cliffwater direct lending index

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/K 1139 endobj /Pg 24 0 R /K 519 null 721 0 R null 722 0 R 723 0 R null 724 0 R null 725 0 R null /K 1519 >> << >> endobj /P 5336 0 R << endobj /Pg 22 0 R Volatile public markets and interest rate increases could lead more investors to boost their exposure to private credit at a time when the same economic factors are threatening to slow transaction. >> /Pg 22 0 R /K 1214 /Lang (EN-US) 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 3225 0 obj /Lang (EN-US) >> << /S /P /K 1347 /P 6126 0 R /K 466 3107 0 R 3108 0 R 3109 0 R 3110 0 R 3111 0 R 3112 0 R 3113 0 R 3114 0 R 3115 0 R 3116 0 R /Pg 23 0 R >> /Pg 25 0 R /K 324 /P 4871 0 R This book dissects direct loans as a class, providing the critical background 385397403217. /Lang (EN-US) /Lang (EN-US) /K 1258 << >> /P 10 0 R /A 4457 0 R endobj 348 0 obj /S /Figure endobj /Pg 22 0 R << >> /Pg 24 0 R /Pg 23 0 R endobj endobj >> endobj /S /P /S /P endobj /K 1355 3119 0 obj null null 3750 0 R null null null 3751 0 R null 3752 0 R null /S /P /S /Artifact /S /Artifact /Pg 14 0 R << /S /P endobj >> /Pg 23 0 R endobj /Pg 24 0 R /K 210 << /P 6023 0 R 2638 0 obj /K 1248 /S /P << 4164 0 R 4165 0 R 4166 0 R 4167 0 R 4168 0 R 4169 0 R 4170 0 R 4171 0 R 4172 0 R 4173 0 R /S /P << 3187 0 obj /Pg 24 0 R /S /Artifact /K 23 /Pg 24 0 R endobj /S /Artifact /S /Artifact >> 1956 0 obj /S /P << 3714 0 obj /P 4770 0 R /Pg 24 0 R /S /Artifact endobj >> /K 1021 /S /P >> /Pg 22 0 R /S /P >> << << << /Pg 25 0 R /S /P /Lang (EN-US) /Lang (EN-US) /P 10 0 R 1077 0 obj 2535 0 obj /Pg 22 0 R /K 117 /K 28 /K 1176 null 3554 0 R null 3555 0 R null 3556 0 R null 3557 0 R null 3558 0 R /Pg 22 0 R /Lang (EN-US) /S /P endobj >> /Lang (EN-US) << >> endobj /K 1151 /K 693 /S /P 26 0 obj << /S /P /P 6186 0 R endobj /Lang (EN-US) /Pg 25 0 R /Pg 14 0 R endobj endobj >> /P 5699 0 R /Pg 22 0 R /Lang (EN-US) 3887 0 obj /K 1185 /K 1549 << /K 1230 3274 0 obj /Lang (EN-US) /Pg 23 0 R 3028 0 obj 2069 0 obj /Pg 25 0 R >> null 1656 0 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/S /Artifact endobj >> /Pg 24 0 R /Pg 19 0 R /Tabs /S 904 0 obj /Pg 22 0 R /S /P /Pg 24 0 R >> endobj >> /Pg 23 0 R /K 119 /Pg 23 0 R /Lang (EN-US) /Pg 25 0 R 516 0 obj /K 533 /K 556 2853 0 obj 1984 0 obj >> /P 5080 0 R /Lang (EN-US) /K 601 /K 484 << >> /Pg 24 0 R <> 1961 0 obj endobj 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 /K 1066 >> endobj 3552 0 obj /K 1161 /K 1073 /S /P 1872 0 obj /S /Artifact 2930 0 obj >> /Pg 18 0 R >> 3821 0 obj /P 6356 0 R /Pg 19 0 R /P 6700 0 R >> 2288 0 obj << null 2670 0 R null null null 2671 0 R null null null 2672 0 R /Pg 25 0 R /P 5539 0 R /P 96 0 R 3513 0 obj endobj << 2537 0 obj /S /P /Lang (EN-US) 2167 0 obj USA & International; Australia; Canada; France; /Pg 23 0 R /Pg 18 0 R /S /Artifact /P 10 0 R /K 177 The 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 . << >> /P 5525 0 R /Pg 25 0 R << endobj 797 0 R null 798 0 R null 799 0 R null null null 800 0 R null /Rotate 0 2924 0 obj /K 1309 /P 5308 0 R /S /P << << /Pg 23 0 R /S /P /Pg 23 0 R >> /Lang (EN-US) /Lang (EN-US) /Pg 13 0 R /S /P << 1566 0 obj /S /Artifact /Pg 24 0 R << 1099 0 obj 1494 0 obj /K 284 << /A 4659 0 R /S /Artifact /Pg 23 0 R << /P 10 0 R << 2392 0 obj /Pg 25 0 R 2239 0 obj /S /Artifact /A 4406 0 R /Pg 22 0 R /K 1098 << /Lang (EN-US) /P 5298 0 R /Pg 18 0 R /P 6558 0 R endobj 3067 0 obj 2862 0 obj /K 291 /K 44 endobj 3332 0 obj /S /Artifact endobj /K 1004 << >> /Lang (EN-US) /S /P /Pg 23 0 R /Pg 22 0 R endobj endobj /K 511 /Pg 16 0 R endobj >> /Pg 24 0 R 668 0 obj /P 73 0 R /K 1322 2346 0 obj << 3135 0 obj /Pg 22 0 R /A 4434 0 R /K 998 /P 5604 0 R /P 6321 0 R /P 5667 0 R /Pg 25 0 R >> /S /P endobj /P 6259 0 R 3636 0 obj /S /Artifact /Lang (EN-US) /Pg 18 0 R /S /Artifact endobj /Pg 25 0 R /K 196 However, there are certain structural features that are common to most loans: security, structural seniority, floating rate pricing, contractual yield and amortization, financial covenant protections, and management access. /Pg 25 0 R /K 61 /P 10 0 R endobj /Pg 15 0 R /S /Artifact /P 6419 0 R << endobj endobj /Pg 22 0 R /K 1157 /Pg 22 0 R /Pg 23 0 R /P 5387 0 R /S /P /Lang (EN-US) /Pg 24 0 R /Pg 25 0 R << /Lang (EN-US) endobj endobj /Rotate 0 >> << << /S /P endobj /S /Artifact /S /P /Pg 24 0 R >> endobj 3478 0 obj 471 0 obj /S /P /K 299 1435 0 obj >> << /K 1207 << /Pg 24 0 R /P 5443 0 R >> endobj 905 0 obj endobj /S /P endobj 1651 0 obj << /S /P << 2298 0 obj 1567 0 obj endobj /P 4883 0 R /S /P >> /Pg 22 0 R /Pg 23 0 R 632 0 obj endobj /K 632 /S /P endobj << /Lang (EN-US) /S /P >> /Pg 22 0 R >> >> /Lang (EN-US) 4034 0 obj >> 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 /Pg 25 0 R /K 1484 >> << /Lang (EN-US) /P 5822 0 R /Pg 22 0 R 1086 0 obj endobj endobj null 1913 0 R null 1914 0 R null null null 1915 0 R null null /S /Table /K 233 >> /Lang (EN-US) << /S /P endobj /P 4718 0 R /K 1423 First, the Cliffwater Direct Lending Index provides a benchmark for measuring risk, return, and manager performance in direct lending instruments. endobj /Pg 25 0 R >> /Pg 23 0 R endobj /S /Artifact /K 489 << /K 805 >> 1918 0 obj 907 0 obj <> << >> << << endobj /K 503 /S /Artifact /Pg 24 0 R /Lang (EN-US) << /Pg 24 0 R /S /Artifact /K 1350 << >> /Pg 21 0 R << /Lang (EN-US) << 3131 0 obj /K 20 endobj endobj /Lang (EN-US) >> endobj << 2865 0 obj 3844 0 obj endobj /K 1009 >> /Pg 23 0 R endobj << >> /K 851 /Lang (EN-US) /Pg 22 0 R /K 152 endobj endobj /Lang (EN-US) endobj << endobj >> /K 1305 75 0 obj << >> /K 1067 837 0 obj 272 0 obj << endobj <> >> /Lang (EN-US) /P 4715 0 R 241 0 obj 3930 0 obj >> /P 6322 0 R 1748 0 obj >> >> << /Pg 17 0 R endobj endobj /K 134 << /Pg 25 0 R >> /P 6409 0 R endobj /K 378 /S /P /P 5288 0 R null 792 0 R null 793 0 R null 794 0 R 795 0 R null 796 0 R null /K 691 /P 5825 0 R /P 6014 0 R /P 4806 0 R /Pg 22 0 R /P 5358 0 R /K 1254 2818 0 obj endobj /S /P /S /P /Pg 19 0 R <> << /S /P >> /K 1326 /Lang (EN-US) endobj 1105 0 obj /K [9 410 0 R 132] /K 1188 /S /Artifact 1235 0 obj >> /Pg 25 0 R /S /P /Pg 23 0 R /S /P /S /P /Pg 23 0 R 1344 0 obj 1639 0 obj << 4247 0 obj /K 1489 3102 0 obj endobj /P 6064 0 R 4329 0 obj endobj >> /K 1368 5 This growth has been due in part to the declining presence of banks in middle-market lending - a trend that began in the << << >> 47 0 R 48 0 R 49 0 R 50 0 R 51 0 R 52 0 R 53 0 R 54 0 R 55 0 R 56 0 R /K 346 >> /Lang (EN-US) /Pg 25 0 R /P 4652 0 R endobj >> /K 879 >> /Pg 16 0 R /S /P /Pg 22 0 R << endobj /Pg 23 0 R /Lang (EN-US) /S /Artifact << /Lang (EN-US) /Pg 24 0 R /S /P /K 1458 endobj /S /Artifact << 2451 0 obj /K 1237 endobj /Pg 25 0 R /S /Artifact /K 57 /K 713 /S /P >> endobj /S /Artifact /K 1458 /K 830 /Lang (EN-US) >> /P 184 0 R /S /P /Lang (EN-US) /K 7 2634 0 obj <> 1738 0 obj << /S /P /Pg 24 0 R /P 6368 0 R /Pg 25 0 R /S /Artifact /Pg 24 0 R /Pg 24 0 R << 1204 0 obj 7 [null null 538 0 R null null null 561 0 R null null null /K 1415 /Pg 24 0 R 2144 0 obj /K 125 /Pg 15 0 R /Lang (EN-US) endobj /K 1222 /Pg 22 0 R 3663 0 obj /Pg 25 0 R /P 6059 0 R /S /Artifact /Lang (EN-US) /P 10 0 R /K 6 1613 0 obj << /S /Table /K 1358 /Pg 25 0 R /Lang (EN-US) endobj << endobj /K 541 /S /P /Lang (EN-US) << /K 1293 2716 0 obj /P 5631 0 R 311 0 obj /K 716 >> /S /P /P 4908 0 R /Pg 16 0 R 30 542 0 R] 4535 0 R 4536 0 R 4537 0 R 4538 0 R 4539 0 R 4540 0 R 4541 0 R 4542 0 R 4543 0 R 4544 0 R /P 5580 0 R endobj /K 1110 << /Pg 22 0 R /K 100 3300 0 obj 1614 0 obj << >> >> /Lang (EN-US) /Lang (EN-US) 1069 0 obj << 2244 0 obj /P 6427 0 R /Pg 24 0 R endobj >> 2759 0 obj /Lang (EN-US) 1121 0 obj endobj << /S /P >> >> endobj endobj 501 0 obj /Pg 24 0 R endobj 414 0 obj /Pg 23 0 R endobj >> >> /S /P /K 1518 endobj /S /P /S /Artifact >> 1969 0 obj /K 522 /P 6553 0 R /Pg 25 0 R >> 3975 0 obj >> 1782 0 obj /Pg 23 0 R >> endobj /Pg 23 0 R >> << /S /P >> /Lang (EN-US) /P 6037 0 R >> /S /P /S /Artifact /Lang (EN-US) /S /Artifact /K 1217 /Lang (EN-US) endobj 2831 0 obj >> >> >> >> /K 160 /S /P /S /Artifact /S /P >> << /S /P /Pg 23 0 R /Pg 25 0 R /S /Artifact /Lang (EN-US) >> endobj /P 4782 0 R /Pg 24 0 R /K 6 /Pg 22 0 R >> /K 31 /K 904 /Lang (EN-US) Patrick Wolfe, Managing Director, is a member of Blackrock's Global Credit Platform. 2503 0 obj << /Lang (EN-US) endobj 2463 0 obj /K 632 endobj /K 788 /P 5832 0 R null null null 2856 0 R null null null 2857 0 R null 2858 0 R /S /P /Lang (EN-US) 1491 0 obj endobj endobj /K 468 /Pg 25 0 R /K 1389 /S /Artifact /S /P /K 1424 956 0 R null 957 0 R null 958 0 R null 959 0 R null 960 0 R null /Pg 22 0 R /S /P /K 696 << >> 1128 0 obj endobj /S /Artifact 1178 0 obj 1858 0 obj /Lang (EN-US) endobj endobj /Pg 21 0 R /K 1064 /S /Artifact <> endobj /P 6013 0 R >> << endobj endobj endobj /Pg 19 0 R >> endobj endobj << 356 0 obj /Pg 17 0 R >> 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R /P 4703 0 R << << /Lang (EN-US) /K 90 Cliffwater Direct Lending Index is an asset-weighted index of over 8,000 directly originated middle market loans totaling $223 billion. /Lang (EN-US) /S /P /K 40 /K 1210 endobj /P 5411 0 R /S /P /Pg 24 0 R << 1279 0 obj endobj /Pg 25 0 R /P 6509 0 R >> endobj /Pg 24 0 R /K 16 /K 436 /K 1406 /Pg 24 0 R /Lang (EN-US) /Pg 24 0 R endobj endobj /K 602 /P 5000 0 R /Pg 23 0 R endobj /Pg 25 0 R /P 6429 0 R /P 33 0 R >> /K 1491 2330 0 obj /S /Artifact << /S /Artifact /Pg 22 0 R endobj /S /Artifact >> 2988 0 obj /S /P /Pg 23 0 R 1236 0 obj /S /P endobj /S /Artifact 3620 0 obj /S /P endobj >> /S /P 4212 0 obj /K 103 /S /P /P 10 0 R 2546 0 obj 3325 0 obj endobj >> 728 0 obj endobj /K 913 >> /Pg 24 0 R /S /Artifact << /S /P 2022-05-24T03:05:06-06:00 /Pg 25 0 R 2156 0 obj /S /Artifact /P 10 0 R endobj endobj endobj endobj << << /Pg 25 0 R >> >> >> /Pg 23 0 R 793 0 obj /S /P /Pg 23 0 R >> 298 0 obj /K 5 endobj /Pg 23 0 R /Lang (EN-US) 2174 0 obj /K 1171 /S /Artifact >> >> /Pg 22 0 R endobj /K 1321 /F 4 endobj /Pg 25 0 R /K 36 /S /P 2938 0 obj /K 1475 /Pg 24 0 R >> /S /P >> /S /P /S /P /S /Artifact /P 5134 0 R /K 14 4133 0 obj 850 0 obj /Lang (EN-US) /P 4648 0 R /Lang (EN-US) /S /Artifact >> /K 907 /K 769 /S /Sect << /K 1047 1328 0 obj << 1039 0 obj /P 6478 0 R endobj <> /Pg 23 0 R /S /Artifact /S /P /Pg 23 0 R /S /P /S /P >> /Pg 25 0 R /S /P /P 4831 0 R /Lang (EN-US) << 3269 0 obj /S /P endobj >> endobj 1428 0 obj /S /P 710 0 obj >> /Pg 24 0 R /S /P << << 2457 0 obj 1600 0 obj >> /K 27 /S /Artifact /K 562 /Lang (EN-US) /S /P /P 6436 0 R 3532 0 obj /Pg 24 0 R >> /Lang (EN-US) << endobj << 1331 0 obj /P 6051 0 R 4186 0 obj << 2449 0 obj /Pg 23 0 R >> 1867 0 obj << << /Lang (EN-US) /S /P /Pg 22 0 R /K 1493 /Pg 15 0 R /K [39 4680 0 R] /Lang (EN-US) /Pg 22 0 R << endobj /S /P endobj endobj endobj /K 1181 << /Lang (EN-US) /S /Artifact /K 435 /Pg 23 0 R << 3447 0 R null 3448 0 R null 3449 0 R null 3450 0 R null 3451 0 R 3452 0 R >> /K 12 /Lang (EN-US) /Pg 23 0 R 3276 0 obj /P 5462 0 R >> /Pg 22 0 R /Pg 23 0 R 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. /S /Artifact /Pg 24 0 R /P 6091 0 R /S /P /S /P /Pg 22 0 R /Lang (EN-US) /Pg 24 0 R 963 0 obj >> >> /S /P endobj /P 4741 0 R 898 0 obj /Pg 22 0 R /Lang (EN-US) /Lang (EN-US) /P 5846 0 R << /Lang (EN-US) 2733 0 obj << /K 1439 /K 328 /S /Artifact /Pg 25 0 R /P 5707 0 R /K 1213 3304 0 R 3305 0 R 3306 0 R 3307 0 R 3308 0 R 3309 0 R 3310 0 R 3311 0 R 3312 0 R 3313 0 R /Pg 25 0 R 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 >> /K 1478 /Pg 24 0 R /Pg 25 0 R /Pg 24 0 R endobj endobj endobj << /Lang (EN-US) /Pg 25 0 R endobj 3437 0 obj >> 1080 0 obj endobj /Pg 23 0 R 3210 0 obj << /K 778 /P 10 0 R >> >> /Pg 23 0 R /K 293 >> /S /P /P 6063 0 R /P 5199 0 R endobj /Pg 25 0 R >> /Pg 25 0 R endobj >> /P 6539 0 R /K 1523 << /K 934 /Pg 22 0 R 2260 0 obj >> /S /P 3464 0 obj /P 5981 0 R << >> 3539 0 obj >> >> << 3116 0 obj 337 0 obj /Pg 22 0 R << /S /P /S /P /S /P /S /P /Lang (EN-US) << 276 0 obj endobj /T () /Lang (EN-US) 1721 0 obj /K 1219 /Pg 25 0 R /S /P 2252 0 obj << /K 1401 endobj /Lang (EN-US) /P 6651 0 R >> /P 6339 0 R << /S /Artifact Private Credit vs. Other Private Capital Asset Classes /S /Artifact << /K 331 /Lang (EN-US) 941 0 obj >> 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 . << /K 965 3491 0 obj /Lang (EN-US) endobj /K 0 4037 0 obj >> /K 1226 /Lang (EN-US) >> << /K 743 >> /K 913 1779 0 obj >> 2327 0 obj /Pg 13 0 R endobj /Pg 24 0 R >> /S /P << << >> /Pg 24 0 R 3010 0 obj /Pg 23 0 R << 2240 0 obj >> /Pg 23 0 R /Pg 25 0 R << /K 1392 /S /P >> /Length 7 0 R /P 6616 0 R /Pg 24 0 R /K 1451 1026 0 obj /Pg 22 0 R /K 7 /K 1524 endobj /K 219 /Lang (EN-US) /Lang (EN-US) endobj /S /Artifact 1048 0 obj endobj 2118 0 obj /Pg 13 0 R /Lang (EN-US) /Pg 25 0 R /S /P >> >> /K 599 /Pg 13 0 R /K 1340 endobj endobj /P 4878 0 R /Pg 25 0 R >> /Pg 25 0 R /S /P endobj endobj << /Pg 25 0 R << /K 1138 null null null 1731 0 R null 1732 0 R null 1733 0 R null 1734 0 R >> /Pg 20 0 R /K 1427 /P 6393 0 R /Rotate 0 /Pg 25 0 R /Pg 24 0 R /Pg 25 0 R << >> << endobj endobj << >> endobj /K 1418 endobj 3017 0 obj << >> /K 799 << endobj << /S /P /Pg 23 0 R ~bXc'lc=FdC_[xZ"~FD>H3^k3 Mn ctfq49H35^`6UuaY=Der t:C >> /Pg 19 0 R /S /Artifact /Pg 18 0 R << /Pg 22 0 R >> /Pg 23 0 R >> /Lang (EN-US) 2230 0 obj /P 6529 0 R << << << /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) << /S /Artifact >> /K 473 1555 0 obj 2573 0 obj >> /Pg 23 0 R >> << << 915 0 R null 916 0 R null 917 0 R null 918 0 R null 919 0 R 920 0 R /K 1357 /K 1310 >> /Pg 22 0 R /S /P 2310 0 obj >> << 697 0 obj >> /S /Artifact /S /P 4120 0 obj >> >> >> /Pg 23 0 R endobj endobj 3077 0 obj /Pg 22 0 R /S /P /S /Artifact 3953 0 obj /K 225 /Lang (EN-US) endobj /Pg 22 0 R /Lang (EN-US) 1789 0 R null 1790 0 R 315 0 R null 317 0 R null 1791 0 R null null >> /P 10 0 R /Pg 23 0 R << endobj >> /S /P /P 5727 0 R /Lang (EN-US) endobj 3278 0 obj 3741 0 obj endobj 1071 0 obj << endobj /P 5769 0 R /Pg 25 0 R << /Pg 25 0 R >> /P 5305 0 R /S /P /Pg 22 0 R /Lang (EN-US) /P 10 0 R /Lang (EN-US) 680 0 obj /K [112 113 114 115 116 117 118 119 120 121 /S /P /K 1181 endobj >> << << << endobj /K 1496 /K 1302 /Pg 25 0 R /P 5915 0 R /S /Artifact /Pg 25 0 R /Pg 18 0 R /Pg 18 0 R /P 10 0 R << 3094 0 obj /K 235 /S /P endobj /S /P >> /K 206 /K 580 /Pg 22 0 R /Lang (EN-US) /Lang (EN-US) >> >> << /Pg 22 0 R /P 5117 0 R 1663 0 obj 301 0 obj >> endobj /Pg 23 0 R /S /Artifact endobj << 4119 0 obj >> /Lang (EN-US) endobj 2076 0 obj >> /Lang (EN-US) 3318 0 obj 3483 0 obj >> /P 5418 0 R << << endobj /Pg 23 0 R /K 1450 244 0 obj endobj /K 1313 /S /P /P 4892 0 R /P 5190 0 R /Pg 22 0 R 931 0 obj /S /P /K 634 >> /Pg 23 0 R << /Pg 24 0 R /Pg 20 0 R 3955 0 obj >> 1062 0 obj endobj /Lang (EN-US) /P 5760 0 R << <> endobj >> /Pg 25 0 R << endobj /K 1193 3445 0 obj 4099 0 obj /Lang (EN-US) endobj /K 716 /S /Artifact /K 36 /K 165 /Pg 24 0 R 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 endobj /S /P /Pg 22 0 R /S /Artifact /K 873 /K 486 <> /Lang (EN-US) /S /P << 692 0 obj endobj /Pg 24 0 R << /Lang (EN-US) /S /P 2384 0 obj >> /K 836 >> /Metadata 3 0 R 857 0 obj /K 1360 endobj /S /P << /K 1159 << /K 1045 >> /K 606 /Pg 17 0 R /Pg 25 0 R << << 3283 0 obj >> >> /Pg 22 0 R /Pg 24 0 R << /K [4610 0 R 4611 0 R 4612 0 R 4613 0 R 4614 0 R 4615 0 R 4616 0 R 4617 0 R 4618 0 R 4619 0 R << /Lang (EN-US) /Pg 25 0 R << /Pg 24 0 R /S /Artifact >> /S /P /Pg 19 0 R >> >> 1445 0 obj /K 1371 >> /S /Artifact << /Lang (EN-US) ** First Eagle Credit Opportunities Fund uses Distribution Yield in place of Yield to Worst. /K 13 /K 26 /K 1272 /S /P /K 598 << endobj /BS 6765 0 R endobj /K 1224 /S /P >> /Pg 22 0 R /S /P endobj /Lang (EN-US) /K 1075 << endobj /S /P /K 1142 << endobj << /S /P /Lang (EN-US) endobj /K 1245 endobj << << >> /Pg 25 0 R /S /P /S /Artifact /Pg 24 0 R 1601 0 R null 1602 0 R null 1603 0 R null 1604 0 R 1605 0 R null 1606 0 R >> endobj >> /K 1420 /K 77 >> endobj /Pg 24 0 R 1270 0 obj >> 1840 0 obj 854 0 obj endobj >> /Pg 25 0 R /Pg 24 0 R /S /Artifact endobj /Lang (EN-US) 1009 0 R null null null 1010 0 R null 1011 0 R null 1012 0 R null << /K 1195 /S /P /Pg 25 0 R /S /P /K 2 /K 1505 /K 45 /S /Artifact endobj 4630 0 R] /Pg 22 0 R >> /K 1332 /Lang (EN-US) /Pg 18 0 R /S /P 1561 0 obj << null null null 717 0 R null 718 0 R null 719 0 R null 720 0 R /K 1182 endobj << endobj << /S /P /P 4789 0 R 2810 0 obj /S /P /S /P << >> /Lang (EN-US) /Pg 24 0 R /Pg 25 0 R <> /Lang (EN-US) >> /Pg 23 0 R All of the monthly standard deviations are then annualized and the volatility is expressed as a percentage. 2016 0 obj endobj 2257 0 obj >> 1621 0 obj 2584 0 obj >> endobj /Pg 22 0 R /S /P /P 5728 0 R << /Lang (EN-US) >> >> /K 1436 /Lang (EN-US) /K 766 << endobj >> << >> >> /Pg 24 0 R << /Pg 23 0 R endobj << 3531 0 obj >> >> >> /P 6249 0 R endobj >> endobj >> >> endobj 2015 0 obj << /S /Artifact /P 10 0 R /Lang (EN-US) /K 583 /Lang (EN-US) /Pg 25 0 R /Pg 22 0 R << /K 917 >> << /Lang (EN-US) << /K 813 870 0 R 871 0 R null 872 0 R null 873 0 R null 874 0 R null 875 0 R 1500 0 obj /Pg 25 0 R >> /S /P /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) /K 1431 /S /P /Pg 25 0 R << 1000 0 obj /S /P /K 608 endobj >> << << /K 1379 << 1931 0 obj 1997 0 R null 1998 0 R null null null 1999 0 R null null null /Pg 25 0 R /P 5286 0 R endobj endobj >> /P 5350 0 R /K 736 /S /Artifact >> 3574 0 obj /S /P /P 10 0 R /P 6073 0 R >> /K 1279 /K 496 /K 1439 /S /P /K 1470 >> /K 18 /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) << /S /P /K 1425 >> endobj endobj /P 10 0 R /Lang (EN-US) /Pg 22 0 R >> 321 0 obj 2317 0 obj >> /S /Artifact /Pg 24 0 R endobj 1118 0 R 1119 0 R 1120 0 R 1121 0 R 1122 0 R 1123 0 R 1124 0 R 1125 0 R 1126 0 R 1127 0 R /K 554 endobj << /K 1179 /Pg 22 0 R /Pg 24 0 R /Pg 23 0 R 2151 0 obj endobj /Lang (EN-US) /Lang (EN-US) /K 863 /S /Artifact /S /P >> /Lang (EN-US) >> << >> 1792 0 obj 412 0 obj /S /P endobj >> 2873 0 obj /S /P /S /P /Pg 24 0 R /Lang (EN-US) << << /K 329 /Pg 25 0 R /S /P /S /Artifact /Pg 22 0 R 3540 0 obj 3267 0 obj /Pg 24 0 R 3209 0 obj /Pg 13 0 R endobj /Lang (EN-US) endobj /Pg 25 0 R endobj /Pg 23 0 R /S /Artifact /K 1511 >> /S /P /K 142 <> /P 10 0 R /K 212 1545 0 obj 367 0 obj << endobj /K 809 /K 91 endobj >> /K [45 46 47 48 49] /S /Artifact endobj /Lang (EN-US) /S /P /Pg 25 0 R /P 6465 0 R /P 4851 0 R /S /P /K 907 /CropBox [0 0 612 792] /S /P endobj << /K [4546 0 R 4547 0 R 4548 0 R 4549 0 R 4550 0 R 4551 0 R 4552 0 R 4553 0 R 4554 0 R 4555 0 R 1192 0 obj /Type /Annot /Lang (EN-US) >> endobj 1851 0 obj /P 5412 0 R /S /Artifact 2507 0 obj >> /K 725 1514 0 obj endobj >> /Lang (EN-US) 4009 0 obj >> >> /K 1147 /K 1507 /Pg 22 0 R /S /P /Lang (EN-US) 2609 0 obj >> /K 882 /S /Artifact /K [4525 0 R 4526 0 R 4527 0 R 4528 0 R 4529 0 R 4530 0 R 4531 0 R 4532 0 R 4533 0 R 4534 0 R /K 1147 /K 570 804 0 obj /K [1111 1112] endobj /K 827 endobj /Pg 23 0 R << endobj >> >> >> 384 0 obj /K 140 /Pg 24 0 R /Lang (EN-US) 36 endobj >> /Lang (EN-US) >> /S /Artifact /Pg 25 0 R 2275 0 obj /K 201 3454 0 obj >> 846 0 R null 847 0 R null null null 848 0 R null null null >> /Pg 23 0 R >> endobj endobj /K 1543 endobj /Pg 22 0 R endobj /K [1112 1113] << endobj /S /P 3598 0 obj >> >> endobj endobj 4152 0 obj /Pg 13 0 R >> << >> /Lang (EN-US) /S /P /Lang (EN-US) /S /P /S /Artifact /S /P /S /Artifact /P 6482 0 R 3137 0 obj /Lang (EN-US) Suisse Leveraged Loan Index, Bloomberg Barclays Indices for US IG Credit. 2734 0 obj << /S /Artifact /P 6209 0 R endobj /Pg 25 0 R /P 10 0 R >> endobj /K 1364 endobj >> /K 655 /S /Artifact endobj 2883 0 obj >> endobj <> /Pg 18 0 R /S /P /S /Artifact 3521 0 obj /Pg 23 0 R << >> endobj /K 1 >> endobj /S /Artifact /K 32 /K 112 3164 0 obj /Lang (EN-US) 3433 0 obj /P 5183 0 R /Pg 23 0 R endobj /Pg 22 0 R << /Pg 25 0 R /S /Artifact /S /P /K 116 /Pg 25 0 R >> /P 4885 0 R 2379 0 obj /K 530 >> << 792 0 obj 2160 0 obj /K 541 endobj /Pg 23 0 R << << 1319 0 obj /Pg 23 0 R 2488 0 obj << /K 233 >> /Lang (EN-US) /S /Artifact /Pg 13 0 R 971 0 obj /Lang (EN-US) 3263 0 obj /Lang (EN-US) 1190 0 obj endobj /K 1333 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 << /S /P /PageLayout /OneColumn << 3840 0 obj /K 520 /P 5119 0 R >> /S /P /Pg 22 0 R 2124 0 obj /Lang (EN-US) << >> /Pg 22 0 R << 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 /S /Artifact endobj /S /Artifact /A 4687 0 R << >> /Lang (EN-US) /Lang (EN-US) << endobj /S /P 2618 0 obj endobj <> endobj /K 826 endobj /P 6618 0 R /P 4847 0 R /P 4919 0 R endobj /Pg 24 0 R /Lang (EN-US) endobj >> /S /P /P 5197 0 R /P 5657 0 R eBook: Private Debt von Stephen L. Nesbitt | ISBN 978-1-119-94441-6 << << 1441 0 obj << << /K 21 1675 0 obj /K 487 1033 0 obj endobj << endobj /K 27 /Pg 24 0 R /K 1462 << /K 76 /Lang (EN-US) << << 2950 0 obj /S /Artifact /Lang (EN-US) /S /P /Pg 25 0 R << << /S /Artifact /S /P /S /P 2822 0 obj >> 1562 0 obj /K 1397 endobj << 232 0 obj >> /Pg 22 0 R /S /P >> /P 6379 0 R /Lang (EN-US) /K 1256 /K 1467 /P 5272 0 R PDF Private Credit's Rapid Growth: A Secular Trend /S /P /Pg 23 0 R /K 146 >> 4 0 obj endobj /Pg 25 0 R /K 314 endobj /K 1404 endobj << /K 514 /S /Artifact /S /P >> endobj >> /K 988 /Pg 24 0 R /Pg 22 0 R /Lang (EN-US) /K 1412 endobj >> 3758 0 obj /K 1504 /Lang (EN-US) /Lang (EN-US) endobj >> endobj /K 1452 /K 239 3657 0 obj endobj /Pg 22 0 R /S /P 2461 0 obj /Pg 24 0 R /S /Artifact /Pg 22 0 R >> /Pg 15 0 R 1140 0 obj /Pg 23 0 R 3368 0 obj /P 6300 0 R /S /P << >> /S /Artifact /P 4727 0 R >> /S /P /S /P /P 6511 0 R /S /Artifact /S /Artifact << 3541 0 R null null null 3542 0 R null 3543 0 R null 3544 0 R null /S /P endobj 1263 0 obj << /K 1278 >> Volatility is measured using standard deviation.