BlackRock Private Debt Fund Slumps After Slashing Dividend

A BlackRock Inc. private debt fund sank after cutting its dividend, as declining rates and losses on soured loans pressured results.

BlackRock TCP Capital Corp., a publicly traded middle-market lending fund, cut its dividend to 17 cents a share from 25 cents in previous quarters, according to a statement Friday. The shares fell as much as 8.7% in New York trading.