PIK is still spreading: borrowers paying in kind rose 24% in a year

Borrowers paying some interest in kind at the 15 largest non-traded BDCs, 2Q25 to 2Q26. Green = additions, red = reductions

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Counts are borrower–fund pairs: a borrower held by two funds counts twice. Changes are summed quarter by quarter.

Chart: Accredited InsightSource: SEC 10-Q and 10-K filings (schedules of investments), Accredited Insight analysis