RIVERNORTH CAPITAL MANAGEMENT LLC's Q4 2025 13F: 83 new positions, 87 exits
Form 13F-HR for the quarter ended Dec 31, 2025 · filed Feb 17, 2026 · 476 reported positions · accession 0001398344-26-003293
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| New | PIMCO DYNAMIC INCOME FD (PDI) | — | 2.4% | +2.4 pts | +2.82M sh | new |
| New | COHEN & STEERS INFRASTRUCTUR (UTF) | — | 1.4% | +1.4 pts | +1.2M sh | new |
| Reduced | NUVEEN AMT FREE MUN CR INC F (NVG) | 1.6% | 0.2% | −1.5 pts | −2.03M sh | −88% |
| Increased | LIBERTY ALL STAR EQUITY FD (USA) | 0.7% | 1.7% | +0.9 pts | +3.61M sh | +179% |
| Exited | NUVEEN QUALITY MUNCP INCOME (NAD) | 1.1% | — | −1.1 pts | −1.58M sh | −100% |
| Increased | BLUE OWL TECHNOLOGY FIN CORP (OTF) | 0.3% | 1.3% | +1.0 pts | +1.53M sh | +374% |
| New | NUVEEN FLOATING RATE INCOME (JFR) | — | 1.0% | +1.0 pts | +2.77M sh | new |
| Reduced | NUVEEN MUN VALUE FD INC (NUV) | 1.5% | 0.3% | −1.2 pts | −2.32M sh | −79% |
| New | BLACKROCK CAP ALLOCATION TER (BCAT) | — | 0.9% | +0.9 pts | +1.41M sh | new |
| New |
FS SPECIALTY LENDING FD (FSEN)
new — newly listed security (e.g. spin-off)
|
— | 0.9% | +0.9 pts | +1.33M sh | new |
| Increased | GOLUB CAP BDC INC (GBDC) | 0.4% | 1.1% | +0.7 pts | +1.19M sh | +227% |
| New | PIMCO CORPORATE & INCOME OPP (PTY) | — | 0.8% | +0.8 pts | +1.24M sh | new |
| New |
BLUEROCK PVT REAL ESTATE FD (BPRE)
new — newly listed security (e.g. spin-off)
|
— | 0.7% | +0.7 pts | +1M sh | new |
| Increased | INVESCO MUNICIPAL TRUST (VKQ) | 2.4% | 2.6% | +0.2 pts | +1.39M sh | +32% |
| New | NEW MTN FIN CORP (NMFC) | — | 0.6% | +0.6 pts | +1.34M sh | new |
| Increased | SABA CAPITAL INCOME & OPRNT (BRW) | 0.2% | 0.7% | +0.5 pts | +1.64M sh | +429% |
| New | GUGGENHEIM STRATEGIC OPPORTU (GOF) | — | 0.5% | +0.5 pts | +812K sh | new |
| Reduced | CORNERSTONE TOTAL RETURN FD (CRF) | 0.6% | 0.0% | −0.6 pts | −1.3M sh | −96% |
| Exited | CORNERSTONE STRATEGIC INVEST (CLM) | 0.5% | — | −0.5 pts | −1.01M sh | −100% |
| Increased | EATON VANCE MUN BD FD (EIM) | 0.3% | 0.7% | +0.4 pts | +1.04M sh | +188% |
| New | ISHARES TR (MUB) | — | 0.5% | +0.5 pts | +90,811 sh | new |
| New | BLACKROCK INCOME TR INC (BKT) | — | 0.4% | +0.4 pts | +857K sh | new |
| Exited | PIMCO NEW YORK MUN FD II (PNI) | 0.4% | — | −0.4 pts | −1.07M sh | −100% |
| Reduced | PIMCO HIGH INCOME FD (PHK) | 0.7% | 0.1% | −0.6 pts | −1.83M sh | −76% |
| Increased | CARLYLE SECURED LENDING INC (CGBD) | 0.9% | 1.1% | +0.3 pts | +700K sh | +58% |
| Increased | BLACKROCK MUNIHLDNGS CALI QL (MUC) | 0.9% | 1.2% | +0.2 pts | +821K sh | +55% |
| Reduced | PIMCO INCOME STRATEGY FD II (PFN) | 0.8% | 0.3% | −0.6 pts | −1.16M sh | −59% |
| New | DOUBLELINE INCOME SOLUTIONS (DSL) | — | 0.4% | +0.4 pts | +751K sh | new |
| New | DOUBLELINE YIELD OPPORTUNITI (DLY) | — | 0.4% | +0.4 pts | +556K sh | new |
| Reduced | WESTERN ASSET MANAGED MUNS F (MMU) | 2.0% | 1.3% | −0.7 pts | −711K sh | −21% |
| Exited | ABRDN TOTAL DYNAMIC DIVIDEND (AOD) | 0.3% | — | −0.3 pts | −642K sh | −100% |
| Exited | INVESCO QUALITY MUN INCOME T (IQI) | 0.3% | — | −0.3 pts | −598K sh | −100% |
| New | PALMER SQUARE CAPITAL BDC IN (PSBD) | — | 0.3% | +0.3 pts | +581K sh | new |
| Increased | BLACKROCK CALIF MUN INCOME T (BFZ) | 0.2% | 0.5% | +0.3 pts | +651K sh | +199% |
| Exited | A SPAC III ACQUISITION CORP (ASPC) | 0.3% | — | −0.3 pts | −540K sh | −100% |
| Increased | NUVEEN NEW YORK AMT QLT MUNI (NRK) | 0.4% | 0.6% | +0.2 pts | +645K sh | +103% |
| Increased | BLACKROCK HEALTH SCIENCES TE (BMEZ) | 0.2% | 0.5% | +0.3 pts | +429K sh | +196% |
| Exited | CHURCHILL CAP CORP X (CCCX) | 0.3% | — | −0.3 pts | −398K sh | −100% |
| New | GIGCAPITAL8 CORP (GIWWU) | — | 0.3% | +0.3 pts | +600K sh | new |
| Increased | BLUE OWL CAPITAL CORPORATION (OBDC) | 0.0% | 0.3% | +0.3 pts | +484K sh | +2171% |
| New | EAGLE POINT INCOME COMPANY I (EIC) | — | 0.3% | +0.3 pts | +525K sh | new |
| Reduced | INVESCO TR INVT GRADE MUNS (VGM) | 0.5% | 0.2% | −0.4 pts | −577K sh | −61% |
| New | AI INFRASTRUCTURE ACQUISI (AIIAU) | — | 0.3% | +0.3 pts | +527K sh | new |
| New | INVEST GREEN ACQUISITION COR (IGACU) | — | 0.2% | +0.2 pts | +511K sh | new |
| New | HALL CHADWICK ACQUISITION CO (HCAC) | — | 0.2% | +0.2 pts | +511K sh | new |
| New | ACTIVATE ENERGY ACQUISITION (AEAQU) | — | 0.2% | +0.2 pts | +512K sh | new |
| Reduced | BLACKROCK MUNIYIELD N Y QUAL (MYN) | 0.5% | 0.2% | −0.3 pts | −516K sh | −60% |
| New | BITCOIN INFRASTRUCTURE ACQUI (BIXIU) | — | 0.2% | +0.2 pts | +512K sh | new |
| New | CRANE HBR ACQUISITION CORP I (CRANU) | — | 0.2% | +0.2 pts | +500K sh | new |
| New | BLUEPORT ACQUISITION LTD (BPACU) | — | 0.2% | +0.2 pts | +500K sh | new |
The 50 largest of 421 changes, by size of the trade. Full holdings for this quarter.
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 19.9% of the equity book
Changes in the top 10 this quarter: PDI entered · USA entered · BSTZ entered · PDX left · MMU left · MQY left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | INVESCO MUNICIPAL TRUST (VKQ) | 2.4% | 2.6% | |
| 2 | PIMCO DYNAMIC INCOME FD (PDI) | 0.0% | 2.4% | Entered the top 10 |
| 3 | BLACKROCK MUNIHOLDINGS FD IN (MHD) | 2.8% | 2.3% | |
| 4 | BLACKROCK MUNIYIELD FD INC (MYD) | 2.8% | 2.3% | |
| 5 | BLACKROCK MUNI INCOME TR II (BLE) | 2.3% | 1.9% | |
| 6 | INVESCO MUN OPPORTUNITY TR (VMO) | 2.0% | 1.8% | |
| 7 | PIMCO MUN INCOME FD II (PML) | 2.4% | 1.8% | |
| 8 | LIBERTY ALL STAR EQUITY FD (USA) | 0.7% | 1.7% | Entered the top 10 |
| 9 | BLACKROCK SCIENCE & TECHNOLO (BSTZ) | 1.7% | 1.6% | Entered the top 10 |
| 10 | BLACKROCK MUN INCOME TR (BFK) | 1.8% | 1.5% | |
| — | PIMCO DYNAMIC INCOME STRATEG (PDX) | 2.3% | 1.4% | Left the top 10 |
| — | WESTERN ASSET MANAGED MUNS F (MMU) | 2.0% | 1.3% | Left the top 10 |
| — | BLACKROCK MUNIYILD QULT FD I (MQY) | 1.7% | 1.3% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).