RiverNorth Marketplace Lending Announces Preferred Dividend

RiverNorth Marketplace Lending Corporation, an established and currently operating as a closed-end interval fund dedicated to the marketplace lending asset class, announced on Tuesday its 5.875% Series A Term Preferred Stock. The Board of Directors of RiverNorth Marketplace Lending Corporation has declared a Series A Preferred Stock cash dividend for the third quarter of 2019 of $0.3672 per share of Series A Preferred Stock.

The following dates apply to the dividend declared:

Ex Date

Record Date

Payable Date

July 31, 2019

August 1, 2019

August 15, 2019

The latest dividend comes just a couple of months after RiverNorth announced its Fund’s shares should trade on the New York Stock Exchange.

Patrick Galley, Chief Investment Officer of RiverNorth Capital Management, revealed at the time that the company believes 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. He added:

“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.”

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