Mar 2026
Barron’s | A New Sign of Stress in the Shaky Private Credit Market
Originally published by Barron’s on March 12, 2026.
The number of private credit loans with payment-in-kind (PIK) interest has risen steadily in the last few years, a sign of market stress and poor cash flows, but also a potential factor supporting the relatively low rate of defaults. Ron Kahn, Managing Director & Global Co-Head of Valuations & Opinions, shared his insights into PIK and market trends with Barron’s—including why it’s not all bad news.
“This is certainly a sign of stress,” Ron says.
Summary
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Lincoln International’s Valuations & Opinions Group shares insights into PIK trends and signs of market stress.
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I enjoy the opportunity to provide clients with insightful and unbiased advice that will help them make the most informed decisions possible.
Ron Kahn
Managing Director & Global Co-Head of Valuations & Opinions
Chicago
