Breaking News
Investors are hedging against corporate defaults at a record pace:
Physicists captured a crystal made only of electrons, forming a honeycomb pattern without atoms...
US Treasury Largest Debt Buyback
BlackRock TCP Capital's Loan Write-Downs Masked by Restructurings
Top Tech News
DARPA O-Circuit program wants drones that can smell danger...
Practical Smell-O-Vision could soon be coming to a VR headset near you
ICYMI - RAI introduces its new prototype "Roadrunner," a 33 lb bipedal wheeled robot.
Pulsar Fusion Ignites Plasma in Nuclear Rocket Test
Details of the NASA Moonbase Plans Include a Fifteen Ton Lunar Rover
THIS is the Biggest Thing Since CGI
BACK TO THE MOON: Crewed Lunar Mission Artemis II Confirmed for Wednesday...
The Secret Spy Tech Inside Every Credit Card
Red light therapy boosts retinal health in early macular degeneration
Hydrogen-powered business jet edges closer to certification 
BlackRock TCP Capital's Loan Write-Downs Masked by Restructurings
I used BlackRock TCP Capital (TCPC) to look at how write-downs actually happen on the books of a BDC.
TL;DR: TCPC's non-accrual percentage fell from 5.6% to 3.5% over 2025. Management called it "progress". Seven weeks after that Q3 press release, NAV fell 19% in a single quarter.
The non-accrual metric got better because impaired loans were being restructured and written off (shrinking the numerator) not because companies were recovering.
For the first three quarters of 2025, accounting reversals from those restructurings generated unrealized "gains" that masked the deterioration.
Then Q4 arrived with no restructurings left in the pipeline, and new markdowns impacted NAV hard.
This isn't a TCPC-specific problem. It's a structural feature of how BDC loan losses flow through the financial statements.
One other thing. Take a look at the table below: I traced all non-accrual loans back to 2022, more than half of the non-accruals ended up being ZEROs after restructuring. That's $0 recovery on those loans.
Full deep dive here: https://lnkd.in/g6BRV4BT
