---
title: "More \"crockroaches\" in private credit land."
description: "Last week, lending giant BlackRock wrote down a private loan made to home improvement company Renovo Home Partners to zero. As recently as last month, BlackRock valued the loan at 100 cents on the dollar. \n\nThe drastic revision comes as Dallas-based Renovo — a roll-up of regional kitchen and bathroom remodeling businesses created by private equity firm Audax Group in 2022 — abruptly filed for bankruptcy last week, indicating it plans to shut down.\n\nBlackRock held the majority of Renovo’s roughly $150 million of private debt, while Apollo Global Management Inc.’s MidCap Financial and Oaktree Capital Management held smaller chunks, according to people with knowledge of the matter, who asked not to be identified discussing a private transaction…”\n\nWhen one of America’s largest, most sophisticated lenders takes a 100% loss on a loan over the course of one month, it begs the question: what other \"cockroaches\" are hiding in the shadows? \n\nSource: Ross Hendricks\n@Ross__Hendricks"
---

[Syz The Moment](https://blog.syzgroup.com/syz-the-moment)

# [More "crockroaches" in private credit land.](https://blog.syzgroup.com/syz-the-moment/more-crockroaches-in-private-credit-land)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Nov 11, 2025, 2:00:41 PM

[View full post](https://blog.syzgroup.com/syz-the-moment/more-crockroaches-in-private-credit-land)

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