Gabelli Dividend & Income Trust Amends Series M Preferred; Redemption to 2028

What Happened
Gabelli Dividend & Income Trust (GDV) announced on August 18, 2026 that it adopted Amendment No. 3 to the Statement of Preferences for its Series M Cumulative Term Preferred Shares. The amendment extends the mandatory redemption date from December 26, 2026 to December 26, 2028, adds optional put dates for holders, and preserves a mandatory put on December 26, 2026 subject to holders’ right to opt out.

Key Details

• Amendment adopted: August 18, 2026. New mandatory redemption date: December 26, 2028.
• Put rights: Mandatory put on December 26, 2026 (holders may opt out); optional puts on June 26, 2027, December 26, 2027, and June 26, 2028.
• Authorization: An additional 20 million common shares were designated as Series M Preferred effective August 18, 2028, bringing total authorized Series M shares to 50 million.
• Outstanding: As of August 18, 2026, 20,881,000 Series M shares were issued and outstanding; 29,119,000 Series M shares remained available to issue.

Why It Matters
For holders of Series M preferred shares, the amendment changes the timing and choices for exiting their investment — holders will be automatically sold on the December 26, 2026 mandatory put unless they opt out, or they can opt to remain and use later optional puts up to the new 2028 redemption date. For investors in the Fund generally, the amendment increases the Fund’s capacity to issue up to 50 million Series M shares (which could affect the Fund’s capital structure if issued), and creates specific future cash obligations if the Fund is required to purchase tendered shares under the put provisions.