Indicator 4 of 6

PIK switch rate

The share of loans that moved from cash interest to payment-in-kind (PIK) interest during the quarter.

1.44% at 30 June 2026 for all funds, against 1.15% a year earlier and 1.52% in the previous quarter.

Switch to PIK · % of positions followed

All funds
Funds present in every quarter
Listed BDCs
Non-traded BDCs

Definition

Among positions followed from the previous quarter, the share that carried a stated cash rate and no PIK rate at the earlier date and a PIK rate at the later date. A missing PIK tag at the earlier date is not read as cash-pay: the earlier row must state a rate. The borrower and the type of facility must be the same at both dates.

How to read it

A switch to PIK lets a borrower stop paying cash interest while the loan stays current. It is a common form of payment relief in private credit and often comes with a markdown or a restructuring.

Behind this indicator

Members also see which new loans carry PIK from the day they are written.

What each level receives →

The series

Percent. Funds present in every quarter: the 87 BDCs in scope at all 14 quarter-ends. Listed and non-traded BDCs separately (what the two groups are).

Quarter-end	All funds	Constant panel	Listed	Non-traded
Q2 2026	1.44	1.63	1.67	1.35
Q1 2026	1.52	1.66	1.78	1.40
Q4 2025	1.32	1.39	1.37	1.30
Q3 2025	1.68	1.75	1.72	1.65
Q2 2025	1.15	1.14	1.43	1.00
Q1 2025	1.25	1.31	1.33	1.21
Q4 2024	1.82	1.82	2.28	1.55
Q3 2024	1.92	2.06	2.37	1.64
Q2 2024	1.46	1.57	1.86	1.18
Q1 2024	1.81	1.97	2.36	1.43
Q4 2023	1.95	1.90	1.95	1.95
Q3 2023	2.22	2.31	2.60	1.93
Q2 2023	1.33	1.37	1.44	1.24
Q1 2023	–	–	–	–

Source: Private Credit Radar, version 1.0; SEC EDGAR schedules of investments, filings pulled 19 September 2026. Download this series (CSV) · Method

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