/K 1469 /P 6083 0 R endobj /K 927 << << 1239 0 obj endobj /Lang (EN-US) >> /Lang (EN-US) 3564 0 obj endobj >> >> /Pg 23 0 R << endobj /Pg 23 0 R >> >> /P 5329 0 R endobj 2040 0 obj 3036 0 obj << 1818 0 obj 582 0 obj >> >> /Lang (EN-US) >> endobj /Pg 16 0 R >> 2286 0 obj /K 160 189 0 obj /S /P /Document#20Type (5) /K 745 /S /P /P 4880 0 R 3627 0 obj >> << /Pg 25 0 R /Lang (EN-US) << 1978 0 R null 1979 0 R null 1980 0 R null 1981 0 R 1982 0 R null 1983 0 R /K 1482 >> >> /Pg 25 0 R endobj endobj >> << endobj >> /Pg 22 0 R /S /P 3290 0 obj << << /S /Artifact /Pg 15 0 R << << /K 68 /K 693 849 0 R null 850 0 R null 851 0 R null 852 0 R null 853 0 R null 364 0 obj endobj /P 6131 0 R endobj << /Lang (EN-US) << << /Pg 23 0 R /S /P /S /P null null null 2953 0 R null 2954 0 R null 2955 0 R null 2956 0 R << 3724 0 obj << /S /P >> 2443 0 obj >> 2946 0 obj /Pg 25 0 R /S /P /Pg 23 0 R /Lang (EN-US) /Lang (EN-US) << /S /Artifact /Pg 22 0 R 2646 0 obj endobj /K 1157 835 0 obj >> << /S /Artifact /P 5834 0 R endobj endobj /Pg 24 0 R /Lang (EN-US) >> >> >> /Pg 25 0 R /K 71 317 0 obj Menu. /K 716 << /Lang (EN-US) /S /Artifact /Pg 23 0 R 573 0 obj /Pg 22 0 R /K 1090 >> /Pg 25 0 R /MediaBox [0 0 612 792] >> /P 4868 0 R /K 627 /K 1528 /S /P /K 615 /S /Artifact /S /P /S /P /K 613 << /K 1466 << 4083 0 obj /Lang (EN-US) endobj 3912 0 obj << 2870 0 obj /Pg 24 0 R /S /P /Pg 18 0 R /P 5815 0 R /Pg 23 0 R endobj >> /S /P /Pg 23 0 R >> null null null 974 0 R null 975 0 R null 976 0 R null 977 0 R endobj >> << endobj null 1041 0 R null 1042 0 R null 1043 0 R null 1044 0 R null null /Pg 22 0 R >> endobj /Lang (EN-US) /S /Artifact endobj << /Pg 25 0 R >> << << /A 4429 0 R >> 2113 0 obj /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) 4090 0 obj endobj endobj << /P 5901 0 R endobj /Pg 22 0 R << endobj /P 6164 0 R sees both positives and negatives to banking constraints. /K 148 /Pg 22 0 R /S /P /Pg 23 0 R /S /Artifact 1336 0 obj /Lang (EN-US) >> /Lang (EN-US) /Pg 25 0 R >> 2563 0 obj /Pg 23 0 R /Pg 19 0 R /S 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0 obj endobj >> >> endobj /K 1542 /Lang (EN-US) >> endobj /K 136 /P 5142 0 R >> << 798 0 obj /Lang (EN-US) >> /K 1369 3325 0 obj /S /Artifact /K 455 << >> /S /P 3173 0 obj << 139 0 obj /K 817 3775 0 R null 3776 0 R null 3777 0 R null 3778 0 R null 3779 0 R null 1672 0 R null 1673 0 R null 1674 0 R null 1675 0 R null 1676 0 R 1677 0 R /K 1142 endobj /S /P >> /K 1462 << << /Pg 23 0 R /S /P /S /P null null 2540 0 R null 2541 0 R null 2542 0 R null 2543 0 R null << endobj /Pg 23 0 R /S /P /Pg 24 0 R << /Pg 24 0 R /K 60 /S /P /Lang (EN-US) >> /S /Artifact endobj /Lang (EN-US) << /S /P /S /Artifact /Pg 24 0 R /Lang (EN-US) /Lang (EN-US) 1717 0 obj /S /P << endobj >> /K 1392 /Lang (EN-US) /K 923 >> endobj endobj /K 994 230 0 obj >> /Lang (EN-US) /Lang (EN-US) /K 8 << /K 1190 /Annots [4357 0 R] /K 4 3333 0 obj 3469 0 obj >> /Pg 22 0 R << /S /P /Pg 25 0 R >> /Lang (EN-US) /S /P 2713 0 obj /S /P /Lang (EN-US) /K 1333 /P 6217 0 R /S /Artifact /S /P /P 33 0 R >> endobj /Lang (EN-US) /K 237 /S /P 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397 0 R null 398 0 R null 399 0 R /K 13 /P 5207 0 R >> /K 81 /S /Artifact << /Lang (EN-US) << >> >> /K 154 /K 1206 /S /P /P 33 0 R /Pg 23 0 R /Pg 19 0 R /S /Artifact >> << /Pg 23 0 R 2240 0 obj /Pg 25 0 R >> f325a0f1-a9d5-4034-846d-c1ef2129f6d0 /P 4992 0 R /K 49 /K 1073 endobj /Pg 24 0 R << << /Pg 25 0 R /K 1516 >> >> /S /P endobj 2389 0 obj /Lang (EN-US) /K 1107 /K 760 /Pg 24 0 R endobj /Pg 24 0 R /P 4694 0 R /Pg 22 0 R /Pg 22 0 R /P 6434 0 R >> /Pg 23 0 R /K 1323 << /K 878 null null null 3506 0 R null 3507 0 R null 3508 0 R null 3509 0 R /Pg 22 0 R 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 << 2792 0 obj << << endobj 1528 0 obj /Lang (EN-US) endobj 1071 0 obj >> 258 0 obj /K 388 >> endobj /Pg 25 0 R 2911 0 obj /Lang (EN-US) /S /P >> /Pg 18 0 R /S /Artifact 3821 0 R null null null 3822 0 R null null null 3823 0 R null << >> /S /Artifact /S /P 3204 0 obj 2707 0 obj /Pg 22 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3152 0 obj /S /P endobj >> /Pg 24 0 R endobj /S /P /Pg 25 0 R endobj << /Lang (EN-US) << /Pg 23 0 R /K 580 << endobj >> /P 4721 0 R 3163 0 obj /Producer (Adobe PDF Library 22.1.149) endobj /K 40 /S /Artifact /S /Artifact >> 1711 0 obj 4312 0 obj /S /Artifact PRIVATE DEBT - Yield, Safety and the Emergence of Alternative Lending: Opportuni - 36.01. >> /Pg 22 0 R /Pg 22 0 R 1820 0 obj /K 1301 endobj << /Pg 25 0 R >> /Lang (EN-US) /S /Artifact /Pg 25 0 R << endobj >> /Pg 25 0 R /K 3 endobj /S /Artifact /Pg 22 0 R endobj /Pg 23 0 R << /Pg 25 0 R << /P 10 0 R /S /P /S /P endobj 3464 0 obj /P 5187 0 R /K 1298 << /Lang (EN-US) 1628 0 R 1629 0 R null 1630 0 R null 1631 0 R null 1632 0 R null 1633 0 R 3237 0 obj >> /P 5573 0 R << /K 1379 /Lang (EN-US) /P 5482 0 R 1918 0 obj << /K 1203 << /P 5335 0 R /Pg 24 0 R /P 5282 0 R /K 837 /K 244 /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) endobj /Tabs /S >> 2710 0 obj /Pg 25 0 R /K 1428 /S /Artifact >> /S /Artifact /Pg 24 0 R >> >> >> /S /Artifact << >> /S /Artifact 2991 0 obj /Pg 24 0 R /Pg 22 0 R << 3690 0 obj /S /P >> null 907 0 R 908 0 R null 909 0 R null 910 0 R null 911 0 R null /S /Artifact /Lang (EN-US) /K 1180 << << >> /S /P >> /S /Artifact >> 781 0 obj /Pg 23 0 R << endobj >> 1688 0 obj endobj /S /P /P 5265 0 R /S /P endobj /P 6028 0 R /S /P /S /Artifact >> endobj /P 5371 0 R 3689 0 obj 3240 0 obj >> /Lang (EN-US) /Pg 23 0 R /P 6740 0 R /Lang (EN-US) 1473 0 obj >> 756 0 obj /S /P endobj /S /P /S /P /S /Artifact >> 1550 0 obj 3943 0 obj >> 3656 0 obj /Pg 22 0 R /Pg 25 0 R /S /P /Lang (EN-US) >> /K 913 /Pg 25 0 R In its 2021 third quarter report, Cliffwater reported that since inception in September 2004, the Cliffwater Direct Lending Index (CDLI) had provided a net return (after realized and unrealized losses of 1.3%) of 9.5% per annum, 8.3 percentage points above the return on one-month Treasury bills - higher than the annualized equity premium has been over the long term and with far . 1425 0 obj endobj /K 1231 3087 0 R 3088 0 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endobj /K 1408 /P 6003 0 R >> >> >> 1832 0 obj /K 1169 >> endobj 1919 0 obj /K 686 /Lang (EN-US) endobj /Pg 22 0 R /P 5554 0 R /P 5985 0 R 4184 0 R 4185 0 R 4186 0 R 4187 0 R 4188 0 R 4189 0 R 4190 0 R 4191 0 R 4192 0 R 4193 0 R endobj endobj 2416 0 obj /Lang (EN-US) /Lang (EN-US) endobj /S /Artifact /K 1305 /K 61 endobj /K 102 >> /K 1355 >> endobj /S /P /Pg 22 0 R endobj /Parent 9 0 R endobj endobj endobj endobj << /P 4697 0 R /S /P /S /P /S /Artifact /S /Artifact /Pg 24 0 R endobj endobj /S /Artifact /S /Artifact << /Lang (EN-US) >> 3077 0 obj /Pg 25 0 R 2989 0 obj endobj /Pg 24 0 R >> /S /P endobj >> << /K 1088 /Lang (EN-US) /K 1286 /S /P /K 1218 << endobj << /S /P endobj >> 247 0 R 248 0 R 249 0 R 250 0 R 251 0 R 252 0 R 253 0 R 254 0 R 255 0 R 256 0 R << 2571 0 obj /P 5420 0 R endobj /K 1064 << /Lang (EN-US) /S /Artifact /S /P 10.6200 USD. /P 5738 0 R << /S /Artifact /K 860 << /P 5615 0 R /S /Artifact /Pg 22 0 R 2405 0 obj /Pg 25 0 R /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) 3345 0 obj << << >> /Resources 4371 0 R /Pg 24 0 R /K 7 /Pg 24 0 R >> /Pg 25 0 R 1066 0 obj 1648 0 obj /Lang (EN-US) /K 104 >> /P 6354 0 R /Pg 22 0 R endobj /K 315 3447 0 obj /P 5494 0 R endobj >> /K 732 /K 161 3649 0 obj endobj endobj endobj /Lang (EN-US) endobj /Pg 23 0 R /Pg 16 0 R << /K 235 /K 216 endobj /S /P >> >> >> /Pg 24 0 R 2038 0 R 2039 0 R 2040 0 R 2040 0 R 2041 0 R 2042 0 R 2043 0 R 2044 0 R 2045 0 R 2045 0 R 331 0 obj endobj >> 2701 0 obj 3847 0 obj 1570 0 obj /S /P /Pg 18 0 R /K 895 >> >> 1037 0 obj /Pg 25 0 R /P 6399 0 R 1045 0 obj << << endobj endobj /Lang (EN-US) >> << >> << << >> >> /S /P 3013 0 obj /Pg 25 0 R /Pg 23 0 R /Pg 24 0 R >> /P 5598 0 R >> /Lang (EN-US) /S /P 3392 0 obj /P 10 0 R /P 6186 0 R endobj << endobj /P 5119 0 R /Lang (EN-US) >> /S /P /P 6039 0 R /S /P /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) /K 27 1534 0 obj /S /P 4285 0 obj /Lang (EN-US) /Pg 24 0 R /Pg 22 0 R >> >> /Contents 4376 0 R 3919 0 obj /Lang (EN-US) << endobj >> endobj /Pg 22 0 R << /K 1191 3008 0 obj endobj /Pg 24 0 R >> << >> /Pg 22 0 R 3813 0 obj << endobj /K 1201 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, {{CDLI.indexValue}}Index Value ({{CDLI.indexDate}}), {{CDLI.assetFairValue}}BAssets (Fair Value), {{CDLI_S.indexValue}}Index Value ({{CDLI_S.indexDate}}), {{CDLI_S.assetFairValue}}BAssets (Fair Value), {{CDLI_V.indexValue}}Index Value ({{CDLI_V.indexDate}}), {{CDLI_V.assetFairValue}}BAssets (Fair Value), {{CWBDC.indexValue}} Index Value ({{CWBDC.indexDate}}), {{CWBDC.numberofCompanies}}Number of Companies, {{CWBDC.marketCapitalization}}BMarket Capitalization, {{CWBDC.navPremium}}%NAV Premium/Discount. endobj /Lang (EN-US) /Contents 4382 0 R 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Cliffwater Direct Lending Fund (the " Fund ") is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and organized as a Delaware statutory trust. endobj << 1926 0 R null null null 1927 0 R null null null 1928 0 R null /Lang (EN-US) << /Pg 23 0 R endobj 2878 0 obj >> The unsmoothed volatility adjustment for the CDLI is 4.5%, which is roughly less than that of the blended public credit index (shown in Exhibit C). 3367 0 obj /S /Artifact /P 4923 0 R /S /P /Lang (EN-US) /S /Artifact /Lang (EN-US) /K 1141 /Pg 13 0 R 849 0 obj null 1779 0 R null 1780 0 R null 1781 0 R null 1782 0 R null 1783 0 R /P 4737 0 R /S /P /K 869 45 0 obj /K 1490 /Pg 23 0 R 142 0 obj endobj /K 853 3882 0 obj 145 0 obj 3845 0 obj /Lang (EN-US) << /P 5859 0 R /Pg 24 0 R << >> >> /P 4701 0 R /Pg 25 0 R /Pg 24 0 R /Lang (EN-US) << 14 [333 0 R 334 0 R 335 0 R 336 0 R 337 0 R 338 0 R 339 0 R 340 0 R 341 0 R 342 0 R /Lang (EN-US) /K 410 << 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