What is the difference between a subordinated loan and equity?

With equity, NOM gets a say in the company. You then do not have to pay interest and redemption immediately. This often happens with high investments. For lower amounts, a subordinated loan is also possible. Subordinated means that we are at the back of the queue if there is not enough money to pay creditors in case of bankruptcy. First the IRS gets money, then the bank, then all the creditors and only then us. In practice, this usually means that there is no money left for NOM.