Kroll and StepStone launch private credit PIK indicators

Kroll and StepStone’s launch of private credit PIK indicators signals growing market sophistication in tracking payment-in-kind interest within private credit portfolios. For middle-market credit professionals, these new tools could enhance risk assessment and pricing accuracy in leveraged loans and direct lending deals where PIK features complicate cash flow analysis. As private credit continues to expand, reliable PIK metrics will become essential for managing credit risk and structuring transactions in a market increasingly focused on nuanced yield components.