RiverNorth Marketplace Lending Corporation, an established and currently operating as a closed-end interval fund dedicated to the marketplace lending asset class, announced last week it is restructuring to expand the fund’s investment mandate, the Board of Directors of the Fund (the “Board”) has approved changes to the fund’s principal investment strategy and name.
RiverNorth revealed that the fund’s name has been changed to RiverNorth Specialty Finance Corporation and common shares continue to trade under its existing New York Stock Exchange (NYSE) symbol RSF.
“The Fund’s preferred shares continue to trade under the NYSE symbol “RMPL”. CUSIP numbers for RSF and RMPL will not change. Further, the Fund’s investment objective, seeking a high level of current income, will remain the same.”
Speaking about the name change, Patrick Galley, CEO and CIO of RiverNorth Capital Management, LLC, stated:
“Expanding the investment mandate allows the Fund to diversify its portfolio to a broad range of credit-oriented products, with an emphasis on more liquid and tradeable products. Further, the current dislocation in the fixed income markets may prove advantageous by providing the opportunity to purchase what we view as more favorable securities based on their risk-return profile.”
