RiverNorth Marketplace Lending says the final day to purchase their unlisted fund is June 7, 2019. RiverNorth said that their Fund’s shares should trade on the New York Stock Exchange on June 12, 2019 under the ticker symbol RSF, and the NAV tracker is XRSFX, according to a company release.
The Fund’s Board of Directors has also approved several actions, specifically: a third-quarter interval repurchase offer of up to 15% of the Fund’s outstanding common shares, a $35 million common stock buyback plan, and a 10% level distribution plan to boost investor interest.
Patrick Galley, Chief Investment Officer of RiverNorth Capital Management, said they believe the interval repurchase offer coupled with the common stock buyback plan provides enhanced liquidity for shareholders while allowing the Fund to opportunistically repurchase shares in the secondary market.
“We also believe the 10% level distribution plan represents a compelling yield profile for investors. Given our deep, long-tenured knowledge and understanding of the closed-end fund landscape, it is our view that these are powerful tools which secondary-market closed-end fund buyers may find attractive,” stated Galley.
The Board said that any declaration of distributions to common stockholders will be made and announced quarterly.
RiverNorth Capital Management, LLC is an investment management firm founded in 2000. The company holds approximately $3.7 billion in assets under management.
RiverNorth Marketplace Lending Corporation seeks to drive a high level of income. This is accomplished by constructing a diversified portfolio of consumer, small business, and specialty finance debt assets generated from selected marketplace lending originators.
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