pˌiːˌaɪkˈeɪz ɑːɹ tˈɪpɪkli ʌnsᵻkjˈʊɹd ˈaɪ.ˈiː., nˌɑːt bˈækt baɪ ɐ plˈɛdʒ ʌv ˈæsɛts æz kəlˈæɾɚɹəl ænd slˈæʃ ɔːɹ ɑːɹ kˈæɹɪktɚɹˌaɪzd baɪ ɐ dˈiːpli sʌbˈoːɹdᵻnˌeɪɾᵻd sᵻkjˈʊɹɹᵻɾi stɹˈʌktʃɚ ˈiː.dʒˈiː., θˈɜːd lˈiːən.
PIKs are typically unsecured (i.e., not backed by a pledge of assets as collateral) and/or are characterized by a deeply subordinated security structure (e.g., third lien).