In the riskiest end of the credit spectrum are mezzanine finance and payment-in-kind notes.
It is structured with a parent company running various funds, each of which targets a different kind of debt, from senior secured to mezzanine, tied to the risk preferences of investors.
Appropriately, for the high-minded campaigner known as Saint Hugh, his Canteen occupies a converted church hall, with vaulted ceilings and tall stained-glass windows, and a mezzanine which just cries out for Hugh to appear like a wild-haired prophet, preaching the doctrine of locavorism and denouncing sinners who don't source their fish responsibly.
Up the glass-sided staircase, a mezzanine plays host to a generously-sized bed.
It is an extraordinary sculpture, spanning the distance from the bridge mezzanine to the end windows, showing its rawness of materials: MDF and fabric that was dyed in India, using the primary colours of Western art – red, yellow and blue – "a midnight blue", Tuttle says.
But he acknowledges too that language is used to hide the truth; and provides masses of examples of how this was so when the financial crash imploded and threw out corkers such as the improbable sounding "mezzanine RMBS synthetic CDO".
The house features just two rooms while the bed is on a mezzanine which can only be reached by climbing on top of the kitchen units.
It's a matter of political taste as to whether the framed photos of Thatcher-era Tories in one of the rooms are a welcome addition to the traditional farmhouse decor... Windy Mundy's converted barns The seventh bedroom in the main house, a twin, is to be found at the top of a tall spiral staircase, in a mezzanine over the stunning, high-ceilinged central living space.
We finally graduated to a sprawling palazzo overlooking the Grand Canal – even if the mezzanine-level bedroom looked like it had been added in the 1970s, the crockery was of the same era, and the wallpaper was peeling.
They bought $300m of mezzanine-level debt on the complex for around $45m.
They included three tranches of term loans, some mezzanine-like debt called "second lien", and ten-year junk bonds, denominated both in euros and in dollars.
