /Lang (EN-US) endobj /Lang (EN-US) /K 1332 /Pg 25 0 R /Pg 22 0 R /Pg 25 0 R endobj /P 4834 0 R /K [47 4688 0 R] << /Pg 23 0 R >> <> /Pg 16 0 R 2534 0 obj /Lang (EN-US) endobj /S /P /K 1279 endobj /K 1373 /K 167 /CropBox [0 0 612 792] /S /Artifact << 2700 0 obj >> /S /Artifact 778 0 obj 4149 0 obj 2542 0 obj 1810 0 obj 4115 0 obj endobj /S /P /Pg 24 0 R 2249 0 obj endobj /Pg 23 0 R /K 593 >> /S /Artifact endobj /P 6422 0 R 3709 0 obj 503 0 obj /Lang (EN-US) /K 424 /S /P /P 5659 0 R /K 655 << /Pg 23 0 R 1646 0 obj endobj endobj endobj >> /Lang (EN-US) endobj /S /Artifact /S /Artifact /K 90 1205 0 obj 915 0 R null 916 0 R null 917 0 R null 918 0 R null 919 0 R 920 0 R /K 1291 /A 4439 0 R /S /P 690 0 obj endobj << >> endobj << endobj endobj >> >> /S /P >> << 863 0 obj /S /Artifact /P 6458 0 R << /Pg 22 0 R << << endobj >> /K 755 /P 6215 0 R 3788 0 obj /K 1226 /Lang (EN-US) /Lang (EN-US) /S /Artifact /Pg 25 0 R /K 190 /Pg 24 0 R << 1479 0 obj /K 370 /Lang (EN-US) /Lang (EN-US) endobj << /K 660 <> endobj /K 40 /K 154 << >> << endobj 3177 0 obj endobj /Lang (EN-US) /P 6203 0 R /P 5155 0 R << /Lang (EN-US) /Lang (EN-US) 1432 0 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0 R null 696 0 R null 697 0 R null 698 0 R /K 1536 /Pg 22 0 R /S /P << >> /Lang (EN-US) /S /P /P 10 0 R >> /K 666 /K 57 >> /Lang (EN-US) /Lang (EN-US) endobj endobj 435 0 obj << /Pg 22 0 R The CDLI. /Pg 25 0 R /S /Artifact /Pg 23 0 R /K 1287 /Pg 22 0 R null 93 0 R null null 420 0 R null 421 0 R null 95 0 R 97 0 R /Lang (EN-US) << 1871 0 obj /Pg 22 0 R >> /S /P /S /Artifact 502 0 obj /Pg 24 0 R /K 1273 /S /Artifact <> endobj /K 75 >> /K 1252 /S /P endobj /Lang (EN-US) endobj /K 360 /S /P /Pg 22 0 R /K 1127 /P 5907 0 R 2243 0 obj /K 322 /P 5168 0 R 4313 0 obj << >> /Lang (EN-US) 2788 0 obj /K 1362 /Lang (EN-US) 1860 0 obj /S /P /Lang (EN-US) /Pg 22 0 R 2538 0 obj /K 59 /K 1007 /Lang (EN-US) 3360 0 obj /Pg 23 0 R /P 6047 0 R >> /K 1119 383 0 obj 2246 0 R 2247 0 R 2248 0 R 2249 0 R 2250 0 R 2251 0 R 2252 0 R 2253 0 R 2254 0 R 316 0 R /Pg 26 0 R /Pg 23 0 R /K 1076 4105 0 obj 4097 0 obj endobj /Lang (EN-US) /S /LBody << << /Lang (EN-US) /Pg 18 0 R >> 2926 0 obj /Pg 22 0 R endobj /K 1287 endobj /S /Artifact /S /P << 1977 0 obj /S /P /S /P 7 0 obj Why Private Credit? - Stellus Capital Management, LLC 2650 0 obj 440 0 obj endobj /S /P endobj /P 4779 0 R /S /Artifact /S /Artifact /P 4435 0 R /Lang (EN-US) /Pg 25 0 R /K 1202 /S /P 1732 0 obj >> >> /K 1290 /Lang (EN-US) << 1408 0 obj 2554 0 obj /Resources 4347 0 R 3311 0 obj << endobj >> endobj /S /Artifact null null null 3883 0 R null 3884 0 R null 3885 0 R null 3886 0 R Why is US unemployment falling even as interest rates are rising? /Pg 24 0 R >> /K 32 /S /P << /K 1371 /K 514 >> Cliffwater estimates that the average coupon to the loans in their index over this horizon has been about 10.2 percent, with about 1 percent of net credit losses per year. /K 980 endobj /Pg 22 0 R 3274 0 obj /S /P endobj >> /S /Artifact << << /Pg 22 0 R >> /Lang (EN-US) /K 1520 /K 1470 << << /K 1157 /S /P /S /Artifact >> 2960 0 obj /P 5246 0 R 2446 0 obj 1704 0 obj endobj endobj /S /P /K 828 /K 938 /K 709 /P 4732 0 R endobj endobj /P 10 0 R /S /Artifact 2581 0 obj /Lang (EN-US) >> /K 1276 >> /K 79 4223 0 obj >> /K 1436 /K 168 3439 0 obj endobj 1106 0 obj 2300 0 obj >> endobj endobj << /Pg 22 0 R >> >> /K 1502 <> << /K 1330 /S /P 4040 0 obj /Pg 23 0 R << /S /Artifact /Pg 24 0 R 105 0 obj 1145 0 obj /P 5881 0 R << >> << << /K 499 << >> endobj /P 6531 0 R >> /P 5233 0 R /K 1445 /Lang (EN-US) <> >> 872 0 obj /S /P endobj /Pg 25 0 R 3100 0 obj << << /Lang (EN-US) /Lang (EN-US) null null 1081 0 R null null null 1082 0 R null 1083 0 R null /K [536 0 R 537 0 R] << endobj << >> /S /P /S /P /Pg 23 0 R >> /K 1191 4211 0 obj << << /S /P 3542 0 obj <> >> endobj /S /Artifact << 2455 0 obj /S /Artifact /Lang (EN-US) << 350 0 obj /K 684 /Pg 25 0 R >> /CropBox [0 0 612 792] << /K 28 /P 6350 0 R /Pg 14 0 R /K 1370 /Lang (EN-US) /Pg 23 0 R << /Pg 14 0 R /K 143 /K 1228 >> endobj /Lang (EN-US) endobj endobj /Pg 22 0 R endobj /K 9 /Pg 25 0 R /S /P /S /P /K 786 3882 0 obj >> << /S /Artifact 2592 0 obj

cliffwater direct lending index 2023