Octus: 48 loans ($2.5bn) switched to at least partial PIK in Q2, up from 32 ($1.3bn) in Q1

Drawn from BDC filings. Software was the largest group, concentrated in marketing and media intelligence platforms; average price of switching loans 92.1% of par; average PIK rate 5%.

Why it matters for deal teams: Cash-to-PIK switches show up in public SOIs one quarter later. That's a workflow an agent can run on every filing.