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Funds overseen by BlackRock expect to lose at least 96% of the roughly $300 million loan they made two years ago to Jawbone, which is going out of business, government filings show.

The New York-based asset manager marked down the value of the debt it held in Jawbone by nearly 98%, according to a Wednesday filing with the SEC. Slightly offsetting that loss is a stake the funds received in a new company affiliated with Jawbone founder Hosain Rahman, Jawbone Health Hub. The funds valued the stake at close to $6 million.

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BlackRock might recover some of the losses from the Jawbone’s liquidation because it is the only secured creditor in the company.