cliffwater direct lending index

2824 0 obj /K 1449 << /S /Artifact /Pg 23 0 R Private Direct Lending Offers Attractive Yields - Articles - Advisor << >> >> /S /Artifact /Pg 22 0 R /K 639 /S /P /S /Artifact /Pg 22 0 R 2814 0 obj << /Pg 23 0 R endobj 1635 0 obj >> /K 842 2866 0 obj /K 154 /S /P 4223 0 obj endobj >> /K 511 endobj 1530 0 obj /Lang (EN-US) /S /P /S /P /K 962 << >> /P 10 0 R /K 1017 /K 24 << << endobj >> endobj << 1926 0 R null null null 1927 0 R null null null 1928 0 R null 2992 0 obj >> /K 1368 /S /P /P 5793 0 R endobj /S /P /Pg 23 0 R /S /P endobj << << endobj endobj << /S /Artifact 428 0 obj /P 5973 0 R endobj >> 536 0 obj /P 6507 0 R << 1939 0 obj /Lang (EN-US) >> 1790 0 obj << endobj >> /P 4853 0 R endobj 1262 0 obj /K 844 /Lang (EN-US) /P 5404 0 R << /Pg 25 0 R 4019 0 obj endobj 2574 0 obj /P 5705 0 R /S /P /K 1284 261 0 obj /Lang (EN-US) << /Lang (EN-US) /Lang (EN-US) << /Pg 19 0 R /P 4872 0 R 684 0 obj /S /P /P 4842 0 R /Pg 23 0 R endobj 338 0 obj /Pg 25 0 R /Pg 23 0 R << 2959 0 obj << << /K 181 /Lang (EN-US) /K 1354 1266 0 obj 1850 0 obj /Pg 23 0 R 2806 0 obj /P 4867 0 R endobj /P 6436 0 R /K 720 /Pg 24 0 R 668 0 obj 3159 0 obj /K 1292 /P 5140 0 R << 507 0 obj 1799 0 obj /P 6107 0 R endobj >> /S /P >> >> /Pg 24 0 R >> /Lang (EN-US) >> >> 2546 0 obj /S /P >> 727 0 obj /S /Artifact /P 5282 0 R /S /Artifact 3005 0 obj /P 4649 0 R /Lang (EN-US) /S /P << /Pg 25 0 R endobj /S /Artifact endobj >> << 1330 0 obj 938 0 obj 2303 0 obj /S /P >> /S /Artifact /S /Artifact >> /S /P endobj /K 1358 1638 0 obj endobj /Pg 22 0 R << << /S /Artifact /Pg 22 0 R endobj /S /Artifact /Pg 22 0 R 1127 0 obj /Pg 25 0 R >> /Pg 23 0 R /K 222 endobj /Lang (EN-US) endobj /S /P << /Lang (EN-US) /S /P /P 5586 0 R >> /Lang (EN-US) /P 5451 0 R >> >> << << /S /Artifact /S /Artifact >> /Pg 24 0 R >> /P 6483 0 R /Pg 23 0 R /K 1133 /K 1490 << >> /S /Artifact << /Lang (EN-US) << >> /S /P endobj /S /Artifact /P 5598 0 R endobj 1148 0 obj << /Lang (EN-US) 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 Alternative Investments | Portfolio Protection | Fidelity Investments /K 1377 /S /P /K 599 << 790 0 obj null 880 0 R null 881 0 R null 882 0 R null 883 0 R 884 0 R null /Pg 25 0 R 167 0 obj 3438 0 obj << /S /P >> endobj endobj << /Pg 15 0 R 1079 0 obj /Lang (EN-US) /S /Artifact endobj 3825 0 obj endobj /K 1280 /Pg 22 0 R >> endobj endobj /Pg 25 0 R >> << /Lang (EN-US) /K 908 endobj /P 6748 0 R /K 1387 /S /P >> /S /P /Pg 24 0 R /S /Artifact 3593 0 obj /K [11 355 0 R 138] 3547 0 obj /S /P /S /Artifact /P 5064 0 R /Pg 25 0 R 1348 0 obj 3731 0 R null 3732 0 R 3733 0 R null 3734 0 R null 3735 0 R null 3736 0 R /S /P /P 4795 0 R /Lang (EN-US) /S /Artifact /K 876 3046 0 obj << /Lang (EN-US) /P 5707 0 R endobj /Lang (EN-US) /Pg 22 0 R /K 541 /K 1199 /S /P /Lang (EN-US) /K 1420 endobj /Lang (EN-US) 2779 0 obj << endobj /K 120 1275 0 obj /K 12 >> /K 9 >> 349 0 obj endobj endobj 4257 0 obj /S /Artifact >> /S /Artifact << /Lang (EN-US) /Lang (EN-US) endobj null 3453 0 R null 3454 0 R null 3455 0 R null 3456 0 R null null /Group 4370 0 R >> >> null 3860 0 R null 3861 0 R null 3862 0 R null 3863 0 R null 3864 0 R /Pg 23 0 R >> /Pg 22 0 R 4095 0 obj endobj /Lang (EN-US) /K 1271 /Lang (EN-US) /Lang (EN-US) << /Pg 22 0 R /P 6214 0 R /K 1286 << << /Pg 23 0 R 2360 0 obj >> /Lang (EN-US) << /Lang (EN-US) /Pg 24 0 R /K 1290 >> /Pg 25 0 R /Pg 25 0 R /P 10 0 R endobj endobj /S /Artifact << /S /P /S /P 1844 0 obj 1337 0 obj >> /S /Artifact << /S /P /P 5074 0 R >> 3296 0 obj /P 4930 0 R >> /S /Artifact endobj endobj /Pg 23 0 R endobj /Pg 16 0 R /Pg 25 0 R /K 651 /S /P endobj /K 562 endobj /0BXR+]clUZUJx%eV! /S /P /K 277 >> /P 6743 0 R /K 1507 /S /P /P 4709 0 R /Pg 22 0 R endobj /S /Artifact endobj /Pg 22 0 R >> /K 702 /Pg 16 0 R /P 4725 0 R endobj >> /K 1460 /K 1197 << 1069 0 obj /S /P /S /Artifact /S /P << /Pg 22 0 R /S /P /K 1245 endobj >> /Lang (EN-US) /F 4 /Lang (EN-US) /K 589 >> /P 6373 0 R /S /P >> /Lang (EN-US) >> >> /K 487 /P 5090 0 R << >> /Type /Annot >> /K 104 /P 6702 0 R 441 0 obj /Lang (EN-US) 3403 0 obj 2326 0 obj <> /P 5412 0 R /S /Artifact endobj 1295 0 obj /S /P /Lang (EN-US) endobj /K 1413 << 2967 0 obj << endobj >> endobj << /Lang (EN-US) endobj endobj << /S /P /S /Artifact << << << endobj /S /P /S /P /Lang (EN-US) /S /P endobj /S /Artifact /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R 3703 0 obj << /S /Artifact /Pg 24 0 R << 1759 0 obj /Lang (EN-US) /K 1476 /Pg 23 0 R 1430 0 obj >> /K 358 /S /Artifact endobj /K 1 endobj /Type /Pages >> /K 1060 >> /Pg 25 0 R The CDLI assists investors to better understand asset class characteristics and to benchmark manager performance. 3390 0 obj /S /Artifact /S /P /K 30 /K 1164 /S /P /Pg 22 0 R >> /K 27 /S /P << >> /S /Artifact /S /P /Pg 23 0 R endobj /Pg 18 0 R /S /P >> << /Pg 23 0 R << << /Lang (EN-US) << << << 2175 0 obj /K 459 >> /S /P 1087 0 obj >> /P 5594 0 R >> /P 33 0 R >> >> /K 1067 >> >> >> /P 5417 0 R /Pg 24 0 R endobj 1054 0 R null 1055 0 R null 1056 0 R null null null 1057 0 R null >> 695 0 obj /P 4756 0 R /K 1498 endobj /Pg 23 0 R << /Lang (EN-US) /S /P /Lang (EN-US) /Lang (EN-US) /Pg 19 0 R /K 333 /Pg 22 0 R >> >> /Lang (EN-US) << /Lang (EN-US) >> /K 614 << /S /P >> endobj /K 601 /Pg 24 0 R /S /Artifact 1803 0 obj << endobj /Lang (EN-US) 3648 0 obj /K 163 << endobj /K 1147 /K 985 << /S /P << >> <> /Pg 25 0 R /Lang (EN-US) endobj /P 4667 0 R /S /Artifact << >> /Pg 25 0 R 2515 0 obj 159 0 obj endobj /S /Artifact /S /Artifact << /K 680 3052 0 obj /S /P >> >> 3516 0 obj >> /K 52 /Pg 24 0 R >> /S /Artifact >> /P 5846 0 R 1966 0 obj /Pg 22 0 R /Lang (EN-US) <> >> /P 6655 0 R /K 409 << 869 0 obj << 1684 0 obj /Pg 24 0 R >> /P 5034 0 R /K 187 endobj /P 4995 0 R >> /Pg 19 0 R /K 961 endobj /S /P /K [45 46 47 48 49] 543 0 obj << /Pg 22 0 R endobj /K 75 >> << >> /Pg 23 0 R /A 4439 0 R /P 6318 0 R << endobj /S /P << /K 1199 << 835 0 obj /S /Artifact null 3532 0 R null 3533 0 R null 3534 0 R null 3535 0 R 3536 0 R null 2371 0 obj /Pg 24 0 R << /S /Artifact << /Pg 24 0 R << << /Lang (EN-US) /S /P /K 1062 /S /P /P 5881 0 R /Lang (EN-US) >> endobj endobj endobj << 2975 0 obj /K 1013 <> /K 1463 /P 5262 0 R 2383 0 obj /Pg 22 0 R << 3821 0 obj >> /Lang (EN-US) /K 1 << >> endobj 1669 0 R null null null 1670 0 R null null null 1671 0 R null >> /P 5653 0 R 390 0 obj << /K 1473 /K 815 /S /P 1345 0 R 1346 0 R 1347 0 R 1348 0 R 1349 0 R 1350 0 R 1351 0 R 1352 0 R 1353 0 R 1354 0 R /Pg 25 0 R /Pg 22 0 R >> /S /P endobj /P 5985 0 R /P 5739 0 R >> /K 1293 /K 547 >> /S /Artifact endobj /Pg 24 0 R 2283 0 R 2284 0 R 2285 0 R 2286 0 R 2287 0 R 2288 0 R 2289 0 R 2290 0 R 2291 0 R 2292 0 R endobj /K 1182 /S /Artifact /K 1343 endobj /K 360 >> 4021 0 obj >> >> << 1729 0 obj /S /P <> /S /Artifact << /Pg 23 0 R << /S /P endobj /S /Artifact /Pg 23 0 R null 3411 0 R null 3412 0 R null 3413 0 R null 3414 0 R 3415 0 R null << /S /P << endobj <> >> endobj /S /Artifact << /Lang (EN-US) /Pg 23 0 R /S /P /P 5265 0 R /Pg 26 0 R 3543 0 obj /Pg 22 0 R >> << /Pg 24 0 R >> >> /Type /Page >> /K 1381 >> 3816 0 obj /S /P << /Pg 24 0 R /K 1533 /Lang (EN-US) >> /K 896 /P 6138 0 R /Pg 23 0 R >> /Pg 25 0 R /K 1356 /Pg 24 0 R /S /Artifact >> << 2051 0 obj << /S /Artifact /P 5030 0 R /Pg 25 0 R << 3081 0 obj /S /P >> /Pg 23 0 R endobj /P 6734 0 R /Pg 22 0 R /K 333 /Lang (EN-US) << endobj >> 483 0 obj /Pg 24 0 R /Pg 22 0 R /Lang (EN-US) << /K 1013 endobj >> /Pg 16 0 R endobj /K 472 /Pg 23 0 R << /Pg 22 0 R /S /P >> 1270 0 obj endobj 2835 0 obj /K 413 2258 0 obj /P 5126 0 R >> << 3557 0 obj >> << << >> endobj /Lang (EN-US) endobj /P 6700 0 R >> /K 1366 << /Lang (EN-US) << /Pg 24 0 R /Lang (EN-US) 2990 0 obj /Lang (EN-US) >> /S /P /P 5332 0 R 2068 0 obj 4219 0 obj endobj /Pg 23 0 R /Pg 25 0 R Index. 3307 0 obj /Pg 22 0 R /Pg 22 0 R /K 1284 /K [70 4678 0 R] /Pg 24 0 R /K 923 << /K 1221 298 0 obj /K 1483 >> /S /Artifact /K 310 << /Pg 25 0 R /P 10 0 R /Lang (EN-US) endobj /Lang (EN-US) endobj 2813 0 obj endobj 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 /S /P /K 688 /Lang (EN-US) /S /P /P 10 0 R 1299 0 obj 4093 0 obj >> /K 944 << /K 1284 /S /P >> /S /Artifact /S /P /K 48 /S /Artifact /K 574 /S /P endobj >> 1268 0 R 1269 0 R 1270 0 R 1271 0 R 1272 0 R 1273 0 R 1274 0 R 1275 0 R 1276 0 R 1277 0 R endobj 674 0 obj endobj /Lang (EN-US) << << null 1686 0 R null 1687 0 R null 1688 0 R 1689 0 R null 1690 0 R null /Pg 24 0 R /K 1355 endobj 3645 0 obj Cliffwater | LinkedIn /P 6448 0 R /S /Artifact 149 0 obj /K 1143 << /Pg 24 0 R /S /Artifact 3379 0 obj endobj >> 410 0 obj 1006 0 obj << >> /Lang (EN-US) /S /P >> /K 130 >> /S /P /S /Artifact << endobj /K 434 /Lang (EN-US) 78 0 R] /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 >> /Pg 24 0 R /P 5031 0 R /K 737 /S /P 867 0 obj <> /Lang (EN-US) /K 1152 /Pg 22 0 R 398 0 obj /S /P /S /P /K 376 >> >> >> /Pg 24 0 R /S /P /K 1414 /Lang (EN-US) << 4229 0 obj /K 21 /Lang (EN-US) /Lang (EN-US) /K 1123 1549 0 obj 1805 0 R null 1806 0 R null 1807 0 R null null null 1808 0 R null endobj endobj /S /P <> /Pg 23 0 R /S /Artifact /Lang (EN-US) 2250 0 obj << /K 91 25 444 0 R 26 445 0 R 27 446 0 R 28 540 0 R 29 541 0 R endobj /Pg 25 0 R >> >> /K 197 /Pg 23 0 R endobj /Pg 24 0 R endobj 1747 0 obj >> endobj << /K 938 /Pg 25 0 R /Pg 22 0 R /S /P 1412 0 obj endobj /Lang (EN-US) /Pg 23 0 R /P 5835 0 R >> /S /P /Pg 24 0 R >> >> /K 131 << /Pg 24 0 R /Lang (EN-US) 3464 0 obj << << null 568 0 R null null null null null null null null << >> 1229 0 obj >> /K 100 endobj endobj << endobj /Pg 23 0 R >> /S /P /P 6126 0 R /Pg 22 0 R /K 266 150 0 obj /S /P /K 1402 /P 6108 0 R << /K 1046 1232 0 obj << 1446 0 obj endobj << /Pg 24 0 R >> /K 5 /S /P /Pg 22 0 R >> << >> 3884 0 obj >> /Lang (EN-US) /Lang (EN-US) /Pg 22 0 R /S /Artifact 1721 0 obj /Pg 22 0 R >> << /S /Artifact /Lang (EN-US) >> null null 824 0 R null null null 825 0 R null 826 0 R null /P 5382 0 R endobj >> /S /Artifact /K 657 endobj << >> /S /P endobj /K 13 /S /Artifact /S /Artifact endobj /K 154 /Lang (EN-US) << << endobj /P 10 0 R /Lang (EN-US) << /P 6623 0 R 1115 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 /Pg 23 0 R /Pg 18 0 R /P 5198 0 R /Pg 25 0 R << 3098 0 obj 63 0 obj endobj endobj /K 330 /S /P /Pg 25 0 R /P 4789 0 R >> /Lang (EN-US) /Lang (EN-US) endobj 4245 0 obj >> << /K 1306 3577 0 obj 2062 0 obj >> endobj 626 0 obj << 169 0 obj /Pg 13 0 R 2977 0 obj endobj Why Private Credit? | Blackstone Private Credit Fund /S /P /K 140 /S /P /Lang (EN-US) 978 0 obj endobj << endobj /Pg 25 0 R endobj /K 1031 /Pg 14 0 R >> /Pg 23 0 R /A 6762 0 R /S /Artifact << << >> /Pg 24 0 R /Lang (EN-US) /Pg 24 0 R /S /P >> >> /S /P /S /Artifact /S /Artifact /Lang (EN-US) << /Lang (EN-US) /S /Artifact 3142 0 obj /K 852 /Lang (EN-US) /Lang (EN-US) /S /Artifact >> /K 1187 /Pg 15 0 R /S /P /P 10 0 R /S /P >> >> /Lang (EN-US) /K 667 /P 4925 0 R /Pg 22 0 R 3993 0 obj endobj /Lang (EN-US) 3638 0 obj /S /P 1597 0 obj /P 5179 0 R endobj /Lang (EN-US) /Lang (EN-US) << << << 465 0 obj 1396 0 obj >> endobj /K 722 3503 0 obj /S /P /Pg 25 0 R /Pg 23 0 R << endobj >> /Pg 24 0 R /Pg 25 0 R 2908 0 obj 1258 0 obj /K 233 >> << /Lang (IT-IT) /K 234 3969 0 obj >> null null 3652 0 R null null null 3653 0 R null null null 28 0 obj >> /Lang (EN-US) /S /P /P 5792 0 R << >> /Pg 19 0 R /P 6648 0 R /K 1387 /Pg 23 0 R /P 10 0 R 506 0 obj /K 1100 2519 0 obj /S /P 286 0 obj 717 0 obj /Pg 22 0 R >> >> /K 1524 889 0 obj >> /K [1118 1119] >> /Pg 25 0 R /P 5484 0 R /K 1330 >> << << << endobj /Pg 23 0 R << endobj >> << >> /P 10 0 R /Pg 22 0 R /S /Artifact /S /Artifact /Lang (EN-US) endobj 2082 0 obj /S /P 2823 0 R null 2824 0 R null 2825 0 R null 2826 0 R 2827 0 R null 2828 0 R endobj >> 3514 0 obj << <> endobj /Lang (EN-US) /K 279 endobj /Pg 17 0 R /P 5397 0 R >> >> /S /P /K 1535 /K [4504 0 R 4505 0 R 4506 0 R 4507 0 R 4508 0 R 4509 0 R 4510 0 R 4511 0 R 4512 0 R 4513 0 R /K 1497 /S /Artifact /Pg 25 0 R /Pg 22 0 R >> << null null 1832 0 R null 1833 0 R null 1834 0 R null 1835 0 R null endobj >> endobj << endobj 2567 0 obj /Lang (EN-US) /P 5839 0 R /K 1526 /S /P endobj >> >> /S /Artifact endobj endobj 1315 0 obj /Lang (EN-US) << /Pg 25 0 R >> /S /Artifact << >> 3668 0 obj endobj /K 212 << endobj /Pg 25 0 R >> >> /K [4567 0 R 4568 0 R 4569 0 R 4570 0 R 4571 0 R 4572 0 R 4573 0 R 4574 0 R 4575 0 R 4576 0 R 2446 0 obj /Resources 4379 0 R >> endobj /S /Artifact /S /Artifact /Lang (EN-US) /P 10 0 R /K 544 /S /P /K 1327 3354 0 obj 2765 0 obj 3912 0 obj /S /P /P 6188 0 R /S /Artifact /S /P 1582 0 obj /K 1178 391 0 obj >> >> /K 435 /Pg 24 0 R /S /P /P 4834 0 R >> /Lang (EN-US) /Lang (EN-US) 294 0 obj /Pg 22 0 R /Lang (EN-US) /S /P >> /Lang (EN-US) << /Pg 22 0 R /Pg 22 0 R /S /Artifact /Pg 25 0 R /K 24 /K 1366 /Lang (EN-US) /S /Artifact /P 5381 0 R /K 175 << /S /P /P 5421 0 R /K 786 /Lang (EN-US) <> /S /Artifact /Pg 23 0 R /Pg 23 0 R 2815 0 obj /S /P /P 5797 0 R /K 572 1011 0 obj /S /Artifact 2448 0 obj endobj /K 1361 /S /P << /S /P << << >> /Lang (EN-US) /P 10 0 R /P 5786 0 R >> /Pg 23 0 R /K 35 3750 0 obj << /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 endobj endobj << /K 278 << /K 52 endobj /K [12 4631 0 R] /Pg 24 0 R /Pg 20 0 R << /K 327 /P 5557 0 R /K 734 >> /P 6136 0 R /P 10 0 R 2300 0 obj endobj /Pg 23 0 R /Pg 25 0 R /K 1185 /K 1252 /K 60 /S /P endobj >> /Pg 23 0 R 1405 0 R 1406 0 R 1407 0 R 1408 0 R 1409 0 R 1410 0 R 1411 0 R 1412 0 R 1413 0 R 1414 0 R endobj 634 0 obj /Pg 24 0 R /Pg 23 0 R /S /P >> endobj /K 195 3483 0 obj >> /K 1484 >> /S /P /Pg 24 0 R endobj /P 5677 0 R /K 1391 /K 1204 << 1501 0 obj /P 6290 0 R 2656 0 obj <> 166 0 obj << /S /Artifact /S /P << <> /S /Artifact endobj << << /S /P << /K 262 /Pg 15 0 R endobj /Pg 25 0 R /Pg 26 0 R << /Pg 20 0 R >> /S /P << /Lang (EN-US) 2346 0 obj << /StructTreeRoot 5 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 /Pg 18 0 R /S /P /K 740 /P 5166 0 R endobj 2231 0 obj >> /S /P 662 0 obj endobj /S /P << /K 270 1553 0 obj >> 1798 0 obj endobj /P 5115 0 R /Lang (EN-US) /S /Artifact /Pg 25 0 R 3106 0 obj /Lang (EN-US) 1652 0 obj endobj << >> /Lang (EN-US) 2742 0 obj /S /P << /Type /Page /S /P /K 404 /K 1313 /P 5774 0 R /K 872 /S /P << >> 2646 0 obj endobj /P 4943 0 R endobj /P 6030 0 R /S /P /P 33 0 R /K 195 403 0 obj >> endobj /Lang (EN-US) /S /P /Pg 18 0 R endobj >> << /K 110 /Lang (EN-US) /S /P Should I Invest in Alternative/Direct Lending (LENDX)? /Lang (EN-US) /Pg 22 0 R 1832 0 obj /P 6181 0 R >> /P 10 0 R << /Lang (EN-US) /K 1109 endobj /Pg 22 0 R >> 2900 0 obj 1593 0 R null 1594 0 R null 1595 0 R null 1596 0 R null 1597 0 R null 3487 0 obj << 188 0 obj /Pg 24 0 R >> /K 1248 << << /K 1527 /K 1330 /K 1431 /K 1221 >> Cliffwater Direct Lending Index (CDLI) - Primary source of data on middle market corp orate private debt (>7,000 individual loans) - Quarterly performance benchmark for corporat e direct lending going back to Sept 2004 - Market data on yields, defaults, recoveries, borrower size, sponsorship, loan-to-value, etc. /P 6361 0 R /S /P >> /P 4774 0 R /S /P >> /P 6342 0 R endobj 2562 0 obj /P 6240 0 R /S /P endobj 3678 0 R null null null 3679 0 R null 3680 0 R null 3681 0 R null /K 85 << 712 0 obj /Pg 24 0 R << << endobj /P 10 0 R endobj endobj PDF Private Credit's Rapid Growth: A Secular Trend << >> 3735 0 obj /P 6725 0 R endobj /P 5485 0 R endobj /K 1406 /S /P /S /Artifact 3435 0 obj /K 1418 2407 0 obj /K 1536 /Pg 23 0 R 631 0 obj << >> 782 0 obj /K 1428 /S /Artifact 4106 0 obj >> /S /P 1342 0 obj endobj endobj >> >> /K 1484 /S /Artifact /S /P 1366 0 obj endobj >> /P 6097 0 R /Lang (EN-US) /Pg 25 0 R /Pg 23 0 R /S /P /P 5974 0 R /S /P /Lang (EN-US) /S /Artifact /Rotate 0 >> << << endobj endobj << 2859 0 obj >> /Pg 25 0 R << >> /Pg 25 0 R >> >> /S /P /S /P >> /S /P /Pg 22 0 R >> endobj /S /P << 3134 0 obj /K 462 /Pg 23 0 R /S /P endobj /S /P /Lang (EN-US) /K 97 2579 0 obj /S /P >> /S /Artifact >> >> 1334 0 obj /Lang (EN-US) /S /P endobj /Pg 22 0 R endobj /Pg 24 0 R /Lang (EN-US) /K 52 >> /S /Artifact /Type /Page /S /P /S /Artifact endobj 724 0 obj /K 1321 /Lang (EN-US) /K 270 >> >> /S /Artifact /Pg 22 0 R /K 368 253 0 obj /Pg 25 0 R /P 4809 0 R 1919 0 obj null 2930 0 R null 2931 0 R null 2932 0 R null 2933 0 R null 2934 0 R /Lang (EN-US) >> endobj /K 163 endobj /Pg 23 0 R 2812 0 obj /S /P endobj /Pg 18 0 R /K 1504 1924 0 obj >> >> /P 5060 0 R 2569 0 obj /K 21 /Pg 22 0 R /S /P << 1379 0 obj << /K 1200 /S /Artifact 2437 0 obj << >> << endobj >> >> endobj /S /Artifact << >> Monroe Capital Corp Management'S Discussion and Analysis of Financial /P 6667 0 R >> << >> /K 261 /S /P endobj /S /Artifact endobj /P 5285 0 R /Pg 22 0 R /K 30 endobj endobj /K 570 << << /S /P >> 1043 0 obj 1436 0 obj /K 593 >> 1116 0 obj endobj >> /Pg 23 0 R /Pg 25 0 R /K 1287 << /K 1312 /Lang (EN-US) >> /S /Artifact /P 5967 0 R /S /Artifact 3053 0 obj /K 1171 endobj /Lang (EN-US) /S /Artifact /Pg 25 0 R >> /K 1415 >> /Lang (EN-US) /K 1544 /Pg 25 0 R 3125 0 obj /S /Artifact endobj /Lang (EN-US) >> /K 682 >> /K 792 /K 1409 endobj /Pg 25 0 R /Lang (EN-US) /K 1499 << 3468 0 obj << /K 8 /Pg 25 0 R >> 3377 0 obj /P 5433 0 R /Pg 24 0 R /K 86 << >> endobj /Pg 25 0 R /Pg 25 0 R /S /Artifact << >> >> >> << /Pg 23 0 R 2469 0 obj 2443 0 obj /Pg 17 0 R /S /P << << /Lang (EN-US) 430 0 obj endobj /Pg 24 0 R >> 4125 0 obj >> endobj <> 3072 0 obj >> 2121 0 obj endobj endobj endobj 4126 0 obj 3407 0 obj /S /P /S /P /K 1202 << << /Lang (EN-US) >> << endobj /Pg 22 0 R /K 1212 3890 0 obj /Pg 24 0 R /K 1292 endobj /Pg 13 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 /Pg 25 0 R /P 5875 0 R /S /P >> /P 10 0 R /P 5920 0 R endobj << /S /Artifact >> /K 1422 Their interest has been fueled by an appetite for floating rate income streams; the attractiveness of a senior secured creditor position; and a need for reduced correlation among . >> endobj << This index captures both mark-to-market volatility (based on quarterly loan valuation changes) as well /Pg 23 0 R /Lang (EN-US) endobj >> >> << /Pg 22 0 R /Parent 4 0 R /K 283 /S /P /S /P /K 1440 >> /S /P 3302 0 obj >> /S /P 1769 0 obj << << << /S /Artifact >> /Pg 22 0 R /Pg 26 0 R /K 1450 endobj >> << >> 1204 0 obj /Lang (EN-US) /S /P 2425 0 obj /P 5062 0 R /K 95 /S /Artifact >> /K 1171 << 4104 0 obj << /Pg 23 0 R /Lang (EN-US) << 1090 0 obj /S /Artifact /S /P /K 751 null 1678 0 R null 1679 0 R null 1680 0 R null 1681 0 R null null /Pg 22 0 R /Pg 24 0 R /K 764 >> >> endobj endobj /S /Artifact >> /Pg 24 0 R /P 4869 0 R << /K 669 endobj /StructParent 17 /S /Artifact /Pg 22 0 R << << << << /K 843 >> /K 391 >> /Pg 25 0 R /K 244 << /S /Artifact >> /Pg 24 0 R << /S /P endobj null 3688 0 R null 3689 0 R null null null 3690 0 R null 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