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cliffwater direct lending index

cliffwater direct lending index

cliffwater direct lending index


cliffwater direct lending index

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» snow's funeral home obituaries » cliffwater direct lending index

cliffwater direct lending index

cliffwater direct lending index

cliffwater direct lending index

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1081 0 obj /K 14 /S /P /S /P 1167 0 obj /Pg 22 0 R >> /K 1355 /S /P 1947 0 obj /K 105 /P 5703 0 R >> /P 4890 0 R /K 193 Opportunities in Corporate Direct Lending", 2019. /S /P /K 1458 /Lang (EN-US) /Pg 24 0 R 3671 0 obj /S /P /P 5772 0 R /S /Artifact << 492 0 obj /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) /S /P /S /P << /Rotate 0 /Pg 23 0 R /S /Artifact /K 668 >> /K 1056 endobj /Pg 25 0 R /Lang (EN-US) 3464 0 obj endobj << /S /Artifact /Pg 25 0 R << /Lang (EN-US) /S /P /Pg 24 0 R >> /Lang (EN-US) 1814 0 obj endobj /Pg 18 0 R 1740 0 obj endobj 39 0 R 40 0 R 355 0 R null 41 0 R 42 0 R null 356 0 R null null /S /P /Pg 22 0 R /S /P >> endobj << 15 0 obj << >> >> >> endobj 348 0 obj /K 329 /Lang (EN-US) /Pg 23 0 R 4110 0 obj /K 324 /K 128 /P 6332 0 R endobj /Pg 23 0 R /S /Artifact << /K 480 >> /K 923 endobj /Pg 22 0 R /Lang (EN-US) /Lang (EN-US) /K 169 /Pg 22 0 R >> /Lang (EN-US) << endobj /Lang (EN-US) >> 10 0 obj endobj >> /P 6707 0 R /K 670 >> 3154 0 obj endobj >> /P 6599 0 R UK. /Lang 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(EN-US) /K 504 /Lang (EN-US) /K 65 /S /P /Lang (EN-US) 2777 0 obj /S /P >> 447 0 obj /K 206 1539 0 obj /Lang (EN-US) /S /Artifact /K 1446 /P 5444 0 R endobj /Lang (EN-US) /Pg 25 0 R In its 2021 third quarter report, Cliffwater reported that since inception in September 2004, the Cliffwater Direct Lending Index (CDLI) had provided a net return (after realized and unrealized losses of 1.3%) of 9.5% per annum, 8.3 percentage points above the return on one-month Treasury bills - higher than the annualized equity premium has been over the long term and with far . /P 10 0 R >> /S /Artifact /P 6464 0 R /Lang (EN-US) /K 1368 /K 1482 >> /K 1375 /P 4979 0 R /Lang (EN-US) /Lang (EN-US) << << endobj /Pg 25 0 R << /S /Artifact >> /S /Artifact >> /P 6545 0 R /S /P endobj /K 734 1096 0 obj >> 965 0 obj /Lang (EN-US) 3851 0 obj /Lang (EN-US) endobj >> /Lang (EN-US) This book dissects direct loans as a class, providing the critical background 385397403217. 1652 0 obj /Pg 15 0 R /S /Figure /Pg 24 0 R << 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obj /S /P /S /P /S /Artifact /S /P /S /P << << /S /P >> /S /Artifact 179 0 obj 1952 0 obj endobj 1054 0 R null 1055 0 R null 1056 0 R null null null 1057 0 R null null 611 0 R null 612 0 R 613 0 R null 246 0 R 247 0 R 248 0 R 249 0 R /S /P /Pg 22 0 R /S /P /S /P /P 5514 0 R As of 03/01/2023 EDT. endobj /Pg 25 0 R << << /Lang (EN-US) endobj /Pg 23 0 R /P 5312 0 R 1987 0 obj /Pg 25 0 R /K 1524 >> /S /Artifact endobj << 2523 0 obj 4577 0 R 4578 0 R 4579 0 R 4580 0 R 4581 0 R 4582 0 R 4583 0 R 4584 0 R 4585 0 R 4586 0 R 1655 0 obj 2687 0 obj endobj /S /P >> >> endobj 3410 0 obj /Lang (EN-US) /Pg 24 0 R /P 5809 0 R << /S /Artifact 3049 0 obj endobj >> /S /Artifact >> 189 0 obj Direct Lending Download View Private Debt Research << /S /L >> endobj /Pg 22 0 R endobj >> /S /P /Lang (EN-US) /Lang (EN-US) /Pg 25 0 R /Pg 23 0 R /Pg 23 0 R /Pg 25 0 R >> /P 6518 0 R 2298 0 obj endobj 2219 0 obj << >> endobj /S /Artifact 3417 0 obj /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) /K 1405 /S /P << endobj endobj /Pg 25 0 R 457 0 obj << >> 435 0 obj endobj 4148 0 obj >> /S /Artifact /S /P >> endobj /K 250 >> >> << >> endobj /P 5365 0 R /S /Artifact 3736 0 obj /Pg 23 0 R /Pg 26 0 R /S /Artifact 3023 0 obj endobj /P 5812 0 R << endobj endobj >> << 697 0 obj /K 404 >> 3634 0 obj 3972 0 obj endobj /P 5854 0 R /K 1374 /Lang (EN-US) /S /Artifact 379 0 obj /S /Artifact endobj /P 5977 0 R 3141 0 obj /P 40 0 R endobj 312 0 obj /Pg 15 0 R >> >> /S /P << /Pg 24 0 R >> << /S /P << /Pg 22 0 R >> 2076 0 R 2077 0 R 2078 0 R 2079 0 R 2080 0 R 2081 0 R 2082 0 R 2083 0 R 2084 0 R 2085 0 R endobj /P 6276 0 R >> 1709 0 obj /S /P /S /Artifact >> endobj << /P 4942 0 R endobj /Pg 22 0 R /Lang (EN-US) << << /Lang (EN-US) /P 5592 0 R 729 0 R null 730 0 R null 731 0 R null 732 0 R null 733 0 R null /K 1234 3194 0 obj endobj endobj 1434 0 obj /Pg 22 0 R /S /Artifact /Lang (EN-US) << >> << endobj 1808 0 obj /K 70 /K 5 << The Cliffwater Direct Lending Index (CDLI) prior quarter return explains only 8% of the index's current quarter return. >> /F 4 endobj 269 0 obj 1866 0 obj << 1486 0 obj /Pg 23 0 R /S /P >> << endobj /Pg 22 0 R /Lang (EN-US) /Contents 4384 0 R << 1060 0 obj 1029 0 obj >> /S /P /P 6141 0 R /S /Artifact << endobj endobj /P 6677 0 R /S /P /P 4841 0 R 1390 0 obj /S /P 2095 0 obj /S /P << /S /Artifact << << /K [386 0 R 387 0 R 388 0 R] >> >> /Lang (EN-US) /Lang (EN-US) endobj /S /P /P 5223 0 R /Lang (EN-US) 2670 0 obj 536 0 obj /S /Artifact /Pg 23 0 R 2784 0 obj /P 6730 0 R endobj endobj /S /P /S /P 3055 0 obj endobj << /Pg 22 0 R Steve Nesbitt, Cliffwater's chief executive, told PDI he recommends his institutional clients invest about 5-10 percent of their portfolios in direct lending strategies. /S /Artifact /Lang (EN-US) /Pg 22 0 R /K 857 << /S /Artifact /K [78 79 433 0 R 69] endobj << /Pg 23 0 R 2629 0 obj endobj /Lang (EN-US) << /S /P endobj 3573 0 obj endobj << >> /K 1406 3057 0 obj /K 1454 /K 1200 << 418 0 obj << /S /LBody endobj /Pg 23 0 R 330 0 obj 1380 0 obj >> /Pg 22 0 R endobj /P 5250 0 R >> /P 5359 0 R 3303 0 obj /Pg 25 0 R endobj /K 60 >> endobj >> >> >> >> /Pg 25 0 R /S /P /Pg 22 0 R /Lang (EN-US) null 2553 0 R null 2554 0 R null 2555 0 R null 2556 0 R null 2557 0 R 3037 0 R 3038 0 R 3039 0 R 3040 0 R 3041 0 R 3042 0 R 3043 0 R 3044 0 R 3045 0 R 3046 0 R /S /P endobj << /P 6227 0 R /Lang (EN-US) 442 0 obj 3131 0 obj /S /Artifact /K 1123 /P 5754 0 R 3204 0 obj /K 2 >> /K 1316 1684 0 obj /Pg 22 0 R /S /P /Pg 23 0 R /Pg 24 0 R /S /P /K 1297 endobj 1319 0 obj /Lang (EN-US) 3080 0 obj /S /Artifact /P 5028 0 R /P 5626 0 R endobj endobj /Pg 24 0 R /K 509 << /Pg 25 0 R /K 274 /S /P /Lang (EN-US) endobj /Lang (EN-US) endobj << << 1063 0 obj 257 0 obj endobj null 2784 0 R null null null 2785 0 R null 2786 0 R null 2787 0 R /S /Artifact /K 51 /Pg 23 0 R 2711 0 obj endobj 398 0 obj >> >> >> >> /Pg 25 0 R 2045 0 obj /K 1281 3135 0 obj /P 5458 0 R /Lang (EN-US) /Parent 9 0 R /K 1156 /K 743 1248 0 obj >> /S /P 59 0 obj << /K 1278 /K 1283 3589 0 obj /S /P /K 597 /Lang (EN-US) << /Lang (EN-US) /S /Artifact >> /P 33 0 R endobj /K 320 /Contents 4376 0 R endobj /K 1083 /K 1184 2321 0 obj 2723 0 obj /K 1382 >> /Pg 16 0 R /S /P /Pg 25 0 R /S /Artifact >> /P 5139 0 R /S /P << /Lang (EN-US) /P 5932 0 R /P 5305 0 R >> << >> << << endobj << /P 6149 0 R >> /S /Artifact /Lang (EN-US) /S /Artifact /Lang (EN-US) endobj << /K 902 /S /Artifact /S /P /K 1399 /Pg 23 0 R /Lang (EN-US) >> /P 6546 0 R endobj /P 4985 0 R 3333 0 obj /K 716 214 0 obj /P 5029 0 R /S /P /S /Artifact /Pg 25 0 R /Pg 18 0 R /S /Artifact 2561 0 obj 2951 0 obj /K [131 4660 0 R] /K 1403 /Lang (EN-US) /P 5946 0 R /S /P 1009 0 R null null null 1010 0 R null 1011 0 R null 1012 0 R null << >> >> >> null 274 0 R 274 0 R 274 0 R 274 0 R 289 0 R 289 0 R 289 0 R 289 0 R 289 0 R null null null 2953 0 R null 2954 0 R null 2955 0 R null 2956 0 R >> /S /Figure endobj /P 10 0 R /P 5249 0 R /Pg 25 0 R 1644 0 obj << /S /P /Lang (EN-US) /S /Artifact /Lang (EN-US) endobj endobj /P 5518 0 R endobj /S /P 3539 0 obj >> >> >> /Pg 22 0 R /P 10 0 R 2695 0 obj /Pg 24 0 R 3703 0 obj /Pg 22 0 R null 1045 0 R null null null 1046 0 R null 1047 0 R null 1048 0 R >> >> null 841 0 R null 842 0 R 843 0 R null 844 0 R null 845 0 R null /Lang (EN-US) 773 0 obj /S /P << << 1877 0 R null 1878 0 R null null null 1879 0 R null null null /Pg 24 0 R /Pg 24 0 R /K 1272 /Pg 22 0 R 3865 0 R null 3866 0 R null 3867 0 R null 3868 0 R null 3869 0 R null << /K 583 >> 3121 0 obj endobj /P 10 0 R endobj /Pg 17 0 R /Pg 24 0 R >> >> << >> /Lang (EN-US) >> << 429 0 obj /Pg 22 0 R >> /P 37 0 R /K 1094 662 0 obj endobj endobj /Pg 22 0 R /Lang (EN-US) << /Pg 23 0 R /Pg 22 0 R 2930 0 obj 898 0 obj << /Lang (EN-US) 2958 0 obj 197 0 obj << /P 5752 0 R /K 1218 1313 0 obj /K 1309 /Pg 21 0 R >> /Pg 24 0 R endobj 3610 0 obj /Pg 25 0 R 2473 0 R 2474 0 R] /Pg 25 0 R /K 1189 << endobj /Lang (EN-US) 1816 0 obj >> /P 6005 0 R endobj /Lang (EN-US) /P 6307 0 R << /S /Artifact 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. /S /P 1906 0 obj endobj /Pg 18 0 R /S /Artifact << /P 5679 0 R 2261 0 obj /S /P << 2997 0 obj 3098 0 obj /Pg 22 0 R /Lang (EN-US) >> endobj << /K 1108 1095 0 obj endobj endobj /S /P 3111 0 obj endobj /K 634 >> >> /Pg 25 0 R >> /S /P endobj endobj /K 180 /K 1518 /Lang (EN-US) << /S /P /K 526 /P 6025 0 R endobj 1249 0 obj null 1027 0 R 1028 0 R null 1029 0 R null 1030 0 R null 1031 0 R null << /K 298 << /P 5391 0 R /Pg 24 0 R /Pg 16 0 R >> endobj /S /Artifact /Pg 25 0 R 1385 0 R 1386 0 R 1387 0 R 1388 0 R 1389 0 R 1390 0 R 1391 0 R 1392 0 R 1393 0 R 1394 0 R /S /Artifact 3224 0 obj endobj /P 6201 0 R 4209 0 obj << /Pg 25 0 R endobj /Lang (EN-US) 1760 0 obj >> /S /Artifact >> endobj endobj endobj /S /Artifact /Lang (EN-US) /S /P /K 1416 << /K 0 >> /S /P /S /P << << /Pg 13 0 R /K 1380 >> /P 6547 0 R /P 5717 0 R endobj 2526 0 obj >> << >> /K 1463 >> /Pg 22 0 R /P 6282 0 R /S /Figure << << /Lang (EN-US) /Pg 23 0 R /Rect [449.6000061035 546.3229980469 451.7309875488 554.9949951172] /S /Artifact endobj /K 562 endobj /Pg 25 0 R endobj /K 1370 /S /Artifact /S /P /Pg 22 0 R /K 199 >> /K 1247 << /Lang (EN-US) /K 734 /S /P /S /P endobj /P 5217 0 R >> /Pg 14 0 R << /S /Artifact /P 5176 0 R 1890 0 obj endobj /Lang (EN-US) /S /P 3388 0 obj /Pg 19 0 R >> 1425 0 obj /Pg 23 0 R /Pg 23 0 R /S /Artifact << 1062 0 R null 1063 0 R 1064 0 R null 1065 0 R null 1066 0 R null 1067 0 R null 2780 0 R null 2781 0 R null 2782 0 R null 2783 0 R null null 3085 0 obj /K 98 << << endobj /Lang (EN-US) /P 5308 0 R >> >> /S /P /Pg 23 0 R /S /P endobj << /P 4786 0 R /K 749 /S /Artifact endobj 1922 0 obj /S /P /Pg 26 0 R /K 16 >> << endobj /Pg 25 0 R /Pg 25 0 R /K 570 endobj endobj endobj 4210 0 obj << /Pg 15 0 R 1666 0 obj 2334 0 obj /S /P << endobj /S /Artifact endobj endobj /K 49 endobj /Lang (EN-US) /Pg 20 0 R /P 5644 0 R << /P 5385 0 R /K 1283 /P 6583 0 R /K 1320 /S /P /S /Artifact f325a0f1-a9d5-4034-846d-c1ef2129f6d0 endobj /Pg 23 0 R 2872 0 obj /P 4399 0 R >> /Lang (EN-US) 1546 0 obj endobj << << /S /P 2385 0 obj >> endobj >> /Pg 25 0 R >> >> endobj /Lang (EN-US) >> We are proactive with our advice and recommendations to clients so they may achieve desired outcomes. >> /K 75 /Pg 23 0 R /P 5917 0 R endobj 1213 0 obj >> >> << << endobj 802 0 obj << /Pg 22 0 R 1504 0 obj endobj /Pg 24 0 R << >> 3440 0 obj >> /Pg 25 0 R << endobj >> << /P 6292 0 R /K 1167 /Pg 18 0 R << endobj >> /K 1522 >> /K 1220 1183 0 obj /S /P /Pg 23 0 R 369 0 obj /P 5420 0 R /Pg 23 0 R /Pg 23 0 R 1776 0 obj /Pg 22 0 R /K 1357 /Pg 22 0 R /Pg 23 0 R /S /Artifact /K 22 >> << /Pg 25 0 R /K 167 2453 0 obj 2513 0 obj >> << /Pg 22 0 R 3258 0 obj /P 10 0 R << << /Lang (EN-US) /MediaBox [0 0 612 792] >> << >> >> /K 1215 /Pg 22 0 R /S /Artifact /S /P endobj /S /Artifact endobj endobj >> /P 6486 0 R endobj /K 774 /Pg 22 0 R /S /P endobj endobj /P 5534 0 R << /Lang (EN-US) /Pg 24 0 R /K 1086 << << 688 0 obj << /Pg 24 0 R /Lang (EN-US) << /P 5538 0 R /K 256 /P 5658 0 R >> /S /P 1633 0 obj /P 10 0 R 1925 0 obj /K 1158 /S /Artifact endobj 4057 0 obj >> /Pg 25 0 R /Subtype /Link /K 430 >> /K [1340 1341] 355 0 obj << /Pg 23 0 R >> endobj 1621 0 obj endobj << >> 2987 0 R 2988 0 R 2989 0 R 2990 0 R 2991 0 R 2992 0 R 2993 0 R 2994 0 R 2995 0 R 2996 0 R 1870 0 obj 4308 0 obj endobj /K 1292 >> 3201 0 obj endobj /P 5533 0 R /Pg 25 0 R endobj >> /Pg 22 0 R endobj null null null 422 0 R null null null 423 0 R null null >> 3086 0 obj 924 0 obj /Lang (EN-US) /K 100 /K 536 >> << endobj << /P 6214 0 R /K 54 >> /P 6676 0 R /P 5036 0 R << /P 6314 0 R /S /Artifact /S /P << << 1478 0 obj /Pg 22 0 R << endobj >> /Pg 22 0 R /K 576 /Pg 22 0 R >> endobj endobj << /Pg 25 0 R << /Pg 23 0 R /Lang (EN-US) << /Lang (EN-US) >> /Pg 13 0 R /S /P /S /Artifact endobj endobj /Lang (EN-US) /P 5986 0 R >> /Lang (EN-US) << /K 1414 >> /K 1512 /S /P << /Pg 25 0 R >> /S /Artifact /P 4993 0 R /S /Artifact /K 1393 /K 1002 1317 0 obj /Pg 25 0 R /K 1369 1395 0 R 1396 0 R 1397 0 R 1398 0 R 1399 0 R 1400 0 R 1401 0 R 1402 0 R 1403 0 R 1404 0 R >> /K 648 /P 5910 0 R /Lang (EN-US) endobj /K 1432 null 880 0 R null 881 0 R null 882 0 R null 883 0 R 884 0 R null /P 6541 0 R >> /K 1338 >> /K 1052 /S /P /S /P /S /P 251 0 R 252 0 R 253 0 R 254 0 R 255 0 R 256 0 R 257 0 R 258 0 R 259 0 R 260 0 R endobj >> /Lang (EN-US) 217 0 obj /K 1329 << endobj >> >> /Pg 25 0 R 2057 0 obj >> 2672 0 obj /K 882 << endobj endobj /K 1263 << endobj >> /Lang (EN-US) 3663 0 obj /K 1491 endobj 4139 0 obj /S /P /K 275 3233 0 obj << /Lang (EN-US) endobj /P 6035 0 R endobj endobj /Lang (EN-US) 106 0 obj /K 31 /P 10 0 R 4216 0 obj 4267 0 obj /Pg 23 0 R << /Lang (EN-US) /Lang (EN-US) >> 1962 0 obj >> << /S /P 2212 0 obj /Strikeout /Span >> << << /P 5449 0 R /Lang (EN-US) >> >> 3286 0 obj >> /Pg 22 0 R << << >> /Lang (EN-US) 644 0 obj << >> /S /Artifact << /Pg 22 0 R /K 788 endobj /Pg 13 0 R /Lang (EN-US) 3654 0 obj endobj /S /P 3687 0 obj /K 1224 /K 1121 /K 616 << << endobj /P 4933 0 R >> >> /Pg 22 0 R /Lang (EN-US) /Pg 25 0 R endobj >> /Pg 22 0 R /P 6173 0 R << << 3119 0 obj >> /K 337 /S /P /Lang (EN-US) /P 6703 0 R /Lang (EN-US) /Lang (EN-US) /S /Artifact << /P 6236 0 R /P 6069 0 R /P 6159 0 R endobj /P 10 0 R /Tabs /S /K 1321 2475 0 obj >> >> 4265 0 obj endobj << >> 640 0 obj /S /Artifact /S /P /K 1240 2520 0 obj /S /Artifact /K 1149 endobj << /Pg 24 0 R 637 0 obj /S /Artifact << /K 1325 endobj << /P 6613 0 R endobj >> /K 825 >> << /Pg 23 0 R /K 405 /Lang (EN-US) /Lang (EN-US) endobj 2482 0 obj << 1069 0 obj << /Pg 23 0 R endobj /K 547 << /Pg 23 0 R /P 10 0 R /S /Artifact 2110 0 obj 1622 0 obj /Pg 25 0 R /S /Artifact /P 5184 0 R /S /P /Pg 25 0 R /S /Artifact 767 0 obj /Lang (EN-US) /Pg 25 0 R /S /Artifact 3470 0 obj 3842 0 obj /Lang (EN-US) /K 1350 /S /P 3220 0 obj << 3865 0 obj << << /K 279 << /K 233 /S /Artifact /Lang (EN-US) /P 5412 0 R << >> endobj /P 5911 0 R /Pg 25 0 R /K 1216 /Lang (EN-US) << >> endobj endobj >> /Underline /Span /Pg 14 0 R << >> /Pg 25 0 R << /S /P /P 5053 0 R /Pg 22 0 R /K 1239 << 2137 0 obj endobj >> /Lang (EN-US) >> << 2440 0 obj /Pg 23 0 R 2941 0 obj /K 463 /P 5967 0 R /S /P /Pg 25 0 R endobj >> /Lang (EN-US) 1373 0 obj /K 1151 << endobj /K 181 >> /S /Artifact << /Pg 23 0 R /P 5442 0 R >> endobj /Lang (EN-US) /S /Artifact /K 28 /K 225 /K 519 /Lang (EN-US) /K 959 /K 1297 /K 1431 /Pg 25 0 R >> >> /Pg 22 0 R /S /P /Lang (EN-US) /Lang (EN-US) 2074 0 obj /K 981 endobj /S /Artifact /S /P << >> /P 10 0 R /Pg 25 0 R endobj /K 82 /Lang (EN-US) 3996 0 obj << 4104 0 obj /Pg 25 0 R /K 79 /K 491 /P 4741 0 R /Pg 24 0 R /K 790 /Pg 20 0 R endobj 3991 0 obj >> endobj >> /Lang (EN-US) /S /P >> /Pg 24 0 R /S /Artifact << /K 396 /K 40 /S /P endobj << 1369 0 obj /K 77 /P 10 0 R << /P 6368 0 R 57 0 R 58 0 R 59 0 R 61 0 R 62 0 R null 418 0 R null 63 0 R 64 0 R /Lang (EN-US) /P 5091 0 R Manager selection, therefore, is part of investing in direct loans. 2394 0 obj endobj /P 6364 0 R /Pg 22 0 R /Pg 23 0 R /Pg 16 0 R >> << endobj 2204 0 obj >> /S /P /Pg 24 0 R /S /Artifact /Pg 22 0 R >> 354 0 obj endobj /S /P 2387 0 obj /K 1439 endobj /S /P /K 1138 endobj /K 1303 /K 244 << /Pg 24 0 R /P 4827 0 R endobj >> endobj >> /T () endobj /Pg 18 0 R >> endobj null 1686 0 R null 1687 0 R null 1688 0 R 1689 0 R null 1690 0 R null null 925 0 R null null null 926 0 R null 927 0 R null 928 0 R /K 1039 << 2850 0 obj /Pg 25 0 R /Lang (EN-US) endobj /P 10 0 R /K 135 /S /Artifact /K 1138 /K 1201 >> /Pg 25 0 R /P 6340 0 R 3575 0 obj /Lang (EN-US) << /Lang (EN-US) endobj >> Positive Effects Of Being Spanked As A Child 2020, Articles C

/P 5424 0 R /Nums [0 [27 0 R 28 0 R 29 0 R null 31 0 R 32 0 R 34 0 R 35 0 R 36 0 R 37 0 R /S /Artifact 3346 0 obj /K 1424 /Pg 23 0 R /S /Artifact /Pg 25 0 R /K 9 << /P 5503 0 R << endobj /S /P /S /Artifact /P 6558 0 R >> /S /P >> endobj /Pg 24 0 R /Lang (EN-US) 2002 0 obj >> << /Pg 25 0 R endobj /Pg 25 0 R /Pg 25 0 R /P 10 0 R 3550 0 obj /K 1423 /Pg 23 0 R endobj << endobj /Pg 24 0 R 3583 0 obj 1512 0 obj << 86 0 obj /Pg 25 0 R 2677 0 obj endobj /K 1271 /K 1169 endobj /K 823 /S /Artifact /P 5067 0 R 579 0 obj 4286 0 obj /K 1218 endobj /P 6051 0 R Looking at historical /P 5026 0 R /K 1080 2447 0 obj /P 10 0 R /Pg 18 0 R endobj /Pg 15 0 R endobj /S /P /Lang (EN-US) << /Pg 23 0 R /S /Artifact 1356 0 obj /Lang (EN-US) >> endobj 2863 0 obj /K 202 /S /P /Pg 25 0 R /S /P >> 1128 0 R 1129 0 R 1130 0 R 1131 0 R 1132 0 R 1133 0 R 1134 0 R 1135 0 R 1136 0 R 1137 0 R /Lang (EN-US) /Lang (EN-US) << /K [12 4631 0 R] endobj /S /P 696 0 obj << 1118 0 R 1119 0 R 1120 0 R 1121 0 R 1122 0 R 1123 0 R 1124 0 R 1125 0 R 1126 0 R 1127 0 R endobj /K 840 >> 789 0 obj 3414 0 obj >> /S /P endobj /K 155 << /Pg 23 0 R endobj /Pg 24 0 R << /K 341 /S /P /S /P /S /P /Lang (EN-US) /Pg 23 0 R /S /Artifact /S /Artifact /Pg 23 0 R /Pg 13 0 R >> /Lang (EN-US) /Lang (EN-US) endobj endobj 71 0 obj /Pg 23 0 R /Pg 22 0 R /S /Artifact /P 6483 0 R /K 115 /Pg 23 0 R /P 6477 0 R << /P 6506 0 R 2977 0 R 2978 0 R 2979 0 R 2980 0 R 2981 0 R 2982 0 R 2983 0 R 2984 0 R 2985 0 R 2986 0 R >> /K 1128 >> << /Lang (EN-US) 651 0 obj /K 1236 /S /P null 3649 0 R 329 0 R null 331 0 R null 3650 0 R null null 3651 0 R /S /P /S /Artifact endobj /Pg 25 0 R << >> /S /Artifact /S /Artifact /K 643 >> /Pg 23 0 R /Pg 24 0 R /S /P /Pg 23 0 R /Lang (EN-US) /Pg 24 0 R /Pg 25 0 R endobj 2474 0 obj >> endobj /P 5389 0 R >> 568 0 obj /S /Artifact 1548 0 R null null null 1549 0 R null null null 1550 0 R null /S /Artifact /Lang (EN-US) << >> /Lang (EN-US) << /Lang (EN-US) >> << /K 266 /Pg 22 0 R /P 6516 0 R endobj /S /Artifact 2333 0 R 2334 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1081 0 obj /K 14 /S /P /S /P 1167 0 obj /Pg 22 0 R >> /K 1355 /S /P 1947 0 obj /K 105 /P 5703 0 R >> /P 4890 0 R /K 193 Opportunities in Corporate Direct Lending", 2019. /S /P /K 1458 /Lang (EN-US) /Pg 24 0 R 3671 0 obj /S /P /P 5772 0 R /S /Artifact << 492 0 obj /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) /S /P /S /P << /Rotate 0 /Pg 23 0 R /S /Artifact /K 668 >> /K 1056 endobj /Pg 25 0 R /Lang (EN-US) 3464 0 obj endobj << /S /Artifact /Pg 25 0 R << /Lang (EN-US) /S /P /Pg 24 0 R >> /Lang (EN-US) 1814 0 obj endobj /Pg 18 0 R 1740 0 obj endobj 39 0 R 40 0 R 355 0 R null 41 0 R 42 0 R null 356 0 R null null /S /P /Pg 22 0 R /S /P >> endobj << 15 0 obj << >> >> >> endobj 348 0 obj /K 329 /Lang (EN-US) /Pg 23 0 R 4110 0 obj /K 324 /K 128 /P 6332 0 R endobj /Pg 23 0 R /S /Artifact << /K 480 >> /K 923 endobj /Pg 22 0 R /Lang (EN-US) /Lang (EN-US) /K 169 /Pg 22 0 R >> /Lang (EN-US) << endobj /Lang (EN-US) >> 10 0 obj endobj >> /P 6707 0 R /K 670 >> 3154 0 obj endobj >> /P 6599 0 R UK. /Lang 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/P >> 2639 0 obj /K 697 /Pg 24 0 R /Pg 22 0 R /K 1257 >> /Pg 24 0 R endobj >> /Pg 25 0 R /K 18 << /Pg 25 0 R << null 1041 0 R null 1042 0 R null 1043 0 R null 1044 0 R null null /K 16 /K 262 /P 10 0 R /S /Artifact /P 5515 0 R 3814 0 obj /S /P /P 4847 0 R /Pg 25 0 R /S /Artifact << /K 1278 /Pg 23 0 R /K 936 endobj /K 106 >> << /S /Artifact 89 0 obj /S /P /S /P /S /Artifact /S /P /S /P << << /P 6259 0 R endobj /Pg 23 0 R /P 5974 0 R /S /Artifact << /Pg 22 0 R 3275 0 obj /Lang (EN-US) 2668 0 obj << /Lang (EN-US) /Lang (EN-US) << /S /Artifact 2301 0 obj 3597 0 obj 1500 0 obj /S /Artifact endobj /Lang (EN-US) endobj >> /Lang (EN-US) >> >> /K 1318 1004 0 obj /K 458 /P 6009 0 R 832 0 obj /Pg 25 0 R /Pg 22 0 R /S /Artifact /Pg 22 0 R endobj >> >> 1202 0 obj /S /Artifact /P 5566 0 R >> /S /P 388 0 obj /P 5382 0 R endobj /Lang (EN-US) endobj << >> /Lang (EN-US) >> /K 794 /K 202 /P 5478 0 R endobj << endobj /S /P /Pg 22 0 R /Lang (EN-US) >> /S /Artifact << << endobj endobj /P 6054 0 R /Lang (EN-US) /K 504 /Lang (EN-US) /K 65 /S /P /Lang (EN-US) 2777 0 obj /S /P >> 447 0 obj /K 206 1539 0 obj /Lang (EN-US) /S /Artifact /K 1446 /P 5444 0 R endobj /Lang (EN-US) /Pg 25 0 R In its 2021 third quarter report, Cliffwater reported that since inception in September 2004, the Cliffwater Direct Lending Index (CDLI) had provided a net return (after realized and unrealized losses of 1.3%) of 9.5% per annum, 8.3 percentage points above the return on one-month Treasury bills - higher than the annualized equity premium has been over the long term and with far . /P 10 0 R >> /S /Artifact /P 6464 0 R /Lang (EN-US) /K 1368 /K 1482 >> /K 1375 /P 4979 0 R /Lang (EN-US) /Lang (EN-US) << << endobj /Pg 25 0 R << /S /Artifact >> /S /Artifact >> /P 6545 0 R /S /P endobj /K 734 1096 0 obj >> 965 0 obj /Lang (EN-US) 3851 0 obj /Lang (EN-US) endobj >> /Lang (EN-US) This book dissects direct loans as a class, providing the critical background 385397403217. 1652 0 obj /Pg 15 0 R /S /Figure /Pg 24 0 R << >> /Pg 24 0 R /Lang (EN-US) << 2065 0 obj >> /Pg 25 0 R /K 1376 endobj 1292 0 obj 3311 0 obj << /Type /Page >> /Lang (EN-US) /K 306 >> /Pg 24 0 R 3886 0 obj >> /Lang (EN-US) Infra: Bloomberg mnemonic Infra300 Index; Private Credit: Cliffwater Direct Lending Index; Real Estate: . /S /Artifact 1749 0 obj endobj >> /Lang (EN-US) /K 662 /S /P >> /P 5758 0 R endobj /K 1196 << 2308 0 obj /Pg 24 0 R /Lang (EN-US) << << 470 0 obj endobj << endobj /Pg 19 0 R /K 1226 /K 1417 /K 1400 2728 0 obj /K 1246 /Pg 22 0 R >> /Pg 22 0 R << >> /Pg 22 0 R 2776 0 obj /S /Artifact /Pg 25 0 R /Type /Page >> 1980 0 obj endobj << endobj 1275 0 obj >> /K 1209 endobj 321 0 obj /S /P /S /Artifact << /K 755 >> endobj /P 6645 0 R /Lang (EN-US) /Lang (EN-US) endobj /S /Artifact 1793 0 obj /S /Artifact << << /P 5426 0 R /Pg 13 0 R /P 6669 0 R endobj /S /Artifact >> << << /K 99 /S /Artifact >> /K 1153 /Pg 25 0 R << /K 1130 /K 138 /Pg 25 0 R /S /Artifact /S /P endobj >> /S /P /Lang (EN-US) /S /Artifact 350 0 obj endobj >> endobj /Pg 22 0 R 2611 0 obj 1567 0 obj /S /Artifact << endobj << /P 6425 0 R >> /S /Artifact /K 1176 /Lang (EN-US) << /Pg 25 0 R << endobj endobj << endobj /Pg 25 0 R /Lang (EN-US) /P 6403 0 R /P 5343 0 R /Pg 25 0 R /Lang (EN-US) /S /P /K 740 /Lang (EN-US) /Pg 23 0 R /Pg 25 0 R /P 5504 0 R endobj /S /P /K 205 /Pg 22 0 R << /Lang (EN-US) /Lang (EN-US) receive by clicking each checkbox Cliffwater Research Cliffwater Webcast Invitation Cliffwater Daily Capital Markets Cliffwater Daily BDC Analysis save preferences Indices You can't define an asset class or take it seriously without an index. /K 27 << /Pg 25 0 R >> /Lang (EN-US) /Lang (EN-US) /Pg 17 0 R << << endobj /S /P >> /P 6389 0 R << /K 341 /K 1124 /S /P /Lang (EN-US) endobj /S /P endobj /Pg 16 0 R >> /S /P /Lang (EN-US) endobj endobj 1535 0 R 1536 0 R 1537 0 R 1538 0 R 1539 0 R 1540 0 R 1541 0 R 1542 0 R 1543 0 R 1544 0 R /K 140 /K 1290 >> 3676 0 obj << 539 0 obj endobj /P 4990 0 R << /Pg 24 0 R 957 0 obj /Pg 24 0 R /Lang (EN-US) 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/Artifact 3839 0 obj 1194 0 obj /Pg 22 0 R 1521 0 obj /Pg 18 0 R endobj 2420 0 obj /S /Artifact endobj 1327 0 obj /Lang (EN-US) << endobj endobj /Pg 23 0 R /K 1333 /S /Artifact << /Lang (EN-US) >> << /S /P /S /P 1834 0 obj endobj /K 483 The CDLI. 1028 0 obj /Lang (EN-US) /Pg 23 0 R << /Pg 23 0 R /K 1171 /P 5823 0 R << /Pg 24 0 R /K 1247 /Pg 24 0 R >> 2073 0 obj /Pg 22 0 R >> 4106 0 obj /Pg 23 0 R /P 5775 0 R /Pg 22 0 R /Pg 23 0 R /Lang (EN-US) endobj endobj /K 19 /Lang (EN-US) /K 424 /Lang (EN-US) >> 2716 0 obj /Pg 22 0 R endobj /Lang (EN-US) endobj >> /K 1249 >> /P 5010 0 R 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. /Lang (EN-US) << /Pg 19 0 R 2311 0 obj endobj 2396 0 obj /S /P << /K 86 /K 559 endobj << << endobj /Pg 23 0 R /S /Artifact >> << /Pg 22 0 R /K 1548 endobj /S /Artifact /P 5084 0 R null 3431 0 R null 3432 0 R null null null 3433 0 R null null /Pg 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obj /S /P /S /P /S /Artifact /S /P /S /P << << /S /P >> /S /Artifact 179 0 obj 1952 0 obj endobj 1054 0 R null 1055 0 R null 1056 0 R null null null 1057 0 R null null 611 0 R null 612 0 R 613 0 R null 246 0 R 247 0 R 248 0 R 249 0 R /S /P /Pg 22 0 R /S /P /S /P /P 5514 0 R As of 03/01/2023 EDT. endobj /Pg 25 0 R << << /Lang (EN-US) endobj /Pg 23 0 R /P 5312 0 R 1987 0 obj /Pg 25 0 R /K 1524 >> /S /Artifact endobj << 2523 0 obj 4577 0 R 4578 0 R 4579 0 R 4580 0 R 4581 0 R 4582 0 R 4583 0 R 4584 0 R 4585 0 R 4586 0 R 1655 0 obj 2687 0 obj endobj /S /P >> >> endobj 3410 0 obj /Lang (EN-US) /Pg 24 0 R /P 5809 0 R << /S /Artifact 3049 0 obj endobj >> /S /Artifact >> 189 0 obj Direct Lending Download View Private Debt Research << /S /L >> endobj /Pg 22 0 R endobj >> /S /P /Lang (EN-US) /Lang (EN-US) /Pg 25 0 R /Pg 23 0 R /Pg 23 0 R /Pg 25 0 R >> /P 6518 0 R 2298 0 obj endobj 2219 0 obj << >> endobj /S /Artifact 3417 0 obj /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) /K 1405 /S /P << endobj endobj /Pg 25 0 R 457 0 obj << >> 435 0 obj endobj 4148 0 obj >> /S /Artifact /S /P >> endobj /K 250 >> >> << >> endobj /P 5365 0 R /S /Artifact 3736 0 obj /Pg 23 0 R /Pg 26 0 R /S /Artifact 3023 0 obj endobj /P 5812 0 R << endobj endobj >> << 697 0 obj /K 404 >> 3634 0 obj 3972 0 obj endobj /P 5854 0 R /K 1374 /Lang (EN-US) /S /Artifact 379 0 obj /S /Artifact endobj /P 5977 0 R 3141 0 obj /P 40 0 R endobj 312 0 obj /Pg 15 0 R >> >> /S /P << /Pg 24 0 R >> << /S /P << /Pg 22 0 R >> 2076 0 R 2077 0 R 2078 0 R 2079 0 R 2080 0 R 2081 0 R 2082 0 R 2083 0 R 2084 0 R 2085 0 R endobj /P 6276 0 R >> 1709 0 obj /S /P /S /Artifact >> endobj << /P 4942 0 R endobj /Pg 22 0 R /Lang (EN-US) << << /Lang (EN-US) /P 5592 0 R 729 0 R null 730 0 R null 731 0 R null 732 0 R null 733 0 R null /K 1234 3194 0 obj endobj endobj 1434 0 obj /Pg 22 0 R /S /Artifact /Lang (EN-US) << >> << endobj 1808 0 obj /K 70 /K 5 << The Cliffwater Direct Lending Index (CDLI) prior quarter return explains only 8% of the index's current quarter return. >> /F 4 endobj 269 0 obj 1866 0 obj << 1486 0 obj /Pg 23 0 R /S /P >> << endobj /Pg 22 0 R /Lang (EN-US) /Contents 4384 0 R << 1060 0 obj 1029 0 obj >> /S /P /P 6141 0 R /S /Artifact << endobj endobj /P 6677 0 R /S /P /P 4841 0 R 1390 0 obj /S /P 2095 0 obj /S /P << /S /Artifact << << /K [386 0 R 387 0 R 388 0 R] >> >> /Lang (EN-US) /Lang (EN-US) endobj /S /P /P 5223 0 R /Lang (EN-US) 2670 0 obj 536 0 obj /S /Artifact /Pg 23 0 R 2784 0 obj /P 6730 0 R endobj endobj /S /P /S /P 3055 0 obj endobj << /Pg 22 0 R Steve Nesbitt, Cliffwater's chief executive, told PDI he recommends his institutional clients invest about 5-10 percent of their portfolios in direct lending strategies. /S /Artifact /Lang (EN-US) /Pg 22 0 R /K 857 << /S /Artifact /K [78 79 433 0 R 69] endobj << /Pg 23 0 R 2629 0 obj endobj /Lang (EN-US) << /S /P endobj 3573 0 obj endobj << >> /K 1406 3057 0 obj /K 1454 /K 1200 << 418 0 obj << /S /LBody endobj /Pg 23 0 R 330 0 obj 1380 0 obj >> /Pg 22 0 R 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0 obj >> >> >> /Pg 22 0 R /P 10 0 R 2695 0 obj /Pg 24 0 R 3703 0 obj /Pg 22 0 R null 1045 0 R null null null 1046 0 R null 1047 0 R null 1048 0 R >> >> null 841 0 R null 842 0 R 843 0 R null 844 0 R null 845 0 R null /Lang (EN-US) 773 0 obj /S /P << << 1877 0 R null 1878 0 R null null null 1879 0 R null null null /Pg 24 0 R /Pg 24 0 R /K 1272 /Pg 22 0 R 3865 0 R null 3866 0 R null 3867 0 R null 3868 0 R null 3869 0 R null << /K 583 >> 3121 0 obj endobj /P 10 0 R endobj /Pg 17 0 R /Pg 24 0 R >> >> << >> /Lang (EN-US) >> << 429 0 obj /Pg 22 0 R >> /P 37 0 R /K 1094 662 0 obj endobj endobj /Pg 22 0 R /Lang (EN-US) << /Pg 23 0 R /Pg 22 0 R 2930 0 obj 898 0 obj << /Lang (EN-US) 2958 0 obj 197 0 obj << /P 5752 0 R /K 1218 1313 0 obj /K 1309 /Pg 21 0 R >> /Pg 24 0 R endobj 3610 0 obj /Pg 25 0 R 2473 0 R 2474 0 R] /Pg 25 0 R /K 1189 << endobj /Lang (EN-US) 1816 0 obj >> /P 6005 0 R endobj /Lang (EN-US) /P 6307 0 R << /S /Artifact 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. /S /P 1906 0 obj endobj /Pg 18 0 R /S /Artifact << /P 5679 0 R 2261 0 obj /S /P << 2997 0 obj 3098 0 obj /Pg 22 0 R /Lang (EN-US) >> endobj << /K 1108 1095 0 obj endobj endobj /S /P 3111 0 obj endobj /K 634 >> >> /Pg 25 0 R >> /S /P endobj endobj /K 180 /K 1518 /Lang (EN-US) << /S /P /K 526 /P 6025 0 R endobj 1249 0 obj null 1027 0 R 1028 0 R null 1029 0 R null 1030 0 R null 1031 0 R null << /K 298 << /P 5391 0 R /Pg 24 0 R /Pg 16 0 R >> endobj /S /Artifact /Pg 25 0 R 1385 0 R 1386 0 R 1387 0 R 1388 0 R 1389 0 R 1390 0 R 1391 0 R 1392 0 R 1393 0 R 1394 0 R /S /Artifact 3224 0 obj endobj /P 6201 0 R 4209 0 obj << /Pg 25 0 R endobj /Lang (EN-US) 1760 0 obj >> /S /Artifact >> endobj endobj endobj /S /Artifact /Lang (EN-US) /S /P /K 1416 << /K 0 >> /S /P /S /P << << /Pg 13 0 R /K 1380 >> /P 6547 0 R /P 5717 0 R endobj 2526 0 obj >> << >> /K 1463 >> /Pg 22 0 R /P 6282 0 R /S /Figure << << /Lang (EN-US) /Pg 23 0 R /Rect [449.6000061035 546.3229980469 451.7309875488 554.9949951172] /S /Artifact endobj /K 562 endobj /Pg 25 0 R endobj /K 1370 /S /Artifact /S /P /Pg 22 0 R /K 199 >> /K 1247 << /Lang (EN-US) /K 734 /S /P /S /P endobj /P 5217 0 R >> /Pg 14 0 R << /S /Artifact /P 5176 0 R 1890 0 obj endobj /Lang (EN-US) /S /P 3388 0 obj /Pg 19 0 R >> 1425 0 obj /Pg 23 0 R /Pg 23 0 R /S /Artifact << 1062 0 R null 1063 0 R 1064 0 R null 1065 0 R null 1066 0 R null 1067 0 R null 2780 0 R null 2781 0 R null 2782 0 R null 2783 0 R null null 3085 0 obj /K 98 << << endobj /Lang (EN-US) /P 5308 0 R >> >> /S /P /Pg 23 0 R /S /P endobj << /P 4786 0 R /K 749 /S /Artifact endobj 1922 0 obj /S /P /Pg 26 0 R /K 16 >> << endobj /Pg 25 0 R /Pg 25 0 R /K 570 endobj endobj endobj 4210 0 obj << /Pg 15 0 R 1666 0 obj 2334 0 obj /S /P << endobj /S /Artifact endobj endobj /K 49 endobj /Lang (EN-US) /Pg 20 0 R /P 5644 0 R << /P 5385 0 R /K 1283 /P 6583 0 R /K 1320 /S /P /S /Artifact f325a0f1-a9d5-4034-846d-c1ef2129f6d0 endobj /Pg 23 0 R 2872 0 obj /P 4399 0 R >> /Lang (EN-US) 1546 0 obj endobj << << /S /P 2385 0 obj >> endobj >> /Pg 25 0 R >> >> endobj /Lang (EN-US) >> We are proactive with our advice and recommendations to clients so they may achieve desired outcomes. >> /K 75 /Pg 23 0 R /P 5917 0 R endobj 1213 0 obj >> >> << << endobj 802 0 obj << /Pg 22 0 R 1504 0 obj endobj /Pg 24 0 R << >> 3440 0 obj >> /Pg 25 0 R << endobj >> << /P 6292 0 R /K 1167 /Pg 18 0 R << endobj >> /K 1522 >> /K 1220 1183 0 obj /S /P /Pg 23 0 R 369 0 obj /P 5420 0 R /Pg 23 0 R /Pg 23 0 R 1776 0 obj /Pg 22 0 R /K 1357 /Pg 22 0 R /Pg 23 0 R /S /Artifact /K 22 >> << /Pg 25 0 R /K 167 2453 0 obj 2513 0 obj >> << /Pg 22 0 R 3258 0 obj /P 10 0 R << << /Lang (EN-US) /MediaBox [0 0 612 792] >> << >> >> /K 1215 /Pg 22 0 R /S /Artifact /S /P endobj /S /Artifact endobj endobj >> /P 6486 0 R endobj /K 774 /Pg 22 0 R /S /P endobj endobj /P 5534 0 R << /Lang (EN-US) /Pg 24 0 R /K 1086 << << 688 0 obj << /Pg 24 0 R /Lang (EN-US) << /P 5538 0 R /K 256 /P 5658 0 R >> /S /P 1633 0 obj /P 10 0 R 1925 0 obj /K 1158 /S /Artifact endobj 4057 0 obj >> /Pg 25 0 R /Subtype /Link /K 430 >> /K [1340 1341] 355 0 obj << /Pg 23 0 R >> endobj 1621 0 obj endobj << >> 2987 0 R 2988 0 R 2989 0 R 2990 0 R 2991 0 R 2992 0 R 2993 0 R 2994 0 R 2995 0 R 2996 0 R 1870 0 obj 4308 0 obj endobj /K 1292 >> 3201 0 obj endobj /P 5533 0 R /Pg 25 0 R endobj >> /Pg 22 0 R endobj null null null 422 0 R null null null 423 0 R null null >> 3086 0 obj 924 0 obj /Lang (EN-US) /K 100 /K 536 >> << endobj << /P 6214 0 R /K 54 >> /P 6676 0 R /P 5036 0 R << /P 6314 0 R /S /Artifact /S /P << << 1478 0 obj /Pg 22 0 R << endobj >> /Pg 22 0 R /K 576 /Pg 22 0 R >> endobj endobj << /Pg 25 0 R << /Pg 23 0 R /Lang (EN-US) << /Lang (EN-US) >> /Pg 13 0 R /S /P /S /Artifact endobj endobj /Lang (EN-US) /P 5986 0 R >> /Lang (EN-US) << /K 1414 >> /K 1512 /S /P << /Pg 25 0 R >> /S /Artifact /P 4993 0 R /S /Artifact /K 1393 /K 1002 1317 0 obj /Pg 25 0 R /K 1369 1395 0 R 1396 0 R 1397 0 R 1398 0 R 1399 0 R 1400 0 R 1401 0 R 1402 0 R 1403 0 R 1404 0 R >> /K 648 /P 5910 0 R /Lang (EN-US) endobj /K 1432 null 880 0 R null 881 0 R null 882 0 R null 883 0 R 884 0 R null /P 6541 0 R >> /K 1338 >> /K 1052 /S /P /S /P /S /P 251 0 R 252 0 R 253 0 R 254 0 R 255 0 R 256 0 R 257 0 R 258 0 R 259 0 R 260 0 R endobj >> /Lang (EN-US) 217 0 obj /K 1329 << endobj >> >> /Pg 25 0 R 2057 0 obj >> 2672 0 obj /K 882 << endobj endobj /K 1263 << endobj >> /Lang (EN-US) 3663 0 obj /K 1491 endobj 4139 0 obj /S /P /K 275 3233 0 obj << /Lang (EN-US) endobj /P 6035 0 R endobj endobj /Lang (EN-US) 106 0 obj /K 31 /P 10 0 R 4216 0 obj 4267 0 obj /Pg 23 0 R << /Lang (EN-US) /Lang (EN-US) >> 1962 0 obj >> << /S /P 2212 0 obj /Strikeout /Span >> << << /P 5449 0 R /Lang (EN-US) >> >> 3286 0 obj >> /Pg 22 0 R << << >> /Lang (EN-US) 644 0 obj << >> /S /Artifact << /Pg 22 0 R /K 788 endobj /Pg 13 0 R /Lang (EN-US) 3654 0 obj endobj /S /P 3687 0 obj /K 1224 /K 1121 /K 616 << << endobj /P 4933 0 R >> >> /Pg 22 0 R /Lang (EN-US) /Pg 25 0 R endobj >> /Pg 22 0 R /P 6173 0 R << << 3119 0 obj >> /K 337 /S /P /Lang (EN-US) /P 6703 0 R /Lang (EN-US) /Lang (EN-US) /S /Artifact << /P 6236 0 R /P 6069 0 R /P 6159 0 R endobj /P 10 0 R /Tabs /S /K 1321 2475 0 obj >> >> 4265 0 obj endobj << >> 640 0 obj /S /Artifact /S /P /K 1240 2520 0 obj /S /Artifact /K 1149 endobj << /Pg 24 0 R 637 0 obj /S /Artifact << /K 1325 endobj << /P 6613 0 R endobj >> /K 825 >> << /Pg 23 0 R /K 405 /Lang (EN-US) /Lang (EN-US) endobj 2482 0 obj << 1069 0 obj << /Pg 23 0 R endobj /K 547 << /Pg 23 0 R /P 10 0 R /S /Artifact 2110 0 obj 1622 0 obj /Pg 25 0 R /S /Artifact /P 5184 0 R /S /P /Pg 25 0 R /S /Artifact 767 0 obj /Lang (EN-US) /Pg 25 0 R /S /Artifact 3470 0 obj 3842 0 obj /Lang (EN-US) /K 1350 /S /P 3220 0 obj << 3865 0 obj << << /K 279 << /K 233 /S /Artifact /Lang (EN-US) /P 5412 0 R << >> endobj /P 5911 0 R /Pg 25 0 R /K 1216 /Lang (EN-US) << >> endobj endobj >> /Underline /Span /Pg 14 0 R << >> /Pg 25 0 R << /S /P /P 5053 0 R /Pg 22 0 R /K 1239 << 2137 0 obj endobj >> /Lang (EN-US) >> << 2440 0 obj /Pg 23 0 R 2941 0 obj /K 463 /P 5967 0 R /S /P /Pg 25 0 R endobj >> /Lang (EN-US) 1373 0 obj /K 1151 << endobj /K 181 >> /S /Artifact << /Pg 23 0 R /P 5442 0 R >> endobj /Lang (EN-US) /S /Artifact /K 28 /K 225 /K 519 /Lang (EN-US) /K 959 /K 1297 /K 1431 /Pg 25 0 R >> >> /Pg 22 0 R /S /P /Lang (EN-US) /Lang (EN-US) 2074 0 obj /K 981 endobj /S /Artifact /S /P << >> /P 10 0 R /Pg 25 0 R endobj /K 82 /Lang (EN-US) 3996 0 obj << 4104 0 obj /Pg 25 0 R /K 79 /K 491 /P 4741 0 R /Pg 24 0 R /K 790 /Pg 20 0 R endobj 3991 0 obj >> endobj >> /Lang (EN-US) /S /P >> /Pg 24 0 R /S /Artifact << /K 396 /K 40 /S /P endobj << 1369 0 obj /K 77 /P 10 0 R << /P 6368 0 R 57 0 R 58 0 R 59 0 R 61 0 R 62 0 R null 418 0 R null 63 0 R 64 0 R /Lang (EN-US) /P 5091 0 R Manager selection, therefore, is part of investing in direct loans. 2394 0 obj endobj /P 6364 0 R /Pg 22 0 R /Pg 23 0 R /Pg 16 0 R >> << endobj 2204 0 obj >> /S /P /Pg 24 0 R /S /Artifact /Pg 22 0 R >> 354 0 obj endobj /S /P 2387 0 obj /K 1439 endobj /S /P /K 1138 endobj /K 1303 /K 244 << /Pg 24 0 R /P 4827 0 R endobj >> endobj >> /T () endobj /Pg 18 0 R >> endobj null 1686 0 R null 1687 0 R null 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