Question for funded searchers - if you have already sourced your equity capital, are you (or your investors) willing to allow your lending partner to make an equity co-investment? If not, would a warrant be acceptable, or do funded searchers typically seek interest rate-only debt financing (i.e. no equity upside)?

We are a mezzanine debt and equity (SBIC) fund, but would generally prefer to have some form of equity upside in deals with sub-$3mm in EBITDA.