cliffwater direct lending index

null null 2940 0 R null null null 2941 0 R null 2942 0 R null /K 1511 /S /Artifact /Pg 25 0 R /K 1473 << >> /S /Artifact /Lang (EN-US) >> null 1823 0 R null 1824 0 R null 1825 0 R 1826 0 R null 1827 0 R null 2883 0 obj /Lang (EN-US) << /K 848 endobj >> /Pg 24 0 R /S /Artifact /K 1159 /S /P /K 945 /S /P 2503 0 obj endobj endobj >> << /K 302 /Pg 24 0 R >> /S /P << /Lang (EN-US) /P 6536 0 R /K 593 /K 100 null 2881 0 R null 2882 0 R null 2883 0 R null 2884 0 R null 2885 0 R /K 1298 /A 4459 0 R 2914 0 obj /P 6706 0 R 3262 0 obj endobj /S /P For example, the Russell 1000 Value and Growth endobj << /Lang (EN-US) endobj >> /S /Artifact /K 1203 Evaluating the Historical Performance of Cliffwater Direct Lending Index Data (CDLI) Cliffwater, LLC - which provides a range of services in the alternative asset space - created a direct lending index. endobj /Pg 13 0 R >> /P 10 0 R >> endobj 3323 0 obj 3761 0 obj << endobj /K 1098 /K 279 /Pg 25 0 R /Pg 23 0 R >> 1765 0 obj /S /Artifact /S /P /Lang (EN-US) /Lang (EN-US) >> /Pg 23 0 R >> 3219 0 obj /K 1441 4174 0 obj 1769 0 obj 3259 0 obj endobj /S /P /K 7 << /Lang (EN-US) /P 6636 0 R 4109 0 obj >> /Pg 25 0 R << >> >> /P 6297 0 R /P 5493 0 R /K 1439 << /Pg 24 0 R endobj /S /P /K 383 /S /P /Pg 23 0 R 3010 0 obj /P 5920 0 R << /K 1451 endobj endobj 2282 0 obj /Pg 23 0 R endobj 1566 0 obj /S /Artifact /Pg 22 0 R endobj 4041 0 obj 94 0 obj /K 1258 /S /Artifact >> /Pg 22 0 R /S /Artifact 30 542 0 R] << /P 5742 0 R endobj 235 0 obj /K 1413 endobj << << 65 0 obj /Pg 22 0 R /Pg 22 0 R 1465 0 R 1466 0 R 1467 0 R 1468 0 R 1469 0 R 1470 0 R 1471 0 R 1472 0 R 1473 0 R 1474 0 R /K 775 2285 0 obj << /Lang (EN-US) /K 1320 /Lang (EN-US) /K 1362 /S /Artifact 182 0 obj /Pg 22 0 R /P 5714 0 R 1475 0 obj /S /LBody >> >> /Lang (EN-US) 2323 0 obj endobj 1402 0 obj /Lang (EN-US) endobj /Lang (EN-US) endobj /S /P 3538 0 obj << >> 158 0 obj /P 5965 0 R 3438 0 obj << << 2848 0 obj endobj << << 4097 0 obj /S /P /S /P << << endobj /Lang (EN-US) endobj << << endobj /P 5045 0 R /K 11 /Pg 26 0 R /K 1307 /Pg 25 0 R << 2696 0 obj endobj << << <> >> endobj /Pg 23 0 R /K 917 1174 0 obj << 4269 0 obj >> /Pg 22 0 R 879 0 obj 328 0 obj /K 273 endobj /Pg 23 0 R << /Pg 25 0 R /P 5220 0 R endobj /Pg 24 0 R 3184 0 obj /Lang (EN-US) endobj 2366 0 obj << >> << /K 1370 >> >> /S /Artifact /Pg 24 0 R /Pg 15 0 R 4023 0 obj 12 [null 320 0 R null 2475 0 R null null 2476 0 R null null 2477 0 R /K 1416 /K 1161 /Lang (EN-US) /P 4861 0 R 3179 0 obj /P 5918 0 R endobj /P 6147 0 R /Lang (EN-US) /K 54 /P 6472 0 R >> >> /K 403 /Pg 25 0 R << /S /P >> /K 190 /Pg 23 0 R /Lang (EN-US) >> endobj >> >> >> >> /K 770 >> /S /Artifact /K 1186 << /Pg 23 0 R 2040 0 obj /Lang (EN-US) /S /P /S /P /S /P 2371 0 obj /S /P << /Lang (EN-US) endobj /K 190 1715 0 obj endobj /Lang (EN-US) << null 907 0 R 908 0 R null 909 0 R null 910 0 R null 911 0 R null << endobj endobj 3738 0 obj /K 48 /K 1338 << /K 1244 >> << /K 1404 endobj /K 23 /K 219 /K 965 << /Lang (EN-US) endobj /S /P 342 0 obj /K [1111 1112] /Pg 22 0 R /Lang (EN-US) /Pg 24 0 R endobj endobj /P 5625 0 R << /S /Artifact /K 1376 /K 1065 /P 10 0 R /P 5809 0 R << >> /S /P << 1678 0 obj /Lang (EN-US) << >> 3396 0 obj >> /Pg 22 0 R 3424 0 obj /K 886 /Pg 23 0 R /Pg 22 0 R << >> >> 157 0 R 158 0 R 159 0 R 160 0 R 161 0 R 162 0 R 163 0 R 164 0 R 165 0 R 166 0 R /Pg 13 0 R /Lang (EN-US) 2207 0 obj /S /Artifact endobj endobj /Pg 24 0 R >> endobj endobj 3790 0 obj /Pg 25 0 R /S /P >> /Lang (EN-US) << << /S /P /P 5676 0 R /S /P << 2276 0 obj >> /S /P << /S /P /S /P endobj endobj 932 0 obj <> >> /S /Artifact /Pg 24 0 R /S /P endobj /K 584 <> >> /Pg 24 0 R /P 5553 0 R >> 309 0 obj >> /S /Artifact 3984 0 obj endobj /Pg 25 0 R 3731 0 obj /S /Artifact >> /Pg 25 0 R /Pg 18 0 R << 3873 0 obj /Lang (EN-US) /S /P >> /P 6637 0 R /K 218 endobj << /Pg 23 0 R /S /Artifact /K 1225 >> 3269 0 obj /Pg 25 0 R /K 630 << /K 541 /P 5093 0 R << 3974 0 obj endobj /K 1105 /S /Artifact /Pg 23 0 R endobj /S /Artifact endobj Looking at historical /Pg 24 0 R /S /Artifact >> /S /P 6 [173 0 R 174 0 R 175 0 R 176 0 R 177 0 R 178 0 R null 447 0 R null null << /S /P /S /P endobj << /K 1529 /S /Artifact null 2719 0 R 322 0 R null 324 0 R null 2720 0 R null null 2721 0 R /Pg 23 0 R /Lang (EN-US) /Pg 24 0 R << /K 1459 << << << >> << /S /Artifact >> /K 215 /S /P 1102 0 obj /K 1 /K 1147 /P 6749 0 R /S /P 2005 0 obj 942 0 obj << 2905 0 obj 1493 0 obj /P 5017 0 R >> << /Pg 24 0 R >> /K 1170 endobj >> endobj null 3551 0 R null 3552 0 R null null null 3553 0 R null null << /S /Artifact >> /K 1545 << /S /Artifact /K 1115 >> /Lang (EN-US) /Pg 23 0 R /Pg 22 0 R << /Lang (EN-US) /S /P /K 138 >> 540 0 obj /K 1161 << << /Lang (EN-US) endobj /Pg 22 0 R << <> /K 1460 endobj /K 0 /K 1250 /K 47 << 3008 0 obj >> << /Pg 23 0 R 3742 0 obj /S /Figure /K 899 /P 10 0 R 4289 0 obj /K 1522 /K 1291 endobj << /Pg 22 0 R /K 0 /K 1227 endobj 720 0 obj 2596 0 obj /S /Artifact /Lang (EN-US) /Pg 23 0 R 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 3314 0 R 3315 0 R 3316 0 R 3317 0 R 3318 0 R 3319 0 R 3320 0 R 3321 0 R 3322 0 R 3323 0 R null 2957 0 R null 2958 0 R 2959 0 R null 2960 0 R null 2961 0 R null << << endobj >> >> /P 5285 0 R /Pg 25 0 R endobj /P 6007 0 R /K 1203 /Lang (EN-US) << /S /P 2868 0 obj /S /Artifact << /S /Artifact /Lang (EN-US) /P 10 0 R /K 710 >> 4229 0 obj /Lang (EN-US) 3724 0 obj /P 6304 0 R /S /P 4316 0 obj >> /S /Artifact endobj >> /Lang (EN-US) /P 4401 0 R /K 32 /Lang (EN-US) /K 40 /S /Artifact /Lang (EN-US) /K 1037 >> null 2014 0 R null 2015 0 R null 2016 0 R null 2017 0 R 2018 0 R null endobj /S /Artifact /Pg 24 0 R /S /Artifact /P 4795 0 R /Pg 17 0 R >> /S /Artifact /P 5060 0 R /K 898 << 2357 0 obj endobj 3352 0 obj << 3608 0 obj /S /P /S /Link 589 0 obj /Lang (EN-US) /P 10 0 R endobj /Lang (EN-US) /Pg 23 0 R >> endobj /S /P 2793 0 R null 2794 0 R null 2795 0 R null null null 2796 0 R null << endobj /S /P All of the monthly standard deviations are then annualized and the volatility is expressed as a percentage. /S /P /Lang (EN-US) 544 0 obj 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 /K 1365 /S /Artifact /Pg 22 0 R /Pg 23 0 R 3230 0 obj /Lang (EN-US) /S /P 4035 0 obj /S /Artifact /Pg 17 0 R endobj /S /Artifact << << >> /K 1271 >> /K 841 << << /K 701 << /Pg 23 0 R << /K 1302 >> /K 1510 /P 5798 0 R endobj /Pg 23 0 R endobj /Rotate 0 endobj null 1682 0 R null null null 1683 0 R null 1684 0 R null 1685 0 R << endobj /S /Link /Pg 23 0 R /Lang (EN-US) 4066 0 obj << 2954 0 obj << 3988 0 obj << endobj endobj /Pg 24 0 R /S /Artifact >> /Pg 24 0 R /K 1248 endobj /Pg 25 0 R /Pg 17 0 R /P 6179 0 R /S /P << /K 761 2831 0 obj /K 88 /S /P /Lang (EN-US) /Pg 22 0 R /P 5941 0 R /S /Artifact 3289 0 obj /P 5254 0 R >> << /Lang (EN-US) >> /S /Artifact /K 1204 endobj endobj << << >> endobj /S /P /K 23 /P 4717 0 R 3509 0 obj /Pg 24 0 R << << /K 952 The Cliffwater Direct Lending Index, or CDLI, is an asset-weighted index of 11,884 directly originated middle market loans totaling $264 billion as of September 30, 2022. << 756 0 R null 757 0 R null 758 0 R 759 0 R null 760 0 R null 761 0 R /K 1235 /Pg 24 0 R >> endobj /K 1461 /K 1442 << /Lang (EN-US) /Lang (EN-US) /S /P << >> /K 1127 << << >> >> endobj endobj >> endobj /S /Artifact /Pg 25 0 R 129 0 obj >> /Pg 24 0 R >> endobj << /S /Artifact << /Pg 18 0 R /P 4743 0 R << /K 1254 3807 0 obj /S /P /Lang (EN-US) 1268 0 obj << >> /Lang (EN-US) endobj /Lang (EN-US) 2675 0 obj endobj << 2627 0 obj /Pg 24 0 R >> 4076 0 obj << << /K 588 >> >> endobj << /S /P << << 3567 0 R null 3568 0 R null 3569 0 R null 3570 0 R null 3571 0 R 3572 0 R /S /Artifact /Pg 24 0 R 612 0 obj << endobj /K 1327 3626 0 obj /Pg 22 0 R /Pg 25 0 R >> 3938 0 obj /P 4698 0 R << endobj << >> 623 0 obj /Lang (EN-US) << /Pg 22 0 R >> /K 88 << /Lang (EN-US) 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 /Pg 24 0 R /P 10 0 R /Pg 25 0 R 2453 0 obj /P 5488 0 R /Pg 25 0 R /K 1282 endobj << << 1150 0 obj /S /P /K 397 endobj /S /P /Pg 25 0 R 451 0 obj /P 10 0 R /K 1415 /K 1490 /K 736 1545 0 R] >> 4181 0 obj endobj /P 5095 0 R 2499 0 obj << endobj >> /S /Artifact << endobj /K 1363 /Lang (EN-US) 2865 0 obj endobj /K 1120 /S /Artifact >> /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) /P 5266 0 R /S /P endobj /Pg 23 0 R /Pg 24 0 R >> 2893 0 obj 2331 0 obj >> 1816 0 obj /Pg 23 0 R /K 1046 /ModDate (D:20220524030506-06'00') /Pg 25 0 R /P 4658 0 R << << << 418 0 obj /P 10 0 R endobj /Pg 25 0 R /S /P 313 0 obj /P 6559 0 R /K 880 3375 0 obj /S /P /S /P /K 1273 << /K [80 412 0 R 136] endobj endobj 886 0 obj >> /P 4644 0 R endobj >> 1660 0 obj /Pg 25 0 R null 3669 0 R null 3670 0 R null 3671 0 R null 3672 0 R 3673 0 R null /P 5895 0 R >> /P 10 0 R << /S /P /S /P endobj /P 6661 0 R << /S /P /S /P 2741 0 obj /S /Artifact null null 1058 0 R null 1059 0 R null 1060 0 R null 1061 0 R null /S /Artifact 1872 0 obj /S /Artifact endobj /S /P /Lang (EN-US) 875 0 obj /K 381 /Lang (EN-US) /P 5252 0 R endobj /Lang (EN-US) /P 4775 0 R endobj /Lang (EN-US) /K 1369 /S /P endobj << /S /P 2608 0 obj 392 0 obj /Pg 24 0 R <> endobj /S /P 2439 0 obj endobj << << /K 345 /Pg 23 0 R endobj endobj endobj /K 1400 /K 1214 >> 1771 0 obj 3510 0 obj >> /Pg 23 0 R /K 1237 /K 763 1950 0 obj /S /Artifact >> 2197 0 obj /K 361 /Lang (EN-US) /Pg 25 0 R << /K 1351 /Pg 23 0 R endobj >> >> >> /P 10 0 R << /K 1074 245 0 obj << /K 1492 /P 6148 0 R /K 882 >> /Pg 23 0 R /Pg 24 0 R 2774 0 obj /Lang (EN-US) /K 439 /Lang (EN-US) 2775 0 obj 4139 0 obj /S /P endobj >> endobj /Lang (EN-US) >> /Lang (EN-US) /Pg 13 0 R /K [41 42 43 44] endobj endobj endobj /Pg 23 0 R /K 1282 endobj 2577 0 obj /Pg 23 0 R /Pg 22 0 R /Lang (EN-US) 3525 0 obj /Rotate 0 /K 1434 /Lang (EN-US) >> >> /P 5081 0 R 2644 0 obj /Pg 22 0 R /Pg 22 0 R >> endobj 269 0 obj /P 10 0 R /S /P /K 1087 /Pg 24 0 R /Lang (EN-US) /Pg 22 0 R endobj /S /P /S /P endobj << endobj null 2523 0 R null 2524 0 R null 2525 0 R null 2526 0 R null null endobj endobj 1410 0 obj >> 1649 0 obj << /Pg 24 0 R /K 179 /Pg 25 0 R >> 4191 0 obj endobj /Pg 25 0 R /K 1230 562 0 obj >> /Pg 22 0 R /K 1548 /Lang (EN-US) 4334 0 R] << /Pg 22 0 R /S /P /Lang (EN-US) /K 103 /P 4694 0 R endobj >> /Pg 24 0 R >> >> >> endobj >> 3088 0 obj endobj /Pg 23 0 R /P 6079 0 R >> /S /Artifact 4007 0 obj /K 1113 /K 121 << << endobj /K 809 /Pg 23 0 R /S /P << 3956 0 obj 2916 0 obj endobj null 1562 0 R null null null 1563 0 R null 1564 0 R null 1565 0 R /K 1412 /K 747 1409 0 obj 870 0 obj endobj 2242 0 obj /Lang (EN-US) << >> /S /P >> /S /P >> null 427 0 R null null 100 0 R 101 0 R 102 0 R null 428 0 R null /S /Artifact /Lang (EN-US) /S /Artifact >> /S /P /S /P >> /K 1043 /K 824 /K 988 /K 927 1369 0 obj endobj /Lang (EN-US) >> endobj /CropBox [0 0 612 792] null 1045 0 R null null null 1046 0 R null 1047 0 R null 1048 0 R /K 605 /P 10 0 R /Pg 24 0 R endobj /S /LBody /Pg 23 0 R /S /Artifact /S /Artifact /Lang (EN-US) /Pg 24 0 R /K 3 >> << >> << >> /S /P endobj << /K 249 endobj <> 3136 0 obj /Pg 24 0 R endobj endobj endobj /P 4858 0 R << >> >> /K 1187 << >> /P 4827 0 R /S /Artifact >> /S /P /Pg 22 0 R /S /Artifact /Lang (EN-US) 1432 0 obj endobj << /Pg 25 0 R /K 1474 endobj /Lang (EN-US) endobj /P 5837 0 R /K 1301 <> 1197 0 obj /S /P /S /P /S /P endobj /K 1436 >> >> >> /K 1509 /K 1294 << /S /P /Lang (EN-US) /S /P /Pg 24 0 R << /Pg 20 0 R endobj << >> endobj 2702 0 obj /Pg 24 0 R << /S /P << << >> /Pg 24 0 R << 2067 0 obj 1391 0 obj /P 6503 0 R /Lang (EN-US) >> <> /S /Artifact /Pg 25 0 R >> << /P 10 0 R 1978 0 obj