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LOWER MIDDLE-MARKET DIRECT LENDING
SUNDAY, SEPTEMBER 20, 2026
CURRENT MARKET CONDITIONS
Higher rates, tighter credit.
The Federal Reserve resumed tightening, lifting the policy rate by 25 basis points and signaling additional hikes, while floating-rate income improved but borrower debt-service capacity tightened, reinforcing the importance of seniority, structural protections, and disciplined underwriting.
TELLARO WEEKLY VIEW
Featured Research
WEEKLY MARKET MONITOR
The Fed resumed tightening, reinforcing the importance of disciplined underwriting as borrower debt-service capacity tightened.
Week Ending 18 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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