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BlackRock Credit Fund Hit With 19% Markdown As Loans Go Bad
The move marks one of the first major private credit signal woes of the new year.
The credit fund told investors in the 8-K filing 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.
For a simpler translation: borrower-level stress intensified, loans deteriorated, and expected recovery values collapsed.
According to Bloomberg, the credit fund "has struggled in part because of its exposure to e-commerce aggregators — companies that buy and manage Amazon.com Inc. sellers — as well as troubled home improvement company Renovo Home Partners, which has filed for bankruptcy with plans to liquidate."