Private credit glossary · Live data July 2026
What is mezzanine debt?
Mezzanine debt is subordinated capital that sits between senior debt and equity — higher-cost than senior debt but cheaper than dilution, often carrying an equity kicker such as warrants.
692
active Mezzanine funds in the Agentas database
$24M–$200M
median stated check-size band
How it works
- Ranks behind senior lenders in repayment, so it prices higher (often low-to-mid teens all-in).
- Usually unsecured or second-lien, sized on EBITDA rather than hard assets.
- Frequently includes warrants or payment-in-kind (PIK) interest to reduce cash coupon.
When borrowers use it
- Filling the gap when senior lenders cap out but the deal needs more leverage.
- Buyouts, recapitalizations, and growth capital where dilution is not an option.
Related terms
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