[497AD] RiverNorth Capital and Income Fund, Inc. SEC Filing
RiverNorth Capital and Income Fund, Inc. (NYSE: RSF) confirmed the final outcome of its transferable rights offering that expired on July 7, 2025. The Fund will issue 1,105,000 new common shares at a subscription price of $14.39, set at 90% of net asset value on the expiration date. Gross proceeds are expected to total approximately $15.9 million, enlarging the Fund’s asset base, which stood at $52.4 million on June 30, 2025.
The offering was oversubscribed; over-subscription requests exceeded available shares and will be allocated pro-rata among participating stockholders. Because the shares are issued below NAV, existing holders experience dilution, but the additional capital may enhance portfolio flexibility for the Fund’s high-income strategy.
Post-offering, RSF will have roughly 4.4 million shares outstanding (3.3 million prior plus 1.105 million new shares). As a closed-end fund, trading will continue solely on the secondary market, and investors should review the prospectus and periodic reports for full risk disclosures, especially regarding exposure to unrated and alternative credit instruments.
RiverNorth Capital and Income Fund, Inc. (NYSE: RSF) ha confermato l'esito finale della sua offerta di diritti trasferibili, scaduta il 7 luglio 2025. Il Fondo emetterà 1.105.000 nuove azioni ordinarie a un prezzo di sottoscrizione di 14,39 $, fissato al 90% del valore patrimoniale netto alla data di scadenza. I proventi lordi attesi ammontano a circa 15,9 milioni di dollari, aumentando la base patrimoniale del Fondo, che al 30 giugno 2025 era pari a 52,4 milioni di dollari.
L'offerta è stata eccessivamente sottoscritta; le richieste di sovrasottoscrizione hanno superato le azioni disponibili e saranno allocate in modo proporzionale tra gli azionisti partecipanti. Poiché le azioni sono emesse a un prezzo inferiore al NAV, gli azionisti esistenti subiranno una diluizione, ma il capitale aggiuntivo potrebbe migliorare la flessibilità del portafoglio per la strategia ad alto reddito del Fondo.
Dopo l'offerta, RSF avrà circa 4,4 milioni di azioni in circolazione (3,3 milioni precedenti più 1,105 milioni di nuove azioni). Essendo un fondo chiuso, le negoziazioni continueranno esclusivamente sul mercato secondario, e gli investitori dovrebbero consultare il prospetto e i rapporti periodici per una completa divulgazione dei rischi, in particolare per quanto riguarda l'esposizione a strumenti di credito non valutati e alternativi.
RiverNorth Capital and Income Fund, Inc. (NYSE: RSF) confirmó el resultado final de su oferta de derechos transferibles que expiró el 7 de julio de 2025. El Fondo emitirá 1.105.000 nuevas acciones ordinarias a un precio de suscripción de $14,39, establecido en el 90% del valor neto de los activos en la fecha de vencimiento. Se esperan ingresos brutos de aproximadamente
La oferta fue sobresuscrita; las solicitudes de sobresuscripción superaron las acciones disponibles y se asignarán prorrateadamente entre los accionistas participantes. Debido a que las acciones se emiten por debajo del NAV, los titulares existentes experimentan dilución, pero el capital adicional puede mejorar la flexibilidad de la cartera para la estrategia de alto ingreso del Fondo.
Después de la oferta, RSF tendrá aproximadamente 4,4 millones de acciones en circulación (3,3 millones anteriores más 1,105 millones de nuevas acciones). Como fondo cerrado, la negociación continuará únicamente en el mercado secundario, y los inversores deben revisar el prospecto e informes periódicos para conocer todos los riesgos, especialmente en relación con la exposición a instrumentos de crédito no calificados y alternativos.
RiverNorth Capital and Income Fund, Inc. (NYSE: RSF)는 2025년 7월 7일에 만료된 양도 가능한 권리 공모의 최종 결과를 확인했습니다. 펀드는 만기일 순자산가치의 90%에 해당하는 주당 14.39달러의 청약가로 1,105,000주의 신주를 발행할 예정입니다. 총 조달금액은 약 1,590만 달러로 예상되며, 2025년 6월 30일 기준 5,240만 달러였던 펀드의 자산 기반을 확장합니다.
공모는 초과 청약되었으며, 초과 청약 요청은 이용 가능한 주식을 초과하여 참여 주주들에게 비례 배분될 예정입니다. 주식이 순자산가치 이하로 발행되기 때문에 기존 보유자는 희석 효과를 겪지만, 추가 자본은 고수익 전략을 위한 포트폴리오 유연성을 높일 수 있습니다.
공모 후 RSF는 약 440만 주가 유통될 예정이며(기존 330만 주에 110.5만 주 추가), 폐쇄형 펀드로서 거래는 2차 시장에서만 이루어지며, 투자자는 등급이 없는 신용 상품 및 대체 신용 상품에 대한 노출 등 위험 공시를 위해 투자설명서와 정기 보고서를 검토해야 합니다.
RiverNorth Capital and Income Fund, Inc. (NYSE : RSF) a confirmé le résultat final de son offre de droits transférables qui a expiré le 7 juillet 2025. Le Fonds émettra 1 105 000 nouvelles actions ordinaires à un prix de souscription de 14,39 $, fixé à 90 % de la valeur nette d'inventaire à la date d'expiration. Les produits bruts devraient s'élever à environ 15,9 millions de dollars, augmentant ainsi la base d'actifs du Fonds, qui s'élevait à 52,4 millions de dollars au 30 juin 2025.
L'offre a été sursouscrite ; les demandes de sursouscription ont dépassé les actions disponibles et seront allouées au prorata entre les actionnaires participants. Comme les actions sont émises en dessous de la valeur nette d'inventaire, les détenteurs existants subissent une dilution, mais le capital supplémentaire pourrait améliorer la flexibilité du portefeuille pour la stratégie à revenu élevé du Fonds.
Après l'offre, RSF comptera environ 4,4 millions d'actions en circulation (3,3 millions auparavant plus 1,105 million de nouvelles actions). En tant que fonds fermé, les échanges continueront uniquement sur le marché secondaire, et les investisseurs doivent consulter le prospectus et les rapports périodiques pour une divulgation complète des risques, en particulier concernant l'exposition aux instruments de crédit non notés et alternatifs.
RiverNorth Capital and Income Fund, Inc. (NYSE: RSF) bestätigte das endgültige Ergebnis seines übertragbaren Bezugsrechtsangebots, das am 7. Juli 2025 ablief. Der Fonds wird 1.105.000 neue Stammaktien zu einem Bezugspreis von 14,39 $ ausgeben, der am Ablaufdatum 90 % des Nettoinventarwerts beträgt. Die Bruttoerlöse werden voraussichtlich etwa 15,9 Millionen $ betragen, wodurch die Vermögensbasis des Fonds erweitert wird, die am 30. Juni 2025 bei 52,4 Millionen $ lag.
Das Angebot war überzeichnet; Überzeichnungsanfragen überstiegen die verfügbaren Aktien und werden anteilig unter den teilnehmenden Aktionären verteilt. Da die Aktien unter dem NAV ausgegeben werden, kommt es zu einer Verwässerung der bestehenden Inhaber, jedoch kann das zusätzliche Kapital die Portfoliostrategie des Fonds mit hohem Einkommen flexibler gestalten.
Nach dem Angebot wird RSF etwa 4,4 Millionen Aktien ausstehend haben (vorher 3,3 Millionen plus 1,105 Millionen neue Aktien). Als geschlossener Fonds wird der Handel ausschließlich auf dem Sekundärmarkt fortgesetzt, und Anleger sollten den Prospekt sowie die regelmäßigen Berichte für vollständige Risikohinweise prüfen, insbesondere hinsichtlich der Exponierung gegenüber nicht bewerteten und alternativen Kreditinstrumenten.
- Oversubscription demonstrates strong investor appetite for RSF shares.
- Capital raise adds $15.9 million, expanding assets by roughly 30%, which could dilute fixed expenses per share.
- New shares issued at 10% discount to NAV create immediate NAV dilution for existing holders.
- Share count increases by about 33%, potentially pressuring market price until proceeds are fully invested.
Insights
TL;DR: Oversubscribed rights deal raises $15.9 M, boosting assets ~30%; benefits liquidity but dilutes NAV by 10% issuance discount.
The fully subscribed rights offering signals healthy investor demand and immediately increases managed assets, which may help lower expense ratios and give the adviser more latitude to deploy capital into income-generating credit positions. However, issuing shares at 90% of NAV is dilutive to prevailing shareholders, and the incremental earnings pickup depends on management’s ability to invest proceeds at attractive spreads over the cost of capital. Given the modest size of the raise and the Fund’s leverage-light profile, balance-sheet risk appears contained. Overall impact is neutral-to-slightly positive, hinging on reinvestment execution.
RiverNorth Capital and Income Fund, Inc. (NYSE: RSF) ha confermato l'esito finale della sua offerta di diritti trasferibili, scaduta il 7 luglio 2025. Il Fondo emetterà 1.105.000 nuove azioni ordinarie a un prezzo di sottoscrizione di 14,39 $, fissato al 90% del valore patrimoniale netto alla data di scadenza. I proventi lordi attesi ammontano a circa 15,9 milioni di dollari, aumentando la base patrimoniale del Fondo, che al 30 giugno 2025 era pari a 52,4 milioni di dollari.
L'offerta è stata eccessivamente sottoscritta; le richieste di sovrasottoscrizione hanno superato le azioni disponibili e saranno allocate in modo proporzionale tra gli azionisti partecipanti. Poiché le azioni sono emesse a un prezzo inferiore al NAV, gli azionisti esistenti subiranno una diluizione, ma il capitale aggiuntivo potrebbe migliorare la flessibilità del portafoglio per la strategia ad alto reddito del Fondo.
Dopo l'offerta, RSF avrà circa 4,4 milioni di azioni in circolazione (3,3 milioni precedenti più 1,105 milioni di nuove azioni). Essendo un fondo chiuso, le negoziazioni continueranno esclusivamente sul mercato secondario, e gli investitori dovrebbero consultare il prospetto e i rapporti periodici per una completa divulgazione dei rischi, in particolare per quanto riguarda l'esposizione a strumenti di credito non valutati e alternativi.
RiverNorth Capital and Income Fund, Inc. (NYSE: RSF) confirmó el resultado final de su oferta de derechos transferibles que expiró el 7 de julio de 2025. El Fondo emitirá 1.105.000 nuevas acciones ordinarias a un precio de suscripción de $14,39, establecido en el 90% del valor neto de los activos en la fecha de vencimiento. Se esperan ingresos brutos de aproximadamente
La oferta fue sobresuscrita; las solicitudes de sobresuscripción superaron las acciones disponibles y se asignarán prorrateadamente entre los accionistas participantes. Debido a que las acciones se emiten por debajo del NAV, los titulares existentes experimentan dilución, pero el capital adicional puede mejorar la flexibilidad de la cartera para la estrategia de alto ingreso del Fondo.
Después de la oferta, RSF tendrá aproximadamente 4,4 millones de acciones en circulación (3,3 millones anteriores más 1,105 millones de nuevas acciones). Como fondo cerrado, la negociación continuará únicamente en el mercado secundario, y los inversores deben revisar el prospecto e informes periódicos para conocer todos los riesgos, especialmente en relación con la exposición a instrumentos de crédito no calificados y alternativos.
RiverNorth Capital and Income Fund, Inc. (NYSE: RSF)는 2025년 7월 7일에 만료된 양도 가능한 권리 공모의 최종 결과를 확인했습니다. 펀드는 만기일 순자산가치의 90%에 해당하는 주당 14.39달러의 청약가로 1,105,000주의 신주를 발행할 예정입니다. 총 조달금액은 약 1,590만 달러로 예상되며, 2025년 6월 30일 기준 5,240만 달러였던 펀드의 자산 기반을 확장합니다.
공모는 초과 청약되었으며, 초과 청약 요청은 이용 가능한 주식을 초과하여 참여 주주들에게 비례 배분될 예정입니다. 주식이 순자산가치 이하로 발행되기 때문에 기존 보유자는 희석 효과를 겪지만, 추가 자본은 고수익 전략을 위한 포트폴리오 유연성을 높일 수 있습니다.
공모 후 RSF는 약 440만 주가 유통될 예정이며(기존 330만 주에 110.5만 주 추가), 폐쇄형 펀드로서 거래는 2차 시장에서만 이루어지며, 투자자는 등급이 없는 신용 상품 및 대체 신용 상품에 대한 노출 등 위험 공시를 위해 투자설명서와 정기 보고서를 검토해야 합니다.
RiverNorth Capital and Income Fund, Inc. (NYSE : RSF) a confirmé le résultat final de son offre de droits transférables qui a expiré le 7 juillet 2025. Le Fonds émettra 1 105 000 nouvelles actions ordinaires à un prix de souscription de 14,39 $, fixé à 90 % de la valeur nette d'inventaire à la date d'expiration. Les produits bruts devraient s'élever à environ 15,9 millions de dollars, augmentant ainsi la base d'actifs du Fonds, qui s'élevait à 52,4 millions de dollars au 30 juin 2025.
L'offre a été sursouscrite ; les demandes de sursouscription ont dépassé les actions disponibles et seront allouées au prorata entre les actionnaires participants. Comme les actions sont émises en dessous de la valeur nette d'inventaire, les détenteurs existants subissent une dilution, mais le capital supplémentaire pourrait améliorer la flexibilité du portefeuille pour la stratégie à revenu élevé du Fonds.
Après l'offre, RSF comptera environ 4,4 millions d'actions en circulation (3,3 millions auparavant plus 1,105 million de nouvelles actions). En tant que fonds fermé, les échanges continueront uniquement sur le marché secondaire, et les investisseurs doivent consulter le prospectus et les rapports périodiques pour une divulgation complète des risques, en particulier concernant l'exposition aux instruments de crédit non notés et alternatifs.
RiverNorth Capital and Income Fund, Inc. (NYSE: RSF) bestätigte das endgültige Ergebnis seines übertragbaren Bezugsrechtsangebots, das am 7. Juli 2025 ablief. Der Fonds wird 1.105.000 neue Stammaktien zu einem Bezugspreis von 14,39 $ ausgeben, der am Ablaufdatum 90 % des Nettoinventarwerts beträgt. Die Bruttoerlöse werden voraussichtlich etwa 15,9 Millionen $ betragen, wodurch die Vermögensbasis des Fonds erweitert wird, die am 30. Juni 2025 bei 52,4 Millionen $ lag.
Das Angebot war überzeichnet; Überzeichnungsanfragen überstiegen die verfügbaren Aktien und werden anteilig unter den teilnehmenden Aktionären verteilt. Da die Aktien unter dem NAV ausgegeben werden, kommt es zu einer Verwässerung der bestehenden Inhaber, jedoch kann das zusätzliche Kapital die Portfoliostrategie des Fonds mit hohem Einkommen flexibler gestalten.
Nach dem Angebot wird RSF etwa 4,4 Millionen Aktien ausstehend haben (vorher 3,3 Millionen plus 1,105 Millionen neue Aktien). Als geschlossener Fonds wird der Handel ausschließlich auf dem Sekundärmarkt fortgesetzt, und Anleger sollten den Prospekt sowie die regelmäßigen Berichte für vollständige Risikohinweise prüfen, insbesondere hinsichtlich der Exponierung gegenüber nicht bewerteten und alternativen Kreditinstrumenten.
RiverNorth CAPITAL AND INCOME Fund, INC.
Announces FINAL RESULTS OF Transferable Rights Offering
West Palm Beach, FL– July 9, 2025 – RiverNorth Capital and Income Fund, Inc. (NYSE: RSF) (the “Fund”) today announced the final results of its transferable rights offering (the “Offering”). The Fund will issue a total of 1,105,000 new shares of common stock as a result of the Offering, which closed on July 7, 2025 (the “Expiration Date”).
The subscription price of $14.39 per share in the Offering was established on the Expiration Date based on a formula equal to 90% of the reported net asset value per share of common stock. Gross proceeds received by the Fund, before any expenses of the Offering, are expected to total approximately $15.9 million.
The Offering was oversubscribed, and the over-subscription requests exceeded the over-subscription shares available. Accordingly, the shares issued as part of the over-subscription privilege of the Offering will be allocated pro-rata among record date stockholders who submitted over-subscription requests based on the number of rights originally issued to them by the Fund.
This press release shall not constitute an offer to sell or constitute a solicitation of an offer to buy.
RiverNorth Capital and Income Fund, Inc.
The investment objective of the Fund is to seek a high level of current income. The Fund had approximately $52.4 million of net assets and 3.3 million shares of common stock outstanding as of June 30, 2025.
The Fund is a closed-end fund and does not continuously issue stock for sale as open-end mutual funds do. The Fund now trades in the secondary market. Investors wishing to buy or sell stock need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market value.
Risk is inherent in all investing. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Therefore, before investing in the shares of common stock, you should consider the risks as well as the other information in the prospectus, annual report and semi-annual report.
Past performance is no guarantee of future results.
See the Prospectus for a more detailed description of Fund risks.
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.
RiverNorth Capital Management, LLC
RiverNorth Capital Management, LLC (“RiverNorth”) is an independent investment manager and closed-end fund expert specializing in opportunistic strategies and structures built to exploit market inefficiencies. Founded in 2000, RiverNorth manages $4.9 billion1 of assets in registered funds, private funds and separately managed accounts.
Investor Contact
RiverNorth CEF Investor Relations
800-646-0148, Option 1
CEF@rivernorth.com
| 1 | As of May 31, 2025. Firm AUM reflects Managed Assets which includes the effects of leverage and investments in affiliated funds. |
Not FDIC Insured | May Lose Value | No Bank Guarantee
RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC.
Marketing services provided by ALPS Distributors Inc. ALPS and RiverNorth are not affiliated.
©2000-2025 RiverNorth Capital Management, LLC. All rights reserved.
RVN001810
FAQ
How many new RSF shares are being issued?
What was the RSF subscription price in the rights offering?
How much capital did RiverNorth Capital and Income Fund raise?
Was the RSF rights offering oversubscribed?
What will RSF’s share count be after the offering?
Does the new issuance affect current RSF shareholders?
