The Label Is Not the Rights: Senior Debt, Mezzanine Debt, and Preferred Equity in Tokenized Real Estate Capital Stacks
A token labeled “mezzanine” is not mezzanine debt. A token labeled “preferred” does not automatically provide preferred equity protections. And a token described as representing a “senior” position does not hold first-priority collateral unless the underlying loan documents, lien filings, and intercreditor arrangements actually support that claim. Tokenization changes how capital stack interests are issued, […]