Exactly as pictured.   Perhaps a little more complicated than should have been to assemble.  Needed drill with allen key bit to facilitate assembly.  Tapped screw holes a little tight.  Needed drill in securing slats.  Note that the retaining rail on the top has no cutout at the ladder.  This really is no issue for our purpose (guest house furnishings), but it is important to note.  Once assembled it is very sturdy, well designed, etc.  Rated it five stars because it is very sturdy for adult use.