BlackRock Writes Down $25M Loan to Zero, Raising Private Credit Concerns [Yahoo! Finance]
BlackRock, Inc. (BLK)
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Source: Yahoo! Finance
This article first appeared on GuruFocus BlackRock ( NYSE:BLK ) is drawing fresh scrutiny in private credit after a recent filing showed its lending arm wrote down the value of a $25 million loan to zero just three months after valuing it at par. The adjustment came through BlackRock TCP Capital, a business development company sponsored by the asset manager, which held a second-lien loan to Infinite Commerce Holdings, an Amazon aggregator focused on acquiring online sellers. In a third-quarter filing, the loan had been marked at 100 cents on the dollar before the subsequent change disclosed in the company's latest 10-K. Warning! GuruFocus has detected 6 Warning Signs with BLK. Is BLK fairly valued? Test your thesis with our free DCF calculator. The writedown follows another full markdown within the same platform, after BlackRock TCP previously wrote down loans made to Renovo Home Partners. While the Infinite Commerce exposure is small relative to BlackRock's overall scale, th
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