RiverNorth Closed-End Funds Declare Monthly Distributions
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--January 02, 2025--
In accordance with the RiverNorth closed-end funds (the "Funds") level distribution policies, the reset distribution rates have been proposed for the calendar year 2025, as detailed below. Further, the Funds have established the distribution dates for January, February, and March 2025. The payment of the distributions are subject to Board approval.
Ex Date Record Date Payable Date ----------------- ----------------- ----------------- January 15, 2025 January 15, 2025 January 31, 2025 ----------------- ----------------- ----------------- February 14, 2025 February 14, 2025 February 28, 2025 ----------------- ----------------- ----------------- March 14, 2025 March 14, 2025 March 31, 2025 ----------------- ----------------- -----------------
Tax-Exempt Distributions(1)
Net Asset Annualized
Value Annualized Market Current Inception to
$(NAV)$ as Current Price as Distribution Date
Distribution of Distribution of Rate at Cumulative
Fund Name Ticker Per Share 12/31/2024 Rate at NAV 12/31/2024 Market Distributions^
-------------- ------- ------------ ---------- ------------- ---------- ------------- --------------
RiverNorth
Opportunistic
Municipal
Income Fund,
Inc.(1,2) RMI $0.0945 $16.88 6.72% $15.06 7.53% $8.35
-------------- ------- ------------ ---------- ------------- ---------- ------------- --------------
RiverNorth
Managed
Duration
Municipal
Income Fund,
Inc.(1,2) RMM $0.0905 $16.15 6.72% $14.42 7.53% $5.87
-------------- ------- ------------ ---------- ------------- ---------- ------------- --------------
RiverNorth
Flexible
Municipal
Income Fund,
Inc.(1,2) RFM $0.0940 $16.78 6.72% $14.87 7.59% $7.17
-------------- ------- ------------ ---------- ------------- ---------- ------------- --------------
RiverNorth
Flexible
Municipal
Income Fund
II,
Inc.(1,2) RFMZ $0.0858 $15.32 6.72% $13.40 7.68% $4.09
-------------- ------- ------------ ---------- ------------- ---------- ------------- --------------
RiverNorth
Managed
Duration
Municipal
Income Fund
II,
Inc.(1,2) RMMZ $0.0951 $16.97 6.72% $14.94 7.64% $3.38
-------------- ------- ------------ ---------- ------------- ---------- ------------- --------------
Taxable Distributions
Net Asset Annualized
Value Annualized Market Current Inception to
(NAV) as Current Price as Distribution Date
Distribution of Distribution of Rate at Cumulative
Fund Name Ticker Per Share 12/31/2024 Rate at NAV 12/31/2024 Market Distributions^
---------------------- ------- ------------ ---------- ------------- ---------- ------------- --------------
RiverNorth
Opportunities Fund,
Inc.(3) RIV $0.1277 $12.23 12.53% $11.49 13.34% $18.61
---------------------- ------- ------------ ---------- ------------- ---------- ------------- --------------
RiverNorth Capital and
Income Fund, Inc.(4) RSF $0.1357 $16.28 10.00% $15.44 10.55% $16.17
---------------------- ------- ------------ ---------- ------------- ---------- ------------- --------------
RiverNorth/DoubleLine
Strategic Opportunity
Fund, Inc.(5) OPP $0.0950 $9.13 12.49% $8.34 13.67% $14.00
---------------------- ------- ------------ ---------- ------------- ---------- ------------- --------------
^As of 12/31/24. The inception date for each closed-end fund follows: RMI (10/25/2018), RMM (7/25/2019), RFM
(3/26/2020), RFMZ (2/24/2021), RMMZ (2/10/2022), RIV (12/24/2015), RSF (9/22/2016), and OPP (9/27/2016).
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Each Fund maintains a level distribution policy with the intention of providing monthly distributions to shareholders at a constant and fixed (but not guaranteed) rate that is reset annually. Although there can be no guarantee that the distribution policy will be successful in its goals, shareholders may potentially benefit from both increased liquidity and flexibility in managing their Fund investments. Each Fund's ability to maintain a stable level of distributions to shareholders 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 each Fund to continue to make distributions in accordance with the level distribution policy may be affected.
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 through its dividend reinvestment plan
or,
2. Elect to receive cash for the distribution.
Shareholders may consider the dividend reinvestment plan as a convenient way to add to their Fund holdings along with other potential benefits. For example, if a Fund is trading at a discount to NAV, the investor generally receives shares acquired on the secondary market at/near that discount to NAV. In the case where a Fund is trading at a premium to NAV, the investor will typically receive newly issued shares by the Fund at NAV.
For further information, shareholders should carefully read the description of the dividend reinvestment plan in each Fund's prospectus and/or annual report. Contact your broker-dealer to confirm your distribution 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 each 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 a Fund is paid back to them. A return of capital does not necessarily reflect a Fund's investment performance and should not be confused with 'yield' or 'income.' Any such returns of capital will decrease a Fund's total assets and, therefore, could have the effect of increasing a Fund's expense ratio. In addition, in order to make the level of distributions called for under its plan, a Fund may have to sell its portfolio securities at a less than opportune time.
About RiverNorth
RiverNorth Capital Management, LLC is an independent investment manager and closed-end fund expert specializing in opportunistic strategies and structures built to exploit market inefficiencies. Founded in 2000, RiverNorth manages $5.1 billion(6) of assets in 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.
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