RiverNorth Marketplace Lending Corporation Declares Monthly Distribution of $0.18 Per Share
October 01 2019 - 3:48PM
Business Wire
RiverNorth Marketplace Lending Corporation (the “Fund”) (NYSE:
RSF) announced the declaration of a monthly distribution of $0.18
per common share for the months of October, November, and December
2019. The distribution is subject to the following ex-distribution,
record and payable dates below set by the Fund’s Board of Directors
(the “Board”). In accordance with the level distribution policy,
the annualized distribution rate has been set equal to 10% of the
Fund’s common shares’ net asset value (NAV) as of the last business
day of the Fund’s fiscal year, June 28, 2019, $21.45. Based on the
Fund’s current NAV per share of $20.71 (as of market close
September 27, 2019), the distributions represent an annualized
distribution rate of 10.43%.
The following dates apply to the distributions declared:
Ex Date
Record Date
Payable Date
October 16, 2019
October 17, 2019
October 31, 2019
November 13, 2019
November 14, 2019
November 29, 2019
December 11, 2019
December 12, 2019
December 31, 2019
Common stockholders have the option of reinvesting these
distributions in additional common shares through the Fund’s
automatic dividend reinvestment plan. In the event the Fund’s
common shares are trading at a discount to the Fund’s NAV,
dividends will be acquired through open-market purchases. In the
event the Fund’s common shares are trading at a premium to the
Fund’s NAV, newly issued common shares will be delivered based on
the net asset value per common share. If electing to receive cash,
stockholders should contact DST Systems, Inc.
About RiverNorth
RiverNorth Capital Management, LLC is an investment management
firm founded in 2000. With $4.4 billion1 in assets under management
as of August 31, 2019, RiverNorth specializes in opportunistic
investment strategies in niche markets where the potential to
exploit inefficiencies is greatest. RiverNorth is an institutional
investment manager to registered funds, private funds and
separately managed accounts.
This data is for information only and should not be construed as
an official tax form, nor should it be considered tax or investment
advice. RiverNorth is not a tax advisor and investors should
consult a tax professional for guidance regarding their specific
tax situation. When preparing your tax return, please refer to your
Form 1099-DIV and consult your legal or tax advisor.
The Fund is classified as non-diversified, which means the Fund
may invest a larger percentage of its assets in the securities of a
smaller number of issuers than a diversified fund. Investment in
securities of a limited number of issuers exposes the Fund to
greater market risk and potential losses than if its assets were
diversified among the securities of a greater number of
issuers.
If a borrower of a marketplace loan is unable to make its
payments on a loan, the Fund may be greatly limited in its ability
to recover any outstanding principal and interest under such loan,
as (among other reasons) the Fund may not have direct recourse
against the borrower or may otherwise be limited in its ability to
directly enforce its rights under the loan, whether through the
borrower or the platform through which such loan was originated,
the loan may be unsecured or under-collateralized, and/or it may be
impracticable to commence a legal proceeding against the defaulting
borrower.
The marketplace lending instruments in which the Fund may invest
will not typically be guaranteed or insured by any third-party and
will not typically be backed by any governmental authority.
Prospective borrowers supply a variety of information regarding the
purpose of the loan, income, occupation and employment status (as
applicable) to the lending platforms. As a general matter,
platforms do not verify the majority of this information, which may
be incomplete, inaccurate, false or misleading. Prospective
borrowers may misrepresent any of the information they provide to
the platforms, including their intentions for the use of the loan
proceeds. Marketplace lending instruments are generally not rated
by the nationally recognized statistical rating organizations
(“NRSROs”). Such unrated instruments may be comparable in quality
to securities falling into any of the ratings categories used by
such NRSROs. Accordingly, certain of the Fund’s unrated investments
could constitute a highly risky and speculative investment, similar
to an investment in “junk” bonds. At any given time, the Fund’s
portfolio may be substantially illiquid and subject to increased
credit and default risk. As a result of the foregoing and other
risks described in the Fund’s prospectus, an investment in the Fund
is considered to be highly speculative. The marketplace
lending instruments in which the Fund may invest may have
varying degrees of credit risk and the Fund will not be
restricted by any borrower credit criteria or credit risk
limitation. There can be no assurance that payments due on
underlying marketplace loans will be made.
The Fund’s investment objectives, risks, charges and expenses
must be considered carefully before investing. The Fund’s
prospectus and most recent periodic reports contain this and other
important information about the investment company, and may be
obtained by visiting rivernorth.com/literature or by calling
844.569.4750. Read the Prospectus carefully before
investing.
The default history for marketplace lending is limited and
future defaults may be higher than historical defaults.
1 Firm AUM reflects Managed Assets, which includes assets
attributable to leverage.
ALPS Distributors, Inc. (FINRA Member Firm) is not affiliated
with RiverNorth Capital Management, LLC.
Not FDIC Insured | May Lose Value | No Bank Guarantee
RiverNorth® is a registered trademark of RiverNorth Capital
Management, LLC.
©2000-2019 RiverNorth Capital Management, LLC. All rights
reserved.
RVN001400 exp. 1.31.2020
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version on businesswire.com: https://www.businesswire.com/news/home/20191001006119/en/
Investor Contact Chris Lakumb, CFA, CAIA 312.445.2336
clakumb@rivernorth.com
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