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What interest rate do private credit lenders charge?

Private credit loans are almost always floating-rate — a spread over SOFR — and the spread rises as the lender's claim weakens: senior secured carries the lowest spread, a unitranche one blended rate that sits between senior and mezzanine pricing, and mezzanine or second-lien the highest, often with PIK interest or warrants. The all-in cost on a given deal turns on structure, leverage, size, and sponsor backing, so no single rate applies. TerraNova does not publish per-fund pricing; the pricing guide explains what borrowers should expect by structure.

Figures from the researched book · updated Sep 14, 2026 · refreshed daily · rendered Sep 15, 2026