RiverNorth Specialty Finance Corporation* Declares Monthly Distributions of $0.1453 Per Share
July 07 2020 - 4:00PM
Business Wire
RiverNorth Specialty Finance Corporation (the “Fund”) (NYSE:
RSF) announced the declaration of monthly distributions of $0.1453
per common share for the months of July, August and September 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 30, 2020, $17.44. Based on the
Fund’s current market price per share of $14.99 (as of market close
June 30, 2020), the annualized market price distribution rate is
11.63%.
The following dates apply to the distributions declared:
Ex Date
Record Date
Payable Date
Per Share
July 16, 2020
July 17, 2020
July 31, 2020
$0.1453
August 13, 2020
August 14, 2020
August 31, 2020
$0.1453
September 15, 2020
September 16, 2020
September 30, 2020
$0.1453
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.
*Formerly known as RiverNorth Marketplace Lending
Corporation.
About RiverNorth
RiverNorth Capital Management, LLC is an investment management
firm founded in 2000. With $4.2 billion1 in assets under management
as of May 31, 2020, 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.
See the Prospectus for a more detailed description of Fund
risks. Investing involves risk. Principal loss is
possible.
The profitability of specialty finance and other financial
companies is largely dependent upon the availability and cost of
capital funds, and may fluctuate significantly in response to
changes in interest rates, as well as changes in general economic
conditions If the borrower of Alternative Credit (as defined below)
in which the Fund invests 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. Substantially
all of the Alternative Credit in which the Fund invests will not be
guaranteed or insured by a third party. In addition, the
Alternative Credit Instruments in which the Fund may invest will
not 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. Alternative Credit
Instruments are generally not rated by the nationally recognized
statistical rating organizations (“NRSROs”). Such unrated
instruments, however, are considered to be comparable in quality to
securities falling into any of the ratings categories used by such
NRSROs to classify "junk" bonds (i.e., below investment grade
securities). Accordingly, the Fund’s unrated Alternative Credit
Instrument investments constitute highly risky and speculative
investments similar to investments in “junk” bonds, notwithstanding
that the Fund is not permitted to invest in loans that are of
subprime quality at the time of investment. Although the Fund is
not permitted to invest in loans that are of subprime quality at
the time of investment, an investment in the Fund’s Shares should
be considered speculative and involving a high degree of risk,
including the risk of loss of investment. There can be no assurance
that payments due on underlying loans, including Alternative
Credit, will be made. Diversification does not ensure a profit
or a guarantee against loss.
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.
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.
RVN001458
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Investor Contact Chris Lakumb, CFA, CAIA 312.445.2336
clakumb@rivernorth.com
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