Mezzanine(@mezzanine_fi):Two people can like the same strategy and still disagree about putting money into it. One wants more of the yield and will stand first in line for losses to get it. In a Mezzanine vault, that's junior. The other likes the strategy just as much, but would rather have someone else's capital covering first loss, and will give up part of the yield for it. That's senior. Offer one position and both of them could walk away. They don't need to agree on which position is better. They need a choice that reflects what each is looking for.

2026.09.21 10:10

Two people can like the same strategy and still disagree about putting money into it. One wants more of the yield and will stand first in line for losses to get it. In a Mezzanine vault, that's junior. The other likes the strategy just as much, but would rather have someone else's capital covering first loss, and will give up part of the yield for it. That's senior. Offer one position and both of them could walk away. They don't need to agree on which position is better. They need a choice that reflects what each is looking for.