v3.25.1
N-2 - USD ($)
 3 Months Ended
May 20, 2025
Apr. 28, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
 [10]
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Apr. 30, 2023
Oct. 31, 2022
Jul. 31, 2022
Apr. 30, 2022
Jan. 31, 2022
Oct. 31, 2021
Jul. 31, 2021
Apr. 30, 2021
Jan. 31, 2021
Oct. 31, 2020
Jul. 31, 2020
Apr. 30, 2020
Jan. 31, 2020
Cover [Abstract]                                              
Entity Central Index Key 0001501072                                            
Amendment Flag false                                            
Document Type 424B5                                            
Entity Registrant Name RiverNorth Opportunities Fund, Inc.                                            
Fee Table [Abstract]                                              
Shareholder Transaction Expenses [Table Text Block]

 

Stockholder Transaction Expenses As a Percentage
of Offering Price
Sales Load (1) 1.00%
Expenses Borne by Common Stockholders of the Fund (1) 0.10%
Dividend Reinvestment Plan Fees None (2)
(1)Represents the estimated commission and offering costs with respect to the Common Shares being sold under this Prospectus Supplement and the accompanying Prospectus. There is no guarantee that there will be any sales of Common Shares under this Prospectus Supplement and the accompanying Prospectus. Actual sales of Common Shares under this Prospectus Supplement and the accompanying Prospectus, if any, may be less than as set forth under “Capitalization” below. In addition, the price per Common Share of any such sale may be greater or less than the price set forth under “Capitalization” below, depending on market price of the Common Shares at the time of any such sale.

 

(2)There will be no brokerage charges with respect to Common Shares issued directly by the Fund under the dividend reinvestment plan. You will pay brokerage charges in connection with open market purchases or if you direct the plan agent to sell your Common Shares held in a dividend reinvestment account.
                                            
Sales Load [Percent] [1] 1.00%                                            
Dividend Reinvestment and Cash Purchase Fees [2] $ 0                                            
Other Transaction Expenses [Abstract]                                              
Other Transaction Expense 1 [Percent] [1] 0.10%                                            
Annual Expenses [Table Text Block]

 

Annual Expenses

As a Percentage of Net Assets Attributable to Common Shares (Assuming the Use of Leverage Equal to 27.12% of the Fund’s Managed Assets

Management Fee (3) 1.77%
Leverage costs (4)(6) 0.04%
Dividend and Interest Expense on Short Sales (6) 0.20%
Dividends on Preferred Shares(5) 2.15%
Other Expenses (6) 0.13%
Acquired Fund Fees and Expenses (7) 2.40%
Total Annual Expenses 6.69%
(3)The management fee paid by the Fund to the Adviser is essentially an all-in fee structure (the “unified management fee”), including the fee paid to the Adviser for advisory, supervisory, administrative, shareholder servicing and other services. However, the Fund (and not the Adviser) will be responsible for certain additional fees and expenses, which are reflected in the table above, that are not covered by the unified management fee. The unified management fee is charged as a percentage of the Fund’s average daily Managed Assets, as opposed to net assets. With leverage, Managed Assets are greater in amount than net assets, because Managed Assets include assets attributable to the Fund’s use of leverage created by its borrowings. In addition, the mark-to-market value of the Fund’s derivatives will be used for purposes of calculating Managed Assets. The management fee of 1.30% of the Fund’s Managed Assets represents 1.77% of net assets attributable to Common Shares assuming the use of leverage in an amount of 27.12% of the Fund’s Managed Assets. The Fund’s Managed Assets for the period ended December 31, 2024 (which includes the use of leverage discussed in footnote (4)) were multiplied by the annual advisory fee rate and then divided by the Fund’s average net assets for the same period to calculate the management fee as a percentage of the Fund’s net assets attributable to Common Shares. Since the Fund has Preferred Shares outstanding, the management fee and certain other expenses as a percentage of net assets attributable to Common Shares is higher than if the Fund did not utilize a leveraged capital structure.

 

(4)The actual amount of leverage costs borne by the Fund will vary over time in accordance with the level of the Fund’s use of leverage and variations in market interest rates. Leverage costs in the table reflect the cost to the Fund of borrowings, including the unused borrowing fee paid on the line of credit for the BNP Credit Agreement, expressed as a percentage of the Fund’s net assets as of December 31, 2024.

 

(5)As of December 31, 2024, the Fund has issued 3,910,000 shares of 6.00% Series A Preferred Stock with a liquidation preference of $97,750,000. The table assumes the use of leverage representing 27.12% of Managed Assets, which reflects approximately the percentage of the Fund’s total average Managed Assets attributable to such leverage averaged over the period ended December 31, 2024, at a weighted average annual expense to the Fund of 6.00%.

 

(6)Other Expenses, Leverage Costs and Dividend and Interest Expense on Short Sales are estimated based on the Fund’s semi-annual report dated December 31, 2024.

 

(7)The “Acquired Fund Fees and Expenses” disclosed above are based on the expense ratios for the most recent fiscal year of the Underlying Funds in which the Fund anticipates investing, which may change substantially over time and, therefore, significantly affect Acquired Fund Fees and Expenses. These amounts are based on the total expense ratio disclosed in each Underlying Fund’s most recent stockholder report. Some of the Underlying Funds in which the Fund intends to invest charge incentive fees based on the Underlying Funds’ performance. The 2.40% shown as Acquired Fund Fees and Expenses reflects estimated operating expenses of the Underlying Funds and transaction-related fees. Certain Underlying Funds in which the Fund intends to invest generally charge a management fee of 1.00% to 2.00%, which are included in “Acquired Fund Fees and Expenses,” as applicable. The Acquired Fund Fees and Expenses disclosed above, however, do not reflect any performance-based fees or allocations paid by the Underlying Funds that are calculated solely on the realization and/or distribution of gains, or on the sum of such gains and unrealized appreciation of assets distributed in-kind, as such fees and allocations for a particular period may be unrelated to the cost of investing in the Underlying Funds. Future Underlying Funds’ fees and expenses may be substantially higher or lower because certain fees may be based on the performance of the Underlying Funds, which may fluctuate over time. Acquired Fund Fees and Expenses are borne indirectly by the Fund, but they will not be reflected in the Fund’s financial statements; and the information presented in the table will differ from that presented in the Fund’s financial highlights.
                                            
Management Fees [Percent] [3] 1.77%                                            
Interest Expenses on Borrowings [Percent] [4],[5] 0.04%                                            
Dividend Expenses on Preferred Shares [Percent] [6] 2.15%                                            
Dividend and Interest Expenses on Short Sales [Percent] [4] 0.20%                                            
Acquired Fund Fees and Expenses [Percent] [7] 2.40%                                            
Other Annual Expenses [Abstract]                                              
Other Annual Expenses [Percent] [4] 0.13%                                            
Total Annual Expenses [Percent] 6.69%                                            
Expense Example [Table Text Block]

Example (8)

 

The purpose of the following table is to help a holder of Common Shares understand the fees and expenses that such holder would bear directly or indirectly. The following example illustrates the expenses that you would pay on a $1,000 investment in Common Shares, assuming (1) payment in year 1 of a commission of 1.00% on the investment and estimated offering costs of $168,238, (2) “Total annual expenses” of 6.69% of its net assets in years 1 through 10 and (2) a 5% annual return.

 

  1 year 3 years 5 years 10 years
Total Expenses Incurred $66 $194 $317 $609

  

The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those assumed.

(8)The example does not include sales load or estimated offering costs. The example should not be considered a representation of future expenses. The example assumes that the estimated “Other Expenses” set forth in the table are accurate and that all dividends and distributions are reinvested at net asset value and that the Fund is engaged in leverage of 27.12% of Managed Assets, assuming interest and fees on leverage of 6.00%, including the unused borrowing fee paid on the line of credit for the BNP Credit Agreement, as well as the Fund’s continued use of Preferred Shares. The interest and fees on leverage is expressed as a dividend rate and represents dividends paid on Preferred Shares. Actual expenses may be greater or less than those shown. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% annual return shown in the example.
                                            
Expense Example, Year 01 [8] $ 66                                            
Expense Example, Years 1 to 3 [8] 194                                            
Expense Example, Years 1 to 5 [8] 317                                            
Expense Example, Years 1 to 10 [8] $ 609                                            
Purpose of Fee Table , Note [Text Block] The following table is intended to assist investors in understanding the fees and expenses (annualized) that an investor in Common Shares would bear, directly or indirectly.                                            
Other Expenses, Note [Text Block] Other Expenses, Leverage Costs and Dividend and Interest Expense on Short Sales are estimated based on the Fund’s semi-annual report dated December 31, 2024.                                            
Management Fee not based on Net Assets, Note [Text Block] The management fee paid by the Fund to the Adviser is essentially an all-in fee structure (the “unified management fee”), including the fee paid to the Adviser for advisory, supervisory, administrative, shareholder servicing and other services. However, the Fund (and not the Adviser) will be responsible for certain additional fees and expenses, which are reflected in the table above, that are not covered by the unified management fee. The unified management fee is charged as a percentage of the Fund’s average daily Managed Assets, as opposed to net assets. With leverage, Managed Assets are greater in amount than net assets, because Managed Assets include assets attributable to the Fund’s use of leverage created by its borrowings. In addition, the mark-to-market value of the Fund’s derivatives will be used for purposes of calculating Managed Assets. The management fee of 1.30% of the Fund’s Managed Assets represents 1.77% of net assets attributable to Common Shares assuming the use of leverage in an amount of 27.12% of the Fund’s Managed Assets. The Fund’s Managed Assets for the period ended December 31, 2024 (which includes the use of leverage discussed in footnote (4)) were multiplied by the annual advisory fee rate and then divided by the Fund’s average net assets for the same period to calculate the management fee as a percentage of the Fund’s net assets attributable to Common Shares. Since the Fund has Preferred Shares outstanding, the management fee and certain other expenses as a percentage of net assets attributable to Common Shares is higher than if the Fund did not utilize a leveraged capital structure.                                            
Acquired Fund Fees and Expenses, Note [Text Block] The “Acquired Fund Fees and Expenses” disclosed above are based on the expense ratios for the most recent fiscal year of the Underlying Funds in which the Fund anticipates investing, which may change substantially over time and, therefore, significantly affect Acquired Fund Fees and Expenses. These amounts are based on the total expense ratio disclosed in each Underlying Fund’s most recent stockholder report. Some of the Underlying Funds in which the Fund intends to invest charge incentive fees based on the Underlying Funds’ performance. The 2.40% shown as Acquired Fund Fees and Expenses reflects estimated operating expenses of the Underlying Funds and transaction-related fees. Certain Underlying Funds in which the Fund intends to invest generally charge a management fee of 1.00% to 2.00%, which are included in “Acquired Fund Fees and Expenses,” as applicable. The Acquired Fund Fees and Expenses disclosed above, however, do not reflect any performance-based fees or allocations paid by the Underlying Funds that are calculated solely on the realization and/or distribution of gains, or on the sum of such gains and unrealized appreciation of assets distributed in-kind, as such fees and allocations for a particular period may be unrelated to the cost of investing in the Underlying Funds. Future Underlying Funds’ fees and expenses may be substantially higher or lower because certain fees may be based on the performance of the Underlying Funds, which may fluctuate over time. Acquired Fund Fees and Expenses are borne indirectly by the Fund, but they will not be reflected in the Fund’s financial statements; and the information presented in the table will differ from that presented in the Fund’s financial highlights.                                            
Acquired Fund Fees Estimated, Note [Text Block] The 2.40% shown as Acquired Fund Fees and Expenses reflects estimated operating expenses of the Underlying Funds and transaction-related fees. Certain Underlying Funds in which the Fund intends to invest generally charge a management fee of 1.00% to 2.00%, which are included in “Acquired Fund Fees and Expenses,” as applicable.                                            
General Description of Registrant [Abstract]                                              
Share Price [Table Text Block]

 

Quarter Ended  Market Price(1)   NAV(2)   Market Premium
(Discount)
To NAV(3)		 
      High   Low   Market
High		   Market
Low		   Market
High		   Market
Low		 
2025  March 31  $12.49   $11.64   $12.69   $12.15    -1.58%   -4.20%
2024  December 31  $12.95   $11.48   $12.77   $12.22    1.41%   -6.06%
   September 30  $12.92   $11.81   $12.78   $12.32    1.10%   -4.14%
   June 30(4)  $12.32   $11.94   $12.66   $12.34    -2.69%   -3.24%
   April 30  $12.09   $11.26   $12.68   $12.14    -4.65%   -7.25%
   January 31  $11.55   $9.94   $12.51   $11.44    -7.67%   -13.11%
2023  October 31  $11.51   $9.67   $12.28   $11.27    -6.27%   -14.20%
   July 31  $11.51   $10.96   $12.32   $12.23    -6.57%   -10.38%
   April 30  $12.50   $10.89   $12.82   $12.24    -2.50%   -11.03%
2022  October 31  $15.20   $11.85   $13.82   $12.29    9.99%   -3.58%
   July 31  $14.93   $12.58   $13.97   $13.00    6.87%   -3.23%
   April 30  $16.63   $14.93   $15.87   $14.15    4.79%   5.51%
   January 31  $17.53   $15.46   $17.09   $15.64    2.57%   -1.15%
2021  October 31  $18.75   $16.71   $17.07   $16.89    9.84%   -1.07%
   July 31  $18.75   $16.75   $17.24   $17.02    8.76%   -1.59%
   April 30  $17.88   $16.71   $17.23   $16.61    3.77%   0.60%
   January 31  $17.07   $13.81   $16.48   $14.53    3.58%   -4.96%
2020  October 31  $16.09   $13.75   $15.29   $14.49    5.23%   -5.11%
   July 31  $15.55   $12.52   $14.95   $13.58    4.01%   -7.81%
   April 30  $17.00   $8.65   $17.01   $11.72    -0.06%   -26.19%
   January 31  $17.10   $15.85   $17.30   $16.79    -1.16%   -5.60%

 

(1)Based on high and low closing market price for the respective quarter.
(2)Based on the NAV calculated on the day of the high and low closing market prices, as applicable, as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern Time). 
(3)Calculated based on the information presented.
(4)For the fiscal quarter from May 1, 2024 to June 30, 2024 due to the change in the fiscal year end effective May 15, 2024.
                                            
Capital Stock, Long-Term Debt, and Other Securities [Abstract]                                              
Outstanding Securities [Table Text Block]

 

The following table provides information about the Fund’s outstanding securities as of April 28, 2025:

 

(1) (2) (3) (4)
Title of Class Amount Authorized Amount Held by Fund or
for its account		 Amount Outstanding
Exclusive of Amount
Shown under (3)
As of April 28, 2025
Common Stock 37,500,000 None 21,472,248
Series A Preferred Stock 3,910,000 None 3,910,000
                                            
Common Shares [Member]                                              
General Description of Registrant [Abstract]                                              
Lowest Price or Bid [9]     $ 11.64 $ 11.48 $ 11.81 $ 11.94 $ 11.26 $ 9.94 $ 9.67 $ 10.96 $ 10.89 $ 11.85 $ 12.58 $ 14.93 $ 15.46 $ 16.71 $ 16.75 $ 16.71 $ 13.81 $ 13.75 $ 12.52 $ 8.65 $ 15.85
Highest Price or Bid [9]     12.49 12.95 12.92 12.32 12.09 11.55 11.51 11.51 12.50 15.20 14.93 16.63 17.53 18.75 18.75 17.88 17.07 16.09 15.55 17.00 17.10
Lowest Price or Bid, NAV [11]     12.15 12.22 12.32 12.34 12.14 11.44 11.27 12.23 12.24 12.29 13.00 14.15 15.64 16.89 17.02 16.61 14.53 14.49 13.58 11.72 16.79
Highest Price or Bid, NAV [11]     $ 12.69 $ 12.77 $ 12.78 $ 12.66 $ 12.68 $ 12.51 $ 12.28 $ 12.32 $ 12.82 $ 13.82 $ 13.97 $ 15.87 $ 17.09 $ 17.07 $ 17.24 $ 17.23 $ 16.48 $ 15.29 $ 14.95 $ 17.01 $ 17.30
Highest Price or Bid, Premium (Discount) to NAV [Percent] [12]     (1.58%) 1.41% 1.10% (2.69%) (4.65%) (7.67%) (6.27%) (6.57%) (2.50%) 9.99% 6.87% 4.79% 2.57% 9.84% 8.76% 3.77% 3.58% 5.23% 4.01% (0.06%) (1.16%)
Lowest Price or Bid, Premium (Discount) to NAV [Percent] [12]     (4.20%) (6.06%) (4.14%) (3.24%) (7.25%) (13.11%) (14.20%) (10.38%) (11.03%) (3.58%) (3.23%) 5.51% (1.15%) (1.07%) (1.59%) 0.60% (4.96%) (5.11%) (7.81%) (26.19%) (5.60%)
Share Price   $ 11.30                                          
NAV Per Share   $ 11.98                                          
Latest Premium (Discount) to NAV [Percent]   5.68%                                          
Capital Stock, Long-Term Debt, and Other Securities [Abstract]                                              
Outstanding Security, Title [Text Block]   Common Stock                                          
Outstanding Security, Authorized [Shares]   37,500,000                                          
Outstanding Security, Held [Shares]   0                                          
Outstanding Security, Not Held [Shares]   21,472,248                                          
Series A Preferred [Member]                                              
Capital Stock, Long-Term Debt, and Other Securities [Abstract]                                              
Outstanding Security, Title [Text Block]   Series A Preferred Stock                                          
Outstanding Security, Authorized [Shares]   3,910,000                                          
Outstanding Security, Held [Shares]   0                                          
Outstanding Security, Not Held [Shares]   3,910,000                                          
[1] Represents the estimated commission and offering costs with respect to the Common Shares being sold under this Prospectus Supplement and the accompanying Prospectus. There is no guarantee that there will be any sales of Common Shares under this Prospectus Supplement and the accompanying Prospectus. Actual sales of Common Shares under this Prospectus Supplement and the accompanying Prospectus, if any, may be less than as set forth under “Capitalization” below. In addition, the price per Common Share of any such sale may be greater or less than the price set forth under “Capitalization” below, depending on market price of the Common Shares at the time of any such sale.
[2] There will be no brokerage charges with respect to Common Shares issued directly by the Fund under the dividend reinvestment plan. You will pay brokerage charges in connection with open market purchases or if you direct the plan agent to sell your Common Shares held in a dividend reinvestment account.
[3] The management fee paid by the Fund to the Adviser is essentially an all-in fee structure (the “unified management fee”), including the fee paid to the Adviser for advisory, supervisory, administrative, shareholder servicing and other services. However, the Fund (and not the Adviser) will be responsible for certain additional fees and expenses, which are reflected in the table above, that are not covered by the unified management fee. The unified management fee is charged as a percentage of the Fund’s average daily Managed Assets, as opposed to net assets. With leverage, Managed Assets are greater in amount than net assets, because Managed Assets include assets attributable to the Fund’s use of leverage created by its borrowings. In addition, the mark-to-market value of the Fund’s derivatives will be used for purposes of calculating Managed Assets. The management fee of 1.30% of the Fund’s Managed Assets represents 1.77% of net assets attributable to Common Shares assuming the use of leverage in an amount of 27.12% of the Fund’s Managed Assets. The Fund’s Managed Assets for the period ended December 31, 2024 (which includes the use of leverage discussed in footnote (4)) were multiplied by the annual advisory fee rate and then divided by the Fund’s average net assets for the same period to calculate the management fee as a percentage of the Fund’s net assets attributable to Common Shares. Since the Fund has Preferred Shares outstanding, the management fee and certain other expenses as a percentage of net assets attributable to Common Shares is higher than if the Fund did not utilize a leveraged capital structure.
[4] Other Expenses, Leverage Costs and Dividend and Interest Expense on Short Sales are estimated based on the Fund’s semi-annual report dated December 31, 2024.
[5] The actual amount of leverage costs borne by the Fund will vary over time in accordance with the level of the Fund’s use of leverage and variations in market interest rates. Leverage costs in the table reflect the cost to the Fund of borrowings, including the unused borrowing fee paid on the line of credit for the BNP Credit Agreement, expressed as a percentage of the Fund’s net assets as of December 31, 2024.
[6] As of December 31, 2024, the Fund has issued 3,910,000 shares of 6.00% Series A Preferred Stock with a liquidation preference of $97,750,000. The table assumes the use of leverage representing 27.12% of Managed Assets, which reflects approximately the percentage of the Fund’s total average Managed Assets attributable to such leverage averaged over the period ended December 31, 2024, at a weighted average annual expense to the Fund of 6.00%.
[7] The “Acquired Fund Fees and Expenses” disclosed above are based on the expense ratios for the most recent fiscal year of the Underlying Funds in which the Fund anticipates investing, which may change substantially over time and, therefore, significantly affect Acquired Fund Fees and Expenses. These amounts are based on the total expense ratio disclosed in each Underlying Fund’s most recent stockholder report. Some of the Underlying Funds in which the Fund intends to invest charge incentive fees based on the Underlying Funds’ performance. The 2.40% shown as Acquired Fund Fees and Expenses reflects estimated operating expenses of the Underlying Funds and transaction-related fees. Certain Underlying Funds in which the Fund intends to invest generally charge a management fee of 1.00% to 2.00%, which are included in “Acquired Fund Fees and Expenses,” as applicable. The Acquired Fund Fees and Expenses disclosed above, however, do not reflect any performance-based fees or allocations paid by the Underlying Funds that are calculated solely on the realization and/or distribution of gains, or on the sum of such gains and unrealized appreciation of assets distributed in-kind, as such fees and allocations for a particular period may be unrelated to the cost of investing in the Underlying Funds. Future Underlying Funds’ fees and expenses may be substantially higher or lower because certain fees may be based on the performance of the Underlying Funds, which may fluctuate over time. Acquired Fund Fees and Expenses are borne indirectly by the Fund, but they will not be reflected in the Fund’s financial statements; and the information presented in the table will differ from that presented in the Fund’s financial highlights.
[8] The example does not include sales load or estimated offering costs. The example should not be considered a representation of future expenses. The example assumes that the estimated “Other Expenses” set forth in the table are accurate and that all dividends and distributions are reinvested at net asset value and that the Fund is engaged in leverage of 27.12% of Managed Assets, assuming interest and fees on leverage of 6.00%, including the unused borrowing fee paid on the line of credit for the BNP Credit Agreement, as well as the Fund’s continued use of Preferred Shares. The interest and fees on leverage is expressed as a dividend rate and represents dividends paid on Preferred Shares. Actual expenses may be greater or less than those shown. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% annual return shown in the example.
[9] Based on high and low closing market price for the respective quarter.
[10] For the fiscal quarter from May 1, 2024 to June 30, 2024 due to the change in the fiscal year end effective May 15, 2024.
[11] Based on the NAV calculated on the day of the high and low closing market prices, as applicable, as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern Time). 
[12] Calculated based on the information presented.