cliffwater direct lending index

/S /P /K 156 /Pg 20 0 R << >> << << /S /P >> 4189 0 obj <> 1275 0 obj /Lang (EN-US) endobj endobj endobj >> >> >> /Lang (EN-US) /K 1291 /Pg 22 0 R /S /Artifact /Lang (EN-US) << /Pg 22 0 R /Lang (EN-US) endobj << /K 1359 /K 1334 /K 1279 /K 22 endobj >> endobj /Resources 4356 0 R /S /Artifact /K 881 << endobj /K 13 /Lang (EN-US) endobj << /K 788 /Lang (EN-US) endobj 3130 0 obj endobj /S /P /K 1320 /Pg 25 0 R 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 endobj /S /P /Lang (EN-US) /K 27 /Lang (EN-US) endobj << /K 472 << /Lang (EN-US) >> /K 771 2175 0 obj endobj /K 461 >> /Pg 18 0 R endobj /S /P >> /Pg 23 0 R /P 6137 0 R /Pg 24 0 R /Pg 18 0 R << << << /S /P endobj /Lang (EN-US) /S /P 2616 0 obj /Lang (EN-US) <> >> /Pg 24 0 R null 2766 0 R 2767 0 R null 2768 0 R null 2769 0 R null 2770 0 R null 2491 0 obj /Pg 22 0 R /K 798 /K 1220 /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R endobj /Lang (EN-US) 964 0 R null 965 0 R null 966 0 R null 967 0 R 968 0 R null 969 0 R /Lang (EN-US) << >> /Pg 24 0 R /S /Artifact /Pg 24 0 R The unsmoothed volatility adjustment for the CDLI is 4.5%, which is roughly less than that of the blended public credit index (shown in Exhibit C). << 3541 0 R null null null 3542 0 R null 3543 0 R null 3544 0 R null << >> >> /Pg 25 0 R << 3023 0 obj /S /P 2436 0 obj 294 0 obj /S /P /P 4768 0 R 2462 0 obj endobj endobj endobj << endobj endobj /Pg 22 0 R << /S /Artifact endobj >> << endobj >> endobj << endobj /Lang (EN-US) /Lang (EN-US) 393 0 obj >> << /Lang (EN-US) << endobj /Pg 25 0 R /K 1436 endobj /Pg 23 0 R >> 164 0 obj /K 190 endobj endobj 1376 0 obj 1565 0 obj endobj /S /Artifact /P 5538 0 R /P 10 0 R >> endobj endobj /Pg 25 0 R << /K 511 << >> /K 948 endobj endobj /S /Artifact << >> << endobj 3340 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 1319 >> /Lang (EN-US) >> << >> /P 5515 0 R /K 587 /Pg 23 0 R /A 4673 0 R >> endobj /K 1485 /Pg 23 0 R /Pg 24 0 R >> /S /Artifact /Lang (EN-US) /K 635 /S /P /Pg 23 0 R /K 109 << /Pg 16 0 R << /K 402 << /Pg 24 0 R null 1939 0 R null null null 1940 0 R null 1941 0 R null 1942 0 R >> /S /P 3713 0 obj /S /Artifact >> << /Lang (EN-US) << /Pg 24 0 R /P 40 0 R endobj /Pg 25 0 R << endobj 543 0 obj /Lang (EN-US) >> /S /Artifact endobj /S /P /P 10 0 R >> << /S /P >> /S /P << >> >> /K 509 /K 770 /K 1446 << << /K 28 /K 608 >> /Pg 24 0 R /Pg 22 0 R >> >> /S /P endobj /K 75 endobj /Lang (EN-US) << << 53 0 obj endobj >> endobj /K 289 /S /P /S /P /S /P /S /P endobj 2387 0 obj >> /Pg 23 0 R /K 94 797 0 obj 2152 0 obj >> /K 1202 endobj /K 327 /K 11 /P 6374 0 R /S /Artifact /P 4797 0 R /Lang (EN-US) /K 72 endobj null 489 0 R 490 0 R null 491 0 R null 492 0 R null 493 0 R 494 0 R << 3159 0 obj 453 0 obj /K 801 /S /Artifact >> /Pg 24 0 R /Lang (EN-US) endobj /K 314 /S /P 2481 0 obj /K 1168 endobj << /K 1145 >> endobj endobj >> >> /Lang (EN-US) 2412 0 obj >> << /K 1184 /S /Artifact /P 6414 0 R /Pg 24 0 R /P 6436 0 R /Pg 22 0 R /S /P << 1068 0 obj /S /Artifact << << <> >> << /S /Figure /S /Artifact >> 1875 0 obj endobj << /K 1063 190 0 obj /K 1527 >> /P 4950 0 R << /Pg 22 0 R endobj << endobj /S /P endobj >> /S /P >> 4197 0 obj /P 5091 0 R >> << /P 5568 0 R endobj endobj 2771 0 R null null null 2772 0 R null null null 2773 0 R null /K 1470 endobj << null null 1598 0 R null null null 1599 0 R null 1600 0 R null /P 5202 0 R /K 135 /Lang (EN-US) /S /Artifact /K 408 /K 16 /P 5343 0 R endobj 2922 0 obj << /Pg 23 0 R >> << /K 72 /S /Artifact << >> >> >> << /Lang (EN-US) /S /P /Pg 18 0 R 1221 0 obj /Lang (EN-US) << >> /Pg 24 0 R /K 1276 /P 10 0 R /Pg 18 0 R << /K 1272 /K 52 /S /P >> 4322 0 obj 2536 0 obj /S /P /K 1429 << /Lang (EN-US) 2122 0 obj >> << /K 1309 3631 0 obj /Pg 23 0 R << 568 0 obj /P 6379 0 R /S /P /K 353 4181 0 obj /S /Artifact /P 5377 0 R 1398 0 obj << /Lang (EN-US) null 3710 0 R null 3711 0 R null 3712 0 R null 3713 0 R null null /S /Artifact endobj /Pg 24 0 R << /S /P /Pg 25 0 R << 148 0 obj /Pg 23 0 R endobj /K 1532 /K 32 . endobj >> << /K 1527 /S /Artifact endobj 656 0 obj 970 0 obj endobj << /Pg 18 0 R /K [180 542 0 R 194 4744 0 R] /S /Artifact >> endobj /S /Artifact endobj >> 1763 0 obj /Pg 20 0 R /S /P /Pg 24 0 R >> /P 5103 0 R endobj >> /P 10 0 R 3792 0 obj /K 13 /K 9 endobj /P 5796 0 R >> >> /Pg 25 0 R endobj /S /Artifact /Tabs /S /K 233 << 3845 0 obj endobj endobj /S /P /Lang (EN-US) >> endobj 1983 0 obj /S /P /S /Artifact 138 0 obj null 1935 0 R null 1936 0 R null 1937 0 R null 1938 0 R null null /K 975 << /K 23 endobj << 1764 0 obj endobj /K 0 /P 5532 0 R << endobj /K 82 /K 1179 >> endobj endobj endobj << /S /P /S /P endobj 3577 0 obj >> Cliffwater Corporate Lending Fund. /Lang (EN-US) 4286 0 obj endobj /K 718 /Lang (EN-US) <> 867 0 obj /Lang (EN-US) >> >> >> 319 0 obj << endobj /K 773 /S /Artifact 3220 0 obj << /K 786 /Pg 24 0 R /S /Artifact /S /Artifact endobj >> /S /Artifact /Lang (EN-US) <> >> /P 5645 0 R 2675 0 obj << /K 67 >> 3814 0 obj 3460 0 obj << /Lang (EN-US) /P 6596 0 R endobj /S /Artifact /P 6186 0 R endobj /K 279 /Pg 24 0 R <> 4224 0 R 4225 0 R 4226 0 R 4227 0 R 4228 0 R 4229 0 R 4230 0 R 4231 0 R 4232 0 R 4233 0 R 1937 0 obj /S /Artifact endobj /S /Artifact /S /Artifact There can be no assurance that historical trends will continue during the life of any fund. >> 3544 0 obj /K 842 <> 2879 0 obj /K 998 >> >> <> /Pg 25 0 R endobj << >> << /K [1334 1335] 3866 0 obj /Pg 23 0 R endobj endobj 1498 0 obj 2433 0 obj endobj /Pg 24 0 R << /S /Artifact >> << << /S /P 1859 0 obj (2) Refinitiv LPC's 4Q22 Sponsored Middle Market Private Deals Analysis - January. /K 1495 endobj /P 10 0 R /Pg 24 0 R << /Pg 24 0 R /Lang (EN-US) /S /Artifact /P 5051 0 R /K 905 >> /P 6294 0 R << 2350 0 obj /K 1536 33 /K 1379 << /K 1458 /S /P endobj << >> >> /K 1198 /Lang (EN-US) /S /Artifact >> /Lang (EN-US) /Lang (EN-US) << 2842 0 obj /K 1493 2144 0 obj /K 1347 endobj << /Pg 25 0 R >> /Pg 23 0 R << 4200 0 obj >> /S /P << /K 1518 << 2268 0 obj /P 4756 0 R /S /P << 1483 0 obj endobj /K 217 << 3206 0 obj endobj /Pg 25 0 R /S /Artifact /K 1155 /K 14 endobj /Pg 22 0 R /P 5456 0 R /K 1148 /K 333 /S /Artifact /Lang (EN-US) 3363 0 obj /K 550 << << << /Pg 25 0 R /K 914 3537 0 R null 3538 0 R null 3539 0 R null 3540 0 R null null null endobj /S /P endobj /Lang (EN-US) /Pg 22 0 R /K 295 >> /S /Artifact >> /P 10 0 R << >> << /Lang (EN-US) 2343 0 obj >> /K 7 endobj >> /P 5983 0 R << >> endobj endobj /K 664 1250 0 obj /Pg 23 0 R /Pg 25 0 R /Pg 24 0 R /K 1120 /S /P >> endobj null 3857 0 R null null null 3858 0 R null null null 3859 0 R /K 1543 /S /Artifact /Lang (EN-US) /Pg 25 0 R << /S /Artifact /P 5816 0 R >> /Pg 24 0 R /S /Artifact << /S /Artifact >> endobj /Pg 24 0 R << << /S /P /Lang (EN-US) endobj /S /Artifact /T () /Pg 23 0 R 3661 0 obj /Lang (EN-US) /K 229 endobj 1774 0 obj << /Pg 23 0 R /Pg 25 0 R << /Pg 22 0 R /S /P /Lang (EN-US) /Pg 26 0 R << 641 0 obj /S /P /K [4525 0 R 4526 0 R 4527 0 R 4528 0 R 4529 0 R 4530 0 R 4531 0 R 4532 0 R 4533 0 R 4534 0 R /S /Artifact << 1370 0 obj /S /P << << endobj 3118 0 obj >> >> /P 5080 0 R >> >> <> << /K 480 /S /Artifact endobj /K 1266 >> /Lang (EN-US) /Pg 24 0 R /K 21 1662 0 obj /S /Artifact /P 5129 0 R /Pg 13 0 R endobj /S /P /Pg 25 0 R /P 6537 0 R /K 1228 /Pg 23 0 R << << << >> /Pg 17 0 R endobj /Lang (EN-US) >> << /K 1253 /Pg 22 0 R /K 79 /K 587 >> /P 10 0 R /K 1425 /S /P >> endobj >> << /S /Artifact /P 5073 0 R endobj /K 994 /K 30 /Lang (EN-US) << /S /Artifact endobj /S /P /Pg 23 0 R /Pg 24 0 R 2323 0 R 2324 0 R 2325 0 R 2326 0 R 2327 0 R 2328 0 R 2329 0 R 2330 0 R 2331 0 R 2332 0 R /Pg 24 0 R 3001 0 obj << >> /K 1430 /S /P /S /P << /S /P endobj << >> >> /Pg 26 0 R /Pg 22 0 R endobj /Pg 25 0 R endobj << >> /P 5044 0 R /S /P endobj /S /P >> << << 2591 0 obj /K 3 /Pg 25 0 R >> << >> << /K 1477 /Pg 25 0 R >> /K 36 << >> /S /P /Lang (EN-US) /P 5421 0 R 1429 0 obj /Pg 24 0 R << << /S /Artifact << endobj /K 399 << endobj /S /P /S /Artifact /Lang (EN-US) << 4205 0 obj 3177 0 R 3178 0 R 3179 0 R 3180 0 R 3181 0 R 3182 0 R 3183 0 R 3184 0 R 323 0 R 3185 0 R >> /Pg 16 0 R >> /S /P /K 138 << /Lang (EN-US) /P 10 0 R /Pg 23 0 R 3712 0 obj >> >> /Pg 22 0 R /Pg 24 0 R endobj /S /Artifact /Pg 22 0 R endobj /A 4460 0 R 831 0 obj /Pg 23 0 R /Pg 25 0 R << /K 27 135 0 obj 1461 0 obj 1235 0 obj 3070 0 obj /K 664 /K 1374 /P 5867 0 R >> << /K 589 /S /P endobj /Lang (EN-US) /K 330 /Pg 24 0 R <> /S /Artifact /Lang (EN-US) /P 5209 0 R endobj endobj 2411 0 obj 3679 0 obj endobj /K 614 /S /P 2202 0 obj endobj endobj >> 2516 0 obj /K 722 /Pg 25 0 R 1283 0 obj << /S /Artifact /Pg 23 0 R /Pg 23 0 R /Pg 23 0 R 673 0 obj 2729 0 R 2730 0 R null 2731 0 R null 2732 0 R null 2733 0 R null 2734 0 R /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) endobj Access to this resource is limited to existing Cliffwater clients and qualified prospects for our Funds, By clicking "Login", I accept Terms of Use, If you are an RIA, institutional investors, or other prospect for Funds, please contact us to gain access, By clicking "Accept", I accept Terms of Use, For more information to login, call (310) 448-5000 or email info@cliffwater.com, {{CDLI.indexValue}}Index Value ({{CDLI.indexDate}}), {{CDLI.assetFairValue}}BAssets (Fair Value), {{CDLI_S.indexValue}}Index Value ({{CDLI_S.indexDate}}), {{CDLI_S.assetFairValue}}BAssets (Fair Value), {{CDLI_V.indexValue}}Index Value ({{CDLI_V.indexDate}}), {{CDLI_V.assetFairValue}}BAssets (Fair Value), {{CWBDC.indexValue}} Index Value ({{CWBDC.indexDate}}), {{CWBDC.numberofCompanies}}Number of Companies, {{CWBDC.marketCapitalization}}BMarket Capitalization, {{CWBDC.navPremium}}%NAV Premium/Discount. /Pg 23 0 R 2881 0 obj >> /K 1489 /K 877 /P 6444 0 R << endobj 4036 0 obj /Pg 23 0 R /P 4760 0 R 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 >> >> 4045 0 obj /Pg 23 0 R /K 938 <> 3438 0 obj /S /P /Pg 22 0 R /S /P /Lang (EN-US) << /S /Artifact /P 5009 0 R 919 0 obj /Pg 22 0 R /Pg 24 0 R endobj << endobj endobj endobj /Pg 23 0 R /P 5269 0 R 1994 0 obj endobj 2432 0 obj endobj << << >> /P 5325 0 R /Lang (EN-US) /Pg 18 0 R >> << endobj /S /Link /P 5782 0 R /S /Artifact >> 180 0 obj