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 (Sep 30, 2020) | 4086.28 |
▪ Assets (Fair Value) | $115.1 Billion |
▪ Yield | 8.76% |
▪ 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 Companies | 41 |
▪ Index Yield | 9.32% |
▪ Market Capitalization | $33.3 Billion |
▪ NAV Premium/Discount | -3.19% |
▪ Launch Date | January 1, 2015 |