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LOWER MIDDLE-MARKET DIRECT LENDING
SATURDAY, OCTOBER 24, 2026
CURRENT MARKET CONDITIONS
The Quality Premium Holds
Credit markets continue to differentiate between stronger and weaker borrowers, reinforcing the value of conservative structures, durable cash flow, and selective lower middle market lending.
TELLARO WEEKLY VIEW
Featured Research
WEEKLY MARKET MONITOR
Persistent credit dispersion is restoring the premium for seniority, disciplined underwriting, and resilient borrower fundamentals.
Week Ending 23 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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