Form 4: RiverNorth Affiliate Buys RFMZ Shares

An affiliate of RiverNorth's adviser purchased 8,177 shares of RiverNorth Flexible Municipal Income Fund II, Inc. common stock.

Summary

• RiverNorth Financial Holdings, LLC, an affiliate of the adviser, acquired common stock in RiverNorth Flexible Municipal Income Fund II, Inc. (RFMZ).
• The transaction involved the purchase of 8,177 shares of common stock.
• The shares were acquired at a price of $12.6667 per share.
• The total value of the acquisition was approximately $103,500.
• The transaction was executed on December 2, 2025, and reported on December 3, 2025.
• The purchase was made pursuant to a Rule 10b5-1(c) plan, indicating a pre-planned transaction.

Sentiment

Score: 7

Explanation: The purchase by an affiliate of the adviser, especially under a 10b5-1 plan, generally indicates confidence in the fund's prospects, which is a positive signal for investors. It's not a major event but a steady sign of internal belief.

Positives

• An affiliate of the adviser increasing its stake in the fund can signal confidence in the fund's future performance.
• The transaction was executed under a Rule 10b5-1(c) plan, indicating a pre-planned and systematic approach to share acquisition.

Industry Context

Insider purchases, especially by affiliates of the adviser, can sometimes be viewed positively in the investment fund industry as they suggest alignment of interests and confidence in the fund's strategy and holdings, particularly for municipal income funds which are sensitive to interest rate environments and credit quality.

Related Party Transactions

• RiverNorth Financial Holdings, LLC, an affiliate of the Issuer's adviser, purchased 8,177 shares of common stock. This constitutes a related party transaction due to the reporting person's affiliation with the fund's adviser.

Stakeholder Impact

• Shareholders may view this insider purchase as a positive signal, suggesting management and affiliated entities have confidence in the fund's value and future performance.

Key Dates

Recommendation

While the insider purchase by an affiliate signals confidence and aligns interests, it is a relatively small transaction in the broader context of a publicly traded fund. It provides a positive sentiment but does not fundamentally alter the investment thesis or warrant a 'buy' recommendation without further analysis of the fund's underlying performance, portfolio, and market conditions. It reinforces a 'hold' position for existing investors and suggests a closer look for potential new investors.

Keywords

RiverNorth Flexible Municipal Income Fund II, RFMZ, Insider Trading, Form 4, Stock Purchase, Affiliate, Investment Fund, Municipal Income