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RFM CEF — RiverNorth Flexible Municipal Income Fund Inc
RiverNorth Flexible Municipal Income Fund Inc (RFM)
Updated November 12, 2026.
Verdict as of November 12, 2026 close
RFM's distribution is rated generally safe by the Dividend Vision Distribution Safety Score™ (69/100, high confidence). It pays monthly and its distribution rate is 8.09%. The latest total cash payment per current share, $0.0881 with an ex-date of October 16, 2026, was 0.1% higher than the previous $0.088. It is not yet confirmed whether this is an increase in the regular payout or a one-off difference.
Sources: RiverNorth, Section 19a-1 notices, scoring methodology.
RFM is a CEF. Its distribution rate is 8.09%, its trailing-12-month yield is 8.17%, its expense ratio is 2.1375%. Dividend Vision Distribution Safety Score™ is 69/100 (Generally safe). Total return is 12.4% over the past 6.6 years, 204.5 points behind SPY at 216.9%.
At the current 8.09% distribution rate, a $10,000 investment would generate approximately $809 per year, or $67.42 per month.
RFM dividend yield and income
Price as of 2026-11-12.
The distribution rate (8.09%) uses latest regular dividend ($0.0881) × 12 ÷ market price dated 2026-11-12; one-off specials excluded; identified recurring supplementals included. Trailing-12-month yield (8.17%) is the last year of cash distributions by ex-date divided by the current price. The dividend amount is $0.0881. The ex-dividend date is 11/16/2026. The payment date is 11/30/2026. At the current 8.09% distribution rate, a $10,000 investment would generate approximately $809 per year, or $67.42 per month.
| Ex-date | Amount | Change from previous payment |
|---|---|---|
| 2026-10-16 | $0.0881 | 0.1% Total cash (unclassified) |
| 2026-09-15 | $0.088 | 0.0% Total cash (unclassified) |
| 2026-08-14 | $0.088 | 0.0% Total cash (unclassified) |
| 2026-07-15 | $0.088 | 0.0% Total cash (unclassified) |
| 2026-06-15 | $0.088 | 0.0% Total cash (unclassified) |
| 2026-05-15 | $0.088 | 0.0% Total cash (unclassified) |
| 2026-04-15 | $0.088 | 0.0% Total cash (unclassified) |
| 2026-03-16 | $0.088 | 0.0% Total cash (unclassified) |
| 2026-02-13 | $0.088 | 0.0% Total cash (unclassified) |
| 2026-01-15 | $0.088 | -6.4% Total cash (unclassified) |
| 2025-12-15 | $0.094 | 0.0% Total cash (unclassified) |
| 2025-11-14 | $0.094 | 0.0% Total cash (unclassified) |
| 2025-10-15 | $0.094 | 0.0% Total cash (unclassified) |
| 2025-09-15 | $0.094 | 0.0% Total cash (unclassified) |
| 2025-08-15 | $0.094 | 0.0% Total cash (unclassified) |
| 2025-07-15 | $0.094 | 0.0% Total cash (unclassified) |
| 2025-06-13 | $0.094 | 0.0% Total cash (unclassified) |
| 2025-05-15 | $0.094 | 0.0% Total cash (unclassified) |
| 2025-04-15 | $0.094 | 0.0% Total cash (unclassified) |
| 2025-03-14 | $0.094 | 0.0% Total cash (unclassified) |
| 2025-02-14 | $0.094 | 0.0% Total cash (unclassified) |
| 2025-01-15 | $0.094 | -1.1% Total cash (unclassified) |
| 2024-12-13 | $0.095 | 0.0% Total cash (unclassified) |
| 2024-11-15 | $0.095 | 0.0% Total cash (unclassified) |
| 2024-10-15 | $0.095 | 0.0% Total cash (unclassified) |
| 2024-09-13 | $0.095 | 0.0% Total cash (unclassified) |
| 2024-08-15 | $0.095 | 0.0% Total cash (unclassified) |
| 2024-07-15 | $0.095 | 0.0% Total cash (unclassified) |
| 2024-06-14 | $0.095 | 0.0% Total cash (unclassified) |
| 2024-05-14 | $0.095 | 0.0% Total cash (unclassified) |
| 2024-04-12 | $0.095 | 0.0% Total cash (unclassified) |
| 2024-03-14 | $0.095 | 0.0% Total cash (unclassified) |
| 2024-02-14 | $0.095 | 0.0% Total cash (unclassified) |
| 2024-01-12 | $0.095 | -4.0% Total cash (unclassified) |
| 2023-12-14 | $0.099 | 0.0% Total cash (unclassified) |
| 2023-11-14 | $0.099 | 0.0% Total cash (unclassified) |
| 2023-10-12 | $0.099 | 0.0% Total cash (unclassified) |
| 2023-09-14 | $0.099 | 0.0% Total cash (unclassified) |
| 2023-08-14 | $0.099 | 0.0% Total cash (unclassified) |
| 2023-07-13 | $0.099 | 0.0% Total cash (unclassified) |
| 2023-06-14 | $0.099 | 0.0% Total cash (unclassified) |
| 2023-05-12 | $0.099 | -80.0% Total cash (unclassified) |
| 2023-04-13 | $0.495 | 400.0% Total cash (unclassified) |
| 2023-03-14 | $0.099 | 0.0% Total cash (unclassified) |
| 2023-02-14 | $0.099 | 0.0% Total cash (unclassified) |
| 2023-01-12 | $0.099 | N/A |
| 2022-12-22 | $0.04 | N/A |
| 2022-12-14 | $0.106 | 0.0% Total cash (unclassified) |
| 2022-11-14 | $0.106 | 0.0% Total cash (unclassified) |
| 2022-10-13 | $0.106 | 0.0% Total cash (unclassified) |
| 2022-09-15 | $0.106 | 0.0% Total cash (unclassified) |
| 2022-08-16 | $0.106 | 0.0% Total cash (unclassified) |
| 2022-07-14 | $0.106 | 0.0% Total cash (unclassified) |
| 2022-06-15 | $0.106 | 0.0% Total cash (unclassified) |
| 2022-05-12 | $0.106 | 0.0% Total cash (unclassified) |
| 2022-04-13 | $0.106 | 0.0% Total cash (unclassified) |
| 2022-03-16 | $0.106 | 0.0% Total cash (unclassified) |
| 2022-02-10 | $0.106 | 0.0% Total cash (unclassified) |
| 2022-01-13 | $0.106 | N/A |
| 2021-12-20 | $1.049 | N/A |
| 2021-12-15 | $0.104 | 0.0% Total cash (unclassified) |
| 2021-11-10 | $0.104 | 0.0% Total cash (unclassified) |
| 2021-10-14 | $0.104 | 0.0% Total cash (unclassified) |
| 2021-09-15 | $0.104 | 0.0% Total cash (unclassified) |
| 2021-08-16 | $0.104 | 0.0% Total cash (unclassified) |
| 2021-07-15 | $0.104 | 0.0% Total cash (unclassified) |
| 2021-06-15 | $0.104 | 0.0% Total cash (unclassified) |
| 2021-05-13 | $0.104 | 0.0% Total cash (unclassified) |
| 2021-04-15 | $0.104 | 0.0% Total cash (unclassified) |
| 2021-03-16 | $0.104 | 0.0% Total cash (unclassified) |
| 2021-02-10 | $0.104 | 0.0% Total cash (unclassified) |
| 2021-01-14 | $0.104 | -72.6% Total cash (unclassified) |
| 2020-12-16 | $0.379 | 264.4% Total cash (unclassified) |
| 2020-11-12 | $0.104 | 0.0% Total cash (unclassified) |
| 2020-10-15 | $0.104 | 0.0% Total cash (unclassified) |
| 2020-09-15 | $0.104 | 0.0% Total cash (unclassified) |
| 2020-08-13 | $0.104 | 0.0% Total cash (unclassified) |
| 2020-07-16 | $0.104 | 0.0% Total cash (unclassified) |
| 2020-06-15 | $0.104 | 0.0% Total cash (unclassified) |
| 2020-05-14 | $0.104 | — |
| 2020 total (partial launch year) | $1.107 | — |
| 2021 total | $2.297 | — |
| 2022 total | $1.312 | -42.9% |
| 2023 total | $1.584 | 20.7% |
| 2024 total | $1.14 | -28.0% |
| 2025 total | $1.128 | -1.1% |
| 2026 YTD total | $0.8801 | -6.4% vs prior-year YTD |
RFM dividend growth
Trailing-12-month distributions versus the preceding 12 months changed -5.5%. The 1Y row below uses this same adjacent TTM cash-window comparison. The deepest trailing-12-month payout decline in the past five years is -15.36%.
| Window | Change |
|---|---|
| 1Y | -5.5% |
| 3Y | -34.8% |
| 5Y | -29.9% |
RFM holdings and sector exposure
The top 10 holdings are 56.1% of the fund.
| Ticker | Name | Weight |
|---|---|---|
| — | State of Connecticut | 7.29% |
| — | Sweetwater Union High School District | 7.06% |
| — | City of Salt Lake City UT Airport Revenue | 5.87% |
| — | Port Authority of New York New Jersey | 5.25% |
| — | City of Mesa AZ Utility System Revenue | 5.23% |
| — | State of Illinois | 5.20% |
| — | Dallas Area Rapid Transit | 5.17% |
| — | Chicago O'Hare International Airport | 5.15% |
| — | Nuveen Dividend Advantage Municipal Fund 3 | 5.10% |
| — | Metropolitan Transportation Authority | 4.81% |
To see how this fund's sectors add up across your own holdings, use True Exposure.
RFM performance versus SPY
Total return is 12.4% over the past 6.6 years, 204.5 points behind SPY at 216.9%. Over the past year its total return — price change plus distributions reinvested — is -2.7%. Its deepest 1-year drawdown was 14.2%.
| Window | Total return | CAGR |
|---|---|---|
| 1M | 1.2% | — |
| 3M | -10.7% | — |
| 6M | -6.6% | — |
| YTD | -0.5% | — |
| 1Y | -2.7% | — |
| 2Y CAGR | — | -2.00% |
| 3Y CAGR | — | 4.50% |
| 5Y CAGR | — | -2.70% |
| Since inception 2020-03-26 · 6.6 years | 12.4% | 1.80% |
RFM key facts
- Distribution Safety Score™
- 69 · Generally safe
- Safety-Adjusted Yield
- 5.58%
- Issuer
- RiverNorth
- Asset type
- CEF
- Asset class
- Fixed Income
- Inception date
- 03/26/2020
- Expense ratio
- 2.1375%
- Distribution rate
- 8.09%
- Distribution frequency
- Monthly
- Trailing yield
- 8.17%
- 5-year average yield
- 8.52
- Last close
- $13.07 (as of 2026-11-12)
- NAV
- $15.57; NAV date unknown
- Premium / discount
- Premium not shown · NAV date unknown
- Market cap
- $79,919,112
- Average volume
- 47,973
- Dividend
- $0.0881
- Ex-dividend date
- 11/16/2026
- Payment date
- 11/30/2026
AUM unavailable in this published snapshot. Missing values do not mean zero or complete coverage.
How Dividend Vision calculates yield and returns
Distribution rate (8.09%) uses latest regular dividend ($0.0881) × 12 ÷ market price dated 2026-11-12; one-off specials excluded; identified recurring supplementals included. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (8.17%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.
Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology
Sources and review
Primary sources: RiverNorth; prices and distributions from Dividend Vision, derived from vendor EOD data.
Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.
RFM risks and drawbacks
Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 14.2%.
Who may consider RFM — and who may not
It is a weaker fit for investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.
More on RFM
Frequently asked questions
Does RFM pay monthly?
Yes. RFM currently pays monthly.
What is RFM's expense ratio?
RFM's expense ratio is 2.1375%.
What is RFM's dividend yield?
RFM's distribution rate is 8.09%, paid monthly, with a 2.1375% expense ratio — latest regular dividend ($0.0881) × 12 ÷ market price dated 2026-11-12; one-off specials excluded; identified recurring supplementals included.
How has RFM's dividend grown?
Trailing-12-month distributions versus the preceding 12 months changed -5.5%. That is the same adjacent TTM cash-window comparison used in the dividend-history table.
When does RFM pay a dividend?
RFM pays monthly. The dividend amount is $0.0881. The ex-dividend date is 11/16/2026. The payment date is 11/30/2026.
How has RFM performed?
Total return is 12.4% over the past 6.6 years, 204.5 points behind SPY at 216.9%. Over the past year its total return — price change plus distributions reinvested — is -2.7%. Its deepest 1-year drawdown was 14.2%.
Is RFM a good investment?
RFM's Dividend Vision Distribution Safety Score is 69 (Generally safe). That is a risk signal, not investment advice. Its distribution rate is 8.09% (latest regular dividend ($0.0881) × 12 ÷ market price dated 2026-11-12; one-off specials excluded; identified recurring supplementals included). Compare peers below rather than treating any single figure as a buy or sell.
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Tickers
RFM's distribution is rated generally safe by the Dividend Vision Distribution Safety Score™ (69/100, high confidence). It pays monthly and its distribution rate is 8.09%. The latest total cash payment per current share, $0.0881 with an ex-date of October 16, 2026, was 0.1% higher than the previous $0.088. It is not yet confirmed whether this is an increase in the regular payout or a one-off difference.
Sources: RiverNorth, Section 19a-1 notices, scoring methodology.
Holdings as-of date unavailable.
| Ticker | Name | Weight |
|---|
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