/Lang (EN-US) /S /Artifact /K 1199 << endobj << /K 1433 << 2644 0 obj << >> endobj /Lang (EN-US) << /K 3 /K 79 580 0 obj /Pg 25 0 R /Pg 23 0 R /Pg 23 0 R /K 541 /Pg 25 0 R /Pg 22 0 R /K 1275 /K 1431 3556 0 obj /K 439 >> /S /P /S /P /S /P endobj /P 6361 0 R /K 1367 /P 5788 0 R /K 86 endobj >> /S /Artifact /K 583 endobj /Lang (EN-US) /Lang (EN-US) /P 4730 0 R >> << /Pg 24 0 R << /K 1144 /K 7 << >> /Pg 23 0 R << /S /Artifact << /P 5924 0 R 3585 0 obj /Lang (EN-US) /Lang (EN-US) 2373 0 obj /K 139 endobj /K 1164 << << /P 33 0 R << /S /P /P 6723 0 R /Pg 24 0 R /P 6328 0 R /Pg 23 0 R /S /P << 1623 0 obj /K 489 /S /Artifact << /K 1313 endobj /S /P /P 5773 0 R /S /Artifact endobj >> /K 343 3911 0 obj << /K 482 3589 0 obj /Lang (EN-US) 3608 0 R null 3609 0 R null 3610 0 R null 3611 0 R null 3612 0 R null 526 0 obj /S /P endobj << 1507 0 obj << << /K 1376 /S /P /K 1070 1153 0 obj /Lang (EN-US) >> /P 6294 0 R >> 2389 0 obj /S /P /Pg 24 0 R /S /P >> >> /Pg 23 0 R /Lang (EN-US) << << >> /S /P 1957 0 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5083 0 R endobj /P 10 0 R /S /Artifact << /Pg 22 0 R /Lang (EN-US) /P 10 0 R endobj /K 957 /Pg 23 0 R endobj << >> /Lang (EN-US) 3351 0 obj /Pg 20 0 R << >> 1250 0 obj /S /P /S /P endobj >> /S /Artifact /K 1136 /S /Artifact /K 117 2874 0 obj << /S /P /K 968 /A 4406 0 R /P 5656 0 R /S /Artifact 8 0 obj /K 939 /Pg 24 0 R /Pg 25 0 R << 169 0 obj /S /P /K 895 /Pg 25 0 R << 3853 0 obj /Pg 24 0 R endobj 2851 0 obj << /S /Artifact /S /P >> /P 6480 0 R endobj endobj 2345 0 obj /Pg 25 0 R 75 0 obj /S /P /Lang (EN-US) /Lang (EN-US) /S /P >> >> /P 5709 0 R /K 551 << /P 33 0 R /P 6086 0 R << /K 17 << /Lang (EN-US) 3904 0 obj 2867 0 obj /Pg 22 0 R endobj /Lang (EN-US) endobj << endobj 801 0 obj /Pg 24 0 R 4145 0 obj endobj /Lang (EN-US) 1673 0 obj /P 6362 0 R /S /P 1805 0 obj endobj 3295 0 obj /Pg 23 0 R /K 1268 >> /K 554 << /Lang (EN-US) endobj /Pg 25 0 R /Lang (EN-US) /Pg 14 0 R 4630 0 R] >> << 323 0 obj << /P 5309 0 R endobj /Lang (EN-US) /K 1407 /P 5364 0 R << << 1394 0 obj 660 0 obj << >> << /Lang (EN-US) >> /Lang (EN-US) 79 0 obj << << /Pg 24 0 R endobj /S /P /S /Artifact endobj endobj /K 612 /Lang (EN-US) 2583 0 obj endobj /S /P /S /P /P 5338 0 R /Pg 23 0 R 325 0 obj >> /Lang (EN-US) /K 223 /S /Artifact endobj /S /P endobj /K 578 /P 4797 0 R /Pg 22 0 R 2157 0 obj endobj /S /Artifact << endobj << /Pg 23 0 R >> endobj << endobj 4244 0 obj /P 6224 0 R /K 1488 /S /Artifact endobj null 1819 0 R null null null 1820 0 R null 1821 0 R null 1822 0 R << /S /P << >> << /K 3 /P 5418 0 R /K 767 endobj >> /Lang (EN-US) /Pg 24 0 R << >> endobj << << 4115 0 obj /Pg 23 0 R /S /Artifact << /S /P endobj null 2621 0 R null 2622 0 R null null null 2623 0 R null null /P 5273 0 R >> /S /P /S /P /Pg 24 0 R /Pg 23 0 R 4254 0 obj 421 0 obj /K 1286 << endobj << /S /Artifact 863 0 obj << /K 851 1441 0 obj /S /Artifact << 2386 0 obj /P 5428 0 R /S /Artifact /S /Artifact >> >> /S /P >> 3186 0 obj /P 10 0 R << endobj /Pg 25 0 R 3003 0 obj 2508 0 obj 1417 0 obj << >> /Pg 24 0 R /Lang (EN-US) /K 13 << /P 5812 0 R /Pg 21 0 R /Lang (EN-US) /Lang (EN-US) /Pg 23 0 R /K 1440 endobj /Lang (EN-US) /Lang (EN-US) /P 6105 0 R >> /S /Artifact >> endobj << /S /Artifact endobj /K 2 /S /P 2862 0 obj 388 0 obj 589 0 R null 221 0 R 222 0 R 223 0 R 224 0 R 225 0 R 226 0 R 227 0 R 228 0 R 1306 0 obj /S /Artifact >> /S /P /S /P 2273 0 obj >> /Pg 25 0 R /Pg 15 0 R << << >> endobj /K 406 >> /S /P /S /P 3152 0 obj /P 6473 0 R /Pg 23 0 R /S /P 332 0 obj >> /Pg 24 0 R /S /P endobj << /K 1250 << << 2 Demand for capital from >> /K 1390 /K 437 << /S /P 2096 0 R 2097 0 R 2098 0 R 2099 0 R 2100 0 R 2101 0 R 2102 0 R 2103 0 R 2104 0 R 2105 0 R << /Pg 25 0 R /K 988 >> /P 5691 0 R /Pg 23 0 R >> /S /P /Lang (EN-US) /Lang (EN-US) 3496 0 obj endobj endobj >> /Lang (EN-US) endobj endobj /Pg 22 0 R endobj endobj >> >> /K 34 endobj >> /K 145 endobj >> /P 5894 0 R endobj /BS 6765 0 R << /P 10 0 R 200 0 obj 3928 0 obj /K 158 >> endobj /Pg 22 0 R /Lang (EN-US) << /K 736 /Pg 22 0 R /Lang (EN-US) /K 1213 3151 0 obj /P 5162 0 R /S /P << /K 771 >> /S /P /Lang (EN-US) /P 6664 0 R 1871 0 obj << endobj /Lang (EN-US) >> 849 0 obj /P 6551 0 R /Lang (EN-US) >> 1543 0 obj /Lang (EN-US) /Pg 24 0 R /P 5267 0 R /Pg 22 0 R /Pg 15 0 R >> /Pg 22 0 R /Pg 23 0 R /K 1126 /Lang (EN-US) /S /P /S /Artifact /S /P >> /Pg 24 0 R /S /Artifact 588 0 obj /Lang (EN-US) /P 6439 0 R /Lang (EN-US) << /S /Artifact /K 1208 endobj << /S /P >> /Lang (EN-US) endobj /P 5226 0 R /P 6602 0 R << endobj /S /P /K 1059 /Lang (EN-US) >> /S /Artifact /Pg 25 0 R /Pg 24 0 R << /K 1178 << /K 183 >> /S /P /S /P endobj /Pg 25 0 R /K 1052 << /Lang (EN-US) /Pg 24 0 R 3145 0 obj /Pg 24 0 R << /K 1507 << endobj /Pg 25 0 R >> << endobj /Lang (EN-US) << >> /Lang (EN-US) /Lang (EN-US) 1531 0 obj /S /P << >> << /S /Artifact /Lang (EN-US) << /K 1281 >> /K 1430 /K 1211 /K 1446 1318 0 obj null null 1952 0 R null 1953 0 R null 1954 0 R null 1955 0 R null endobj endobj endobj 2307 0 obj 1001 0 obj /S /P /S /P endobj /Lang (EN-US) /Lang (EN-US) >> /Pg 25 0 R /K 1006 4098 0 obj /Pg 24 0 R endobj endobj /P 5435 0 R V4$)Nj2#(Q)b{+M~j$SB?B4dfnX. /K 1108 >> >> /K 1372 >> /S /P /Pg 23 0 R /Lang (EN-US) << /P 4810 0 R /K 1464 << /Lang (EN-US) << 1169 0 obj /Pg 16 0 R endobj 1462 0 obj /K 952 /S /P /K 1359 /Pg 23 0 R << endobj /K 302 >> /P 5460 0 R >> endobj /K 1263 /P 5846 0 R /Lang (EN-US) endobj >> /Pg 21 0 R >> /Lang (EN-US) 1759 0 obj /S /Artifact 4176 0 obj /Pg 24 0 R /K 1516 /Pg 25 0 R endobj 2812 0 obj 2312 0 obj endobj /S /Artifact << endobj /Pg 23 0 R /Pg 22 0 R /Rotate 0 >> /Pg 23 0 R /K 1302 << >> >> /Pg 25 0 R /K 1448 >> /S /Artifact << endobj >> << /K 1463 >> /S /Artifact /S /Artifact /K 985 /P 5549 0 R /K 1121 /K 189 /Pg 25 0 R /Pg 23 0 R 67 0 R 67 0 R 67 0 R 67 0 R 71 0 R 71 0 R 78 0 R 78 0 R 78 0 R 78 0 R 806 0 obj /Pg 20 0 R /K 1191 >> /Pg 14 0 R /S /P << endobj /K 1480 /Pg 25 0 R /S /Table /Pg 22 0 R >> /Lang (EN-US) /K 1140 >> /Pg 24 0 R /K 1192 endobj >> 278 0 obj /Resources 4379 0 R /K 158 /K 60 >> /Lang (EN-US) endobj endobj endobj >> /Pg 22 0 R 4233 0 obj /Pg 22 0 R /Pg 22 0 R /K 46 /Pg 23 0 R /P 4990 0 R 4005 0 obj << endobj endobj 3934 0 obj /Count 14 << 638 0 obj /S /P /K 19 /Pg 23 0 R >> << /K 1191 /P 5863 0 R << /P 10 0 R /Lang (EN-US) /K [41 4682 0 R] << /S /Artifact 1412 0 obj 945 0 obj /P 6626 0 R /K 1307 << 191 0 obj 4319 0 obj 3975 0 obj >> >> /Pg 24 0 R /S /P << >> /S /Artifact /Lang (EN-US) >> /S /Artifact /K 1430 347 0 obj 839 0 obj endobj 561 0 obj /K 183 endobj /K 1239 /S /P /K 166 /S /Artifact 73 0 obj /Pg 22 0 R /S /P /Pg 25 0 R /P 10 0 R /K 256 Here's today's brief for our valued subscribers only. /P 5542 0 R 4303 0 obj /S /P /P 5824 0 R /Pg 20 0 R /P 5375 0 R /Lang (EN-US) 41 0 obj /Lang (EN-US) /Lang (EN-US) /S /P /K 1266 /P 6049 0 R << /P 10 0 R /S /P /Pg 24 0 R /S /P >> /P 10 0 R /Pg 23 0 R /K [1118 1119] endobj /Lang (EN-US) /K 1371 endobj 906 0 obj /Pg 24 0 R << endobj /P 10 0 R /S /Artifact /Lang (EN-US) 1976 0 obj endobj /K 1114 << >> /S /P >> >> /K 10 << 3421 0 R null null null 3422 0 R null 3423 0 R null 3424 0 R null 3044 0 obj /Lang (EN-US) >> /S /Artifact /K 1348 /K 5 /S /LBody /S /P << /Lang (EN-US) /Pg 23 0 R /K 43 endobj /K 325 << << /K 759 >> >> >> /P 4934 0 R /Pg 22 0 R /S /Artifact endobj >> /K 181 3210 0 obj /K 1437 << << /K 310 /K 586 /S /Artifact 1509 0 obj << 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 endobj /Contents 4384 0 R >> /Pg 23 0 R /P 4721 0 R /Pg 23 0 R /Tabs /S 3415 0 obj >> /Pg 24 0 R 778 0 obj << /Pg 25 0 R /P 5677 0 R endobj /P 5030 0 R /K 1325 /Lang (EN-US) /Pg 22 0 R << /Lang (EN-US) /Lang (EN-US) << << /Pg 25 0 R /S /P endobj 2699 0 obj /K 1196 /S /P >> /S /P /K 603 /Lang (EN-US) /Pg 22 0 R << /K 931 << 3034 0 obj 2453 0 R 2454 0 R 2455 0 R 2456 0 R 2457 0 R 2458 0 R 2459 0 R 2460 0 R 2461 0 R 2462 0 R endobj 2957 0 obj >> << 1617 0 obj /S /Artifact 3712 0 obj /Pg 24 0 R << >> >> null 1566 0 R null 1567 0 R null 1568 0 R 1569 0 R null 1570 0 R null /K 709 << /Pg 23 0 R /S /Artifact /P 6138 0 R 127 0 obj << 3234 0 obj /K 772 /K 144 /P 4979 0 R endobj /S /P /S /Artifact 3827 0 obj >> >> /S /Artifact 3483 0 obj /Pg 24 0 R 186 0 obj >> /P 4731 0 R /S /P >> /K 693 >> /Lang (EN-US) endobj >> >> 11 0 obj /K 19 << endobj /P 6500 0 R /K 1386 2461 0 obj /Lang (EN-US) Editor, Real Assets Adviser magazine; producer and host of the podcast Novelist Spotlight, availabe on all major podcast platforms 3d /Pg 22 0 R /S /Artifact endobj >> /K 1419 /Lang (EN-US) /Pg 22 0 R >> /Lang (EN-US) /S /P endobj 685 0 R null 686 0 R 687 0 R null 688 0 R null 689 0 R null 690 0 R /Pg 22 0 R /Pg 23 0 R >> /K 549 /P 6365 0 R >> /Lang (EN-US) /P 4842 0 R /P 5679 0 R 1664 0 obj /S /P /K 1247 /S /P endobj 1102 0 obj << /S /P >> endobj /S /P endobj null 672 0 R null 673 0 R null 674 0 R 675 0 R null 676 0 R null endobj /K 707 << << >> >> << /Pg 22 0 R endobj 1254 0 obj /P 4942 0 R >> endobj << /S /Artifact /K 741 1866 0 obj 3348 0 obj endobj /S /Artifact endobj 1901 0 obj /Pg 22 0 R endobj /Kids [18 0 R 19 0 R 20 0 R 21 0 R 22 0 R 23 0 R 24 0 R 25 0 R 26 0 R] /S /P /K 487 /S /Artifact endobj 2940 0 obj >> /P 6426 0 R /Lang (EN-US) /K 929 << /P 10 0 R /Pg 25 0 R 662 0 obj endobj 3172 0 obj 1241 0 obj << 3659 0 R 3660 0 R null 3661 0 R null 3662 0 R null 3663 0 R null 3664 0 R 3481 0 obj /K 15 endobj /K 718 /Lang (EN-US) 1220 0 obj /K 25 << /Pg 25 0 R 232 0 R 232 0 R 232 0 R 614 0 R 615 0 R 250 0 R 250 0 R 250 0 R 250 0 R 250 0 R /K [1111 1112] /K 1361 >> /K 237 3173 0 obj /K 1408 3341 0 obj /Pg 23 0 R endobj /K 10 >> >> /K 192 /S /P /Pg 25 0 R /Lang (EN-US) /Pg 25 0 R /S /P /S /P /Pg 25 0 R /P 6011 0 R 1890 0 obj 3938 0 obj The Cliffwater Direct Lending Index captures the collective (asset weighted) work product of the direct loan managers represented in the Index, but it is not investable. /Lang (EN-US) endobj endobj endobj << << 3163 0 obj /Pg 23 0 R endobj /Pg 25 0 R << /P 5897 0 R /MediaBox [0 0 612 792] endobj endobj 534 0 obj 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 /K 1483 /Pg 23 0 R << 3837 0 obj >> endobj endobj endobj /K 1172 >> /P 6420 0 R /Pg 22 0 R >> /S /P >> << >> << /Pg 14 0 R /Pg 23 0 R 4011 0 obj 1849 0 obj endobj 1948 0 obj 290 0 obj 2864 0 R null 2865 0 R null 2866 0 R null 2867 0 R null null null >> >> /Lang (EN-US) /Pg 24 0 R << /Pg 22 0 R 3696 0 obj /S /Artifact null 3502 0 R null 3503 0 R null 3504 0 R null null null 3505 0 R << >> /P 5441 0 R >> << 2523 0 obj /K 316 3465 0 obj /K 1449 << /K 23 /Pg 22 0 R << /Pg 24 0 R /Lang (EN-US) /P 6630 0 R >> /Lang (EN-US) /S /P /S /Artifact /S /P << /Lang (EN-US) /S /P 1783 0 obj null 3767 0 R null 3768 0 R 3769 0 R null 3770 0 R null 3771 0 R null /P 4891 0 R /S /P /Pg 25 0 R endobj >> << /K 1305 /S /P /S /Artifact /K 1543 endobj >> /Pg 18 0 R /Pg 22 0 R 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 /Lang (EN-US) /P 5872 0 R 936 0 obj endobj /S /P 3354 0 R 3355 0 R 3356 0 R 3357 0 R 3358 0 R 3359 0 R 3360 0 R 3361 0 R 3362 0 R 3363 0 R >> >> 2445 0 obj /S /P /Pg 23 0 R 3945 0 obj /Pg 23 0 R << /Lang (EN-US) /Pg 23 0 R /Pg 23 0 R /K 1298 /P 6550 0 R /K 759 /K 124 >> >> 3014 0 obj endobj /Pg 26 0 R << endobj 4296 0 obj /K 310 /S /Artifact /P 5520 0 R 2573 0 obj /K 1039 >> /P 6594 0 R endobj << 866 0 obj /P 6510 0 R /S /Artifact /Lang (EN-US) << /S /Artifact >> >> /S /P /S /P 2509 0 obj /S /P /S /Artifact endobj >> /K 1414 /Pg 23 0 R /K 729 /K 616 /K 1447 >> /K 379 endobj /S /Artifact 827 0 obj /K 6 /P 10 0 R /Lang (EN-US) /K 1506 endobj /Lang (EN-US) 3703 0 obj << /K 1242 957 0 obj << endobj /Lang (EN-US) /Pg 19 0 R /Pg 14 0 R /P 10 0 R /Lang (EN-US) /K 318 null 579 0 R 580 0 R null null 581 0 R null 582 0 R 583 0 R null << 148 0 obj /Pg 23 0 R /S /P 2775 0 obj 867 0 obj << 1880 0 R null 1881 0 R null 1882 0 R null 1883 0 R null 1884 0 R null /Pg 22 0 R 4034 0 obj /K 728 /K 1408 /K 408 In addition to consolidating existing knowledge on direct lending, Private Debt offers several completely new analysis tools and concepts, representing significant value to the investment community. /Lang (EN-US) << endobj << >> /K 738 /S /Artifact >> 661 0 obj /K 1277 /S /Artifact /Lang (EN-US) endobj 1601 0 R null 1602 0 R null 1603 0 R null 1604 0 R 1605 0 R null 1606 0 R /Lang (EN-US) << /P 4892 0 R /P 5082 0 R /Lang (EN-US) /K 1514 /P 10 0 R /S /P /Pg 23 0 R /Pg 24 0 R << endobj /S /Artifact /Pg 24 0 R 1794 0 obj /K 823 /Lang (EN-US) /P 6523 0 R >> endobj /Lang (EN-US) endobj endobj endobj endobj /P 6264 0 R 2372 0 obj The Cliffwater Direct Lending index, which represents $260 billion in private credit assets, unlevered, returned 6.6% for the 12 months ended Sept. 30, compared to 14.25% for the prior 12-month . /S /P /K 1156 /P 4632 0 R endobj endobj /K 1525 endobj << /K 1404 /S /Artifact /Lang (EN-US) 2382 0 obj << 3434 0 obj