BlackRock TCP sold itself as steady. Disciplined. A safe income play built on carefully valued loans. But behind the scenes, that stability was cracking.

In November 2024, the company told investors its portfolio was improving and its net asset value sat just over $10 a share. Executives said the portfolio had "shown signs of improvement," highlighting fewer non-accruals and assuring investors they were "working diligently" to resolve credit issues while emphasizing a disciplined, quarterly valuation process.

Then came February 2025. BlackRock TCP admitted its loan portfolio had weakened badly. Non-accrual loans had more than doubled. Losses exploded. Net asset value plunged more than 20% in a year. The stock dropped about 10% in a single day. Still, investors were told things were manageable.

That illusion collapsed in January 2026. The company revealed its net asset value was closer to seven dollars. Shares sank again. Confidence vanished.

Now, investors say those earlier valuations were inflated all along. And more shareholders are joining the lawsuit.