The £343m VPC Specialty Lending fund has seen its dividend pay out for the third quarter of 2017 increase, its second consecutive quarterly rise.
The portfolio will pay a per share dividend of 1.8p for the three-month period to 30 September 2017, which is an increase from the Q1 and Q2 dividends of 1.5 and 1.7p per share, respectively.
The dividend will be paid on 14 December 2017 to shareholders on the register as at 24 November 2017. The ex-dividend date is 23 November 2017.
The fund has also expanded its investment in Borro, meaning it owns 49 per cent of the platform. The remaining 51 per cent of the equity is held by other vehicles managed by VPC along with Borro's senior management team.
The Company will retain its outstanding senior secured debt position of approximately £32m, which is secured by Borro's outstanding loan portfolio.
To fund the near term working capital needs of Borro, the Company, alongside VPC's other vehicles, will provide a senior secured credit facility of up to $10m.