If BlackRock is taking hits now, who is next in private credit?
Friday evening news drop
Troubled Loans Hammer BlackRock’s Private Credit Fund
“A BlackRock Inc. private debt fund expects to mark down the net value of its assets 19% after a string of troubled loans weighed on results, marking the latest sign of pressure in the private… pic.twitter.com/Yi5KVkLGhQ
— kristen shaughnessy (@kshaughnessy2) January 24, 2026
BlackRock’s TCP Capital Corp., a private debt fund, announced a 19% cut to its net asset value per share (to ~$7.05-$7.09) for Q4 2025, due to underperforming loans and markdowns on troubled assets. They’re waiving management fees to cushion the impact.
Implications: Signals potential risks in private credit amid rising defaults, possibly eroding investor confidence and returns, though the market remains robust overall with expected growth.