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

Non-Transferable Rights Offering

RiverNorth Capital and Income Fund, Inc. (NYSE: RSF) (the “Fund”) today

announced the final results of its non-transferable rights offering (the

“Offering”) that expired on April 22, 2024 (the “Expiration Date”). In

the Offering, the Fund received subscription requests for 949,525 shares of

common stock from rights holders. Accordingly, the Fund expects to issue

949,525 new shares of common stock for these subscriptions, on or about April

24, 2024. Gross proceeds from the Offering are expected to total approximately

$14.3 million, before expenses.

The Offering’s final subscription price per share was determined to be

$15.04. The subscription price was established pursuant to the terms of the

Offering and based on a formula equal to 90% of the Fund’s reported net

asset value (“NAV”) per share of common stock on the Expiration Date. The

NAV per share used in the formula described above was $16.71.

The final subscription price is lower than the original estimated subscription

price of $15.28 per share. Accordingly, any excess payments will be returned

to subscribing rights holders as soon as practicable, in accordance with the

prospectus supplement and accompanying prospectus, filed with the Securities

and Exchange Commission on February 28, 2024.

Shares of common stock issued as a result of the rights offering will not be

record date shares for the Fund’s monthly distributions paid in April 2024

but will be record date shares for the Fund’s May 2024 distribution.

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 $57.2 million of net assets and 3.4 million

shares of common stock outstanding as of March 31, 2024.

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 is an investment management firm founded in 2000 that specializes

in opportunistic strategies in niche markets where the potential to exploit

inefficiencies is greatest. RiverNorth is the manager to multiple registered

and private 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.

©2000-2024 RiverNorth Capital Management, LLC. All rights reserved.

RVN001715

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Investor Contact

RiverNorth CEF Investor Relations

800-646-0148, Option 1

CEF@rivernorth.com (mailto:CEF@rivernorth.com)

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