/P 5985 0 R /S /Artifact /K 323 476 0 R null 477 0 R null 478 0 R 479 0 R 480 0 R null 481 0 R null endobj << 130 0 obj 231 0 obj 3860 0 obj >> endobj /S /P endobj endobj /Lang (EN-US) /S /P /P 5426 0 R endobj >> /S /P >> /P 10 0 R /Lang (EN-US) /S /Artifact /Lang (EN-US) /P 5463 0 R endobj /Pg 24 0 R 2340 0 obj 2517 0 obj << endobj /Pg 25 0 R endobj /Lang (EN-US) >> /S /Artifact /Lang (EN-US) /MediaBox [0 0 612 792] >> 2206 0 R 2207 0 R 2208 0 R 2209 0 R 2210 0 R 2211 0 R 2212 0 R 2213 0 R 2214 0 R 2215 0 R endobj 2894 0 obj Here's my overview of the Corporate Transparency Act, a new federal law that will require most private U.S. companies to report to the U.S. Treasury the names >> endobj /S /Artifact << endobj endobj << /Pg 22 0 R /K 981 >> /Lang (EN-US) /P 5681 0 R /Pg 22 0 R /P 10 0 R endobj >> << /Pg 22 0 R /S /Artifact /S /P endobj 2156 0 obj /Pg 24 0 R /S /Artifact >> /Lang (EN-US) endobj >> /K 114 /K 152 /K 599 /Lang (EN-US) /Lang (EN-US) 4211 0 obj /S /P 273 0 obj 925 0 obj /S /P /S /Artifact << << >> /Lang (EN-US) << 4179 0 obj /S /Artifact /S /P /P 6466 0 R /K 94 << endobj /Pg 14 0 R 1664 0 obj << /S /P >> 3319 0 obj /S /P 693 0 obj << endobj /P 5652 0 R /Pg 16 0 R endobj /S /P /Pg 24 0 R >> >> /S /P /P 6723 0 R /Lang (EN-US) endobj /Pg 22 0 R 3100 0 obj /K 251 endobj /Pg 23 0 R /K 765 /K 1528 >> /Lang (EN-US) /K 1426 /P 6263 0 R endobj << /P 33 0 R << /K 1231 /Lang (EN-US) /K 796 /Lang (EN-US) /S /P /P 5018 0 R endobj /Pg 22 0 R << /K 1540 /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) /S /P /S /Artifact /S /P endobj /K 1266 endobj 2895 0 obj 1363 0 obj /K 1149 >> << /K 1243 158 0 obj >> 2495 0 R null 2496 0 R null 2497 0 R 2498 0 R null 2499 0 R null 2500 0 R 1759 0 obj 4093 0 obj >> 1486 0 obj << /P 6735 0 R endobj 2247 0 obj /K 1137 396 0 obj 955 0 obj /P 10 0 R /K 19 4097 0 obj endobj endobj /K 1271 /Pg 17 0 R >> << /Pg 23 0 R << /S /P >> /Lang (EN-US) /K 37 >> >> endobj /Pg 24 0 R /P 5795 0 R >> << /S /Artifact 2457 0 obj << endobj << /Pg 24 0 R endobj << endobj endobj endobj >> /S /Artifact 3486 0 obj /K [12 4631 0 R] /Border [0 0 0] /K 1219 /S /P 431 0 obj /S /Artifact /Lang (EN-US) /S /Artifact /P 5733 0 R << /Pg 25 0 R >> /S /Artifact /S /P >> /Lang (EN-US) /Pg 23 0 R /P 6105 0 R /P 5280 0 R /P 10 0 R /S /Artifact /Pg 23 0 R /P 6646 0 R /Lang (EN-US) /K 574 /Pg 23 0 R /P 10 0 R /Lang (EN-US) /Pg 22 0 R << /Lang (EN-US) /S /P /Lang (EN-US) /Pg 25 0 R /Lang (EN-US) endobj /Pg 24 0 R >> 4248 0 obj /Pg 25 0 R /K 1521 endobj 1367 0 obj endobj >> << /Pg 25 0 R /Lang (EN-US) endobj /S /Artifact << 4045 0 obj /Lang (EN-US) << endobj /P 4633 0 R 4103 0 obj /S /P /P 4893 0 R >> 4174 0 R 4175 0 R 4176 0 R 4177 0 R 4178 0 R 4179 0 R 4180 0 R 4181 0 R 4182 0 R 4183 0 R << /Pg 25 0 R /Lang (EN-US) << << >> null 2881 0 R null 2882 0 R null 2883 0 R null 2884 0 R null 2885 0 R << endobj /S /Artifact /K 536 /S /P /K 1337 endobj << /K 1126 /K 181 /Lang (EN-US) /S /Artifact 1888 0 obj /Lang (EN-US) /CropBox [0 0 612 792] /S /P << endobj /P 10 0 R 3127 0 R 3128 0 R 3129 0 R 3130 0 R 3131 0 R 3132 0 R 3133 0 R 3134 0 R 3135 0 R 3136 0 R /K 7 << /Pg 23 0 R /S /Artifact << /Pg 24 0 R endobj 3241 0 obj /P 10 0 R 3124 0 obj >> /Pg 22 0 R endobj /K 940 /S /P 2660 0 obj /Pg 21 0 R endobj /K 763 << >> /P 6268 0 R << /Pg 18 0 R /P 5534 0 R /P 5158 0 R /Pg 18 0 R /P 6553 0 R 3899 0 R 3900 0 R 3900 0 R 3901 0 R 3902 0 R 3903 0 R 3904 0 R 3905 0 R 3905 0 R 3906 0 R /Pg 24 0 R 3623 0 obj /P 4757 0 R /K 1466 /S /Artifact /K 768 /S /Artifact /K 1292 /K 3 337 0 R 338 0 R 339 0 R 340 0 R 341 0 R 342 0 R 343 0 R 344 0 R 345 0 R 346 0 R << 3187 0 obj endobj /Lang (EN-US) /S /P << >> >> /Lang (EN-US) >> /S /Artifact /Lang (EN-US) endobj >> /K 911 >> << 1317 0 obj << /Lang (EN-US) /S /Artifact << >> endobj >> /Pg 22 0 R << endobj >> /Pg 25 0 R /Pg 24 0 R /P 6352 0 R 1073 0 obj 1628 0 obj 1720 0 obj << >> /K 187 /S /P 970 0 obj /Pg 25 0 R endobj >> /Pg 23 0 R endobj 2421 0 obj /Pg 22 0 R << endobj /K 330 3267 0 obj /S /LBody 915 0 R null 916 0 R null 917 0 R null 918 0 R null 919 0 R 920 0 R 89 0 obj Here's my overview of the Corporate Transparency Act, a new federal law that will require most private U.S. companies to report to the U.S. Treasury the names << << endobj endobj /P 5852 0 R /K 1507 3475 0 obj 1679 0 obj /K 1017 >> << 3130 0 obj 2044 0 obj /Lang (EN-US) endobj Cliffwater Direct Lending Index Performance Annual Total Returns Since Inception Annual Income Returns Since Inception As of 12/31/21. << endobj null 1659 0 R null 1660 0 R null 1661 0 R null 1662 0 R null 1663 0 R /S /Artifact >> /S /P 3281 0 obj << 2946 0 obj endobj /K [78 79 433 0 R 69] /S /P endobj /S /Artifact /K 1095 >> /S /Artifact /K 545 endobj /K 1482 /K 744 endobj 746 0 obj /P 6660 0 R /S /Artifact << /Lang (EN-US) /S /P 3016 0 obj /Pg 23 0 R /Pg 24 0 R << 3821 0 R null null null 3822 0 R null null null 3823 0 R null endobj /Lang (EN-US) /K 75 /S /Artifact << 2087 0 obj 1898 0 obj endobj /Lang (EN-US) /S /Artifact >> << /Lang (EN-US) >> << 270 0 obj /Lang (EN-US) /Pg 25 0 R /Pg 23 0 R >> 2607 0 obj >> /Pg 22 0 R endobj /K 441 << >> >> /K 26 /S /P >> /P 5345 0 R 2390 0 obj << /Pg 24 0 R >> endobj << << /S /P 1064 0 obj >> >> 3443 0 obj 2272 0 obj << /S /Artifact >> /K 73 endobj << << >> << /P 10 0 R /S /P /P 5146 0 R /Pg 25 0 R << /S /P >> 664 0 obj 4328 0 obj /Pg 23 0 R << << /T () endobj /P 4762 0 R /K 310 1624 0 obj /S /P endobj /K 425 /Lang (EN-US) /K 352 endobj /Pg 23 0 R /P 4656 0 R >> 1820 0 obj 2346 0 obj << 3162 0 obj /S /P >> /K 82 endobj /S /Artifact endobj >> /K 1248 /S /P /Pg 23 0 R /Lang (EN-US) endobj /P 6529 0 R /K 662 3841 0 obj << /Lang (EN-US) >> /S /Artifact << /K 300 1264 0 obj /P 6454 0 R /Pg 15 0 R /Lang (EN-US) >> 117 0 obj << >> /Pg 22 0 R /S /P null 1068 0 R null null null 1069 0 R null null null 1070 0 R << /P 5357 0 R << /S /P >> endobj 3251 0 obj endobj /P 5856 0 R /P 6404 0 R /P 5422 0 R /Lang (EN-US) /S /P /S /Artifact /S /P >> /S /Artifact /Pg 24 0 R endobj << << >> endobj << << << CLIFFWATER and the CLIFFWATER LLC logo are trademarks of Cliffwater LLC. /S /Artifact /Pg 18 0 R /S /P /Pg 24 0 R 738 0 obj /P 10 0 R /K 55 /Lang (EN-US) endobj /Pg 25 0 R /Lang (EN-US) << /P 5253 0 R /K 1311 endobj /S /Artifact >> 2401 0 obj /Pg 24 0 R << endobj /P 5111 0 R /S /P endobj 1133 0 obj endobj endobj /K 1469 /S /P 4021 0 obj 2413 0 obj /P 6253 0 R << /Pg 24 0 R /Pg 25 0 R /Lang (EN-US) /S /Artifact 2 Annualized volatility and return based on the period between 2005 and 2022. /Lang (EN-US) >> >> /Pg 14 0 R endobj /Pg 22 0 R endobj 3598 0 obj /Lang (EN-US) /S /P << /Lang (EN-US) >> 1005 0 obj endobj /S /P >> /Pg 22 0 R /S /P endobj /K 1409 >> null 907 0 R 908 0 R null 909 0 R null 910 0 R null 911 0 R null /S /P /Pg 23 0 R endobj /S /P endobj << null null 3470 0 R null 3471 0 R null 3472 0 R null 3473 0 R null /Pg 22 0 R 448 0 obj /K 1443 << 3195 0 R 3195 0 R 3196 0 R 3197 0 R 3198 0 R 3199 0 R 3200 0 R 3201 0 R 3202 0 R 3203 0 R /P 4400 0 R endobj >> /P 5191 0 R /Pg 22 0 R endobj /Lang (EN-US) >> /Pg 23 0 R 616 0 obj endobj /Lang (EN-US) /S /P << /Pg 13 0 R /Lang (EN-US) /Pg 23 0 R /Pg 23 0 R /Pg 13 0 R << /Pg 22 0 R >> >> 3646 0 obj /S /Artifact /K 819 /K 742 /S /Artifact >> 2010 0 obj /Pg 22 0 R >> 1121 0 obj endobj endobj 1156 0 obj << endobj /P 5563 0 R /Lang (EN-US) /P 6439 0 R >> >> /K 54 >> /S /P << >> /K 992 /Lang (IT-IT) >> 3381 0 obj /Pg 19 0 R >> 784 0 obj >> /K 344 /Pg 22 0 R >> << /K 449 << endobj /K 1 << /K 1421 /K 183 /S /Artifact endobj << endobj << /Pg 24 0 R 2323 0 obj /S /P /Pg 25 0 R /Lang (EN-US) /K [180 542 0 R 194 4744 0 R] endobj 1942 0 obj /Lang (EN-US) >> 3788 0 obj /Lang (EN-US) /P 4811 0 R 118 0 obj /K 1217 >> 2786 0 obj /S /P >> endobj /Lang (EN-US) << << /Pg 25 0 R << >> 2712 0 obj /P 10 0 R /K 945 >> /Lang (EN-US) /S /P << /S /Artifact /Pg 23 0 R /Lang (EN-US) endobj >> << /S /P /Lang (EN-US) /Lang (EN-US) >> >> /S /Artifact /Pg 13 0 R /K 905 /K 514 << >> /Pg 18 0 R /Tabs /S /Lang (EN-US) /Pg 24 0 R << 3645 0 obj /Pg 22 0 R 907 0 obj /P 5857 0 R /Lang (EN-US) endobj 652 0 obj endobj endobj /Pg 23 0 R 1398 0 obj endobj /Lang (EN-US) 1361 0 obj 1460 0 obj >> 2665 0 obj 692 0 obj >> /S /Artifact /P 6032 0 R /Pg 25 0 R /S /Artifact >> /K 156 << /P 6221 0 R >> << 2625 0 obj /Pg 24 0 R << /K 460 /Pg 22 0 R endobj /P 192 0 R /Pg 23 0 R endobj /K 1010 /Pg 22 0 R endobj /Pg 22 0 R /Pg 25 0 R /K 1285 4339 0 obj /Pg 25 0 R /P 5567 0 R >> /K 13 /Annotation /Span 4261 0 obj << /K 953 endobj /P 5947 0 R << /K 904 endobj /S /P >> /K 37 /Pg 25 0 R /CropBox [0 0 612 792] /P 4870 0 R endobj endobj /S /Artifact endobj 2225 0 obj /S /P /S /Artifact /Pg 23 0 R /K 530 /Pg 19 0 R /S /P << << /K 826 endobj /K 1067 >> /S /Artifact >> /K 268 << << /Pg 24 0 R endobj 2276 0 obj >> /Lang (EN-US) /S /P /S /Artifact 3418 0 obj 48 0 obj /Lang (EN-US) /P 5915 0 R endobj /S /Artifact << << /K 1533 /S /P /S /Figure endobj /K 1318 /Pg 13 0 R << << /K 408 >> /K 422 /S /P << /Lang (EN-US) endobj null 1815 0 R null 1816 0 R null 1817 0 R null 1818 0 R null null /Pg 22 0 R << /K 66 endobj 2711 0 obj /P 5255 0 R 3344 0 R 3345 0 R 3346 0 R 3347 0 R 3348 0 R 3349 0 R 3350 0 R 3351 0 R 3352 0 R 3353 0 R /K 31 >> /P 5396 0 R /Pg 25 0 R endobj /Pg 24 0 R >> /S /P /Lang (EN-US) /S /P /P 6739 0 R /P 5629 0 R 3079 0 obj /Pg 23 0 R /S /Artifact << 2285 0 obj >> /Pg 23 0 R /Pg 24 0 R /S /Artifact /Lang (EN-US) 601 0 obj /Lang (EN-US) 409 0 obj /Pg 23 0 R /Lang (EN-US) 1641 0 obj /Pg 18 0 R endobj /K 1169 /S /Artifact >> /S /Artifact << >> /P 5656 0 R << /S /P /Lang (EN-US) /S /P /P 5718 0 R >> /P 10 0 R << << >> 194 0 obj 2162 0 obj /Pg 23 0 R /K 275 /P 6136 0 R >> /S /P >> endobj /S /P /Length 7 0 R /K 1460 << 2083 0 obj << /K 1423 >> /Pg 25 0 R endobj /S /Artifact /S /Artifact /K 951 /K 134 1609 0 obj << << /P 4710 0 R << /Pg 25 0 R /Lang (EN-US) >> 3440 0 obj /K 201 2540 0 obj /S /P endobj /Lang (EN-US) endobj << /K 31 endobj /Pg 22 0 R /Lang (EN-US) 4117 0 obj << null 1615 0 R null 1616 0 R 1617 0 R null 1618 0 R null 1619 0 R null 289 0 obj >> 872 0 obj /S /Artifact endobj /Lang (EN-US) 3869 0 obj /K 239 /P 5240 0 R 1198 0 R 1199 0 R 1200 0 R 1201 0 R 1202 0 R 1203 0 R 1204 0 R 1205 0 R 1206 0 R 1207 0 R /Pg 23 0 R << << /S /P /S /Link /Pg 22 0 R /K 1518 1287 0 obj endobj /S /P >> /Lang (EN-US) >> /P 6631 0 R /Pg 24 0 R /S /Artifact << >> 780 0 obj << endobj /K 732 /S /P << << /Lang (EN-US) endobj << >> >> endobj endobj endobj endobj 3303 0 obj >> 1485 0 R 1486 0 R 1487 0 R 1488 0 R 1489 0 R 1490 0 R 1491 0 R 1492 0 R 1493 0 R 1494 0 R >> >> /K 1346 /S /Artifact << >> endobj /K 721 endobj endobj << /Pg 25 0 R endobj 2600 0 obj endobj /S /Artifact endobj >> /P 5073 0 R /Lang (EN-US) endobj /P 5309 0 R << << endobj /Lang (EN-US) /K 1501 >> endobj endobj /Lang (EN-US) << 3964 0 obj /Pg 22 0 R /P 6206 0 R << << endobj << /Pg 24 0 R /K 36 /Pg 22 0 R 3702 0 obj /P 5403 0 R /K 374 /S /Artifact << endobj /Bibliography /BibEntry >> 127 0 obj /P 5080 0 R << >> /S /P /S /P >> /Pg 13 0 R /K 1435 >> /K 936 /K 1015 /S /Artifact endobj << endobj << 3613 0 obj /Lang (EN-US) << /Pg 22 0 R /Pg 25 0 R /Pg 25 0 R /K 76 /K 869 /Pg 14 0 R /K 1197 >> /Lang (EN-US) /K 406 << << << /K 1548 400 0 obj /P 6090 0 R /Pg 22 0 R /S /Artifact /Lang (EN-US) /Pg 25 0 R << /Lang (EN-US) /P 4872 0 R >> /K 325 1919 0 obj /Pg 26 0 R 3829 0 obj /Pg 22 0 R /Pg 25 0 R /Pg 22 0 R << /Pg 24 0 R /Lang (EN-US) << endobj /Pg 23 0 R /Pg 24 0 R /A 4659 0 R /K 0 /K 1056 1053 0 obj 4200 0 obj /Pg 24 0 R >> /P 6376 0 R 3353 0 obj /Pg 25 0 R /K 121 /S /P << 3466 0 R null 3467 0 R null 3468 0 R null null null 3469 0 R null 67 0 obj /K 518 /K 268 /K 479 /Lang (EN-US) /K 1326 /S /P /S /P >> << << 2756 0 obj 229 0 obj /S /P /Lang (EN-US) /K 341 >> >> /Pg 20 0 R endobj /P 4969 0 R << /P 5956 0 R << /S /Artifact /K 16 endobj /S /Artifact >> endobj /K 90 86 0 obj /Pg 25 0 R /P 5575 0 R /K 252 endobj 1648 0 obj 1059 0 obj /S /P << /K 1497 3960 0 obj /S /P >> /Lang (EN-US) /P 4774 0 R >> endobj 934 0 obj >> 4070 0 obj 2778 0 obj /Lang (EN-US) /K 709 >> /K 1146 >> /S /P << /K 1208 >> endobj /Pg 22 0 R /Lang (EN-US) << /S /P 2169 0 obj 1710 0 obj /Pg 24 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 2982 0 obj /Lang (EN-US) /K 1286 /Pg 18 0 R /K 1108 /Pg 25 0 R 2514 0 R null null null 2515 0 R null null null 2516 0 R null >> 993 0 obj /K 711 /S /Artifact /S /P /K 578 /S /P /P 5605 0 R /Pg 23 0 R << 2442 0 obj 3456 0 obj /K 1441 >> /Lang (EN-US) /S /P << /K 518 /S /P endobj endobj 595 0 obj /S /P /Pg 23 0 R << /Pg 25 0 R /Pg 20 0 R /Pg 22 0 R >> 2152 0 obj 2739 0 obj /K 767 /Pg 22 0 R 189 0 obj 1922 0 obj /K 1114 << /Lang (EN-US) endobj /Lang (EN-US) /S /P << << << /P 4790 0 R /Pg 25 0 R /S /Artifact /Pg 25 0 R endobj endobj endobj /Pg 23 0 R /K 1136 /Pg 25 0 R /Pg 23 0 R << /K 1280 2216 0 R 2217 0 R 2218 0 R 2219 0 R 2220 0 R 2221 0 R 2222 0 R 2223 0 R 2224 0 R 2225 0 R /Pg 25 0 R << /P 6395 0 R /Lang (EN-US) /P 6214 0 R /Pg 24 0 R /S /P endobj << /S /P 2799 0 obj /K 1498 /S /P /K 1230 << << 2431 0 obj /P 4438 0 R /Pg 23 0 R /S /Artifact /Pg 25 0 R /P 6168 0 R >> /K 1414 /Pg 22 0 R >> /S /Artifact /Pg 23 0 R /Pg 24 0 R /S /Artifact /S /P /Pg 25 0 R endobj /K 25 endobj /K 1283 /S /P 4503 0 R] /P 5132 0 R /K 1057 /Pg 23 0 R /K 116 >> 3231 0 obj 3644 0 obj << /K 1402 /S /Table /Pg 24 0 R 3673 0 obj 328 0 obj /K 826 /K 98 >> /P 6721 0 R /P 5677 0 R >> endobj /S /Artifact /P 6018 0 R >> << endobj << >> /Producer (Adobe PDF Library 22.1.149) >> /Lang (EN-US) << /Lang (EN-US) /S /P 1185 0 obj /Lang (EN-US) 2847 0 obj 1965 0 obj << /S /Figure /S /P /K 1108 << /S /P /Lang (EN-US) /Pg 22 0 R >> 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 /P 6046 0 R << << /Pg 22 0 R /Pg 24 0 R /K 1071 << << /Lang (EN-US) /K 1499 << 1251 0 obj endobj /Pg 23 0 R /K 967 2717 0 obj << << /K 51 /K 1016 /S /Artifact 3787 0 obj /S /Artifact /K 1459 << 3426 0 obj /S /P /P 5281 0 R /S /P /Pg 22 0 R /P 4736 0 R << << /S /P /P 5518 0 R << >> /K 551 endobj << /P 6611 0 R 1451 0 obj << 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 /K 960 >> /S /Artifact /S /Artifact 4056 0 obj /S /P /K 1412 endobj 359 0 obj 1126 0 obj /Lang (EN-US) << /S /Artifact endobj /K [47 4688 0 R] /K 12 >> 2443 0 obj /K 794 /P 5755 0 R /K 1292 >> 2235 0 obj /Pg 25 0 R /Lang (EN-US) /K 607 /Lang (EN-US) /S /P /K 1380 /P 5228 0 R /P 5827 0 R endobj endobj 2252 0 obj /P 6754 0 R >> 2130 0 obj << /Lang (EN-US) /S /P /S /P << /S /Artifact >> endobj /S /Artifact /Lang (EN-US) 2474 0 obj /P 6106 0 R endobj /Pg 24 0 R /P 5081 0 R 3634 0 obj /K 105 >> /S /Artifact /K 845 /K 1254 581 0 obj /K 235 >> /S /Artifact >> /Lang (EN-US) << /P 10 0 R /S /P >> >> /K 4 /S /Artifact << 353 0 obj 734 0 obj /K 21 endobj /K 1267 /K 18 /P 5695 0 R /K 724 /K 1052 /K 1299 << 2488 0 obj 2670 0 obj /K 1413 /K 1012 /K 769 << /S /Artifact 3704 0 R null 3705 0 R null 3706 0 R null 3707 0 R null 3708 0 R 3709 0 R >> /Lang (EN-US) >> /Pg 23 0 R /K 489 1649 0 obj /P 6149 0 R /Pg 22 0 R << /K 1366 /Pg 23 0 R >> /Pg 25 0 R /K 1392 751 0 obj /S /Artifact /K 1 >> 721 0 obj /S /Artifact >> >> /S /P /P 10 0 R /K 632 << /Lang (EN-US) /S /P << /Pg 24 0 R 1270 0 obj 931 0 obj 4193 0 obj 3685 0 obj 2283 0 obj /S /P /S /P /P 5986 0 R endobj /Pg 22 0 R 3889 0 obj /Lang (EN-US) /T () /Pg 25 0 R endobj endobj << /Pg 24 0 R >> endobj null 811 0 R null null null 812 0 R null null null 813 0 R /Pg 23 0 R /Pg 23 0 R /CropBox [0 0 612 792] 2640 0 obj /K 289 /K 168 /K 587 /Lang (EN-US) 106 0 obj >> /Pg 25 0 R /Pg 13 0 R /S /Artifact endobj /P 6030 0 R /S /P 4073 0 obj 2720 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 /P /K 923 /Pg 22 0 R >> /K 1255 >> /P 6542 0 R /S /Artifact endobj endobj /S /P << 3262 0 obj /Pg 24 0 R /P 6111 0 R /S /P << /S /P /S /Artifact endobj /P 6400 0 R /Pg 23 0 R /P 4938 0 R 3508 0 obj /S /P 4172 0 obj /K 435 endobj /K 302 endobj 1170 0 obj /P 6340 0 R endobj /P 6561 0 R /Pg 23 0 R /S /Artifact /S /P /S /Artifact >> 195 0 obj /Lang (EN-US) >> << /Pg 22 0 R /S /P /K 1364 4156 0 obj endobj /K 1500 /Lang (EN-US) << 1365 0 obj /K 823 /Pg 15 0 R << >> endobj /Pg 17 0 R /Pg 25 0 R /Pg 22 0 R /K 271 1601 0 obj 3967 0 R 3968 0 R 3969 0 R 3970 0 R 3971 0 R 3972 0 R 3973 0 R 3974 0 R 3975 0 R 3976 0 R /S /P /P 5694 0 R << endobj << /K 871 /S /P /Lang (EN-US) /Pg 24 0 R endobj /Pg 21 0 R >> >> /S /P /S /P /Pg 25 0 R endobj 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 requirements. /Pg 23 0 R >> /S /Artifact >> endobj endobj 4331 0 obj << /Lang (EN-US) << 2332 0 obj /Pg 25 0 R /K 395 /Pg 23 0 R << >> /Pg 23 0 R endobj /P 5999 0 R /K 195 /K 1497 /Pg 22 0 R /P 89 0 R >> /P 5258 0 R 1951 0 obj endobj 673 0 obj /Lang (EN-US) /Pg 25 0 R /S /Artifact /Lang (EN-US) endobj /K 86 /Pg 25 0 R /Lang (EN-US) << /S /P << endobj /K 1337 /K 14 /S /Artifact /S /P /Pg 22 0 R >> >> 508 0 obj /P 4981 0 R /P 5391 0 R /P 5083 0 R >> >> /S /Artifact endobj << /Pg 22 0 R /S /Artifact /S /P /Pg 22 0 R << >> endobj << endobj << 3805 0 obj /Pg 23 0 R >> /Pg 22 0 R /K 1445 /K 1190 3817 0 obj >> /Pg 24 0 R 3730 0 obj << /K 391 /S /P /S /Artifact /Lang (EN-US) /S /Artifact /Lang (EN-US) /Resources 4379 0 R endobj /K [1341 1342] << << >> /K 192 /S /Artifact >> /P 10 0 R /K 1308 /P 5969 0 R /S /P /S /Artifact 1985 0 obj /K 1105 endobj endobj >> /S /P /Lang (EN-US) /S /Artifact << endobj /Pg 22 0 R endobj /Pg 23 0 R << /K 1424 /Pg 25 0 R /K 102 /P 5229 0 R << /K 354 /P 4649 0 R /Pg 25 0 R /Lang (EN-US) << << 2065 0 obj endobj /Lang (EN-US) /P 6418 0 R /K [1111 1112] /Pg 23 0 R << >> /S /P endobj 4608 0 R] 3962 0 obj /Pg 22 0 R endobj /Lang (EN-US) >> /Pg 24 0 R /K 633 /K 1124 3028 0 obj >> /Pg 25 0 R 4057 0 R 4058 0 R 4059 0 R 4060 0 R 4061 0 R 4062 0 R 4063 0 R 4064 0 R 4065 0 R 4066 0 R /S /Artifact << /S /Artifact 1672 0 R null 1673 0 R null 1674 0 R null 1675 0 R null 1676 0 R 1677 0 R /K 1110 /K 1176 >> 3910 0 obj /K 1191 /K 664 endobj 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. /K 1303 /Pg 23 0 R endobj 3141 0 obj >> /Pg 25 0 R endobj endobj 916 0 obj 2585 0 obj LS@.JU >> endobj endobj >> << endobj /S /Artifact endobj << /Pg 13 0 R << 3851 0 R null 3852 0 R 3853 0 R null 3854 0 R null 3855 0 R null 3856 0 R >> endobj 1977 0 obj >> /Lang (EN-US) /K 640 /P 5758 0 R endobj /Pg 23 0 R /P 6020 0 R /Pg 24 0 R endobj /S /Artifact >> /K 1407 endobj >> /Pg 25 0 R 1469 0 obj /Pg 14 0 R /Pg 22 0 R /Pg 25 0 R >> << >> /Lang (EN-US) >> /K 197 /Pg 23 0 R /Lang (EN-US) endobj >> /S /P /P 5724 0 R /K 1052 /S /P /P 5291 0 R >> /Pg 19 0 R endobj >> >> 240 0 obj << endobj endobj << endobj /Pg 22 0 R /K 1437 /Lang (EN-US) /P 10 0 R /S /Artifact /P 6370 0 R /K 630 /K 1244 >> /Pg 22 0 R /K 82 endobj endobj /Pg 22 0 R 1321 0 obj /Pg 24 0 R 3014 0 obj endobj /Lang (EN-US) >> 1822 0 obj /Lang (EN-US) /K 82 /Pg 25 0 R /K 193 endobj /Pg 22 0 R 727 0 obj 3323 0 obj endobj /S /Artifact /S /P << /P 5806 0 R << /Lang (EN-US) >> >> /P 4788 0 R >> /Pg 25 0 R null 880 0 R null 881 0 R null 882 0 R null 883 0 R 884 0 R null >> >> /S /Artifact /Pg 25 0 R 2090 0 obj /S /Artifact /Lang (EN-US) /P 5664 0 R 997 0 obj /S /Artifact << /Pg 15 0 R /K 1232 /S /Artifact /S /Artifact << endobj << /Lang (EN-US) /P 5955 0 R /Pg 22 0 R /K [11 355 0 R 138] /Lang (EN-US) /Lang (EN-US) /Pg 22 0 R /K 1218 >> /S /Artifact endobj 269 0 obj /Lang (EN-US) endobj /Lang (EN-US) 3849 0 obj << /Pg 25 0 R /S /P /Lang (EN-US) /P 6397 0 R << endobj /K 163 endobj 1796 0 obj /S /Artifact endobj /Tabs /S /P 10 0 R >> endobj /P 6178 0 R >> /K 937 /S /Artifact << 1957 0 obj /S /P /Pg 26 0 R << /S /Artifact 20 0 obj 38 0 obj endobj >> >> /K 959 << /Lang (EN-US) /K 24 1429 0 obj /S /Artifact /S /P endobj /Pg 24 0 R endobj /Tabs /S << 2035 0 obj endobj /K 608 2379 0 obj /S /Artifact 1376 0 obj /S /P /Pg 25 0 R >> /Pg 22 0 R endobj >> /Pg 22 0 R /K 1217 /S /P 2772 0 obj endobj >> << null 721 0 R null 722 0 R 723 0 R null 724 0 R null 725 0 R null /K 158 /S /P 2308 0 obj /K 424 endobj 2502 0 obj >> /Lang (EN-US) endobj /Lang (EN-US) 1218 0 obj /Pg 24 0 R /S /P >> /S /Artifact /K 55 endobj >> 1457 0 obj /K 40 1546 0 obj /S /Artifact >> /K 1534 endobj 2939 0 obj /P 5339 0 R /S /Artifact endobj 2936 0 obj /P 6438 0 R /K 1237 /K 1019 >> << endobj /Pg 22 0 R /Pg 24 0 R /K 907 /Pg 22 0 R << >> /A 6760 0 R /P 5003 0 R << << /K 94 >> << /K 1165 endobj /S /P null 1041 0 R null 1042 0 R null 1043 0 R null 1044 0 R null null 2005 0 R 2006 0 R null 2007 0 R null 2008 0 R null 2009 0 R null 2010 0 R /S /P endobj endobj /S /P 2655 0 obj null 1735 0 R null 1736 0 R 1737 0 R null 1738 0 R null 1739 0 R null /S /Artifact /P 5292 0 R /Pg 22 0 R /Pg 25 0 R 411 0 obj /Lang (EN-US) endobj >> /S /Artifact 941 0 obj << << endobj /S /P 3067 0 obj endobj 1699 0 obj 1010 0 obj /S /Artifact /S /P >> /Lang (EN-US) /Lang (EN-US) >> /K 1284 /Lang (EN-US) >> >> /P 6503 0 R /P 5882 0 R >> >> /K 1294 endobj /K 72 << /K 1458 2974 0 obj endobj /S /Artifact /K 137 << endobj /Lang (EN-US) << endobj /S /Artifact /Pg 22 0 R null 2651 0 R null 2652 0 R null 2653 0 R 2654 0 R null 2655 0 R null null 1562 0 R null null null 1563 0 R null 1564 0 R null 1565 0 R /S /Artifact /Lang (EN-US) /K 214 /S /P 2976 0 obj /S /Artifact 3604 0 obj /Lang (EN-US) /Lang (EN-US) /P 6543 0 R /P 10 0 R /Pg 17 0 R >> << endobj << /S /P /Pg 23 0 R /S /P /Lang (EN-US) /Lang (EN-US) 2959 0 obj 4114 0 obj << /K 164 /Lang (EN-US) /P 6643 0 R >> /Pg 25 0 R 1468 0 obj endobj /P 5713 0 R /P 4638 0 R /K 1046 >> /P 6675 0 R 1066 0 obj 3796 0 obj /Pg 25 0 R /P 10 0 R /K 1515 endobj /K 303 /K 113 /K 827 << 1303 0 obj /A 4434 0 R /K 410 /Lang (EN-US) /K 179 >> 2507 0 obj /Lang (EN-US) 364 0 obj >> endobj << /Pg 20 0 R >> /Pg 24 0 R /K 635 << << /Lang (EN-US) 1036 0 obj endobj endobj 1421 0 obj /K 93 << endobj /P 141 0 R /Pg 25 0 R << /MediaBox [0 0 612 792] /Lang (EN-US) /Pg 22 0 R /Pg 23 0 R /Pg 25 0 R /Pg 24 0 R >> /P 10 0 R endobj >> << endobj /Pg 23 0 R 3051 0 obj /Lang (EN-US) /Pg 22 0 R endobj endobj /S /Artifact /Pg 23 0 R /P 5502 0 R << << 2991 0 obj /S /P >> /K 97 /K 1284 << /Pg 24 0 R /S /Artifact >> 756 0 obj /P 5188 0 R endobj /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) >> /S /Figure 1147 0 obj << /Pg 25 0 R null null null 619 0 R null null null 620 0 R null 621 0 R /S /Artifact /Pg 24 0 R << 4215 0 obj >> /Pg 19 0 R << /Lang (EN-US) endobj /S /Artifact /Pg 25 0 R /Pg 23 0 R /P 6275 0 R endobj << /A 4461 0 R endobj endobj /S /Artifact /K 19 endobj 2825 0 obj /S /P /Pg 23 0 R /Pg 23 0 R endobj >> /S /Artifact endobj /Lang (EN-US) << 4104 0 obj /K 1383 3004 0 obj /Pg 24 0 R /P 5680 0 R << 2199 0 obj /K 449 /K [1334 1335] /Pg 25 0 R >> << >> endobj /P 4793 0 R /Pg 24 0 R 3186 0 obj << >> endobj /Lang (EN-US) >> /Lang (EN-US) << /Lang (EN-US) /S /Artifact << /K 117 /S /P >> /K 1107 endobj /P 10 0 R /Pg 24 0 R 953 0 obj /S /P /Pg 24 0 R 1074 0 obj /Pg 23 0 R << /Lang (EN-US) endobj /Pg 23 0 R null 2758 0 R null 2759 0 R null null null 2760 0 R null null Cliffwater produces in-depth research on the BDC space and found that, in calendar-year 2022, BDCs were down 8.6 percent, while the aggregate bond index was down 13.4 percent and stocks were down 18.0 percent. endobj /S /P /K 1549 /S /P /K 236 >> /P 10 0 R /K 181 1444 0 obj 1435 0 obj null 2527 0 R null null null 2528 0 R null 2529 0 R null 2530 0 R >> endobj /S /P endobj /Pg 22 0 R null 762 0 R null 763 0 R null null null 764 0 R null null >> >> >> endobj >> /Pg 24 0 R /S /Artifact endobj 2342 0 obj << 397 0 obj /Pg 24 0 R >> /Pg 25 0 R >> >> /S /Artifact endobj /K 10 0 R /K 352 /S /Artifact /S /P /P 5646 0 R >> /K 138 endobj << /S /P 3505 0 obj /K 1176 3118 0 obj << /K 941 /S /Artifact endobj endobj /Pg 25 0 R /S /Artifact /Lang (EN-US) /S /Artifact endobj << endobj 291 0 obj 3893 0 obj >> /S /Artifact /Pg 24 0 R << >> << /K 1260 111 0 obj /P 5475 0 R endobj null 1019 0 R null 1020 0 R null null null 1021 0 R null null /Pg 22 0 R /Pg 23 0 R /S /P /K 1449 endobj >> /Pg 23 0 R << /Pg 24 0 R /S /P 1292 0 obj /Pg 24 0 R << 3330 0 obj 979 0 obj 4249 0 obj << << /S /Artifact >> /Pg 21 0 R /S /P 655 0 R null null null 656 0 R null null null 657 0 R null /P 5459 0 R << >> /S /Artifact /K 520 << 3682 0 obj /Pg 22 0 R << 4178 0 obj /Pg 13 0 R 4013 0 obj /S /Artifact /K 1393 /Pg 25 0 R endobj /S /Artifact /Pg 24 0 R /Pg 14 0 R >> /K 464 << 2795 0 obj endobj /K 541 1327 0 obj /S /P We are proactive with our advice and recommendations to clients so they may achieve desired outcomes. 470 0 R null 471 0 R null 472 0 R 473 0 R null 474 0 R 475 0 R null 2975 0 obj /Pg 24 0 R >> /P 6101 0 R endobj /K 511 /K 293 /Pg 24 0 R endobj endobj /K 665 << endobj endobj >> /Lang (EN-US) << endobj /S /P 305 0 obj /Pg 25 0 R /S /Artifact /Pg 22 0 R /P 6114 0 R >> >> /Lang (EN-US) >> /K 952 297 0 R 297 0 R] >> endobj endobj /P 10 0 R << /S /P /K 603 << /P 10 0 R 2887 0 obj /Pg 24 0 R /S /Artifact /K 1211 /K 1351 >> >> << /S /Artifact endobj /MediaBox [0 0 612 792] /Pg 24 0 R /S /P /Pg 25 0 R >> 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. >> /K 1416 /S /P /K 956 endobj >> 4118 0 obj /S /P /Pg 24 0 R /Pg 23 0 R << /Pg 24 0 R /K 453 /S /P /P 5490 0 R 1109 0 obj >> << /Pg 24 0 R 3098 0 obj endobj /S /P 1522 0 obj /K 846 1034 0 obj /Lang (EN-US) << /K 48 3825 0 obj << /P 10 0 R >> 661 0 obj endobj /Pg 23 0 R /K 57 >> >> >> /Lang (EN-US) /Pg 25 0 R endobj endobj
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