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LOWER MIDDLE-MARKET DIRECT LENDING
SUNDAY, NOVEMBER 1, 2026
CURRENT MARKET CONDITIONS
Headline Growth Masks Narrow Demand
Economic growth remains concentrated in AI capital investment; lower middle market underwriting should continue to prioritize borrower fundamentals over headline economic data.
TELLARO WEEKLY VIEW
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WEEKLY MARKET MONITOR
Strong GDP growth obscured softer underlying demand, reinforcing Tellaro's focus on durable cash flow, conservative coverage, and underwriting built for sustained higher interest rates.
Week Ending 30 October 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
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.
September 2026
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