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LOWER MIDDLE-MARKET DIRECT LENDING
MONDAY, OCTOBER 12, 2026
CURRENT MARKET CONDITIONS
A Structural Shift in Capital Costs
As duration reprices higher, downside protection increasingly depends on seniority, durable cash flow, and underwriting built for elevated refinancing costs rather than lower future rates.
TELLARO WEEKLY VIEW
Featured Research
WEEKLY MARKET MONITOR
Primary market auctions confirmed that higher long term rates are becoming structural, reinforcing conservative valuation assumptions and disciplined first lien underwriting.
Week Ending 9 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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