Unitranche financing has become a go-to structure for today’s private credit leaders. By combining senior and subordinated loans in a single facility, these deals promise efficiency, speed, and certainty for borrowers—but they introduce a tangled web of economic arrangements for lenders and fund managers behind the scenes. Coordinating payment waterfalls, skim mechanics for cash and PIK interest, and bespoke fees and assignments can easily overwhelm manual workflows and traditional loan systems.
At Carta, we believe that complexity shouldn’t be a barrier to innovation. Built with a deep understanding of the evolving private credit market, our Loan Operations platform natively supports the full lifecycle of unitranche structures, giving you the control, flexibility, and transparency you need, no matter how your deals evolve.
Flexible at the core
With Carta, direct lenders can:
Model and manage unitranche deals with multiple lender classes—first-out, last-out, and pro rata participants—directly within the system.
Automate and track interest/principal allocations, fee mechanics, prepayment waterfalls, and PIK toggles at both the facility and lender-class level.
Instantly reflect amendments, such as non-pro rata add ons, changes to waterfall priorities, or bespoke call protection features.
Centralize all activity around the payment schedule, ensuring every party’s view (deal team, finance, co-lender, or borrower) is up to date and audit-ready.
Unitranche deals exist to unlock speed and efficiency for borrowers, but they shouldn’t mean operational ambiguity for lenders. With Carta, you can:
Simulate how a partial prepayment at 102% affects distribution across first-out and last-out lenders.
Layer in an amendment that adds PIK to the global rate but skimmed to last out..
Model deal exits, extensions, and restructures in seconds—not hours—so you can focus on decision-making, not manual reconciliation.
Ready for any structure
No two unitranche deals look alike, and your technology should reflect that. Carta’s roots in private credit allow you to confidently structure creative solutions, knowing your platform will scale and adapt alongside your deals.
DISCLOSURE: This communication is on behalf of eShares, Inc. dba Carta, Inc. ("Carta"). This communication is for informational purposes only, and contains general information only. Carta is not, by means of this communication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. Before making any decision or taking any action that may affect your business or interests, you should consult a qualified professional advisor. This communication is not intended as a recommendation, offer or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein. © 2026 Carta. All rights reserved. Reproduction prohibited.
