RiverNorth Managed Duration Municipal Income Fund, Inc. (RMM)
The Rivernorth Managed Duration Municipal Income Fund Inc. (RMM) is a closed-end investment vehicle dedicated to fixed-income assets. It was launched and is managed by RiverNorth Capital Management, LLC, with MacKay Shields LLC serving as co-manager. The fund's strategy involves investing in the U.S. fixed-income markets, with a primary focus on investment-grade municipal debt across all maturities. To guide its investment decisions, the fund utilizes a combination of fundamental and quantitative analysis, underpinned by proprietary research for portfolio construction. Its performance is measured against the Bloomberg Barclays Municipal Bond Index. This fund, domiciled in the United States, commenced operations on July 26, 2019.
Industry: Asset Management - Income
Rivernorth Managed Duration Municipal Income Fund Inc.
NYSE:RMMFinancial Services · Asset Management - Income
+0.23%$13.29
AH Close$13.29+0.00%vs close
AH Close$13.29+0.00%vs close
Mkt Cap$262.34M
Float19.65M
O/S19.74M
Inst Own19.1%
SI<0.1%
Div Yield7.74%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$24.08M
Net Income$33.51M
Total Assets$504.13M
Free Cash Flow$8.7M
Debt & Equity
Debt 39%
Equity 61%
Total Debt$197.11M
Total Equity$303.26M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in RMM's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$504.13M
Liabilities$200.87M
Accounts Receivable$9.27M
Accounts Payable$0
Inventory$0
PP&E (Net)$0
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2026-06-30 | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 | 2020-06-30 |
| Revenue | $24.08M | -$5.14M | $25.43M | $19.11M | -$60.83M | $69.2M | $18.45M |
| YoY Growth | -568.3% | -120.2% | 33.1% | -131.4% | -187.9% | 275.0% | - |
| Cost of Revenue | $6.94M | $7.47M | $0 | $0 | $0 | $0 | $12.08M |
| Gross Profit | $17.14M | -$12.61M | $25.43M | $19.11M | -$60.83M | $69.2M | $6.38M |
| Gross Margin | 71.2% | 245.3% | 100.0% | 100.0% | 100.0% | 100.0% | 34.5% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $0 | $244K | $167K | $76K | $51K | $42K | $27K |
| Other | -$22.13M | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | -$22.13M | $244K | $167K | $76K | $51K | $42K | $27K |
| Operating Income (EBIT) | $39.27M | -$12.86M | $25.27M | $19.03M | -$58.81M | $70.86M | $6.35M |
| Operating Margin | 163.1% | 250.0% | 99.3% | 99.6% | 96.7% | 102.4% | 34.4% |
| Interest Expense | $5.76M | $7.47M | $8.56M | $7.34M | $2.07M | $1.7M | -$23.67M |
| Interest Income | $19.47M | $12.93M | $12.18M | $15.29M | $12.96M | $9.97M | $0 |
| Other Income (Expense) | -$5.76M | $0 | $0 | $0 | -$2.07M | -$1.7M | -$23.67M |
| Income Before Tax (EBT) | $33.51M | -$12.86M | $25.27M | $19.03M | -$60.89M | $69.16M | -$17.32M |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | $33.51M | -$12.86M | $25.27M | $19.03M | -$60.89M | $69.16M | -$17.32M |
| Net Income Margin | 139.1% | 250.0% | 99.3% | 99.6% | 100.1% | 99.9% | -93.9% |
| Supplementary Data | |||||||
| EPS | 1.70 | -0.65 | 1.27 | 0.96 | -3.08 | 3.50 | -0.88 |
| Diluted EPS | 1.70 | -0.65 | 1.27 | 0.96 | -3.08 | 3.50 | -0.88 |
| Weighted Average OS | 19.74M | 19.78M | 19.82M | 19.82M | 19.77M | 19.76M | 19.74M |
| EBITDA | $39.27M | -$12.86M | $25.27M | $19.26M | -$117.39M | $140.22M | -$40.99M |
| EBITDA Margin | 163.1% | 250.0% | 99.3% | 100.8% | 193.0% | 202.6% | -222.1% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2026-06-30 | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 | 2020-06-30 |
| Assets | |||||||
| Current Assets | |||||||
| Cash and Cash Equivalents | $0 | $136K | $10K | $0 | $0 | $186K | $273K |
| Short-Term Investments | $16.45M | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $16.45M | $136K | $10K | $0 | $0 | $186K | $273K |
| Accounts Receivable | $9.27M | $6.05M | $5.46M | $6.13M | $16.26M | $3.38M | $4.61M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Current Assets | $25.72M | $6.19M | $5.47M | $6.13M | $16.26M | $3.57M | $4.89M |
| Long-Term Assets | |||||||
| Property, Plant & Equipment Net | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $478.25M | $0 | $519.6M | $533.56M | $553.53M | $0 | $584.3M |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $162K | $474.3M | $524.5M | -$533.56M | -$553.53M | $633.69M | -$584.3M |
| Total Long-Term Assets | $478.41M | $474.3M | $524.5M | $533.56M | $553.53M | $633.69M | $584.3M |
| Other Assets | $0 | $0 | $0 | $5.15M | $5.69M | $0 | $6.33M |
| Total Assets | $504.13M | $480.49M | $529.97M | $544.84M | $575.47M | $637.26M | $595.52M |
| Liabilities | |||||||
| Current Liabilities | |||||||
| Accounts Payable | $0 | $1.84M | $2.34M | $4.1M | $12.67M | $14.15M | $706K |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $0 | $0 | $0 | -$1.17M | -$5.26M | $0 | -$707K |
| Total Current Liabilities | $0 | $1.84M | $2.34M | $4.1M | $12.67M | $14.15M | $706K |
| Long-Term Liabilities | |||||||
| Long-Term Debt | $197.11M | $186.7M | $202.1M | $218.28M | $233.48M | $214.78M | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $3.76M | $1.45M | $601K | -$218.28M | $0 | $0 | $0 |
| Total Long-Term Liabilities | $200.87M | $188.15M | $202.71M | $218.28M | $12.67M | $214.78M | $234.74M |
| Other Liabilities | $0 | $0 | $0 | $1.17M | $226.07M | $1.51M | $707K |
| Total Liabilities | $200.87M | $189.99M | $205.05M | $223.54M | $251.41M | $230.45M | $236.16M |
| Stockholders' Equity | |||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $313.32M | $327.3M | $340.62M | $357.22M | $372.01M | $370.85M | $383.31M |
| Retained Earnings | -$10.06M | -$36.8M | -$15.7M | -$35.92M | -$47.95M | $35.95M | -$23.94M |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Equity | $303.26M | $290.5M | $324.93M | $321.3M | $324.06M | $406.81M | $359.37M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $504.13M | $480.49M | $529.97M | $544.84M | $575.47M | $637.26M | $595.52M |
| Supplementary Data | |||||||
| Total Debt | $197.11M | $186.7M | $202.1M | $218.28M | $233.48M | $214.78M | $234.74M |
| Net Debt | $197.11M | $186.56M | $202.09M | $218.28M | $233.48M | $214.6M | $234.47M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2026-06-30 | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 | 2020-06-30 |
| Operating Activities | |||||||
| Net Income | $33.51M | -$12.86M | $25.27M | $19.03M | -$60.89M | $69.16M | -$17.32M |
| Depreciation & Amortization | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | |||||||
| Accounts Receivable | -$212K | $681K | -$420K | $0 | $0 | $1.62M | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | -$861K | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | -$285K | $410K | -$216K | -$1.24M | $2.33M | $438K | $0 |
| Total Working Capital Change | -$1.36M | $1.09M | -$636K | -$2.21M | $1.27M | $2.05M | -$580.73M |
| Other Non-Cash Items | -$23.45M | $48.65M | $13.04M | $20.88M | $61.85M | -$31.07M | -$6.78M |
| Net Cash from Operating | $8.7M | $36.89M | $37.67M | $37.7M | $2.23M | $40.14M | -$604.82M |
| Investing Activities | |||||||
| Capital Expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$215.49M | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $218.23M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | $2.74M | $0 | $0 | $0 | $0 | $0 | $0 |
| Financing Activities | |||||||
| Debt Repaid | -$10.38M | $15.4M | $16.37M | $16.52M | -$20.21M | $19.96M | - |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $394.68M |
| Dividends Paid | -$20.75M | -$21.57M | -$21.64M | -$21.79M | -$21.86M | -$21.72M | $0 |
| Other Financing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $611.33M |
| Net Cash from Financing | -$10.37M | -$36.97M | -$38.01M | -$38.31M | -$1.65M | -$41.68M | $611.33M |
| Forex Effect | -$1.2M | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$136K | -$86K | -$335K | -$610K | $579K | -$1.54M | $6.51M |
| Supplementary Data | |||||||
| Operating Cash Flow | $8.7M | $36.89M | $37.67M | $37.7M | $2.23M | $40.14M | -$604.82M |
| Capital Expenditure | -$3 | $0 | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | $8.7M | $36.89M | $37.67M | $37.7M | $2.23M | $40.14M | -$604.82M |
| Cash at Beginning | $136K | $4.71M | $5.04M | $5.65M | $5.07M | $6.61M | $0 |
| Cash at End | $0 | $4.62M | $4.71M | $5.04M | $5.65M | $5.07M | $6.51M |