pˌiːˌaɪkˈeɪ lˈɛndɚz, tˈɪpɪkli spˈɛʃəl fˈʌndz, lˈʊk fɚɹə sˈɜːʔn̩ mˈɪnɪməm ɪntˈɜːnəl ɹˈeɪt ʌv ɹᵻtˈɜːn, wˌɪtʃ kæn kˈʌm fɹʌm θɹˈiː mˈeɪdʒɚ sˈoːɹsᵻz: ɚɹˈeɪndʒmənt fˈiːz, pˈɪk, ænd wˈɔːɹənts ðɛɹˌɑːɹ ˈɔːlsoʊ mˈaɪnɚ sˈoːɹsᵻz, lˈaɪk tˈɪkɪŋ fˈiːz.
PIK lenders, typically special funds, look for a certain minimum internal rate of return, which can come from three major sources: arrangement fees, PIKs, and warrants (there are also minor sources, like ticking fees).