Form 4: RiverNorth Affiliate Boosts Stake in Municipal Income Fund

RiverNorth Financial Holdings, LLC, an affiliate of the adviser, increased its beneficial ownership in RiverNorth Flexible Municipal Income Fund II, Inc. through two open market purchases.

Summary

• RiverNorth Financial Holdings, LLC, identified as an affiliate of the Adviser and a 10% owner, reported two purchases of Common Stock in RiverNorth Flexible Municipal Income Fund II, Inc. [RFMZ].
• On December 3, 2025, 2,065 shares of Common Stock were acquired at a price of $12.7387 per share, increasing beneficial ownership to 10,242 shares.
• On December 4, 2025, an additional 3,791 shares of Common Stock were acquired at a price of $12.78 per share, bringing the total beneficial ownership to 14,033 shares.
• The total value of shares purchased across both transactions amounts to approximately $74,746.78.

Sentiment

Score: 7

Explanation: The sentiment is positive due to significant insider buying by an affiliated entity and 10% owner, indicating strong confidence in the company's value.

Positives

• Insider buying by an affiliate and 10% owner signals confidence in the company's future prospects and valuation.
• The purchases increase the reporting person's stake, aligning their interests more closely with other shareholders.

Future Outlook

This filing does not contain forward-looking statements or guidance.

Industry Context

Insider purchases, especially by significant shareholders or affiliates, are often viewed by the market as a positive indicator, suggesting that those with deep knowledge of the company believe its shares are undervalued or expect positive developments. This activity occurs within the broader context of the municipal income fund market, where investor sentiment can be influenced by interest rate expectations and credit quality.

Related Party Transactions

• RiverNorth Financial Holdings, LLC, identified as an affiliate of the Adviser and a 10% owner of RiverNorth Flexible Municipal Income Fund II, Inc., purchased shares of the issuer's common stock.

Stakeholder Impact

• Shareholders may perceive these insider purchases as a vote of confidence from a significant stakeholder, potentially leading to increased investor interest and positive sentiment.
• The increased ownership by an affiliate aligns the interests of the adviser more closely with those of the fund's shareholders.

Key Dates

Recommendation

The significant insider buying by RiverNorth Financial Holdings, LLC, an affiliate of the adviser and a 10% owner, is a strong positive signal. Insiders typically purchase shares when they believe the stock is undervalued or expect favorable future developments. This action suggests strong confidence in the company's prospects and could indicate potential upside for the stock.

Keywords

RiverNorth Flexible Municipal Income Fund II, RFMZ, Insider Buying, Form 4, Beneficial Ownership, Affiliate Purchase, Municipal Income Fund, Closed-End Fund