RiverNorth Capital and Income Fund, Inc. Announces Final Results of Repurchase Offer

Rhea-AI Summary

RiverNorth Capital and Income Fund (NYSE: RSF) disclosed the final results of its repurchase offer. The offer, which aimed to buy back up to 5% of its outstanding common shares, concluded on July 3, 2024, at 5:00 P.M. Eastern Time.

A total of 2,335,546 shares were submitted for redemption, but only 202,931 shares were actually repurchased, based on the information from DST Systems, Inc., the depositary for the offer. Given that the number of tendered shares exceeded the repurchase limit, shares were bought back on a pro-rata basis.

The purchase price was set at the Fund's net asset value per share, calculated at $16.60 as of the close of trading on July 3, 2024. For further questions, shareholders can contact DST Systems, Inc. at 844-569-4750.

WEST PALM BEACH, Fla.--(BUSINESS WIRE)-- RiverNorth Capital and Income Fund, Inc. (the “Fund”) (NYSE: RSF), a closed-end fund, announced the final results of its repurchase offer for up to 5% of its outstanding common shares. The repurchase offer expired at 5:00 P.M. Eastern Time on July 3, 2024.

Based on information provided by DST Systems, Inc., the depositary for the repurchase offer, a total of 2,335,546 shares were submitted for redemption and 202,931 shares were repurchased. In accordance with the terms and conditions of the repurchase offer, because the number of shares submitted for redemption exceeds the number of shares offered to purchase, the Fund will purchase shares from tendering shareholders on a pro-rata basis (disregarding fractional shares). The purchase price of repurchased shares is equal to the Fund's net asset value per share calculated as of the close of regular trading on the New York Stock Exchange (NYSE) on July 3, 2024, which is equal to $16.60 per share.

The information agent for the repurchase offer is DST Systems, Inc. Any questions with regard to the tender offer may be directed to the information agent toll-free at 844-569-4750.

About RiverNorth

RiverNorth Capital Management, LLC is an investment management firm founded in 2000. With $5.0 billion¹ in assets under management as of May 31, 2024, RiverNorth specializes in opportunistic investment strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is an institutional investment manager to registered funds, private funds and separately managed accounts.

See the Prospectus for a more detailed description of Fund risks. Investing involves risk.
Principal loss is possible.

The profitability of specialty finance and other financial companies is largely dependent upon the availability and cost of capital funds and may fluctuate significantly in response to changes in interest rates, as well as changes in general economic conditions. If the borrower of Alternative Credit (as defined below) in which the Fund invests is unable to make its payments on a loan, the Fund may be greatly limited in its ability to recover any outstanding principal and interest under such loan, as (among other reasons) the Fund may not have direct recourse against the borrower or may otherwise be limited in its ability to directly enforce its rights under the loan, whether through the borrower or the platform through which such loan was originated, the loan may be unsecured or under collateralized, and/or it may be impracticable to commence a legal proceeding against the defaulting borrower. Substantially all of the Alternative Credit in which the Fund invests will not be guaranteed or insured by a third party. In addition, the Alternative Credit Instruments in which the Fund may invest will not be backed by any governmental authority. Prospective borrowers supply a variety of information regarding the purpose of the loan, income, occupation and employment status (as applicable) to the lending platforms. As a general matter, platforms do not verify the majority of this information, which may be incomplete, inaccurate, false or misleading. Prospective borrowers may misrepresent any of the information they provide to the platforms, including their intentions for the use of the loan proceeds. Alternative Credit Instruments are generally not rated by the nationally recognized statistical rating organizations (“NRSROs”). Such unrated instruments, however, are considered to be comparable in quality to securities falling into any of the ratings categories used by such NRSROs to classify "junk" bonds (i.e., below investment grade securities). Accordingly, the Fund’s unrated Alternative Credit Instrument investments constitute highly risky and speculative investments similar to investments in “junk” bonds, notwithstanding that the Fund is not permitted to invest in loans that are of subprime quality at the time of investment. Although the Fund is not permitted to invest in loans that are of subprime quality at the time of investment, an investment in the Fund’s Shares should be considered speculative and involving a high degree of risk, including the risk of loss of investment. There can be no assurance that payments due on underlying loans, including Alternative Credit, will be made.

Diversification does not ensure a profit or a guarantee against loss.

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The Fund’s prospectus and most recent periodic reports contain this and other important information about the investment company and may be obtained by visiting rivernorth.com/literature or by calling 844.569.4750. Read the Prospectus carefully before investing.

¹ Firm AUM reflects Managed Assets, which includes assets attributable to leverage and investments in affiliated funds.

Marketing services provided by ALPS Distributors Inc. ALPS and RiverNorth are not affiliated.

Not FDIC Insured | May Lose Value | No Bank Guarantee
RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC.
©2000-2024 RiverNorth Capital Management, LLC. All rights reserved.

RVN001637

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RiverNorth CEF Investor Relations

800-646-0148, Option 1

CEF@rivernorth.com

Source: RiverNorth Capital and Income Fund, Inc.

FAQ

What are the final results of RiverNorth Capital and Income Fund's repurchase offer?

RiverNorth Capital and Income Fund repurchased 202,931 shares out of 2,335,546 shares submitted, based on a pro-rata basis.

When did RiverNorth Capital and Income Fund's repurchase offer expire?

The repurchase offer expired at 5:00 P.M. Eastern Time on July 3, 2024.

What was the purchase price per share for RiverNorth Capital and Income Fund's repurchase offer?

The purchase price was $16.60 per share, equal to the Fund's net asset value as of the close of trading on July 3, 2024.

How many shares were submitted for redemption in RiverNorth Capital and Income Fund's offer?

A total of 2,335,546 shares were submitted for redemption.

How many shares did RiverNorth Capital and Income Fund repurchase in their offer?

RiverNorth Capital and Income Fund repurchased 202,931 shares.

What method was used for the share repurchase in RiverNorth Capital and Income Fund's offer?

Shares were repurchased on a pro-rata basis due to the excess number of shares submitted.

Who was the depositary for RiverNorth Capital and Income Fund's repurchase offer?

DST Systems, Inc. was the depositary for the repurchase offer.

How can shareholders ask questions about RiverNorth Capital and Income Fund's repurchase offer?

Shareholders can contact DST Systems, Inc. toll-free at 844-569-4750 for any questions.