BlackRock (NYSE:BLK) slashed the value of its publicly traded private credit fund, BlackRock TCP Capital Corp. (NASDAQ:TCPC), by approximately 5%.
• BlackRock TCP Capital stock is trading at depressed levels. Where is TCPC stock headed?
The publicly-traded middle-market lending fund’s total markdowns were $35 million in the first quarter, according to the firm’s earnings release details.
The fund has struggled recently due to increased pressure from distressed loans, asset markdowns and declining returns. Despite the decline, the company said it executed “improving credit quality” during the quarter.
BlackRock has been rapidly expanding into the private credit space in recent months, despite recent turmoil in the market. Investors have become increasingly concerned that the software sector will become irrelevant due to advancements in artificial intelligence.
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