Kroll and StepStone Launch Payment-in-Kind Indicators for Private Credit Benchmarks
The added capabilities provide investors with new visibility
into the use of PIK loans
NEW YORK, Oct. 29, 2026 /PRNewswire/ --Kroll, the leading independent provider of global financial and risk advisory solutions, and StepStone Group (Nasdaq: STEP), a leading global private markets investment firm, have today launched three new payment-in-kind (PIK) indicators within the Kroll StepStone Private Credit Benchmarks, giving lenders, investors and analysts greater visibility into the use of noncash interest across private credit. The indicators cover more than 28,000 direct lending instruments, 18,000 deals and 13,000 borrowers, with historical data extending back to 2012.
The new measures track loans with an active PIK component across the U.S. and Europe as well as across different sectors and obligor-size segments using three distinct metrics:
- PIK as a percentage of interest income
- The proportion of PIK loans based on deal count
- The proportion of PIK loans based on outstanding principal
The data offers a reliable view on the dynamic role that noncash interest plays in private credit markets, including the variance in PIK activity across EBITDA segments, geographies and sectors. For example, the Benchmarks indicate that on a global basis PIK use is currently moderating rather than accelerating. Across loans originated globally during the previous 12 months, PIK represented 2.86% of interest income as of October 10, 2026, compared with 6.67% across the global cohort of outstanding loans at the end of Q2 2026.
Michael H. Dolan, President of Financial Advisory at Kroll says, "Private credit and private capital markets have demonstrated relatively solid fundamentals, despite a prolonged period of higher borrowing costs and economic uncertainty. PIK is an important part of understanding what is happening beneath headline returns in private credit; the distinction between interest paid in cash and interest added to debt matters when assessing liquidity, leverage, credit quality and ultimately value."
"Operating at the intersection of value, risk and transactions gives Kroll a unique perspective on these dynamics. As private markets continue to grow and become increasingly complex, independent data, analysis and expertise become more important in distinguishing isolated pressure from broader market trends, bringing greater clarity and peace of mind to investors."
"The growth and evolution of private credit have created a more diverse market, making it increasingly valuable to understand how financing structures are changing alongside it," says Marcel Schindler, Partner and Head of Private Debt at StepStone Group. "Greater visibility into PIK activity across markets, sectors and borrower sizes provides another dimension for assessing market dynamics, comparing opportunities and understanding how portfolios are evolving over time."
Kroll StepStone Private Credit Benchmarks
The Kroll StepStone Private Credit Benchmarks, launched in September 2025, provide market participants with data and analytics derived from more than 28,000 direct lending instruments across more than 18,000 deals and 13,000 borrowers. The Benchmarks allow users to analyze private credit across multiple dimensions, including market segment, sector and lien position.
The new indicators are available in the Kroll StepStone Private Credit Benchmarks, with historical data going back to 2012. Find out more or request a demo here.
About Kroll
As the leading independent provider of financial and risk advisory solutions, Kroll leverages our unique insights, data and technology to help clients stay ahead of complex valuation demands. Kroll's team of more than 6,500 professionals worldwide continues the firm's nearly 100-year history of trusted expertise spanning risk, governance, transactions and valuation. Our advanced solutions and intelligence provide clients the foresight they need to create an enduring competitive advantage. At Kroll, our values define who we are and how we partner with clients and communities. Learn more at kroll.com.
About StepStone Group
StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of June 30, 2026, StepStone was responsible for approximately $913 billion of total capital, including $245 billion of assets under management. StepStone's clients include some of the world's largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass- affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.
For more information, visit StepStone Group.
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