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TCP (BlackRock’s troubled private credit fund) transferred 78 named loans into a…

2026-08-06 · 21:44 UTC ·@LeylaKuni ·1 min read

Brief

TCP transferred 78 named loans into a continuation vehicle and on Aug 4 sold 95% of that vehicle to Pantheon for a package Bloomberg values at $523 million (about half the portfolio). The deal was priced at 95% of Dec 31 fair value, prompting questions about reliance on the year‑end FV (possibly the last audited figure) and how interim interest cash flows since Dec 31 are being treated in the accounting.

Why it matters

TCP (BlackRock’s troubled private credit fund) transferred 78 named loans into a continuation vehicle and on Aug 4 sold a 95% interest in that CV to Pantheon; Bloomberg reports the package equals $523 million, described as nearly half of TCP’s loan portfolio.

Key details

  • The purchase was priced at 95% of the December 31 fair value (Dec 31 FV) for the loans.
  • The author asks two accounting questions: why the Dec 31 FV was used (implying it may be the last audited number) and how TCP/Pantheon are accounting for cash flows (interest payments) received from those loans since Dec 31.
Source evidence

help a sister out, pretty please with sugar on top

TCP transfers 78 named loans to a continuation vehicle, and sells 95% interest in this CV to Pantheon.

Pricing: 95% of Dec 31 FV.

Transaction date: August 4.

Why are they using December FV? Is it because it's the last audited number?

And how are they accounting for the cash flows received since (interest payments from those loans)?

Bloomberg (@business)

BlackRock’s troubled private credit fund is selling nearly half of its loan portfolio to a vehicle backed by secondaries specialist Pantheon bloomberg.com/news/articles/…

Link

BlackRock’s Troubled TCP Sells $523 Million of Loans to Pantheon

BlackRock Inc.’s troubled private credit fund is selling nearly half of its loan portfolio to a vehicle backed by secondaries specialist Pantheon, in its most aggressive step to tackle longstanding...
bloomberg.com

— https://nitter.net/business/status/2085411854566719929#m