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LOWER MIDDLE-MARKET DIRECT LENDING
MONDAY, OCTOBER 5, 2026
CURRENT MARKET CONDITIONS
Labor Cools, Long Rates Climb
Softer employment data reduced the likelihood of another near-term Fed hike, but the 30-year Treasury reached a new 20-year high, reinforcing Tellaro's view that long-term valuation risk has become the most important underwriting consideration.
TELLARO WEEKLY VIEW
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WEEKLY MARKET MONITOR
Softer payrolls eased near term rate pressure, but a higher long end reinforces that valuation, not funding cost, has become the primary underwriting risk.
Week Ending 2 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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