/P 6032 0 R endobj << /Lang (EN-US) endobj /S /P /P 5938 0 R /Pg 24 0 R /P 6472 0 R 4199 0 obj /S /P 1728 0 obj << /Pg 23 0 R /K 1015 << /Pg 23 0 R 1676 0 obj >> endobj endobj >> >> endobj 1249 0 obj /K 1424 >> /K 58 << endobj /S /Artifact << endobj >> /K 1274 /P 5995 0 R endobj /P 5301 0 R /K 694 /S /P 1036 0 obj >> /P 6534 0 R /K 1416 << /K 1201 4318 0 obj >> /Pg 23 0 R 297 0 R 298 0 R 299 0 R 300 0 R 301 0 R 302 0 R 303 0 R 304 0 R 305 0 R 306 0 R >> 2798 0 obj /K 1127 >> /S /P 2522 0 obj /P 4795 0 R 3705 0 obj << /Lang (EN-US) endobj << Cliffwater for Direct Lending by the Cliffwater Direct Lending Index (CDLI). /Pg 22 0 R 3708 0 obj 3584 0 obj endobj 770 0 obj /S /Artifact 1124 0 obj /Lang (EN-US) /Pg 22 0 R /Superscript /Span 814 0 obj 819 0 R null 820 0 R null 821 0 R null 822 0 R null 823 0 R null /P 6292 0 R >> << >> 1275 0 obj /K 1478 /Pg 23 0 R /P 5901 0 R 2584 0 obj >> endobj endobj /K 951 << /K 25 /S /Artifact /Pg 15 0 R 277 0 obj /P 5106 0 R /K 1205 /K 1545 /Lang (EN-US) 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R /K 1437 /Pg 22 0 R /S /Artifact /K 183 3567 0 obj endobj /Lang (EN-US) 2331 0 obj 2492 0 obj endobj 14 0 obj << So we built one. /S /P << /Pg 25 0 R >> /Pg 13 0 R /P 5860 0 R << /K 921 >> /Pg 14 0 R endobj << >> >> >> 1137 0 obj /S /P /Pg 24 0 R /S /Artifact /Lang (EN-US) 1608 0 obj /K 1164 << /K 505 << /K 828 << /Pg 22 0 R << << 737 0 obj 754 0 obj /Lang (EN-US) /Pg 23 0 R >> 1505 0 obj >> endobj 3299 0 obj endobj /S /Artifact >> endobj 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 /S /Artifact /P 6174 0 R /S /Artifact 768 0 obj >> 4006 0 obj << /K 713 << /P 5457 0 R /Pg 24 0 R >> /S /Artifact /Pg 18 0 R /Pg 16 0 R << /P 4804 0 R /K 104 /Lang (EN-US) endobj /Pg 22 0 R /Pg 13 0 R /P 5352 0 R endobj /K 140 /P 6155 0 R /Pg 25 0 R /Pg 23 0 R null null 1832 0 R null 1833 0 R null 1834 0 R null 1835 0 R null /Pg 20 0 R >> /K 824 /K 1459 /Pg 25 0 R << /Pg 24 0 R null 1842 0 R null null null 1843 0 R null null null 1844 0 R /Pg 24 0 R /K 1297 >> >> >> /Type 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2857 0 R null 2858 0 R 3775 0 obj >> << >> /Lang (EN-US) /S /P >> /K 216 endobj /S /P /Pg 23 0 R << << /S /P /S /P >> /Pg 22 0 R << /Pg 25 0 R 1524 0 obj >> >> << 2669 0 obj /Pg 23 0 R /K 1004 4236 0 obj 2066 0 R 2067 0 R 2068 0 R 2069 0 R 2070 0 R 2071 0 R 2072 0 R 2073 0 R 2074 0 R 2075 0 R /Lang (EN-US) /Pg 22 0 R /K 597 endobj /P 10 0 R >> /Lang (EN-US) /P 5551 0 R /Pg 24 0 R >> >> /P 5604 0 R >> /Lang (EN-US) /Lang (EN-US) /Pg 25 0 R endobj 3206 0 obj 3884 0 obj /S /P endobj /K 1216 >> endobj >> /Lang (EN-US) << >> /Pg 22 0 R >> 1264 0 obj endobj 1289 0 obj << endobj endobj /K 995 null 770 0 R 771 0 R null 772 0 R null 773 0 R null 774 0 R null >> /Pg 22 0 R /S /Link 4194 0 R 4195 0 R 4196 0 R 4197 0 R 4198 0 R 4199 0 R 4200 0 R 4201 0 R 4202 0 R 4203 0 R /Pg 23 0 R endobj endobj /K 1249 << /S /Artifact endobj /K 1198 /S /P 2241 0 obj endobj /S /P << /P 10 0 R endobj /Pg 25 0 R >> /K 1339 /S /P endobj 1150 0 obj << endobj endobj /K 1073 endobj 4229 0 obj 696 0 obj << endobj /S 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null 2478 0 R null null null 2479 0 R null 2480 0 R /Pg 25 0 R /Pg 23 0 R /K 143 /S /P endobj 2969 0 R 2970 0 R 2970 0 R 2971 0 R 2972 0 R 2973 0 R 2974 0 R 2975 0 R 2975 0 R 2976 0 R 1494 0 obj /K 1128 2277 0 obj endobj << /Endnote /Note 3794 0 R null 3795 0 R null 3796 0 R null 3797 0 R null null null << << 399 0 obj endobj >> /Lang (EN-US) /Lang (EN-US) /Pg 22 0 R endobj /S /Artifact /S /Artifact /K 206 /S /P 1465 0 obj endobj << >> 1725 0 obj /K 737 /P 6364 0 R >> /Lang (EN-US) /Lang (EN-US) >> /Pg 25 0 R << /S /P >> /K 1458 /S /Artifact << >> endobj /Lang (EN-US) /K 954 << 1272 0 obj << /S /P << 2337 0 obj 3394 0 R 3395 0 R 3396 0 R 3397 0 R 3398 0 R 3399 0 R 3400 0 R 3401 0 R 3402 0 R 3403 0 R /S /Artifact endobj /S /P /K 1233 /S /P endobj /Pg 23 0 R /K 1021 endobj endobj Private Credit vs. Other Private Capital Asset Classes /Pg 24 0 R /Pg 25 0 R /S /Artifact /Pg 21 0 R /Pg 22 0 R /P 4403 0 R /S /P /Pg 24 0 R endobj /S /P << endobj /K 886 /K 1465 /K 532 endobj /Lang (EN-US) >> /Lang (EN-US) /K 1507 /Pg 25 0 R /S /P endobj /S /Artifact << << /K 587 endobj << << /K 560 /P 5882 0 R /S /P /K 896 /S /P 3304 0 obj >> endobj << 3137 0 R 3138 0 R 3139 0 R 3140 0 R 3141 0 R 3142 0 R 3143 0 R 3144 0 R 3145 0 R 3146 0 R /Lang (EN-US) 4324 0 obj endobj << 1981 0 obj 4299 0 obj /S /P >> endobj endobj /P 6034 0 R 1496 0 obj /Pg 24 0 R /S /Artifact endobj endobj endobj /Lang (EN-US) >> /Lang (EN-US) 394 0 obj endobj 4254 0 obj << /Pg 22 0 R 3786 0 obj >> << 3916 0 obj /P 5060 0 R /S /P >> /Lang (EN-US) 1623 0 R null 1624 0 R null 1625 0 R null 1626 0 R null 1627 0 R null 3863 0 obj << /S /P << /P 5464 0 R /P 6735 0 R /K 1165 4102 0 obj /K 614 >> /Pg 24 0 R endobj /P 5263 0 R /P 10 0 R 3993 0 obj 4332 0 obj /S /P >> /K 1132 /Lang (EN-US) 1629 0 obj endobj /S /P /Lang (EN-US) /S /P /S /P endobj /K 1375 /K 507 /K 410 /Lang (EN-US) /P 5007 0 R 3671 0 obj << /S /Artifact << >> /Lang (EN-US) endobj /P 5738 0 R >> endobj /K 1111 /Pg 24 0 R /P 5386 0 R 3118 0 obj >> >> endobj >> /K 913 endobj endobj /S /P /S /P /P 6442 0 R /Pg 25 0 R >> >> /K 1353 3987 0 R 3988 0 R 3989 0 R 3990 0 R 3991 0 R 3992 0 R 3993 0 R 3994 0 R 3995 0 R 3996 0 R << /K 771 << >> >> /K 1131 /P 5601 0 R >> /Pg 23 0 R << << 2736 0 obj 3077 0 obj /P 4642 0 R 1078 0 obj /S /Artifact endobj /Pg 23 0 R 3873 0 R null 3874 0 R null 3875 0 R null 3876 0 R 3877 0 R null 3878 0 R endobj << 1513 0 obj /Lang (EN-US) /Pg 25 0 R /K 355 /K 1293 /K 770 /Lang (EN-US) /K 442 /Pg 20 0 R /S /P /Lang (EN-US) 922 0 obj << endobj endobj /S /P /A 4448 0 R /Lang (EN-US) endobj /P 5712 0 R /Pg 25 0 R /Pg 24 0 R /Pg 22 0 R /Pg 24 0 R >> >> /S /Artifact /K 1392 /P 4655 0 R /Lang (EN-US) /P 10 0 R /S /Artifact /Lang (EN-US) endobj null null 801 0 R null 802 0 R null 803 0 R null 804 0 R null endobj endobj /P 10 0 R << /Pg 24 0 R /Lang (EN-US) >> 490 0 obj endobj /K 1161 /P 10 0 R /Pg 23 0 R /T () /S /P /K 803 >> /P 5666 0 R /K 294 /Lang (EN-US) /Pg 23 0 R /P 10 0 R /Pg 25 0 R /Pg 22 0 R /Lang (EN-US) /Pg 19 0 R >> >> >> /Pg 24 0 R >> /S /Artifact /Lang (EN-US) endobj /Lang (EN-US) /K 1312 endobj 534 0 obj << >> /Pg 25 0 R /K 21 endobj << /K 1363 /P 5930 0 R >> /Parent 9 0 R endobj /Lang (EN-US) << >> endobj endobj >> /Lang (EN-US) /K 1174 endobj 429 0 R null 430 0 R null 431 0 R null 432 0 R 95 0 R 433 0 R 434 0 R /Pg 23 0 R >> endobj 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. 1775 0 obj << /P 5827 0 R >> /Pg 25 0 R /K 1405 >> endobj /S /Artifact >> >> << /Pg 23 0 R endobj >> /K 94 /S /P >> /K 1404 /Pg 23 0 R /K 954 /Lang (EN-US) << /P 6273 0 R << null 1562 0 R null null null 1563 0 R null 1564 0 R null 1565 0 R /P 10 0 R 1568 0 obj /K 1475 << >> 3811 0 obj /S /P /K 174 /S /Artifact 2043 0 obj 908 0 obj endobj /K 944 876 0 obj /K 477 >> /K 669 >> /P 6194 0 R /S /P /Lang (EN-US) 1867 0 obj endobj /Pg 22 0 R endobj /S /Artifact /P 5107 0 R endobj /K 1467 << /S /P endobj 3356 0 obj The index is currently comprised of over 5000 direct loans valued at about $75 billion. /P 10 0 R /K 1029 << << /Lang (EN-US) >> /Pg 25 0 R /Lang (EN-US) >> null 645 0 R null 646 0 R null 647 0 R null 648 0 R null 649 0 R 2183 0 obj endobj /S /P 3578 0 obj << >> /K 125 /S /Artifact /S /P /Parent 9 0 R /S /Artifact >> 2413 0 obj >> /K 1387 /K 1352 /P 5518 0 R /Lang (EN-US) 1030 0 obj 3121 0 obj 2809 0 obj /S /P endobj 1658 0 obj /Pg 25 0 R /Lang (EN-US) /K 1315 /P 5471 0 R << /S /Artifact endobj /Pg 24 0 R 3033 0 obj /K 1441 >> << /Pg 23 0 R /S /Artifact /S /P >> /P 5790 0 R /Pg 25 0 R << /S /P /S /P /S /Artifact /Lang (EN-US) endobj null 2886 0 R 2887 0 R null 2888 0 R null 2889 0 R null 2890 0 R null /K 644 1140 0 obj /Pg 24 0 R /Lang (EN-US) /S /P >> endobj 603 0 obj << null 1585 0 R null null null 1586 0 R null null null 1587 0 R /Pg 23 0 R >> 1553 0 obj 189 0 obj /Lang (EN-US) >> /Lang (EN-US) << 300 0 obj << /Pg 24 0 R 4196 0 obj << << 2818 0 obj >> 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 >> >> endobj << >> /S /Artifact /P 6362 0 R 3824 0 obj 3977 0 obj /P 5182 0 R null 694 0 R null 695 0 R null 696 0 R null 697 0 R null 698 0 R endobj /Pg 25 0 R /Pg 24 0 R /K 1199 << << endobj 687 0 obj /K 1492 /Lang (EN-US) endobj /Pg 23 0 R >> >> << << endobj /K 55 3305 0 obj >> /S /P endobj /K 1110 >> << /Pg 22 0 R >> /P 5449 0 R /S /Artifact endobj 693 0 obj >> /K 1444 /K 225 /S /Artifact /K 1485 /P 6178 0 R null 2580 0 R null 2581 0 R 2582 0 R null 2583 0 R null 2584 0 R null /S /P /K 986 /S /P /S /P >> /S /P endobj 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 /K 1468 3508 0 obj /P 6167 0 R /S /Artifact << /Lang (EN-US) /Pg 19 0 R /Pg 25 0 R /P 5336 0 R endobj /Pg 22 0 R << endobj /K 1395 endobj << /K 323 << endobj /Pg 24 0 R << /K 1307 /K 181 /S /P /K [54 55 56 57] /K 662 << >> /Pg 22 0 R /P 6129 0 R /K 482 null 691 0 R null null null 692 0 R null null null 693 0 R /S /P endobj >> /Pg 25 0 R /Pg 25 0 R /K 1437 /K 1445 /Pg 22 0 R >> /S /Artifact endobj /Lang (EN-US) >> /S /Artifact /S /Artifact 152 0 obj endobj /S /Artifact /K 1270 /S /P /K 1425 184 0 obj /S /P /Pg 22 0 R /Lang (EN-US) >> /S /P 746 0 obj << /P 5859 0 R >> << endobj /S /Artifact << /Pg 23 0 R /K 532 endobj /P 6715 0 R /S /P 3581 0 obj >> /K 1201 3898 0 obj << << /K [56 57 58 59 60] /P 6400 0 R 1303 0 obj << /S /P /P 5350 0 R << /S /P 4179 0 obj << /Pg 22 0 R /P 5769 0 R /K 136 endobj 77 0 R 79 0 R 80 0 R null null null null 419 0 R 73 0 R 51 0 R /S /P /Pg 15 0 R /S /Artifact /Lang (EN-US) 164 0 obj /K 249 >> endobj /K 1245 endobj /K 183 endobj /K 15 /P 6479 0 R /S /Artifact /Pg 25 0 R /P 4435 0 R /Lang (EN-US) << /Pg 22 0 R /P 5249 0 R /S /P /K 10 /Pg 24 0 R << 4046 0 obj /P 5880 0 R /Pg 23 0 R 2489 0 obj /Pg 22 0 R endobj /Lang (EN-US) << << 4310 0 obj endobj 2076 0 obj /S /P /Pg 23 0 R /K 887 >> /Lang (EN-US) << /Lang (EN-US) 3269 0 obj /P 6039 0 R << << /P 6379 0 R /Lang 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/Lang (EN-US) /Lang (EN-US) /P 6476 0 R << /K 537 >> Direct Lending Download View Private Debt Research /S /Artifact << << /P 6230 0 R /Pg 25 0 R /P 6749 0 R endobj << << /Lang (EN-US) 1098 0 obj /S /Artifact 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) /P 5950 0 R << /Resources 4347 0 R << /Pg 18 0 R >> /K 72 /Pg 23 0 R << /S /P /Pg 26 0 R endobj /K 372 endobj >> /P 5607 0 R /K 1049 >> >> /S /P << endobj >> /Lang (EN-US) << << /Pg 24 0 R /Lang (EN-US) 3544 0 obj /Pg 13 0 R 4077 0 R 4078 0 R 4079 0 R 4080 0 R 4081 0 R 4082 0 R 4083 0 R 4084 0 R 4085 0 R 4086 0 R 169 0 R 170 0 R 171 0 R null 441 0 R null 442 0 R null null null /K 358 /Pg 22 0 R endobj /P 6518 0 R 2014 0 obj /S /P /S /P 4297 0 obj /Pg 25 0 R /K 1134 /P 6284 0 R /Lang (EN-US) << endobj /P 5521 0 R Patrick Wolfe, Managing Director, is a member of Blackrock's Global Credit Platform. /Pg 17 0 R 3735 0 obj /K 1491 >> << << 3107 0 obj /Lang (EN-US) /S /P /Contents 4380 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