RiverNorth Flexible Municipal Income Fund

RFM • NYSE

RiverNorth Flexible Municipal Income Fund is a publicly traded company on NYSE. As of Q3 2025, 17 institutional investors hold shares in this company, with total holdings valued at $10.6M. WELLS FARGO & COMPANY/MN is the largest holder with a position valued at $2.3M.

Websiterivernorth.com

Overview

Overview of institutional ownership in RFM as of Q3 2025

All Institutions

Institutions: 17
Value Held: $10.6M
Shares Held: 732.4K
Avg Position: $622.9K
Median Position: $272.8K

Hedge Funds

Hedge Funds: 1
Value Held: $806.4K
Shares Held: 55.8K
Avg Position: $806.4K
Median Position: $806.4K

Biggest Investors

Institutions with the largest positions in RFM as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$2.3M 0.00% of portfolio	0.00% 156.6K shares	Q4 2022 Held for 2y 11m	$488.50B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$2.0M 0.00% of portfolio	0.00% 138.1K shares	Q4 2022 Held for 2y 11m	$1.65T
UBS Group AG Institution	Sergio P. Ermotti CEO	$1.7M 0.00% of portfolio	0.00% 118.0K shares	Q4 2022 Held for 2y 11m	$511.54B
ROBINSON CAPITAL MANAGEMENT, LLC Long Only Manager	James Christopher Robinson CEO	$1.2M 0.87% of portfolio	0.00% 82.2K shares	Q1 2025 Held for 8 months	$136.7M
Logan Stone Capital, LLC Hedge Fund•Long/Short	Matthew Andrews Herman Managing Partner	$806.4K 0.38% of portfolio	0.00% 55.8K shares	Q3 2024 Held for 1y 2m	$213.8M
Goss Wealth Management LLC RIA/Wealth	Alexander Thomas Goss CEO	$507.8K 0.00% of portfolio	0.00% 35.1K shares	Q1 2024 Held for 1y 8m	$21.8B
Steel Peak Wealth Management LLC RIA/Wealth	Reza Nmn Zamani CEO	$433.8K 0.01% of portfolio	0.00% 30.0K shares	Q3 2024 Held for 1y 2m	$3.0B
RAYMOND JAMES FINANCIAL INC RIA/Wealth	Steven Robert Marcus CEO	$319.7K 0.00% of portfolio	0.00% 22.1K shares	Q4 2024 Held for 11 months	$310.43B
River Street Advisors LLC RIA/Wealth	Richard A. Gartelmann CEO	$272.8K 0.11% of portfolio	0.00% 18.9K shares	Q2 2025 Held for 5 months	$239.6M
S STIFEL FINANCIAL CORP Long Only Manager	Adam Vartan Topalian CIO	$224.5K 0.00% of portfolio	0.00% 15.5K shares	Q4 2023 Held for 1y 11m	$109.37B

Net Capital Flow

Institutional buying and selling activity for RFM in Q3 2025

Traded: −$757.5K
Buyers: 7
Sellers: 7
Total Bought: +$736.0K
Total Sold: −$1.5M
Avg Position: $588.3K

Biggest Buyers

Institution	Net Bought	Current Position
MORGAN STANLEY RIA/Wealth	+$449.1K +31.1K shares	$2.0M 138.1K shares
Goss Wealth Management LLC RIA/Wealth	+$175.2K +12.1K shares	$507.8K 35.1K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	+$75.1K +5.2K shares	$319.7K 22.1K shares
HIGHLINE WEALTH PARTNERS LLC RIA/Wealth	+$14.5K +1.0K shares	$14.5K 1.0K shares
A Advisory Services Network, LLC RIA/Wealth	+$12.0K +833.0 shares	$12.0K 833.0 shares
BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC RIA/Wealth	+$7.2K +500.0 shares	$7.2K 500.0 shares
Steel Peak Wealth Management LLC RIA/Wealth	+$2.9K +200.0 shares	$433.8K 30.0K shares

Biggest Sellers

Institution	Net Sold	Current Position
ROBINSON CAPITAL MANAGEMENT, LLC Long Only Manager	−$1.0M −71.6K shares	$1.2M 82.2K shares
WELLS FARGO & COMPANY/MN Institution	−$180.1K −12.5K shares	$2.3M 156.6K shares
Logan Stone Capital, LLC Hedge Fund•Long/Short	−$138.7K −9.6K shares	$806.4K 55.8K shares
WOLVERINE ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$90.3K −6.5K shares	Sold Off 0 shares
A Advisor Group Holdings, Inc. Institution	−$27.0K −1.9K shares	$195.3K 13.6K shares
UBS Group AG Institution	−$15.2K −1.1K shares	$1.7M 118.0K shares
Capital Investment Advisors, LLC RIA/Wealth	−$7.2K −500.0 shares	$220.5K 15.3K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited RFM in Q3 2025

New Positions: 2
New Value: $21.7K
Exited Positions: 1
Exited Value: $90.3K

New Positions

Institution	Position Value
HIGHLINE WEALTH PARTNERS LLC RIA/Wealth	$14.5K 1.0K shares
BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC RIA/Wealth	$7.2K 500.0 shares

Exited Positions

Institution	Previous Position
WOLVERINE ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$90.3K 6.5K shares

Options Activity

Institutions with the largest Call and Put options positions in RFM as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with RFM as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
ROBINSON CAPITAL MANAGEMENT, LLC Long Only Manager	James Christopher Robinson CEO	0.87% $1.2M	0.00% 82.2K shares	Q1 2025 Held for 8 months	$136.7M
Logan Stone Capital, LLC Hedge Fund•Long/Short	Matthew Andrews Herman Managing Partner	0.38% $806.4K	0.00% 55.8K shares	Q3 2024 Held for 1y 2m	$213.8M
River Street Advisors LLC RIA/Wealth	Richard A. Gartelmann CEO	0.11% $272.8K	0.00% 18.9K shares	Q2 2025 Held for 5 months	$239.6M
Steel Peak Wealth Management LLC RIA/Wealth	Reza Nmn Zamani CEO	0.01% $433.8K	0.00% 30.0K shares	Q3 2024 Held for 1y 2m	$3.0B
Carnegie Capital Asset Management, LLC RIA/Wealth	Richard Lee Alt CEO	0.00% $216.9K	0.00% 15.0K shares	Q4 2022 Held for 2y 11m	$5.3B
HIGHLINE WEALTH PARTNERS LLC RIA/Wealth	Jonathan Christopher Rugg President	0.00% $14.5K	0.00% 1.0K shares	Q3 2025 Held for 2 months	$371.5M
Capital Investment Advisors, LLC RIA/Wealth	Robert Lawrence Sanders President	0.00% $220.5K	0.00% 15.3K shares	Q1 2023 Held for 2y 8m	$6.1B
Apollon Wealth Management, LLC RIA/Wealth	Michael Jason Dolberg CEO	0.00% $202.4K	0.00% 14.0K shares	Q4 2024 Held for 11 months	$5.6B
Goss Wealth Management LLC RIA/Wealth	Alexander Thomas Goss CEO	0.00% $507.8K	0.00% 35.1K shares	Q1 2024 Held for 1y 8m	$21.8B
BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC RIA/Wealth	Jonathan Miller CEO	0.00% $7.2K	0.00% 500.0 shares	Q3 2025 Held for 2 months	$657.4M

Hedge Fund Spotlight

Discover hedge funds investing in RFM

Logan Stone Capital, LLC

Hedge Fund • Long/Short

Portfolio ManagerMatthew Andrews Herman

Portfolio Value: $213.8M
Positions: 65
Last Reported: Q3 2025

Sector Allocation

Position in RiverNorth Flexible Municipal Income Fund

Market Value: $806.4K
Shares Held: 55.8K
Portfolio Weight: 0.38%
Owned Since: 2024-Q3

Top Holding	Sector	Market Value	Weight
1 iShares Broad USD High Yield Corporate Bond USHY	ETF ETF	$33.2M	15.54%
2 SSK Morgan Stanley 9.5% Sparqs LNKD to Sunoco SSK	Unknown Unknown	$22.8M	10.65%
3 Fox Corporation FOX	Entertainment Communication Services	$19.3M	9.03%

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