RiverNorth Flexible Municipal Income Fund Key Executives
This section highlights RiverNorth Flexible Municipal Income Fund's key executives, including their titles and compensation details.
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RiverNorth Flexible Municipal Income Fund Earnings
This section highlights RiverNorth Flexible Municipal Income Fund's earnings, including key dates, EPS, earnings reports, and earnings call transcripts.
Next Earnings Date
Last Earnings Results
Earnings Call Transcripts
| Transcript | Quarter | Year | Date | Estimated EPS | Actual EPS |
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Rivernorth Flexible Municipal Income Fund, Inc. is a closed-end investment management company. Its investment objective is current income exempt from regular U.S. federal income taxes. The company was founded in 2019 and is headquartered in West Palm Beach, FL.
$14.87
Stock Price
$90.93M
Market Cap
-
Employees
Chicago, IL
Location
Financial Statements
Access annual & quarterly financial statements for RiverNorth Flexible Municipal Income Fund, including income statements, balance sheets, and cash flow statements..
Annual Income Statement
| Breakdown | June 30, 2022 | June 30, 2021 | June 30, 2020 | June 30, 2019 |
|---|---|---|---|---|
| Revenue | $- | $- | $- | $- |
| Cost of Revenue | $- | $- | $- | $- |
| Gross Profit | $- | $- | $- | $- |
| Gross Profit Ratio | 0.00% | 0.00% | 0.00% | 0.00% |
| Research and Development Expenses | $- | $- | $- | $- |
| General and Administrative Expenses | $- | $- | $- | $- |
| Selling and Marketing Expenses | $- | $- | $- | $- |
| Selling General and Administrative Expenses | $- | $- | $- | $- |
| Other Expenses | $- | $- | $- | $- |
| Operating Expenses | $- | $- | $- | $- |
| Cost and Expenses | $- | $- | $- | $- |
| Interest Income | $- | $- | $- | $- |
| Interest Expense | $- | $- | $- | $- |
| Depreciation and Amortization | $236.56K | $206.30K | $171.86K | $161.14K |
| EBITDA | $- | $- | $- | $- |
| EBITDA Ratio | 0.00% | 0.00% | 0.00% | 0.00% |
| Operating Income | $- | $- | $- | $- |
| Operating Income Ratio | 0.00% | 0.00% | 0.00% | 0.00% |
| Total Other Income Expenses Net | $- | $- | $- | $- |
| Income Before Tax | $- | $- | $- | $- |
| Income Before Tax Ratio | 0.00% | 0.00% | 0.00% | 0.00% |
| Income Tax Expense | $- | $- | $- | $- |
| Net Income | $- | $- | $- | $- |
| Net Income Ratio | 0.00% | 0.00% | 0.00% | 0.00% |
| EPS | $-4.27 | $4.43 | $1.76 | $0.00 |
| EPS Diluted | $-4.27 | $4.43 | $1.76 | $0.00 |
| Weighted Average Shares Outstanding | 6.12M | 6.12M | 6.11M | 6.38M |
| Weighted Average Shares Outstanding Diluted | 6.12M | 6.12M | 6.11M | 6.38M |
| SEC Filing | Source | Source | Source | Source |
| Breakdown |
|---|
| Revenue |
| Cost of Revenue |
| Gross Profit |
| Gross Profit Ratio |
| Research and Development Expenses |
| General and Administrative Expenses |
| Selling and Marketing Expenses |
| Selling General and Administrative Expenses |
| Other Expenses |
| Operating Expenses |
| Cost and Expenses |
| Interest Income |
| Interest Expense |
| Depreciation and Amortization |
| EBITDA |
| EBITDA Ratio |
| Operating Income |
| Operating Income Ratio |
| Total Other Income Expenses Net |
| Income Before Tax |
| Income Before Tax Ratio |
| Income Tax Expense |
| Net Income |
| Net Income Ratio |
| EPS |
| EPS Diluted |
| Weighted Average Shares Outstanding |
| Weighted Average Shares Outstanding Diluted |
| SEC Filing |
Annual Balance Sheet
| Breakdown |
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| Cash and Cash Equivalents |
| Short Term Investments |
| Cash and Short Term Investments |
| Net Receivables |
| Inventory |
| Other Current Assets |
| Total Current Assets |
| Property Plant Equipment Net |
| Goodwill |
| Intangible Assets |
| Goodwill and Intangible Assets |
| Long Term Investments |
| Tax Assets |
| Other Non-Current Assets |
| Total Non-Current Assets |
| Other Assets |
| Total Assets |
| Account Payables |
| Short Term Debt |
| Tax Payables |
| Deferred Revenue |
| Other Current Liabilities |
| Total Current Liabilities |
| Long Term Debt |
| Deferred Revenue Non-Current |
| Deferred Tax Liabilities Non-Current |
| Other Non-Current Liabilities |
| Total Non-Current Liabilities |
| Other Liabilities |
| Total Liabilities |
| Preferred Stock |
| Common Stock |
| Retained Earnings |
| Accumulated Other Comprehensive Income Loss |
| Other Total Stockholders Equity |
| Total Stockholders Equity |
| Total Equity |
| Total Liabilities and Stockholders Equity |
| Minority Interest |
| Total Liabilities and Total Equity |
| Total Investments |
| Total Debt |
| Net Debt |
Balance Sheet Charts
| Breakdown |
|---|
| Cash and Cash Equivalents |
| Short Term Investments |
| Cash and Short Term Investments |
| Net Receivables |
| Inventory |
| Other Current Assets |
| Total Current Assets |
| Property Plant Equipment Net |
| Goodwill |
| Intangible Assets |
| Goodwill and Intangible Assets |
| Long Term Investments |
| Tax Assets |
| Other Non-Current Assets |
| Total Non-Current Assets |
| Other Assets |
| Total Assets |
| Account Payables |
| Short Term Debt |
| Tax Payables |
| Deferred Revenue |
| Other Current Liabilities |
| Total Current Liabilities |
| Long Term Debt |
| Deferred Revenue Non-Current |
| Deferred Tax Liabilities Non-Current |
| Other Non-Current Liabilities |
| Total Non-Current Liabilities |
| Other Liabilities |
| Total Liabilities |
| Preferred Stock |
| Common Stock |
| Retained Earnings |
| Accumulated Other Comprehensive Income Loss |
| Other Total Stockholders Equity |
| Total Stockholders Equity |
| Total Equity |
| Total Liabilities and Stockholders Equity |
| Minority Interest |
| Total Liabilities and Total Equity |
| Total Investments |
| Total Debt |
| Net Debt |
Annual Cash Flow
| Breakdown |
|---|
| Net Income |
| Depreciation and Amortization |
| Deferred Income Tax |
| Stock Based Compensation |
| Change in Working Capital |
| Accounts Receivables |
| Inventory |
| Accounts Payables |
| Other Working Capital |
| Other Non Cash Items |
| Net Cash Provided by Operating Activities |
| Investments in Property Plant and Equipment |
| Acquisitions Net |
| Purchases of Investments |
| Sales Maturities of Investments |
| Other Investing Activities |
| Net Cash Used for Investing Activities |
| Debt Repayment |
| Common Stock Issued |
| Common Stock Repurchased |
| Dividends Paid |
| Other Financing Activities |
| Net Cash Used Provided by Financing Activities |
| Effect of Forex Changes on Cash |
| Net Change in Cash |
| Cash at End of Period |
| Cash at Beginning of Period |
| Operating Cash Flow |
| Capital Expenditure |
| Free Cash Flow |
Cash Flow Charts
| Breakdown |
|---|
| Net Income |
| Depreciation and Amortization |
| Deferred Income Tax |
| Stock Based Compensation |
| Change in Working Capital |
| Accounts Receivables |
| Inventory |
| Accounts Payables |
| Other Working Capital |
| Other Non Cash Items |
| Net Cash Provided by Operating Activities |
| Investments in Property Plant and Equipment |
| Acquisitions Net |
| Purchases of Investments |
| Sales Maturities of Investments |
| Other Investing Activities |
| Net Cash Used for Investing Activities |
| Debt Repayment |
| Common Stock Issued |
| Common Stock Repurchased |
| Dividends Paid |
| Other Financing Activities |
| Net Cash Used Provided by Financing Activities |
| Effect of Forex Changes on Cash |
| Net Change in Cash |
| Cash at End of Period |
| Cash at Beginning of Period |
| Operating Cash Flow |
| Capital Expenditure |
| Free Cash Flow |
RiverNorth Flexible Municipal Income Fund Dividends
Explore RiverNorth Flexible Municipal Income Fund's dividend history, including dividend yield, payout ratio, and historical payments.
Dividend Yield
-
Dividend Payout Ratio
-
Dividend Paid & Capex Coverage Ratio
0.00x
RiverNorth Flexible Municipal Income Fund Dividend History
| Dividend | Adjusted Dividend | Date | Record Date | Payment Date | Declaration Date |
|---|---|---|---|---|---|
| $0.094 | $0.094 | March 14, 2025 | March 14, 2025 | March 31, 2025 | January 02, 2025 |
| $0.094 | $0.094 | February 14, 2025 | February 14, 2025 | February 28, 2025 | January 02, 2025 |
| $0.094 | $0.094 | January 15, 2025 | January 15, 2025 | January 31, 2025 | January 02, 2025 |
| $0.0954 | $0.0954 | December 13, 2024 | December 13, 2024 | December 31, 2024 | October 01, 2024 |
| $0.0954 | $0.0954 | November 15, 2024 | November 15, 2024 | November 29, 2024 | October 01, 2024 |
| $0.0954 | $0.0954 | October 15, 2024 | October 15, 2024 | October 31, 2024 | October 01, 2024 |
| $0.0954 | $0.0954 | September 13, 2024 | September 13, 2024 | September 30, 2024 | July 01, 2024 |
| $0.0954 | $0.0954 | August 15, 2024 | August 15, 2024 | August 30, 2024 | July 01, 2024 |
| $0.0954 | $0.0954 | July 15, 2024 | July 15, 2024 | July 31, 2024 | July 01, 2024 |
| $0.0954 | $0.0954 | June 14, 2024 | June 14, 2024 | June 28, 2024 | April 01, 2024 |
| $0.095 | $0.095 | May 14, 2024 | |||
| $0.0954 | $0.0954 | April 12, 2024 | April 15, 2024 | April 30, 2024 | April 01, 2024 |
| $0.0954 | $0.0954 | March 14, 2024 | March 15, 2024 | March 28, 2024 | January 02, 2024 |
| $0.0954 | $0.0954 | February 14, 2024 | February 15, 2024 | February 29, 2024 | January 02, 2024 |
| $0.0954 | $0.0954 | January 12, 2024 | January 16, 2024 | January 31, 2024 | January 02, 2024 |
| $0.0985 | $0.0985 | December 14, 2023 | December 15, 2023 | December 29, 2023 | October 02, 2023 |
| $0.0985 | $0.0985 | November 14, 2023 | November 15, 2023 | November 30, 2023 | October 02, 2023 |
| $0.0985 | $0.0985 | October 12, 2023 | October 13, 2023 | October 31, 2023 | October 02, 2023 |
| $0.0985 | $0.0985 | September 14, 2023 | September 15, 2023 | September 29, 2023 | July 03, 2023 |
| $0.0985 | $0.0985 | August 14, 2023 | August 15, 2023 | August 31, 2023 | July 03, 2023 |
RiverNorth Flexible Municipal Income Fund News
Read the latest news about RiverNorth Flexible Municipal Income Fund, including recent articles, headlines, and updates.
RiverNorth Closed-End Funds Declare Monthly Distributions
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--In accordance with the RiverNorth closed-end funds (the “Funds”) level distribution policies, the Funds have declared distributions for October, November and December 2024, as detailed below. Ex Date Record Date Payable Date October 15, 2024 October 15, 2024 October 31, 2024 November 15, 2024 November 15, 2024 November 29, 2024 December 13, 2024 December 13, 2024 December 31, 2024 Tax-Exempt Distributions1 Fund Name Ticker Distribution Per Share Net Asset.
RiverNorth Closed-End Funds Declare Monthly Distributions and RiverNorth Flexible Municipal Income Fund, Inc. Declares Capital Gain Distribution
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--The RiverNorth closed-end funds (the “Funds”) have declared monthly distributions for April, May and June 2023 in accordance with each Fund’s level distribution policy. In addition, the RiverNorth Flexible Municipal Income Fund, Inc. has declared a capital gain distribution. Details below. Ex Date Record Date Payable Date April 13, 2023 April 14, 2023 April 28, 2023 May 12, 2023 May 15, 2023 May 31, 2023 June 14, 2023 June 15, 2023 June 30, 2023 Tax-Exempt Distributions1 Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 3/31/2023 Annualized Current Distribution Rate at NAV Market Price as of 3/31/2023 Annualized Current Distribution Rate at Market RiverNorth Opportunistic Municipal Income Fund, Inc.1,2 RMI $0.0974 -- $17.39 6.72% $16.75 6.98% RiverNorth Managed Duration Municipal Income Fund, Inc.1,2 RMM $0.0911 -- $16.38 6.67% $15.07 7.25% RiverNorth Flexible Municipal Income Fund, Inc.1,2 RFM $0.0985 -- $17.64 6.70% $15.49 7.63% RiverNorth Flexible Municipal Income Fund II, Inc.1,2 RFMZ $0.0865 -- $15.41 6.74% $13.50 7.69% RiverNorth Managed Duration Municipal Income Fund II, Inc.1,2 RMMZ $0.0971 -- $17.38 6.70% $15.07 7.73% Taxable Distributions Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 3/31/2023 Annualized Current Distribution Rate at NAV Market Price as of 3/31/2023 Annualized Current Distribution Rate at Market RiverNorth Opportunities Fund, Inc.3 RIV $0.1278 -- $12.43 12.34% $11.36 13.50% RiverNorth Capital and Income Fund, Inc.4* RSF $0.1424 -- $16.74 10.21% $15.43 11.07% RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.5 OPP $0.1021 -- $9.82 12.48% $8.56 14.31% * Formerly known as RiverNorth Specialty Finance Corporation. Effective December 7, 2022 the Fund changed its name to RiverNorth Capital and Income Fund, Inc. Capital Gain Distribution RiverNorth Flexible Municipal Income Fund’s capital gain distribution is in addition to its regular monthly distribution. It represents previously undistributed net long-term capital gains realized in 2022. Ex Date Record Date Payable Date Long-Term Capital Gain Distribution Per Share April 13, 2023 April 14, 2023 April 28, 2023 $0.396714 RMI, RMM, RFM, RFMZ, RMMZ, RIV, RSF and OPP are closed-end funds. Holders of each Fund’s common stock will receive the distribution under one of two options: Contact your broker-dealer where you hold the shares to confirm your distribution reinvestment election. With each distribution that does not consist solely of net investment income, the respective Fund will issue a notice to shareholders and an accompanying press release that will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its full fiscal year and may be subject to changes based on tax regulations. Each Fund will send shareholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes. Each Fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of the distribution may result in a return of capital. A return of capital occurs when some or all of the money that shareholders invested in the Fund is paid back to them. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ Any such returns of capital will decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make the level of distributions called for under its plan, the Fund may have to sell its portfolio securities at a less than opportune time. About RiverNorth RiverNorth Capital Management, LLC is an investment management firm founded in 2000. With $5.1 billion6 in assets under management as of February 28, 2023, RiverNorth specializes in opportunistic investment strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is an institutional investment manager to registered funds, private funds and separately managed accounts. 1 Monthly distributions from RMI, RMM, RFM, RFMZ and RMMZ are expected to be generally exempt from regular U.S. federal income taxes, however, portions of these Funds’ distributions may (i) be subject to U.S. federal income tax, (ii) be includable in taxable income for purposes of the federal alternative minimum tax, or (iii) constitute a return of capital. Such distributions will also generally be subject to state and local taxes. RiverNorth does not provide tax advice; consult a professional tax advisor regarding your specific tax situation. 2 In accordance with their level distribution policies, the annual distribution rates for RMI, RMM, RFM, RFMZ and RMMZ have been set equal to 6.75% of the average of each Fund’s NAV per share as reported for the final five trading days of the preceding calendar year. 3 In accordance with its level distribution policy, RIV’s annual distribution rate has been set equal to 12.50% of the average of the Fund’s NAV per common share reported on the final five trading days of the preceding calendar year. 4 In accordance with its level distribution policy, RSF’s annual distribution rate has been set equal to 10.00% of the average of the Fund’s NAV per common share reported on the final five trading days of the preceding calendar year. 5 In accordance with its level distribution policy, OPP’s annual distribution rate has been set equal to 12.50% of the average of the Fund’s NAV per common share reported on the final five trading days of the preceding calendar year. 6 Firm AUM reflects Managed Assets which includes the effects of leverage and investments in affiliated funds. An investment in the Funds involves risk, including loss of principal. Investors should consider a Fund's investment objective, risks, charges, and expenses carefully before investing. Each Fund’s prospectus and most recent periodic reports contain this and other important information about the respective Fund and may be obtained by visiting rivernorth.com/literature or by calling your financial professional or RiverNorth at 844.569.4750. Member Firm ALPS Distributors Inc. Chris Lakumb is a registered representative of ALPS Distributors, Inc. Marketing services provided by ALPS Distributors Inc. RiverNorth Capital Management, LLC is not affiliated with DoubleLine Capital LP, or ALPS Distributors, Inc. Not FDIC Insured | May Lose Value | No Bank Guarantee RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC. DoubleLine® is a registered trademark of DoubleLine Capital LP. ©2000-2023 RiverNorth Capital Management, LLC. All rights reserved. RMI000310
RiverNorth Flexible Municipal Income Fund, Inc. Declares Year-End Capital Gain Distribution
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--The RiverNorth Flexible Municipal Income Fund, Inc. (the “Fund”) has declared a year-end capital gain distribution, as detailed below. This year-end capital gain distribution is in addition to the Fund’s regular monthly distribution and is being paid to allow the Fund to meet its 2022 distribution requirement. Ex Date Record Date Payable Date December 22, 2022 December 23, 2022 December 30, 2022 Ticker Fund Name Short-Term Capital Gain Distribution Per Share Long-Term Capital Gain Distribution Per Share RFM1 RiverNorth Flexible Municipal Income Fund, Inc. $0.00000 $0.04001 1. RiverNorth does not provide tax advice; consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes as well as the AMT. Determination as to taxability will be provided in early 2023. Holders of the Fund’s common stock will receive the distribution under one of two options: 1. Receive additional full and fractional shares of the Fund’s common stock or, 2. Elect to receive cash for the dividend and distribution. Contact your broker-dealer where you hold the shares to confirm your distribution reinvestment election. As of the date of this release, the RiverNorth Opportunities Fund, Inc., the RiverNorth Capital and Income Fund, Inc., the RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., the RiverNorth Opportunistic Municipal Income Fund, Inc., the RiverNorth Managed Duration Municipal Income Fund, Inc., the RiverNorth Flexible Municipal Income Fund II, Inc., and the RiverNorth Managed Duration Municipal Income Fund II, Inc. do not anticipate having to make year-end capital gain distributions. Such determinations are based on then current estimates and are subject to change. About RiverNorth RiverNorth Capital Management, LLC is an investment management firm founded in 2000. With $4.9 billion2 in assets under management as of October 31, 2022, RiverNorth specializes in opportunistic investment strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is an institutional investment manager to registered funds, private funds and separately managed accounts. This data is for information only and should not be construed as an official tax form, nor should it be considered tax or investment advice. RiverNorth is not a tax advisor and investors should consult a tax professional for guidance regarding their specific tax situation. When preparing your tax return, please refer to your Form 1099-DIV and consult your legal or tax advisor. A portion of the distribution may be treated as paid from sources other than net income, including but not limited to short‐term capital gain, long‐term capital gain and return of capital. The final determination of the source of all distributions, including the percentage of qualified dividend income, is made after year‐end. Past performance is no guarantee of future results. Investors should consider the Fund's investment objective, risks, charges and expenses carefully before investing. The prospectus should be read carefully before investing. For more information, please read the prospectus, call your financial professional or call 844.569.4750. The Fund referenced above is a closed-end fund, and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering period has closed, the Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value. Shares of closed-end investment companies frequently trade at a discount to their net asset value and initial offering price. The risk of loss due to this discount may be greater for initial investors expecting to sell their shares in a relatively short period after completion of the initial public offering. Investments in the Fund is not appropriate for all investors and is not intended to be complete investment programs. The Fund is designed as a long-term investment and not as a trading vehicle. Risk is inherent in all investing. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Therefore, before investing in the common shares of the Fund, you should consider the risks as well as the other information in the Fund’s prospectus. 2 Firm AUM reflects Managed Assets which includes the effects of leverage and investments in affiliated funds. Chris Lakumb is a registered representative of ALPS Distributors, Inc. Not FDIC Insured | May Lose Value | No Bank Guarantee ALPS Distributors, Inc. is the FINRA Member Firm. RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC. DoubleLine® is a registered trademark of DoubleLine Capital LP. ©2000-2022 RiverNorth Capital Management, LLC. All rights reserved. RMI000292
RiverNorth Closed-End Funds Declare Year-End Capital Gain Distributions
CHICAGO--(BUSINESS WIRE)--The RiverNorth Opportunistic Municipal Income Fund, Inc. and the RiverNorth Flexible Municipal Income Fund, Inc. have each declared a year-end capital gain distribution, as detailed below. These year-end capital gain distributions are in addition to each Fund’s regular monthly distribution and are being paid to allow the funds to meet their 2021 distribution requirements. Ex Date Record Date Payable Date December 20, 2021 December 21, 2021 December 31, 2021 Ticker Fund Name Short-Term Capital Gain Distribution Per Share Long-Term Capital Gain Distribution Per Share RMI1 RiverNorth Opportunistic Municipal Income Fund, Inc. $0.00000 $1.18515 Ticker Fund Name Short-Term Capital Gain Distribution Per Share Long-Term Capital Gain Distribution Per Share RFM1 RiverNorth Flexible Municipal Income Fund, Inc. $0.48349 $0.56526 ___________________________________________________________________________________ 1. RiverNorth does not provide tax advice; consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes as well as the AMT. Determination as to taxability will be provided in early 2022. Holders of each Fund’s common stock will receive the distribution under one of two options: 1. Receive additional full and fractional shares of the respective Fund’s common stock or, 2. Elect to receive cash for the dividend and distribution. Contact your broker-dealer where you hold the shares to confirm your distribution reinvestment election. As of the date of this release, the RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., the RiverNorth Specialty Finance Corp., the RiverNorth Managed Duration Municipal Income Fund, Inc., and the RiverNorth Flexible Municipal Income Fund II, Inc., do not anticipate having to make year-end capital gain distributions. Such determinations are based on then current estimates and are subject to change. About RiverNorth RiverNorth Capital Management, LLC is an investment management firm founded in 2000. With $5.6 billion2 in assets under management as of October 31, 2021, RiverNorth specializes in opportunistic investment strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is an institutional investment manager to registered funds, private funds and separately managed accounts. This data is for information only and should not be construed as an official tax form, nor should it be considered tax or investment advice. RiverNorth is not a tax advisor and investors should consult a tax professional for guidance regarding their specific tax situation. When preparing your tax return, please refer to your Form 1099-DIV and consult your legal or tax advisor. A portion of the distribution may be treated as paid from sources other than net income, including but not limited to short‐term capital gain, long‐term capital gain and return of capital. The final determination of the source of all distributions, including the percentage of qualified dividend income, is made after year‐end. Past performance is no guarantee of future results. Investors should consider the Fund's investment objective, risks, charges and expenses carefully before investing. The prospectus should be read carefully before investing. For more information, please read the prospectus, call your financial professional or call 844.569.4750. The Funds referenced above are closed-end funds, and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering periods have closed, each Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value. Shares of closed-end investment companies frequently trade at a discount to their net asset value and initial offering price. The risk of loss due to this discount may be greater for initial investors expecting to sell their shares in a relatively short period after completion of the initial public offering. Investments in the Funds are not appropriate for all investors and are not intended to be complete investment programs. The Funds are designed as a long-term investments and not as a trading vehicles. Risk is inherent in all investing. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Therefore, before investing in the common shares of a Fund, you should consider the risks as well as the other information in each Fund’s prospectus. 2 Firm AUM reflects Managed Assets which includes the effects of leverage and investments in affiliated funds. Chris Lakumb is a registered representative of ALPS Distributors, Inc. Not FDIC Insured | May Lose Value | No Bank Guarantee ALPS Distributors, Inc. is the FINRA Member Firm. RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC. DoubleLine® is a registered trademark of DoubleLine Capital LP. ©2000-2021 RiverNorth Capital Management, LLC. All rights reserved. RMI000240
Corrected Year-End Capital Gains Distribution Information for RiverNorth Flexible Municipal Income Fund, Inc. and RiverNorth Opportunistic Municipal Income Fund, Inc.
CHICAGO--(BUSINESS WIRE)--RiverNorth Flexible Municipal Income Fund, Inc. (NYSE: RFM) and RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE: RMI) are announcing corrections to the information provided with respect to each fund’s year-end capital gains distribution, discussed below. This corrects the information previously announced in a December 4, 2020 press release. The RiverNorth Flexible Municipal Income Fund, Inc. has determined that no year-end capital gains distribution is necessary. The December 4, 2020 press release incorrectly included a distribution amount consisting of $0.22830 of short-term capital gains and $0.04687 of long-term capital gains. The correct distribution amount applicable to the year-end capital gains distribution for the RiverNorth Opportunistic Municipal Income Fund, Inc. is as follows: RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE: RMI)1 Short-Term Capital Gains Distribution Per Share Long-Term Capital Gains Distribution Per Share Revised $0.00000 $0.19489 The December 4, 2020 press release originally disclosed a distribution amount consisting of $0.31355 of long-term capital gains. There are no changes to the dates for the distribution, which are restated below: Ex Date Record Date Payable Date December 16, 2020 December 17, 2020 December 31, 2020 All revisions described are being made in response to corrected excise tax calculations provided by the funds’ administrator. There are no changes to the funds’ regular monthly distributions that are scheduled to be paid on December 31, 2020 to shareholders of record on December 17, 2020. All other information contained in the December 4, 2020 press release remains unchanged. Disclosures With each distribution that does not consist solely of net investment income, the respective Fund will issue a notice to shareholders that will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its full fiscal year and may be subject to changes based on tax regulations. Each Fund will send shareholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes. Each Fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of the distribution may result in a return of capital. A return of capital occurs when some or all of the money that shareholders invested in the Fund is paid back to them. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ Any such returns of capital will decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make the level of distributions called for under its plan, the Fund may have to sell its portfolio securities at a less than opportune time. About RiverNorth RiverNorth Capital Management, LLC is an investment management firm founded in 2000. With $4.4 billion2 in assets under management as of October 31, 2020, RiverNorth specializes in opportunistic investment strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is an institutional investment manager to registered funds, private funds and separately managed accounts. This data is for information only and should not be construed as an official tax form, nor should it be considered tax or investment advice. RiverNorth is not a tax advisor and investors should consult a tax professional for guidance regarding their specific tax situation. When preparing your tax return, please refer to your Form 1099-DIV and consult your legal or tax advisor. A portion of the distribution may be treated as paid from sources other than net income, including but not limited to short‐term capital gain, long‐term capital gain and return of capital. Past performance is no guarantee of future results. Investors should consider the Fund's investment objective, risks, charges and expenses carefully before investing. The prospectus should be read carefully before investing. For more information, please read the prospectus, call your financial professional or call 844.569.4750. The Funds referenced above are closed-end funds, and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering periods have closed, each Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value. Shares of closed-end investment companies frequently trade at a discount to their net asset value and initial offering price. The risk of loss due to this discount may be greater for initial investors expecting to sell their shares in a relatively short period after completion of the initial public offering. Investments in the Funds are not appropriate for all investors and are not intended to be complete investment programs. The Funds are designed as a long-term investments and not as a trading vehicles. Risk is inherent in all investing. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Therefore, before investing in the common shares of a Fund, you should consider the risks as well as the other information in each Fund’s prospectus. 2 Firm AUM reflects Managed Assets which includes the effects of leverage and investments in affiliated funds. Not FDIC Insured | May Lose Value | No Bank Guarantee ALPS Distributors, Inc. is the FINRA Member Firm. RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC. ©2000-2020 RiverNorth Capital Management, LLC. All rights reserved. RMI000184
RiverNorth Flexible Municipal Income Fund, Inc. Announces the Approval of a 6.25% Level Distribution Policy and the Declaration of Monthly Distributions of $0.1042 Per Share
CHICAGO--(BUSINESS WIRE)--RiverNorth Flexible Municipal Income Fund, Inc. (the “Fund”) (NYSE: RFM) announced that its Board of Directors (the “Board”) has approved a 6.25% level distribution policy effective May 1, 2020. Accordingly, the Fund is declaring monthly distributions for May and June 2020. The Board has approved the distributions of $0.1042 per share of common stock, payable on the dates noted below. In accordance with the level distribution policy, the rate has been set equal to 6.25% based on the Fund’s initial public offering price of $20.00 per share. The following dates apply to the distributions declared: Record Date Payable Date Per Share May 15, 2020 May 29, 2020 $0.1042 June 16, 2020 June 30, 2020 $0.1042 Level Distribution Policy As defined in the prospectus, commencing with the first distribution, the Fund is implementing a level distribution policy. The Fund’s intention under the level distribution policy is to provide for monthly distributions to stockholders at a constant and fixed (but not guaranteed) rate that is reset annually. However, there can be no guarantee that the distribution policy will be successful in its goals. The Fund’s ability to maintain a stable level of distributions to stockholders will depend on a number of factors, including changes in the financial market, market interest rates, and performance of overall equity and fixed income markets. As portfolio and market conditions change, the ability of the Fund to continue to make distributions in accordance with the level distribution policy may be affected. The Board expects that any declaration of distributions to stockholders, including final amounts and dates applicable to each, will be made and announced quarterly. Stockholders have the option of reinvesting these distributions in additional common shares through the Fund’s automatic dividend reinvestment plan, or electing to receive cash by contacting DST Systems, Inc. (the “Plan Administrator”). For further information, stockholders should carefully read the description of the dividend reinvestment plan in the prospectus. The Fund may at times, in its discretion, pay out less than the entire amount of net investment income earned in any particular period and may at times pay out such accumulated undistributed income in addition to net investment income earned in other periods in order to permit the Fund to maintain a stable level of distributions. As a result, the dividend paid by the Fund to stockholders for any particular period may be more or less than the amount of net investment income earned by the Fund during such period. To the extent that sufficient investment income is not available on a monthly basis, the Fund’s distributions may consist of return of capital in order to maintain the distribution amount. A return of capital occurs when some or all of the money that stockholders invested in the Fund is paid back to them. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ Any such returns of capital will decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, the level distribution policy may require the Fund to sell its portfolio securities at a less than opportune time to meet the distribution amount. Investors should not make any conclusions about the Fund’s investment performance from the amount of the Fund’s distributions or the Fund’s level distribution policy. With each distribution that does not consist solely of net investment income, the Fund will issue a notice to stockholders that will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to stockholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the distributions for tax reporting purposes will depend upon the Fund’s investment experience during its full fiscal year and may be subject to changes based on tax regulations. The Fund will send individual stockholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes. In addition, the source of the monthly distributions will be available on www.rivernorth.com. The investment objective of the Fund is current income exempt from regular U.S. federal income taxes (but which may be includable in taxable income for purposes of the Federal alternative minimum tax). The Fund’s secondary investment objective is total return. The Fund is a closed-end fund and does not continuously issue stock for sale as open-end mutual funds do. The Fund now trades in the secondary market. Investors wishing to buy or sell stock need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market value. RiverNorth Capital Management, LLC is the investment adviser to the Fund. MacKay Shields LLC is the subadviser to the Fund. RiverNorth is not affiliated with MacKay Shields. ALPS Distributors, Inc. member FINRA is not affiliated with RiverNorth Capital Management, LLC. The RiverNorth Flexible Municipal Income Fund is new and has limited performance history. An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle. Risk is inherent in all investing. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Therefore, before investing in the Common Shares, you should consider the risks as well as the other information in the prospectus. Investors should read the Fund’s prospectus and consider the Fund's investment objective, risks, charges and expenses carefully before investing. The prospectus should be read carefully before investing. For more information, please read the prospectus, call your financial professional or call 844.569.4750 RiverNorth Capital Management, LLC RiverNorth is an investment management firm founded in 2000 that specializes in opportunistic strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is the manager to multiple registered and private funds. RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC. ©2000-2020 RiverNorth Capital Management, LLC. All rights reserved. ALPS Distributors, Inc. is the FINRA Member Firm. RMI000151 Exp. 7.31.21
RiverNorth Launches Flexible Municipal Income Fund with MacKay Municipal ManagersTM*
CHICAGO--(BUSINESS WIRE)--RiverNorth Capital Management, LLC (“RiverNorth”), an investment management firm specializing in opportunistic strategies, announced the launch of the RiverNorth Flexible Municipal Income Fund, Inc. (the “Fund”), a new municipal focused closed-end fund. RiverNorth will act as the investment adviser to the Fund and MacKay Shields LLC ("MacKay Shields") will act as subadviser. This is the third fund co-managed by the investment firms. The Fund will use the load waived pricing structure pioneered by RiverNorth. As a result, investors will not pay any upfront expenses, which allows the Fund to be priced at $20.00 per share with an initial net asset value (NAV) of $20.00 per share. Trading on the New York Stock Exchange began on March 27, 2020 under the symbol "RFM.” “In this time of an unprecedented health crisis combined with the resulting economic and capital market uncertainty, we are thrilled with investor response to the Fund and very proud to announce its successful launch”, said Patrick Galley, RiverNorth’s Chief Executive Officer and Chief Investment Officer. “Raising a fresh portfolio of cash in a closed-end fund structure to be deployed in a period of dislocated markets is very timely in our opinion. Elements of the Fund’s design that may be of particular interest to investors include its flexible ability to opportunistically allocate up to 65% of managed assets to the tactical municipal closed-end fund strategy. We believe this increased flexibility may serve to enhance potential additional excess return from closed-end fund discount trading opportunities, especially in light of the recent market volatility.” The Fund’s primary investment objective is current income exempt from regular U.S. federal income taxes (but which may be includable in taxable income for purposes of the Federal alternative minimum tax). The Fund’s secondary investment objective is total return. As the investment adviser, RiverNorth will strategically allocate the Fund’s assets between two principal investment strategies: the Tactical Municipal Closed-End Fund Strategy, managed by RiverNorth, and the Municipal Bond Income Strategy, managed by MacKay Shields. “We are delighted to be partnering for a third time with the municipal closed-end fund team at RiverNorth,” said Robert DiMella, Executive Managing Director and Portfolio Manager of MacKay Shields. “The municipal bond market has been prone to periods of volatility. As active relative-value municipal bond managers with an intense focus on mispriced securities, we view this volatility and resulting inefficiencies as potential investment opportunities.” The Fund raised $110 million in its initial public offering of shares of common stock. Should the underwriters exercise the overallotment option in full, which may or may not occur, the Fund will raise approximately $127 million. The lead managers of the underwriting syndicate were UBS Investment Bank, Wells Fargo Securities, RBC Capital Markets and Stifel. For more information, please visit us at www.rivernorth.com. About RiverNorth RiverNorth Capital Management, LLC is an investment management firm founded in 2000. With approximately $4.6 billion in assets under management as of February 29, 2020, RiverNorth specializes in opportunistic investment strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is the investment manager to multiple registered and private funds. About MacKay Shields LLC MacKay Shields LLC (“MacKay Shields”) is an indirect wholly-owned subsidiary of New York Life Insurance Company and a wholly-owned subsidiary of New York Life Investment Management Holdings LLC. MacKay Shields is a fixed-income and equity investment management firm with approximately $134.8 billion in assets under management as of February 29, 2020. MacKay Shields manages fixed-income and equity strategies for high-net worth individuals, institutional clients, and mutual funds. The Fund has no operating history. An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle. This document is not an offer to sell any securities and is not soliciting an offer to buy any securities in any jurisdiction where the offer or sale is not permitted. This document is not an offering, which can only be made by a prospectus. The information in this press release is not complete and is subject to change. Investors should read the Fund’s prospectus and consider the Fund's investment objective, risks, charges and expenses carefully before investing. The prospectus should be read carefully before investing. For more information, please read the prospectus, call your financial professional or call 844.569.4750. The Fund is a closed-end fund, and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering has closed, the Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value. Shares of closed-end investment companies frequently trade at a discount to their net asset value and initial offering price. The risk of loss due to this discount may be greater for initial investors expecting to sell their shares in a relatively short period after completion of the initial public offering. Risk is inherent in all investing. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Therefore, before investing in the common shares of the Fund, you should consider the risks as well as the other information in the prospectus. Although the fund is load waived, normal fund expenses still apply. Please consult your personal tax advisor regarding the tax implications of owning this fund. *MacKay Municipal Managers™ is a trademark owned by MacKay Shields LLC used to describe a portfolio management team within Mackay Shields LLC. ©2020, MacKay Shields LLC. All Rights Reserved. RiverNorth is not affiliated with MacKay Shields, UBS Investment Bank, Wells Fargo Securities, RBC Capital Markets and Stifel. RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC. ©2000-2020 RiverNorth Capital Management, LLC. All rights reserved. ALPS Distributors, Inc. FINRA Member Firm. RMI000147 Exp. 3.31.22
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