/K 1126 /Pg 14 0 R endobj /K 1416 >> 2455 0 obj /S /P >> << /S /P << /S /Artifact >> 1071 0 obj 1628 0 R 1629 0 R null 1630 0 R null 1631 0 R null 1632 0 R null 1633 0 R << >> << /Lang (EN-US) /K [45 46 47 48] /S /P /S /Artifact /P 10 0 R /Pg 13 0 R 1652 0 obj /S /Artifact >> /P 4940 0 R endobj /Pg 25 0 R >> >> 1308 0 obj 1618 0 obj endobj 4119 0 obj /K 1121 1103 0 obj endobj /Lang (EN-US) null 2859 0 R null 2860 0 R null 2861 0 R null 2862 0 R 2863 0 R null /CropBox [0 0 612 792] << /S /P /P 6568 0 R /S /P endobj /P 10 0 R 3610 0 obj >> >> /S /Artifact /K 1162 endobj >> 3423 0 obj /S /P << 343 0 obj endobj /P 10 0 R << /Lang (EN-US) endobj /Pg 25 0 R /Pg 24 0 R /Pg 22 0 R /K 881 /Pg 19 0 R << 3645 0 obj /Tabs /S /Diagram /Figure /K 1469 4271 0 obj /S /P endobj /K 1453 /K 1348 endobj 2413 0 R 2414 0 R 2415 0 R 2416 0 R 2417 0 R 2418 0 R 2419 0 R 2420 0 R 2421 0 R 2422 0 R 725 0 obj /P 5480 0 R >> /K 1223 /P 5427 0 R endobj /K 952 /S /Artifact 2223 0 obj >> /S /P /Pg 22 0 R /Lang (EN-US) 3385 0 obj /Lang (EN-US) /S /P /P 5260 0 R endobj << 684 0 obj /Lang (EN-US) /Pg 18 0 R endobj << endobj /Lang (EN-US) << >> endobj /P 5402 0 R /Lang (EN-US) /P 10 0 R /S /Artifact 1792 0 obj /Lang (EN-US) << /S /Artifact 3498 0 obj /Lang (EN-US) 4125 0 R 4125 0 R 4126 0 R 4127 0 R 4128 0 R 4129 0 R 4130 0 R 4131 0 R 4132 0 R 4133 0 R endobj /S /P /K 532 << >> 2114 0 obj 1885 0 R 1886 0 R null 1887 0 R null 1888 0 R null 1889 0 R null 1890 0 R endobj >> /Pg 24 0 R /S /Artifact /Lang (EN-US) 3997 0 R 3998 0 R 3999 0 R 4000 0 R 4001 0 R 4002 0 R 4003 0 R 4004 0 R 4005 0 R 4006 0 R >> /P 5112 0 R /Pg 18 0 R endobj /S /Artifact /K 1549 /Lang (EN-US) /P 5266 0 R /S /P /S /Artifact endobj 3960 0 obj endobj /S /Artifact /P 6133 0 R >> /Lang (EN-US) 975 0 obj /K 1488 /K 1139 /Pg 23 0 R << >> /S /P endobj 1130 0 obj /Pg 23 0 R 2165 0 obj /K 125 endobj /Pg 22 0 R /Pg 23 0 R /K 1244 1709 0 obj << >> /K 789 endobj << /S /Artifact endobj >> >> >> /S /Artifact << /Pg 25 0 R endobj /S /Artifact /Lang (EN-US) /S /P /Pg 25 0 R 1332 0 obj /S /Artifact >> /K 388 /K 1226 << He is a portfolio manager responsible for US Direct Lending funds, BlackRock Credit Strategies Fund, and middle-market CLOs in the US. endobj endobj << /K [536 0 R 537 0 R] >> endobj /K 931 << endobj /Lang (EN-US) << /Pg 25 0 R >> /Lang (EN-US) endobj << << /Lang (EN-US) >> << >> << /K 16 /K 1494 /K 1002 /S /Artifact /Pg 20 0 R << >> /K 81 endobj null null 2940 0 R null null null 2941 0 R null 2942 0 R null endobj /Lang (EN-US) /Pg 24 0 R /K 537 << /K 1130 << /Lang (EN-US) endobj /Pg 22 0 R /S /P /Lang (EN-US) >> 290 0 obj 2139 0 obj /Pg 24 0 R << /Lang (EN-US) null 1727 0 R null 1728 0 R null 1729 0 R null null null 1730 0 R /P 5330 0 R << << >> /P 45 0 R /Pg 22 0 R << /Lang (EN-US) /K 1043 /K 503 << >> /K 1382 3690 0 obj << /K 759 >> /S /Artifact 3655 0 obj 1928 0 obj /K 1369 464 0 obj /S /Artifact >> /P 6379 0 R >> >> << /K 68 /K 128 endobj /K 1459 >> /K 928 endobj >> /S /Artifact /S /Artifact << /K 284 endobj 3695 0 obj /Pg 24 0 R /P 4797 0 R << 299 0 obj << /Pg 22 0 R /K 1176 /K 917 3821 0 R null null null 3822 0 R null null null 3823 0 R null >> 4013 0 obj << /P 6588 0 R /P 6348 0 R /Pg 25 0 R /P 5458 0 R /S /Artifact /Pg 23 0 R /Pg 24 0 R /Lang (EN-US) >> << endobj /Pg 25 0 R /Pg 25 0 R 3768 0 obj /K 405 /Lang (EN-US) << 2012 0 obj /Pg 22 0 R << 3472 0 obj 3816 0 obj /P 10 0 R >> >> 3805 0 obj 3380 0 obj /P 10 0 R 1681 0 obj << /Pg 25 0 R << endobj >> /Pg 23 0 R /Pg 18 0 R /K 616 /Lang (EN-US) << endobj /S /P endobj /Pg 24 0 R endobj >> /K 304 /S /P /P 4887 0 R endobj /S /Artifact /S /P /K 566 /Lang (EN-US) 4326 0 obj 2397 0 obj /K 424 /Lang (EN-US) >> /K 1293 >> << endobj endobj /Pg 24 0 R >> /S /P endobj >> /S /P /K 1 /P 5248 0 R endobj >> /Pg 22 0 R endobj 1826 0 obj /Pg 23 0 R 1397 0 obj << /T () 1975 0 obj >> /K 1484 << >> /S /P /P 6411 0 R /S /Artifact >> >> << 2539 0 obj /S /P /Lang (EN-US) /Pg 14 0 R << >> << This book dissects direct loans as a class, providing the critical background 385397403217. /S /P /K 486 << /S /Artifact /Pg 22 0 R /Pg 23 0 R /K 932 /Lang (EN-US) 1444 0 obj endobj endobj /S /Artifact /S /Artifact 1133 0 obj /K 1512 /S /P << /Lang (EN-US) /S /Artifact endobj endobj endobj /Pg 25 0 R /K 990 /K 1457 /Pg 22 0 R /P 10 0 R /S /Artifact /Lang (EN-US) endobj endobj /P 5223 0 R << 2564 0 obj /Pg 15 0 R << /P 6594 0 R /K 1277 << /Pg 24 0 R >> /S /P 3037 0 R 3038 0 R 3039 0 R 3040 0 R 3041 0 R 3042 0 R 3043 0 R 3044 0 R 3045 0 R 3046 0 R /S /Artifact /S /P /P 5533 0 R endobj /S /P /S /P /Lang (EN-US) /Pg 22 0 R 462 0 obj /Pg 25 0 R BCRED | Blackstone Private Credit Fund /P 4792 0 R endobj /S /Artifact /S /P /Pg 23 0 R 2954 0 obj /P 10 0 R /S /P /K 1428 /Lang (EN-US) /K [75 76] 346 0 obj /K 21 /Pg 23 0 R >> /Pg 22 0 R endobj << >> endobj /Lang (EN-US) /Lang (EN-US) >> >> << /S /P /P 6317 0 R << /Lang (EN-US) >> /Pg 23 0 R /S /Artifact /S /Artifact /K 1420 /S /Artifact /S /P 183 0 obj /Lang (EN-US) << >> /S /Artifact /Lang (EN-US) /Lang (EN-US) >> /P 4913 0 R << /K 794 >> /K [4411 0 R 4412 0 R 4413 0 R 4414 0 R 4415 0 R 4416 0 R 4417 0 R 4418 0 R 4419 0 R 4420 0 R /Lang (EN-US) /Lang (EN-US) >> /Pg 25 0 R /P 5902 0 R /StructParents 5 /Pg 22 0 R /Lang (EN-US) /Pg 13 0 R /K 1178 4203 0 obj endobj /K 1508 /P 5941 0 R 3783 0 obj /P 5125 0 R /Pg 20 0 R 2 Annualized volatility and return based on the period between 2005 and 2022. /S /P endobj /P 5335 0 R Cliffwater Corporate Lending Fund. /K 39 endobj endobj /Lang (EN-US) /Lang (EN-US) endobj /Lang (EN-US) endobj endobj /S /P /S /Artifact /P 5269 0 R /K 821 1126 0 obj /S /P /K 1442 /Pg 18 0 R /Pg 25 0 R null 1943 0 R null 1944 0 R null 1945 0 R 1946 0 R null 1947 0 R null << >> endobj 4278 0 obj 4298 0 obj /K 69 /S /P << /S /P >> /S /Artifact << 3739 0 obj >> 3015 0 obj /Pg 22 0 R << 1907 0 R null 1908 0 R null 1909 0 R 1910 0 R null 1911 0 R null 1912 0 R endobj endobj endobj /S /Artifact /T () << /Pg 25 0 R endobj /Lang (EN-US) 2390 0 obj /Lang (EN-US) /P 5634 0 R /Pg 24 0 R endobj /S /Artifact /K 1318 /Pg 24 0 R /S /P /S /Artifact /Pg 22 0 R ** First Eagle Credit Opportunities Fund uses Distribution Yield in place of Yield to Worst. << /S /Artifact /Pg 24 0 R /Pg 24 0 R << 2211 0 obj << << /K 1169 endobj /Lang (EN-US) >> 4012 0 obj endobj 646 0 obj null null null 974 0 R null 975 0 R null 976 0 R null 977 0 R /S /P >> /P 6043 0 R /P 5564 0 R endobj /S /P endobj /Pg 14 0 R /Pg 24 0 R /K 21 /P 185 0 R /P 6446 0 R 1099 0 obj << << /Pg 25 0 R /Pg 22 0 R >> /K 831 /Pg 24 0 R Mid-market direct lending loans in the US enjoyed a year of strong performance in 2021 according to the Cliffwater Direct Lending Index, an index compiled by investment adviser and fund manager Cliffwater of 8,000 mid-market loans totalling $191 billion at the end of last year. endobj 729 0 R null 730 0 R null 731 0 R null 732 0 R null 733 0 R null << >> endobj /K 833 3503 0 obj >> 1921 0 obj endobj /K 1467 >> /Lang (EN-US) /K 1526 /Lang (EN-US) /S /P /S /P /S /P /K 1294 /K 1487 >> /S /P >> /S /Artifact 3227 0 obj /Pg 25 0 R /Lang (EN-US) << << endobj /Lang (EN-US) /Pg 23 0 R 3050 0 obj << /S /P /P 5429 0 R /S /P /Pg 22 0 R >> /S /Artifact /Pg 25 0 R /P 6714 0 R /Pg 24 0 R /Pg 24 0 R /S /P 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 /Pg 25 0 R 820 0 obj endobj endobj << endobj /Lang (EN-US) /S /Artifact /S /Artifact << /Pg 23 0 R >> << endobj /P 33 0 R >> 2785 0 obj << >> /Pg 23 0 R /P 6682 0 R endobj 2197 0 obj /K 206 /Pg 22 0 R /K 0 /P 10 0 R 1962 0 obj endobj /Pg 23 0 R 2210 0 obj /K 402 /Pg 25 0 R endobj << /K 145 /DropCap /Figure /P 5596 0 R /Lang (EN-US) endobj >> /S /P << >> /Pg 24 0 R endobj >> /S /Artifact /S /P << endobj /S /P endobj /K 1454 endobj /Title (Q1 Report on U.S. 963 0 obj /S /P /S /Artifact /S /Artifact /K 1217 endobj /S /P /Pg 23 0 R /P 4825 0 R 985 0 obj >> 1429 0 obj /Pg 22 0 R /S /Artifact /Lang (EN-US) /P 5561 0 R /S /Artifact /Lang (EN-US) /Pg 24 0 R /K 28 /S /Artifact /Pg 24 0 R /K 652 /P 5772 0 R endobj /K 878 /S /P /K 1147 << /S /Artifact /Pg 25 0 R /S /Artifact 2516 0 obj << 2491 0 R null null null 2492 0 R null 2493 0 R null 2494 0 R null >> /S /P /Lang (EN-US) 4187 0 obj << /S /Artifact /Pg 13 0 R endobj /P 5575 0 R >> UK. 87 0 obj endobj /Lang (EN-US) 3343 0 obj /P 5473 0 R endobj /K 1451 /Pg 23 0 R /K 424 /S /P /Pg 23 0 R /K 1080 /Lang (EN-US) /Pg 22 0 R /S /Artifact >> 3968 0 obj endobj /S /P 292 0 obj /P 6491 0 R 894 0 obj /Lang (EN-US) endobj /S /Artifact /S /Artifact endobj /Lang (EN-US) /S /Artifact /Pg 23 0 R /Lang (EN-US) /P 5334 0 R endobj /K 1180 /Pg 23 0 R /K 351 << 2980 0 obj << 1016 0 obj << >> 3349 0 obj /S /P endobj endobj /P 4784 0 R /K 13 3602 0 obj /K 614 endobj /P 4778 0 R endobj endobj endobj /Pg 22 0 R Private Debt: Opportunities in Corporate Direct Lending (Wiley Finance) /Pg 25 0 R /S /Artifact >> >> >> >> /S /Artifact >> /Lang (EN-US) /K 788 endobj endobj /K 801 /S /Artifact /Pg 18 0 R /Pg 24 0 R /K 1019 endobj 2549 0 obj /Pg 22 0 R endobj /K 121 /K 1180 << 2303 0 obj << /K 1445 << /K 965 >> endobj >> /Lang (EN-US) /S /Artifact endobj << >> 3579 0 obj 2212 0 obj /S /P /P 33 0 R /K 1396 /K 461 2157 0 obj endobj 536 0 obj 915 0 obj << /Lang (EN-US) endobj /P 10 0 R << 8 0 obj /Pg 23 0 R 3624 0 obj >> /S /P /Lang (EN-US) /P 5046 0 R << /K 1398 /S /P << 1839 0 obj /K 208 /P 5808 0 R /P 6094 0 R /Pg 13 0 R /K 1121 /P 6144 0 R >> /Pg 25 0 R << 2398 0 obj /P 6277 0 R /Pg 23 0 R /S /P /K 204 endobj /S /P /Pg 22 0 R endobj 2935 0 R null 2936 0 R null 2937 0 R null 2938 0 R null 2939 0 R null /A 4687 0 R endobj >> endobj /K 190 /Pg 24 0 R << /Lang (EN-US) /K 598 null 642 0 R null 643 0 R null null null 644 0 R null null << 3172 0 obj endobj /K 1161 /S /P >> /P 4638 0 R << << endobj 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 24 0 R /Pg 22 0 R /S /P null 899 0 R null 900 0 R null null null 901 0 R null null endobj endobj /S /P 3528 0 obj /Pg 22 0 R endobj /Pg 24 0 R >> >> /Pg 25 0 R endobj /Pg 23 0 R >> /P 193 0 R /K 813 /Pg 25 0 R /Lang (EN-US) 320 0 obj /S /P >> endobj null 3830 0 R null 3831 0 R null 3832 0 R null 3833 0 R null null /Lang (EN-US) /S /P /S /P /Lang (EN-US) >> /Pg 23 0 R 2040 0 obj /S /P >> /K 1145 /Pg 22 0 R /K 165 /K 291 >> >> 3292 0 obj /K 20 /K 950 1305 0 obj >> /S /P /K 287 /Pg 25 0 R << 4577 0 R 4578 0 R 4579 0 R 4580 0 R 4581 0 R 4582 0 R 4583 0 R 4584 0 R 4585 0 R 4586 0 R /Pg 22 0 R << << /K 34 /S /Artifact >> /CropBox [0 0 612 792] 1032 0 obj >> endobj >> /K 107 endobj /Lang (EN-US) >> /S /P 1273 0 obj endobj /K 1445 /Pg 22 0 R >> << /K 1217 >> /Pg 22 0 R 4037 0 obj /P 5117 0 R endobj << >> /Pg 22 0 R /S /Artifact /S /Artifact >> endobj 2093 0 obj /Pg 25 0 R endobj /Lang (EN-US) << endobj /K 1546 /Pg 22 0 R 2359 0 obj 594 0 obj endobj /K 239 >> /S /Artifact endobj /Lang (EN-US) /Pg 24 0 R 2092 0 obj /S /P /Lang (EN-US) /K 1304 << /S /P /P 5141 0 R >> /S /P /S /P /Lang (EN-US) /P 5446 0 R endobj << endobj 1120 0 obj endobj /P 5659 0 R 3157 0 obj 3261 0 obj /StructParents 3 /P 4725 0 R /P 4765 0 R endobj << << endobj /Pg 23 0 R >> 3625 0 obj 3646 0 obj /S /P >> >> >> /Pg 25 0 R 2203 0 obj 1730 0 obj /S /Artifact /Pg 23 0 R null 1984 0 R null 1985 0 R null 1986 0 R null null null 1987 0 R /P 6697 0 R /Lang (EN-US) /P 6729 0 R >> >> /Pg 23 0 R /Pg 22 0 R /Lang (EN-US) << << /Pg 22 0 R /Pg 24 0 R /S /P endobj /S /P >> << /Pg 23 0 R >> /Pg 22 0 R >> 3621 0 obj 234 0 obj >> << /P 6554 0 R /K 1116 << /K 698 /K 769 Not surprisingly, some managers have produced better outcomes than others, and by wide margins. >> endobj /Lang (EN-US) >> /K 375 endobj >> /Pg 22 0 R /Lang (EN-US) << /Pg 22 0 R >> 2749 0 obj << << /K 1160 /S /Artifact /Pg 24 0 R << /K 1321 /P 10 0 R endobj endobj /Pg 23 0 R /Lang (EN-US) endobj /K 1475 /S /Artifact << << /Pg 24 0 R >> endobj /Lang (EN-US) /S /Artifact 1656 0 obj << /Lang (EN-US) endobj /K 738 >> << /Lang (EN-US) << >> /S /Artifact /S /Artifact /Pg 24 0 R /Pg 25 0 R /Pg 24 0 R /K 1399 << /Pg 23 0 R 1488 0 obj 2513 0 obj /Pg 25 0 R /K 1239 2538 0 obj << /P 6329 0 R << /P 4731 0 R /P 5109 0 R << << endobj << endobj << << 2289 0 obj /Lang (EN-US) /K 1142 /Lang (EN-US) 4189 0 obj 1445 0 R 1446 0 R 1447 0 R 1448 0 R 1449 0 R 1450 0 R 1451 0 R 1452 0 R 1453 0 R 1454 0 R /K 61 << /P 5258 0 R /Pg 24 0 R /Pg 22 0 R /P 6017 0 R /P 5217 0 R endobj endobj /P 4956 0 R >> >> << << 2100 0 obj /S /Artifact 3129 0 obj endobj << /S /Artifact /P 5346 0 R /Pg 23 0 R endobj 3633 0 obj 1365 0 obj >> /CropBox [0 0 612 792] >> 870 0 obj /K 884 /P 5805 0 R >> << endobj /Lang (IT-IT) << /Pg 22 0 R >> /Lang (EN-US) 2808 0 obj << 1555 0 obj /K 169 endobj /S /P >> null 788 0 R null null null 789 0 R null 790 0 R null 791 0 R >> 2228 0 obj 4221 0 obj /Pg 22 0 R /Pg 22 0 R << /S /P >> >> >> 59 0 obj >> endobj endobj /K 1482 /K 1172 /P 6251 0 R 3699 0 obj endobj 3922 0 obj >> << /K 152 << << 1113 0 obj /P 5087 0 R >> 3135 0 obj /Lang (EN-US) endobj endobj /Pg 25 0 R << 3780 0 obj /S /Artifact /Pg 22 0 R /P 10 0 R << >> /Lang (EN-US) /K 72 >> /P 5199 0 R 3593 0 obj /K 1432 /BS 6761 0 R << endobj endobj /Lang (EN-US) << << 466 0 obj /Lang (EN-US) /S /Artifact 2183 0 obj << << 1142 0 obj << 2872 0 obj /S /Artifact /K 1485 endobj /S /Artifact << /K 275 >> /Lang (EN-US) /S /Artifact /Lang (EN-US) /P 4853 0 R /P 4655 0 R /Pg 23 0 R >> 2187 0 obj 908 0 obj endobj >> endobj /S /P /Pg 25 0 R endobj << /K 408 /Pg 25 0 R endobj 3153 0 obj endobj << /P 5124 0 R >> << /K 175 endobj endobj /S /P endobj /S /Artifact endobj endobj /P 5186 0 R /K 628 1750 0 obj endobj /Pg 22 0 R /K 237 590 0 obj /P 10 0 R /S /Artifact /K 749 << 3613 0 obj 679 0 obj /Pg 23 0 R >> 3752 0 obj /P 4931 0 R << /K [4504 0 R 4505 0 R 4506 0 R 4507 0 R 4508 0 R 4509 0 R 4510 0 R 4511 0 R 4512 0 R 4513 0 R << /Lang (EN-US) << << /P 5455 0 R /S /Artifact >> endobj /Lang (EN-US) /S /P /P 5320 0 R /P 4708 0 R /Pg 13 0 R /P 6097 0 R >> << >> >> >> 3929 0 obj /K 1267 << /K 1173 endobj /Pg 23 0 R 291 0 obj /K 1407 /Pg 23 0 R /Pg 15 0 R endobj << >> 315 0 obj >> endobj << endobj endobj 775 0 obj /S /P endobj << >> >> /K 398 endobj endobj /Lang (EN-US) endobj /Pg 25 0 R /S /Artifact /K 1370 1721 0 obj /S /P >> >> /S /Artifact /Lang (EN-US) << 885 0 R null 886 0 R null 887 0 R null 888 0 R null null null /Pg 13 0 R >> /P 10 0 R /P 5624 0 R /P 4694 0 R << << /Pg 22 0 R >> /Lang (EN-US) /Pg 22 0 R >> /K 1263 >> endobj /Lang (EN-US) /Pg 23 0 R /K 1452 >> 2971 0 obj >> /Pg 22 0 R /S /P endobj /Lang (EN-US) endobj endobj >> /P 6148 0 R /Pg 19 0 R 4587 0 R] /S /P /P 5162 0 R 4154 0 obj /S /P /S /P << /K 1108 /S /P /Lang (EN-US) /S /P << 2923 0 obj endobj /S /Artifact 409 0 R] 2635 0 obj >> 1023 0 obj /K 1241 /S /P /Pg 20 0 R /K 78 endobj /K 1301 /Pg 18 0 R /P 4785 0 R /K 1320 4024 0 obj 772 0 obj Home - Cliffwater LLC 3176 0 obj /Pg 25 0 R endobj /K 772 << 1205 0 obj /P 5626 0 R /K 1475 << /Lang (EN-US) /S /P 4152 0 obj /P 5705 0 R /Lang (EN-US) >> << /Pg 24 0 R >> ujUvi(f(44sH+8f,JC T7jR($V!V? 3087 0 R 3088 0 R 3089 0 R 3090 0 R 3091 0 R 3092 0 R 3093 0 R 3094 0 R 3095 0 R 3096 0 R /K 1064 /Type /Page >> << endobj /K 1191 << << /S /P endobj /K 1349 /P 5073 0 R 757 0 obj /Pg 24 0 R /P 4757 0 R >> 189 0 obj /S /P >> /Pg 22 0 R << >> 2921 0 obj /K 29 /S /P /Pg 22 0 R endobj >> endobj endobj /Pg 23 0 R 1036 0 obj /K 803 /Pg 25 0 R 765 0 obj /P 6077 0 R /Pg 24 0 R << 3167 0 R 3168 0 R 3169 0 R 3170 0 R 3171 0 R 3172 0 R 3173 0 R 3174 0 R 3175 0 R 3176 0 R << >> /S /P 829 0 obj >> endobj /P 5163 0 R endobj /S /P 2889 0 obj endobj /K 1475 null 2509 0 R 2510 0 R null 2511 0 R null 2512 0 R null 2513 0 R null /Pg 23 0 R /Pg 23 0 R endobj /K 1264 endobj 1188 0 R 1189 0 R 1190 0 R 1191 0 R 1192 0 R 1193 0 R 1194 0 R 1195 0 R 1196 0 R 1197 0 R /P 5450 0 R /K 514 3654 0 obj null 3838 0 R null 3839 0 R null 3840 0 R 3841 0 R null 3842 0 R null /S /Artifact >> /K 1153 /Lang (EN-US) /K 1208 /S /Figure /Lang (EN-US) >> /K 2 >> endobj /Pg 24 0 R All of the monthly standard deviations are then annualized and the volatility is expressed as a percentage. /S /P 126 0 obj 2167 0 obj /Pg 23 0 R endobj /Pg 23 0 R /P 145 0 R endobj << << /S /Artifact /S /P >> /K 158 /Pg 24 0 R /P 10 0 R >> /Pg 23 0 R 1422 0 obj /Pg 22 0 R /CropBox [0 0 612 792] endobj << << endobj /Pg 25 0 R /S /P >> /P 5472 0 R /Pg 24 0 R /S /Artifact /K 459 /Pg 25 0 R /K 556 << endobj /P 4665 0 R /S /Artifact << >> >> >> 1799 0 obj /Pg 24 0 R 718 0 obj 3384 0 obj 2073 0 obj << /Lang (EN-US) endobj << 2998 0 obj << /Lang (EN-US) /Pg 23 0 R endobj /Pg 24 0 R << /Lang (EN-US) >> /P 5614 0 R >> /K 1460 /S /P /S /Artifact /S /Artifact << /S /Artifact /Pg 24 0 R /S /Artifact /S /Artifact >> /P 5581 0 R 739 0 obj endobj >> /P 6466 0 R >> >> << /K 1415 /P 6675 0 R /P 4705 0 R /S /P endobj << endobj Average Realized Loss (2006 - 2021) Average realized loss is the historical average of the realized gains/losses for the Cliffwater Direct Lending Index. << << << 2332 0 obj << /S /Artifact endobj 3084 0 obj /S /P /P 5041 0 R /K 460 /Pg 24 0 R 787 0 obj /S /P /Lang (EN-US) << endobj 1230 0 obj /K 1229 /K 77 endobj /K [4430 0 R 4431 0 R 4432 0 R 4433 0 R] << null 606 0 R 607 0 R null null 608 0 R null 609 0 R 610 0 R null endobj /K 76 /P 6636 0 R /Pg 22 0 R /Lang (EN-US) /Count 14 endobj >> /K 745 /Lang (EN-US) << >> 3995 0 obj /Lang (EN-US) /Pg 24 0 R /S /Artifact endobj /P 5197 0 R /S /Artifact >> endobj << /P 4812 0 R /Resources 4379 0 R << /Pg 25 0 R 78 0 R] /Pg 22 0 R /S /Artifact << /S /Artifact /K 400 /Pg 25 0 R >> >> << endobj /P 5940 0 R endobj << << /Pg 23 0 R /Lang (EN-US) endobj /Pg 25 0 R /K 697 /P 6053 0 R /S /Artifact /Pg 25 0 R endobj << /K 1147 3570 0 obj /S /LBody >> /S /Artifact 1515 0 R 1516 0 R 1517 0 R 1518 0 R 1519 0 R 1520 0 R 1521 0 R 1522 0 R 1523 0 R 1524 0 R /P 6208 0 R endobj >> /P 10 0 R 579 0 obj >> 353 0 obj endobj /Pg 24 0 R << /S /Artifact /K 179 << /P 10 0 R >> /P 5132 0 R endobj 4335 0 obj /K 82 /P 5731 0 R /K 1012 endobj /K 75 endobj endobj /S /Artifact 4017 0 R 4018 0 R 4019 0 R 4020 0 R 4021 0 R 4022 0 R 4023 0 R 4024 0 R 4025 0 R 4026 0 R >> << /S /Artifact /Pg 24 0 R /S /Artifact /K 1422 /K 58 /K 959 /Pg 23 0 R /Pg 22 0 R 3246 0 obj /P 5806 0 R 3908 0 obj /P 4860 0 R endobj << >> /K 317 /K 188 /Pg 22 0 R /K 1369 /P 6758 0 R >> /Pg 23 0 R endobj >> /Lang (EN-US) /Pg 24 0 R /P 10 0 R 726 0 R null 727 0 R null null null 728 0 R null null null >> << endobj endobj 4115 0 obj /P 5651 0 R /S /P endobj >> /S /P /Lang (EN-US) << /Pg 21 0 R >> << endobj /K 1545 /S /P /S /Artifact /K 142 /K 1146 2881 0 obj /S /Artifact 485 0 obj 677 0 R null 678 0 R null 679 0 R null null null 680 0 R null << endobj /K 1535 /Pg 25 0 R /P 6611 0 R 2779 0 obj endobj /S /Artifact /S /P << endobj /S /P /S /Artifact endobj /Pg 23 0 R << >> /Pg 24 0 R /K 263 /P 5464 0 R /S /P /K [180 542 0 R 194 4744 0 R] endobj >> 2402 0 obj /K 824 /K 1427 endobj Adam Nyhan on LinkedIn: Corporate Transparency Act Imposes New Federal >> /Lang (EN-US) /P 4805 0 R /S /Artifact /S /Artifact /Pg 23 0 R << endobj /S /Artifact /K 586 /S /P >> << /P 5426 0 R << /P 4894 0 R 756 0 R null 757 0 R null 758 0 R 759 0 R null 760 0 R null 761 0 R /K 1022 /S /P /K 986 << /P 6310 0 R << /P 5033 0 R /K 666 /Lang (EN-US) /P 4738 0 R << /K 9 /K 100 null 2927 0 R null null null 2928 0 R null null null 2929 0 R /Lang (EN-US) /K 25 2585 0 R null 2586 0 R null null null 2587 0 R null null null 1615 0 obj /Pg 15 0 R /K 297 << endobj >> /K 453 << >> /Pg 25 0 R 3896 0 obj /Pg 17 0 R /S /Artifact 1494 0 obj << endobj /Lang (EN-US) /Pg 24 0 R >> /K 759 1557 0 obj /S /Artifact /K 1355 /Lang (EN-US) /K 100 /P 6698 0 R >> /P 10 0 R /K 1146 /Lang (EN-US) endobj << /P 5890 0 R /Pg 25 0 R << /Pg 22 0 R << 2049 0 obj /S /P /K 288 /K 406 287 0 obj >> /K 1242 /S /Artifact endobj /Pg 22 0 R endobj /K 1199 endobj /K 233 /S /P 3493 0 obj >> << 2026 0 obj /Lang (EN-US) /K 1452 /S /P 1337 0 obj >> /S /Artifact /Pg 22 0 R /S /Artifact /K 240 endobj << /S /P /S /Artifact /Lang (EN-US) endobj endobj /Pg 25 0 R << /P 6068 0 R /K 1321 /Pg 23 0 R << >> /Pg 24 0 R /K 327 /K 786 /Lang (EN-US) /Pg 25 0 R 649 0 obj /K 206 endobj 4162 0 obj /S /P endobj /K 459 /K 349 /Lang (EN-US) /Pg 22 0 R /P 4648 0 R endobj /P 10 0 R << 3042 0 obj /Lang (EN-US) endobj >> /Pg 22 0 R /K 1006 >> << /Lang (EN-US) endobj >> /Lang (EN-US) /S /Artifact << /Pg 22 0 R 2017 0 obj /S /P /S /P 2520 0 obj >> 2746 0 obj 3872 0 obj /K 1266 << /Pg 24 0 R /Pg 22 0 R 411 0 obj /S /Link /Pg 25 0 R /S /P >> endobj /Lang (EN-US) /K [1335 1336] /S /P /S /P /S /P /P 4759 0 R >> /Pg 22 0 R endobj /Pg 22 0 R /Pg 25 0 R /K 290 /Pg 22 0 R /P 5190 0 R endobj endobj >> /Pg 23 0 R /Lang (EN-US) /S /P 2277 0 obj /K 1044 /P 6542 0 R << /Pg 24 0 R 3397 0 obj << /Pg 22 0 R null null 1832 0 R null 1833 0 R null 1834 0 R null 1835 0 R null endobj /Pg 24 0 R >> /Pg 25 0 R /S /Artifact /Pg 22 0 R << endobj endobj /S /Artifact /S /P 22 Cliffwater Direct Lending Index endobj 1571 0 obj 2802 0 obj << 1213 0 obj 1659 0 obj << /S /P endobj 1103 0 R null 1104 0 R null 1105 0 R 304 0 R 1106 0 R 1107 0 R 1108 0 R 1109 0 R << /S /P /Lang (EN-US) 89 0 obj /Lang (EN-US) /P 5712 0 R >> /P 6400 0 R << /S /P << >> /S /Artifact /S /Artifact >> /P 10 0 R /K 12 /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) 678 0 obj << 4256 0 obj endobj 3414 0 obj /Pg 24 0 R endobj /S /Link >> >> 1600 0 obj endobj >> >> endobj 2622 0 obj endobj << /S /P endobj >> endobj >> endobj /Pg 22 0 R /S /P >> endobj endobj /K 216 /S /Artifact Looking at historical >> /K 44 >> /Pg 16 0 R endobj /Pg 23 0 R >> /K 855 /S /P >> endobj 2796 0 obj /Lang (EN-US) /P 6270 0 R endobj << /Lang (EN-US) << 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 << /K 1418 endobj /K 1099 /Lang (EN-US) /P 5174 0 R /K 109 >> /Pg 25 0 R /K 1439 /K 438 endobj /K 600 /Lang (EN-US) /Pg 25 0 R null 3551 0 R null 3552 0 R null null null 3553 0 R null null endobj endobj endobj >> /Lang (EN-US) /Pg 22 0 R /K 41 << 1691 0 R null 1692 0 R null 1693 0 R null null null 1694 0 R null /S /P << 2246 0 obj >> endobj /K 963 /S /Artifact << >> endobj endobj /P 5514 0 R /K 1157 endobj >> 1970 0 R null 1971 0 R null 1972 0 R null 1973 0 R null 1974 0 R null /P 10 0 R >> << /Lang (EN-US) /S /Artifact /K 3 >> << /P 4831 0 R 1498 0 obj /Pg 22 0 R /S /P endobj >> /Lang (EN-US) /S /Artifact /S /P /S /Artifact /P 185 0 R 582 0 obj /Pg 24 0 R 4181 0 obj >> << null 1615 0 R null 1616 0 R 1617 0 R null 1618 0 R null 1619 0 R null /Lang (EN-US) /K 93 /Pg 22 0 R /Pg 24 0 R /P 6088 0 R >> /S /Artifact << /Pg 24 0 R >> /K 1547 /Pg 24 0 R >> >> >> /Lang (EN-US) endobj endobj /K 992 /S /Artifact 1448 0 obj 3806 0 obj /S /P /S /P endobj /Lang (EN-US) /K 252 >> 2076 0 obj /Pg 22 0 R endobj /S /Artifact /Pg 24 0 R /Pg 25 0 R /K 1114 /Lang (EN-US) /Lang (EN-US) /S /Artifact >> 2552 0 obj 3998 0 obj >> PRIVATE DEBT - Yield, Safety and the Emergence of Alternative Lending: Opportuni - 36.01. /S /Artifact null 2629 0 R 2630 0 R null 2631 0 R null 2632 0 R null 2633 0 R null /S /P /Pg 24 0 R /S /Artifact /P 5432 0 R /P 4819 0 R 3947 0 obj /Pg 25 0 R << 733 0 obj endobj /K 68 (CsYUtV 2YPE~c"31w+DVMa\wrU? eeKl'60\ 480 0 obj /S /P /StructParents 8 << 2320 0 obj >> /Pg 25 0 R /Pg 25 0 R 3021 0 obj /P 10 0 R 4248 0 obj endobj /Pg 25 0 R /K 136 /S /Artifact /K 247 1988 0 obj /S /Artifact endobj >> /K 1529 >> 1351 0 obj >> /S /Artifact /K 1122 >> << endobj /K 99 3006 0 obj /Pg 22 0 R endobj << /P 5545 0 R /S /Artifact /K 1271 << 3361 0 obj /S /P /MediaBox [0 0 612 792] << /K 1289 << endobj 2104 0 obj /K 1520 /Pg 25 0 R endobj 1684 0 obj 4047 0 R 4048 0 R 4049 0 R 4050 0 R 4051 0 R 4052 0 R 4053 0 R 4054 0 R 4055 0 R 4056 0 R 3263 0 obj endobj /Pg 24 0 R /Pg 25 0 R >> /Lang (EN-US) /P 5645 0 R /S /P endobj /S /P << endobj << /S /P 3879 0 obj >> /P 10 0 R >> /S /P >> << 2370 0 obj /S /P /K 1388 2977 0 obj /S /P << /S /P /S /Artifact >> endobj /K 9 >> /Lang (EN-US) /Lang (EN-US) /P 5560 0 R endobj /Pg 23 0 R /K 1004 /Pg 23 0 R endobj /Lang (EN-US) /Pg 25 0 R 504 0 obj /K 1388 /Pg 18 0 R << << 1705 0 obj endobj 931 0 obj << endobj >> >> >> >> 2247 0 obj >> /K 1071 /Pg 25 0 R endobj >> >> endobj /Pg 23 0 R /T () 1166 0 obj 2318 0 obj 1347 0 obj endobj /S /Artifact /Lang (EN-US) << /Pg 21 0 R 1378 0 obj endobj /Pg 25 0 R /Lang (EN-US) >> 3565 0 obj /Lang (EN-US) /Pg 25 0 R /S /P /Pg 25 0 R 420 0 obj >> endobj >> << << >> /Pg 22 0 R 3057 0 R 3058 0 R 3059 0 R 3060 0 R 3061 0 R 3062 0 R 3063 0 R 3064 0 R 3065 0 R 3066 0 R >> 1849 0 obj /Pg 22 0 R 3177 0 obj endobj 4215 0 obj /P 5127 0 R /K 742 1938 0 obj endobj endobj PDF Private Credit's Rapid Growth: A Secular Trend endobj endobj endobj 570 0 obj /S /P /Pg 17 0 R /S /P >> endobj >> /Pg 22 0 R /K 1236 /Pg 22 0 R << << /Pg 23 0 R 1898 0 obj /K 1393 << /S /LBody endobj >> endobj /Pg 18 0 R >> << << /Pg 22 0 R /P 6206 0 R /Pg 13 0 R /Pg 19 0 R 2512 0 obj /S /P /S /Artifact /K 48 << /S /P /Pg 24 0 R /S /P /Pg 22 0 R << >> << 2558 0 obj << >> 1246 0 obj 3348 0 obj << 1472 0 obj /Pg 24 0 R /P 5985 0 R endobj /Lang (EN-US) >> /K 1115 << /Pg 25 0 R << >> 643 0 obj /K 1182 /S /Artifact /K 152 /Pg 23 0 R endobj /Lang (EN-US) /S /Artifact endobj /Pg 22 0 R 1318 0 R 1319 0 R 1320 0 R 1321 0 R 1322 0 R 1323 0 R 1324 0 R 1325 0 R 308 0 R 1326 0 R /S /Artifact /Pg 18 0 R /Pg 22 0 R /Pg 17 0 R /K 72 3994 0 obj /Lang (EN-US) endobj >> /Lang (EN-US) << >> /S /P /P 5784 0 R /P 5342 0 R /S /P endobj /K 1171 /P 4914 0 R /S /Artifact /P 5937 0 R endobj endobj 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 1333 << /K 297 >> 700 0 obj >> >> 2778 0 obj /S /P /S /P endobj /S /Artifact 3771 0 obj << 2268 0 obj endobj >> >> endobj /S /P /Lang (EN-US) 470 0 obj 782 0 obj endobj << << /P 5679 0 R << 3793 0 obj /Pg 24 0 R << /S /Artifact endobj /P 4713 0 R /S /Artifact /S /P /P 6351 0 R /S /Artifact 1339 0 obj endobj /S /Artifact << /Pg 23 0 R /S /Artifact /Lang (EN-US) << /Pg 25 0 R endobj << /K 655 Private credit booms while deal activity slows /Pg 25 0 R /S /P << /K 543 << >> endobj << /P 6595 0 R /K 1033 2137 0 obj