cliffwater direct lending index

/Lang (EN-US) endobj endobj /K 19 >> 2729 0 R 2730 0 R null 2731 0 R null 2732 0 R null 2733 0 R null 2734 0 R << /K 720 /K 233 /Pg 23 0 R /S /P 715 0 obj /S /P 2471 0 obj endobj /K 1 /S /Artifact /P 5669 0 R /S /Artifact >> /S /Artifact 33 0 obj << /P 4904 0 R << Editor, Real Assets Adviser magazine; producer and host of the podcast Novelist Spotlight, availabe on all major podcast platforms 3d << /K 235 /Lang (EN-US) /K 738 endobj endobj /S /P /Pg 22 0 R /P 6759 0 R >> /S /Artifact >> /Pg 23 0 R >> /K 1375 /P 5327 0 R /K 1409 760 0 obj 700 0 obj /Pg 22 0 R /S /P /K 2 >> /P 5707 0 R /Pg 23 0 R /Lang (EN-US) /K 185 endobj /Pg 24 0 R endobj >> >> >> /K 1281 C}'([N.SC&1+fWK8TEhtIH:&F\o{w2rtnnp AeG'wf9Q1rb KR@Ilx&eq%lJ33@\ 3.FC~'. /Lang (IT-IT) /Lang (EN-US) /P 5170 0 R /S /P 3378 0 obj 434 0 obj << >> /K 499 805 0 R null 806 0 R 807 0 R null 808 0 R null 809 0 R null 810 0 R 122 123 124] 4283 0 obj endobj endobj /K 503 endobj /S /Artifact /K 1272 >> >> >> Get the latest insights and knowledge delivered to your inbox. endobj /Pg 25 0 R >> >> 1360 0 obj /K 877 3459 0 obj endobj << >> >> >> 2230 0 obj >> /P 5240 0 R >> /S /P << /K 27 /S /Artifact /Pg 23 0 R >> /K 1305 null 1916 0 R null 1917 0 R null 1918 0 R null 1919 0 R null 1920 0 R 3871 0 obj /Lang (EN-US) /P 10 0 R << >> >> 4493 0 R 4494 0 R 4495 0 R 4496 0 R 4497 0 R 4498 0 R 4499 0 R 4500 0 R 4501 0 R 4502 0 R << >> /P 10 0 R /K 557 /P 10 0 R /K 186 1431 0 obj << /Lang (EN-US) /Lang (EN-US) >> /Lang (EN-US) endobj /S /P /K 1526 /Pg 24 0 R /Pg 24 0 R /K 1169 /K 1490 /K 1473 /S /P 405 0 obj >> 1061 0 obj /S /Artifact endobj /Lang (EN-US) /K 1345 endobj /S /P << /Lang (EN-US) /Lang (EN-US) >> << >> endobj /Lang (EN-US) /K 1277 /Pg 25 0 R << /Lang (EN-US) >> 3287 0 obj /Pg 22 0 R >> null 2621 0 R null 2622 0 R null null null 2623 0 R null null >> >> << endobj >> /Pg 22 0 R 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 /S /P endobj /S /P 491 0 obj /Pg 23 0 R >> /Pg 24 0 R 1134 0 obj endobj /Lang (EN-US) /S /P >> /S /P /S /Artifact 2119 0 obj 2790 0 obj /S /P >> /P 5230 0 R >> >> /K 395 << /S /P 2792 0 obj /K 740 << 3873 0 R null 3874 0 R null 3875 0 R null 3876 0 R 3877 0 R null 3878 0 R >> /Pg 25 0 R /Pg 23 0 R 2939 0 obj endobj /Pg 25 0 R 3141 0 obj /Pg 23 0 R << >> << << >> >> /S /P /P 5282 0 R Market Closed. /S /P /K 217 >> >> 1690 0 obj /Pg 24 0 R /Lang (EN-US) << >> << >> /S /Artifact 1424 0 obj /K 1267 /S /Artifact >> endobj /Lang (EN-US) << 1991 0 obj /K 197 /Pg 25 0 R /Lang (EN-US) << /S /P /Pg 25 0 R /S /P >> /S /P << >> endobj >> /S /P /Pg 24 0 R >> /S /Artifact /K 1544 /Pg 15 0 R /P 4880 0 R << << /Pg 22 0 R 1987 0 obj /K 624 << /K 275 << >> /K 586 2441 0 obj >> >> /S /Artifact endobj >> /P 5373 0 R 2532 0 obj endobj 3932 0 obj /Pg 23 0 R << /Lang (EN-US) /Lang (EN-US) /S /P >> /K 445 /Pg 24 0 R /Pg 23 0 R /P 6512 0 R >> /P 5834 0 R >> 2144 0 obj /S /P >> >> /K 9 /Lang (EN-US) /K 1428 734 0 R 735 0 R null 736 0 R null 737 0 R null 738 0 R null 739 0 R /K 56 /K 0 /K 670 << >> 177 0 obj endobj << endobj /Pg 18 0 R /P 10 0 R /K 717 endobj /Lang (EN-US) 854 0 obj >> /K 352 /S /P << /Pg 22 0 R endobj /K 1311 4307 0 obj endobj 2853 0 obj 345 0 obj >> /K 148 292 0 obj /Lang (EN-US) << << 174 0 obj /Pg 18 0 R /Pg 22 0 R /Lang (EN-US) 633 0 obj >> /P 6162 0 R /S /P /P 4888 0 R /Pg 23 0 R endobj /Pg 22 0 R << << << << /S /P >> /Pg 25 0 R /S /Artifact /S /P << /Lang (EN-US) >> >> endobj /K 1169 << /Pg 24 0 R /Pg 22 0 R endobj 2510 0 obj << /Pg 23 0 R << endobj endobj >> /K 1302 /S /Artifact << /S /P 1993 0 obj /Border [0 0 0] 4123 0 obj /Lang (EN-US) /S /Artifact /Lang (EN-US) /P 5610 0 R 2089 0 obj /S /P 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. endobj /K 32 >> /P 5637 0 R 1087 0 obj /Pg 24 0 R /Pg 25 0 R /Pg 24 0 R endobj /S /Artifact /K 1251 >> /Lang (EN-US) /Lang (EN-US) The Cliffwater Direct Lending Index Our analysis relies heavily upon the Cliffwater Direct Lending Index, or CDLI, an asset-weighted index of over 6,000 direct loans totaling $87 billion in assets.1 The CDLI is a first-of-its-kind index used by well-known investment firms to help understand asset class /P 6467 0 R /K 1498 1532 0 obj << /Pg 24 0 R >> 3107 0 obj /Pg 24 0 R /K 1459 >> /S /P /S /Footnote /P 6377 0 R /Lang (EN-US) /S /P 1879 0 obj << 2245 0 obj /P 6125 0 R >> /Pg 24 0 R << /S /P endobj /K 10 endobj /Pg 18 0 R /P 4822 0 R endobj /Lang (EN-US) << /Pg 25 0 R /Pg 24 0 R /Lang (EN-US) endobj /S /P null null 824 0 R null null null 825 0 R null 826 0 R null endobj endobj << << 45 0 R null 386 0 R null 387 0 R null 388 0 R null null 389 0 R /Pg 24 0 R /Lang (EN-US) /Rotate 0 /S /P << 1060 0 obj << /S /P >> /K 1455 >> endobj /S /Artifact >> 2864 0 R null 2865 0 R null 2866 0 R null 2867 0 R null null null << >> >> endobj 2982 0 obj endobj >> << /K 1411 << >> << /Pg 25 0 R /K 256 2162 0 obj >> /P 5487 0 R endobj endobj endobj << /Pg 25 0 R >> The Cliffwater Direct Lending Index (CDLI) seeks to measure the unlevered, gross of fee performance of U.S. middle market corporate loans, as represented by the asset-weighted performance of the underlying assets of Business Development Companies (BDCs), including both exchange-traded and unlisted BDCs, subject to certain eligibility . /P 5144 0 R endobj 2253 0 obj /Pg 23 0 R /S /P << 4073 0 obj /S /P /Pg 22 0 R endobj << null 2553 0 R null 2554 0 R null 2555 0 R null 2556 0 R null 2557 0 R /Lang (EN-US) /Pg 22 0 R >> /K 418 0 R /P 4779 0 R 749 0 obj 898 0 obj 1442 0 obj 1Great Financial Crisis 2008/2009. >> /P 5214 0 R << >> >> /Lang (EN-US) /P 10 0 R << /Pg 24 0 R /P 10 0 R 3271 0 obj << /S /P endobj /P 5215 0 R >> /Lang (EN-US) /Parent 9 0 R 4189 0 obj /Lang (EN-US) /Pg 22 0 R /P 6645 0 R >> /P 6609 0 R /Lang (EN-US) /S /P /P 5624 0 R /S /P >> /S /Artifact << >> This index captures both mark-to-market volatility (based on quarterly loan valuation changes) as well /P 5579 0 R 4056 0 obj endobj /Pg 22 0 R /P 6281 0 R 4321 0 obj endobj /Pg 23 0 R >> >> /P 5428 0 R >> /S /Artifact /Pg 22 0 R endobj >> endobj /S /Artifact /Pg 22 0 R /P 5433 0 R 3538 0 obj /K 21 endobj /Pg 18 0 R >> 266 0 obj >> 2138 0 obj /Pg 23 0 R >> endobj /Lang (EN-US) >> 954 0 obj << >> 4277 0 obj /K 172 << /Lang (EN-US) /K 513 /P 5125 0 R /K 1177 /Pg 22 0 R 169 0 obj >> /Pg 23 0 R /Pg 24 0 R << /Pg 24 0 R >> >> null 3603 0 R null 3604 0 R null 3605 0 R null 3606 0 R null 3607 0 R << /K 5 /S /P /Lang (EN-US) /S /P 2211 0 obj /K 1468 /Pg 24 0 R endobj /S /Artifact << /S /Artifact << endobj /Pg 24 0 R /S /P >> >> /K 1067 >> endobj endobj /S /Artifact /Pg 23 0 R << << >> /K 1307 2276 0 obj endobj /K 1025 endobj /Lang (EN-US) /P 5400 0 R /S /Artifact 448 0 R null null 449 0 R null null 450 0 R null null null 2562 0 obj /Pg 22 0 R /P 5444 0 R /S /P /Pg 22 0 R /S /Artifact /Lang (EN-US) endobj 2825 0 obj /Pg 22 0 R /S /Artifact 2926 0 obj /K 938 /Pg 24 0 R >> endobj << >> 3231 0 obj << /Lang (EN-US) /P 5539 0 R /P 6445 0 R /S /P 3397 0 obj << /S /P endobj endobj >> >> >> /K 78 /K 221 2099 0 obj 1496 0 obj /S /P endobj /S /P 648 0 obj /P 6734 0 R /K 505 null 3431 0 R null 3432 0 R null null null 3433 0 R null null 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 2701 0 obj /P 6671 0 R /P 6362 0 R /K 914 >> 2047 0 obj endobj /P 5411 0 R /K 206 << 2431 0 obj /S /Artifact << <> /Pg 18 0 R endobj << /Lang (EN-US) /K [27 0 R 28 0 R 29 0 R 30 0 R 31 0 R 32 0 R 33 0 R 34 0 R 35 0 R 36 0 R /S /P /K 414 /S /P /Pg 18 0 R >> /K 23 endobj >> endobj >> 4245 0 obj /Pg 23 0 R /Pg 23 0 R 2377 0 obj /K 1114 /P 4861 0 R 4330 0 obj /K 1132 /S /Artifact /K 430 /P 6250 0 R /S /P /K 926 /Pg 24 0 R /K 1359 /S /Artifact /K 1285 /S /P /Pg 13 0 R /Pg 24 0 R << /K 705 /P 5972 0 R /P 5825 0 R 3800 0 obj 925 0 obj endobj endobj /Pg 25 0 R /Pg 23 0 R /K 1494 /S /P << /K 1336 /K 441 /Pg 18 0 R /K 41 /S /P endobj << >> /S /Artifact /S /Artifact /Pg 25 0 R /Pg 23 0 R << endobj /P 5253 0 R << endobj 714 0 obj >> /S /Artifact >> /S /Artifact /Lang (EN-US) 1400 0 obj << << << endobj /S /P /K 702 /K 761 /K 806 << << /Contents 4364 0 R << 1743 0 R null 1744 0 R null 1745 0 R null 1746 0 R null 1747 0 R null 1145 0 obj endobj /Pg 22 0 R /Pg 23 0 R << >> << null 2908 0 R null 2909 0 R null 2910 0 R 2911 0 R null 2912 0 R null /Pg 22 0 R /P 4959 0 R 2784 0 obj << /S /P /Pg 23 0 R >> /S /P /K 1348 << /K 133 /K 1361 3050 0 obj 300 0 obj /P 10 0 R /K 1253 /P 5019 0 R /K 121 endobj 4095 0 obj endobj /Lang (EN-US) >> >> /P 5096 0 R endobj null null null 2011 0 R null null null 2012 0 R null 2013 0 R >> /T () << /K 4 554 0 obj 3688 0 obj /K 154 /K 330 endobj endobj /K 31 endobj >> /K 27 >> /Pg 23 0 R /Lang (EN-US) << endobj 3714 0 obj >> /S /P /K 1339 /S /P /Pg 25 0 R /K 215 /S /Artifact << endobj 1552 0 obj /Pg 24 0 R << /K 1348 endobj << endobj endobj >> /S /Artifact /K 89 >> /P 5961 0 R /Lang (EN-US) endobj >> >> >> << << << 311 0 obj endobj /Lang (EN-US) endobj >> >> /Lang (EN-US) 158 0 obj /K 863 /Lang (EN-US) /Pg 24 0 R >> /Pg 25 0 R /Lang (EN-US) /S /P 331 0 obj /Lang (EN-US) /K 594 >> /K 1208 /P 4885 0 R 3015 0 obj /S /Artifact << 4284 0 R 4285 0 R 4286 0 R 4287 0 R 4288 0 R 4289 0 R 4290 0 R 4291 0 R 4292 0 R 4293 0 R /S /P endobj /P 4865 0 R /S /P /Pg 23 0 R >> endobj /Lang (EN-US) >> /P 4948 0 R endobj >> 1839 0 obj endobj /K 909 /K 116 367 0 obj /Pg 25 0 R /Pg 13 0 R << 2363 0 R 2364 0 R 2365 0 R 2366 0 R 2367 0 R 2368 0 R 2369 0 R 2370 0 R 2371 0 R 2372 0 R /Lang (EN-US) >> 2546 0 obj endobj /Pg 22 0 R /S /Artifact << << endobj /Pg 20 0 R /Lang (EN-US) 49 0 obj /S /Artifact 1533 0 obj /S /Artifact /S /P endobj /Pg 25 0 R 3163 0 obj /K 934 /P 5148 0 R /K 1359 << /S /Artifact /Pg 23 0 R /S /P /Pg 24 0 R /K 1325 /K 950 endobj endobj /K 1243 /S /P >> >> >> 1116 0 obj << /Lang (EN-US) /K 921 631 0 obj /K 1030 /S /P endobj 2644 0 obj 2978 0 obj /K 1113 /K 1439 << >> >> /K 1232 /P 5710 0 R endobj /Pg 24 0 R Stephen Nesbitt provides an update on the Cliffwater Direct Lending Index ("CDLI"), an asset-weighted index of 11,884 directly originated middle market loans totaling $264 billion. /S /P >> 3463 0 obj 983 0 obj /P 5093 0 R << /Pg 24 0 R /S /P 3754 0 obj >> << As of September 30, 2022. /S /P << endobj null null 704 0 R null null null 705 0 R null 706 0 R null /Pg 19 0 R /P 10 0 R /S /P >> /S /Artifact 1420 0 obj << endobj endobj /K 1312 endobj /K 130 << << /K 976 179 0 obj << /K 1031 /K 1286 << /Lang (EN-US) /S /Artifact null null 1598 0 R null null null 1599 0 R null 1600 0 R null /S /Artifact /P 5458 0 R /Pg 24 0 R endobj /S /P /P 4911 0 R >> /Pg 24 0 R /Lang (EN-US) endobj /K 1353 3221 0 obj >> /Pg 19 0 R /S /Artifact 3564 0 R null null null 3565 0 R null null null 3566 0 R null 1171 0 obj << endobj >> /S /Artifact /K 506 /K 174 << /S /P <> /S /Artifact endobj /Pg 24 0 R /K 1439 /Lang (EN-US) >> /K 166 >> 4101 0 obj endobj /K 1517 /P 6729 0 R 2269 0 obj << /S /P /S /Artifact endobj 2193 0 obj 3865 0 obj << >> /S /Artifact /K [439 0 R 440 0 R] /Pg 20 0 R /S /Artifact /Pg 13 0 R /P 4990 0 R /S /P << endobj /P 5459 0 R /S /P >> /S /P /P 6724 0 R /K 6 /S /Artifact 2679 0 obj endobj /Pg 20 0 R >> /Lang (EN-US) /S /Artifact endobj /Pg 18 0 R << >> endobj /P 10 0 R 1175 0 obj /Lang (EN-US) /Lang (EN-US) /K 509 /Pg 24 0 R endobj <> /S /P /Pg 22 0 R /K 1240 /Pg 25 0 R /S /Artifact /Pg 24 0 R 632 0 obj endobj <> >> >> /Pg 23 0 R << /K 1457 >> >> >> /K 1427 <> null 606 0 R 607 0 R null null 608 0 R null 609 0 R 610 0 R null /S /Artifact /P 4804 0 R << << In fact, in comparison with high-yield and traded loans, the Cliffwater Direct Lending Index (CDLI) has delivered an average yield pickup of 391 basis points (bps) and 547 bps, respectively, since 2005. /Lang (EN-US) 4090 0 obj /Pg 22 0 R /Lang (EN-US) /K 1459 2956 0 obj 1765 0 obj /Pg 23 0 R 1818 0 obj /S /P endobj /S /P 3696 0 obj endobj /Pg 23 0 R 4275 0 obj 991 0 R 992 0 R null 993 0 R null 994 0 R null 995 0 R null 996 0 R 172 0 R 172 0 R] /K 1087 3270 0 obj /Pg 24 0 R /S /P /Lang (EN-US) << endobj /S /Artifact /Pg 23 0 R /P 5387 0 R /K 49 >> 3960 0 obj >> endobj /BS 6765 0 R /Lang (EN-US) /Pg 25 0 R 411 0 obj /Pg 23 0 R >> /Pg 25 0 R /P 10 0 R /S /P >> endobj /Pg 17 0 R /Pg 22 0 R /P 6756 0 R 3115 0 obj /P 6660 0 R /S /P << endobj /Pg 25 0 R >> /P 193 0 R 379 0 obj /Lang (EN-US) << /F 4 endobj >> endobj << >> endobj /S /P 2086 0 obj << endobj << /Pg 23 0 R endobj /Pg 17 0 R >> /Pg 23 0 R /Pg 19 0 R /Pg 24 0 R /K 2 >> /Lang (EN-US) 3888 0 obj >> 3139 0 obj /S /Artifact endobj /Lang (EN-US) /P 10 0 R /K 93 /Pg 23 0 R /K 978 3782 0 obj >> /Pg 25 0 R /Pg 24 0 R /Pg 25 0 R /Lang (EN-US) /Pg 22 0 R /Pg 22 0 R >> endobj >> /K 1486 /Pg 25 0 R 4514 0 R 4515 0 R 4516 0 R 4517 0 R 4518 0 R 4519 0 R 4520 0 R 4521 0 R 4522 0 R 4523 0 R /S /P /K 1127 /K 1096 /P 4645 0 R /Lang (EN-US) /K 1315 >> /Pg 24 0 R 1299 0 obj endobj /Pg 23 0 R << /K 1107 /Pg 24 0 R Past performance is not a guarantee of future results. /S /P 973 0 obj /Pg 22 0 R /Pg 22 0 R >> /S /P /S /P >> /P 4923 0 R /S /P 1929 0 obj /S /P /Lang (EN-US) >> >> /Pg 14 0 R 2096 0 R 2097 0 R 2098 0 R 2099 0 R 2100 0 R 2101 0 R 2102 0 R 2103 0 R 2104 0 R 2105 0 R << endobj endobj 4240 0 obj 3191 0 obj /P 4665 0 R /P 5719 0 R /K 830 endobj << /S /Artifact /K 16 endobj 51 0 obj << >> endobj /Pg 23 0 R /S /Artifact /Pg 22 0 R /S /P /S /P /Pg 25 0 R /S /P >> /P 5816 0 R << /K 1365 >> endobj /K 1488 endobj /S /P endobj /K 402 >> /K 268 /S /P /K 1137 endobj 2603 0 obj /S /P /S /Artifact << >> /P 10 0 R endobj endobj endobj /S /Artifact << /Pg 23 0 R >> << >> /Pg 13 0 R 3876 0 obj >> endobj 2342 0 obj << endobj /Pg 22 0 R /K [1334 1335] /K 141 endobj /K 496 /Pg 22 0 R /S /Artifact >> 1988 0 obj /Lang (EN-US) endobj /Pg 24 0 R /Lang (EN-US) 3534 0 obj /P 5181 0 R >> /P 4952 0 R Alex Condrell, managing director at Cliffwater discusses the firm's direct lending index and corporate lending fund and how investments in middle-market corporate credit should stand up to the challenges of rising inflation and interest rates, providing something close to historic return levels of 9 percent for the asset class without . /S /P /K 459 endobj 424 0 obj /Pg 24 0 R << /K 1549 /S /Artifact << 2286 0 obj endobj /S /P /K 198 >> /P 5338 0 R /Lang (EN-US) << >> /S /Artifact >> 2514 0 obj endobj /S /P /P 5659 0 R /Pg 23 0 R >> endobj /P 4879 0 R 605 0 obj >> /P 45 0 R /K 1016 >> >> >> /K 410 <> /S /P /Pg 23 0 R /Lang (EN-US) >> >> /P 4980 0 R << >> /S /LBody /P 5527 0 R endobj >> /Lang (EN-US) /Pg 22 0 R /P 6206 0 R /K 1249 /K 451 1566 0 obj endobj << endobj 2619 0 obj /Pg 24 0 R endobj /K 664 >> 3168 0 obj 3147 0 R 3148 0 R 3149 0 R 3150 0 R 3151 0 R 3152 0 R 3153 0 R 3154 0 R 3155 0 R 3156 0 R 1328 0 obj /S /P /P 4699 0 R /S /Artifact >> 1068 0 obj /S /P << 801 0 obj /Pg 22 0 R endobj << /S /P << /S /P 2541 0 obj /P 5488 0 R /Pg 22 0 R /K 1538 3364 0 obj << 781 0 obj /P 6466 0 R /P 6713 0 R << 1608 0 obj /S /P /P 10 0 R /K 4 /P 10 0 R << /Pg 22 0 R >> 2574 0 obj /Pg 24 0 R /K 548 3672 0 obj /Pg 24 0 R 707 0 R null 708 0 R null 709 0 R null 710 0 R 711 0 R null 712 0 R /Pg 23 0 R >> /S /Artifact /P 5015 0 R 2527 0 obj endobj /P 5150 0 R /P 4636 0 R /Lang (EN-US) /K 954 endobj >> /Lang (IT-IT) /K 1173 endobj 2435 0 obj >> >> /Pg 22 0 R endobj /Lang (EN-US) << >> <> /P 5264 0 R >> >> 1764 0 obj endobj /Lang (EN-US) >> /S /P >> << /K 1185 << 3934 0 obj << << endobj /S /P /K 264 /Pg 23 0 R /S /Artifact /Pg 22 0 R << /Lang (EN-US) 1689 0 obj >> /S /Artifact /Lang (EN-US) /P 4759 0 R /Pg 22 0 R >> endobj 362 0 obj 2508 0 obj /K 803 653 0 obj /S /P >> /K 17 1104 0 obj << << /Lang (EN-US) 295 0 obj /S /Artifact 1478 0 obj /S /Artifact /Lang (EN-US) << 2085 0 obj /Lang (EN-US) >> >> 1018 0 obj endobj /S /P null 3551 0 R null 3552 0 R null null null 3553 0 R null null /K 522 752 0 R null null null 753 0 R null 754 0 R null 755 0 R null /K 1107 Recent Developments endobj /Lang (EN-US) 1426 0 obj /Lang (EN-US) endobj 1338 0 obj /P 6315 0 R endobj /K 44 /K 59 1796 0 obj /S /P 2315 0 obj >> /K 278 /Pg 24 0 R 3200 0 obj >> /Pg 24 0 R >> /Lang (EN-US) endobj 5 This growth has been due in part to the declining presence of banks in middle-market lending - a trend that began in the << >> /Lang (EN-US) /Lang (EN-US) /S /Artifact /P 6539 0 R /P 4803 0 R /Type /Pages /S /Artifact /Pg 23 0 R /K 1141 endobj /P 6235 0 R /Pg 24 0 R 2094 0 obj << endobj endobj endobj >> endobj 3411 0 obj >> 3857 0 obj /S /Artifact /Pg 24 0 R << endobj /Lang (EN-US) 1720 0 obj /Pg 22 0 R /Pg 22 0 R /S /Artifact 3045 0 obj /K 1274 3779 0 obj >> << >> >> /K 1456 1274 0 obj endobj /S /Artifact /Lang (EN-US) /S /P /Pg 24 0 R >> /P 5679 0 R endobj endobj /P 5072 0 R /S /Artifact << /Lang (EN-US) << /S /Artifact << << >> /S /Artifact endobj <> >> endobj /K 1162 3846 0 obj /P 5157 0 R endobj /S /Artifact /Lang (EN-US) /K 1214 /Lang (EN-US) /Pg 22 0 R /S /P << >> >> << >> /K 1524 /K 1444 >> /K 46 endobj /Pg 22 0 R /Pg 23 0 R << >> endobj << 3710 0 obj /Lang (EN-US) /P 5139 0 R /K 397 3537 0 obj >> /Pg 22 0 R << 1862 0 obj /S /Artifact /Lang (EN-US) /P 6086 0 R >> /P 5349 0 R >> << >> 2127 0 obj /S /Artifact /K 1511 856 0 obj /S /P /K 13 >> /Pg 24 0 R /Pg 24 0 R /Pg 22 0 R << /Pg 24 0 R >> >> /Pg 24 0 R /S /P << 1365 0 R 1366 0 R 1367 0 R 1368 0 R 1369 0 R 1370 0 R 1371 0 R 1372 0 R 1373 0 R 1374 0 R 1080 0 obj /Pg 23 0 R endobj /S /P 2133 0 obj /S /Artifact >> 4186 0 obj /S /P /S /P << /Pg 23 0 R << /S /P >> endobj endobj endobj >> null 2651 0 R null 2652 0 R null 2653 0 R 2654 0 R null 2655 0 R null 908 0 obj 3528 0 obj endobj 1157 0 obj >> /Pg 19 0 R /P 6563 0 R endobj 3802 0 obj >> >> /K [11 355 0 R 138] endobj endobj >> << endobj /K 666 4333 0 obj /K 179 endobj /Lang (EN-US) 3962 0 obj >> /Lang (EN-US) 214 0 obj >> /Lang (EN-US) /Lang (EN-US) endobj << << /Pg 23 0 R endobj >> >> /Pg 24 0 R /S /Artifact /Pg 25 0 R /S /Artifact /K 293 /P 5407 0 R endobj /Lang (EN-US) 1630 0 obj Seeking income throughout the cycle with direct lending. endobj endobj /Pg 23 0 R >> 3418 0 obj << endobj endobj /K 48 /P 4981 0 R /P 6368 0 R >> /S /Figure /Pg 23 0 R /Pg 23 0 R /K 1346 /S /Artifact << /K 451 >> 2159 0 obj 2101 0 obj /P 6110 0 R << << << >> <> 4 0 obj 1970 0 obj >> /Pg 24 0 R /K 686 >> 3793 0 obj /P 6104 0 R /K 58 /P 5014 0 R << /K 34 << /K 283 endobj /S /Artifact endobj /S /Artifact /K 901 /S /P /S /Artifact /S /P /Pg 23 0 R endobj 2709 0 obj >> /K 691 /S /P 1642 0 R null 1643 0 R null 1644 0 R null 1645 0 R null null null /K 115 << /S /P 2297 0 obj /Pg 23 0 R /S /P endobj /P 4668 0 R 4249 0 obj 1301 0 obj /K 295 << endobj endobj /Pg 24 0 R >> /P 5281 0 R 1636 0 obj /Pg 24 0 R /K 635 endobj /K 1288 /S /P >> /Lang (EN-US) /S /P endobj /S /P /S /P >> << << 763 0 obj /K 306 /Pg 23 0 R /S /P 4025 0 obj /K 1492 /K 1121 /Lang (EN-US) >> /Pg 25 0 R >> endobj endobj << /Pg 24 0 R 2797 0 obj /S /Artifact /K 1376 /Lang (EN-US) /S /P << endobj /P 33 0 R /K 664 endobj << /Pg 24 0 R endobj /K 944 /P 5533 0 R 3648 0 obj << /Pg 17 0 R endobj 3004 0 obj >> >> >> endobj /Pg 22 0 R /K 6 /S /Artifact << 922 0 obj /P 4850 0 R /Pg 22 0 R /S /Artifact << << null 3767 0 R null 3768 0 R 3769 0 R null 3770 0 R null 3771 0 R null <> endobj endobj /Pg 18 0 R /P 5687 0 R endobj /P 5775 0 R endobj /Pg 22 0 R /Lang (EN-US) >> endobj /Pg 22 0 R /P 5351 0 R endobj << /S /P >> /K 181 /Pg 22 0 R /K 262 /P 5905 0 R << /K 709 endobj /Pg 22 0 R << >> endobj 3433 0 obj /P 6708 0 R /S /P << endobj /P 6647 0 R /S /Artifact >> /Pg 25 0 R /S /Artifact /S /P /P 4956 0 R >> /Lang (EN-US) /StructTreeRoot 5 0 R /Lang (EN-US) /Lang (EN-US) /S /P /K 1278 /Pg 23 0 R >> endobj /P 10 0 R << /Lang (EN-US) /Pg 13 0 R 876 0 obj /K 81 /K 1507 >> /Lang (EN-US) /Lang (EN-US) 1332 0 obj null 951 0 R null 952 0 R null 953 0 R null 954 0 R null 955 0 R >> /Lang (EN-US) endobj /P 10 0 R 1508 0 obj /Pg 25 0 R /P 6576 0 R >> <> 3154 0 obj /Pg 24 0 R 693 0 obj /K 1138 /S /Artifact /S /P 1480 0 obj 3620 0 obj >> << /K 55 Opportunities in Corporate Direct Lending", 2019. /Pg 22 0 R /K 896 /Pg 25 0 R /S /P 3704 0 R null 3705 0 R null 3706 0 R null 3707 0 R null 3708 0 R 3709 0 R

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