Single loan facility combining what would traditionally be separate senior secured and mezzanine tranches, provided by one direct lender (or small club). Pricing is a blended rate: r_U = w_s · r_s + w_m · r_m. Typical structure: 5.0×–6.5× total leverage, SOFR + 550–700 bps coupon. Advantages: single document, single counterparty, faster close, full workout control. Bifurcated unitranche splits the facility internally between a First-Out (bank) and Last-Out (direct lender) tranche under a confidential Agreement Among Lenders (AAL).