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RiverNorth Capital and Income Fund Completes Rights Offering

Closed end fund RiverNorth Capital and Income Fund (RSF) has completed a rights offering to their common holders. The rights offering has helped to bolster their asset coverage ratio (must be above 200%).

The company has sold 1.047 million shares for $15.84/share.

RSF has had numerous changes of names – 1st RiverNorth Marketplace Lending, then RiverNorth Specialty Lending and most recently RiverNorth Capital and Income Fund. Honestly has not been a well run fund.

RSF has a 5.875% Term Preferred (RMPLP although depending on the broker tickers differ). The preferred has traded quite well and has a final term redemption on 10/31/2024. I hold an overweight position.

The company press release is here.

10 thoughts on “RiverNorth Capital and Income Fund Completes Rights Offering”

  1. Is this the same rivernorth as in RIV.A ? Which is a 6% A rated pfd trading under 24…..

      1. danzeb – However, RIV, RiverNorth Opportunities Fund, Inc. is not the same as RSF, RiverNorth Specialty Finance Corp.. RMPLp is issued by RSF and RIVpA is issued by RIV – 2 different entities.

        1. RiverNorth Specialty Finance changed it’s name to RiverNorth Capital and Income Fund and I think that us under RiverNorth Capital Management as is RIV. Or maybe I don’t understand it correctly.

          1. These firms that make every entity they operate have the same first name such as “RiverNorth,” really are hard to keep straight….. You are correct that RiverNorth Specialty Finance changed it’s name to RiverNorth Capital and Income Fund, but still, RiverNorth Capital and Income Fund is a separate entity than RiverNorth Opportunities Fund, Inc. And yes, they all fall under the RiverNorth umbrella but they’re all different funds…. Take a look at their website, https://www.rivernorth.com/. You’ll find RiverNorth Capital and Income Fund under Investment Vehicles/Opportunistic Credit. You’ll find RiverNorth Opportunities Fund, Inc. under Investment Vehicles/Tactical CEF….. Then just to add to the mix, there’s also RiverNorth DoubleLine Strategic Opportunity Fund, Inc. [OPP] which also has baby bond preferreds outstanding as well… You’ll find them under Investment Vehicles/Opportunistic Fixed Income….. All legal entities on their own and all three are CEFs

    1. David–it became redeemable in 2020 so technically negative above 25, but it will run to maturity in 2024–I bought all of mine below 25 and if it fell below would consider adding.

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