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LOWER MIDDLE-MARKET DIRECT LENDING
FRIDAY, NOVEMBER 13, 2026
CURRENT MARKET CONDITIONS
The Base Rate Is Rising Again
Higher Treasury yields raised borrowing costs while stable credit spreads reinforced the value of seniority, structure, and conservative leverage.
TELLARO WEEKLY VIEW
Featured Research
WEEKLY MARKET MONITOR
October inflation lifted Treasury yields sharply while credit spreads remained stable, increasing borrowing costs through the base rate rather than through wider risk premiums.
Week Ending 13 November 2026
CIO PERSPECTIVE
Economic growth remains concentrated in AI investment rather than broad demand, reinforcing the value of conservative credit selection.
Third Quarter 2026
INVESTMENT COMMITTEE INSIGHTS
October earnings revealed rising nonaccruals, lower net asset values, and more payment in kind income, reinforcing the importance of underwriting to cash flow rather than reported yield.
October 2026
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