RiverNorth Capital and Income Fund

RSF

Market cap $62.1M

This report screens closed-end funds (CEFs) with fully covered distributions, highlighting those with attractive discounts, yields, and risk profiles for income-focused investors. TCW Strategic Income (TSI) and Invesco Bond Fund (VBF) stand out as safer, non-leveraged, investment-grade bond CEFs with strong distribution coverage and long track records. RiverNorth Capital and Income Fund (RSF) offers a much higher yield and discount but carries greater credit risk due to its focus on small business loans and Level 3 assets.

The Triple-Factor CEF Report screens over 400 funds for high yield (>6.5%), strong coverage (>90%), and discount to NAV, balancing yield, sustainability, and value. Top lists include funds with widest discounts, best z-scores, highest yields, and best combined metrics, offering potential for price appreciation and enhanced yields. Explore top lists for further research; these shortlists are not final buy/sell recommendations. Always verify coverage ratios with official fund documents.

This report screens ~400 closed-end funds for those with distribution coverage above 100%, aiming to identify lower-risk income opportunities for investors. Key metrics include premium/discount, z-score, leverage, baseline expense, and coverage. Top picks feature funds that offer high yields, deep discounts, and strong coverage, highlighting attractive value and income potential.

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 October 1, 2025. Based on information provided by DST Systems, Inc., the depositary for the repurchase offer, a total of 1,793,700 shares were submitted for redemption and 212,283 shares were repurchased. In accordan.

This report screens ~400 closed-end funds (CEFs) for those with 100%+ net investment income coverage, highlighting lower risk of distribution cuts. Top lists identify CEFs with the widest discounts, most attractive z-scores, highest covered yields, and best combinations of value and income. Investors are encouraged to use these rankings as a starting point for due diligence, not as final buy or sell recommendations.

RSF holds primarily small business loans via Square with no leverage. High management fees are offset by capped expenses; actual sustainable net yield is likely closer to 7.5% due to NAV erosion. Frequent rights and tender offers understate official returns, but active investors can generate significant additional alpha by participating.

We review the CEF market valuation and performance through the first week of September and highlight recent market action. CEF market action was mixed, with most sector NAVs rallying but discounts widening. Nuveen adjusted distributions across its tax-exempt CEF suite, with unleveraged muni funds seeing hikes and leveraged funds facing cuts, reflecting a trend toward normalized payouts.

RSF offers a unique portfolio and structure as a publicly listed interval CEF, but persistent NAV erosion and high expenses likely keep most investors away. With the interval structure, the fund repurchases a portion of shares each quarter at NAV, presenting regular occasions to cash in on the discount. The fund may not appear attractive based on a glance at a chart and expenses, but the fund's total returns have been quite competitive relative to other fixed-income instruments.

We review the CEF market valuation and performance through the second week of July and highlight recent market action. CEF market was mostly lower this week, with REIT and MLP sectors underperforming and overall valuations remaining historically expensive. Recent tender offers in CEFs like MVF and RSF continue to provide meaningful alpha opportunities; investors should match fund beta to portfolio needs.

The Triple-Factor screen identifies closed-end funds with >8% yield, >90% coverage, and trading at a discount to NAV, balancing yield, sustainability, and value. Key metrics: premium/discount, z-score, leverage, baseline expense, and coverage. Focus on funds with wide discounts, negative z-scores, and high yields. Explore top lists for further research; these shortlists are not final buy/sell recommendations. Always verify coverage ratios with official fund documents.