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LOWER MIDDLE-MARKET DIRECT LENDING
SUNDAY, OCTOBER 4, 2026
CURRENT MARKET CONDITIONS
Labor Cools, Long Rates Climb
Softer employment data reduced the likelihood of another near-term Fed hike, but the 30-year Treasury reached a new 20-year high, reinforcing Tellaro's view that long-term valuation risk has become the most important underwriting consideration.
TELLARO WEEKLY VIEW
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WEEKLY MARKET MONITOR
Softer payrolls eased near term rate pressure, but a higher long end reinforces that valuation, not funding cost, has become the primary underwriting risk.
Week Ending 2 October 2026
CIO PERSPECTIVE
A resilient but selective quarter. Capital remains available, and increasingly discriminating.
Second Quarter 2026
INVESTMENT COMMITTEE INSIGHTS
When there is more capital than there are loans to make, price stops describing risk, and the only scarce input left is the discipline to decline.
August 2026
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