RiverNorth Marketplace Lending Announces Monthly Distributions of $0.18 Per Share

RiverNorth Marketplace Lending Corporation, an established and currently operating as a closed-end interval fund dedicated to the marketplace lending asset class, announced on Monday the declaration of monthly distributions of $0.18 per common share for the months of January, February and March 2020. It was revealed:

“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%.”

RiverNorth also reported that 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. RiverNorth added:

“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.”

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