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LOWER MIDDLE-MARKET DIRECT LENDING
SATURDAY, SEPTEMBER 26, 2026
CURRENT MARKET CONDITIONS

Growth Reaccelerates, Rates Reset Higher.

A stronger-than-expected U.S. economy and hawkish Federal Reserve commentary pushed Treasury yields to multi-decade highs, reinforcing our view that disciplined credit selection, not incremental spread, will drive risk-adjusted returns in a higher-rate environment.

TELLARO WEEKLY VIEW

Featured Research

WEEKLY MARKET MONITOR

Strong economic data pushed Treasury yields to multi-decade highs, reinforcing disciplined credit selection over spread.

Week Ending 25 September 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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