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17.05.26 - 22:00
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DOJ Probes BlackRock Private Credit Fund Valuations After Dramatic Repricings (ZeroHedge)
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DOJ Probes BlackRock Private Credit Fund Valuations After Dramatic Repricings
It all started in late January, just before the Blue Owl debacle and the SAAS-palcypse sparked a historic crash in private credit.
It was then that in a rare off-cycle disclosure, BlackRock TCP Capital Corp., a publicly traded private-credit fund structured as a business development company (BDC), disclosed a 19% markdown in net asset value as troubled loans weighed on performance. The news not only sent shares of the fund plunging 13% on Jan. 26, the most since March 2020 but market one of the first major private credit signal woes of the new year; it certainly wouldn't be the last.
The credit fund told investors that NAV fell from $8.71 as of Sept. 30 to $7.05 to $7.09, or about a 19% markdown. "This decline is primarily driven by issuer-specific developments during the quarter," the fund said.
Two months later, in early March, it went from bad to worse for Blackrock's private credit fund when the...
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07.05.26 - 14:09
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BlackRock TCP Capital Corp. Announces First Quarter 2026 Financial Results Including Net Investment Income of $0.22 Per Share; Declares a Second Quarter Dividend of $0.17 Per Share (Business Wire)
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SANTA MONICA, Calif.--(BUSINESS WIRE)--BlackRock TCP Capital Corp. (“we,” “us,” “our,” “TCPC” or the “Company”), a business development company (NASDAQ: TCPC), today announced its financial results for the first quarter ended March 31, 2026 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.
FINANCIAL HIGHLIGHTS
On a GAAP basis, net investment income for the quarter ended March 31, 2026 was $18.5 million, or $0.22 per share on a diluted basis, which exceeded the regular dividend of $0.17 per share paid on March 31, 2026. Excluding amortization of purchase discount recorded in connection with the Merger(1), adjusted net investment income(1) for the quarter ended March 31, 2026 was $17.6 million, or $0.21 per share on a diluted basis.
Net asset value per share was $6.72 as of March 31, 2026, compared to $7.07 as of December 31, 2025.
Net decrease in net assets from operations on a GAAP basis for the quarter ended March 31, 2026 was $16.3 million, or $0.19 per share,...
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16.04.26 - 14:06
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BlackRock TCP Capital Corp. to Report First Quarter ended March 31, 2026 Financial Results on May 7, 2026 (Business Wire)
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SANTA MONICA, Calif.--(BUSINESS WIRE)--BlackRock TCP Capital Corp. (NASDAQ: TCPC) announced today that it will report its financial results for the first quarter ended March 31, 2026, on Thursday, May 7, 2026, prior to the opening of the financial markets.
BlackRock TCP Capital Corp. will also host a conference call at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time) on Thursday, May 7, 2026, to discuss its financial results.
All interested parties are invited to participate in the conference call by dialing (833) 461-5787; international callers should dial (585) 542-9983. All participants should reference the access code 949655499. The conference call will be webcast simultaneously in the investor relations section of TCPC's website at https://investors.tcpcapital.com. An archived replay of the call will be available approximately two hours after the live call. For the replay, please visit https://investors.tcpcapital.com/events-and-presentations.
ABOUT BLACKROCK TCP CAPITAL CORP.:
BlackRock TCP Capital...
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08.04.26 - 21:30
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KBRA Releases Research – Private Credit: Business Development Company (BDC) Ratings Compendium: Fourth-Quarter 2025 (Business Wire)
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NEW YORK--(BUSINESS WIRE)--#creditratingagency--KBRA releases its Business Development Company Ratings Compendium, which looks at results for the quarter ended December 31, 2025.
In this quarter's Compendium, KBRA examines the key credit and structural risks of rated perpetual-life BDCs, with a particular focus on whether these BDCs can maintain sound leverage and liquidity profiles during periods of elevated redemption activity. In addition, we will examine the financial performance of our rated business development companies (BDCs) in a landscape characterized by ongoing competitive pressures in a less benign credit environment with high base rates, inflation, and increasing geopolitical risk. During 1Q26, KBRA made selective changes to the ratings and Outlooks. The issuer and senior unsecured debt ratings of BlackRock TCP Capital Corp. were downgraded to BB+ from BBB-, and the Outlook was revised to Negative from Stable. The issuer and senior unsecured debt ratings of FS KKR Capital Corp. were downgra...
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