BlackRock’s private credit middle-market lending fund slumped sharply on Monday after write-downs cut into its asset base.
Today (26 January), shares in BlackRock TCP Capital Corp dropped 15 per cent after the firm filed a Securities and Exchange Commission (SEC) report last week, revealing that its net asset value (NAV) for the fourth quarter had fallen 19 per cent.
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In its preliminary fourth-quarter results, BlackRock said the fund’s NAV per share had fallen from $8.71 as of 30 September 2025 to approximately $7.05–$7.09.
Within the SEC filing, the decline was attributed to problems with several portfolio companies, including educational software firm Edmentum, Amazon aggregators Razor and SellerX, residential contractor HomeRenew, infrastructure services provider Hylan, and mobile advertising firm InMobi.
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The SEC filing also stated that BlackRock has waived one-third of its management fee for the quarter.
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