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BlackRock Slashes Another Private Loan Value From 100 To Zero
BlackRock Inc. slashed the value of a private loan to zero just three months after assessing it at 100 cents on the dollar, marking the second sudden wipeout to recently hit its private-credit division.
The roughly $25 million loan to Infinite Commerce Holdings, a so-called Amazon aggregator that buys up online sellers of products from spa treatments to light bulbs, is now worthless, BlackRock TCP Capital Corp. reported in fourth-quarter filings released last week. The fund had marked the junior debt at 100 cents on the dollar in the third quarter.
A representative for BlackRock declined to comment. A spokesperson for Infinite Commerce wasn't immediately available.
While a small loan in a troubled niche, its abrupt markdown highlights what critics describe as a key fault line in private credit: the lag between valuations on illiquid loans and the deteriorating performance of the companies behind them. Zips Car Wash was valued near par by its private credit backers in the months before it sought bankruptcy protection. And in November, BlackRock TCP slashed the full value of loans it extended to Renovo Home Partners, a struggling home improvement company.