SCHEDULE: Sit Investment Associates Reports 11.9% Stake in RiverNorth

Sit Investment Associates and its subsidiary have reported a 11.9% beneficial ownership stake in RiverNorth Capital & Income Fund, Inc. as of July 31, 2025.

Summary

• Sit Investment Associates, Inc. and its subsidiary, Sit Fixed Income Advisors II, LLC, have filed an Amendment No. 4 to Schedule 13G.
• The filing reports their beneficial ownership in RiverNorth Capital & Income Fund, Inc. (Common Stock, CUSIP 76882B108).
• As of July 31, 2025, the reporting persons collectively beneficially own 507,275 shares of common stock.
• This represents 11.9% of the issuer's class of securities.
• The ownership percentages are based on 4,252,062 shares outstanding as of December 31, 2024, adjusted for a rights offering on July 7, 2025, and share repurchases on January 2, April 2, and July 2, 2025.
• The shares are held with shared voting and shared dispositive power.
• The reporting persons are registered investment advisers and state that the securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership and does not inherently convey positive or negative sentiment regarding the issuer's performance or prospects. It is a neutral regulatory update.

Positives

• The filing indicates a significant, stable investment by a reputable investment adviser, suggesting confidence in RiverNorth Capital & Income Fund, Inc.

Negatives

• This type of filing (Schedule 13G) does not typically contain negative financial or operational information about the issuer.

Risks

• This filing is a disclosure of beneficial ownership and does not detail specific risks related to the issuer's operations or financial performance. It only states that the shares are not held for the purpose of changing or influencing control, which mitigates the risk of activist investor actions from this specific holder.

Future Outlook

This filing is a disclosure of current beneficial ownership and does not provide forward-looking statements or guidance regarding the issuer's future performance or strategic outlook.

Industry Context

This Schedule 13G filing indicates that Sit Investment Associates, a registered investment adviser, holds a significant passive stake in RiverNorth Capital & Income Fund, Inc. Such filings are standard disclosures for institutional investors holding more than 5% of a company's shares, signaling their investment positions within the broader financial markets. This type of filing is common among investment funds and asset managers who acquire shares in the ordinary course of business without the intent to influence or control the issuer.

Comparison to Industry Standards

• The 11.9% stake held by Sit Investment Associates is a substantial position, typical for an institutional investor seeking exposure to a specific fund or asset class.
• The filing under Rule 13d-1(b) confirms the passive nature of the investment, aligning with standard practices for investment advisers who manage client accounts rather than engage in activist investing.
• The disclosure of shared voting and dispositive power is standard for investment advisers managing pooled investment vehicles or multiple client accounts, where the adviser makes investment decisions on behalf of clients.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder's stake, potentially offering a signal of institutional confidence.
• Investment Professionals: Offers data on institutional ownership, which can be used in market analysis and investment strategy.

Key Dates

Keywords

Beneficial Ownership, Investment Adviser, SEC Filing, Schedule 13G, RiverNorth Capital & Income Fund, Sit Investment Associates, Common Stock, Institutional Ownership