BlackRock Private Credit Fund Cuts Asset Value on Markdowns (1)

BlackRock Inc. cut the value of its publicly-traded private credit fund by about 5%, as it struggled under the weight of troubled loans, markdowns and lower returns.

BlackRock TCP Capital Corp., a publicly traded middle-market lending fund, said markdowns totaled $35 million in the quarter ended March 31, according to a statement on Thursday.

Still, the $1.5 billion fund highlighted “improving credit quality,” and said it invested more in senior debt and strengthened its balance sheet. The fund said its dividend, which was cut to 17 cents a share last quarter, would remain flat.

“While we have made meaningful ...