cliffwater direct lending index

<< 3526 0 obj /Pg 23 0 R /K 1236 /K 115 /S /P endobj /S /P /K 527 /Pg 22 0 R /P 4791 0 R /K 55 >> /K 1 Average Loss Rates /K 295 /Pg 23 0 R << /S /P endobj 912 0 R null null null 913 0 R null null null 914 0 R null /Lang (EN-US) /Pg 25 0 R 766 0 obj /S /P << /K 1073 /Pg 22 0 R /Lang (EN-US) <> /Pg 22 0 R /Lang (EN-US) /S /Artifact /S /P null 770 0 R 771 0 R null 772 0 R null 773 0 R null 774 0 R null /P 10 0 R endobj /K 1473 /Lang (EN-US) << 428 0 obj /Pg 22 0 R endobj /Lang (EN-US) endobj endobj 2363 0 obj << /Pg 22 0 R << /S /P /P 33 0 R 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 882 >> /Lang (EN-US) /Lang (EN-US) /S /P << /K 81 964 0 obj /Pg 25 0 R endobj >> << endobj /P 6146 0 R /K 1275 >> /S /Artifact >> >> /S /P endobj /Contents 4358 0 R endobj /P 6431 0 R /K 1398 endobj endobj /Lang (EN-US) 3183 0 obj /Type /Page /K 607 /K 1174 /Pg 22 0 R /Pg 22 0 R /K 391 /P 5238 0 R /P 5580 0 R << /K 208 /Pg 23 0 R << >> endobj /S /P << /S /Artifact /S /P /S /P 3284 0 obj /P 6174 0 R 1121 0 obj /P 4633 0 R /Lang (EN-US) /Pg 25 0 R << /Lang (EN-US) 920 0 obj << /S /Artifact endobj null 2784 0 R null null null 2785 0 R null 2786 0 R null 2787 0 R endobj /Lang (EN-US) /Pg 25 0 R endobj /Pg 24 0 R /K 1205 >> /P 6628 0 R /K 500 /Lang (EN-US) /P 6250 0 R << endobj 2670 0 obj << /Pg 22 0 R 4220 0 obj >> /K 1331 endobj >> 1479 0 obj >> endobj 2591 0 obj endobj endobj endobj endobj 3858 0 obj << <> null 899 0 R null 900 0 R null null null 901 0 R null null >> /S /Artifact << << null 2621 0 R null 2622 0 R null null null 2623 0 R null null /Lang (EN-US) 2473 0 R 2474 0 R] 839 0 obj << /S /Artifact >> endobj /Lang (EN-US) /S /P /S /P /K 1433 << endobj >> /K 1259 /K 626 endobj /Pg 19 0 R >> endobj << << endobj 3482 0 obj 2287 0 obj /K 12 << >> << /K 740 /S /Figure /K 278 /P 5768 0 R /Lang (EN-US) /S /P << 3693 0 obj endobj >> /Pg 22 0 R Cliffwater is an alternative investment adviser and fund manager. /P 5169 0 R >> /S /P /K 1539 /P 6351 0 R /S /P /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) null 672 0 R null 673 0 R null 674 0 R 675 0 R null 676 0 R null /Pg 25 0 R >> /Pg 25 0 R Live from New York and Hong Kong,. << 3093 0 obj /P 6043 0 R endobj /P 6172 0 R >> >> /S /P << endobj endobj /K 923 << /S /Artifact endobj /S /P >> << 1829 0 obj endobj /S /Artifact /Lang (EN-US) << /S /P 797 0 obj endobj >> 3074 0 obj 726 0 obj /S /P << 3615 0 obj /K 1191 /S /Artifact /Pg 25 0 R >> 2276 0 obj /Lang (EN-US) endobj /Pg 22 0 R /Pg 20 0 R endobj /S /P 900 0 obj /K 1301 >> 207 0 R 207 0 R 207 0 R 207 0 R 207 0 R 590 0 R 591 0 R] /S /P endobj << /K 84 /S /P /S /Artifact /S /Artifact >> >> << endobj endobj endobj >> >> >> << /Lang (EN-US) >> >> /Lang (EN-US) << /K 1333 endobj /S /P /S /Artifact /K 1459 << /Pg 23 0 R >> /S /P >> >> /Tabs /S /Lang (EN-US) 3081 0 obj endobj /Lang (EN-US) << /Pg 22 0 R 3892 0 obj /Pg 25 0 R /Pg 18 0 R << /S /P /Lang (EN-US) endobj /K 1300 /Pg 18 0 R /Lang (EN-US) 4214 0 obj >> /Lang (EN-US) endobj /P 10 0 R /Type /Page 1204 0 obj 3332 0 obj /K 975 << >> /Pg 24 0 R endobj /P 5226 0 R /P 10 0 R /S /P endobj endobj endobj 1381 0 obj endobj /S /P /Lang (EN-US) /Pg 23 0 R 3190 0 obj /Lang (EN-US) >> << << 996 0 obj >> >> /P 10 0 R /Lang (EN-US) /S /P >> /S /Artifact /P 5245 0 R /S /P /Pg 22 0 R 2877 0 obj /K 129 endobj 1249 0 obj << /K 486 null null null 1611 0 R null 1612 0 R null 1613 0 R null 1614 0 R /Lang (EN-US) >> /Pg 24 0 R /S /Artifact /K 476 endobj /S /Artifact 719 0 obj /Lang (EN-US) /Pg 24 0 R /Pg 22 0 R In high inflation periods, for example, PE has generated returns in excess of about 6% above public stocks. /S /P endobj /Lang (EN-US) /Type /Pages /S /L /Lang (EN-US) /K 1180 >> << >> >> /S /Artifact /S /Artifact endobj /Pg 23 0 R 875 0 obj /S /Artifact endobj >> null null null 1988 0 R null 1989 0 R null 1990 0 R null 1991 0 R /K 25 /K 890 << >> >> Sign in or Register Sign in / Register Database LP Search << /K 77 1279 0 obj 107 0 R 108 0 R 109 0 R 110 0 R 111 0 R 112 0 R 113 0 R 114 0 R 115 0 R 116 0 R << /S /Artifact >> >> 284 0 obj /Pg 22 0 R << /K 1185 /Pg 14 0 R /P 10 0 R /P 5451 0 R /Pg 23 0 R endobj >> /S /P /S /Artifact 1238 0 R 1239 0 R 1240 0 R 1241 0 R 1242 0 R 1243 0 R 1244 0 R 1245 0 R 1246 0 R 1247 0 R /Contents 4380 0 R /P 6494 0 R /P 4842 0 R /Pg 23 0 R /K 1354 /Contents 4349 0 R /S /Artifact /S /Artifact /Pg 23 0 R >> 438 0 obj endobj >> << /Lang (EN-US) >> /Pg 25 0 R << 1804 0 obj /Lang (EN-US) /Pg 24 0 R << 1998 0 obj /K 967 /Lang (EN-US) /Pg 22 0 R /K 1398 3855 0 obj << >> >> << endobj /Pg 23 0 R /Pg 25 0 R << /Pg 22 0 R /S /P 1593 0 R null 1594 0 R null 1595 0 R null 1596 0 R null 1597 0 R null >> /K 82 /Lang (EN-US) /P 5224 0 R /K 1107 /Pg 22 0 R /S /P /S /Artifact /S /P << endobj /Pg 25 0 R /K 58 >> >> /S /P /S /Artifact 2950 0 obj endobj << /Lang (EN-US) /Pg 23 0 R /S /P /P 6227 0 R /S /Artifact endobj /K 356 << /K 925 << /K 439 endobj << /Pg 24 0 R /P 5829 0 R << >> 805 0 R null 806 0 R 807 0 R null 808 0 R null 809 0 R null 810 0 R << 3719 0 obj /Lang (EN-US) << >> 1100 0 obj /S /P /S /Artifact /K 215 /K 1056 /S /Artifact /K 1484 /K 203 >> /K 1423 >> >> endobj >> 1857 0 obj /Lang (EN-US) 1470 0 obj endobj /K 1497 << /Lang (EN-US) /S /Artifact /Pg 25 0 R >> /K 93 << /S /Artifact >> >> /K 512 /K 441 /S /Artifact /K 1136 >> >> endobj >> /S /P /S /P /Pg 22 0 R /S /P 2465 0 obj >> 1374 0 obj /S /P << 3747 0 obj endobj /K 437 /S /P /Pg 25 0 R << << /K 1240 << /S /P /Lang (EN-US) << 2725 0 obj 2904 0 obj 3553 0 obj << /K 1409 /S /Artifact >> /Lang (EN-US) 3663 0 obj >> >> << /S /Artifact endobj << 965 0 obj << /Pg 20 0 R << /K 1372 << endobj /K 1102 endobj /Pg 22 0 R /Pg 22 0 R << >> /Lang (EN-US) 2451 0 obj 4337 0 obj endobj /Pg 23 0 R 133 0 R] << /S /P /Pg 24 0 R /S /Artifact /K 1243 endobj /S /Artifact /Lang (EN-US) >> /Lang (EN-US) /S /Artifact >> endobj /Lang (EN-US) 449 0 obj /Pg 24 0 R >> << endobj 3178 0 obj >> endobj /Lang (EN-US) << /Pg 24 0 R /S /P endobj /S /Artifact >> /S /P /S /P 555 0 obj >> /Lang (EN-US) endobj << /Lang (EN-US) >> endobj /Parent 9 0 R << 2417 0 obj /InlineShape /Figure /P 4959 0 R >> /S /P 2538 0 obj /K 320 << << /S /Artifact >> /K 863 << /S /P /K 122 >> /K 1350 /K 787 /Pg 23 0 R /Lang (EN-US) endobj 3367 0 obj << /Pg 13 0 R /Pg 23 0 R << << /S /P /P 5715 0 R << << endobj /P 6696 0 R 1660 0 obj /K 1039 /Lang (EN-US) endobj << /Lang (EN-US) /K 884 << /K 1106 /P 4719 0 R /P 5777 0 R << << /S /Artifact endobj /K 96 /Pg 18 0 R /K 1244 endobj /S /Artifact 1001 0 obj 3678 0 R null null null 3679 0 R null 3680 0 R null 3681 0 R null /P 6100 0 R /Pg 23 0 R /S /P 39 0 R 40 0 R 355 0 R null 41 0 R 42 0 R null 356 0 R null null /Pg 24 0 R /P 5980 0 R /K 1373 1598 0 obj /Pg 22 0 R /P 6531 0 R 863 0 obj /P 10 0 R 1505 0 obj >> /P 5567 0 R /P 5781 0 R /K 1271 << endobj /Pg 25 0 R 3343 0 obj 805 0 obj /Lang (EN-US) /S /P /S /P endobj /Lang (EN-US) >> /K 289 endobj null 3816 0 R 3817 0 R null 3818 0 R null 3819 0 R null 3820 0 R null /K 855 /S /P /K 1145 /Pg 24 0 R /Pg 22 0 R /S /Artifact null 123 0 R 124 0 R 125 0 R 126 0 R 127 0 R 128 0 R 129 0 R 130 0 R 131 0 R >> endobj << << >> >> /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 endobj /P 6755 0 R >> endobj endobj null null null 3763 0 R null 3764 0 R null 3765 0 R null 3766 0 R /S /P endobj 3409 0 obj /Lang (EN-US) /P 10 0 R /S /P /S /P 1809 0 obj /Lang (EN-US) >> endobj /K 1301 >> /S /P << >> /Pg 21 0 R endobj 2902 0 obj /K 1120 >> /Pg 25 0 R 2215 0 obj /P 5139 0 R endobj /K 1315 1235 0 obj /K 110 endobj endobj << endobj endobj 1471 0 obj << 3701 0 obj 1491 0 obj >> << /S /Artifact /K 115 >> /Pg 25 0 R endobj endobj endobj << /Pg 24 0 R >> /Pg 13 0 R << /S /P 1415 0 obj /Lang (EN-US) endobj 2408 0 obj /K 1488 /S /Artifact >> endobj /Pg 22 0 R /Lang (EN-US) 3244 0 R 3245 0 R 3246 0 R 3247 0 R 3248 0 R 3249 0 R 3250 0 R 3251 0 R 3252 0 R 3253 0 R /Lang (EN-US) /Lang (EN-US) endobj /S /Artifact /P 10 0 R /K 223 >> /P 5821 0 R /Pg 23 0 R /Pg 23 0 R 3645 0 obj /S /P /P 4649 0 R endobj /P 10 0 R /Pg 13 0 R 508 0 obj /K 1398 <> << /Pg 18 0 R /K 181 Menu. /Pg 22 0 R /S /P endobj << /K 8 endobj << << 3210 0 obj /K 1173 /Lang (EN-US) /P 33 0 R >> << /P 5599 0 R /S /Artifact 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 /P 6385 0 R /K 1519 << /S /Artifact /Pg 19 0 R /K 544 773 0 obj /Pg 24 0 R /Lang (EN-US) endobj endobj << /Pg 23 0 R 4146 0 obj >> >> >> << 105 0 obj /K 1228 /S /P /S /P >> null null null 3408 0 R null null null 3409 0 R null 3410 0 R << /K 275 << endobj >> /Pg 24 0 R endobj << >> /K 536 endobj /P 10 0 R /Pg 23 0 R endobj 402 0 obj endobj /K 19 /S /P /S /Artifact /K 877 /Lang (EN-US) 3068 0 obj 3421 0 obj 677 0 R null 678 0 R null 679 0 R null null null 680 0 R null >> 1233 0 obj /Lang (EN-US) /Pg 18 0 R 855 0 obj endobj >> endobj /Pg 22 0 R /Pg 25 0 R /K 745 /S /Artifact << null 788 0 R null null null 789 0 R null 790 0 R null 791 0 R endobj endobj << /Lang (EN-US) /S /P 1162 0 obj << endobj /Pg 25 0 R >> /K 133 /Lang (EN-US) << 1074 0 obj >> /StructParents 2 /Lang (EN-US) 1597 0 obj >> /P 5865 0 R A repricing of real estate is underway. << /S /Artifact /S /Artifact /P 5617 0 R /S /P /K 181 /S /P /K 26 endobj /P 6689 0 R >> /Pg 23 0 R /S /Artifact << /K 310 /K 1177 2433 0 obj /Pg 22 0 R 1251 0 obj /S /Artifact /Pg 25 0 R /K 1373 /K 661 endobj /P 5523 0 R 1746 0 obj 3063 0 obj /Lang (EN-US) /S /P >> << /K 505 4140 0 obj /P 6068 0 R /K 2 >> << >> /S /Artifact endobj /P 4759 0 R 2749 0 obj /K 73 /S /P /Pg 25 0 R 3630 0 obj /K 5 /S /P /Pg 22 0 R 1650 0 R null 1651 0 R null 1652 0 R 1653 0 R null 1654 0 R null 1655 0 R << /Pg 24 0 R /K [135 4664 0 R] >> endobj /S /P /S /P /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R >> >> /Pg 22 0 R /Pg 24 0 R 111 0 R 107 0 R 107 0 R 107 0 R 107 0 R 107 0 R 133 0 R 133 0 R 133 0 R 133 0 R 1522 0 obj /P 6091 0 R /S /P /Pg 24 0 R >> /Pg 23 0 R /Pg 25 0 R null null null 3883 0 R null 3884 0 R null 3885 0 R null 3886 0 R /Pg 25 0 R <> /Lang (EN-US) endobj 2022-05-24T03:05:06-06:00 2522 0 obj /S /P << << 2803 0 obj /Pg 23 0 R 3043 0 obj endobj /K 1333 /K 21 /S /P << /P 5286 0 R 3397 0 obj /P 6313 0 R << /Pg 23 0 R 108 0 obj /P 10 0 R /P 10 0 R /Pg 25 0 R 1936 0 obj /K 671 /K 693 /K 455 2655 0 obj << endobj 1188 0 obj /K 1509 /S /Artifact << 2483 0 obj endobj /P 4940 0 R << 3143 0 obj /S /Artifact << << /K 27 /Pg 18 0 R >> 3145 0 obj null null null 2856 0 R null null null 2857 0 R null 2858 0 R endobj endobj endobj /K 1244 endobj /K 923 /K 605 << >> 3466 0 obj << /S /Artifact << /S /P << Patrick Wolfe, Managing Director, is a member of Blackrock's Global Credit Platform. endobj endobj /K 1464 /S /Artifact /S /Artifact >> << 501 0 obj /Pg 25 0 R /K 7 /Pg 23 0 R /Lang (EN-US) 1687 0 obj /Pg 23 0 R << /Pg 14 0 R /Pg 25 0 R /S /P endobj /S /Artifact /K 656 /Pg 25 0 R /Lang (EN-US) /K 1235 endobj 150 0 obj <> /Pg 20 0 R /K 1098 /K 422 << endobj >> /Pg 25 0 R << << /Pg 24 0 R /S /Artifact << << >> /P 5690 0 R 2840 0 obj /Pg 24 0 R /S /P << >> >> endobj endobj /S /Artifact /K 1048 endobj endobj <> /S /P /Lang (EN-US) /K 1208 /Pg 22 0 R /S /P /K 1167 endobj endobj /K 1388 /S /P >> endobj << 1163 0 obj endobj << << /S /P >> /Pg 25 0 R /K 162 /K 130 /K 1240 /S /P >> 2162 0 obj endobj endobj 612 0 obj /Pg 23 0 R /Lang (EN-US) /P 6330 0 R endobj endobj 1429 0 obj endobj << endobj /Pg 22 0 R /Pg 22 0 R 4006 0 obj /S /P 1893 0 obj null 2886 0 R 2887 0 R null 2888 0 R null 2889 0 R null 2890 0 R null /K 1365 << 2615 0 R null 2616 0 R null 2617 0 R 2618 0 R null 2619 0 R null 2620 0 R <> /Pg 24 0 R << << << /S /Artifact null 1019 0 R null 1020 0 R null null null 1021 0 R null null 644 0 obj >> endobj /K 1029 << /K 1276 /Pg 24 0 R endobj /Pg 21 0 R << /K 445 endobj endobj /S /Artifact /Pg 24 0 R /Lang (EN-US) >> /S /P /S /Artifact /S /P /P 6647 0 R >> /S /P 533 0 obj << /S /P 1837 0 obj /Pg 24 0 R /Lang (EN-US) /K 1515 /Pg 25 0 R /S /Artifact << >> /K 102 << /S /Artifact endobj >> >> << 3558 0 obj 665 0 obj >> >> /K 1435 << /Pg 23 0 R 1601 0 R null 1602 0 R null 1603 0 R null 1604 0 R 1605 0 R null 1606 0 R /Lang (EN-US) /P 5892 0 R << 4324 0 R 4325 0 R 4326 0 R 4327 0 R 4328 0 R 4329 0 R 4330 0 R 4331 0 R 4332 0 R 4333 0 R << /K 880 /Pg 24 0 R /K 1467 /K 842 /P 6078 0 R /S /P endobj /K 1425 /Pg 22 0 R 334 0 obj 2037 0 obj null 622 0 R null 623 0 R null 624 0 R null 625 0 R 626 0 R null <> /P 5573 0 R /Pg 22 0 R /K 1249 >> >> >> /Lang (EN-US) >> /K 1337 4035 0 obj /Pg 22 0 R /Lang (EN-US) 2031 0 obj /K 24 /K 1346 /Pg 24 0 R /Pg 25 0 R endobj /P 4433 0 R 870 0 R 871 0 R null 872 0 R null 873 0 R null 874 0 R null 875 0 R 1091 0 obj 1623 0 obj /S /Artifact >> /S /Artifact >> 1531 0 obj /Lang (EN-US) /S /Artifact /S /P /S /P endobj >> >> >> >> >> 1445 0 obj /S /Artifact >> /S /P null 1921 0 R 1922 0 R null 1923 0 R null 1924 0 R null 1925 0 R null << >> << 3700 0 obj /P 6021 0 R >> /K 20 /Lang (EN-US) << null 1000 0 R null 1001 0 R null 1002 0 R null 1003 0 R 1004 0 R null /Pg 24 0 R /Lang (EN-US) 2353 0 obj /P 5504 0 R 3661 0 obj /Pg 15 0 R endobj 3469 0 obj >> >> endobj endobj << /Lang (EN-US) /P 5747 0 R /S /Artifact /P 5890 0 R /K 540 << /K 612 4178 0 obj endobj >> 3497 0 obj /Pg 25 0 R >> /Lang (EN-US) /K 514 << /Lang (EN-US) >> /Pg 25 0 R 2139 0 obj << /Lang (EN-US) /S /P endobj /S /P endobj endobj endobj /Pg 23 0 R /S /Artifact /K 1435 /K 1236 /Lang (EN-US) /K 348 /Lang (EN-US) endobj endobj /P 10 0 R << endobj /S /Figure 3831 0 obj >> /K 534 << /S /Artifact /Pg 25 0 R /K 264 endobj >> /K 1475 /S /P 2570 0 obj /K 13 << /Lang (EN-US) 3664 0 obj << /K 779 endobj 3750 0 obj >> /Pg 20 0 R /S /P /S /Artifact >> << /P 5695 0 R /P 4953 0 R /K 208 Index Methodology Comparison3 3 Except for the Russell family of indices, most benchmarks and value managers use multiple value metrics, of which price-to-book is the most common. /K 934 /P 6080 0 R endobj /Lang (EN-US) endobj /P 10 0 R << /Pg 22 0 R /K 1413 endobj << /Lang (EN-US) 466 0 obj /S /P /Lang (EN-US) << /S /Artifact /K 407 << 64 0 obj >> >> 3182 0 obj /Lang (EN-US) >> endobj >> /S /P /Pg 24 0 R << endobj 1666 0 obj endobj /Pg 23 0 R /S /Artifact /Pg 24 0 R 13 0 obj /Pg 22 0 R /P 5078 0 R /P 5898 0 R << /K 0 << << >> /K 766 >> /Pg 22 0 R /K 1353 /S /Artifact /Pg 16 0 R 3401 0 obj << endobj /S /P 2142 0 obj endobj >> << /Lang (EN-US) << << /Pg 24 0 R 2325 0 obj /P 6492 0 R 2531 0 obj /S /P 4301 0 obj endobj 540 0 obj endobj /S /P endobj 2746 0 obj /K 1145 /Pg 17 0 R /K 1241 /K 863 /S /P /Lang (EN-US) /P 4760 0 R /Lang (EN-US) endobj << >> /Pg 22 0 R << >> endobj 1725 0 obj 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 /Pg 25 0 R /K 1449 /K 1323 2077 0 obj << /S /P /S /Artifact << /Lang (EN-US) << 37 0 obj /K 1014 /S /P 581 0 obj /Pg 23 0 R >> 2953 0 obj >> << /Pg 23 0 R /Lang (EN-US) /S /P /Lang (EN-US) /K 1544 /S /Artifact /K 1 endobj >> 689 0 obj /Pg 23 0 R /Bibliography /BibEntry 1910 0 obj /S /P << >> /K 45 endobj endobj /S /P << << `-F%HrI, Survey of Corporate Pension Disclosures for Fiscal Years Ending 2003. << /Lang (EN-US) 2320 0 obj >> <> /Lang (EN-US) /K 400 /S /Artifact endobj 168 0 obj >> /Pg 25 0 R /Lang (EN-US) /MediaBox [0 0 612 792] 1888 0 obj endobj << /Pg 24 0 R endobj /P 5936 0 R endobj /P 6264 0 R /Lang (EN-US) 2289 0 obj /S /Artifact << endobj /S /P /Lang (EN-US) /S /Artifact /Lang (EN-US) 934 0 R null 935 0 R null 936 0 R null null null 937 0 R null endobj endobj /Pg 22 0 R /S /Artifact /K 1460 /Pg 23 0 R >> 3785 0 obj /Lang (EN-US) 2850 0 obj >> 4304 0 obj >> << endobj >> >> /P 4699 0 R >> 3242 0 obj >> /Lang (EN-US) endobj /Lang (EN-US) /Resources 4375 0 R /P 4851 0 R /Pg 24 0 R << /K 1467 /S /Artifact /K 154 /P 6170 0 R >> /S /Artifact >> >> /S /P /K 1423 endobj << /Pg 22 0 R << << /Lang (EN-US) endobj endobj endobj endobj /Lang (EN-US) endobj /Pg 24 0 R /S /Artifact /Pg 14 0 R /K 9 /Lang (EN-US) /Lang (EN-US) /K 1203 /K 1225 /K 1137 /S /Artifact /K 349 /K 31 /S /P /Pg 22 0 R << /S /P /P 10 0 R endobj << >> /Pg 23 0 R >> /S /Artifact /K 125 << endobj 227 0 R 228 0 R 229 0 R 230 0 R 231 0 R 232 0 R 233 0 R 234 0 R 235 0 R 236 0 R /Pg 23 0 R null null 2563 0 R null null null 2564 0 R null 2565 0 R null /K 1387 1410 0 obj /S /Artifact >> /K [80 412 0 R 136] /K 1238 << /Pg 23 0 R /Pg 25 0 R >> endobj /K 709 /S /Artifact /S /Artifact /S /P /Lang (EN-US) /Pg 22 0 R endobj 480 0 obj 4297 0 obj << 4291 0 obj << 1035 0 R null 1036 0 R null 1037 0 R null 1038 0 R null 1039 0 R 1040 0 R /Pg 22 0 R /Lang (EN-US) /S /P >> Loans are made or arranged pursuant to a California Financing Law license. << /Pg 22 0 R >> /Pg 22 0 R >> >> >> >> /S /Artifact << /S /P /Lang (EN-US) /S /P endobj << endobj 1694 0 obj << /Pg 20 0 R endobj 1544 0 obj /P 5947 0 R /Pg 22 0 R <> /S /P >> /S /P 3862 0 obj /Lang (EN-US) /S /Artifact <> << endobj >> /S /Artifact 3501 0 obj endobj /S /P /P 6536 0 R endobj /Pg 24 0 R 1062 0 obj endobj endobj << endobj endobj /K 207 << >> /Lang (EN-US) /A 6760 0 R 4324 0 obj << 2718 0 obj << /S /P /K 1189 /Pg 24 0 R /K 1211 /Lang (EN-US) <> 2864 0 obj /Pg 23 0 R 1301 0 obj << << >> endobj 1865 0 obj /S /Artifact /P 6141 0 R endobj /S /P >> /P 10 0 R >> /K 33 /P 5152 0 R /S /Artifact << /Pg 15 0 R /S /P /P 6355 0 R /P 5796 0 R /S /P << This index captures both mark-to-market volatility (based on quarterly loan valuation changes) as well endobj endobj /K 49 endobj endobj << /Pg 23 0 R endobj /Pg 22 0 R /K 1245 >> /P 5452 0 R endobj /S /Artifact /S /Artifact /K 374 endobj /K 786 >> /Pg 25 0 R endobj endobj /Pg 24 0 R >> >> /K 23 >> /P 10 0 R /Pg 25 0 R null null 2917 0 R null 2918 0 R null 2919 0 R null 2920 0 R null << /K 1041 >> >> /S /P >> /Pg 22 0 R /K 1096 endobj >> >> /Lang (EN-US) /P 6395 0 R >> >> /P 4956 0 R 2512 0 obj /Lang (EN-US) /Pg 23 0 R endobj << /Lang (EN-US) 717 0 obj << << 1047 0 obj << << >> /S /P << 626 0 obj /K 1294 /K 1461 endobj <> /S /P >> /Lang (EN-US) /K 1394 /K 1344 /Pg 22 0 R 3463 0 obj endobj /Lang (EN-US) 571 0 obj >> /K 747 endobj /P 6723 0 R 813 0 obj endobj 3049 0 obj /S /Artifact << /Lang (EN-US) endobj /Pg 22 0 R 4072 0 obj 3774 0 obj << << >> /Pg 25 0 R 365 0 obj 2003 0 obj /K 1438 >> /K 643 endobj 3691 0 obj 3277 0 obj endobj /Pg 22 0 R /Lang (IT-IT) 518 0 obj 845 0 obj endobj 3326 0 obj << endobj /Pg 25 0 R << /S /Artifact /P 6748 0 R /S /Artifact endobj << /Pg 15 0 R endobj /P 5938 0 R endobj /P 6718 0 R /Pg 22 0 R /Lang (EN-US) >> /K 1397 3218 0 obj >> /S /Artifact << endobj /S /Artifact /P 5569 0 R /Pg 24 0 R 3600 0 obj /K 1507 /Pg 25 0 R >> << 2500 0 obj /Lang (EN-US) endobj /P 5506 0 R /S /Artifact /Pg 23 0 R << /S /Artifact /P 5383 0 R /P 5280 0 R endobj /K 795 /K 1482 /Pg 24 0 R 3712 0 obj /K 597 /K 111 null null 863 0 R null null null 864 0 R null null null /K 1409 /Lang (EN-US) <> << /K 2 2573 0 obj /S /P 944 0 obj endobj endobj >> >> endobj 82 0 obj /P 6469 0 R /K 1346 /Lang (EN-US) >> >> 237 0 R 238 0 R 239 0 R 240 0 R 241 0 R 242 0 R 243 0 R 244 0 R 245 0 R 246 0 R << /K 203 /K 713 /Pg 25 0 R /Pg 22 0 R 2994 0 obj 3901 0 obj /S /Artifact /Lang (EN-US) 2018 0 obj >> /Lang (EN-US) >> /Pg 24 0 R << >> /S /Artifact /S /P /S /P endobj << endobj /S /P /K 1527 >> /S /Artifact /S /P /S /P /Lang (EN-US) 259 0 obj /P 5498 0 R /Lang (EN-US) /S /P << /K 173 /K 1505 << /Lang (EN-US) /S /Artifact /K 1258 3621 0 obj << /Pg 22 0 R /S /P /P 6712 0 R /Lang (EN-US) >> /S /P << null 2700 0 R null 2701 0 R 2702 0 R null 2703 0 R null 2704 0 R null 1703 0 obj /S /Artifact /Pg 23 0 R << /Pg 19 0 R /S /P 2900 0 obj /K 1178 << >> /Pg 23 0 R /Pg 22 0 R << /K 626 1553 0 obj << 1487 0 obj /P 5705 0 R 4216 0 obj <> /Pg 25 0 R endobj 1017 0 obj /P 5020 0 R 1699 0 R null 1700 0 R 1701 0 R null 1702 0 R null 1703 0 R null 1704 0 R /K 907 /S /Artifact endobj /P 6688 0 R >> /S /P endobj /Pg 15 0 R /Lang (EN-US) /Pg 20 0 R /P 5641 0 R endobj /S /Artifact /Lang (EN-US) /K 165 /K 593 /Pg 23 0 R 384 0 obj /Lang (EN-US) 2047 0 obj << /S /Artifact endobj << endobj >> 3920 0 obj endobj >> << 197 0 obj /S /P endobj 2684 0 obj /S /P /Pg 23 0 R /P 5128 0 R 3147 0 obj /Pg 25 0 R /K 1446 /S /Artifact 499 0 obj << 2147 0 obj >> /S /P /Pg 23 0 R << >> >> endobj 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 1364 0 obj 1712 0 obj /Pg 24 0 R 1267 0 obj endobj /Pg 24 0 R /P 5138 0 R /P 10 0 R >> 3527 0 obj /Pg 25 0 R /S /P /S /P endobj /Pg 23 0 R /K 371 4104 0 obj >> 1000 0 obj << /Pg 18 0 R /K 956 /K 1 endobj >> <> /S /Artifact /S /Artifact << << /Pg 25 0 R /S /P /K 1168 /Lang (EN-US) /Lang (EN-US) /S /P /K 1483 >> << >> /S /Artifact endobj /P 10 0 R << /K 27 /Pg 25 0 R endobj /K 1258 /P 5846 0 R /P 5437 0 R /Lang (EN-US) 1490 0 obj 2120 0 obj /Lang (EN-US) 1669 0 R null null null 1670 0 R null null null 1671 0 R null /K 1170 endobj endobj /S /Artifact /Pg 20 0 R /Kids [8 0 R 9 0 R] /S /P /Pg 23 0 R >> /Pg 25 0 R >> << >> /Pg 24 0 R 2400 0 obj /Pg 24 0 R /Pg 22 0 R 77 0 obj /Pg 23 0 R endobj /Pg 18 0 R 140 0 obj endobj 3228 0 obj 1094 0 obj 3287 0 obj /Pg 22 0 R endobj /Lang (EN-US) << 1318 0 R 1319 0 R 1320 0 R 1321 0 R 1322 0 R 1323 0 R 1324 0 R 1325 0 R 308 0 R 1326 0 R /K 659 /K 1445 endobj >> endobj /K [15 411 0 R 134] >> 4326 0 obj /S /P << /Lang (EN-US) /P 6675 0 R /S /P /S /Artifact /Pg 24 0 R endobj endobj /S /P /Pg 22 0 R 2537 0 obj << 2480 0 obj /K 1288 endobj endobj /Pg 25 0 R /P 5433 0 R /S /Artifact /Lang (EN-US) 1152 0 obj 462 0 obj /S /Artifact /Pg 25 0 R /K 351 /K 1483 /K 108 /S /P /K 1388 << << << 1760 0 obj /Count 5 << >> 1483 0 obj /K 1396 endobj >> /Lang (EN-US) /Pg 14 0 R endobj /S /P 4556 0 R 4557 0 R 4558 0 R 4559 0 R 4560 0 R 4561 0 R 4562 0 R 4563 0 R 4564 0 R 4565 0 R /Lang (EN-US) << << /S /P >> << /Pg 23 0 R /S /Artifact >> <> endobj /Pg 23 0 R /S /P /K 1533 >> endobj endobj endobj /Lang (EN-US) << /Pg 24 0 R /K 32 endobj /Lang (EN-US) /K 1462 endobj /P 10 0 R endobj /Lang (EN-US) /P 6400 0 R << >> endobj /Pg 22 0 R /Lang (EN-US) 2355 0 obj /Pg 19 0 R /S /P /K 1172 << /Pg 13 0 R 345 0 obj >> << endobj endobj endobj 62 0 obj >> /K 326 /P 5094 0 R >> 3996 0 obj /P 5189 0 R Recent Developments 536 0 obj /Lang (EN-US) null null null 422 0 R null null null 423 0 R null null /S /P << endobj /P 4913 0 R /Pg 25 0 R /Lang (EN-US) /Pg 24 0 R /Pg 25 0 R 2751 0 obj << /K 844 /K 35 endobj /S /P endobj /Pg 23 0 R /S /P /S /P 357 0 obj endobj endobj >> 3866 0 obj /K 1310 /Lang (EN-US) >> /S /P endobj /K 89 /K 383 >> /Lang (EN-US) >> /P 6343 0 R >> << /K 818 1605 0 obj endobj endobj << /S /P endobj null null 681 0 R null 682 0 R null 683 0 R null 684 0 R null 143 0 obj << >> >> /K 910 endobj endobj endobj /Lang (EN-US) /Lang (EN-US) >> 2545 0 obj /S /P 893 0 R null 894 0 R null 895 0 R 896 0 R null 897 0 R null 898 0 R 1477 0 obj /K 664 3350 0 obj 4082 0 obj endobj endobj /Lang (EN-US) 33 0 obj endobj /S /P 205 0 R 206 0 R 208 0 R 209 0 R 210 0 R null null 564 0 R null null << << << >> << <> >> /K 274 /Rotate 0 /Pg 23 0 R << /Pg 24 0 R >> /P 6381 0 R /K 1393 /K 772 3519 0 obj /K 1537 /Pg 22 0 R /P 5688 0 R /S /P null null 1952 0 R null 1953 0 R null 1954 0 R null 1955 0 R null <> /Pg 24 0 R >> /S /Artifact 502 0 obj /Pg 23 0 R >> /P 5479 0 R >> /Lang (EN-US) 1097 0 obj << 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) /K 94 173 0 obj 3528 0 obj 532 0 R null 533 0 R 534 0 R 535 0 R 180 0 R 181 0 R 182 0 R 183 0 R 184 0 R endobj /S /Artifact 2430 0 obj endobj /S /Artifact 2074 0 obj endobj /Lang (EN-US) /Pg 25 0 R /Pg 24 0 R >> << /Lang (EN-US) endobj /P 5836 0 R 1201 0 obj /Lang (EN-US) 4130 0 obj << /Pg 25 0 R /Lang (EN-US) 48 0 obj /P 5512 0 R /Pg 23 0 R /S /Artifact 791 0 obj /S /P endobj /Rect [69.75 410.1940002441 207.7660064697 422.1940002441] << /Pg 25 0 R <> endobj 3481 0 obj endobj /S /P 715 0 obj << >> 4129 0 obj /P 10 0 R /Lang (EN-US) /K 1546 /S /Artifact Seeking income throughout the cycle with direct lending. /P 5102 0 R << 2539 0 obj 4316 0 obj /Lang (EN-US) << /Pg 24 0 R >> 3485 0 obj /K 1213 /K 356 /Pg 22 0 R >> /S /P >> >> endobj << /S /P /S /Artifact /P 5043 0 R /P 4917 0 R 2654 0 obj /S /Figure << /Pg 14 0 R <> >> /Pg 24 0 R /K 244 >> endobj endobj <> /K 535 >> 1329 0 obj << /K 1190 >> /K 1129 464 0 obj endobj >> >> /S /Artifact << /K 1543 2356 0 obj /S /P endobj /S /P 436 0 obj << /Pg 23 0 R /P 5314 0 R endobj 2343 0 R 2344 0 R 2345 0 R 2346 0 R 2347 0 R 2348 0 R 2349 0 R 2350 0 R 2351 0 R 2352 0 R 3585 0 obj /K 59 3594 0 obj /S /P endobj /P 6726 0 R /Lang (EN-US) endobj 3038 0 obj /Tabs /S /S /P /K [41 42 43 44] >> /Lang (EN-US) >> << /S /Artifact << /S /P /Pg 24 0 R 1876 0 obj 3513 0 obj endobj /P 4911 0 R /K 113 /K 275 << >> /K 1504 /S /Artifact /P 4400 0 R /Pg 22 0 R /P 6106 0 R endobj /Pg 25 0 R /K 577 endobj 1323 0 obj /S /Artifact /S /P >> 3003 0 obj 4248 0 obj << endobj /S /P >> /S /Artifact endobj /Pg 23 0 R endobj /S /P 2897 0 obj /Pg 22 0 R /S /Artifact /K 248 3548 0 obj 3678 0 obj >> >> endobj 1795 0 obj /Lang (EN-US) /K 1546 /S /Artifact 713 0 obj /K 1308 3020 0 obj /K 1282 2566 0 obj endobj << /K 767 >> /K 22

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cliffwater direct lending index