Kroll and StepStone Launch Payment-in-Kind Indicators for Private Credit Benchmarks

StepStone and Kroll launch new PIK loan indicators, revealing a decline in noncash interest use.

What the company is saying

StepStone Group (NASDAQ:STEP) and Kroll announce the rollout of three new payment-in-kind (PIK) indicators within the Kroll StepStone Private Credit Benchmarks. The release frames this as a major advance in transparency for private credit, highlighting that more than 28,000 direct lending instruments, 18,000 deals, and 13,000 borrowers are now covered, with data stretching back to 2012. The company emphasizes the breadth and depth of the dataset, as well as the ability to analyze PIK usage across geographies, sectors, and borrower sizes. Michael H. Dolan, President of Financial Advisory at Kroll, stresses the importance of distinguishing between cash and noncash interest for assessing liquidity, leverage, and credit quality. Marcel Schindler, Partner and Head of Private Debt at StepStone, underscores the value of these indicators for understanding market dynamics and portfolio evolution. The tone is confident, focusing on the scale of StepStone's $913 billion in total capital responsibility and $245 billion in assets under management as of June 30, 2026. The announcement positions StepStone and Kroll as leaders in data-driven analysis for private markets.

What the data suggests

The new indicators provide granular data on PIK loan prevalence, with coverage of more than 28,000 direct lending instruments, 18,000 deals, and 13,000 borrowers. As of October 10, 2026, PIK loans accounted for 2.86% of interest income on loans originated globally in the previous 12 months, compared to 6.67% for all outstanding loans at the end of Q2 2026, indicating a recent decline in the use of noncash interest. The benchmarks offer historical data back to 2012, but the release does not provide time-series comparisons beyond these two points. StepStone's reported $913 billion in total capital responsibility and $245 billion in assets under management as of June 30, 2026, confirm its scale in private markets. The data is current, specific, and supports the claim of enhanced visibility, but lacks detail on how these new indicators have changed investor behavior or market outcomes. No evidence is provided for direct financial impact or user adoption.

Analysis

The announcement is factual and proportionate, focusing on the launch of new PIK indicators within the Kroll StepStone Private Credit Benchmarks. The majority of claims are realised and supported by specific, current data: the number of instruments, deals, borrowers covered, and point-in-time PIK percentages. Only a small fraction of the language is forward-looking, and these statements are general observations about the value of data transparency in evolving markets, not exaggerated projections. There is no evidence of narrative inflation or overstatement; the benefits of the new indicators are described in terms of enhanced visibility, not quantified financial impact. No large capital outlay or long-dated, uncertain returns are discussed. The tone is positive but not promotional, and all key operational facts are disclosed and supported.

Risk flags

• ●The announcement does not quantify user adoption, client feedback, or measurable impact on investment decisions, leaving the actual utility of the new indicators unproven beyond their availability.
• ●The data highlights a recent decline in PIK loan usage (2.86% for new originations vs 6.67% for outstanding loans), but without historical trend data or context, it is unclear whether this is a temporary fluctuation or a sustained shift, which could affect the relevance of the new metrics.
• ●The release emphasizes StepStone's scale ($913 billion total capital, $245 billion AUM) but does not link these figures to the adoption or effectiveness of the new benchmarks, so the financial or strategic benefit to StepStone remains unquantified.

Bottom line

StepStone Group and Kroll have introduced new PIK loan indicators, offering investors detailed data on noncash interest use across private credit markets. The disclosed figures show PIK loans now represent 2.86% of interest income on recent originations, down from 6.67% for all outstanding loans, suggesting a moderation in PIK activity. The dataset is extensive, covering over 28,000 instruments and 13,000 borrowers, and is available immediately within the Kroll StepStone Private Credit Benchmarks. While the tools increase transparency, the announcement does not provide evidence of user adoption or direct financial impact for StepStone. Investors should recognize this as a data infrastructure upgrade rather than a catalyst for near-term financial performance. The key takeaway is that StepStone and Kroll are positioning themselves as leaders in private credit analytics, but the practical value of these new indicators will depend on market uptake and demonstrated influence on investment decisions.

Announcement summary

(NASDAQ:STEP) StepStone Group and Kroll have launched three new payment-in-kind (PIK) indicators within the Kroll StepStone Private Credit Benchmarks, providing enhanced visibility into the use of noncash interest across private credit markets. The new indicators cover more than 28,000 direct lending instruments, 18,000 deals, and 13,000 borrowers, with historical data extending back to 2012. The 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, and the proportion of PIK loans based on outstanding principal. As of October 10, 2026, PIK represented 2.86% of interest income across loans originated globally during the previous 12 months, compared with 6.67% across the global cohort of outstanding loans at the end of Q2 2026. The Kroll StepStone Private Credit Benchmarks were launched in September 2025 and provide data and analytics derived from more than 28,000 direct lending instruments, over 18,000 deals, and 13,000 borrowers. Michael H. Dolan, President of Financial Advisory at Kroll, stated that private credit and private capital markets have demonstrated relatively solid fundamentals despite higher borrowing costs and economic uncertainty, and emphasized the importance of distinguishing between cash and noncash interest when assessing liquidity, leverage, credit quality, and value. Marcel Schindler, Partner and Head of Private Debt at StepStone Group, highlighted that greater visibility into PIK activity across markets, sectors, and borrower sizes provides another dimension for assessing market dynamics and understanding portfolio evolution. Kroll employs more than 6,500 professionals worldwide. StepStone Group Inc. reported responsibility for approximately $913 billion of total capital as of June 30, 2026, including $245 billion of assets under management. StepStone's clients include large public and private pension funds, sovereign wealth funds, insurance companies, endowments, foundations, family offices, and private wealth clients. StepStone develops private markets portfolios across private equity, infrastructure, private debt, and real estate asset classes.

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