Business Development Corporation of America Changes Dividend Payment Frequency
Business Development Corporation of America, a non-traded business development company affiliated with Benefit Street Partners, has changed the timing of its dividend payments to holders of the company’s common stock.
Business Development Corporation of America, a non-traded business development company affiliated with Benefit Street Partners, has changed the timing of its dividend payments to holders of the company’s common stock from a monthly to a quarterly basis, effective immediately.
The company expects to announce in the latter part of June 2020 the amount of any dividends that will be paid to shareholders for the quarterly period ended June 30, 2020.
BDCA primarily invests in senior secured loans, and to a lesser extent, mezzanine loans, unsecured loans and equity of private middle-market companies. The company commenced its initial public offering in January 2011 and raised $1.9 billion before closing the offering in April 2015. Combined with distribution reinvestment plan proceeds, the company has raised $2.3 billion as of December 31, 2019.
Franklin Resources Inc. [NYSE: BEN], a global investment management organization operating as Franklin Templeton Investments, purchased Benefit Street Partners, an affiliate of the BDCA’s advisor, in February 2019. Benefit Street acquired all of the outstanding interests of BDCA’s adviser from AR Global in November 2016 by purchasing $10 million of company common stock.
