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.

Index Characteristics
▪   Index Value (Mar 31, 2019)3787.78
▪   Assets (Fair Value)$104.9 Billion
▪   Yield10.24%
▪   Number of Loans> 6,000
 CWBDC Index 

The Cliffwater BDC Index (CWBDC) measures the performance of lending-oriented, exchange-traded Business Development Companies, subject to certain eligibility criteria regarding portfolio composition, market capitalization, and dividend history. The CWBDC is a capitalization-weighted index that is calculated on a daily basis using publicly-available closing share prices and reported dividend payouts. The CWBDC Total Return Index includes two components: 1) Income Return and 2) Price Return.

Index Characteristics
▪   Close (Jun 10, 2019)2795.12
▪   Number of Companies41
▪   Index Yield9.32%
▪   Market Capitalization$33.3 Billion
▪   NAV Premium/Discount-3.19%
▪   Launch DateJanuary 1, 2015

CWBDC % Premium/Discount on NAV