Key Takeaways
- • BlackRock TCP Capital Corp., a publicly traded middle-market lending fund managed by BlackRock Inc., expects to cut its net asset value per share to between $7.05 and $7.09 for the quarter ended Dec. 31, 2025, according to a regulatory filing.
- • The expected range represents a roughly 19% markdown from $8.71 per share as of Sept. 30, 2025.
- • The writedown follows a string of troubled loans in the portfolio, according to Bloomberg.
- • The markdown is a further sign of stress in the private credit market.
- • Bloomberg also reported that the fund slumped after slashing its dividend and tumbled after writing down loans, though the available material does not detail the dividend figures.
Summary
A BlackRock Inc. private debt fund expects to mark down the net value of its assets by 19%, according to Bloomberg, after a series of troubled loans weighed on results. The move marks the latest sign of pressure in the private credit market.
BlackRock TCP Capital Corp., a publicly traded middle-market lending vehicle, expects to reduce its net asset value per share to between $7.05 and $7.09 for the quarter ended Dec. 31, 2025, according to a regulatory filing. That compares with $8.71 per share as of Sept. 30, 2025. The filing-based range implies a decline of roughly 19% at the midpoint of the disclosed estimate.
Bloomberg's related coverage describes the fund's shares slumping after it slashed its dividend and tumbling after it wrote down loans. The primary report does not provide details on the size of the dividend cut or the specific loans affected, and those details should be verified against the filing before being relied upon.
For allocators, the markdown is a reminder that stress in middle-market lending is continuing to surface in reported net asset values. Investors in publicly traded BDCs and private credit vehicles should monitor upcoming quarterly disclosures for further marks on troubled credits.
BlackRock TCP Capital Corp., a publicly traded middle-market lending vehicle, expects to reduce its net asset value per share to between $7.05 and $7.09 for the quarter ended Dec. 31, 2025, according to a regulatory filing. That compares with $8.71 per share as of Sept. 30, 2025. The filing-based range implies a decline of roughly 19% at the midpoint of the disclosed estimate.
Bloomberg's related coverage describes the fund's shares slumping after it slashed its dividend and tumbling after it wrote down loans. The primary report does not provide details on the size of the dividend cut or the specific loans affected, and those details should be verified against the filing before being relied upon.
For allocators, the markdown is a reminder that stress in middle-market lending is continuing to surface in reported net asset values. Investors in publicly traded BDCs and private credit vehicles should monitor upcoming quarterly disclosures for further marks on troubled credits.
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