Within each debt category, there is a wide range of risk levels depending on the individual loan and where on the capital stack the loan sits. For example, there is senior secured debt within real estate debt, with a higher repayment priority and lower risk profile than unsecured subordinate debt. Check out Real Estate Debt vs. Equity Investments Comparison Deep Dive to learn more.

Learn more about the capital stack and the repayment priorities in What Is the Capital Stack learn blog.