cliffwater direct lending index

3851 0 R null 3852 0 R 3853 0 R null 3854 0 R null 3855 0 R null 3856 0 R << /K 828 /K 1294 /Lang (EN-US) endobj endobj >> /K 68 >> >> >> /S /P endobj /K 11 /Lang (EN-US) /Pg 23 0 R /Pg 22 0 R << >> <> /Lang (EN-US) /S /Artifact << /K 1279 >> 3118 0 obj /Pg 25 0 R >> << /K 1510 endobj /Lang (EN-US) m /Lang (EN-US) /K 1212 /S /P 2045 0 obj >> endobj /Lang (EN-US) endobj /S /Artifact /Pg 16 0 R /S /Artifact /K 766 /Pg 23 0 R >> >> >> 2027 0 obj /Lang (EN-US) endobj /K 1456 /K 1105 endobj /Pg 16 0 R /Lang (EN-US) endobj 3479 0 obj null 784 0 R null 785 0 R null 786 0 R null 787 0 R null null 2785 0 obj >> << /S /Artifact /Pg 25 0 R 2458 0 obj >> /P 6374 0 R /S /Artifact << /Lang (EN-US) /P 5908 0 R /Lang (EN-US) /S /P <> << << endobj endobj /K 1284 /K 1547 << << /K 1046 4172 0 obj /S /Artifact endobj >> endobj 2694 0 obj >> /S /Artifact << 1211 0 obj 630 0 obj 737 0 obj 2426 0 obj /Pg 23 0 R endobj /S /P endobj /Pg 23 0 R 2033 0 obj endobj endobj << /S /Artifact /S /Artifact << /Pg 24 0 R >> 1624 0 obj /K 1367 /P 5861 0 R 3032 0 obj >> /Pg 19 0 R /K 1166 endobj /Lang (EN-US) /S /P /Pg 25 0 R /S /Artifact endobj /S /P /S /P endobj << /S /P /Pg 25 0 R /S /P /S /P >> /K 1546 << /K 1353 << 2914 0 obj /P 6462 0 R /Company (Hewlett-Packard Company) << >> /Lang (EN-US) /S /Artifact 2251 0 obj 2982 0 obj << /S /Artifact /S /Artifact 2343 0 obj <> >> >> 1118 0 obj >> /Pg 13 0 R endobj << endobj << >> >> /Pg 13 0 R /K 456 4076 0 obj endobj /Lang (EN-US) >> /Pg 18 0 R 564 0 obj endobj << 3895 0 obj >> /Pg 22 0 R 1609 0 obj << << endobj << /K 1266 /Pg 25 0 R >> /Pg 23 0 R >> null 3483 0 R null 3484 0 R null 3485 0 R null 3486 0 R null 3487 0 R >> /S /P /Pg 23 0 R /P 5276 0 R >> /K 1243 >> << /K 651 /Pg 25 0 R /Pg 22 0 R >> /S /Artifact 4314 0 obj /Lang (EN-US) >> >> << >> /Pg 25 0 R >> /S /Artifact 2405 0 obj /Pg 25 0 R /K 270 /Pg 25 0 R /S /P >> /K 103 >> /P 5432 0 R /S /Artifact /Lang (EN-US) 1334 0 obj /Pg 23 0 R endobj /K 898 << 2261 0 obj 2419 0 obj endobj /Pg 22 0 R /K 1434 << 2527 0 obj /K 633 /K 22 /P 5018 0 R << /Pg 25 0 R << >> /S /P << << 545 0 obj << >> /S /P /K 391 >> /K 1478 endobj << >> endobj /K 1346 /K 1275 3534 0 obj /Pg 22 0 R >> /S /Artifact << /Pg 16 0 R /Pg 24 0 R 1176 0 obj /S /Artifact endobj 3403 0 obj 3582 0 obj endobj /S /Artifact /P 5034 0 R /K 1391 /P 5342 0 R /S /P << /P 6394 0 R /S /P << /S /Artifact /Subtype /Link 1939 0 obj << << /Lang (EN-US) endobj /S /Artifact /S /P << /K 1191 endobj /Lang (EN-US) /K 368 /K 514 << /Pg 22 0 R /Lang (EN-US) /Pg 25 0 R << /K 1495 /Pg 23 0 R /K 109 endobj /S /Artifact null 833 0 R null 834 0 R null 835 0 R null null null 836 0 R /K 1201 /Pg 24 0 R /S /P /Pg 19 0 R /Pg 25 0 R endobj /Lang (EN-US) null 668 0 R null null null 669 0 R null 670 0 R null 671 0 R /S /P /S /P /Pg 23 0 R /S /Artifact 2717 0 obj /S /P /Lang (EN-US) /P 5008 0 R endobj /K 79 << /Lang (EN-US) <> << 306 0 obj >> 3800 0 obj endobj /Lang (EN-US) endobj /K 1205 /Lang (EN-US) endobj /S /Artifact endobj /S /P /S /P >> /P 6280 0 R 2272 0 obj >> /P 4997 0 R /P 5152 0 R endobj /S /Artifact /K 637 /P 5202 0 R /K 571 /S /P /Pg 22 0 R /Lang (EN-US) >> /K 552 >> endobj /P 4729 0 R /Pg 23 0 R /P 6042 0 R /K 300 /S /P /K 1226 626 0 obj null 3789 0 R null 3790 0 R null 3791 0 R null 3792 0 R 3793 0 R null /K 1424 endobj endobj /S /Artifact endobj << /S /Artifact null null 2540 0 R null 2541 0 R null 2542 0 R null 2543 0 R null /S /Artifact 3262 0 obj >> endobj 4304 0 R 4305 0 R 4306 0 R 4307 0 R 4308 0 R 4309 0 R 4310 0 R 4311 0 R 4312 0 R 4313 0 R /P 6229 0 R endobj /K 12 endobj /S /Artifact endobj 3191 0 obj /Lang (EN-US) /P 5487 0 R /Pg 24 0 R >> 353 0 R 354 0 R] /S /P endobj 3280 0 obj /K 1151 /S /P /Pg 22 0 R /S /P /K 1060 >> /Pg 24 0 R /Lang (EN-US) << >> /P 426 0 R endobj /Lang (EN-US) endobj /S /P /Pg 25 0 R /K 1406 << /K 1119 >> /S /P << endobj /Pg 17 0 R /Lang (EN-US) 4042 0 obj /S /P >> UK. endobj >> /P 5106 0 R endobj /K 1296 endobj 3842 0 obj /Pg 22 0 R /S /Artifact /K 1401 24 0 obj /P 5417 0 R 1795 0 obj /Pg 23 0 R /S /Artifact << /K 1347 2534 0 obj 1961 0 obj /Lang (EN-US) /S /Artifact /S /P >> << <> /F 4 endobj /Pg 25 0 R /S /Artifact <> endobj /Pg 23 0 R /S /P /K [18 432 0 R 67] << 11 [311 0 R null 313 0 R null 1546 0 R null null 1547 0 R null null /P 5444 0 R << /Pg 24 0 R /K 668 endobj << endobj /S /Table /K 1222 /S /Artifact /K 1358 >> endobj 3157 0 obj >> /K 1229 /S /P /S /Artifact >> 3896 0 obj endobj 2665700.00000000 endobj /K 274 /P 5544 0 R /K 225 /S /P /Pg 25 0 R /Lang (EN-US) /DropCap /Figure /S /P <> >> /K 272 endobj /Pg 23 0 R /Lang (EN-US) << >> >> >> /Lang (EN-US) /P 6160 0 R /K 741 >> 705 0 obj 4236 0 obj /K 1073 << 137 0 obj /S /P << /Pg 24 0 R /K [8 431 0 R 72] << /Pg 22 0 R << endobj /K 203 /Lang (EN-US) /Lang (EN-US) << >> /K 1126 /K 1285 1448 0 obj null 2829 0 R null 2830 0 R null 2831 0 R null null null 2832 0 R endobj /Pg 16 0 R endobj null null null 717 0 R null 718 0 R null 719 0 R null 720 0 R /Pg 25 0 R 253 0 obj << /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) /Pg 22 0 R /P 6329 0 R /Lang (EN-US) << >> >> 2482 0 obj endobj /S /Artifact /Pg 24 0 R endobj >> /K 1255 /P 5406 0 R /Pg 23 0 R /Lang (EN-US) >> /P 6729 0 R /S /Artifact >> << >> << /S /P 2894 0 R null 2895 0 R null 2896 0 R null 2897 0 R null 2898 0 R 2899 0 R /K 13 >> endobj 1891 0 obj /K 1333 << endobj 1233 0 obj /K 1251 /S /P /SourceModified (D:20220524090108) /Pg 24 0 R 2896 0 obj 122 123 124] /Pg 22 0 R /K 184 /Pg 18 0 R /Pg 24 0 R /Lang (EN-US) >> 3586 0 obj endobj << endobj endobj /S /P 3963 0 obj /P 5466 0 R << endobj Middle-market direct lending has evolved over the last 20 years, and many institutional investors increasingly view it as a strategic portfolio allocation. >> /Lang (EN-US) >> /Pg 24 0 R 2275 0 obj /P 5868 0 R /Pg 25 0 R Direct lending - Institutional | BlackRock >> /Pg 25 0 R /S /P endobj /K 136 /Lang (EN-US) /P 4979 0 R /S /P /Pg 22 0 R endobj /P 4840 0 R /P 4963 0 R << /K 682 >> endobj << /Lang (EN-US) /K 615 /S /Artifact endobj /S /P /P 5204 0 R << endobj /Pg 18 0 R /S /P /P 6095 0 R 237 0 R 238 0 R 239 0 R 240 0 R 241 0 R 242 0 R 243 0 R 244 0 R 245 0 R 246 0 R /S /P /Pg 22 0 R /Lang (EN-US) endobj /Lang (EN-US) /Pg 25 0 R /K 1308 /Pg 23 0 R /K 324 << 276 0 obj endobj >> >> /S /P 4043 0 obj 822 0 obj 639 0 obj /S /P endobj /Pg 13 0 R /Lang (EN-US) << /S /Artifact /K 845 /P 10 0 R >> /Pg 23 0 R /Lang (EN-US) /K 767 endobj /K 108 /Pg 23 0 R /K 22 /K 554 /Lang (EN-US) endobj endobj endobj << endobj /K 415 /S /Artifact >> endobj >> >> >> >> /P 4435 0 R /K 1208 /K 24 << /S /Artifact /P 6579 0 R endobj endobj >> << >> /Lang (EN-US) /Lang (EN-US) 1881 0 obj << endobj << << >> Cliffwater Corporate Lending Fund - Intervalfunds /Lang (EN-US) /S /Artifact << /K 662 797 0 obj /Pg 25 0 R /P 6119 0 R /P 6293 0 R /Pg 25 0 R 1102 0 obj /S /P /K 395 3907 0 obj << /S /Artifact /Lang (EN-US) /Lang (EN-US) /Pg 25 0 R /P 5180 0 R << /TextBox /Art << /S /P << /S /Artifact >> 1450 0 obj /S /P endobj << /K 33 << 2121 0 obj /P 4817 0 R /S /Artifact 491 0 obj endobj null 3457 0 R null null null 3458 0 R null 3459 0 R null 3460 0 R << /Pg 22 0 R >> /S /P /Pg 23 0 R endobj /Pg 24 0 R /Lang (EN-US) << >> /Pg 24 0 R /K 1429 /T () endobj >> /S /Artifact /Pg 23 0 R /S /P 257 0 obj /Pg 22 0 R << << /S /P /Lang (EN-US) >> << 811 0 obj 1687 0 obj << /K 1233 961 0 obj endobj 185 0 obj << /S /Artifact 165 0 obj endobj /Pg 24 0 R endobj /Lang (EN-US) /K 275 /K 156 2118 0 obj /K 69 /P 5524 0 R << /Pg 22 0 R >> 2439 0 obj /Lang (EN-US) 959 0 obj >> /P 6176 0 R 4132 0 obj /K 863 /S /Artifact >> endobj /Pg 25 0 R /S /P /Lang (EN-US) /K 1362 endobj >> /Lang (EN-US) endobj /K 1492 1350 0 obj /K 1491 << /Lang (EN-US) null 3740 0 R null 3741 0 R null 3742 0 R null 3743 0 R null 3744 0 R /Lang (EN-US) /Pg 19 0 R 2349 0 obj 3323 0 obj << /Pg 23 0 R 2003 0 obj /K 494 >> endobj /Pg 23 0 R << /Pg 22 0 R /P 6550 0 R /Lang (EN-US) << /Pg 18 0 R /K 108 >> >> null null null 3883 0 R null 3884 0 R null 3885 0 R null 3886 0 R /S /P /Lang (EN-US) /S /P /S /P /P 6727 0 R /K 1204 <> >> 4258 0 obj 3946 0 obj >> 3748 0 obj endobj endobj 1576 0 obj << /K 461 endobj /Lang (EN-US) << >> /Pg 23 0 R endobj << endobj endobj /P 5613 0 R /Lang (EN-US) 252 0 obj >> << /Lang (EN-US) endobj >> /S /P /K 29 endobj << 3513 0 obj /S /Artifact >> /K 1540 /P 4938 0 R /S /P endobj endobj /S /P >> endobj endstream /Lang (EN-US) << 2997 0 R 2998 0 R 2999 0 R 3000 0 R 3001 0 R 3002 0 R 3003 0 R 3004 0 R 3005 0 R 3006 0 R /Pg 22 0 R >> /K 600 << /K 264 >> /Lang (EN-US) /P 6165 0 R << endobj >> /Lang (EN-US) 1462 0 obj endobj null 3630 0 R null 3631 0 R 3632 0 R null 3633 0 R null 3634 0 R null endobj /K 1417 /S /P /Pg 18 0 R 2813 0 obj >> /S /Artifact /S /Artifact /K 115 /P 10 0 R 3660 0 obj endobj /Pg 22 0 R /S /Artifact /Pg 24 0 R /K 10 4243 0 obj endobj >> /K 1046 /K 126 endobj /P 5470 0 R << /P 5959 0 R 2598 0 obj /K 1510 /P 5565 0 R endobj 2376 0 obj endobj /Pg 22 0 R 227 0 R 228 0 R 229 0 R 230 0 R 231 0 R 232 0 R 233 0 R 234 0 R 235 0 R 236 0 R /K 1512 4238 0 obj /Lang (EN-US) /Pg 24 0 R /K 1267 4255 0 obj /S /P /S /P /P 5293 0 R /Lang (EN-US) /S /P /Lang (EN-US) /S /Artifact /S /P /Pg 20 0 R /P 6725 0 R 973 0 obj endobj 1292 0 obj /Pg 22 0 R << 3178 0 obj /K 24 2621 0 obj /Pg 23 0 R /S /P /K 695 /K 183 /Pg 22 0 R << 4087 0 obj endobj << <> endobj /P 5352 0 R /Pg 23 0 R 30 0 obj /K 1162 /S /P /Lang (EN-US) endobj /Pg 23 0 R endobj /Pg 15 0 R /K 1453 1266 0 obj endobj >> 2843 0 obj /K 376 >> /Pg 25 0 R /Pg 25 0 R /S /P /Pg 24 0 R /S /P >> endobj << /S /P /S /Artifact endobj >> 908 0 obj /Lang (EN-US) endobj << /S /Artifact /P 5263 0 R /Pg 25 0 R /P 5796 0 R /Author (Bloomberg) << /S /P 1227 0 obj /Pg 23 0 R /K 1033 /S /P endobj /S /Artifact <> /Lang (EN-US) endobj endobj /P 6662 0 R /Pg 24 0 R /K 1257 /S /P /Pg 22 0 R /Lang (EN-US) 939 0 obj /Pg 17 0 R /S /P 515 0 obj /S /LBody endobj /P 10 0 R /S /P /Lang (EN-US) endobj /S /P /K 30 << endobj >> 4335 0 obj 4220 0 obj endobj /Lang (EN-US) endobj endobj endobj 255 0 obj /StructParents 8 >> 1298 0 R 1299 0 R 1300 0 R 1301 0 R 1302 0 R 1303 0 R 1304 0 R 1305 0 R 1306 0 R 1307 0 R /S /P /Lang (EN-US) >> /K 500 3294 0 obj /Lang (EN-US) endobj >> /Pg 23 0 R endobj /K 1323 /Pg 13 0 R /Lang (EN-US) endobj /K 1420 /K 674 3027 0 obj << endobj endobj /StructTreeRoot 5 0 R /Pg 23 0 R /Pg 25 0 R 2377 0 obj >> endobj << /Pg 23 0 R 1904 0 obj /Lang (EN-US) 2649 0 obj endobj /P 5101 0 R >> << /K 1418 /Lang (EN-US) 921 0 obj /Pg 22 0 R /Lang (EN-US) endobj /K 364 904 0 obj /Pg 23 0 R << >> << /K 1475 endobj >> /P 5117 0 R /A 4457 0 R /S /P /K 788 /S /P >> This index captures both mark-to-market volatility (based on quarterly loan valuation changes) as well /S /Artifact endobj /S /Artifact /S /Artifact /Lang (EN-US) endobj /Pg 24 0 R /S /P << >> /MediaBox [0 0 612 792] /P 192 0 R >> 4256 0 obj 2255 0 obj /P 5459 0 R /Lang (EN-US) /Pg 23 0 R /P 10 0 R >> 3203 0 obj >> endobj /S /P /P 6084 0 R >> /K 774 1532 0 obj /S /Artifact null 1872 0 R null 1873 0 R 1874 0 R null 1875 0 R null 1876 0 R null endobj >> << >> 2420 0 obj /Pg 23 0 R /Lang (EN-US) /S /P /Lang (EN-US) << /S /Artifact /K 3 /K 1284 <> /Lang (EN-US) << 1498 0 obj endobj /Pg 22 0 R >> >> 1366 0 obj /S /P >> << /K 462 /Pg 19 0 R /S /Artifact /P 5325 0 R >> /S /Artifact >> /Pg 22 0 R /K 1007 << /K 6 /Pg 22 0 R /S /Artifact /S /Artifact 1122 0 obj >> /K 246 /Lang (EN-US) /Pg 22 0 R >> /K [0 443 0 R 42] /S /Artifact /K 1329 /Lang (EN-US) endobj /S /Artifact 4324 0 obj /S /P 1943 0 obj /K 25 536 0 obj /K 638 /S /Artifact /P 10 0 R /P 10 0 R /P 4698 0 R /S /Artifact /Pg 25 0 R /K 527 endobj /K 1508 /P 10 0 R << /Pg 24 0 R 1110 0 obj /Lang (EN-US) endobj /S /P /Lang (EN-US) 3018 0 obj 1854 0 obj endobj /Lang (EN-US) 2658 0 obj /S /P 151 0 obj /K 1041 2383 0 obj endobj /Pg 16 0 R /K 1481 /Pg 22 0 R /Pg 23 0 R /Lang (EN-US) /P 5513 0 R endobj /P 5827 0 R 807 0 obj /K 1340 /S /Artifact /Kids [8 0 R 9 0 R] 1180 0 obj 2221 0 obj /K 1209 /Pg 24 0 R 2543 0 obj /K 1342 >> endobj /Pg 25 0 R /Pg 24 0 R /Lang (EN-US) /Pg 23 0 R endobj /Pg 13 0 R >> /Lang (EN-US) /Pg 19 0 R /K 1291 >> /Lang (EN-US) 1516 0 obj /Pg 24 0 R endobj <> /K 8 >> /P 4967 0 R /S /P << /Pg 22 0 R 685 0 R null 686 0 R 687 0 R null 688 0 R null 689 0 R null 690 0 R /P 6553 0 R 2235 0 obj endobj /K 1273 /Lang (EN-US) >> >> /S /P 2090 0 obj /P 5667 0 R /S /P >> /S /P /S /Artifact /P 5842 0 R /S /P 3360 0 obj << /Pg 23 0 R /S /P << endobj 1765 0 obj /K 1236 2311 0 obj /S /P endobj 339 0 obj >> /P 4976 0 R /S /P /P 5997 0 R /Lang (EN-US) /K 354 /Lang (EN-US) endobj /S /P endobj << endobj /Pg 25 0 R endobj /P 6134 0 R /S /Artifact endobj <> << /K 1113 /K 1524 /K 940 /Lang (EN-US) endobj << /K 1438 Loans are made or arranged pursuant to a California Financing Law license. >> /S /Artifact /S /P /S /P 1168 0 obj /S /P /Pg 23 0 R /Lang (EN-US) 1454 0 obj /S /Artifact << 4216 0 obj >> 3386 0 obj >> /S /L /S /P /Rect [368.799987793 209.5229949951 371.5010070801 218.1950073242] << /P 4735 0 R 1415 0 R 1416 0 R 1417 0 R 1418 0 R 1419 0 R 1420 0 R 1421 0 R 1422 0 R 1423 0 R 1424 0 R /A 4448 0 R /K 372 817 0 obj /K 670 /Lang (EN-US) /S /P /K 1447 endobj endobj /P 6466 0 R /Pg 25 0 R /Lang (EN-US) endobj /P 5134 0 R endobj /K 1448 /Pg 24 0 R >> /P 10 0 R /Pg 23 0 R /K 1343 /P 10 0 R /Pg 23 0 R /K 1294 << 2994 0 obj /P 10 0 R endobj /StructParents 5 /Lang (EN-US) /P 5605 0 R endobj /K 154 /S /P endobj >> >> /S /P 1966 0 obj /K 1304 /Lang (EN-US) null 569 0 R null 570 0 R 571 0 R null null 572 0 R null 573 0 R /K 27 /S /Artifact /Lang (EN-US) /K 1315 1534 0 obj 3868 0 obj 2772 0 obj endobj /Pg 23 0 R endobj >> /P 5881 0 R /K 93 2238 0 obj << 2906 0 obj >> << >> 490 0 obj /K 628 1824 0 obj <> >> /Lang (EN-US) /Lang (EN-US) /S /Artifact /K 550 /P 5826 0 R /Pg 18 0 R /Pg 24 0 R /S /P /Lang (EN-US) /S /P /K 1216 endobj /Pg 24 0 R /Pg 24 0 R /S /P /Pg 23 0 R << 2655 0 obj 2530 0 obj /S /P 4336 0 obj << >> /Pg 24 0 R >> /Pg 25 0 R 2967 0 obj >> >> /P 5037 0 R >> /S /P << /K 1213 /S /Artifact << << /Lang (EN-US) /K 1440 2276 0 obj /S /Link /Lang (EN-US) >> /S /P /Lang (EN-US) << /K 1539 /Pg 22 0 R /S /Artifact endobj endobj 4055 0 obj << /S /Artifact endobj /Pg 24 0 R /P 5987 0 R /Pg 22 0 R 1483 0 obj >> /K 19 /P 6623 0 R endobj /K 921 /Lang (EN-US) >> /Pg 23 0 R << 4214 0 R 4215 0 R 4216 0 R 4217 0 R 4218 0 R 4219 0 R 4220 0 R 4221 0 R 4222 0 R 4223 0 R /K 1160 /K 261 870 0 R 871 0 R null 872 0 R null 873 0 R null 874 0 R null 875 0 R /S /Artifact >> /S /P /P 6549 0 R endobj 4052 0 obj >> >> << /K 532 647 0 obj >> << /K 826 /Pg 23 0 R /Lang (EN-US) 3007 0 R 3008 0 R 3009 0 R 3010 0 R 3011 0 R 3012 0 R 3013 0 R 3014 0 R 3015 0 R 3016 0 R /P 5864 0 R endobj endobj /Lang (EN-US) << null 2949 0 R null 2950 0 R null 2951 0 R null null null 2952 0 R /Pg 22 0 R 2295 0 obj /S /P 231 0 obj 399 0 obj endobj >> 1300 0 obj << >> /P 4726 0 R >> 851 0 obj endobj >> >> /P 6098 0 R 2480 0 obj << /Pg 25 0 R >> /K 306 endobj << >> << /S /P /P 4644 0 R /K 370 /Pg 22 0 R endobj << /Lang (EN-US) >> /S /Artifact