CDLI final return was 1.97% for 3rd quarter 2017 and 9.25% for the trailing 4 quarters

CDLI Index

The Cliffwater Direct Lending Index (CDLI) seeks to measure the unlevered, gross of fee performance of U.S. middle market corporate loans, as represented by the asset-weighted performance of the underlying assets of Business Development Companies (BDCs), including both exchange-traded and unlisted BDCs, subject to certain eligibility requirements. The CDLI Total Return Index includes three components: Income Return, Realized Gain/Loss, and Unrealized Gain/Loss.

  Methodology   History

Index Characteristics

  • Index Value (Sept 30, 2017): 3342.44
  • Assets (Fair Value): $89 Billion
  • Number of Loans: > 6,000
  • Yield: 9.6%

Asset Seniority

  • Senior Debt: 59%
  • Subordinate Debt: 27%
  • Equity: 9%
  • Other: 5%

Cliffwater Direct Lending Index

2017 Q3 Report

How Liquid are Direct Lending Portfolios?

Performance (%) through Sept 30, 2017