The Cliffwater BDC Index (the "Index") is owned exclusively by Cliffwater LLC
("Cliffwater"), and is protected by law including, but not limited to, United States
copyright, trade secret, and trademark law, as well as other state, national, and international laws and
regulations. All information on the performance and Index characteristics is and shall remain the
exclusive property of Cliffwater. All content is provided for informational purposes only. Cliffwater
provides this information on an "as is" and "as available" basis, without any
warranty of any kind, whether express or implied.
Past performance of the Index is not an indication of future results. It is not possible to invest
directly in the Index. The Index returns shown are not based on actual advisory client returns and do
not reflect the actual trading of investible assets. The performance of the Index has not been reviewed
by an independent accounting firm and has been prepared for informational purposes only.
Exposure to the asset class represented by the Index is available through investing in a fund, account
or other financial product (each, a "Product") referencing the Index. Products that reference
the Index may not be sponsored or endorsed by Cliffwater, and in such cases, Cliffwater does not make
any representation regarding the advisability of investing in them. Cliffwater makes no assurance that
any Product referencing the Index will accurately track Index performance or provide positive investment
returns. No representation is being made that any person that invests in a Product will or is likely to
achieve results similar to those presented herein. A decision to invest in a Product should not be made
in reliance on any of the statements set forth on this website (the "Website").
Inclusion of a business development company (a "BDC") in the Index and information regarding such a BDC
on the Website does not in any way reflect an opinion of Cliffwater regarding the investment merits of
such BDC, nor should it be interpreted as an offer to buy or sell such BDC's securities. None of the
BDCs included in the Index has given any real or implied endorsement or support to Cliffwater or to the
Index. Cliffwater has no obligation to take the needs of a person investing in a Product or any other
person into consideration in determining, composing or calculating the Index.
Index returns do not reflect payment of any sales charges or fees a person may pay to purchase the
securities underlying the Index or a Product that is intended to track the performance of the Index. The
imposition of these fees and charges would cause the actual and back-tested performance of these
securities or Products to be lower than the Index performance shown.
Any information presented prior to the Launch Date (January 1, 2015) of the Index is back-tested.
Back-tested performance is not actual performance, but is hypothetical. Unless otherwise indicated, the
back-tested calculations are based on the same methodology that was in effect when the Index was
officially launched. Please refer to the methodology paper for the Index (available at www.BDCs.com) for
more details about the Index, including the Base Date/Value (September 30, 2004 at 1,000) and the Launch
Date of the Index and the manner in which the Index is reconstituted and the eligibility criteria for
the Index. Prospective application of the methodology used to construct the Index may not result in
performance commensurate with any back-tested returns shown. The back-test period does not necessarily
correspond to the entire available history of the Index.
Another limitation of back-tested hypothetical information is that generally the back-tested calculation
is prepared with the benefit of hindsight. Back-tested data reflect the application of the Index
methodology and selection of Index constituents in hindsight. No hypothetical record can completely
account for the impact of financial risk in actual trading. For example, there are numerous factors
related to the financial markets in general which cannot be, and have not been accounted for in the
preparation of the Index information set forth, all of which can affect actual performance.
When Cliffwater was unable to determine the nature of a BDC’s investments because of limited information
included in historical SEC filings, Cliffwater did not apply the portfolio composition criteria (a
substantial majority (approximately 75%) of reported total assets are represented by direct loans made
to corporate borrowers, as categorized by each BDC and subject to Cliffwater’s discretion) to the BDC.
In addition, the criteria regarding the timing of SEC filings was not applied for periods prior to the
Launch Date of the Index. All other eligibility criteria were applied to determine whether to include
the BDC in the historical Index composition and return.
In order to avoid presenting partial historical information with respect to individual BDCs, information
in the historical chart with respect to each BDC is presented beginning as of the later of (i) September
30, 2004 (the Base Date of the Index) and (ii) the date the BDC made its SEC 10-K or 10-Q filing
covering the period beginning after the BDC's initial public offering. However, since performance
information is available beginning as of the date of the BDC's initial public offering, the
performance table may present 3 year or 5 year performance for a BDC even though the historical chart
does not present 3 year or 5 year historical information for the BDC.
Cliffwater may receive compensation in connection with licensing the Index to third parties. All
information provided on the Website is impersonal and not tailored to the needs of any person or group
of persons. Cliffwater reserves the right at any time, and without notice, to change, amend, or cease
publication of the Index. The eligibility criteria for the Index may be adjusted from time to time,
including to address changes in industry trends. Any material adjustments will be publicly announced.
It is expressly forbidden to disseminate this content, or to use this content, or any portion thereof,
for purposes of investment management, advice, benchmarking, or any other commercial or private purpose,
except under terms granted under separate contract by Cliffwater.
THE INDEX AND THE INFORMATION CONTAINED ON THE WEBSITE IS DERIVED FROM SOURCES THAT ARE CONSIDERED
RELIABLE, BUT CLIFFWATER DOES NOT GUARANTEE THE VERACITY, CURRENCY, COMPLETENESS OR ACCURACY OF THE
INDEX OR OTHER INFORMATION FURNISHED IN CONNECTION WITH THE INDEX OR OTHERWISE ON THE WEBSITE. NO
REPRESENTATION, WARRANTY OR CONDITION, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, AS TO CONDITION,
SATISFACTORY QUALITY, PERFORMANCE, OR FITNESS FOR PURPOSE ARE GIVEN OR DUTY OR LIABILITY ASSUMED BY
CLIFFWATER IN RESPECT OF THE INDEX OR ANY INFORMATION CONTAINED ON THE WEBSITE, OMISSIONS THEREFROM OR
THE USE OF THE INDEX IN CONNECTION WITH ANY PRODUCT, AND ALL THOSE REPRESENTATIONS, WARRANTIES AND
CONDITIONS ARE EXCLUDED SAVE TO THE EXTENT SUCH EXCLUSION IS PROHIBITED BY APPLICABLE LAW.
THE INDEX AND THE INFORMATION CONTAINED ON THE WEBSITE MAY INCLUDE INACCURACIES OR TYPOGRAPHICAL ERRORS.
DUE TO VARIOUS FACTORS, INCLUDING THE INHERENT POSSIBILITY OF HUMAN OR MECHANICAL ERROR, THE ACCURACY,
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limitation liability for any special, punitive, indirect or consequential damages (including, without
limitation, lost profits, lost time and goodwill), even if notified of the possibility of such damages,
whether arising in tort, contract, strict liability or otherwise, in connection with the use of the
Index, any Product or any information contained on the Website.
NO INVESTMENT ADVICE OR RECOMMENDATIONS
The information and opinions presented on the Website are intended for informational purposes only and
should not be construed as any advice, recommendation or endorsement from Cliffwater as to any legal,
tax, investment or other matter. The information on the Website does not constitute and should not be
construed as an offering of advisory services or a promise to undertake or solicit business. The Website
should not be considered a solicitation or offering for any Product or service to any person in any
jurisdiction where such solicitation or offer would be unlawful. Your particular needs, investment
objectives and financial situation were not taken into account in the preparation of the Website or the
Index and the materials contained on the Website. The fact that Cliffwater has made available to you
through the Website, investment opinions and other information constitutes neither a recommendation that
you enter into a particular transaction nor a representation that any Product is suitable or appropriate
for you. You should consult a financial adviser or other professional before making any investment
decision. Cliffwater takes no responsibility for any loss or damage arising due to any decision relating
to investments taken by you based on the reports, data and/or information contained on the Website.
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