US Stock Market Move | BlackRock, Inc. (BLK.US) falls more than 5%, $25 million private lending valuation drops to zero

On Friday, BlackRock, Inc. (BLK.US) fell nearly 7% intra-day, and as of the time of writing, it is down over 5% at $973.42. In terms of news, according to the fourth quarter filing released last week by BlackRock, Inc.'s subsidiary TCP Capital Corp., a loan of approximately $25 million provided to Infinite Commerce Holdings has now become worthless - Infinite Commerce is a so-called "Amazon.com, Inc. aggregator", acquiring online sellers operating in a variety of products from spa products to light bulbs. However, BlackRock, Inc. still valued this subordinated debt at 100% face value in the third quarter of last year. Due to the impact on asset quality, BlackRock, Inc. TCP has reduced its quarterly dividend from 25 cents per share to 17 cents per share, while also partially writing down investments related to SellerX. BlackRock, Inc. TCP stated in the filing that 91% of the valuation markdown in the portfolio comes from deals made in 2021 and earlier, with the related assets facing pressure in a high interest rate environment.