endobj /Pg 22 0 R /Pg 24 0 R >> 1618 0 obj 2237 0 obj >> /S /P << >> 1846 0 obj /Lang (EN-US) null null 2917 0 R null 2918 0 R null 2919 0 R null 2920 0 R null /Lang (EN-US) 3142 0 obj /Pg 25 0 R endobj /S /P /K 1057 /S /Artifact /Pg 24 0 R /S /Artifact 2077 0 obj /K 5 /Pg 23 0 R /S /Artifact << /Lang (EN-US) >> >> /S /P /P 5678 0 R << << << endobj 4002 0 obj 1926 0 R null null null 1927 0 R null null null 1928 0 R null endobj /K 90 /P 5906 0 R << /Lang (EN-US) /K 130 >> endobj /S /P /S /P >> >> /Pg 24 0 R /Pg 25 0 R /K 1316 /S /Artifact /K 1242 endobj 634 0 obj << /K 1374 << /P 5846 0 R >> /Pg 22 0 R >> >> 2737 0 obj 1445 0 obj /S /P /S /Artifact /K 543 >> /K 805 /K 932 /K 859 /Pg 25 0 R /S /P /P 6610 0 R endobj 3039 0 obj /K 637 /S /P /Pg 22 0 R /Pg 18 0 R 1597 0 obj 968 0 obj << /K 1162 >> >> >> << 3793 0 obj /Pg 19 0 R endobj 3700 0 obj endobj >> 2911 0 obj /K 1352 null 3434 0 R null 3435 0 R null 3436 0 R null 3437 0 R null 3438 0 R /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) null 1049 0 R null 1050 0 R null 1051 0 R 1052 0 R null 1053 0 R null << /Pg 23 0 R /Lang (EN-US) /K 246 endobj >> endobj << 1847 0 obj << << /Pg 25 0 R /Pg 22 0 R << endobj 1213 0 obj /P 5751 0 R >> /K 385 << endobj /S /P >> /P 10 0 R /S /P endobj /Parent 4 0 R 3245 0 obj << As base rates (LIBOR/SOFR) have risen to over 4% today, both existing loans and new originations offer enhanced return potential. << endobj endobj /Lang (EN-US) endobj << /K 1309 << 4137 0 obj /K 556 /K 1249 /K 1437 /S /Artifact /S /Artifact /Lang (EN-US) endobj /P 10 0 R << /P 6192 0 R /K 1432 /Lang (EN-US) 2028 0 obj /Pg 15 0 R /K 51 /Lang (EN-US) /S /P /P 6637 0 R /K 106 << endobj << >> /Pg 25 0 R << << endobj endobj /Lang (EN-US) /K [18 432 0 R 67] endobj endobj /K 161 >> /P 6526 0 R (2) Refinitiv LPC's 4Q22 Sponsored Middle Market Private Deals Analysis - January. /K 354 << << /Lang (EN-US) endobj endobj >> 2002 0 obj /Lang (EN-US) /Pg 24 0 R /Pg 16 0 R endobj endobj << >> /S /P /P 5262 0 R << /P 4922 0 R 3479 0 obj >> /Pg 23 0 R /Pg 25 0 R << /Pg 25 0 R /S /P /Pg 23 0 R << /S /P << 129 0 obj 1241 0 obj /Pg 25 0 R /P 38 0 R /S /Artifact /P 5527 0 R 3519 0 obj /Pg 23 0 R endobj /K 921 /Lang (EN-US) /A 4408 0 R /P 6571 0 R null 3461 0 R null 3462 0 R null 3463 0 R 3464 0 R null 3465 0 R null >> >> /K 414 /K 1482 endobj /Pg 25 0 R endobj << /Pg 22 0 R >> /P 5336 0 R /K 603 433 0 obj /S /P >> /Pg 24 0 R endobj << << 3342 0 obj endobj << 1088 0 obj /K 271 /S /Artifact >> endobj << << /S /P << 2465 0 obj endobj /K 17 endobj << /S /P /K 541 /Pg 24 0 R >> /Pg 25 0 R /S /P /P 6389 0 R endobj endobj 3098 0 obj /S /P /Lang (EN-US) 2030 0 obj << 1832 0 obj Acrobat PDFMaker 22 for Word endobj /K 1458 >> /S /Artifact /K 1390 /S /P >> << /P 5475 0 R /S /P /K 1119 /Pg 25 0 R >> /Pg 25 0 R /Pg 24 0 R /Pg 24 0 R >> /K [441 0 R 442 0 R] /S /P /S /P >> /Pg 25 0 R << << /Lang (EN-US) 2363 0 R 2364 0 R 2365 0 R 2366 0 R 2367 0 R 2368 0 R 2369 0 R 2370 0 R 2371 0 R 2372 0 R endobj /Pg 22 0 R << In its 2021 third quarter report, Cliffwater reported that since inception in September 2004, the Cliffwater Direct Lending Index (CDLI) had provided a net return (after realized and unrealized losses of 1.3%) of 9.5% per annum, 8.3 percentage points above the return on one-month Treasury bills - higher than the annualized equity premium has been over the long term and with far . endobj >> /S /P /S /Artifact >> 1469 0 obj << /K 797 /P 5813 0 R 1525 0 R 1526 0 R 1527 0 R 1528 0 R 1529 0 R 1530 0 R 1531 0 R 1532 0 R 1533 0 R 1534 0 R /P 6019 0 R >> endobj /S /P 2255 0 obj 301 0 obj /Lang (EN-US) 2120 0 obj /S /P /Lang (EN-US) /S /P /K 1177 /S /Link << /Lang (EN-US) /Lang (EN-US) 2985 0 obj /S /Artifact /Lang (EN-US) << >> /S /P /P 10 0 R endobj 3549 0 obj /S /Artifact /P 6533 0 R endobj >> /Pg 25 0 R /S /Artifact << /Pg 23 0 R /P 5907 0 R Here's my overview of the Corporate Transparency Act, a new federal law that will require most private U.S. companies to report to the U.S. Treasury the names /S /P /Pg 24 0 R endobj /S /Artifact >> << /Pg 23 0 R /P 6537 0 R /K 451 /S /P 1689 0 obj /Pg 25 0 R /Lang (EN-US) /Pg 23 0 R >> 1330 0 obj /S /P >> /S /P /S /P endobj >> /Lang (EN-US) endobj >> /S /Artifact endobj /P 5721 0 R >> 1742 0 obj /MediaBox [0 0 612 792] /S /P << /Pg 22 0 R /Lang (EN-US) /P 5665 0 R /S /P >> /K 466 1292 0 obj /Lang (EN-US) 438 0 obj 3380 0 obj /Pg 23 0 R 1442 0 obj /Pg 13 0 R << >> endobj >> 1772 0 obj >> /K 796 /S /P endobj 3868 0 obj null 1041 0 R null 1042 0 R null 1043 0 R null 1044 0 R null null >> << /Lang (EN-US) << << /S /Artifact << 909 0 obj /K 736 2796 0 obj /S /P /K 273 << /K 1444 3241 0 obj >> endobj endobj /K 1321 2307 0 obj 2152 0 obj >> << /Lang (EN-US) >> 661 0 obj 135 0 obj /S /Artifact /Pg 18 0 R 3878 0 obj >> 2103 0 obj /S /P /Lang (EN-US) /S /Artifact /S /Artifact /P 4933 0 R 1769 0 obj /Pg 25 0 R 3675 0 obj >> /P 5731 0 R /P 10 0 R /K 1048 /K 1431 2023 0 obj /S /Artifact /Pg 22 0 R >> << >> << /S /P /Lang (EN-US) endobj /P 5875 0 R /S /Artifact 899 0 obj /S /P >> 655 0 R null null null 656 0 R null null null 657 0 R null << /S /P 3984 0 obj /K 114 /K 190 /K 1220 1339 0 obj null 3532 0 R null 3533 0 R null 3534 0 R null 3535 0 R 3536 0 R null 3750 0 obj /K 608 << /S /P /S /Artifact /P 5186 0 R 394 0 obj /P 6605 0 R 2545 0 obj << /P 6034 0 R /K 0 >> endobj >> /S /Artifact >> Loan Note: Private debt's growing muscle; Cliffwater issues return forecasts How private debt firms are gaining market share at the large end of the market; Cliffwater issues its latest return forecasts; and caution surrounds real estate. /S /Artifact /Pg 22 0 R endobj >> null null null 1754 0 R null null null 1755 0 R null 1756 0 R /Pg 23 0 R /Pg 24 0 R /K 1083 /S /P /S /Artifact endobj >> << endobj endobj /S /P endobj 2967 0 obj << << << /S /Artifact /Pg 25 0 R /K 1079 >> /Pg 23 0 R /P 4692 0 R >> /S /Artifact endobj /Pg 25 0 R >> >> /Lang (EN-US) /S /P 2093 0 obj /Pg 24 0 R endobj << >> null 2881 0 R null 2882 0 R null 2883 0 R null 2884 0 R null 2885 0 R >> /P 5194 0 R endobj >> << /StructParent 15 endobj /P 10 0 R /S /Artifact /K 1505 << << endobj /Pg 22 0 R endobj endobj /Pg 23 0 R /S /Artifact /Pg 22 0 R << endobj /Lang (EN-US) /P 4727 0 R /K 1400 endobj /K 986 /S /P /P 6598 0 R /P 6443 0 R /S /Artifact << /P 5205 0 R /Pg 23 0 R endobj /P 6120 0 R /S /P /P 5414 0 R /Lang (EN-US) /S /P endobj /S /P endobj /K 1322 /P 10 0 R >> endobj /Lang (EN-US) /P 10 0 R /K 352 << /S /P 748 0 R null 749 0 R null 750 0 R null 751 0 R null null null 2441 0 obj 900 0 obj << 3335 0 obj /K 186 /S /P /S /P endobj << /S /P endobj << 257 0 obj 881 0 obj 3126 0 obj /Pg 22 0 R endobj 4302 0 obj 3834 0 obj /Lang (EN-US) endobj >> /K 1394 /Pg 24 0 R /Pg 25 0 R << /P 6738 0 R >> >> /Pg 19 0 R >> endobj endobj endobj endobj /K 179 /S /Artifact /P 6730 0 R /S /Artifact /Pg 23 0 R << 1999 0 obj /S /Artifact 1562 0 obj /S /Artifact /Pg 23 0 R /Pg 23 0 R 3239 0 obj endobj 2531 0 obj << /S /Table << Derivative instruments may be used to hedge /S /P /Pg 23 0 R /S /P /S /P /K 1496 3963 0 obj /Lang (EN-US) 3697 0 obj endobj >> /S /P /K 857 /S /P >> endobj /Pg 23 0 R >> 3595 0 obj >> >> /Lang (EN-US) /Lang (EN-US) >> /K 1255 /Lang (EN-US) >> /Pg 22 0 R /P 5615 0 R endobj /S /P /K 1383 /S /P endobj /K 815 /S /Artifact /P 33 0 R /A 4394 0 R /K 67 /Pg 24 0 R endobj /S /P /Lang (EN-US) null 2602 0 R null 2603 0 R null 2604 0 R null 2605 0 R 2606 0 R null /Pg 25 0 R endobj /P 5747 0 R endobj /S /P 1257 0 obj /K 1157 /Alt /S /P /S /Artifact /Pg 23 0 R 4113 0 obj << /S /P /Pg 24 0 R << /S /Artifact << /K 1056 /K 743 /P 5100 0 R /P 6384 0 R >> /S /P 1802 0 obj /K 206 3701 0 R null null null 3702 0 R null null null 3703 0 R null /Pg 23 0 R /Lang (EN-US) 3921 0 obj /S /P << /K 1391 2792 0 obj 2156 0 obj /K 871 /K 1368 /P 10 0 R << 1219 0 obj 2943 0 R null 2944 0 R null 2945 0 R null 2946 0 R 2947 0 R null 2948 0 R << >> endobj /S /Artifact /Pg 24 0 R >> endobj /P 6696 0 R /P 4840 0 R /K 23 endobj /P 5248 0 R /Pg 22 0 R >> /Pg 23 0 R endobj >> /S /Artifact /P 6412 0 R /K 1089 endobj /K 1120 >> /S /P /S /P << /Lang (EN-US) /S /Artifact endobj /Pg 23 0 R endobj /K 1034 /K 1476 /P 5767 0 R >> >> << /Pg 24 0 R /Lang (EN-US) /S /P /S /P /K 207 /Pg 23 0 R /Lang (EN-US) /S /Artifact /S /Artifact /K 1014 >> >> 635 0 obj /K 1401 >> /Pg 25 0 R >> /Pg 24 0 R endobj /Lang (EN-US) >> /P 4432 0 R >> 3189 0 obj /S /P << endobj /Lang (EN-US) /Pg 22 0 R /K 1345 /Pg 23 0 R /P 10 0 R /K 1512 >> /Lang (EN-US) /Pg 22 0 R >> /Pg 23 0 R /S /Artifact endobj >> /Pg 24 0 R << /Lang (EN-US) /Lang (EN-US) endobj 2166 0 R 2167 0 R 2168 0 R 2169 0 R 2170 0 R 2171 0 R 2172 0 R 2173 0 R 2174 0 R 2175 0 R /S /Artifact endobj /P 6331 0 R /K 1414 /S /Artifact /P 6097 0 R /Pg 25 0 R /K 1 >> << /S /P /S /Artifact /Pg 23 0 R 1030 0 obj >> >> << null 2829 0 R null 2830 0 R null 2831 0 R null null null 2832 0 R /K 1513 << endobj 2413 0 R 2414 0 R 2415 0 R 2416 0 R 2417 0 R 2418 0 R 2419 0 R 2420 0 R 2421 0 R 2422 0 R /Pg 15 0 R /Pg 23 0 R endobj 4168 0 obj 2386 0 obj /Pg 22 0 R endobj /P 5832 0 R /Pg 22 0 R >> /K 1141 847 0 obj /K 368 /Lang (EN-US) << 373 0 obj /Lang (EN-US) << 2988 0 obj << /K 1531 /Lang (EN-US) /Pg 19 0 R /Pg 25 0 R /K 681 /K 520 << >> /P 6139 0 R /Lang (EN-US) >> >> << /Pg 22 0 R /K 1411 endobj 2838 0 obj endobj /K 1093 /S /Artifact /K 1004 >> /Pg 22 0 R >> /Lang (EN-US) /P 5611 0 R /Pg 24 0 R null 1935 0 R null 1936 0 R null 1937 0 R null 1938 0 R null null 2882 0 obj >> /P 5999 0 R 1256 0 obj << << 2533 0 obj /S /Artifact /S /P /Pg 22 0 R >> /Pg 24 0 R endobj /P 5208 0 R endobj << /K 241 /Lang (EN-US) /S /Artifact endobj << << 1212 0 obj endobj /K 1449 /Lang (EN-US) /S /P >> >> >> >> /Pg 22 0 R J.P.Morgan, Guide to Alternatives, 2Q 2020. /Pg 25 0 R endobj endobj /K 32 /P 10 0 R /Pg 23 0 R /S /Artifact endobj >> endobj /S /P /Lang (EN-US) << /Lang (EN-US) /P 10 0 R /Pg 22 0 R /S /P /Contents 4355 0 R endobj /S /Artifact endobj /S /Artifact /P 5707 0 R 844 0 obj /S /P << /S /Artifact /K 40 endobj 34 0 obj /K 1451 /S /Artifact << /Pg 22 0 R /Lang (EN-US) 1105 0 obj endobj /Pg 22 0 R /Pg 22 0 R endobj /Pg 24 0 R /S /P 2733 0 obj /Pg 19 0 R /Pg 23 0 R >> /K 594 << /S /P endobj /K 1094 /P 4704 0 R 2638 0 obj 2461 0 obj /P 5724 0 R endobj >> 1797 0 obj /P 4779 0 R 878 0 obj /Pg 23 0 R >> endobj endobj << /P 6118 0 R 993 0 obj 3264 0 obj 1724 0 obj /K 62 /K 1545 >> /S /P /S /P >> endobj /S /P /Pg 23 0 R /P 6322 0 R null null 2563 0 R null null null 2564 0 R null 2565 0 R null /K 473 << 2629 0 obj /P 6002 0 R /S /P /Lang (EN-US) /Pg 23 0 R >> >> /Lang (EN-US) /K 911 >> /S /P /S /Artifact /P 4867 0 R endobj /Pg 19 0 R endobj /S /P >> /P 5677 0 R /P 10 0 R /K 46 /S /P /S /P /K 410 << >> /Pg 23 0 R /Lang (EN-US) 2701 0 obj /Pg 25 0 R /K 678 /K 1040 endobj /Rotate 0 endobj >> /Pg 14 0 R /Lang (EN-US) >> /K 553 >> >> /P 5380 0 R endobj /Pg 23 0 R >> 4095 0 obj /K 1019 >> /S /P /K 1427 /P 10 0 R uuid:30597d73-1730-4471-be3e-6267c552ffc2 3090 0 obj 775 0 R null null null 776 0 R null null null 777 0 R null /P 5613 0 R 3917 0 obj /S /P >> << /K 790 /K 16 2951 0 obj << /K 813 /S /Artifact << endobj /Pg 24 0 R << /Lang (EN-US) /Lang (EN-US) 2709 0 obj /K 1227 /K 722 /Pg 23 0 R << /P 5513 0 R /Pg 21 0 R /K 1151 2474 0 obj /S /P << >> /Pg 23 0 R /S /P 3086 0 obj << >> endobj /S /Artifact /K 968 /S /Artifact /K 581 848 0 obj >> endobj /Lang (EN-US) 3956 0 obj >> 327 0 obj endobj /Pg 23 0 R /Pg 23 0 R /K 250 >> >> endobj /Pg 23 0 R endobj endobj /K 270 /P 10 0 R 2262 0 obj 912 0 obj /Lang (EN-US) << /Pg 24 0 R /K 30 << >> /Pg 25 0 R 2423 0 obj /Pg 22 0 R /K 221 121 0 obj /Lang (EN-US) 2076 0 obj /S /Artifact /Pg 22 0 R 602 0 obj /P 96 0 R endobj /K 1306 /K 1430 >> /Pg 25 0 R endobj << 2930 0 obj /S /P /P 5047 0 R /Pg 25 0 R /Pg 23 0 R /Pg 23 0 R endobj /Pg 24 0 R /K 38 /K 1275 /K 1228 /P 4762 0 R 3985 0 obj endobj 3761 0 obj endobj << /P 6187 0 R >> /S /Footnote << 3497 0 obj 2333 0 obj /Pg 19 0 R /S /P >> >> /S /Artifact /Pg 24 0 R /Pg 24 0 R /S /P 772 0 obj /K 1244 /Pg 24 0 R /Pg 25 0 R endobj >> /P 5507 0 R 312 0 obj /Pg 22 0 R /S /P /Pg 24 0 R 995 0 obj /Pg 22 0 R /P 4710 0 R /Lang (EN-US) endobj << >> /K 1137 /S /Artifact /K [191 4748 0 R] >> /Pg 25 0 R /Pg 23 0 R /K 105 >> /K 1105 1207 0 obj 4228 0 obj /K 1423 /S /P /S /P 729 0 obj >> /K 1320 /P 5278 0 R >> >> endobj /Lang (EN-US) >> << /P 5486 0 R << << << /K 217 /S /P endobj endobj endobj >> << /K 40 /Pg 17 0 R /Pg 24 0 R endobj endobj 3309 0 obj 3231 0 obj endobj /S /P /P 10 0 R /Lang (EN-US) /S /P endobj << 556 0 obj /Pg 25 0 R << /P 6082 0 R /Pg 22 0 R >> >> /Pg 23 0 R endobj /K 1541 /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 716 endobj 2817 0 obj << null 765 0 R null 766 0 R null 767 0 R null 768 0 R null 769 0 R << >> /Lang (EN-US) /P 5442 0 R /S /Artifact << << /K 1527 endobj /Pg 18 0 R /Pg 24 0 R endobj << /K 32 2160 0 obj 1943 0 obj 3315 0 obj /K 347 endobj /S /P /S /Artifact << /S /Artifact << /P 5693 0 R /Pg 23 0 R /A 4679 0 R /K 949 << << /Pg 23 0 R /Pg 22 0 R /Pg 22 0 R /K 1440 << endobj /Pg 25 0 R >> /Lang (EN-US) 1787 0 obj /Lang (EN-US) 1006 0 obj endobj >> >> /Pg 22 0 R >> endobj endobj endobj << << 3288 0 obj endobj << /K 1418 /Lang (EN-US) >> << 3633 0 obj 4159 0 obj /K 426 << /Pg 23 0 R 4249 0 obj endobj /K 1410 << >> /Lang (EN-US) /K 1247 >> 3909 0 obj /P 6388 0 R endobj /Lang (EN-US) /K 1533 >> /S /Artifact >> 136 0 obj << >> /Pg 22 0 R << /S /Artifact << /P 5647 0 R /Lang (EN-US) /S /P endobj endobj /K 1209 /S /Artifact /S /P endobj << 618 0 obj endobj >> /Pg 24 0 R >> >> /K 78 /Lang (EN-US) 3704 0 obj /Lang (EN-US) /P 6003 0 R 3864 0 obj /P 6396 0 R /Subtype /Link /S /Artifact /S /P << 3663 0 obj /K 1269 /Pg 25 0 R /P 6659 0 R >> /K 75 /K 1 << /Pg 24 0 R /K 1315 2774 0 obj /S /P /K 1021 /S /Artifact /S /P /Pg 23 0 R << /K 137 endobj /Pg 23 0 R << 4219 0 obj /K 1431 >> /K 300 endobj << /Lang (EN-US) >> << 3349 0 obj /P 5049 0 R /Pg 18 0 R endobj << endobj endobj /K 1220 /P 6559 0 R