A unitranche loan combines senior and subordinated debt into one loan. The borrower only sees a single blended interest rate and executes one set of loan documents, but the lenders receive different rates depending on whether they are a first-out or last-out lender. Unitranche structures are common in private credit and middle-market lending because they simplify closing and administrative features for borrowers even if driving servicing complexity for lenders. LoanStreet CLS services unitranche loans alongside other corporate and commercial loan structures, providing a single solution for all private credit loan structures.