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.
The CDLI: Senior Only (CDLI-S) is an index focusing on senior loans within the CDLI. CDLI-S follows the same construction methodology as CDLI but only includes loans held by BDCs that have an investment style that Cliffwater has determined focuses on senior secured loans.
Methodology HistoryAsset Seniority
Asset Seniority