Near-flat curve — market pricing cautious outlook. Monitor for tightening in private credit.

Elevated benchmark rate. Floating-rate debt carries higher carry cost. Consider fixed structures.

Elevated rates moderating real estate valuations. Sale-leaseback opportunities emerging.

Tight spreads — constructive credit environment. Competitive deal terms available.

Stable production levels. Steady demand supporting middle market operator cash flows.

Healthy employment. Stable operating environment for most middle market sectors.