BlackRock TCP Capital (US:TCPC) Globenewswire·2026-02-10 18:04Core Viewpoint - The article discusses a class action lawsuit against BlackRock TCP Capital Corp. due to significant financial losses and misleading statements made by the company regarding its portfolio and net asset value during the class period from November 6, 2024, to January 23, 2026 [1][4]. Financial Performance - On February 27, 2025, BlackRock announced that its portfolio had weakened significantly, with the number of portfolio companies on non-accrual status more than doubling, leading to a 289% increase in debt investments on non-accrual status at cost, rising from 3.7% to 14.4% of the portfolio [2]. - The company's net asset value (NAV) fell by 22.44% year over year to $9.23 per share, with total losses reaching $194,895,042 for the fiscal year, a 186% increase year over year, largely due to a $72.3 million net unrealized loss in the fourth quarter [2]. - On January 23, 2026, BlackRock disclosed that its NAV per share was actually between $7.05 and $7.09, which was 19% lower than the previous quarter and 23.4% lower than the previous year [3]. Lawsuit Details - The class action lawsuit alleges that BlackRock made materially false and misleading statements and failed to disclose adverse facts about its business and operations, including issues with timely valuation of investments and ineffective portfolio restructuring efforts [4]. - The lawsuit claims that these misrepresentations led to an understatement of unrealized losses and an overstatement of NAV, making the company's positive statements about its business misleading [4]. Legal Action - Investors who purchased BlackRock securities during the class period are encouraged to file a lead plaintiff motion by April 6, 2026, to participate in the class action lawsuit [5].