CDLI final return was 2.44% for 2nd quarter 2018 and 8.90% 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.

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Index Characteristics

  • Index Value (Jun 30, 2018): 3569.93
  • Assets (Fair Value): $94.3 Billion
  • Number of Loans: > 6,000
  • Yield: 10.06%

Asset Seniority

  • Senior Debt: 61%
  • Subordinate Debt: 25%
  • Equity: 9%
  • Other: 5%

Cliffwater Direct Lending Index

2018 Q2 Report

How Liquid are Direct Lending Portfolios?

Performance (%) through Jun 30, 2018