Matt Levine, Columnist

Private Credit Marks Will Matter

Also debanking, Hycroft Mining, and Magic: The Gathering.

January 26, 2026 at 6:56 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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BlackRock TCP “expects to cut its net asset value per share to between $7.05 and $7.09 for the quarter ended Dec. 31,” down from “$8.71 as of Sept. 30.” The stock closed at $5.86 on Friday and was trading around $4.98 at noon today, down about 15%. So (1) BlackRock announced that the value of TCP’s loans fell by 19% and (2) the stock fell about 15%.