RiverNorth Funds Declare Preferred Dividends for Shareholders
RiverNorth Opportunities Fund, Inc. and RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. are excited to share news about their preferred dividends, ensuring that investors are kept well-informed about their investments. This announcement marks a significant step in the commitment to providing value and returns to their shareholders.
Details of the Preferred Dividends
In the upcoming fourth quarter, each fund has declared specific dividends as follows:
Ex, Record, and Payable Dates
The Ex Date, Record Date, and Payable Date are critical for investors to note:
- Ex Date: November 1, 2024
- Record Date: November 1, 2024
- Payable Date: November 15, 2024
Fund and Dividend Information
Here’s a breakdown of the funds and their respective dividends:
- Fund Name: RiverNorth Opportunities Fund, Inc.
Preferred Stock Series: 6.000% Series A Perpetual Preferred Stock
NYSE: RIVPRA
Distribution Per Share: $0.37500 - Fund Name: RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.
Preferred Stock Series: 4.375% Series A Cumulative Preferred Stock
NYSE: OPPPRA
Distribution Per Share: $0.27344 - Fund Name: RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.
Preferred Stock Series: 4.750% Series B Cumulative Preferred Stock
NYSE: OPPPRB
Distribution Per Share: $0.29688
About RiverNorth Capital Management
Founded in 2000, RiverNorth Capital Management, LLC has grown into a prominent investment firm with a specialized focus on niche markets. As of the latest reports, the firm manages approximately $5.2 billion in assets, employing opportunistic strategies designed to capitalize on market inefficiencies. RiverNorth acts as an institutional investment manager for registered and private funds as well as separately managed accounts.
Understanding Distribution Sources
The preferred dividend distributions are tied to the Liquidation Preference of $25.00 per share. The dividends have been calculated based on the most current quarterly distribution rates:
- RiverNorth Opportunities Fund, Inc. has a liquidating distribution rate of $0.37500 for its 6.00% Series A Preferred Stock.
- RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.’s 4.375% Series A has a rate of $0.27344.
- For the 4.75% Series B, the rate also stands at $0.29688.
It’s essential for investors to note that distributions may not only come from net investment income but may also stem from short-term and long-term capital gains as well as return of capital. This means that the actual amounts and sources of the distributions may vary based on market experiences and tax regulations.
Risk Considerations
Investing in these funds does involve risks. Investors are encouraged to carefully evaluate the risks, charges, and expenses associated before proceeding with any investment. RiverNorth strongly advises reading the prospectus and consulting financial professionals to gain a clear understanding of these factors.
Consult a Professional
For detailed insights tailored to individual financial situations, it’s always wise to seek guidance from a tax advisor or legal expert regarding investments and possible tax implications following distributions.
Frequently Asked Questions
What are the declared preferred dividends for RiverNorth funds?
The funds have declared preferred dividends with specific amounts per share for their 6.000% Series A, 4.375% Series A, and 4.750% Series B preferred stocks.
When are the key dates for these dividends?
The Ex and Record dates are on November 1, 2024, with the Payable date on November 15, 2024.
How are the distributions calculated?
Distributions are calculated based on the Liquidation Preference of $25.00 per share and the current quarterly rates established for each fund's preferred stock series.
What risks are associated with investing in these funds?
Investors face risks such as loss of principal and should carefully review the related charges and expenses before investing.
Who should investors consult for tax questions?
It is recommended that investors speak with tax or legal professionals for guidance regarding their individual tax situations following investment decisions.
