Skip to content
Fly High Investing
Sign In

View

Explore more with Pro

Company research and current financial figures are available here. Pro adds earnings and dividend charts, market-yield history, reinvestment evidence and the dividend assistant.

Explore Pro

RFMZ · RiverNorth Flexible Municipal Income Fund II, Inc.

Know the company

Company overview

RiverNorth Flexible Municipal Income Fund II combines municipal bonds with shares of municipal funds. Bond interest can support cash payments, while decisions about fund discounts and financing can affect the return to shareholders.

Business
Municipal income CEF
Listing
RFMZ · XNYS
Reporting period
2026-06-30
Dividend schedule
Monthly

How the business works

Municipal interest and cash received from underlying funds become net investment income after expenses and financing. Bond values, fund discounts and payment tax character are separate parts of the outcome.

RiverNorth Flexible Municipal Income Fund II, Inc.: financial report supporting reported earnings

Dividend & earnings snapshot

Reported earnings

Each measure shown separately, per share

Net investment income$0.32

Jul 1, 2025 to Jun 30, 2026

Distribution yield7.63%Sourced distributions divided by dated market price
Trailing 12-month income yield2.80%Net investment income for Jul 1, 2025 to Jun 30, 2026, divided by market price $11.4400 on Sep 29, 2026. Historical income; not a forecast.
Reported annual investment income$0.32Per share for 2026 FY. Excludes investment gains.
Annual dividend$0.96Current regular payment annualized per share
Dividend payment dates

Each announced payment is shown separately. Extra payments are not assumed to repeat.

Reported earnings and sources

Reported earnings for the latest four periods. Compare the same earnings measure across periods; different measures are not added together.

Reporting periodEarnings measurePer shareSource
Jul 1, 2025 to Jun 30, 2026Net investment income$0.32Company report 1
Announced Sep 4, 2026

Market price and NAV per share

Compare the share price with the value of the fund portfolio after liabilities. Each price is matched to a dated NAV; a different price date is shown in the label. Read NAV together with cash distributions.

Cash distributions and reported returns

Cash distributions are the total paid per share during each reporting period, including any gains or return of capital. Period lengths may differ, so compare the dates before comparing amounts. Short periods are not annualized.

Reporting periodEnding NAVNAV changeDistributions / shareReported NAV total returnSource
Jul 1, 2025 to Jun 30, 2026$14.60+4.36%$1.00+12.67%RFMZ SEC financial highlights for 2026-06-30. Exact fiscal-period distributions include all cash components; partial periods are not annualized. Original archived SEC URL retained for provenance: https://www.sec.gov/Archives/edgar/data/0001817159/000139834426016683/fp0099475-1_ncsrixbrl.htm.
Jul 1, 2024 to Jun 30, 2025$13.99-10.38%$1.03-3.40%RFMZ SEC financial highlights for 2026-06-30. Exact fiscal-period distributions include all cash components; partial periods are not annualized. Original archived SEC URL retained for provenance: https://www.sec.gov/Archives/edgar/data/0001817159/000139834426016683/fp0099475-1_ncsrixbrl.htm.
Jul 1, 2023 to Jun 30, 2024$15.61+1.76%$1.04+9.89%RFMZ SEC financial highlights for 2026-06-30. Exact fiscal-period distributions include all cash components; partial periods are not annualized. Original archived SEC URL retained for provenance: https://www.sec.gov/Archives/edgar/data/0001817159/000139834426016683/fp0099475-1_ncsrixbrl.htm.
Jul 1, 2022 to Jun 30, 2023$15.34-2.73%$1.08+5.05%RFMZ SEC financial highlights for 2026-06-30. Exact fiscal-period distributions include all cash components; partial periods are not annualized. Original archived SEC URL retained for provenance: https://www.sec.gov/Archives/edgar/data/0001817159/000139834426016683/fp0099475-1_ncsrixbrl.htm.
Jul 1, 2021 to Jun 30, 2022$15.77-24.07%$1.16-19.04%RFMZ own SEC 2026 annual Financial Highlights, common-share table 63/66, fiscal 2022-06-30 column. Cash is total common distributions including any tax return of capital and is not an income-coverage verdict. The negative NAV total return is reported, not the separately reported market return. The filing's fiscal market value is held for its own separately guarded price step. Original archived SEC URL retained for provenance: https://www.sec.gov/Archives/edgar/data/0001817159/000139834426016683/fp0099475-1_ncsrixbrl.htm.

NAV change excludes distributions. Reported NAV total return includes reinvestment and is copied from the fund statement, not estimated by adding cash distributions to the NAV change.

How to read RFMZ income

Bond interest after expenses supports recurring income. Compare the amount available to common shareholders with distributions for the same period.

Watch borrowing costs, bond quality and NAV. Tax treatment depends on the bonds, distribution components and your circumstances.

Income and distributions

Income and cash distributions per share for the same dated periods. Shorter periods are kept separate and are not annualized. Bond interest after expenses supports recurring income. Compare the amount available to common shareholders with distributions for the same period.

Reporting periodNet investment income/shareTotal distributions/shareIncome coverage
2021-07-01 to 2022-06-30 $0.44 $1.16 37.9%
2022-07-01 to 2023-06-30 $0.44 $1.08 40.7%
2023-07-01 to 2024-06-30 $0.26 $1.04 25.0%
2024-07-01 to 2025-06-30 $0.40 $1.03 38.8%
2025-07-01 to 2026-06-30 $0.32 $1.00 32.0%

Risk monitor

RiskCurrent conditionDirectionWhy it matters
Portfolio riskLosses or weaker cash generation in municipal bonds and municipal funds can reduce the resources available for future distributions.MonitorA change can affect future shareholder cash payments or the capital supporting them.
Leverage and financingThe current data service reports effective leverage of 41.61%. Financing magnifies gains and losses, and borrowing costs reduce income available to common shareholders.MonitorA change can affect future shareholder cash payments or the capital supporting them.
Municipal credit and tax treatmentState and local governments can face revenue pressure or defaults. Tax-exempt objectives do not guarantee every distribution has the same tax treatment.MonitorA change can affect future shareholder cash payments or the capital supporting them.

The assets behind the earnings

How RFMZ makes money

Financial snapshot: 2026-06-30. Research reviewed 2026-09-18. Compare results for the reporting periods shown. Historical results are not a forecast.

The assets it owns

$333.863 million net assets90 holdings · As of 6/30/2026

Net assets checked 2026-09-11. Borrowings and preferred financing are excluded from this net-assets figure.

A complete, comparable portfolio allocation is not available for this chart. No percentages have been estimated.

RiverNorth Flexible Municipal Income Fund II, Inc.: net assets and portfolio information, checked 2026-09-11

Reported earnings and distributions

2025-07-01 through 2026-06-30 · $ per share

Fund net investment income per common share; actual reporting period, not annualized$0.3200

For the year ended June 30, 2026, RFMZ reported $0.32 of net investment income and $1.00 of distributions per share. Net asset value rose from $13.99 to $14.60. Income contributed to the cash, while the wider investment result is needed to explain the balance without treating the distribution as a fixed earnings rate.

RiverNorth Flexible Municipal Income Fund II, Inc.: financial report supporting reported earnings

The income-producing business

Bond interest, less expenses and financing costs, is the central recurring income source. A declared distribution can include gains or return of capital as well as investment income; its amount is not an earnings figure.

The earnings available to shareholders depend on the cash generated by these activities after operating and financing costs. Portfolio gains, financing proceeds and recurring income should be evaluated separately.

RiverNorth Flexible Municipal Income Fund II, Inc.: financial report supporting reported earnings

What the reported earnings support

RiverNorth Flexible Municipal Income Fund II, Inc. reported $0.3200 per share for 2025-07-01 through 2026-06-30, measured as Fund net investment income per common share; actual reporting period, not annualized.

Actual per-share reporting period, without annualisation. Net investment income, realized gains, unrealized changes and cash distributions are different measures. This comparison is not the Fly High forward Dividend Coverage Ratio.

RiverNorth Flexible Municipal Income Fund II, Inc.: financial report supporting reported earnings

What would change the earnings picture?

Compare the next full-year income and cash paid with bond prices, underlying-fund discounts, borrowing costs and net asset value.

Net asset value (NAV)

NAV per share$12.8300Sep 29, 2026
Market price$11.4400Sep 29, 2026
PREMIUM / DISCOUNT TO NAV10.83% discountCalculated from the displayed same-date values.

NAV is the fund's assets minus liabilities, divided by shares outstanding. All values are USD per share.

CEFConnect current common-share NAV and closing market price, both dated 2026-09-29. The published premium or discount agrees with the calculation within source rounding. Older audited NAV history remains unchanged.

NAV source · Market-price source

Current evidence and recent developments

  • Regular distribution screen: 7.63% on 2026-09-11.
  • Reported net investment income per common share: $0.32 for 2025-07-01 through 2026-06-30; not annualized.

What to watch next

  • Compare the next full-year income and cash paid with bond prices, underlying-fund discounts, borrowing costs and net asset value.

Fly High context

Compare the next full-year income and cash paid with bond prices, underlying-fund discounts, borrowing costs and net asset value.

Loading current company feeds…

U.S. federal · Tax year 2025

Dividend tax treatment

RiverNorth classified the fund's 2025 calendar-year distributions as shown. The mix can change each year.

This company information is a guide, not your personal tax statement. Use your Form 1099-DIV when you file.

Total ordinary dividends
6.8%
Qualified dividends
Not confirmed
Capital-gain distributions
0%
Return of capital
66.99%
Federal tax-exempt interest
26.21%

Tax year: 2025. Total distributions: $1.03 per share.

Tax details and source
Total ordinary dividends (includes qualified)
6.8%
Section 199A portion (within ordinary dividends)
Not confirmed
Exempt-interest distributions
26.21%
Reporting form
Form 1099-DIV
Source date
Not stated

Qualified dividends are included in total ordinary dividends. Section 199A is a separate designation within ordinary dividends, not extra income or qualified dividend income.

Tax source

Your account type, holding period and circumstances affect treatment. Use your broker’s tax statement for filing. Return of capital generally reduces cost basis; amounts beyond basis can be taxable. IRS dividend guidance.

Public Research updated October 1, 2026 7:03 am

Return to company research