Rivernorth Capital Management, Llc
SEC-registered
Mutual Fund / Asset Manager · Mid-sized ($1B–$10B)
CRD 122020
· SEC file 801-61533
· West Palm Beach, FL
· WWW.RIVERNORTH.COM
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ADV data as of Mar 31, 2026
- Regulatory AUM
- $6.2B
- Discretionary
- $6.2B
- Clients
- 32
- Avg AUM / client
- $193M
- Accounts
- 32
- Employees
- 20
AUM over time
$1.7B
$6.8B
Dec 2011
Dec 2025
Annual snapshots from Form ADV filings · as of Mar 31, 2026
Investments (13F portfolio — 542 positions, $2,000,509,186)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Blackrock Muniholdings Fd In | COM | $141,065,706 | 12,505,825 | 7.05% | 2.29% |
| 2 | Blackrock Muniyild Qult Fd I | COM | $86,734,918 | 7,899,355 | 4.34% | 1.41% |
| 3 | Blackrock Muniyield Quality | COM | $55,223,040 | 5,254,333 | 2.76% | 0.9% |
| 4 | Blackrock Corpor Hi Yld Fd I | COM | $50,264,609 | 5,899,602 | 2.51% | 0.81% |
| 5 | Invesco Municipal Trust | COM | $41,764,773 | 4,387,056 | 2.09% | 0.68% |
| 6 | Ishares Tr | NATIONAL MUN ETF | $35,767,349 | 336,951 | 1.79% | 0.58% |
| 7 | Blackrock Science & Technolo | SHS BEN INT | $33,090,705 | 1,493,937 | 1.65% | 0.54% |
| 8 | Pimco Mun Income Fd Ii | COM | $32,184,067 | 4,251,528 | 1.61% | 0.52% |
| 9 | Fs Specialty Lending Fd | COM SH BEN INT | $28,962,076 | 2,315,114 | 1.45% | 0.47% |
| 10 | Liberty All Star Equity Fd | SH BEN INT | $28,839,126 | 5,196,239 | 1.44% | 0.47% |
| 11 | Blue Owl Technology Fin Corp | COMMON STOCK | $26,963,973 | 2,176,269 | 1.35% | 0.44% |
| 12 | Invesco Mun Opportunit Tr | COM | $25,983,945 | 2,732,276 | 1.3% | 0.42% |
| 13 | Pimco Dynamic Income Strateg | COM SHS BEN INT | $25,117,455 | 1,138,597 | 1.26% | 0.41% |
| 14 | Saba Capital Income & Opport | COM NEW | $23,775,255 | 2,857,603 | 1.19% | 0.39% |
| 15 | Blackrock Munihldngs Cali | COM | $23,486,944 | 2,258,360 | 1.17% | 0.38% |
| 16 | Pimco Calif Mun Income Fd | COM | $21,552,960 | 2,512,000 | 1.08% | 0.35% |
| 17 | Fs Kkr Cap Corp | COM | $21,349,191 | 2,097,170 | 1.07% | 0.35% |
| 18 | Guggenheim Strategic Opportu | COM SBI | $20,809,449 | 1,888,335 | 1.04% | 0.34% |
| 19 | Fs Credit Opportunities Corp | COMMON STOCK | $20,442,952 | 4,008,422 | 1.02% | 0.33% |
| 20 | Compass Inc | CL A | $20,316,782 | 941 | 1.02% | 0.33% |
| 21 | Blackrock Mun Target Term Tr | COM SHS BEN IN | $20,007,825 | 881,402 | 1.0% | 0.32% |
| 22 | Western Asset Managed Muns F | COM | $19,930,946 | 1,938,808 | 1.0% | 0.32% |
| 23 | Blackrock Tech And Private E | SHS BEN INT | $16,962,251 | 2,570,038 | 0.85% | 0.28% |
| 24 | Blackrock Muniyield N Y Qual | COM | $16,538,227 | 1,722,732 | 0.83% | 0.27% |
| 25 | Cohen & Steers Infrastructur | COM | $15,843,115 | 612,176 | 0.79% | 0.26% |
Top 25 of 542 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Investment companies | 16 | $4.6B | 75.1% |
| Pooled investment vehicles (non-investment companies) | 5 | $1.4B | 22.5% |
| Charitable organizations | 1 | $10.4K | 0.0% |
| Other investment advisers | 10 | $143M | 2.33% |
Private funds (5)
Reported in Form ADV Section 7.B.(1), filing of Jul 2024 · $1.1B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Rivernorth Institutional Partners L.P. master | Hedge Fund | Delaware | $734M | 315 |
| Rivernorth Spac Arbitrage Fund, Lp | Hedge Fund | Delaware | $196M | 32 |
| Rivernorth Capital Partners, L.P. | Hedge Fund | Delaware | $103M | 118 |
| Rivernorth Institutional Partners Offshore Ltd. feeder | Hedge Fund | Cayman Islands | $56.2M | 18 |
| Rivernorth Select Partners, L.P. | Hedge Fund | Delaware | $0 | 0 |
People (11)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Brian Harold Schmucker | Founder, Manager | Aug 2000 (26y) | 25% – 50% of Rivernorth Holding Co. (indirect) | |
| Patrick William Galley | Chief Executive Officer, Chief Investment Officer, Manager | CFA | Oct 2004 (22y) | 50% – 75% of Rivernorth Holding Co. (indirect) |
| Mohrhardt, Jonathan, Michael | President And Chief Operating Officer, Manager | Jan 2009 (18y) | Less than 5% | |
| Collins, Marcus, Lane | General Counsel, Secretary And Chief Compliance Officer | Jun 2012 (14y) | Less than 5% | |
| Melissa Ann Braun | Registered representative | Nov 2006 (20y) | ||
| Eric Martin Pestrue | Registered representative | CFA | Dec 2012 (14y) | |
| Stephen Andrew O'neill | Registered representative | CFA | Dec 2012 (14y) | |
| William Allen Webb | Registered representative | CFA | Dec 2012 (14y) | |
| Christopher Ramesh Lakumb | Registered representative | CFA | Oct 2013 (13y) | |
| Jonathan Paul Browne | Registered representative | May 2024 (2y) | ||
| Jeffrey Ryan Feldman | Registered representative | Jun 2026 (0y) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Rivernorth Financial Holdings Llc | Member | Dec 2014 | A | 75% or more |
| Rivernorth Holding Co. | Member | Dec 2014 | B | 75% or more of Rivernorth Financial Holdings, Llc (indirect) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (5, $1.1B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Rivernorth Institutional Partners L.P. | Hedge Fund | $734M | $250K | 315 |
| Rivernorth Spac Arbitrage Fund, Lp | Hedge Fund | $196M | $250K | 32 |
| Rivernorth Capital Partners, L.P. | Hedge Fund | $103M | $250K | 118 |
| Rivernorth Institutional Partners Offshore Ltd. | Hedge Fund | $56.2M | $250K | 18 |
| Rivernorth Select Partners, L.P. | Hedge Fund | $0 | $250K | 0 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/31/2026 | 2.48 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- National Financial Services (Fidelity) $50.1M (1% of AUM) Mar 2026
- BNY Mellon $24.8M (0% of AUM) Mar 2026
- Northern Trust $24.1M (0% of AUM) Mar 2026
- U.S. Bancorp Investments, Inc. $11.9M (0% of AUM) Mar 2026
- Interactive Brokers $1.4M (0% of AUM) Jul 2024
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 31, 2026.
View current Form ADV (SEC/IAPD) ↗