Matt Levine’s Money Stuff: Private Credit Marks Will Matter

Private credit markdown

What does this tell you about stock market efficiency?

A BlackRock Inc. private debt fund plunged the most in almost six years after it disclosed writedowns across a series of troubled investments and waived some of its fee.

BlackRock TCP Capital Corp., a publicly traded middle-market lending fund, fell as much as 16.7% in New York trading Monday. The fund said on Jan. 23 the writedowns would result in cutting its net asset value by 19% as of the end of last year.

Such a decline in the asset value “is very unusual and likely will rekindle ...