cliffwater direct lending index

/S /P << /Pg 25 0 R 3518 0 obj /Pg 22 0 R 707 0 obj >> endobj /P 6586 0 R /P 4642 0 R >> 1300 0 obj >> << /Type /Catalog << endobj endobj Cliffwater Direct Lending Fund (the " Fund ") is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and organized as a Delaware statutory trust. /Pg 23 0 R /Lang (EN-US) endobj >> endobj << /S /P << << << /Lang (EN-US) /P 5494 0 R As of December 31, 2021. endobj >> /S /P /S /P endobj 2597 0 obj /Lang (EN-US) endobj /S /Artifact /Pg 23 0 R /S /P /K 1253 3787 0 obj >> >> /K 1426 endobj << endobj /Pg 22 0 R 451 0 obj endobj endobj 2827 0 obj /Lang (EN-US) /Lang (EN-US) /P 10 0 R 2877 0 obj 4294 0 R 4295 0 R 4296 0 R 4297 0 R 4298 0 R 4299 0 R 4300 0 R 4301 0 R 4302 0 R 4303 0 R /S /Artifact >> endobj 847 0 obj /K 1328 /S /Table << << /Pg 22 0 R /Pg 25 0 R << /Lang (EN-US) /P 10 0 R >> /S /Artifact /S /P /P 5922 0 R /Pg 21 0 R >> >> 2703 0 obj /K [41 42 43 44 45] endobj /SourceModified (D:20220524090108) 1591 0 obj << << /K 1539 /Pg 24 0 R /Lang (EN-US) /P 6487 0 R /K 82 << /Pg 18 0 R endobj /P 10 0 R << >> null 3532 0 R null 3533 0 R null 3534 0 R null 3535 0 R 3536 0 R null /K 1541 /K 1440 >> /S /Artifact endobj /Pg 23 0 R 1959 0 obj >> /K 1466 /StructParents 5 2986 0 obj /S /P endobj Get the latest insights and knowledge delivered to your inbox. /Pg 23 0 R /K 913 3009 0 obj /K 1105 endobj /S /P << 415 0 obj /S /Artifact /Type /StructTreeRoot /S /Artifact /K 747 null 3649 0 R 329 0 R null 331 0 R null 3650 0 R null null 3651 0 R /S /Artifact /P 5950 0 R null 3630 0 R null 3631 0 R 3632 0 R null 3633 0 R null 3634 0 R null << << >> /K 338 /Lang (EN-US) << << /K 1299 /Lang (EN-US) >> /S /Artifact /Lang (EN-US) >> /K 851 null 3559 0 R 3560 0 R null 3561 0 R null 3562 0 R null 3563 0 R null endobj 3527 0 obj /K 405 /P 6701 0 R 148 0 obj >> /Pg 14 0 R /K 1395 /S /P endobj 3204 0 R 3205 0 R 3206 0 R 3207 0 R 3208 0 R 3209 0 R 3210 0 R 3211 0 R 3212 0 R 3213 0 R /K 1147 /Pg 25 0 R >> /Pg 24 0 R endobj /P 6269 0 R >> /S /Artifact 2741 0 obj /K 886 /Pg 23 0 R /S /Artifact endobj 2209 0 obj /S /P /S /Artifact /S /P endobj 3281 0 obj /S /Artifact /Lang (EN-US) endobj /P 5350 0 R /S /Artifact 2859 0 obj /Pg 22 0 R >> /Lang (EN-US) endobj /S /Artifact 1521 0 obj /Pg 23 0 R endobj /S /Artifact /S /Artifact 3047 0 R 3048 0 R 3049 0 R 3050 0 R 3051 0 R 3052 0 R 3053 0 R 3054 0 R 3055 0 R 3056 0 R >> >> endobj 2081 0 obj /Pg 23 0 R /Pg 22 0 R /S /Artifact /Pg 23 0 R /Pg 24 0 R /P 5354 0 R /S /Artifact >> 2169 0 obj /S /P endobj /Lang (EN-US) 3937 0 R 3938 0 R 3939 0 R 3940 0 R 3941 0 R 3942 0 R 3943 0 R 3944 0 R 3945 0 R 3946 0 R >> endobj /K 1130 >> /Pg 19 0 R >> << >> /S /Artifact /P 6319 0 R 2645 0 obj << endobj << 1128 0 obj >> << endobj /Pg 25 0 R /S /Artifact /Pg 24 0 R << >> endobj << >> /S /Artifact /K 44 /S /P >> /Lang (EN-US) /Pg 23 0 R 430 0 obj >> /Lang (EN-US) /S /Artifact >> /Lang (EN-US) >> /Pg 24 0 R 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 1153 /P 5134 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. << 595 0 obj 4258 0 obj /P 6598 0 R >> /Pg 24 0 R /K 1517 /S /P /P 10 0 R >> 1708 0 obj 2615 0 R null 2616 0 R null 2617 0 R 2618 0 R null 2619 0 R null 2620 0 R /P 5113 0 R /K 526 endobj /S /P /S /P /K 1134 3364 0 R 3365 0 R 3366 0 R 3367 0 R 3368 0 R 3369 0 R 3370 0 R 3371 0 R 3372 0 R 3373 0 R /Lang (EN-US) <> endobj /Pg 24 0 R << endobj 2253 0 obj >> /P 33 0 R endobj /K 1109 /S /P 257 0 obj /S /Artifact /K 17 /Lang (EN-US) >> 2946 0 obj 2964 0 obj >> /P 4765 0 R endobj << endobj endobj /K 1116 /P 6650 0 R endobj << /Pg 18 0 R endobj >> >> >> 684 0 obj /K 214 /P 6354 0 R << /Pg 23 0 R endobj /K 616 /Lang (EN-US) /Lang (EN-US) /S /P << /S /Artifact /K 1268 /S /P 2338 0 obj /P 4776 0 R /P 5999 0 R >> >> /S /P /Lang (EN-US) 508 0 obj << 2413 0 obj /P 141 0 R /K 175 /S /P << 78 0 obj This book dissects direct loans as a class, providing the critical background 385397403217. /S /Artifact /Pg 25 0 R << /K 769 /S /P >> /Lang (EN-US) >> >> >> endobj /K 1545 /Pg 24 0 R /P 6262 0 R /Pg 22 0 R /S /Artifact /K 587 /S /Artifact endobj /K 1413 >> /Pg 20 0 R /Pg 26 0 R << /Pg 24 0 R /Pg 24 0 R /Pg 23 0 R /S /P /P 5512 0 R /Pg 24 0 R << /K 348 endobj endobj /Pg 24 0 R >> 3833 0 obj << << /MediaBox [0 0 612 792] /Lang (EN-US) /K 82 /K 576 /S /P /P 5900 0 R << /K 643 << /S /Artifact << 805 0 R null 806 0 R 807 0 R null 808 0 R null 809 0 R null 810 0 R /Lang (EN-US) 1223 0 obj >> /K 1378 /Pg 23 0 R << /S /Artifact /P 5119 0 R /Pg 23 0 R /Pg 23 0 R 1077 0 obj 1007 0 obj << /Pg 23 0 R >> << >> /S /P 2941 0 obj >> >> /P 6494 0 R /Pg 24 0 R endobj /Lang (EN-US) <> /Lang (EN-US) /S /P >> endobj endobj /Pg 20 0 R /S /P endobj << 211 0 obj endobj /P 4634 0 R /K 647 754 0 obj /Pg 24 0 R /K 25 /K 859 /S /Table /S /Artifact /P 4399 0 R endobj /K 668 /S /P /P 5288 0 R 3416 0 R null 3417 0 R null 3418 0 R null 3419 0 R null 3420 0 R null 1511 0 obj /Pg 22 0 R /P 6569 0 R /P 5620 0 R 600 0 obj >> >> endobj 2405 0 obj endobj /S /P /S /P endobj /Pg 23 0 R 313 0 obj 2273 0 R 2274 0 R 2275 0 R 2276 0 R 2277 0 R 2278 0 R 2279 0 R 2280 0 R 2281 0 R 2282 0 R stream /S /Artifact endobj /S /P 2688 0 obj >> >> << << 2800 0 obj endobj /P 5369 0 R /Pg 25 0 R << /K 1170 << endobj << 2271 0 obj /K 1196 /K 104 /P 6243 0 R << /Lang (EN-US) endobj << 1792 0 R null null 1793 0 R null null null 1794 0 R null null endobj << 2022 0 obj << 2313 0 obj 2439 0 obj 1201 0 obj /Pg 25 0 R /P 5448 0 R 827 0 R null 828 0 R null 829 0 R null 830 0 R 831 0 R null 832 0 R >> << /Pg 22 0 R 77 0 obj /Pg 21 0 R << /S /P /Pg 22 0 R << /K 1550 endobj endobj /Pg 25 0 R /S /P endobj 3860 0 obj /S /Artifact <> >> /S /P 1930 0 obj << /K 1316 /Pg 22 0 R >> << << 372 0 obj << 399 0 R 400 0 R 401 0 R 402 0 R 403 0 R 404 0 R 405 0 R 406 0 R 407 0 R 408 0 R >> /S /P endobj 355 0 obj endobj >> /K 1203 endobj /Lang (EN-US) << /S /P endobj /K 46 >> /K 26 /Pg 25 0 R /K 1156 3383 0 obj >> /S /Artifact /P 6036 0 R >> endobj /Lang (EN-US) << 3701 0 R null null null 3702 0 R null null null 3703 0 R null >> /Pg 18 0 R /S /P /K 1160 /P 10 0 R << endobj 2635 0 obj /Lang (EN-US) >> << /Pg 25 0 R 2485 0 obj /K 37 << 4125 0 obj /K 1302 /K 289 /Pg 23 0 R /Pg 23 0 R << endobj 2430 0 obj endobj 3216 0 obj /S /P /Pg 24 0 R endobj >> endobj /S /P /Pg 24 0 R endobj /S /Artifact endobj /S /P >> endobj /P 6661 0 R 1634 0 obj 1200 0 obj /S /P /K 1264 /S /P /Pg 25 0 R /K 1198 /Pg 25 0 R endobj /Lang (EN-US) << << 1520 0 obj /Pg 24 0 R 2861 0 obj endobj /K 74 /K 913 /S /P /Lang (EN-US) endobj /Lang (EN-US) 1558 0 obj endobj /K 189 << 3078 0 obj 2682 0 obj 4210 0 obj >> << >> 1292 0 obj /Lang (EN-US) /Pg 22 0 R /S /Artifact << 2844 0 obj /S /P 910 0 obj >> /P 5813 0 R /P 5295 0 R /P 5223 0 R /P 5116 0 R /Pg 25 0 R /K 1268 /Pg 25 0 R /Lang (EN-US) /S /P >> << /S /P /K [56 57 58 59 60] /P 4703 0 R << endobj /Lang (EN-US) /K 6 << >> endobj endobj /Pg 25 0 R /Lang (EN-US) >> /K 1222 /K 395 null 2784 0 R null null null 2785 0 R null 2786 0 R null 2787 0 R << /Lang (EN-US) /Lang (EN-US) >> /Pg 25 0 R /K 321 /P 4871 0 R >> /K 69 endobj /Lang (EN-US) /Pg 22 0 R >> /K 1168 endobj 2394 0 obj /P 5370 0 R >> 2508 0 obj endobj >> 3311 0 obj /Lang (EN-US) /K 33 /S /Artifact /K 265 1556 0 obj << /S /P /P 10 0 R /Lang (EN-US) << null 899 0 R null 900 0 R null null null 901 0 R null null 3378 0 obj 3 [81 0 R 82 0 R 83 0 R 84 0 R 85 0 R 86 0 R 87 0 R 88 0 R 89 0 R 91 0 R /S /P 379 0 obj /Lang (EN-US) endobj /K 1256 >> >> /S /P >> /P 4803 0 R /S /P /Pg 24 0 R >> /P 5803 0 R /Lang (EN-US) /P 6016 0 R /Pg 24 0 R << >> /Lang (EN-US) /K 1 << /K 587 << /Lang (EN-US) /S /Artifact /S /P >> /Pg 23 0 R /K 1230 /MediaBox [0 0 612 792] /P 5024 0 R << 2173 0 obj /S /Artifact endobj << /K 22 /K 414 /K 358 /K 831 /S /Artifact /K 49 /S /P /Pg 25 0 R endobj endobj /P 10 0 R /Pg 23 0 R 3524 0 obj /S /P endobj >> /Pg 22 0 R /S /Figure /Pg 23 0 R /S /P /Lang (EN-US) >> /Pg 21 0 R /P 6115 0 R 1815 0 obj /Marked true /Pg 23 0 R /S /Artifact 222 0 obj >> /K 1361 /Lang (EN-US) /Pg 24 0 R << /S /P >> /Lang (EN-US) >> /S /P /K 1545 /Pg 22 0 R 4322 0 obj /K 121 1211 0 obj /Pg 25 0 R /S /Artifact endobj << endobj << /Pg 18 0 R /K 480 /K 27 endobj /Pg 24 0 R 2838 0 obj /S /P /S /P /S /Artifact << /K 48 /K 30 /S /P >> /Lang (EN-US) /P 5783 0 R /K 216 1714 0 obj << << /K 641 << /Lang (EN-US) >> 846 0 obj >> /Lang (EN-US) /Pg 25 0 R /P 6356 0 R /K 816 2426 0 obj /S /P /K 77 << /K 1549 /S /Artifact /S /P endobj >> >> /S /P /P 5124 0 R /S /Artifact >> 3517 0 obj endobj /Pg 23 0 R /S /P /S /P << 3390 0 obj 3836 0 obj 343 0 R 344 0 R 345 0 R 346 0 R 347 0 R 348 0 R 349 0 R 350 0 R 351 0 R 352 0 R 3163 0 obj /StructParent 1 /Pg 25 0 R /Pg 22 0 R /Lang (EN-US) endobj /P 4668 0 R /K 7 << << endobj >> /S /P endobj << >> >> /Lang (EN-US) 1914 0 obj endobj 2805 0 obj << /Pg 23 0 R /Lang (EN-US) /S /P /K 1378 endobj << >> /Pg 25 0 R 2866 0 obj 3321 0 obj << /Pg 25 0 R /P 5912 0 R /K 1441 /P 5888 0 R null 569 0 R null 570 0 R 571 0 R null null 572 0 R null 573 0 R /P 6620 0 R >> >> /Lang (EN-US) /S /P /S /Artifact <> /K 374 /K 651 /K 1404 /Lang (EN-US) /Pg 25 0 R /Lang (EN-US) << 1175 0 obj endobj /Pg 25 0 R /Pg 14 0 R /Lang (EN-US) /S /Artifact 1548 0 obj << >> /K 1541 << /K 1345 /K 1255 /Lang (EN-US) endobj endobj /Pg 23 0 R << endobj /K 1419 3667 0 obj endobj << /Pg 22 0 R /K 1013 << /K 41 /P 6213 0 R << /Pg 25 0 R endobj 13 0 obj 2012 0 obj << << /Pg 22 0 R 3983 0 obj /K 1435 << /Pg 24 0 R /Pg 22 0 R 1428 0 obj <> /Lang (EN-US) /K 1069 /Lang (EN-US) endobj << 3219 0 obj << /Pg 25 0 R >> /K 1214 /P 10 0 R >> endobj << endobj << 1429 0 obj /S /Artifact /Pg 22 0 R /P 5770 0 R 3259 0 obj /S /P /K 1321 /K 1312 /Pg 24 0 R 752 0 obj /S /P /Lang (EN-US) <> endobj /Pg 24 0 R /P 4813 0 R /P 6522 0 R A repricing of real estate is underway. /S /P << 1490 0 obj /S /Artifact /P 5087 0 R endobj /Pg 25 0 R /Lang (EN-US) 1485 0 obj /S /Artifact /Pg 23 0 R 3887 0 obj null null null 422 0 R null null null 423 0 R null null /P 10 0 R /P 6023 0 R /K 179 << /S /P /S /Artifact /K 300 << /S /P /S /Artifact endobj /Lang (EN-US) endobj /Pg 24 0 R << /S /Footnote Average Realized Loss (2006 - 2021) Average realized loss is the historical average of the realized gains/losses for the Cliffwater Direct Lending Index. /S /P /Lang (EN-US) /S /Artifact 3568 0 obj /K 1234 /Pg 17 0 R << endobj ~bXc'lc=FdC_[xZ"~FD>H3^k3 Mn ctfq49H35^`6UuaY=Der t:C 678 0 obj 1114 0 obj << /Pg 24 0 R >> << /Pg 25 0 R /Pg 25 0 R 1826 0 obj /S /Artifact /Pg 23 0 R /S /P /Lang (EN-US) << 2066 0 obj 2639 0 obj /K 1210 >> << /Pg 22 0 R /P 5137 0 R 486 0 obj <> >> >> /K 22 442 0 obj /Lang (EN-US) /S /P >> << /Lang (EN-US) << /Lang (EN-US) 1770 0 R null 1771 0 R null 1772 0 R 1773 0 R null 1774 0 R null 1775 0 R << >> 3224 0 obj endobj /S /P /Pg 23 0 R << << << << >> << /Pg 20 0 R << /Lang (EN-US) Past performance is not a guarantee of future results. /Lang (EN-US) endobj