RiverNorth Flexible Municipal Income Fund II, Inc.
RFMZ
New York Stock Exchange- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 325 North LaSalle Street Chicago IL United States of America 60654
- IPO Date
- Feb 24, 2021
- CIK
- 0001817159
- Website
- rivernorth.com
- Similar Companies
- Business
- RiverNorth Flexible Municipal Income Fund II, Inc. (NYSE: RFMZ) is a diversified, closed-end management investment company that seeks current income exempt from regular U.S. federal income taxes (which may be includable in taxable income for federal alternative minimum tax purposes), with a secondary objective of total return. The Fund strategically allocates its assets between two principal investment strategies: the Tactical Municipal Closed-End Fund Strategy, managed by its adviser RiverNorth Capital Management, LLC, which opportunistically invests in municipal closed-end funds to exploit pricing inefficiencies; and the Municipal Bond Income Strategy, managed by sub-adviser MacKay Shields LLC, which invests directly in a diversified portfolio of municipal bonds, including investment-grade and high-yield securities across various sectors such as general obligation bonds, revenue bonds, and tender option bonds (subject to concentration limits). It employs leverage through long-term debt to enhance returns and implements a managed level distribution policy, targeting approximately 6.75% of the average NAV per share over the prior year's final five trading days, with recent monthly distributions of $0.0858 per share; portions may include return of capital, net investment income, or capital gains. Founded on June 11, 2020, and commencing trading on the New York Stock Exchange on February 24, 2021, following a $440 million initial public offering (potentially up to $506 million with overallotment), the Fund is headquartered at 360 South Rosemary Avenue, Suite 1420, West Palm Beach, FL 33401. RiverNorth Capital Management, LLC, founded in 2000 and overseeing approximately $5.1 billion in assets, serves as the primary investment adviser, while MacKay Shields LLC acts as sub-adviser, marking their fourth collaborative closed-end fund. In recent developments, the Fund has maintained its level distribution policy with quarterly declarations, including adjustments effective April 1, 2025, and ongoing monthly payouts through December 2025; as of May 30, 2025, 40.19% of the distribution was estimated as net investment income under GAAP, with the balance as return of capital. Affiliates of the adviser, including RiverNorth Financial Holdings, LLC, conducted significant share repurchases in late 2025, acquiring over 13,000 shares across December 2-4 at prices around $12.67-$12.78, totaling approximately $178,000, signaling confidence amid market volatility. The Fund continues to navigate interest rate and credit risks in the municipal market, with assets under management around $623 million as of mid-2024 and a focus on tax-efficient income for retail and institutional investors seeking U.S. municipal exposure.