# Blackstone and BlackRock asset management firms reported declines in their private credit fund values for the first quarter.

*business · news · 2026-05-07 · The Economic Times*

## Key points

- Blackstone and BlackRock reported Q1 declines in private credit fund NAVs due to software loan markdowns.
- AI-driven concerns about software business models directly contributed to portfolio markdowns and investor scrutiny.
- Around 20% of Blackstone and 27.2% of BlackRock TCP portfolios were in software companies by March-end.
- Blackstone's largest non-accruing loan, Medallia, is restructuring, with planned new capital for AI development.
- BlackRock TCP recorded $32.7 million net realized losses, mainly from troubled software firm Pluralsight.

**Companies:** BlackRock, Blackstone, Blue Owl Capital

[Read the full story on The Economic Times](https://economictimes.indiatimes.com/markets/us-stocks/news/update-2-blackstone-blackrock-cut-value-of-their-private-credit-funds/articleshow/130916143.cms)

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