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00:02BlackRock cut the value of its publicly traded private credit fund, BlackRock TCP Capital Corp.,
00:08by about 5% as troubled loans, markdowns, and lower returns pressured performance, according to Bloomberg.
00:14The $1.5 billion middle market lending fund reported $35 million in markdowns for the quarter ended March 31st.
00:23The fund said it invested more in senior debt and strengthened its balance sheet
00:27while maintaining its dividend at $0.17 per share after a prior cut.
00:32Loans on non-accrual status declined to 7.6% on a cost basis from 9.7% in the
00:39prior quarter.
00:41Investments in 13 portfolio companies remained on non-accrual status.
00:46CEO Phil Tseng said weak performance at staffing company job.
00:50Talent was the largest driver of markdowns,
00:53while software-related investments accounted for nearly one-third of the declines.
00:58For all things money, visit Benzinga.com.
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