Single blended debt instrument combining senior and subordinated debt at a single blended rate, typically provided by a non-bank direct lender or a small club of direct lenders. Has become the dominant middle-market deal financing product since the mid-2010s. Economics: higher all-in cost than separated first-lien + mezzanine but with operational simplicity, speed of execution, and flexibility. Pricing: typically SOFR + 550-750 bps depending on credit.