cliffwater direct lending index

Mary Reed Obituary Mike Epps Mother, Why Blackrock Interview Question, Pete The Cat Snow Daze Activities, Chicago Volleyball League 2022 Schedule, Articles C

/K 1368 endobj 1806 0 obj >> endobj 290 0 obj /S /P /Pg 24 0 R /S /Artifact >> /Lang (EN-US) /S /Artifact endobj /K 1293 /Pg 13 0 R >> >> >> >> /K 1410 << /Pg 22 0 R /Pg 25 0 R /Lang (EN-US) endobj /K 1330 << /Lang (EN-US) /Pg 25 0 R 736 0 obj endobj /K 684 /Pg 22 0 R /S /Table /Pg 22 0 R /Pg 25 0 R >> <> /K 1303 /Pg 24 0 R 2460 0 obj 2891 0 obj /S /Artifact >> /S /Artifact 857 0 obj << 3562 0 obj /Pg 22 0 R endobj << >> >> << /S /Artifact /Pg 24 0 R /Pg 22 0 R << /Pg 24 0 R /Pg 24 0 R /K 19 /Pg 23 0 R << /K 555 2320 0 obj >> /Lang (EN-US) << endobj /S /P endobj /S /P << /K 1327 /Pg 13 0 R endobj /S /Artifact /Lang (EN-US) 369 0 obj << /S /P >> << /Pg 18 0 R >> /K 0 endobj /Lang (EN-US) << /Pg 23 0 R /P 5931 0 R /Pg 24 0 R >> /Lang (EN-US) /K 34 << endobj /Pg 17 0 R endobj endobj /K 1313 /S /Artifact 3025 0 obj /P 4994 0 R << endobj /K 153 /P 4729 0 R /P 5207 0 R /Pg 22 0 R /K 175 >> /K [420 0 R 421 0 R] << >> /S /Artifact 1433 0 obj /Pg 24 0 R 2826 0 obj /S /Artifact << << /A 4749 0 R endobj /K 992 /Pg 24 0 R /Pg 23 0 R /P 5625 0 R /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) /Pg 23 0 R endobj /P 5561 0 R 3598 0 obj << /Pg 22 0 R << << /Pg 25 0 R >> endobj /Pg 25 0 R null 2957 0 R null 2958 0 R 2959 0 R null 2960 0 R null 2961 0 R null endobj /K 1273 /K 583 /K 859 /Pg 21 0 R /K 1121 2196 0 obj /S /P /S /P >> /Pg 23 0 R null 2829 0 R null 2830 0 R null 2831 0 R null null null 2832 0 R /Bibliography /BibEntry 1942 0 obj /S /P << 996 0 obj >> /P 6345 0 R endobj 3526 0 obj /K 1364 /K 774 /P 5681 0 R endobj /K 461 /Pg 24 0 R /Pg 22 0 R << << /Lang (EN-US) 3595 0 obj /Pg 25 0 R << >> endobj endobj /K 1130 2466 0 obj /S /P << /Pg 25 0 R >> /S /Artifact >> >> 859 0 obj /Pg 22 0 R /Pg 24 0 R /Lang (EN-US) >> /Lang (EN-US) /Pg 24 0 R /Pg 13 0 R >> 3537 0 R null 3538 0 R null 3539 0 R null 3540 0 R null null null 3656 0 obj The CDLI. /S /P >> endobj >> /Lang (EN-US) >> << endobj /S /P endobj >> << endobj /Pg 25 0 R /K 665 /Lang (EN-US) /K 1128 >> /Lang (EN-US) /S /P >> /Pg 24 0 R >> /Pg 25 0 R Middle-market direct lending has evolved over the last 20 years, and many institutional investors increasingly view it as a strategic portfolio allocation. /K 1490 /Pg 25 0 R << /K 269 >> /Lang (EN-US) >> /S /Artifact >> /Pg 23 0 R endobj 3396 0 obj The CDLI assists investors to better understand asset class characteristics and to benchmark manager performance VIEW CDLI REPORT VIEW CDLI FACT PAGE Learn More View Resources /P 10 0 R /K 1290 endobj /P 5990 0 R /S /Artifact /S /P 83 0 obj 1245 0 obj endobj /Pg 25 0 R << >> >> /Pg 16 0 R /StructParents 3 endobj /Pg 22 0 R 3303 0 obj 2772 0 obj 3585 0 obj null 762 0 R null 763 0 R null null null 764 0 R null null /Lang (EN-US) >> 2767 0 obj /K 21 >> /K 1496 /K 1143 /K 155 /P 5994 0 R /K 1002 /K 1171 endobj /S /Artifact /Pg 22 0 R endobj /K 36 << /K 686 /S /Artifact endobj /Pg 24 0 R >> /S /Artifact /Pg 14 0 R /Pg 24 0 R /S /Artifact /K 1309 >> /Pg 23 0 R /Lang (EN-US) /Pg 22 0 R /P 4827 0 R /Lang (EN-US) /Pg 18 0 R endobj /P 4641 0 R >> 2572 0 obj >> /Pg 25 0 R endobj /S /P /S /P /K 728 /Pg 21 0 R /P 10 0 R /S /P /P 10 0 R 1378 0 obj 3484 0 obj << /Pg 25 0 R << endobj /Pg 25 0 R /Pg 25 0 R 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. /S /P endobj /K 1094 /Pg 23 0 R endobj << /Pg 23 0 R /P 6522 0 R /S /Artifact 2324 0 obj << 3340 0 obj 1955 0 obj 4157 0 obj << endobj 896 0 obj << /Lang (EN-US) << 3512 0 obj << /Lang (EN-US) 2535 0 obj /Pg 23 0 R >> /P 6002 0 R endobj >> 321 0 obj >> 3561 0 obj /S /P endobj /K 121 /Pg 22 0 R << >> >> /K 141 /K 18 /Lang (EN-US) endobj << /K 1257 2910 0 obj /K 1107 null 1819 0 R null null null 1820 0 R null 1821 0 R null 1822 0 R >> /P 5337 0 R endobj >> >> >> endobj Index Methodology Comparison3 3 Except for the Russell family of indices, most benchmarks and value managers use multiple value metrics, of which price-to-book is the most common. /K 1505 690 0 obj /P 5843 0 R /S /Artifact 3241 0 obj /P 5471 0 R >> /K 911 endobj << endobj /S /P /P 10 0 R /K 552 << /S /P /Pg 24 0 R /K 142 /P 5017 0 R >> null null 2540 0 R null 2541 0 R null 2542 0 R null 2543 0 R null /Pg 22 0 R 2977 0 R 2978 0 R 2979 0 R 2980 0 R 2981 0 R 2982 0 R 2983 0 R 2984 0 R 2985 0 R 2986 0 R << << /Lang (EN-US) /P 4900 0 R 941 0 obj /Pg 25 0 R endobj << /K 138 2542 0 obj /P 4820 0 R 2498 0 obj endobj /K 63 /P 5396 0 R /K 388 endobj /Pg 14 0 R << endobj /Pg 24 0 R /K 1501 >> /P 10 0 R >> >> 1184 0 obj >> << /Pg 23 0 R endobj endobj << null 427 0 R null null 100 0 R 101 0 R 102 0 R null 428 0 R null 1417 0 obj /K 1534 /K 30 /Pg 24 0 R endobj /Lang (EN-US) endobj /K 3 /S /Artifact 3981 0 obj /P 90 0 R /P 6233 0 R >> >> 3310 0 obj /Pg 25 0 R >> /Lang (EN-US) << /Lang (EN-US) 2354 0 obj 3756 0 obj /S /P /S /Artifact >> endobj /K 1359 /Pg 24 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 >> 1795 0 obj /Pg 24 0 R 1021 0 obj /Pg 22 0 R /K 571 /K 406 /S /P /S /P << /Pg 22 0 R endobj /S /P /P 6085 0 R /K 1464 endobj << 3864 0 obj /Pg 22 0 R endobj /Pg 23 0 R null 1727 0 R null 1728 0 R null 1729 0 R null null null 1730 0 R >> << endobj << /Pg 25 0 R /S /Artifact 1110 0 obj endobj << endobj /Lang (EN-US) /Pg 24 0 R /Pg 24 0 R << >> endobj /S /P /K 237 /K 119 2591 0 obj endobj 3069 0 obj endobj /S /Artifact << << << 2469 0 obj /K 21 /K 81 /K 577 /S /Artifact /K 310 /S /Artifact endobj /S /P /Lang (EN-US) >> >> /Pg 26 0 R << 4077 0 R 4078 0 R 4079 0 R 4080 0 R 4081 0 R 4082 0 R 4083 0 R 4084 0 R 4085 0 R 4086 0 R /K 895 /K 94 /Lang (EN-US) Loans are made or arranged pursuant to a California Financing Law license. /K 1393 /Pg 23 0 R >> 1040 0 obj << endobj /Pg 23 0 R endobj /S /P 3156 0 obj endobj << << /Lang (EN-US) /K 607 /K 1263 >> /MediaBox [0 0 612 792] /S /P << << /Pg 24 0 R He is a portfolio manager responsible for US Direct Lending funds, BlackRock Credit Strategies Fund, and middle-market CLOs in the US. /K 874 >> /Pg 25 0 R 350 0 obj endobj 1917 0 obj /Pg 23 0 R >> /Pg 24 0 R >> << /Pg 23 0 R 788 0 obj /Pg 22 0 R /S /P << /Lang (EN-US) << /Pg 25 0 R /Pg 24 0 R <> /P 5175 0 R 4010 0 obj endobj endobj /Lang (EN-US) /P 5410 0 R >> /Pg 23 0 R /K 948 << /S /LBody >> 2439 0 obj /K 1014 >> << >> endobj 533 0 obj 260 0 obj /Lang (EN-US) << << << << >> /A 6760 0 R /K 167 /P 6136 0 R /S /Artifact /Pg 13 0 R 3613 0 obj /S /P endobj /S /P endobj 107 0 obj /P 5089 0 R endobj 2808 0 obj endobj /Lang (EN-US) 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 >> endobj 497 0 obj /Pg 18 0 R /P 5477 0 R endobj /K 493 1989 0 obj << >> >> >> endobj endobj /S /P endobj /K 1156 endobj 407 0 obj endobj /K 778 /K 152 /K 68 endobj << /S /P 2953 0 obj /K 1178 /K 94 endobj /Lang (EN-US) /Pg 25 0 R /K 859 << /A 6762 0 R >> 920 0 obj /S /LBody << /S /Artifact endobj /P 4648 0 R endobj /K 1342 2736 0 obj 4117 0 obj endobj >> >> /P 5061 0 R >> /S /P endobj >> endobj /Lang (EN-US) /K 29 /Pg 25 0 R endobj /Pg 25 0 R /K 1058 /Pg 23 0 R /S /P /P 10 0 R /Lang (EN-US) /Lang (EN-US) endobj /Pg 22 0 R >> endobj /K 492 << >> 2055 0 obj /Lang (EN-US) << 240 0 obj /K 105 /Pg 22 0 R /S /Artifact << >> /K 1300 << endobj /S /P endobj /K 657 /S /P /Pg 25 0 R /Pg 23 0 R endobj /Pg 25 0 R endobj 2221 0 obj /Pg 22 0 R /P 5130 0 R null 2509 0 R 2510 0 R null 2511 0 R null 2512 0 R null 2513 0 R null /Lang (EN-US) 1257 0 obj /S /P endobj >> endobj /S /P /Pg 25 0 R 1458 0 obj << /S /P >> << /P 5674 0 R /T () 886 0 obj /P 5248 0 R << 1308 0 R 1309 0 R 1310 0 R 1311 0 R 1312 0 R 1313 0 R 1314 0 R 1315 0 R 1316 0 R 1317 0 R /P 5466 0 R << /K 826 2442 0 obj /Lang (EN-US) /P 5545 0 R /S /Artifact /P 4833 0 R << /K 1450 3364 0 R 3365 0 R 3366 0 R 3367 0 R 3368 0 R 3369 0 R 3370 0 R 3371 0 R 3372 0 R 3373 0 R /S /Artifact /Pg 23 0 R /Pg 25 0 R endobj >> /P 4787 0 R /K 77 /Lang (EN-US) endobj /Pg 24 0 R 3076 0 obj /K 574 /S /P /Lang (EN-US) >> >> /K 554 /Pg 25 0 R Hewlett-Packard Company >> /Lang (EN-US) >> /Pg 22 0 R /Pg 23 0 R /Pg 24 0 R /Pg 23 0 R /K 1196 /Lang (EN-US) /K 242 /P 6510 0 R << /K 61 endobj endobj 1069 0 obj /K 1435 << 2937 0 obj /K 1374 2463 0 obj << /Pg 23 0 R endobj 3117 0 obj << /Lang (EN-US) >> /S /P >> /P 5519 0 R << endobj << 3326 0 obj /Pg 25 0 R << << /S /P >> Indices - Direct Lending: Cliffwater Direct Lending Index, Private Equity: CA US Private Equity Index, High-Yield Bonds: Bloomberg Barclays High-Yield Index. /S /P endobj >> << << /Lang (EN-US) endobj /S /P /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) 3417 0 obj >> 1316 0 obj 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 /Lang (EN-US) /K 1210 /P 4777 0 R >> null 765 0 R null 766 0 R null 767 0 R null 768 0 R null 769 0 R << /K 472 >> /K 418 /Pg 25 0 R << /Pg 25 0 R /S /P /Lang (EN-US) << /Pg 23 0 R /K 334 >> /P 5155 0 R << /K 848 4187 0 obj 666 0 obj /K 894 /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) 3493 0 obj endobj /Pg 23 0 R /K 186 /K 1012 /S /P /Pg 25 0 R /K 1288 /S /Artifact endobj << /Lang (EN-US) << /Lang (EN-US) >> /K 1268 << << /S /Artifact /Pg 25 0 R /Pg 24 0 R endobj 2317 0 obj 3468 0 obj >> /P 6407 0 R /S /P /Pg 25 0 R endobj >> << /Pg 22 0 R /K 520 endobj /K 1140 274 0 obj /P 6028 0 R /K 1158 /Lang (EN-US) /S /Artifact /P 5678 0 R /Lang (EN-US) /Pg 22 0 R >> /Pg 25 0 R >> /K 64 endobj /MediaBox [0 0 612 792] /S /P /P 10 0 R /P 5801 0 R /Lang (EN-US) /K 581 600 0 obj /K 109 /S /Artifact /P 10 0 R /Lang (EN-US) /K 1240 /Pg 23 0 R endobj << 4047 0 obj /CropBox [0 0 612 792] << endobj >> /P 4995 0 R endobj /K 223 /S /Artifact 4283 0 obj << 3707 0 obj endobj << /Lang (EN-US) endobj /K 1105 3284 0 R 3285 0 R 3286 0 R 3287 0 R 3288 0 R 3289 0 R 3290 0 R 3291 0 R 3292 0 R 3293 0 R 157 0 obj /K 1123 /Pg 22 0 R endobj >> /S /Link /Lang (EN-US) /Lang (EN-US) endobj >> endobj null 899 0 R null 900 0 R null null null 901 0 R null null /S /P 340 0 obj endobj endobj 4192 0 obj 4171 0 obj /Pg 25 0 R >> /P 5279 0 R /Pg 24 0 R << endobj /S /P 3802 0 R null 3803 0 R null 3804 0 R 3805 0 R null 3806 0 R null 3807 0 R 3138 0 obj <> 3162 0 obj /S /Artifact >> /Pg 22 0 R << >> /P 143 0 R 3983 0 obj 571 0 obj /S /P /Pg 24 0 R >> << /S /Artifact /S /P 2802 0 obj /S /P /K 750 << 3302 0 obj >> endobj 630 0 obj >> /P 6178 0 R /Lang (EN-US) >> >> endobj /StructParents 6 endobj /Pg 22 0 R /Pg 25 0 R << /K 270 /P 5041 0 R endobj /S /Artifact /P 6328 0 R 227 0 obj endobj /S /P 4337 0 obj /K 1504 /S /Artifact >> /Lang (EN-US) /Pg 25 0 R Morningstar computes standard deviation using trailing quarterly total returns for 15 years. /S /Artifact /Pg 24 0 R endobj /S /Artifact >> /P 5500 0 R << /Pg 18 0 R endobj /P 6603 0 R 2027 0 R null 2028 0 R null 2029 0 R 2030 0 R null 2031 0 R null 2032 0 R /Pg 25 0 R 1553 0 obj >> endobj 3036 0 obj << /S /P /P 4819 0 R << >> >> << /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) << << << endobj /S /Artifact /Pg 23 0 R << /P 4720 0 R 2795 0 obj /K 1034 /K 1390 <> endobj >> /Lang (EN-US) 726 0 obj /Pg 22 0 R /S /Artifact /Lang (EN-US) 3844 0 obj << 3734 0 obj >> <> /K 583 /P 6161 0 R << /Pg 25 0 R 931 0 obj 3177 0 R 3178 0 R 3179 0 R 3180 0 R 3181 0 R 3182 0 R 3183 0 R 3184 0 R 323 0 R 3185 0 R /K 1294 >> 4037 0 R 4038 0 R 4039 0 R 4040 0 R 4041 0 R 4042 0 R 4043 0 R 4044 0 R 4045 0 R 4046 0 R Direct lending represented by the Cliffwater Direct Lending Index (CDLI). >> /Kids [8 0 R 9 0 R] endobj endobj endobj /Pg 23 0 R endobj /K 1317 /S /P endobj /K 306 /K 534 /P 5427 0 R /S /Artifact /Pg 22 0 R /P 4689 0 R endobj << << /Pg 24 0 R /Lang (EN-US) endobj /K 1509 /K 803 /K 1069 /K 203 << >> 4196 0 obj >> /S /Artifact >> /Lang (EN-US) << << /K 722 /P 5739 0 R /Lang (EN-US) /S /P /Pg 23 0 R /S /Artifact >> /Lang (EN-US) 455 0 obj /S /P /Pg 22 0 R endobj /K 187 >> >> >> /Lang (EN-US) /P 5829 0 R /Lang (EN-US) /Lang (EN-US) endobj endobj /K 217 /Lang (EN-US) /S /P endobj /S /Artifact /S /Artifact /P 5325 0 R endobj /K 1244 /P 5217 0 R /P 6733 0 R /S /P /S /P >> 856 0 obj /K 1105 endobj /P 10 0 R /Pg 23 0 R /Pg 22 0 R /P 6532 0 R 901 0 obj endobj << endobj 3673 0 obj endobj endobj >> /P 6248 0 R 2774 0 R null 2775 0 R null 2776 0 R null 2777 0 R null 2778 0 R 2779 0 R /Pg 25 0 R endobj 3060 0 obj /K 496 /Pg 25 0 R <> << >> 2087 0 obj /S /Artifact 985 0 obj << /Lang (EN-US) /S /P << 209 0 obj 2893 0 obj /A 4679 0 R /S /Artifact << 2294 0 obj 1772 0 obj /S /Artifact /Lang (EN-US) /S /P /Pg 25 0 R >> /S /Artifact /S /P << >> 4271 0 obj /Pg 25 0 R >> 2069 0 obj /P 6666 0 R /K 1249 /Pg 25 0 R /K 1329 /S /P endobj 1733 0 obj /K 805 /P 10 0 R 1282 0 obj >> 2192 0 obj /K 105 /K 778 << /S /P /Lang (EN-US) 1010 0 obj >> << 2177 0 obj 2541 0 obj << /S /P endobj >> /S /Link /K 1226 << endobj /K 329 /S /P /K 1475 /S /Artifact /Pg 25 0 R 2883 0 obj /Pg 24 0 R /K 27 /Lang (EN-US) 2332 0 obj /S /P /K 720 << /Pg 23 0 R 3092 0 obj /P 6035 0 R >> << null 596 0 R null 597 0 R 598 0 R null null 599 0 R null 600 0 R endobj 1589 0 obj >> >> 2990 0 obj << /Pg 22 0 R endobj /S /Artifact 2605 0 obj endobj endobj /S /P << /K 674 >> >> null 713 0 R null 714 0 R null 715 0 R null null null 716 0 R /Lang (EN-US) << >> 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. 133 0 obj >> /Pg 23 0 R /Lang (EN-US) 2386 0 obj 4026 0 obj /Pg 19 0 R /Lang (EN-US) 4205 0 obj /S /Artifact /K 140 endobj /S /P /K 1247 /S /P /K 12 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 [email protected]. /Pg 25 0 R /Lang (EN-US) << endobj 2044 0 obj /K 930 /K 1393 2865 0 obj /Pg 23 0 R /S /LBody 3346 0 obj << /Pg 24 0 R /K 1 /S /Artifact << /K 114 4111 0 obj /K 1338 /Lang (EN-US) /Pg 24 0 R /K 986 << /Pg 22 0 R << /K 1384 << >> >> /S /P /Lang (EN-US) endobj << /S /P /Pg 25 0 R >> /S /Artifact /Pg 23 0 R 3650 0 obj endobj /Pg 25 0 R /Pg 24 0 R 3887 0 obj /Pg 24 0 R >> 3667 0 obj /K 574 2111 0 obj /Pg 22 0 R /Lang (EN-US) /K 868 2870 0 obj /K 591 >> /Subtype /Link /Pg 23 0 R 3022 0 obj >> 448 0 obj << /Pg 24 0 R /A 4675 0 R /Lang (EN-US) /S /Artifact /K 1160 1750 0 obj /K 1006 /P 5105 0 R /P 6595 0 R /S /Artifact null null 801 0 R null 802 0 R null 803 0 R null 804 0 R null >> /S /P /P 6461 0 R /K 1394 >> << << /Pg 20 0 R endobj /P 5969 0 R >> 4329 0 obj 4134 0 obj /Pg 25 0 R /S /P /S /Artifact endobj /K 1379 /P 5605 0 R 1147 0 obj << endobj /K 136 /S /Artifact /K 518 Average Realized Loss (2006 - 2021) Average realized loss is the historical average of the realized gains/losses for the Cliffwater Direct Lending Index. /Lang (EN-US) endobj endobj /Pg 23 0 R /S /P >> >> << <> /S /P /S /P 888 0 obj 4119 0 obj >> << /S /Artifact /S /P 1838 0 obj 1783 0 obj /P 6225 0 R /Lang (EN-US) /P 10 0 R /Lang (EN-US) /Pg 24 0 R /Pg 24 0 R 2664 0 obj /S /Artifact << >> >> endobj /K 1407 endobj /Pg 21 0 R /Lang (EN-US) endobj >> 1628 0 obj /K 509 /Pg 22 0 R << << /Pg 25 0 R >> >> /Pg 25 0 R /K 1266 1852 0 obj 4101 0 obj endobj /K 1135 >> endobj << 2686 0 R null 2687 0 R null 2688 0 R null 2689 0 R 2690 0 R null 2691 0 R /S /P << /Pg 22 0 R /K 714 /P 10 0 R endobj >> << 650 0 obj /Lang (EN-US) /Pg 24 0 R endobj endobj 2515 0 obj /P 4764 0 R >> /Pg 22 0 R /K [39 40 41 42 43 44] endobj << /Pg 23 0 R 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 . /K 691 >> /Lang (EN-US) >> /S /P 185 0 obj >> << << endobj 3195 0 obj endobj << >> >> CLIFFWATER and the CLIFFWATER LLC logo are trademarks of Cliffwater LLC. null 770 0 R 771 0 R null 772 0 R null 773 0 R null 774 0 R null /S /P /K 1374 1402 0 obj /Lang (EN-US) /K 1491 /Lang (EN-US) /Pg 18 0 R /S /P /K 900 /K 689 /K 224 1500 0 obj << /Pg 25 0 R /S /Artifact /Pg 22 0 R /P 4908 0 R Opportunities in Corporate Direct Lending", 2019. /Pg 23 0 R /P 4932 0 R 4503 0 R] << >> /P 6124 0 R >> /S /Artifact /S /P 62 0 obj /S /Artifact /S /P endobj /S /P /Pg 23 0 R /S /P /P 5690 0 R /Pg 23 0 R >> << /Lang (EN-US) "The positive effect is direct lending gains market share, which has . endobj >> /Pg 22 0 R endobj /Pg 25 0 R << >> /S /P endobj /Pg 25 0 R << << /K 584 << >> /Pg 18 0 R /P 5208 0 R <> /P 5028 0 R /P 6122 0 R /Lang (EN-US) /Pg 22 0 R endobj /S /P << /Pg 23 0 R << 4259 0 obj endobj /Pg 23 0 R /S /Artifact << endobj 4009 0 obj >> endobj 939 0 obj >> /Lang (EN-US) /Pg 22 0 R /Lang (EN-US) /Pg 22 0 R >> /S /Artifact /S /P 3097 0 R 3098 0 R 3099 0 R 3100 0 R 3101 0 R 3102 0 R 3103 0 R 3104 0 R 3105 0 R 3106 0 R << /K 719 /Lang (EN-US) /Pg 23 0 R /Pg 24 0 R /Pg 25 0 R 509 0 obj >> /K 1432 /Pg 23 0 R <> null null 357 0 R null null null null null 358 0 R null /S /Artifact /K 1304 /S /Artifact /K 1192 /S /Artifact /S /P /Pg 22 0 R << >> /K 487 /S /Artifact /P 6440 0 R 2887 0 obj 147 0 R 148 0 R 149 0 R 150 0 R 151 0 R 152 0 R 153 0 R 154 0 R 155 0 R 156 0 R << /Pg 22 0 R /S /Artifact 4217 0 obj endobj /Pg 25 0 R endobj << /S /Artifact /Pg 22 0 R /P 6441 0 R << null 568 0 R null null null null null null null null endobj /P 5405 0 R >> /Lang (EN-US) endobj 1877 0 obj /S /P << /S /Artifact /K 1442 327 0 R 328 0 R 329 0 R 330 0 R 331 0 R 332 0 R 333 0 R 334 0 R 335 0 R 336 0 R endobj 4324 0 R 4325 0 R 4326 0 R 4327 0 R 4328 0 R 4329 0 R 4330 0 R 4331 0 R 4332 0 R 4333 0 R /K 798 /K 984 endobj 1794 0 obj /S /Artifact /K 1351 /K 59 2181 0 obj << /Pg 18 0 R << >> 4263 0 obj >> endobj >> << << /Lang (EN-US) >> /K 10 4120 0 obj 3419 0 obj endobj /CropBox [0 0 612 792] >> >> /Contents 4380 0 R 2744 0 R null 2745 0 R null 2746 0 R null 2747 0 R null null null /K 7 747 0 obj 2286 0 obj /P 5798 0 R endobj /Lang (EN-US) /Pg 24 0 R << 903 0 obj 1214 0 obj 1223 0 obj /S /Artifact /Pg 25 0 R >> /K 1520 2256 0 obj << /S /Artifact <> 472 0 obj 3966 0 obj 1915 0 obj /S /P >> << /S /Artifact << endobj /Pg 22 0 R << << 2817 0 obj >> 3024 0 obj >> With this data, we can run a successive - more robust - analysis of the direct lending . /P 6552 0 R