cliffwater direct lending index

3422 0 obj endobj /S /P endobj /S /P /S /Artifact /S /P /K 859 /Pg 23 0 R >> << /K 1148 /S /Artifact endobj /S /P 2410 0 obj >> endobj /K 1017 << endobj /Pg 16 0 R 88 0 obj << << 303 0 obj 2795 0 obj /S /P /K 761 3800 0 obj 2184 0 obj /P 6165 0 R /P 5282 0 R >> /Lang (EN-US) 1089 0 obj /S /Artifact /S /P /Lang (EN-US) /Lang (EN-US) >> /K 1441 << endobj /S /P endobj /Lang (EN-US) /K 711 /S /P /S /P >> 2562 0 obj /K 94 /P 6376 0 R /S /Artifact /P 6147 0 R >> Source: Cliffwater. /P 5125 0 R /S /P 3254 0 R 3255 0 R 3256 0 R 3257 0 R 3258 0 R 3259 0 R 3260 0 R 3261 0 R 3262 0 R 3263 0 R endobj endobj /K 251 2341 0 obj endobj endobj /K 277 /Lang (EN-US) /K 77 /S /P << /S /P /Pg 24 0 R /K 486 >> << endobj >> >> << /Pg 14 0 R << /K 88 << << /S /P 1521 0 obj 1151 0 obj endobj << >> >> /K 581 endobj /S /P endobj endobj /K 1489 endobj 463 0 obj /K 1392 << >> << /S /P 1993 0 obj /S /Artifact 854 0 R 855 0 R null 856 0 R null 857 0 R null 858 0 R null 859 0 R /P 5596 0 R /S /Artifact /P 5999 0 R >> /Pg 22 0 R /P 5039 0 R endobj /K 1534 /Pg 25 0 R << 1078 0 obj 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 /S /Artifact /S /Artifact /P 4761 0 R 755 0 obj 987 0 obj /Pg 25 0 R /Lang (EN-US) << /S /P endobj << 827 0 R null 828 0 R null 829 0 R null 830 0 R 831 0 R null 832 0 R << << /Lang (EN-US) << /P 10 0 R >> /Pg 25 0 R << /Lang (EN-US) /Pg 23 0 R << 1943 0 obj /S /P /Pg 22 0 R /S /Artifact >> /K 928 /Pg 22 0 R 1789 0 R null 1790 0 R 315 0 R null 317 0 R null 1791 0 R null null /P 6248 0 R << >> /P 5080 0 R /S /P /S /P 3238 0 obj << << /K 907 /Lang (EN-US) >> >> endobj /Lang (EN-US) /Pg 24 0 R /S /P /K 959 2734 0 obj /Pg 23 0 R /Pg 18 0 R endobj /Pg 23 0 R /P 10 0 R >> /P 5474 0 R endobj << /Lang (EN-US) << endobj /Contents 4384 0 R >> /S /P >> /K 376 endobj /P 4785 0 R 1661 0 obj ICE, Bank of America for US High Yield represented by the ICE BofA High Yield. /Pg 23 0 R endobj >> /Pg 21 0 R << << /S /P /K 1263 /P 4857 0 R /K [4440 0 R 4441 0 R 4442 0 R 4443 0 R 4444 0 R 4445 0 R 4446 0 R 4447 0 R] /Lang (EN-US) 3896 0 obj /Pg 23 0 R /Lang (EN-US) << /P 6313 0 R /K 360 >> endobj /S /Artifact /S /Artifact << 2558 0 R null 2559 0 R null 2560 0 R null 2561 0 R null 2562 0 R null /Pg 23 0 R 2081 0 obj << << /Lang (EN-US) >> >> /S /P /K 1278 endobj >> >> << >> endobj << /Lang (EN-US) << >> >> /P 5960 0 R 4273 0 obj /Lang (EN-US) /Rotate 0 /Lang (EN-US) /S /Artifact /Lang (EN-US) endobj /Lang (EN-US) /K 1367 1301 0 obj /K 998 4193 0 obj endobj endobj 668 0 obj >> /S /P /Lang (EN-US) 2021 Q2 Report on U.S. Direct Lending - Cliffwater /S /Artifact << /Lang (EN-US) << endobj 17 0 obj /K 1408 1217 0 obj << >> /K 999 /Lang (EN-US) null 611 0 R null 612 0 R 613 0 R null 246 0 R 247 0 R 248 0 R 249 0 R /Lang (EN-US) 530 0 obj /Pg 24 0 R /K 1359 /K 149 719 0 obj 1610 0 obj /Lang (EN-US) 20 432 0 R 21 433 0 R 22 435 0 R 23 438 0 R 24 443 0 R 2054 0 obj endobj 1415 0 obj 1770 0 R null 1771 0 R null 1772 0 R 1773 0 R null 1774 0 R null 1775 0 R << /P 5531 0 R /Lang (EN-US) 931 0 obj /S /Artifact /Pg 16 0 R << << /K 271 << endobj /K 266 /S /Artifact 2216 0 R 2217 0 R 2218 0 R 2219 0 R 2220 0 R 2221 0 R 2222 0 R 2223 0 R 2224 0 R 2225 0 R << >> /P 5792 0 R >> /S /Artifact /Lang (EN-US) /S /P /Pg 23 0 R /S /Artifact /P 5681 0 R endobj /Pg 25 0 R /S /P 141 0 obj 2386 0 obj 4566 0 R] 689 0 obj << /K 10 /P 4978 0 R 2890 0 obj /Lang (EN-US) /S /P >> 2894 0 R null 2895 0 R null 2896 0 R null 2897 0 R null 2898 0 R 2899 0 R endobj endobj /K 114 /K 99 >> 2917 0 obj /Pg 13 0 R /S /P 757 0 obj /Pg 25 0 R /Pg 23 0 R /K 0 /K 913 >> >> << endobj endobj /S /P >> endobj /K 1161 << /Pg 24 0 R endobj /Pg 24 0 R endobj endobj /Lang (EN-US) /K 437 /K 1152 Private Direct Lending Offers Attractive Yields - Articles - Advisor /S /P /Pg 22 0 R /S /P /Pg 25 0 R 1861 0 obj << 4009 0 obj << /Pg 22 0 R /P 4838 0 R endobj 963 0 obj /S /P /Lang (EN-US) /Lang (EN-US) /K 1399 4246 0 obj >> endobj null 1935 0 R null 1936 0 R null 1937 0 R null 1938 0 R null null << endobj /Pg 23 0 R 1397 0 obj << endobj /P 5409 0 R /Pg 23 0 R /P 6066 0 R endobj endobj 3466 0 R null 3467 0 R null 3468 0 R null null null 3469 0 R null 1574 0 obj 236 0 obj /Pg 22 0 R /S /P 4244 0 obj /Lang (EN-US) /K 1546 endobj >> >> /Pg 22 0 R /K 1240 /Pg 24 0 R /K 1547 endobj endobj /Pg 25 0 R << /S /P /Pg 25 0 R endobj /K 911 4317 0 obj /S /P << 1237 0 obj /P 5116 0 R /K 260 endobj /S /P << /Lang (EN-US) /Lang (EN-US) >> /Pg 22 0 R /S /Artifact /P 5894 0 R /S /P /Resources 4347 0 R /S /P /Lang (EN-US) null null null 1988 0 R null 1989 0 R null 1990 0 R null 1991 0 R /Pg 24 0 R << >> 2926 0 obj /S /P 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. >> 1581 0 obj >> 2434 0 obj 2366 0 obj /S /Artifact >> /Pg 22 0 R >> /Pg 23 0 R endobj << /S /Artifact >> 2694 0 obj << /P 5083 0 R >> /K 10 /K 1173 >> /Lang (EN-US) >> << /S /Artifact /P 10 0 R 678 0 obj >> /S /P /K 917 << endobj /K 102 1066 0 obj >> /Pg 18 0 R << << 3355 0 obj >> 18 0 obj << /S /P >> /S /Artifact /K 1502 /K 1437 /S /Artifact /K 73 /P 6072 0 R endobj /S /Artifact /Pg 24 0 R << /Pg 22 0 R << /Pg 23 0 R /K 1249 /Lang (EN-US) << /P 5250 0 R /S /Artifact /K 21 /S /P >> << /Pg 25 0 R << /K 641 << 3983 0 obj << /K 625 /S /Artifact /S /Artifact /S /Artifact >> /K 1228 << /K 1351 >> /Pg 23 0 R >> >> >> 1259 0 obj 2383 0 R 2384 0 R 2385 0 R 2386 0 R 2387 0 R 2388 0 R 2389 0 R 2390 0 R 2391 0 R 2392 0 R << 2286 0 obj endobj /P 5356 0 R /Lang (EN-US) /Lang (EN-US) << /Pg 24 0 R /S /Artifact endobj /Pg 22 0 R /Lang (EN-US) /Pg 25 0 R << << /P 6438 0 R 51 0 R 51 0 R 51 0 R 51 0 R 51 0 R 60 0 R 60 0 R 60 0 R 60 0 R 67 0 R /S /P endobj << /K 751 3019 0 obj >> Private Debt - Cliffwater Direct Lending Index, 3rd Quarter 2022 Download Access Webcasts Latest Asset Allocation Report Jan 16, 2023 2023 Asset Allocation Report Download View Asset Allocation Research Latest CDLI Index Report Dec 06, 2022 Q3 Report on U.S. endobj /Lang (EN-US) << >> /K 376 >> endobj /P 5610 0 R /S /P /K 1549 << << /K 1153 << /Pg 22 0 R /P 5609 0 R /Pg 25 0 R /K 1153 /P 5173 0 R endobj /Lang (EN-US) << << /Pg 20 0 R endobj /Pg 25 0 R endobj endobj /P 5248 0 R endobj endobj endobj << 2557 0 obj endobj /P 6374 0 R /S /P endobj << << >> 95 0 obj /P 4399 0 R /Lang (EN-US) /K 660 >> /Pg 23 0 R 3657 0 obj >> /P 5490 0 R /K 1161 << /K 337 >> /S /P >> null 2550 0 R null null null 2551 0 R null null null 2552 0 R >> /Lang (EN-US) << /S /P /K 246 << >> << /Bibliography /BibEntry >> /K 1310 /S /P /K 960 /K 1052 1783 0 obj /Lang (EN-US) /P 5121 0 R /P 5491 0 R /Lang (EN-US) 1063 0 obj /S /Artifact /K 1142 /K 1127 /S /P 3829 0 obj 1858 0 R null 1859 0 R null 1860 0 R null 1861 0 R 1862 0 R null 1863 0 R /Lang (EN-US) /S /P /P 6220 0 R /S /P /Pg 24 0 R 3992 0 obj /Pg 22 0 R /S /P /P 10 0 R >> >> endobj endobj /Pg 24 0 R /Pg 15 0 R 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2121 0 R 2122 0 R 2123 0 R 2124 0 R 2125 0 R >> << << /S /Artifact /Pg 24 0 R << << /Lang (EN-US) /S /Artifact endobj /K 1467 /P 6226 0 R /K 441 3989 0 obj endobj /Lang (EN-US) << /K 1503 /Pg 24 0 R >> << >> endobj endobj /S /P << >> endobj << /S /Artifact << /K 70 /Lang (EN-US) /P 6664 0 R >> /Lang (EN-US) null 3737 0 R null null null 3738 0 R null null null 3739 0 R endobj /Pg 24 0 R 483 0 obj 4029 0 obj << endobj << endobj endobj /P 5081 0 R /Lang (EN-US) /Lang (EN-US) >> 2164 0 obj 4243 0 obj 2264 0 R 2265 0 R 2265 0 R 2266 0 R 2267 0 R 2268 0 R 2269 0 R 2270 0 R 2271 0 R 2272 0 R << /Pg 24 0 R 421 0 obj 172 0 R 172 0 R] 2304 0 obj /P 6097 0 R >> >> endobj endobj 2038 0 obj >> endobj /Lang (EN-US) << >> /S /P << 5 This growth has been due in part to the declining presence of banks in middle-market lending - a trend that began in the /K 1302 /Pg 23 0 R /K 1172 /P 5700 0 R /S /P /Pg 23 0 R null null 3493 0 R null null null 3494 0 R null 3495 0 R null /Pg 13 0 R >> /S /P /Lang (EN-US) 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0 obj /P 5639 0 R >> endobj 3883 0 obj /K 832 /S /Artifact endobj endobj >> endobj /P 5892 0 R >> /K 397 endobj /Lang (EN-US) endobj /K 445 endobj /K 50 endobj >> /S /Artifact /Pg 20 0 R << /S /Artifact /K 1037 1944 0 obj /Lang (EN-US) << endobj /S /P /Lang (EN-US) /S /P /Lang (EN-US) 957 0 obj endobj endobj /K 1305 /P 4717 0 R /Lang (EN-US) /P 10 0 R /Pg 24 0 R /Lang (EN-US) << >> /Lang (EN-US) 2106 0 R 2107 0 R 2108 0 R 2109 0 R 2110 0 R 2111 0 R 2112 0 R 2113 0 R 2114 0 R 2115 0 R /P 6640 0 R >> endobj /Lang (EN-US) /S /P 573 0 obj /K 91 /K 1464 << /K 877 3098 0 obj 1781 0 obj endobj /K 1375 211 0 obj << 1168 0 R 1169 0 R 1170 0 R 1171 0 R 1172 0 R 1173 0 R 1174 0 R 1175 0 R 1176 0 R 1177 0 R endobj endobj >> 977 0 obj /Pg 23 0 R /K 1094 /P 10 0 R /Pg 13 0 R endobj >> /S /Artifact >> /P 4959 0 R >> /P 6476 0 R 1395 0 obj /Lang (EN-US) 2856 0 obj >> >> /Pg 24 0 R /K 297 << /Lang (EN-US) /S /Artifact 3563 0 obj >> /S /Artifact /K 810 /S /Figure /S /Artifact 4115 0 obj /K 1223 >> /P 6633 0 R >> /P 6134 0 R /K 1266 endobj endobj /Pg 25 0 R 3217 0 obj /P 6710 0 R /Pg 22 0 R 100 0 obj 1897 0 obj 800 0 obj 1541 0 obj endobj /P 4918 0 R /K 351 << /Pg 18 0 R /S /P /Pg 17 0 R /K 305 >> /P 4850 0 R /Pg 18 0 R 976 0 obj endobj /Pg 22 0 R /Lang (EN-US) >> >> 3110 0 obj /Pg 23 0 R /Lang (EN-US) null null null 1868 0 R null 1869 0 R null 1870 0 R null 1871 0 R /P 4722 0 R /K 153 /K 1392 /K 437 0 R >> 2982 0 obj /Lang (EN-US) /S /P /S /P /P 5666 0 R /K 668 << /Pg 22 0 R 2997 0 obj endobj endobj >> >> endobj /Pg 22 0 R /K 844 /K 6 /P 6162 0 R /K 345 << /S /Artifact /S /P /P 6037 0 R endobj /Lang (EN-US) 2515 0 obj /S /P 3778 0 obj /Lang (EN-US) >> << /K 906 /S /P /K 1437 endobj << << >> << 2634 0 R null null null 2635 0 R null null null 2636 0 R null /Rect [368.799987793 209.5229949951 371.5010070801 218.1950073242] << /S /P /P 5603 0 R /S /P endobj /S /P /Pg 24 0 R 2583 0 obj /S /P 3805 0 obj 1124 0 obj /P 6259 0 R << endobj /S /Artifact /Lang (EN-US) /K 343 /P 5789 0 R /K 1382 /K 0 /Pg 25 0 R /A 4434 0 R /Pg 23 0 R 1558 0 obj 4051 0 obj /K 815 /Pg 23 0 R endobj /K 1204 /Pg 26 0 R >> >> /Pg 24 0 R /Pg 22 0 R /K 32 /P 4632 0 R endobj << /Pg 25 0 R /Lang (EN-US) /K 1267 /P 10 0 R 920 0 obj /S /Artifact /P 33 0 R /S /P Market Closed. /Pg 25 0 R endobj 4128 0 obj /P 4782 0 R << /Lang (EN-US) 4059 0 obj /S /Artifact endobj >> >> /S /Artifact >> /P 5797 0 R /S /P endobj /S /Artifact /Lang (EN-US) << << /Pg 22 0 R /Lang (EN-US) 2136 0 R 2137 0 R 2138 0 R 2139 0 R 2140 0 R 2141 0 R 2142 0 R 2143 0 R 2144 0 R 2145 0 R << /Tabs /S >> << endobj /Pg 25 0 R 2004 0 obj endobj /S /P CLIFFWATER DIRECT LENDING INDEX (CDLI) CLIFFWATER BDC INDEX (CWBDC) Stay in the know. null 3600 0 R null null null 3601 0 R null null null 3602 0 R 376 0 obj /Lang (EN-US) /K 1172 >> endobj /K [4435 0 R 4436 0 R 4437 0 R 4438 0 R] >> /S /Artifact /Lang (EN-US) /S /Artifact /S /Artifact /K 1463 >> 925 0 obj /Lang (EN-US) >> << /Pg 24 0 R 3072 0 obj >> /P 4732 0 R >> 3830 0 obj << /P 6315 0 R /S /P >> >> << << 3724 0 obj /Lang (EN-US) endobj >> << endobj 4421 0 R 4422 0 R 4423 0 R 4424 0 R 4425 0 R 4426 0 R 4427 0 R 4428 0 R] /K 1472 endobj >> /Pg 23 0 R /Pg 25 0 R /Pg 23 0 R >> /Pg 25 0 R /S /Artifact /S /Artifact /CropBox [0 0 612 792] /P 4756 0 R /Pg 22 0 R << >> /Pg 18 0 R /S /P /K 1550 /S /P 3367 0 obj endobj >> << >> endobj /S /P << /K 374 1984 0 obj >> /Lang (EN-US) 3694 0 obj /K 325 << endobj 541 0 obj endobj endobj >> /K 411 /Lang (EN-US) /Pg 18 0 R endobj >> /K 1415 1143 0 obj endobj << >> >> null 770 0 R 771 0 R null 772 0 R null 773 0 R null 774 0 R null /Pg 24 0 R << endobj 1142 0 obj << endobj endobj /K 661 endobj /Lang (EN-US) /S /Artifact >> << /S /Artifact 4077 0 obj << 2400 0 obj /K 759 /Pg 25 0 R 4119 0 obj /S /P /Lang (EN-US) >> endobj /P 5656 0 R /S /Artifact >> /P 10 0 R /P 6365 0 R /S /Artifact /Pg 22 0 R >> << 2132 0 obj 3905 0 obj /P 5249 0 R << null null 1832 0 R null 1833 0 R null 1834 0 R null 1835 0 R null /S /P 1976 0 obj /K 1346 /K 205 2251 0 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/Lang (EN-US) /K 782 /K 31 /Pg 24 0 R >> /P 6363 0 R 777 0 obj >> /Pg 22 0 R 259 0 obj << /P 4915 0 R << << 526 0 obj /K 823 endobj endobj 3114 0 obj /Pg 24 0 R /S /Artifact << 2855 0 obj << >> /Pg 19 0 R /K 1174 3037 0 R 3038 0 R 3039 0 R 3040 0 R 3041 0 R 3042 0 R 3043 0 R 3044 0 R 3045 0 R 3046 0 R /K 1535 2229 0 obj /Pg 25 0 R /Pg 25 0 R /S /P /S /Artifact /K 791 /Lang (EN-US) endobj /P 5331 0 R /Lang (EN-US) >> /S /Artifact /K 1471 endobj /Pg 20 0 R /K 262 << endobj 2437 0 obj << /Lang (EN-US) << 1691 0 obj >> >> 3184 0 obj /K 41 << /Lang (EN-US) /Lang (EN-US) 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. >> endobj /S /P /Pg 24 0 R >> << 3378 0 obj 2204 0 obj /K 678 /Lang (EN-US) /Lang (EN-US) /Pg 25 0 R >> << endobj << 4038 0 obj >> /P 4906 0 R /S /P 3519 0 obj 2667 0 obj << >> endobj >> /Pg 25 0 R << /P 4701 0 R /Lang (EN-US) << 338 0 obj /Pg 13 0 R /P 6106 0 R /Subscript /Span >> endobj /K 70 >> 658 0 R null 659 0 R null 660 0 R null 661 0 R null 662 0 R 663 0 R /K 1458 endobj /S /P /S /P endobj >> /Pg 13 0 R /S /Artifact /Pg 23 0 R /Pg 25 0 R >> /K 1152 3873 0 obj /Lang (EN-US) 1886 0 obj /P 4431 0 R /S /P >> 3051 0 obj /Lang (EN-US) /K 219 endobj /S /Artifact /K 1312 3815 0 obj /S /P endobj 69 0 obj 2542 0 obj endobj /K 1221 /Pg 16 0 R /Pg 25 0 R >> >> /S /P 2282 0 obj /P 6757 0 R /Lang (EN-US) /K 516 /Lang (EN-US) /S /Artifact 15 410 0 R 16 411 0 R 17 412 0 R 18 419 0 R 19 431 0 R /Lang (EN-US) /Pg 22 0 R >> << /Pg 24 0 R >> /Pg 22 0 R endobj /K 387 /Pg 25 0 R /P 5335 0 R 2631 0 obj >> /K 1256 /S /P << /K 880 /Pg 23 0 R 3997 0 R 3998 0 R 3999 0 R 4000 0 R 4001 0 R 4002 0 R 4003 0 R 4004 0 R 4005 0 R 4006 0 R /S /Artifact /Pg 18 0 R /S /P /K 1545 /Pg 25 0 R /K 1444 3426 0 obj endobj /Pg 23 0 R endobj /Lang (EN-US) 2276 0 obj endobj 2541 0 obj /Pg 25 0 R /Pg 22 0 R << >> /S /P << endobj << >> /Lang (EN-US) /P 6253 0 R endobj /K 72 endobj /K 140 /Pg 23 0 R /P 5732 0 R << 1190 0 obj << endobj /K 22 /Pg 22 0 R /Lang (EN-US) /S /P >> >> /Pg 20 0 R /K 774 /P 10 0 R >> /S /P << endobj /S /P << endobj Alex Condrell, managing director at Cliffwater discusses the firm's direct lending index and corporate lending fund and how investments in middle-market corporate credit should stand up to the challenges of rising inflation and interest rates, providing something close to historic return levels of 9 percent for the asset class without . >> << >> /Lang (EN-US) /Pg 25 0 R /Pg 24 0 R /Pg 22 0 R 677 0 obj >> /K 154 endobj /Pg 22 0 R 307 0 R 308 0 R 309 0 R 310 0 R 311 0 R 312 0 R 313 0 R 314 0 R 315 0 R 316 0 R << /Lang (EN-US) /P 6554 0 R << >> /K 181 >> /S /P /S /P /Lang (EN-US) /P 5010 0 R 248 0 obj 557 0 obj 3917 0 R 3918 0 R 3919 0 R 3920 0 R 3921 0 R 3922 0 R 3923 0 R 3924 0 R 3925 0 R 3926 0 R /Pg 18 0 R /Pg 24 0 R >> 1530 0 obj /P 10 0 R /Pg 23 0 R /S /P First, the Cliffwater Direct Lending Index provides a benchmark for measuring risk, return, and manager performance in direct lending instruments. /P 5347 0 R endobj << >> /K 61 << >> /Pg 23 0 R /P 10 0 R 1462 0 obj 3480 0 obj << /K 1187 /K 1403 /Lang (EN-US) 453 0 obj >> /K 378 >> /Pg 24 0 R endobj /Pg 23 0 R 4017 0 obj /Pg 25 0 R null null null 619 0 R null null null 620 0 R null 621 0 R 39 0 R 40 0 R 355 0 R null 41 0 R 42 0 R null 356 0 R null null >> >> /K 1291 /K 581 << /K 1464 >> << /Pg 15 0 R 3234 0 R 3235 0 R 3236 0 R 3237 0 R 3238 0 R 3239 0 R 3240 0 R 3241 0 R 3242 0 R 3243 0 R /Lang (EN-US) /S /P /Pg 22 0 R /K 201 /K 5 endobj /Pg 24 0 R >> endobj /S /P /P 5922 0 R /S /P /K 1326 4097 0 obj endobj >> << /K 1451 /Lang (EN-US) /P 6733 0 R 3554 0 obj /K 1502 endobj /Pg 25 0 R << /Lang (EN-US) endobj >> /K 1520 /S /P >> >> endobj /K 551 << << /K 25 /P 6116 0 R << /Lang (EN-US) endobj 2740 0 obj << /K 1200 << /P 5172 0 R /K 1355 << /K 50 endobj /Pg 22 0 R 2623 0 obj >> >> << /P 5535 0 R /Pg 24 0 R >> /K 1418 /S /Artifact /Pg 25 0 R /P 5833 0 R /S /P >> /S /P endobj /K 320 /S /Artifact /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 /S /Artifact /K 237 9 [263 0 R 264 0 R 265 0 R 266 0 R 267 0 R 268 0 R 269 0 R 270 0 R 271 0 R 272 0 R 3146 0 obj << 1326 0 obj /S /Artifact >> >> /Lang (EN-US) /S /P /Pg 24 0 R /S /P /K 1399 /S /P << /K 1379 /Lang (EN-US) /K 126 /S /P 1269 0 obj << /P 6009 0 R >> << << /S /Artifact /P 6195 0 R /K 1107 3062 0 obj << >> /S /Artifact /P 4705 0 R /P 5376 0 R Lee Menifee previews what to expect during the market downturn and what the current environment means for investment >> << /Lang (EN-US) endobj /S /P /Pg 22 0 R /K 1250 /Lang (EN-US) << /Pg 21 0 R << /K 1303 191 0 R 192 0 R 194 0 R 196 0 R 197 0 R 198 0 R 199 0 R 200 0 R null null /Pg 23 0 R /K 1258 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 /S /P /S /P >> /K 105 /K 1226 << /K 732 << /Lang (EN-US) /S /Artifact << 1933 0 obj /K 457 /K 723 >> /K 451 /StructParents 9 /S /Artifact /Pg 24 0 R endobj /Pg 23 0 R /K 552 >> /P 5199 0 R /P 5407 0 R >> endobj /P 6110 0 R endobj /Pg 22 0 R /Pg 24 0 R endobj >> /K 18 2039 0 obj /Pg 25 0 R /S /P /K 60 How well are BDCs navigating the challenges? /S /P endobj /K 600 endobj endobj /K 1163 null 3434 0 R null 3435 0 R null 3436 0 R null 3437 0 R null 3438 0 R /Pg 25 0 R 3375 0 obj /Pg 24 0 R << 1699 0 R null 1700 0 R 1701 0 R null 1702 0 R null 1703 0 R null 1704 0 R endobj /S /P /K 1186 /K 882 /Pg 23 0 R 1505 0 obj /Pg 22 0 R 611 0 obj endobj << /Pg 19 0 R /Tabs /S 893 0 obj >> /Pg 24 0 R >> /P 10 0 R 3338 0 obj >> << >> endobj /Pg 20 0 R /K 1354 << /Pg 24 0 R /K 691 /P 4652 0 R endobj << /Pg 22 0 R >> /S /P 1 0 obj 2868 0 R null null null 2869 0 R null 2870 0 R null 2871 0 R null /S /P /Pg 25 0 R endobj >> 3301 0 obj /K 261 3544 0 obj << endobj /S /Artifact endobj << /P 6460 0 R /Pg 24 0 R /Pg 24 0 R /S /P 568 0 obj endobj /K 1332 /K 5 >> 2045 0 obj /Pg 22 0 R /K 1175 3317 0 obj /K 375 << << /S /Artifact 1403 0 obj endobj << 2351 0 obj 2152 0 obj /Lang (EN-US) /P 4430 0 R /Pg 24 0 R /P 5487 0 R 1550 0 obj >> /Pg 25 0 R 784 0 obj /Lang (EN-US) >> /S /P /Pg 23 0 R endobj 3496 0 R null 3497 0 R null 3498 0 R null 3499 0 R 3500 0 R null 3501 0 R 794 0 obj /P 6301 0 R /K [560 0 R 539 0 R] /S /P /Pg 24 0 R 3804 0 obj /Lang (EN-US) /S /P /S /P >> /S /P endobj 2903 0 obj /Pg 23 0 R << /S /P 2842 0 obj 2260 0 obj /K 1085 >> << 4336 0 obj >> /Lang (EN-US) /Pg 24 0 R /Pg 22 0 R null 3759 0 R null 3760 0 R null 3761 0 R null null null 3762 0 R /K 27 /Pg 24 0 R /S /Artifact << /S /P << /Lang (EN-US) /Pg 23 0 R /K 570 /Pg 24 0 R /P 10 0 R /K 1339 /Pg 24 0 R /S /P /S /Artifact /P 90 0 R 4160 0 obj 2602 0 obj /Pg 22 0 R /Lang (EN-US) /Lang (EN-US) /Pg 23 0 R endobj /P 4882 0 R /S /Artifact /K 1526 2713 0 obj 3493 0 obj 3687 0 obj 1932 0 obj /K 638 << /P 5359 0 R 1883 0 obj 3189 0 obj /S /P m << 20 0 obj /P 6246 0 R /S /P >> /Lang (EN-US) /Pg 22 0 R /S /Link endobj >> 1223 0 obj >> /P 10 0 R >> 793 0 obj endobj /K 1439 << endobj endobj endobj << endobj /Pg 24 0 R endobj 3692 0 obj << /P 6722 0 R

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