At most funds, PIK income grew faster than cash interest

% change in trailing-12-month income, LTM to Q2 2026 vs LTM to Q2 2025.

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Sorted by how much faster PIK grew than cash interest. Fund growth drives much of both.

Chart: Accredited InsightSource: SEC 10-Q and 10-K filings (inline XBRL), Accredited Investor Insights analysis