>> 468 0 obj >> /K 1312 /K 1159 /S /P /S /Artifact /K 23 /Pg 24 0 R << /P 6274 0 R /K 491 endobj << endobj Interestingly, Private Equity's excess returns are actually greatest when Public Equities deliver low returns. endobj << >> >> endobj /Lang (EN-US) /Pg 24 0 R << /S /P >> /S /P >> << /Lang (EN-US) endobj 2843 0 obj 3458 0 obj >> endobj /Lang (EN-US) /Lang (EN-US) /P 10 0 R >> /Lang (EN-US) >> << /P 10 0 R >> endobj /P 4777 0 R /P 4658 0 R /K 414 2549 0 obj >> endobj /P 10 0 R /Pg 22 0 R << /P 6173 0 R >> endobj /S /P /P 6170 0 R /Lang (EN-US) >> /K 1134 /K 1166 endobj /Lang (EN-US) 2724 0 obj /S /P /K 1482 >> /K 82 /K 81 << >> endobj >> >> << endobj << 993 0 obj /K 1126 endobj >> >> >> null null 1598 0 R null null null 1599 0 R null 1600 0 R null 2818 0 obj 3010 0 obj /S /P >> << /S /P 3987 0 R 3988 0 R 3989 0 R 3990 0 R 3991 0 R 3992 0 R 3993 0 R 3994 0 R 3995 0 R 3996 0 R /S /P /K 357 >> /Pg 23 0 R /T () /S /P << /Fund#20Name (33) /S /Artifact /K 412 /K [58 59 60 61] endobj /P 6233 0 R /S /P >> /Lang (EN-US) endobj endobj /S /P /S /P 2921 0 R null 2922 0 R 2923 0 R null 2924 0 R null 2925 0 R null 2926 0 R /K 701 /S /P 4291 0 obj /Pg 24 0 R /K 1041 << /Pg 24 0 R /Lang (EN-US) /S /P 4332 0 obj endobj 2711 0 obj /K 48 endobj /K 1511 /K 1532 >> /P 5595 0 R /Pg 22 0 R /S /P 1106 0 obj /S /Artifact /S /P << /P 6376 0 R 1944 0 obj /Pg 22 0 R /Lang (EN-US) /S /P /Pg 24 0 R >> /Pg 18 0 R /Lang (EN-US) /S /P /S /P /K 531 /K 1333 << The Cliffwater Direct Lending Index (the "CDLI") seeks to measure the unlevered, gross of fees performance of U.S. middle mar ket corporate loans, as represented by the underlying assets of Business Development Companies ("BDCs"), including both exchange - traded and unlisted BDCs, subject to certain eligibility requirements. /P 10 0 R /Pg 23 0 R /P 6305 0 R << /K 10 >> /S /P /K 1527 endobj /Pg 24 0 R /Pg 25 0 R << /Pg 23 0 R 986 0 R null 987 0 R null 988 0 R null 989 0 R null 990 0 R null /K 887 >> /K 1359 /K 1281 /Pg 24 0 R 2147 0 obj /P 5430 0 R >> << >> /Lang (EN-US) << /Pg 22 0 R /Pg 22 0 R 3738 0 obj /S /Artifact << /Pg 23 0 R >> endobj 4171 0 obj /Pg 22 0 R << /Lang (EN-US) 3116 0 obj endobj /S /P /Pg 23 0 R >> >> /K 1485 /Pg 25 0 R /S /P /Lang (EN-US) 4174 0 obj /Pg 23 0 R << << << /S /P >> 2748 0 obj << /Pg 18 0 R /Pg 22 0 R endobj >> << /S /Artifact /P 5576 0 R << /S /P /P 5452 0 R 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. /Pg 22 0 R /K 55 1404 0 obj endobj /P 5936 0 R endobj /S /Artifact /Lang (EN-US) /K 1417 << << /S /Artifact endobj 2633 0 obj 2 Annualized volatility and return based on the period between 2005 and 2022. << << /P 10 0 R 717 0 obj /S /P /S /P << /S /Artifact /K 1139 /Pg 23 0 R null 2629 0 R 2630 0 R null 2631 0 R null 2632 0 R null 2633 0 R null /Pg 25 0 R /S /Artifact /Tabs /S /Pg 22 0 R 2801 0 R null 2802 0 R 2803 0 R null 2804 0 R null 2805 0 R null 2806 0 R /Pg 23 0 R << /K 387 1601 0 R null 1602 0 R null 1603 0 R null 1604 0 R 1605 0 R null 1606 0 R >> endobj /S /P /K 489 /Resources 4350 0 R 1224 0 obj /Pg 24 0 R /Pg 17 0 R 2167 0 obj /K 196 /Lang (EN-US) /Lang (EN-US) << endobj << /Lang (EN-US) >> /S /P endobj 76 0 obj /P 5264 0 R /Pg 24 0 R /S /P /P 5638 0 R endobj /Pg 22 0 R /P 4980 0 R endobj >> /Pg 24 0 R << /P 6241 0 R << /Lang (EN-US) endobj 62 0 obj /Lang (EN-US) << endobj /S /P >> /Pg 16 0 R endobj /K 1487 /K 34 endobj /P 5889 0 R /K 66 << endobj /K 1174 /K 538 /S /P >> endobj >> 2460 0 obj /P 5933 0 R << /K 1179 >> << endobj >> 3726 0 obj endobj /Pg 22 0 R /S /Artifact /P 6650 0 R << /Pg 25 0 R endobj >> >> 2064 0 obj << endobj /Lang (EN-US) /S /P endobj << /Pg 23 0 R endobj << /K 1536 /Lang (EN-US) >> >> /Lang (EN-US) /P 5121 0 R endobj << endobj /S /P /Pg 24 0 R /P 5726 0 R 701 0 obj >> 3564 0 R null null null 3565 0 R null null null 3566 0 R null /Lang (EN-US) >> /S /P /Pg 25 0 R 2646 0 obj /Lang (EN-US) endobj endobj >> endobj >> /P 5965 0 R /Pg 25 0 R /P 10 0 R /K 211 << >> >> endobj /S /P /K 293 /K 790 /K 1429 << << null null 1081 0 R null null null 1082 0 R null 1083 0 R null 3123 0 obj /K 106 endobj >> >> 1056 0 obj /K 451 endobj >> /K 84 /S /P >> /Pg 22 0 R >> endobj << endobj >> /Lang (EN-US) /K 1461 << /S /P /S /Artifact /P 5173 0 R /S /P /Tabs /S 980 0 obj /P 5506 0 R /Lang (EN-US) >> null 596 0 R null 597 0 R 598 0 R null null 599 0 R null 600 0 R << /P 5661 0 R endobj /Pg 22 0 R /P 6663 0 R /K 1423 /K 1539 /S /Artifact /P 10 0 R /Pg 24 0 R << /K 239 /K 76 << << /K 1518 2657 0 obj 740 0 obj << null 1678 0 R null 1679 0 R null 1680 0 R null 1681 0 R null null 1715 0 obj /Resources 4371 0 R /Pg 16 0 R /S /P >> /S /P /K 1453 /K 71 >> >> /Pg 24 0 R /S /Artifact << /S /P endobj 165 0 obj /Pg 23 0 R >> << /Pg 23 0 R 247 0 obj null 1585 0 R null null null 1586 0 R null null null 1587 0 R /Pg 24 0 R /P 6172 0 R 1810 0 obj /Pg 25 0 R endobj /K 138 /S /P >> /P 10 0 R endobj /Lang (EN-US) /S /Artifact /K [11 355 0 R 138] /Lang (EN-US) << >> 3135 0 obj /P 5787 0 R << << /S /P endobj endobj /S /Artifact /Lang (EN-US) /P 6384 0 R /S /Artifact /Pg 18 0 R endobj /Pg 18 0 R endobj << >> /Lang (EN-US) /S /P >> /Lang (EN-US) /Pg 25 0 R /Lang (EN-US) /S /P /K 1004 /K 1329 /Pg 22 0 R << 176 0 obj >> >> endobj 27 0 obj endobj endobj >> >> << /K 975 /S /P /S /P 77 0 obj >> endobj << 3167 0 R 3168 0 R 3169 0 R 3170 0 R 3171 0 R 3172 0 R 3173 0 R 3174 0 R 3175 0 R 3176 0 R << /P 5931 0 R endobj << /S /Artifact >> /K 1463 /Pg 23 0 R /Pg 25 0 R endobj << /S /P /K 1173 /K 273 /S /Artifact << /K 1119 /Lang (EN-US) >> endobj /S /P /P 10 0 R << /K 1547 /S /Artifact endobj /P 5896 0 R << 1885 0 obj endobj << endobj /P 6542 0 R >> /K 541 >> /S /Artifact /Pg 23 0 R /S /P /K 408 >> << /Pg 22 0 R >> /P 5624 0 R >> /Lang (EN-US) << endobj >> /Pg 22 0 R >> /Lang (EN-US) << /Pg 23 0 R /Pg 23 0 R /S /Artifact 1097 0 obj /Pg 13 0 R /A 4459 0 R /Pg 24 0 R /S /P endobj /K 724 2415 0 obj << /S /P /K 433 /Pg 24 0 R << /Lang (EN-US) /K 1191 >> /P 6520 0 R << >> /P 5362 0 R /K 90 >> /P 6051 0 R /Pg 23 0 R 1475 0 R 1476 0 R 1477 0 R 1478 0 R 1479 0 R 1480 0 R 1481 0 R 1482 0 R 1483 0 R 1484 0 R /Pg 22 0 R << << << 1945 0 obj /P 6179 0 R 1942 0 obj /P 5755 0 R endobj 1403 0 obj << /K 25 << << endobj /Lang (EN-US) << /S /Artifact endobj >> /S /P /Lang (EN-US) 1620 0 R null 1621 0 R null null null 1622 0 R null null null /K 1518 /S /Artifact /Rect [449.6000061035 546.3229980469 451.7309875488 554.9949951172] /K 817 >> 810 0 obj 2373 0 R 2374 0 R 2375 0 R 2376 0 R 2377 0 R 2378 0 R 2379 0 R 2380 0 R 2381 0 R 2382 0 R /Pg 25 0 R /S /P 1124 0 obj /K 1330 /S /P /K 1537 endobj 1894 0 obj << /P 5096 0 R /P 95 0 R << >> 1625 0 obj endobj endobj /Lang (EN-US) /Lang (EN-US) /K 10 /S /Link >> 1087 0 obj /Pg 23 0 R /K 127 << >> /K 50 << 581 0 obj << /Pg 25 0 R /S /P 1857 0 obj /K 1500 << >> /Pg 22 0 R /Pg 22 0 R /S /Artifact /K 1330 /P 6573 0 R 288 0 obj << /Lang (EN-US) 775 0 obj /K 185 endobj /S /P /S /Artifact endobj /S /P /Pg 22 0 R 1629 0 obj >> 1837 0 obj /S /P >> /S /P << endobj endobj >> >> /K 198 /S /P /Pg 22 0 R >> endobj /Pg 15 0 R /Lang (EN-US) << /P 6380 0 R 2216 0 obj /K 347 /K 1337 /K 1044 /S /P endobj 338 0 obj /K 1452 /Lang (EN-US) endobj /S /P 2514 0 R null null null 2515 0 R null null null 2516 0 R null /K 75 /K 1375 /S /P 2275 0 obj /Lang (EN-US) /Lang (EN-US) /Pg 22 0 R endobj /Pg 24 0 R /K 541 /K 114 >> endobj /Pg 24 0 R 1226 0 obj /K 1539 << 3373 0 obj /P 5513 0 R /S /P /K 9 /Pg 22 0 R 962 0 obj /K 1240 << /Pg 24 0 R >> /Pg 16 0 R /P 4928 0 R /Pg 22 0 R /Pg 25 0 R endobj /K 663 /Pg 18 0 R << /P 5770 0 R 1207 0 obj /Pg 25 0 R << >> endobj /S /P endobj 1176 0 obj /K 1446 /Pg 13 0 R 915 0 obj 1754 0 obj 120 0 obj /K 29 /K 923 1691 0 obj /S /P endobj endobj 1425 0 R 1426 0 R 1427 0 R 1428 0 R 1429 0 R 1430 0 R 1431 0 R 1432 0 R 1433 0 R 1434 0 R 783 0 obj 1424 0 obj 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 22 0 R /P 5689 0 R /P 10 0 R endobj /Pg 22 0 R endobj /P 6556 0 R endobj endobj << /P 6150 0 R endobj /Lang (EN-US) /K 0 endobj /P 5851 0 R >> << /P 5078 0 R 4327 0 obj >> /S /Artifact /S /P /P 6491 0 R /K 711 >> /Pg 25 0 R /K 707 endobj << /K 1019 /K 1008 /Lang (EN-US) endobj /Lang (EN-US) >> >> /Type /Page endobj /K 1251 /P 5632 0 R >> /Pg 24 0 R /Pg 24 0 R /K 1369 /Lang (EN-US) 713 0 obj /Parent 8 0 R /S /Artifact 3209 0 obj endobj /K 127 << /Pg 15 0 R /Pg 23 0 R /K 386 /Pg 22 0 R << endobj /K 1344 /Pg 13 0 R >> << /K 1526 2720 0 obj /K 235 1466 0 obj /Pg 25 0 R endobj /Pg 21 0 R 2957 0 obj /K 1407 307 0 obj >> /Pg 25 0 R 441 0 obj /Pg 22 0 R /S /P /K 815 << /Pg 24 0 R /Lang (EN-US) /S /P /P 5101 0 R 2908 0 obj /K 67 >> 3178 0 obj /Pg 16 0 R /S /Artifact /K 1521 /P 10 0 R >> 3788 0 obj /P 6735 0 R endobj 4318 0 obj >> /Pg 25 0 R /P 5816 0 R >> /K 1507 /S /Artifact /P 6683 0 R endobj /P 4811 0 R endobj /Pg 24 0 R endobj 1158 0 R 1159 0 R 1160 0 R 1161 0 R 1162 0 R 1163 0 R 1164 0 R 1165 0 R 1166 0 R 1167 0 R /Lang (EN-US) /S /Artifact endobj /S /Artifact endobj endobj /Lang (EN-US) endobj << 3335 0 obj >> endobj 2229 0 obj /Lang (EN-US) /K 1410 2940 0 obj /Lang (EN-US) /P 6409 0 R 1829 0 obj null 3665 0 R null 3666 0 R null null null 3667 0 R null 3668 0 R /K 213 /Lang (EN-US) /K 1140 << /Lang (EN-US) null 3434 0 R null 3435 0 R null 3436 0 R null 3437 0 R null 3438 0 R /Pg 23 0 R 1849 0 obj /Pg 22 0 R 3528 0 obj >> 3333 0 obj /Pg 23 0 R /Pg 17 0 R 1290 0 obj /Pg 25 0 R >> >> 1515 0 R 1516 0 R 1517 0 R 1518 0 R 1519 0 R 1520 0 R 1521 0 R 1522 0 R 1523 0 R 1524 0 R /Pg 25 0 R endobj endobj >> >> /S /Artifact << /P 5560 0 R /Lang (EN-US) 3016 0 obj 1781 0 obj /Lang (EN-US) << << /K 338 1355 0 R 1356 0 R 1357 0 R 1358 0 R 1359 0 R 1360 0 R 1361 0 R 1362 0 R 1363 0 R 1364 0 R /K 782 /Lang (EN-US) << endobj /S /P 2599 0 obj /Lang (EN-US) >> endobj endobj endobj endobj endobj 2969 0 R 2970 0 R 2970 0 R 2971 0 R 2972 0 R 2973 0 R 2974 0 R 2975 0 R 2975 0 R 2976 0 R /P 10 0 R /P 5882 0 R 58 0 obj >> /Pg 23 0 R 672 0 obj 4219 0 obj /K 1275 /Pg 24 0 R endobj 2615 0 obj /P 5800 0 R /P 4874 0 R >> /S /P /P 10 0 R /Lang (EN-US) 249 0 obj endobj endobj /Pg 23 0 R 2176 0 R 2177 0 R 2178 0 R 2179 0 R 2180 0 R 2181 0 R 2182 0 R 2183 0 R 2184 0 R 2185 0 R endobj /Lang (EN-US) /S /Artifact /Pg 25 0 R 3005 0 obj /K 552 /Pg 22 0 R endobj /Lang (EN-US) 3054 0 obj /S /Artifact /Lang (EN-US) /P 6087 0 R 2532 0 obj << /P 10 0 R 45 0 R null 386 0 R null 387 0 R null 388 0 R null null 389 0 R endobj << /K 1483 /K 399 /Pg 22 0 R /K 1236 3056 0 obj /S /Artifact /Pg 25 0 R /K 241 >> /S /P << /Lang (EN-US) endobj endobj 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 /Pg 24 0 R >> null 1615 0 R null 1616 0 R 1617 0 R null 1618 0 R null 1619 0 R null >> /S /P /Pg 25 0 R endobj >> /Pg 25 0 R endobj /Pg 19 0 R >> endobj /P 6392 0 R /S /Artifact /Lang (EN-US) /Pg 17 0 R /P 6742 0 R endobj null null 863 0 R null null null 864 0 R null null null << /K 9 /Pg 22 0 R << /Lang (EN-US) 861 0 obj /Pg 25 0 R /S /Artifact /Lang (EN-US) << endobj >> /S /P /K 939 >> << endobj endobj /Pg 22 0 R << endobj << >> 2464 0 obj 3439 0 obj >> endobj /K 612 << /S /Artifact << /Pg 25 0 R << endobj 4122 0 obj /Border [0 0 0] /Lang (EN-US) >> /S /P << 1662 0 obj /Pg 24 0 R >> /S /Artifact >> >> << /K 1442 /K 56 << /Pg 22 0 R >> /Pg 22 0 R >> << null 1784 0 R 1785 0 R null 1786 0 R null 1787 0 R null 1788 0 R null /P 4778 0 R >> 4159 0 obj 4272 0 obj /P 6121 0 R /Pg 23 0 R /K 453 >> << << endobj /A 4749 0 R 4144 0 obj >> 4133 0 obj /Pg 14 0 R endobj /K 776 /K 1244 2799 0 obj >> 1131 0 obj /Lang (EN-US) << >> /S /Artifact /K 422 /Pg 25 0 R >> /Pg 22 0 R /P 4920 0 R 3502 0 obj 2359 0 obj 1254 0 obj >> endobj /S /P /S /Artifact << /Pg 25 0 R << << /S /P /S /P /P 5810 0 R /P 6201 0 R 2521 0 obj /Pg 23 0 R endobj >> endobj null 1068 0 R null null null 1069 0 R null null null 1070 0 R /Lang (EN-US) endobj /K 65 >> << /K 1364 /Pg 22 0 R /S /P /K 121 >> /P 6198 0 R /Pg 23 0 R endobj /P 4959 0 R << 1259 0 obj endobj 2302 0 obj >> >> >> << /Pg 25 0 R << /S /P null null 2940 0 R null null null 2941 0 R null 2942 0 R null 3310 0 obj >> /Lang (EN-US) /P 10 0 R /Lang (EN-US) /K 1241 endobj >> 209 0 obj /S /LBody >> /Pg 22 0 R 388 0 obj >> endobj /S /Artifact /K 1392 endobj endobj endobj /Pg 25 0 R << << /K 1332 /K 1437 << /Pg 25 0 R /K 1471 1890 0 obj /Lang (EN-US) << /Lang (EN-US) /S /P >> /K 57 >> /K 51 /K 934 << << endobj /Pg 16 0 R << 1094 0 obj /Pg 14 0 R /P 6701 0 R << endobj endobj /K 148 /K 423 /S /Artifact << endobj /S /P << /Pg 19 0 R /Lang (EN-US) /Pg 25 0 R /S /Artifact /S /P /S /P 1387 0 obj /Lang (EN-US) 933 0 obj 2382 0 obj << >> /Pg 22 0 R /K 1452 1090 0 obj << /K 1418 null 3838 0 R null 3839 0 R null 3840 0 R 3841 0 R null 3842 0 R null /Lang (EN-US) /Lang (EN-US) /P 4817 0 R /P 5588 0 R /P 5054 0 R /S /P << /S /P /K 993 /S /P endobj endobj >> 3435 0 obj /S /Artifact /Pg 23 0 R 2300 0 obj << /K 1412 endobj 4203 0 obj "The positive effect is direct lending gains market share, which has . /S /Artifact /S /Artifact /S /P 297 0 R 297 0 R] >> 3011 0 obj /K 932 >> endobj /P 4931 0 R << endobj << /Lang (EN-US) /Pg 25 0 R /S /P >> /K 685 4317 0 obj /Lang (EN-US) /P 5705 0 R /S /Artifact /S /Artifact /P 10 0 R 2612 0 obj /K 1133 >> /K 1520 /Lang (EN-US) << << >> 2190 0 obj >> >> /S /P endobj >> endobj /K 1393 << /S /P << 3927 0 R 3928 0 R 3929 0 R 3930 0 R 3931 0 R 3932 0 R 3933 0 R 3934 0 R 3935 0 R 3936 0 R /Pg 23 0 R >> endobj /K 46 endobj >> /Pg 23 0 R /Lang (EN-US) endobj 1182 0 obj /K 1438 >> >> >> /Contents 4372 0 R /Pg 23 0 R << /S /P << /K 1121 /Pg 23 0 R << << /Lang (EN-US) << endobj >> 4331 0 obj /K 73 endobj 1843 0 obj /Pg 24 0 R << /P 6207 0 R endobj /Kids [13 0 R 14 0 R 15 0 R 16 0 R 17 0 R] << /P 6442 0 R /Lang (EN-US) 1525 0 obj /Lang (EN-US) /S /Artifact >> /S /Artifact << /Lang (EN-US) endobj >> /S /P /S /P /Pg 25 0 R /Pg 23 0 R /Pg 23 0 R >> >> >> << /Pg 24 0 R 1020 0 obj >> 2357 0 obj << /Lang (EN-US) endobj /Lang (EN-US) << endobj /S /P /Pg 23 0 R /S /Artifact 1972 0 obj 625 0 obj /S /P /Pg 25 0 R >> endobj << /Pg 25 0 R 1519 0 obj /K 1489 /S /P >> /K 110 endobj >> /P 6110 0 R /K 1494 /Lang (EN-US) >> << << 2293 0 obj 1980 0 obj >> endobj /S /P 1892 0 obj << >> /K 1464 /S /P endobj /K 166 1552 0 obj endobj << /S /Artifact >> /K 1366 >> /S /Artifact 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 /K 0 endobj << /K 445 536 0 obj /P 5852 0 R endobj /S /Artifact << endobj /Pg 25 0 R /S /Artifact /Lang (EN-US) << << /Pg 24 0 R null 1682 0 R null null null 1683 0 R null 1684 0 R null 1685 0 R >> endobj 2246 0 R 2247 0 R 2248 0 R 2249 0 R 2250 0 R 2251 0 R 2252 0 R 2253 0 R 2254 0 R 316 0 R /K 1369 >> 2139 0 obj endobj << /K 1174 /S /Artifact 3662 0 obj /Pg 22 0 R /Pg 25 0 R << /K 1153 endobj endobj /S /Artifact /Pg 25 0 R 1846 0 obj << /S /P /S /P /K 697 /S /P /K 11 /S /Artifact >> 2036 0 obj /P 10 0 R /P 10 0 R /Pg 22 0 R /Lang (EN-US) 1241 0 obj << 3876 0 obj << /P 10 0 R 3518 0 obj /Lang (EN-US) endobj /S /Artifact endobj /Lang (EN-US) /K 32 >> endobj /Pg 23 0 R 957 0 obj /Lang (EN-US) endobj 3186 0 R 3187 0 R 3188 0 R 3189 0 R 3190 0 R 3190 0 R 3191 0 R 3192 0 R 3193 0 R 3194 0 R /S /Artifact << 4060 0 obj /Pg 24 0 R 668 0 obj endobj /Lang (EN-US) endobj >> /Pg 23 0 R 3141 0 obj /Pg 23 0 R /K 1499 /Pg 22 0 R /Pg 22 0 R /Pg 24 0 R /Pg 23 0 R endobj endobj /P 5697 0 R 3593 0 obj 210 0 obj /P 6276 0 R /K 1486 /Pg 22 0 R /Pg 22 0 R /K 250 /S /Artifact /P 5722 0 R endobj endobj /K 47 /K 626 /P 4954 0 R >> /S /P /K 1146 /Pg 22 0 R endobj endobj << endobj >> /Pg 22 0 R << /S /Artifact /K 406 /Pg 25 0 R /Pg 25 0 R 1603 0 obj /Pg 24 0 R /Lang (EN-US) 3612 0 obj /K 1277 /Lang (EN-US) /Pg 24 0 R /P 5389 0 R /Lang (EN-US) /K 1460 3351 0 obj >> /Pg 24 0 R /Pg 23 0 R >> /P 6292 0 R /Pg 25 0 R /Lang (EN-US) 1644 0 obj /Pg 25 0 R /Lang (EN-US) endobj /Pg 22 0 R /S /Artifact /S /P /Pg 24 0 R /S /P << << endobj /Lang (EN-US) /A 4409 0 R >> << endobj /P 4933 0 R << /K 1424 endobj 3796 0 obj /Lang (EN-US) /P 4868 0 R /Pg 15 0 R /K 743 /K 1540 /K 361 >> /Pg 23 0 R << 2033 0 obj /P 6718 0 R /Lang (EN-US) /Pg 23 0 R /Lang (EN-US) /S /P /K 1173 /Pg 24 0 R /S /Artifact << 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. 1348 0 obj >> >> /S /P << >> 1248 0 R 1249 0 R 1250 0 R 1251 0 R 1252 0 R 1253 0 R 1254 0 R 1255 0 R 1256 0 R 1257 0 R /Pg 24 0 R >> /Pg 24 0 R /Lang (EN-US) 820 0 obj /S /P endobj /S /P << >> << << null 2886 0 R 2887 0 R null 2888 0 R null 2889 0 R null 2890 0 R null /S /Artifact /P 6586 0 R << /Lang (EN-US) /K 216 >> >> >> 2316 0 obj endobj 1450 0 obj << /P 5714 0 R 226 0 obj 1993 0 obj << /K 1310 << /K 169 /S /P >> /P 5791 0 R /Pg 25 0 R /K 1079 /Pg 23 0 R /P 5407 0 R /S /P 3074 0 obj /K 327 2779 0 obj << >> /K 1252 << >> /P 5485 0 R /K 183 endobj /Pg 23 0 R << /K 1353 /Pg 23 0 R << endobj << /K 1297 2608 0 obj endobj /K 884 /P 5505 0 R /P 6658 0 R 1998 0 obj /Lang (EN-US) endobj /Pg 24 0 R /K 1426 1798 0 obj endobj endobj << /Lang (EN-US) /K 4 /S /P 1546 0 obj /Lang (EN-US) /K 98 endobj >> endobj /Lang (EN-US) /P 6229 0 R /K 1363 /Lang (EN-US) 10.6200 USD. /S /Artifact /S /P /Lang (EN-US) << << << /Pg 22 0 R >> << /Lang (EN-US) 919 0 obj 2274 0 obj /Lang (EN-US) /S /P /Pg 24 0 R /S /P /P 4812 0 R >> endobj endobj >> 2146 0 obj 639 0 obj << /K 1361 /S /P /K 414 /S /P endobj /Pg 24 0 R 602 0 obj /Pg 25 0 R << >> >> /Pg 25 0 R /K 44 /K 76 /K 77 endobj /Pg 22 0 R /S /P /Pg 18 0 R null 3811 0 R null 3812 0 R null 3813 0 R null 3814 0 R null 3815 0 R
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