Form 4: RiverNorth Affiliate Buys RFM Shares

An affiliate of RiverNorth's adviser purchased 175 shares of RiverNorth Flexible Municipal Income Fund, Inc. common stock at $14.07 per share.

Summary

• RiverNorth Financial Holdings, LLC, an affiliate of the adviser and a 10% owner, purchased 175 shares of RiverNorth Flexible Municipal Income Fund, Inc. common stock.
• The transaction occurred on November 26, 2025, at a price of $14.07 per share.
• Following this purchase, RiverNorth Financial Holdings, LLC directly beneficially owns 40,647 shares of the issuer's common stock.
• The transaction was executed pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged trading strategy.

Sentiment

Score: 7

Explanation: Insider purchase by an affiliate of the adviser indicates confidence in the company's prospects, though the transaction volume is small.

Positives

• An affiliate of the adviser and a 10% owner, RiverNorth Financial Holdings, LLC, increased its direct beneficial ownership in RiverNorth Flexible Municipal Income Fund, Inc. by purchasing 175 shares.
• Insider buying can signal management's confidence in the company's future prospects and valuation.

Negatives

• No specific negative information is disclosed in this Form 4 filing.

Risks

• This Form 4 filing does not contain information regarding specific risks.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance.

Industry Context

Insider purchases, even small ones, are generally viewed by the market as a positive signal, indicating that those closest to the company believe its shares are undervalued or that future prospects are strong. This aligns with the broader market sentiment that insider activity can be an indicator of future performance.

Related Party Transactions

• RiverNorth Financial Holdings, LLC, identified as an 'Affiliate of the Adviser' and a '10% Owner' of RiverNorth Flexible Municipal Income Fund, Inc., purchased common stock from the issuer. This constitutes a related party transaction due to the close relationship between the entities.

Stakeholder Impact

• Shareholders: May view the insider purchase as a positive signal, potentially indicating management's belief in the company's undervaluation or strong future performance.
• Management/Adviser: The transaction reinforces the adviser's alignment of interests with the fund's performance.

Key Dates

Recommendation

The purchase of 175 shares by an affiliate of the adviser, while a positive signal of insider confidence, represents a relatively small transaction volume. This alone is insufficient to warrant a strong buy or sell recommendation. Investors should consider this as a minor positive data point and maintain a 'hold' position while evaluating broader financial performance and market conditions.

Keywords

RiverNorth Flexible Municipal Income Fund, RFM, insider trading, Form 4, stock purchase, beneficial ownership, RiverNorth Financial Holdings, Rule 10b5-1