mezzanine

This term describes an intermediate space, physically or financially, that exists between two primary levels. In architecture, it refers to a partial floor that overlooks the main area, creating a sense of openness and vertical connectivity rather than a fully enclosed story. In the context of finance, the word describes a hybrid layer of capital. It occupies the middle ground between senior debt and equity, meaning it is subordinated to traditional loans but takes priority over common stock in the event of liquidation.