In short: The week's private-credit markdown marker: its NAV has collapsed 54% from a post-COVID $14.36 to $6.72 — "you can see how BDCs can make a lot of mistakes."
TCPC is a "business development company" — a fund that makes private loans to companies. Its net asset value (roughly the worth of its loan book per share) has collapsed 54%, from $14.36 to $6.72, as those loans went bad. Singh uses it as a stark example of the hidden losses piling up in private credit — "you can see how BDCs can make a lot of mistakes" — part of his running warning that the private-credit stress isn't over.
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