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LOWER MIDDLE-MARKET DIRECT LENDING
SATURDAY, OCTOBER 17, 2026
CURRENT MARKET CONDITIONS
Credit Dispersion Returns
Credit spreads widened where fundamentals were weakest, reinforcing the value of senior secured lending, disciplined documentation, and conservative underwriting as refinancing risk increases.
TELLARO WEEKLY VIEW
Featured Research
WEEKLY MARKET MONITOR
The weakest borrowers are repricing first while higher quality credits remain resilient, creating an environment that increasingly favors selective lower middle market lenders.
Week Ending 16 October 2026
CIO PERSPECTIVE
A resilient but selective quarter. Capital remains available, and increasingly discriminating.
Second Quarter 2026
INVESTMENT COMMITTEE INSIGHTS
September marked a fundamental shift in private credit as the Federal Reserve resumed tightening, requiring lenders to prioritize cash flow durability, conservative leverage, and structures built for higher rates.
September2026
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