RiverNorth Marketplace Lending Corporation Declares Monthly Distributions of $0.18 Per Share
January 06 2020 - 9:15AM
Business Wire
RiverNorth Marketplace Lending Corporation (the “Fund”) (NYSE:
RSF) announced the declaration of monthly distributions of $0.18
per common share for the months of January, February and March
2020, payable on the dates noted below. In accordance with the
level distribution policy, the 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 $20.15 (as of market
close December 31, 2019), the distributions represent an annualized
distribution rate of 10.72%. Based on the Fund’s current market
price per share of $18.22 the annualized market price distribution
rate is 11.86%.
The following dates apply to the distributions declared:
Ex Date
Record Date
Payable Date
Per Share
January 16, 2020
January 17, 2020
January 31, 2020
$0.18
February 13, 2020
February 14, 2020
February 28, 2020
$0.18
March 16, 2020
March 17, 2020
March 31, 2020
$0.18
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 $4.5 billion1 in assets under management
as of November 30, 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.
Not FDIC Insured | May Lose Value | No Bank Guarantee
ALPS Distributors, Inc. is the FINRA Member Firm RiverNorth® is
a registered trademark of RiverNorth Capital Management, LLC.
©2000-2020 RiverNorth Capital Management, LLC. All rights
reserved.
RVN001417
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Investor Contact Chris Lakumb, CFA, CAIA 312.445.2336
clakumb@rivernorth.com
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