UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-23067

(Investment Company Act File Number)

RiverNorth Capital and Income Fund, Inc.
(Exact Name of Registrant as Specified in Charter)

360 South Rosemary Avenue, Suite 1420

West Palm Beach, FL 33401

(Address of Principal Executive Offices)

Marcus L. Collins, Esq.

RiverNorth Capital Management, LLC

360 South Rosemary Avenue, Suite 1420

West Palm Beach, FL 33401

(Name and Address of Agent for Service)

(561) 484-7185

(Registrant's Telephone Number)

Date of Fiscal Year End: June 30

Date of Reporting Period: June 30, 2025

Item 1.

Reports to Stockholders.

(a)

RiverNorth Capital and Income Fund, Inc.

Table of Contents

Shareholder Letter	2
Performance Overview	4
Summary Schedule of Investments	8
Statement of Assets and Liabilities	12
Statement of Operations	13
Statements of Changes in Net Assets	14
Statement of Cash Flows	15
Financial Highlights	18
Notes to Financial Statements	21
Report of Independent Registered Public Accounting Firm	34
Dividend Reinvestment Plan	35
Summary of Updated Information Regarding the Fund	37
Directors & Officers	82
Additional Information	86

RiverNorth Capital and Income Fund, Inc.

Shareholder Letter

June 30, 2025 (Unaudited)

Dear Fellow Shareholders,

We began last year’s letter discussing the Federal Reserve’s (the “Fed”) unprecedented rate tightening and its impact on the yield curve. One year later, we believe the story is still about the yield curve. Although the yield curve is positively sloped, as measured by the difference between 2-year and 10-year Treasuries, short-term rates remain elevated. However, with inflation trending modestly lower and the Fed pausing rate hikes since mid-2024, markets have started to price in an eventual pivot. Futures imply at least one rate cut – and potentially as many as three – by year-end 2025, though long-end yields remain elevated. Why does this matter?

As we’ve emphasized before, closed-end funds (“CEFs”) are highly sensitive to both current interest rate levels and expectations. A flat or inverted curve puts pressure on funds using floating-rate leverage, where borrowing costs potentially exceed income from longer-term investments. As the yield curve has flattened/re-steepened, our view is that sentiment around CEFs has improved. We believe that market volatility, discount dynamics, and an elevated interest rate environment continue to drive investor behavior—and present opportunity.

On the topic of leverage, the RiverNorth Capital and Income Fund, Inc.’s (the “Fund’s”) 7-year preferred stock matured at the end of October 2024 and was redeemed. At the end of the fiscal year, the Fund was unlevered. We continue to evaluate the Fund’s overall capital structure and may re-lever at some point as conditions and opportunities warrant.

For the fiscal year ended June 30, 2025, the Fund generated a total return of 5.98% on a net asset value (“NAV”) basis and 5.52% on a market price basis. These returns were achieved while maintaining a conservative stance. The Fund’s allocation to small business whole loans originated by Square Capital (“Square Loans”) was the most significant positive contributor to returns for the year, while exposure to special purpose acquisition companies was a slight detractor relative to the Fund’s benchmark (the Bloomberg U.S. Aggregate Bond Index).

Square Loans are the foundation of the Fund’s investment portfolio (~87% of assets at fiscal year-end). We’ve discussed the Square Loans regularly as they are a unique, short duration, high cash flow asset. Given the attractive characteristics of the Square Loans asset, we’ve significantly increased our exposure over the fiscal year from ~45-50% to the current 87% at year-end. We’ve owned Square Loans in this Fund for nearly 10 years and remain constructive around the risk-adjusted returns net of losses and fees we’ve experienced since inception. We build around the Square portfolio with opportunistic exposure to investment company debt, credit CEFs and business development companies.

The Fund maintained its level distribution policy (“LDP”) during the year, with distributions currently set at 10% of the Fund’s December 31, 2024 NAV. We believe a sustainable LDP can provide liquidity to shareholders at NAV and can play a significant role in keeping discounts relatively narrow.

We continue to believe that the Fund’s core exposure to Square Loans, flexible asset allocation, and an opportunistic approach position it well for today’s uncertain rate and credit environment. While risks remain—particularly around the economic cycle and the timing of the Fed’s potential rate cuts—we believe the Fund is built to generate income and manage downside across market cycles.

2	(888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Shareholder Letter

June 30, 2025 (Unaudited)

We are pleased to provide you with the 2025 Annual Report. Please visit www.rivernorth.com for additional information. We thank you for your continued investment and trust.

Respectfully,

RiverNorth Capital Management, LLC

Opinions and estimates offered constitute our judgement and are subject to change.

DEFINITIONS

U.S. Treasuries are seen as a good example of a risk-free investment because they are backed by the “full faith and credit” of the U.S. government. Treasury securities are divided into three primary categories according to the length of maturity. These are Treasury Bills, Treasury Bonds, and Treasury Notes.

The U.S. Treasury yield curve is a line chart that allows for the comparison of the yields of short-term Treasury bills and the yields of long-term Treasury notes and bonds.

Leverage, the use of borrowed money to invest, is a strategy that can be employed by closed end funds in an effort to potentially increase income and enhance returns.

Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates. Duration is non-linear and accelerates as time to maturity lessens.

Business development companies (“BDCs”) are organizations that invest in small- and medium-sized companies as well as distressed companies. A BDC helps the small- and medium-sized firms grow in the initial stages of their development.

Square Capital (small business loans) is an invitation-only advance on the sales that retailers make through Square’s point of sales system. It’s essentially a merchant cash advance, meaning that you pay a fixed fee rather than interest and repay the funds with a percentage of your daily sales.

Annual Report | June 30, 2025

RiverNorth Capital and Income Fund, Inc.

Performance Overview

June 30, 2025 (Unaudited)

WHAT IS THE FUND’S INVESTMENT STRATEGY?

The investment objective of the RiverNorth Capital and Income Fund, Inc. (“the Fund”) is to seek a high level of current income. The Fund seeks to achieve its investment objective by investing in credit instruments, including a portfolio of securities of specialty finance and other financial companies that the Fund’s investment adviser, RiverNorth Capital Management, LLC (the “Adviser”) believes offer attractive opportunities for income. The Fund may invest in income-producing securities of any maturity and credit quality, including below investment grade, and equity securities, including exchange traded funds and registered closed-end funds (“CEFs”).

HOW DID THE FUND PERFORM RELATIVE TO ITS BENCHMARK DURING THE PERIOD?

PERFORMANCE as of June 30, 2025

	Annualized
TOTAL RETURN⁽¹⁾	1 Year	3 Year	5 Year	Since Inception⁽²⁾
RiverNorth Capital and Income Fund, Inc. - NAV⁽³⁾	5.98%	6.17%	8.47%	4.74%
RiverNorth Capital and Income Fund, Inc. - Market Price⁽⁴⁾⁽⁶⁾	5.52%	3.82%	10.78%	4.26%
Bloomberg U.S. Aggregate Bond Index⁽⁵⁾	6.08%	2.55%	-0.73%	1.30%

⁽¹⁾

Total returns assume reinvestment of all distributions.

⁽²⁾

The Fund commenced operations on September 22, 2016.

⁽³⁾

Performance returns are net of management fees and other Fund expenses.

⁽⁴⁾

Market price is the value at which the Fund trades on an exchange. This market price can be more or less than its net asset value (“NAV”).

(5)

The index is an unmanaged index of investment grade fixed-rate debt issues with maturities of at least one year. The index cannot be invested in directly and does not reflect fees and expenses.

⁽⁶⁾

The Fund began trading on the New York Stock Exchange (“NYSE”) on June 12, 2019 under the ticker symbol RSF. Formerly the Fund was known as RMPLX and was purchased directly. Market price returns are a blend of the NAV return until June 11, 2019 combined with the market price return thereafter.

Effective as of May 22, 2020, the Fund changed its investment strategy from, under normal market conditions, investing at least 80% of its Managed Assets in marketplace lending investments to, under normal market conditions, investing directly or indirectly in credit instruments, including a portfolio of securities of specialty finance and other financial companies that the Adviser believes offer attractive opportunities for income.

The total annual expense ratio as a percentage of net assets attributable to common shares for the year ended June 30, 2025 was 2.54% (excluding interest expense on loan payable and dividends to redeemable preferred stock). Including interest expense on loan payable and dividends to redeemable preferred stock, the expense ratio was 6.38% for the year ended June 30, 2025.

Performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling 844.569.4750. Total return measures net investment income and capital gain or loss from portfolio investments. All performance shown assumes reinvestment of dividends and capital gains distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Other fees and expenses are applicable to an investment in this Fund.

4	(888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Performance Overview

June 30, 2025 (Unaudited)

WHAT CONTRIBUTING FACTORS WERE RESPONSIBLE FOR THE FUND’S RELATIVE PERFORMANCE DURING THE FISCAL YEAR ENDED JUNE 30, 2025?

The Fund’s allocation to small business whole loans, investment company debt (“ICD”) and CEFs were the largest contributors to performance for the fiscal year ended June 30, 2025. Exposure to special purpose acquisition companies (“SPACs”) and business development companies (“BDCs”) detracted from returns relative to the Fund’s primary benchmark.

HOW WAS THE FUND POSITIONED AT THE END OF THE FISCAL YEAR?

The Fund allocated 87% of its portfolio to small business whole loans originated by Square Loans. This is a unique, high income, short duration asset that we believe adds a strong degree of diversification to a portfolio of more traditional fixed income assets. Additionally, the Fund had 2% of its assets in ICD, 1% in SPACs and held 9% in cash.

DEFINITIONS

Duration is a measure of the sensitivity of the price of a fixed income investment to a change in interest rates. Duration is expressed as a number of years.

Investment company debt (“ICD”) are non-equity securities. Notes typically obligate issuers to repay creditors the principal loan, in addition to any interest payments, at a predetermined date.

Special purpose acquisition companies (“SPACs”) are companies with no commercial operations that is formed strictly to raise capital through an initial public offering for the purpose of acquiring an existing company.

Annual Report | June 30, 2025

RiverNorth Capital and Income Fund, Inc.

Performance Overview

June 30, 2025 (Unaudited)

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

The graph below illustrates the growth of a hypothetical $10,000 investment assuming the purchase of common shares at the NAV of $25.00 on September 22, 2016 (commencement of operations) and tracking its progress through June 30, 2025.

Past performance does not guarantee future results. Performance will fluctuate with changes in market conditions. Current performance may be lower or higher than the performance data shown. Performance information does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. An investment in the Fund involves risk, including loss of principal.

6	(888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Performance Overview

June 30, 2025 (Unaudited)

TOP TEN HOLDINGS* as of June 30, 2025

	% of Net Assets
Oaktree Specialty Lending Corp.	2.18%
Trailblazer Merger Corp. I	0.72%
Allspring Income Opportunities Fund	0.17%
Ares Acquisition Corp. II	0.07%
Colombier Acquisition Corp. II	0.02%
Nabors Energy Transition Corp. II	0.01%
Iron Horse Acquisitions Corp.	0.01%
JVSPAC Acquisition Corp.	0.01%
CH Auto, Inc.	0.01%
Distoken Acquisition Corp.	0.01%
	3.21%

Holdings are subject to change and exclude short-term investments.

ASSET ALLOCATION as of June 30, 2025^

^{^}

Holdings are subject to change.

Percentages are based on total investments of the Fund.

Annual Report | June 30, 2025

RiverNorth Capital and Income Fund, Inc.

Summary Schedule of Investments

June 30, 2025

Shares		Description	Value
CLOSED-END FUNDS (0.17%)
United States (0.17%)
	12,415	Allspring Income Opportunities Fund	$	87,650

TOTAL CLOSED-END FUNDS
(Cost $69,627)				87,650

Shares		Description	Value
SPECIAL PURPOSE ACQUISITION COMPANIES (0.71%)
Great Britain (0.00%)
	1,103	Akari Therapeutics PLC^(a)	$	1,291

United States (0.70%)
	31,280	Trailblazer Merger Corp. I^(a)		366,289

China (0.01%)
	1,533	CH Auto, Inc.^(a)		5,758

TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES
(Cost $317,746)				373,338

Shares		Description	Rate			Maturity Date	Value
BUSINESS DEVELOPMENT COMPANY NOTES (2.18%)
United States (2.18%)
	1,109,000	Oaktree Specialty Lending Corp.		7.100	%	02/15/29	$	1,142,522

TOTAL BUSINESS DEVELOPMENT COMPANY NOTES
(Cost $1,085,139)								1,142,522

SMALL BUSINESS LOANS (87.19%)^(b)(c)(d)(e)
United States (87.19%)
$	63,166,125	Square		2.19%-7.87	%	07/04/2020-12/25/2026	$	45,678,207

TOTAL SMALL BUSINESS LOANS
(Cost $60,748,662)								45,678,207

Shares		Description	Value
WARRANTS (0.24%)
Canada (0.00%)
	13,341	Above Food Ingredients, Inc., Strike Price $11.50, Expires 06/21/2029		695

See Notes to Financial Statements.

8	(888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Summary Schedule of Investments

June 30, 2025

Shares		Description	Value
United States (0.21%)
	10,223	Aimei Health Technology Co., Ltd., Strike Price $0.01, Expires 12/31/2049	$	2,454
	18,607	Apexigen, Inc., Strike Price $11.50, Expires 07/29/2027		486
	33,217	Ares Acquisition Corp. II, Strike Price $11.50, Expires 06/12/2028		36,539
	64,011	AtlasClear Holdings, Inc., Strike Price $690.00, Expires 10/25/2028		1,210
	6,873	Bayview Acquisition Corp., Strike Price $0.01, Expires 12/31/2049		1,993
	2,789	Black Hawk Acquisition Corp., Strike Price $0.01, Expires 12/31/2049		1,935
	6,500	Bowen Acquisition Corp., Strike Price $0.01, Expires 12/31/2049		1,385
	11,822	Brand Engagement Network, Inc., Strike Price $11.50, Expires 03/14/2029		356
	2,575	Colombier Acquisition Corp. II, Strike Price $11.50, Expires 12/31/2028		9,656
	20,000	Concord Acquisition Corp. II, Strike Price $11.50, Expires 12/31/2028		1,600
	7,168	Corner Growth Acquisition Corp. 2, Strike Price $11.50, Expires 06/17/2026		252
	17,481	ESH Acquisition Corp., Strike Price $10.00, Expires 12/31/2049		1,311
	9,445	FOXO Technologies, Inc., Strike Price $11.50, Expires 08/01/2027		151
	22,188	Goal Acquisitions Corp., Strike Price $11.50, Expires 02/11/2026		222
	14,678	GP-Act III Acquisition Corp., Strike Price $11.50, Expires 12/31/2027		4,403
	7,625	Haymaker Acquisition Corp. 4, Strike Price $11.50, Expires 09/12/2028		1,906
	28,026	Horizon Space Acquisition I Corp., Strike Price $11.50, Expires 01/26/2028		2,663
	7,036	IB Acquisition Corp., Strike Price $0.01, Expires 12/31/2049		290
	27,754	Iron Horse Acquisitions Corp., Strike Price $11.50, Expires 02/16/2029		7,749
	10,471	Jaws Mustang Acquisition Corp., Strike Price $11.50, Expires 01/30/2026		314
	7,108	Legato Merger Corp. III, Strike Price $11.50, Expires 03/28/2029		1,636
	3,606	Maquia Capital Acquisition Corp., Strike Price $11.50, Expires 12/31/2027		70

See Notes to Financial Statements.

Annual Report | June 30, 2025

RiverNorth Capital and Income Fund, Inc.

Summary Schedule of Investments

June 30, 2025

Shares		Description	Value
	16,157	Nabors Energy Transition Corp. II, Strike Price $11.50, Expires 09/05/2028	$	7,772
	10,328	New Horizon Aircraft, Ltd., Strike Price $11.50, Expires 01/12/2029		2,987
	4,459	NKGen Biotech, Inc., Strike Price $11.50, Expires 10/02/2028		178
	8,975	Northern Revival Acquisition Corp., Strike Price $11.50, Expires 12/31/2027		195
	22,253	OceanTech Acquisitions I Corp., Strike Price $11.50, Expires 05/10/2026		–
	16,697	OneMedNet Corp., Strike Price $11.50, Expires 12/31/2028		451
	28,667	OSR Holdings, Inc., Strike Price $11.50, Expires 02/14/2030		1,524
	774	Quetta Acquisition Corp., Strike Price $0.01, Expires 12/31/2049		906
	146	RMG Acquisition Corp. III, Strike Price $11.50, Expires 02/08/2026		–
	9,545	SHF Holdings, Inc., Strike Price $11.50, Expires 09/28/2027		191
	3,872	Spark I Acquisition Corp., Strike Price $11.50, Expires 11/27/2028		753
	31,280	Trailblazer Merger Corp. I, Strike Price $0.01, Expires 12/31/2049		12,042
				105,580
Singapore (0.00%)
	6,650	Chenghe Acquisition II Co., Strike Price $11.50, Expires 07/29/2029		585
	6,487	RF Acquisition Corp. II, Strike Price $0.01, Expires 01/01/2049		441
				1,026
China (0.02%)
	27,792	Distoken Acquisition Corp., Strike Price $11.50, Expires 03/30/2028		5,569
	35,317	MicroAlgo, Inc., Strike Price $11.50, Expires 12/31/2027		530
	22,264	SunCar Technology Group, Inc., Strike Price $11.50, Expires 05/18/2028		1,558
				7,657
Hong Kong (0.01%)
	7,600	JVSPAC Acquisition Corp., Strike Price $0.01, Expires 12/31/2049		6,612

See Notes to Financial Statements.

10	(888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Summary Schedule of Investments

June 30, 2025

Shares		Description	Value
	10,302	MultiMetaVerse Holdings, Ltd., Strike Price $11.50, Expires 03/15/2027	$	16
				6,628
Ireland (0.00%)
	10,162	Kalera PLC, Strike Price $1150.00, Expires 06/28/2027		–

Cayman Islands (0.00%)
	10,000	Namib Minerals, Strike Price $11.50, Expires 06/05/2030		1,950

TOTAL WARRANTS
(Cost $235,772)				123,536

SHORT-TERM INVESTMENTS (8.02%)
Money Market Fund (8.02%)
	4,201,331	State Street Institutional Treasury Money Market Fund Premier Class (7 Day Yield 4.20%)	$	4,201,331

TOTAL SHORT-TERM INVESTMENTS
(Cost $4,201,331)				4,201,331

TOTAL INVESTMENTS (98.51%)
(Cost $66,658,277)			$	51,606,584

Other Assets In Excess Of Liabilities (1.49%)				778,173
NET ASSETS (100.00%)			$	52,384,757

^(a)

Non-income producing security.

^(b)

Fair Valued by the Advisor using a discounted cash flow (DCF) methodology.

^(c)

Loans are issued at discounts and do not have a stated interest rate. Rate indicated based on projected future cash flows and an implied 18-month final maturity from the date origination of each underlying loan. Actual yield and maturity is dependent on timing of future payments.

^(d)

Security may be deemed restricted to resale to institutional investors. As of June 30, 2025, the aggregate fair value of these securities was $45,678,207, representing 87.19% of net assets.

^(e)

Contains past-due loans. A loan is deemed past-due at June 30, 2025, if the loan borrower has not made its required payment as of the most recent due date. As of June 30, 2025, $831,604 of whole loans were past due, which represents 1.59% of net assets.

See Notes to Financial Statements.

Annual Report | June 30, 2025

RiverNorth Capital and Income Fund, Inc.

Statement of Assets and Liabilities

June 30, 2025

ASSETS:
Investments in securities:
At cost	$	66,658,277
At value	$	51,606,584
Cash		141,677
Receivable for principal repayments		321,028
Receivable for investments sold		4,307
Interest receivable		29,976
Dividends receivable		18,765
Deferred offering costs		377,788
Prepaid and other assets		10,033
Total Assets		52,510,158

LIABILITIES:
Payable to Adviser, net of waiver		3,554
Payable to fund accounting and administration		19,628
Payable to transfer agency		11,438
Payable for compliance fees		5,095
Payable for custodian fees		11,984
Payable for audit fees		20,000
Other payables		53,702
Total Liabilities		125,401
Net Assets	$	52,384,757

NET ASSETS CONSIST OF:
Paid-in capital	$	78,711,997
Total distributable earnings (accumulated deficit)		(26,327,240	)
Net Assets	$	52,384,757

PRICING OF SHARES:
Net Assets	$	52,384,757
Shares of common stock outstanding (40,000,000 of shares authorized, at $0.0001 par value per share)		3,312,425
Net asset value per share	$	15.81

See Notes to Financial Statements.

12	(888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Statement of Operations

For the Year Ended June 30, 2025

INVESTMENT INCOME:
Interest Income	$	9,690,986
Dividend Income		929,878
Total Investment Income		10,620,864

EXPENSES:
Investment Adviser fee		956,792
Loan service fees		907,756
Dividends to redeemable preferred stock		804,145
Interest expense on loan payable		258,951
Offering costs		213,397
Accounting and Administration fees		179,500
Legal expenses		140,847
Director expenses		130,065
Printing expenses		82,588
Audit expenses		80,000
Transfer agent expenses		78,571
Amortization of preferred stock and credit facility issuance cost		62,821
Valuation expenses		59,700
Custodian fees		29,730
Compliance expense		22,154
Insurance fee		1,552
Other expenses		56,114
Total expenses before expense reimbursement		4,064,683
Expenses reimbursed by Investment Adviser		(327,436	)
Net expenses		3,737,247
Net Investment Income		6,883,617

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		3,317,566
Net realized gain		3,317,566
Long-term capital gains from other investment companies		14,809
Net change in unrealized depreciation on:
Investments		(6,675,902	)
Net change in unrealized depreciation		(6,675,902	)
Net Realized and Unrealized Loss on Investments		(3,343,527	)
Net Increase in Net Assets Resulting from Operations	$	3,540,090

See Notes to Financial Statements.

Annual Report | June 30, 2025

RiverNorth Capital and Income Fund, Inc.

Statements of Changes in Net Assets

	For the Year Ended June 30, 2025			For the Year Ended June 30, 2024
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	6,883,617		$	6,353,492
Net realized gain		3,317,566			201,428
Long-term capital gains from other investment companies		14,809			3,731
Net change in unrealized depreciation		(6,675,902	)		682,335
Net increase in net assets resulting from operations		3,540,090			7,240,986

DISTRIBUTIONS TO SHAREHOLDERS:
From distributable earnings		(5,927,184	)		(6,138,107	)
Net decrease in net assets from distributions to shareholders		(5,927,184	)		(6,138,107	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold, net of offering costs		–			14,148,180
Cost of shares redeemed		(12,367,650	)		(14,888,211	)
Net decrease in net assets from capital share transactions		(12,367,650	)		(740,031	)

Net Increase/(Decrease) in Net Assets		(14,754,744	)		362,848

NET ASSETS:
Beginning of period		67,139,501			66,776,653
End of period	$	52,384,757		$	67,139,501

See Notes to Financial Statements.

14	(888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Statement of Cash Flows

For the Year Ended June 30, 2025

CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase in net assets resulting from operations	$	3,540,090
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchases of investment securities		(111,600,313	)
Proceeds from disposition and paydowns on investment securities		171,521,158
Amortization of premium and accretion of discount on investments, net		(133,215	)
Net purchases of short-term investment securities		(525,808	)
Amortization of preferred share deferred costs		62,821
Net realized (gain)/loss on:
Investments		(3,317,566	)
Long-Term Capital Gain distributions from other investment companies		(14,809	)
Net change in unrealized appreciation/depreciation on:
Investments		6,675,902
(Increase)/Decrease in assets:
Interest receivable		297,034
Dividends receivable		89,709
Receivable for principal repayments		791,433
Prepaid and other assets		380,544
Increase/(Decrease) in liabilities:
Interest due on loan payable		(42,000	)
Payable for credit agreement fees		(310,641	)
Payable to transfer agency		1,522
Payable to Adviser		(115,547	)
Payable to fund accounting and administration		(5,592	)
Payable for audit fees		(70,000	)
Payable for compliance fees		(164	)
Payable for custodian fees		4,265
Other payables		(2,318	)
Net cash provided by operating activities	$	67,226,505

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of Series A Cumulative Preferred Stock		(41,400,000	)
Offering costs paid		(341,660	)
Proceeds of credit facility		6,600,000
Repayments of credit facility		(14,100,000	)
Shares redeemed		(12,367,650	)
Cash distributions paid		(5,927,184	)
Net cash used in financing activities	$	(67,536,494	)

See Notes to Financial Statements.

Annual Report | June 30, 2025

RiverNorth Capital and Income Fund, Inc.

Statement of Cash Flows

For the Year Ended June 30, 2025

Net decrease in cash	$	(309,989	)
Cash, beginning of year	$	451,666
Cash, end of year	$	141,677

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest expense and fees for line of credit	$	1,415,737

Reconciliation of restricted and unrestricted cash at the beginning of year to the statement of assets and liabilities:
Cash	$	451,666
Foreign Cash	$	–

Reconciliation of restricted and unrestricted cash at the end of the year to the statement of assets and liabilities:
Cash	$	141,677
Foreign Cash	$	–

See Notes to Financial Statements.

16	(888) 848-7569 \| www.rivernorth.com

Intentionally Left Blank

RiverNorth Capital and Income Fund, Inc.

Financial Highlights

For a share outstanding throughout the periods presented

Net asset value - beginning of year

Income/(loss) from investment operations:

Net investment income^(a)

Net realized and unrealized gain/(loss)

Total income/(loss) from investment operations

Less distributions:

From net investment income

From tax return of capital

Total distributions

Capital share transactions:

Dilutive effect of rights offering

Common share offering costs charged to paid-in capital

Total capital share transactions

Net increase/(decrease) in net asset value

Net asset value - end of year

Market price - end of year

Total Return^(c)

Total Return - Market Price^(c)

Supplemental Data:

Net assets, end of period (in thousands)

Ratio of expenses to average net assets excluding fee waivers, reimbursements and recoupments^(d)

Ratio of expenses to average net assets including fee waivers, reimbursements and recoupments^(d)(e)

Ratio of net investment income to average net assets excluding fee waivers, reimbursements and recoupments

Ratio of net investment income to average net assets including fee waivers, reimbursements and recoupments

Portfolio turnover rate

Loan payable (in thousands)

Asset coverage per $1,000 of loan payable^(f)

Payable for preferred stock, end of period (in thousands)

Asset coverage of Preferred Stock^(g)

Involuntary liquidating preference per unit of Series A Cumulative Preferred Stock Average market value per unit of Series A Cumulative Preferred Stock

18	(888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Financial Highlights

For a share outstanding throughout the periods presented

For the Year Ended June 30, 2025			For the Year Ended June 30, 2024			For the Year Ended June 30, 2023			For the Year Ended June 30, 2022			For the Year Ended June 30, 2021
$	16.51		$	16.67		$	18.01		$	20.05		$	17.45

	1.92			1.74			1.52			1.35			1.32
	(0.97	)		0.22			(0.53	)		(1.48	)		3.07
	0.95			1.96			0.99			(0.13	)		4.39

	(1.65	)		(1.69	)		(1.48	)		(1.54	)		(0.98	)
	–			–			(0.37	)		(0.37	)		(0.81	)
	(1.65	)		(1.69	)		(1.85	)		(1.91	)		(1.79	)

	–			(0.43	)^(b)		(0.48	)^(b)		–			–
	–			–			–			–			–
	–			(0.43	)		(0.48	)		–			–
	(0.70	)		(0.16	)		(1.34	)		(2.04	)		2.60
$	15.81		$	16.51		$	16.67		$	18.01		$	20.05
$	14.55		$	15.36		$	15.42		$	18.03		$	19.90
	5.98	%		9.62	%		3.02	%		(0.86	%)		27.87	%
	5.52	%		10.97	%		(4.45	%)		–%			49.13	%

$	52,385		$	67,140		$	66,777		$	66,861		$	91,378

	6.94	%		10.19	%		9.09	%		7.72	%		6.54	%

	6.38	%		9.71	%		8.91	%		7.74	%		6.65	%

	11.19	%		9.98	%		8.64	%		6.89	%		7.34	%

	11.75	%		10.45	%		8.82	%		6.87	%		7.24	%
	160	%		136	%		172	%		130	%		138	%
$	–		$	7,500		$	1,000		$	–		$	11,500
	–			15,430			109,177			–			12,546
$	–		$	41,400		$	41,400		$	41,400		$	41,400
	–			66			65			65			80
	–			25.00			25.00			25.00			25.00
	–			25.00			25.00			25.42			25.25

^(a)

Based on average shares outstanding during the period.

^(b)

Represents the impact of the Fund’s rights offering of 949,525 and 1,047,000 shares in April 2024 and January 2023, respectively, at a subscription price per share based on a formula. For more details please refer to Note 12 of the Notes to Financial Statements.

See Notes to Financial Statements.

Annual Report | June 30, 2025

RiverNorth Capital and Income Fund, Inc.

Financial Highlights

For a share outstanding throughout the periods presented

^(c)

Total investment return is calculated assuming a purchase of common shares at the opening on the first day and a sale at closing on the last day of each period reported. For purposes of the Total Return calculations, dividends and distributions, if any, are assumed to be reinvested at NAV. For purposes of the Total Return-Market Price calculation, dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions, if any. Periods less than one year are not annualized.

^(d)

The ratios exclude the impact of income and expenses of the underlying funds in which the Fund invests as represented in the Statement of Investments.

^(e)

Ratio includes leverage expenses and loan service fees of 3.84%, 6.28%, 5.65%, 4.69% and 3.75%, respectively, that are outside the expense limit.

^(f)

Calculated by subtracting the Fund’s total liabilities (excluding the debt balance and accumulated unpaid interest) from the Fund’s total assets and dividing by the outstanding debt balance.

^(g)

The asset coverage ratio for a class of senior securities representing stock is calculated as the Fund’s total assets, less all liabilities and indebtedness not represented by the Fund’s senior securities, divided by secured senior securities representing indebtedness plus the aggregate of the involuntary liquidation preference of secured senior securities which are stock. With respect to the Preferred Stock, the asset coverage per unit figure is expressed in terms of dollar amounts per share of outstanding Preferred Stock (based on liquidation preference of $25).

20	(888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements

June 30, 2025

1. ORGANIZATION

RiverNorth Capital and Income Fund, Inc. (the “Fund”) was organized as a Maryland corporation on June 9, 2015, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified closed-end management investment company. The investment adviser to the Fund is RiverNorth Capital Management, LLC (the “Adviser”).

The Fund is operated as an interval fund under Rule 23c-3 of the 1940 Act. As an interval fund, the Fund has adopted a fundamental policy to conduct quarterly repurchase offers for at least 5% and up to 25% of the outstanding shares at net asset value (“NAV”), subject to certain conditions. The Fund will not otherwise be required to repurchase or redeem shares at the option of a shareholder. It is possible that a repurchase offer may be oversubscribed, in which case shareholders may only have a portion of their shares repurchased.

Effective as of June 12, 2019, the Fund listed its common shares on the New York Stock Exchange (“NYSE”) under the ticker symbol “RSF” and has ceased continuously offering shares of its common stock through Quasar Distributors, LLC or the Fund.

The investment objective of the Fund is to seek a high level of current income. Under normal market conditions, the Fund seeks to achieve its investment objective by investing in credit instruments, including a portfolio of securities of specialty finance and other financial companies that the Adviser believes offer attractive opportunities for income.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Fund. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts and disclosures, including the disclosure of contingent assets and liabilities, in the financial statements during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the financial statements may differ from the value the Fund ultimately realizes upon sale of the securities. The Fund is considered an investment company for financial reporting purposes under GAAP and follows the accounting and reporting guidance applicable to investment companies as codified in Accounting Standards Codification (“ASC”) Topic 946 – Financial Services – Investment Companies. The financial statements have been prepared as of the close of the NYSE on June 30, 2025.

Common Share Valuation: The NAV is generally calculated as of the close of trading on the NYSE (normally 4:00 p.m. Eastern Time) every day the NYSE is open. The NAV is calculated by dividing the value of all of the securities and other assets of the Fund, less the liabilities (including accrued expenses and indebtedness), by the total number of common shares outstanding.

Federal Income Taxes: The Fund makes no provision for federal income tax. The Fund intends to continue to qualify each year as a “regulated investment company” (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “IRC”). In order to qualify as a RIC, the Fund must, among other things, satisfy income, asset diversification and distribution requirements. As long as it so qualifies, the Fund will not be subject to U.S. federal income tax to the extent that it distributes annually its investment company taxable income and its “net capital gain”. If the Fund retains any investment company taxable income or net capital gain, it will be subject to U.S. federal income tax on the retained amount at regular corporate tax rates. In addition, if the Fund fails to qualify as a RIC for any taxable year, it will be subject to U.S. federal income tax on all of its income and gains at regular corporate tax rates.

Annual Report | June 30, 2025

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements

June 30, 2025

As of and during the year ended June 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses on the Statement of Operations. During the year ended June 30, 2025, the Fund did not incur any interest or penalties.

Security Valuation: The Fund’s investments are valued at fair value as further described in Note 3.

Distributions to Shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing or character of recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification has no effect on net assets, results of operations or NAVs per share of the Fund.

The Fund maintains a level distribution policy. The Fund distributes to common shareholders regular monthly cash distributions of its net investment income. In addition, the Fund distributes its net realized capital gains, if any, at least annually. Any amounts received in excess of a common shareholder’s basis are generally treated as capital gain, assuming the shares are held as capital assets. The Board approved the implementation of the level distribution policy to make monthly cash distributions to common shareholders. The Fund made monthly distributions to common shareholders set at a level monthly rate of $0.1398 per common share for the period from July 1, 2024 to December 31, 2024, and $0.1357 per common share for the period from January 1, 2025 to June 30, 2025.

Return Of Capital Distributions: At times, to maintain a stable level of distributions, the Fund may pay out less than all of its net investment income or pay out accumulated undistributed income, or return of capital, in addition to current net investment income. Any distribution that is treated as a return of capital generally will reduce a common shareholder’s basis in his or her shares, which may increase the capital gain or reduce the capital loss realized upon the sale of such shares.

22	(888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements

June 30, 2025

Investment Income: Dividend income is recorded on the ex-dividend date. Interest income is recognized on an accrual basis to the extent that such amounts are expected to be collected and include amortization/ accretion of premiums or discounts.

Investment Transactions: The Fund follows industry practice and records security transactions on the trade date basis. The specific identification method is used for determining gains or losses for financial statements and income tax purposes.

Cash Balance: The Fund places its cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. The Fund’s credit risk in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. Management monitors the financial institutions’ creditworthiness in conjunction with balances on deposit to minimize risk. The Fund from time to time may have amounts on deposit in excess of the insured limits.

Other: The Fund holds certain investments which pay dividends to their shareholders based upon available funds from operations. It is possible for these dividends to exceed the underlying investments’ taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from investments in securities that represent a return of capital or long-term capital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively.

3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS

Fair value is defined as the price that the Fund might reasonably expect to receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including using such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Annual Report | June 30, 2025

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements

June 30, 2025

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

	Level 1 –	Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

	Level 2 –	Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

	Level 3 –	Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5 under the 1940 Act, the Board approved updated valuation procedures for the Fund and designated the Adviser as the Fund’s valuation designee to make all fair valuation determinations with respect to the Fund’s portfolio investments, subject to the Board’s oversight.

Small business loans, as an asset class, are not presently traded on a developed secondary market. Therefore, market quotations are not available. Accordingly, all small business loans are fair valued as determined in good faith by the Adviser, as the Fund’s valuation designee, pursuant to policies and procedures approved by the Board of Directors (the “Board”) and subject to the Board’s oversight. The Fund’s holdings in small business loans are fair valued daily by the Adviser using a discounted cash flow methodology, as an income approach. Discounted cash flow is a valuation technique that provides an estimation of the fair value of an asset based on expectations about cash flows that a small business loan would generate over time. In general, the primary inputs of fair value in the small business loan valuation model are projected loss rate and adjusted discount rate. A discounted cash flow model begins with an estimation of periodic cash flows expected to be generated over a discrete period of time (generally the time remaining until maturity of the loan). The estimated cash flows for each interval period (generally monthly) are then converted to their present value equivalent using a rate of return appropriate for the risk of achieving projected cash flows. Although not exhaustive, discounted cash flow models factor in borrower level data. Loans made to small businesses may incorporate different factors.

Equity securities, including closed-end funds, special purpose acquisition companies, business development companies and business development company notes, are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices more accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its mean price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price.

24	(888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements

June 30, 2025

The following is a summary of the inputs used at June 30, 2025 in valuing the Fund’s assets and liabilities:

Investments in Securities at Value	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Closed-End Funds	$	87,650	$	–	$	–	$	87,650
Special Purpose Acquisition Companies		367,580		5,758		–		373,338
Business Development Company Notes		–		1,142,522		–		1,142,522
Small Business Loans		–		–		45,678,207		45,678,207
Warrants		116,840		6,696		–		123,536
Short-Term Investments		4,201,331		–		–		4,201,331
Total	$	4,773,401	$	1,154,976	$	45,678,207	$	51,606,584

The changes of the fair value of investments for which the Fund has used Level 3 inputs to determine the fair value are as follows:

Asset Type	Balance as of June 30, 2024		Accrued Discount / premium		Return of Capital		Realized Gain/(Loss)			Change in Unrealized Appreciation / Depreciation			Purchases		Sales Proceeds / Loans Paydown			Transfer Into / Out of Level 3			Balance as of June 30, 2025		Net change in unrealized appreciation / (depreciation) included in the Statements of Operations attributable to Level 3 investments held at June 30, 2025
Small Business Loans	$	54,970,970	$	–	$	–	$	(162,891	)	$	(4,814,869	)	$	106,985,566	$	(111,300,569	)	$	–		$	45,678,207	$	(5,779,713	)
Warrants	$	1,460	$	–	$	–	$	–		$	(779	)	$	–	$	–		$	(681	)	$	–	$	–
	$	54,972,430	$	–	$	–	$	(162,891	)	$	(4,815,648	)	$	106,985,566	$	(111,300,569	)	$	(681	)	$	45,678,207	$	(5,779,713	)

The table below provides additional information about the Level 3 Fair Value Measurements as of June 30, 2025:

Quantitative Information about Level 3 Fair Value Measurements

Asset Class	Fair Value (USD)		Valuation Technique	Unobservable Inputs^(a)	Value/Range (Weighted Average)
Small Business Loans	$	45,678,207	Income	Loss-Adjusted	0.45%-31.90%
			Approach	Discount Rate	(10.90%)
				Projected	0.00%-100.00%
				Loss Rate	(25.05%)

^(a)

A change to the unobservable input may result in a significant change to the value of the investment as follows:

Unobservable Inputs	Impact to Value if Input Increases	Impact to Value if Input Decreases
Loss-Adjusted Discount Rate	Decrease	Increase
Projected Loss Rate	Decrease	Increase

Annual Report | June 30, 2025

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements

June 30, 2025

4. ADVISORY FEES, DIRECTOR FEES AND OTHER AGREEMENTS

For its services under the Investment Advisory Agreement (“Advisory Agreement”), the Fund pays the Adviser a monthly management fee computed at the annual rate of 1.25% of the average monthly Managed Assets. “Managed Assets” means the total assets of the Fund, including assets attributable to leverage, minus liabilities (other than debt representing leverage and any preferred stock that may be outstanding). In addition to the monthly advisory fee, the Fund pays all other costs and expenses of its operations, including, but not limited to, compensation of its directors (other than those affiliated with the Adviser), custodial expenses, transfer agency and dividend disbursing expenses, legal fees, expenses of independent auditors, expenses of repurchasing shares, expenses of any leverage, expenses of preparing, printing and distributing prospectuses, shareholder reports, notices, proxy statements and reports to governmental agencies, and taxes, if any. For the year ended June 30, 2025, the Adviser earned fees of $956,792, of which $3,554 remained payable at June 30, 2025. The Fund also accrued $22,154 in chief compliance officer ("CCO") fees, of which $5,095 remained payable at June 30, 2025. In addition, the Adviser has agreed to waive or reimburse expenses of the Fund (other than brokerage fees and commissions; loan servicing fees; borrowing costs such as (i) interest and (ii) dividends on securities sold short; taxes; indirect expenses incurred by the underlying funds in which the Fund may invest; the cost of leverage; and extraordinary expenses) to the extent necessary to limit the Fund’s total annual operating expenses at 1.95% of the average daily Managed Assets for that period through at least April 4, 2026. The Adviser may recover from the Fund expenses reimbursed for three years after the date of the payment or waiver if the Fund’s operating expenses, including the recovered expenses, falls below the expense cap. For the year ended June 30, 2025, the Adviser reimbursed $327,436 of expenses. In future periods, the Adviser may recoup fees as follows:

Remaining Amount

to be Recouped⁽¹⁾

(Expiring by

June 30, 2026)

Remaining Amount

to be Recouped⁽¹⁾

(Expiring by

June 30, 2027)

Remaining Amount

to be Recouped⁽¹⁾

(Expiring by June 30,

2028)

Total

120,783

295,700

327,436

743,919

⁽¹⁾

Amounts to be recouped are in accordance with the expense limitation agreement, and will not cause the Fund’s total operating expense ratio (excluding loan service fees and leverage costs set forth in the agreement) to exceed 1.95% of the average daily Managed Assets during the year.

ALPS Fund Services, Inc. (“ALPS”) provides the Fund with fund administration and fund accounting services. As compensation for its services to the Fund, ALPS receives an annual fee based on the Fund’s average daily net assets, subject to certain minimums.

State Street Bank & Trust, Co. and Inspira Financial Trust, LLC serve as the Fund’s custodians.

26	(888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements

June 30, 2025

DST Systems, Inc. (“DST”), the parent company of ALPS, serves as the Transfer Agent to the Fund. Under the Transfer Agency Agreement, DST is responsible for maintaining all shareholder records of the Fund. DST is a wholly-owned subsidiary of SS&C Technologies Holdings, Inc. (“SS&C”), a publicly traded company listed on the NASDAQ Global Select Market.

The Fund pays no salaries or compensation to its officers or to any interested Director employed by the Adviser, and the Fund has no employees. For their services, the Directors of the Fund who are not employed by the Adviser, receive an annual retainer in the amount of $16,500, an additional $2,000 for attending each quarterly meeting of the Board and an additional fee of $1,500 for each special meeting of the Board. In addition, the lead Independent Director receives $1,333 annually, the Chair of the Audit Committee receives $1,111 annually and the Chair of the Nominating and Corporate Governance Committee receives $667 annually. The Directors employed by the Adviser are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings of the Board.

The CCO of the Fund is an employee of the Adviser. The Fund reimburses the Adviser for certain compliance costs related to the Fund, including a portion of the CCO’s compensation.

5. NEW ACCOUNTING PRONOUNCEMENTS AND RULE ISSUANCES

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted disclosures only and did not affect the Fund’s financial position nor the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by a public entity’s chief operating decision maker (the “CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund’s Principal Financial Officer, acting together as the Fund’s CODM, has determined that the Fund has operated as a single segment since inception. The CODM monitors the operating results of the Fund, as a whole, and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of the related Prospectus, based on the defined investment objectives and strategies that are executed by the Fund’s portfolio management team. The financial information, in the form of the Fund’s holdings, total returns, expense ratios, and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) are used by the CODM to assess the Fund’s performance versus the Fund’s benchmark and to make resource allocation decisions for the Fund’s segment, which is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the Fund’s Statement of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the Statement of Operations.

Annual Report | June 30, 2025

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements

June 30, 2025

6. CREDIT AGREEMENT

On December 24, 2020, the Fund entered into a prime brokerage agreement for margin financing with Pershing LLC, which was amended and restated as of March 28, 2022 (“Pershing Credit Agreement”). The Pershing Credit Agreement permits the Fund to borrow funds that are collateralized by assets held in a special custody account held at State Street Bank pursuant to a Special Custody and Pledge Agreement. Borrowings under this arrangement bears interest at the overnight bank funding rate plus 75 basis points for an overnight time. During the Fund’s utilization period during the fiscal year ended June 30, 2025, the Fund’s average borrowing and interest rate under the Pershing Credit Agreement were $6,165,714 and 5.43%, respectively. At June 30, 2025, there was no outstanding on the Pershing Credit Agreement.

On March 9, 2023, the Fund entered into an additional credit agreement with BNP Paribas (“BNP Credit Agreement”). The BNP Credit Agreement permits the Fund to borrow funds that are collateralized by assets held at BNP Paribas pursuant to the agreement. Under the terms of the BNP Credit Agreement, the Fund may borrow up to $15,000,000 bearing an interest rate of the Overnight Bank Funding Rate plus a fixed rate determined by the securities pledged as collateral. Any unused portion of the BNP Credit Agreement is subject to a commitment fee of 0.50% of the unused portion of the facility until a utilization of 80% or greater is met. During the Fund’s utilization period during the fiscal year ended June 30, 2025, the Fund’s average borrowings and interest rate under the BNP Credit Agreement were $7,500,000 and 5.67%, respectively. At June 30, 2025, there was no borrowing outstanding on the credit facility.

7. TAX BASIS INFORMATION

It is the Fund’s policy to meet the requirements of the IRC applicable to regulated investment companies, and to distribute all of its taxable net income to its shareholders. In addition, the Fund intends to pay distributions as required to avoid imposition of excise tax. Therefore, no federal income tax provision is required.

Tax Basis of Distributions to Shareholders: The character of distributions made during the period from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gains were recorded by the Fund.

The tax character of the distributions paid by the Fund during the fiscal years ended June 30, 2025 and June 30, 2024, was as follows:

	For the Fiscal Year Ended		For the Fiscal Year Ended
	June 30, 2025		June 30, 2024
Ordinary Income	$	5,927,184	$	6,138,107
Ordinary Income Preferred		804,144		2,121,626
Total	$	6,731,328	$	8,259,733

28	(888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements

June 30, 2025

Components of Distributable Earnings on a Tax Basis: The tax components of distributable earnings are determined in accordance with income tax regulations which may differ from the composition of net assets reported under GAAP. Accordingly, for the year ended June 30, 2025, certain differences were reclassified. The amounts reclassified did not affect net assets and were primarily related to permanent differences between book and tax accounting. The reclassifications were as follows:

Paid-in capital	Total distributable earnings (accumulated deficit)
$242,918	$(242,918)

At June 30, 2025, the components of distributable earnings on a tax basis for the Fund was as follows:

Undistributed Ordinary Income	$	619,832
Accumulated Capital Loss	$	(9,938,629	)
Unrealized Depreciation	$	(17,008,443	)
Total	$	(26,327,240	)

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of the current fiscal year end, the following amounts are available as carry forwards to the next tax year:

		Short-Term				Long-Term
RiverNorth Capital and Income Fund		$	–			$	9,938,629

Capital loss carryforwards used during the year ended June 30, 2025 were $3,143,307.

Unrealized Appreciation and Depreciation on Investments: As of June 30, 2025, net unrealized appreciation/(depreciation) of investments based on federal tax costs was as follows:

Fund		Gross Appreciation (excess of value over tax)				Gross Depreciation (excess of tax cost over value)				Net Unrealized Appreciation/ (Depreciation)				Cost of Investments for Income Tax Purposes
RiverNorth Capital and Income Fund		$	145,519			$	(17,153,962	)		$	(17,008,443	)		$	68,615,027

The difference between book and tax basis unrealized appreciation/(depreciation) for the Fund is primarily attributable to wash sales and preferred securities.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since inception of the Fund. No income tax returns are currently under examination. All tax years since commencement of operations remain subject to examination by the tax authorities in the United States. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Annual Report | June 30, 2025

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements

June 30, 2025

8. INVESTMENT TRANSACTIONS

Investment transactions for the year ended June 30, 2025, excluding short-term investments, were as follows:

Fund		Purchases of Securities				Proceeds from Sales of Securities
RiverNorth Capital and Income Fund		$	111,600,313			$	172,512,244

9. REDEEMABLE PREFERRED STOCK

The Fund had issued and outstanding 1,656,000 shares of 5.875% Series A Preferred Stock, listed under trading symbol RMPL on the NYSE, with a par value of $0.0001 per share and a liquidation preference of $25.00 per share plus accrued and unpaid dividends (whether or not declared). On October 31, 2024, the Fund redeemed all 1,656,000 outstanding shares of its 5.875% Series A Preferred Stock for a redemption price of $25.31 per share. Any unamortized deferred offering costs of Series A Preferred Stock were expensed at the date of redemption and are included in the Amortization of preferred stock and credit facility issuance cost in the Fund’s Statement of Operations.

Series

Mandatory Redemption Date

Fixed Rate

Shares Redeemed

Shares Outstanding at June 30, 2025

Series A

October 31, 2024

5.875

1,656,000

10. INDEMNIFICATIONS

Under the Fund’s organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that may contain general indemnification clauses. The Fund’s maximum exposure under those arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred.

30	(888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements

June 30, 2025

11. REPURCHASE OFFERS

Shares repurchased through quarterly repurchase offers during the year ended June 30, 2025 and June 30, 2024 were as follows:

Repurchase Offer Date	Cash Payment Date	NAV on Repurchase Pricing Date		Percentage of Outstanding Shares the Fund Repurchased			Amount of Shares the Fund Repurchased		Percentage of Shares Tendered to Outstanding Shares			Number of Shares Tendered
Fiscal Year Ended 2024
June 5, 2023	July 5, 2023	$	16.68		5.09	%^(a)		203,976		47.11	%		1,866,944
September 5, 2023	October 4, 2023	$	16.39		5.68	%^(a)		215,998		45.62	%		1,733,887
December 4, 2023	January 4, 2024	$	16.83		6.20	%^(a)		222,327		44.71	%		1,602,879
March 4, 2024	April 4, 2024	$	16.97		7.33	%^(a)		246,374		47.73	%		1,605,138
Fiscal Year Ended 2025
June 3, 2024	July 5, 2024	$	16.60		5.00	%^(a)		202,931		57.44	%		2,335,546
September 3, 2024	October 3, 2024	$	16.57		5.00	%^(a)		193,024		55.14	%		2,129,843
December 3, 2024	January 3, 2025	$	16.30		5.00	%^(a)		183,195		45.86	%		1,682,942
March 3, 2025	April 3, 2025	$	16.15		5.00	%^(a)		174,273		44.08	%		1,536,885

^(a)

If shareholders tender for repurchase more than five percent (5%) of the outstanding shares of the Fund, the Fund may, but is not required to, repurchase up to an additional two percent (2%).

For information regarding the repurchase offer with a repurchase offer date of June 2, 2025, see Note 13.

12. CAPITAL SHARE TRANSACTIONS

	June 30, 2025			June 30, 2024
Shares Sold		–			949,525
Shares repurchased from Repurchase Offer		(753,423	)		(888,675	)
Net increase (decrease) in shares		(753,423	)		60,850
Shares outstanding:
Common shares outstanding-beginning of period		4,065,848			4,004,998
Common shares outstanding-end of period		3,312,425			4,065,848

On December 21, 2022, the Board approved a rights offering to participating shareholders of record who were allowed to subscribe for new common shares of the Fund (the “Primary Subscription”). Record date shareholders received one right for each common share held on the Record Date ("Right"). For every three Rights held, a holder of the Rights was entitled to buy one new common share of the Fund. Record date shareholders who fully exercised all Rights initially issued to them in the Primary Subscription were entitled to buy those common shares that were not purchased by other record date shareholders. The Fund issued new shares of common stock at a subscription price that represented 90.0% of the reported net asset value on the expiration date of the rights offering. Offering costs were charged to paid-in-capital upon the exercise of the Rights.

Annual Report | June 30, 2025

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements

June 30, 2025

On March 15, 2024, the Board approved a rights offering to participating shareholders of record who were allowed to subscribe for new common shares of the Fund. Record date shareholders received one right for each common share held on the Record Date. For every three Rights held, a holder of the Rights was entitled to buy one new common share of the Fund. Record date shareholders who fully exercised all Rights initially issued to them in the Primary Subscription were entitled to buy those common shares that were not purchased by other record date shareholders. The Fund issued new shares of common stock at a subscription price that represented 90.0% of the reported net asset value on the expiration date of the rights offering. Offering costs were charged to paid-in-capital upon the exercise of the Rights.

On May 13-14, 2025, the Board approved a rights offering to participating shareholders of record who were allowed to subscribe for new common shares of the Fund. Record date shareholders received one right for each common share held on the Record Date. For every three Rights held, a holder of the Rights was entitled to buy one new common share of the Fund. The subscription price per share of common stock was determined based upon a formula equal to 90% of the reported net asset value or 95% of the market price per share of common stock, whichever was higher on the expiration date of the rights offering. Offering costs were charged to paid-in-capital upon the exercise of the Rights.

The shares of common stock issued, subscription price, and offering costs for the rights offering were as follows:

Record Date	Expiration Date	Shares of Common Stock Issued		Subscription Price		Offering Costs
January 6, 2023	January 27, 2023		1,047,000	$	15.84	$	135,935
April 1, 2024	April 22, 2024		949,525	$	15.04	$	132,677

On May 20, 2025, the Fund entered into a distribution agreement with ALPS Distributors, Inc. pursuant to which the Fund may offer and sell up to 3,000,000 shares of the Fund’s common stock from time to time in an “at-the-market” offering.

There were no shares issued through the at-the-market offering during the year ended June 30, 2025.

13. SUBSEQUENT EVENTS

On June 2, 2025, the Fund issued a repurchase offer. On July 3, 2025, 165,363 shares were repurchased based on a NAV per share of $15.97 at July 3, 2025.

Subsequent to June 30, 2025, the Fund paid the following distributions:

Ex-Date	Record Date	Payable Date	Rate (per share)
July 15, 2025	July 15, 2025	July 31, 2025	$0.1357
August 15, 2025	August 15, 2025	August 29, 2025	$0.1357

32	(888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements

June 30, 2025

The Fund issued transferable rights to its common shareholders of record as of June 3, 2025. The subscription period expired on July 7, 2025. The shares of common stock issued, subscription price, and offering costs for the rights offering were as follows:

Record Date Costs	Expiration Date	Shares of Common Stock Issued	Subscription Price	Offering Costs
June 3, 2025	July 7, 2025	1,105,000	$14.39	$164,194

The Fund has performed an evaluation of subsequent events through the date the financial statements were issued and has determined that no additional items require recognition or disclosure.

Annual Report | June 30, 2025

RiverNorth Capital and Income Fund, Inc.

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors

RiverNorth Capital and Income Fund, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of RiverNorth Capital and Income Fund, Inc. (the Fund), including the summary schedule of investments, as of June 30, 2025, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2025, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more RiverNorth investment companies since 2015.

Columbus, Ohio

August 29, 2025

34	(888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Dividend Reinvestment Plan

June 30, 2025 (Unaudited)

The Fund has a dividend reinvestment plan, commonly referred to as an “opt-out” plan, (the “Plan”). Unless the registered owner (“Shareholder”) of shares of common stock (“Shares”) elects to receive cash by contacting DST (the “Plan Administrator”), all dividends and distributions declared on Shares will be automatically reinvested in additional Shares by the Plan Administrator for Shareholders in the Fund’s Plan. Such reinvested amounts are included in the Fund’s Managed Assets and, therefore, the fees paid under the Management Fee and will be higher than if such amounts had not been reinvested. Shareholders who elect not to participate in the Plan will receive all dividends and other distributions in cash paid by check mailed directly to the Shareholder of record (or, if the Shares are held in street or other nominee name, then to such nominee) by the Plan Administrator as dividend disbursing agent. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Such notice will be effective with respect to a particular dividend or other distribution (together, a “Dividend”). Some brokers may automatically elect to receive cash on behalf of Shareholders and may reinvest that cash in additional Shares.

The Plan Administrator will open an account for each Shareholder under the Plan in the same name in which such Shareholder’s Shares are registered. Whenever the Fund declares a Distribution payable in cash, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in Shares. The Shares will be acquired by the Plan Administrator for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized Shares from the Fund or (ii) by purchase of outstanding Shares on the open market (“Open-Market Purchases”) on the NYSE or elsewhere. If, on the payment date for any dividend, the closing market price plus estimated brokerage commissions per share is equal to or greater than the NAV per share, the Plan Administrator will invest the dividend amount in newly issued shares. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the Fund’s NAV per share on the payment date. If, on the payment date for any dividend, the NAV per share is greater than the closing market value plus estimated brokerage commissions (i.e., the Fund’s shares are trading at a discount), the Plan Administrator will invest the dividend amount in shares acquired in Open-Market Purchases.

In the event of a market discount on the payment date for any dividend, the Plan Administrator will have until the last business day before the next date on which the shares trade on an “ex-dividend” basis or 30 days after the payment date for such dividend, whichever is sooner, to invest the dividend amount in shares acquired in Open-Market Purchases. If, before the Plan Administrator has completed its Open-Market Purchases, the market price per share exceeds the NAV per share, the average per share purchase price paid by the Plan Administrator may exceed the NAV of the shares, resulting in the acquisition of fewer shares than if the dividend had been paid in newly issued shares on the dividend payment date. Because of the foregoing difficulty with respect to Open-Market Purchases, the Plan provides that if the Plan Administrator is unable to invest the full dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making open-market purchases and may invest the uninvested portion of the dividend amount in newly issued shares at the NAV per share at the close of business on the last purchase date.

Annual Report | June 30, 2025

RiverNorth Capital and Income Fund, Inc.

Dividend Reinvestment Plan

June 30, 2025 (Unaudited)

The Plan Administrator maintains all Shareholders’ accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by Shareholders for tax records. Shares in the account of each Plan participant will be held by the Plan Administrator on behalf of the Plan participant, and each Shareholder proxy will include those Shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for Shares held under the Plan in accordance with the instructions of the participants.

Beneficial owners of Shares who hold their Shares in the name of a broker or nominee should contact the broker or nominee to determine whether and how they may participate in the Plan. In the case of Shareholders such as banks, brokers or nominees which hold shares for others who are the beneficial owners, the Plan Administrator will administer the Plan on the basis of the number of Shares certified from time to time by the record Shareholder’s name and held for the account of beneficial owners who participate in the Plan.

There will be no brokerage charges with respect to Shares issued directly by the Fund. The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Dividends. Shareholders who receive distributions in the form of Shares generally are subject to the same U.S. federal, state and local tax consequences as Shareholders who elect to receive their distributions in cash and, for this purpose, Shareholders receiving distributions in the form of Shares will generally be treated as receiving distributions equal to the fair market value of the Shares received through the plan; however, since their cash distributions will be reinvested, those Shareholders will not receive cash with which to pay any applicable taxes on reinvested distributions. Participants that request a sale of Shares through the Plan Administrator are subject to brokerage commissions.

The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants. All correspondence or questions concerning the Plan should be directed to the Plan Administrator at (844) 569-4750.

36	(888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund

June 30, 2025 (Unaudited)

The following information in this annual report is a summary of certain information about the Fund and changes since the Fund’s most recent annual report as of June 30, 2024 (the “prior disclosure date”). This information may not reflect all of the changes that have occurred since you purchased the Fund.

Summary of Fund Expenses

The following table shows estimated Fund expenses as a percentage of net assets attributable to Common Shares. The expenses shown in the table and related footnotes, along with the example, are based on the Fund’s capital structure as of June 30, 2025. Actual expenses may be greater or less than those shown below.

Shareholder Transaction Expenses	As a Percentage of Offering Price
Sales Load		–	%^*
Offering Expenses Borne by the Fund		-–	%^*
Dividend Reinvestment Plan Fees⁽¹⁾		–	*
Preferred Shares Offering Expenses Borne by the Fund (as a percentage of net assets attributable to common shares)		–	%^*

Annual Expenses	As a Percentage of Net Assets Attributable to Common Shares (Assuming the Use of Leverage Equal to 0% of the Fund’s Managed Assets)
Management fee⁽²⁾		1.25	%
Leverage costs ⁽³⁾⁽⁴⁾		0.11	%
Other expenses⁽⁵⁾		3.02	%
Acquired fund fees and expenses⁽⁶⁾		0.50	%
Total annual expenses		4.88	%
Fee waiver/reimbursement		-0.77	%
Total annual expenses after waiver		4.11	%

The purpose of the table above and the example below is to help you understand the fees and expenses that you, as a Common Shareholder, would bear directly or indirectly. The expenses shown in the table under “Other Expenses” and “Total annual expenses” assume that the Fund has not issued any additional Common Shares.

Example⁽⁷⁾

The example illustrates the expenses you would pay on a $1,000 investment in Common Shares, assuming (1) “Total annual expenses” of 4.11% of net assets attributable to Common Shares during the first year and 4.88% of net assets attributable to Common Shares during years two through ten, and (2) a 5% annual return. The example for one year reflects the contractual expense limitation described below, and the amounts for the other periods reflect the contractual expense limitation described below only for the first year of such periods.

Annual Report | June 30, 2025

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund

June 30, 2025 (Unaudited)

	1 year	3 years	5 years	10 years
Total Expenses Incurred	$41	$140	$239	$487

The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those assumed.

The applicable prospectus supplement to be used in connection with any sales of Common Shares or Preferred Shares will set forth any applicable sales load and the estimated offering expenses borne by the Fund under an Offering.

⁽¹⁾

There will be no brokerage charges with respect to common shares issued directly by the Fund under the dividend reinvestment plan. You will pay brokerage charges in connection with Open-Market Purchases or if you direct the plan agent to sell your common shares held in a dividend reinvestment account.

⁽²⁾

The Fund has agreed to pay the Adviser a management fee payable on a monthly basis at the annual rate of 1.25% of the Fund’s average monthly Managed Assets for the service it provides. With leverage, Managed Assets are greater in amount than net assets, because Managed Assets include assets attributable to the Fund’s use of leverage. In addition, the mark-to-market value of the Fund’s derivatives will be used for purposes of calculating Managed Assets. The management fee of 1.25% of the Fund’s Managed Assets represents 1.25% of net assets attributable to common shares assuming the use of leverage in an amount of 0% of the Fund’s Managed Assets as of June 30, 2025. The Adviser has agreed to waive or reimburse expenses of the Fund (other than brokerage fees and commissions; loan servicing fees; borrowing costs such as (i) interest and (ii) dividends on securities sold short; taxes; indirect expenses incurred by the underlying funds in which the Fund may invest; the cost of leverage, including dividends on preferred shares; and extraordinary expenses) to the extent necessary to limit the Fund’s total annual operating expenses at 1.95% of the average daily Managed Assets for at least twelve months from the effective date of the most recent registration statement. The Adviser may recover from the Fund expenses reimbursed for three years after the date of the payment or waiver, so long as such recoupment does not cause the Fund’s total annual operating expenses (after the repayment is taken into account) to exceed: (i) the Fund’s expense limitation at the time such expenses were waived or (ii) the Fund’s current expense limitation at the time of recoupment.

⁽³⁾

The actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund’s use of leverage and variations in market interest rates. See “Use of Leverage.”

⁽⁴⁾

“Leverage costs” are estimated to reflect actual leverage outstanding as of June 30, 2025 and estimated interest and associated costs. Actual leverage costs incurred in the future may be higher or lower as the actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund’s use of leverage and variations in market interest rates. See “Use of Leverage.”

⁽⁵⁾

Includes $907,756 of loan service fees in connection with the Fund’s investments in Alternative Credit Instruments as of June 30, 2025. Loan service fees relate to the Fund’s investment in Square Loans and are not related to any leverage expenses. The loan service fees are the cost associated with the originator’s ongoing collection and remittance of payments related to the Alternative Credit Instruments.

38	(888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund

June 30, 2025 (Unaudited)

⁽⁶⁾

The “Acquired fund fees and expenses” disclosed above are based on the expense ratios as of June 30, 2025 of the underlying funds in which the Fund has invested, which may change substantially over time and, therefore, significantly affect “Acquired fund fees and expenses.” These amounts are based on the total expense ratio disclosed in each underlying fund’s most recent shareholder report. “Acquired fund fees and expenses” are not charged directly to the Fund, but rather reflect the estimated pro rata portion of the underlying funds’ fees attributable to the Fund’s investments in shares of the underlying funds. The 0.50% shown as “Acquired fund fees and expenses” reflects estimated operating expenses of the underlying funds and transaction-related fees. Certain underlying funds in which the Fund intends to invest generally charge a management fee of 0.50% to 1.20%, which are included in “Acquired fund fees and expenses,” as applicable. Acquired fund fees and expenses are borne indirectly by the Fund, but they are not reflected in the Fund’s financial statements; and the information presented in the table will differ from that presented in the Fund’s financial highlights.

⁽⁷⁾

The example does not include sales load or estimated offering costs and considers the expense limitation only for the periods in which it is in effect. The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the table are accurate and that all dividends and distributions are reinvested at NAV and that the Fund is engaged in leverage of 0% of Managed Assets, assuming interest and fees on leverage of 0%. The interest and fees on leverage is expressed as an interest rate and represents interest and fees payable on the Pershing Facility (as defined below) and BNP Facility (defined below). Actual expenses may be greater or less than those shown. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% annual return shown in the example.

The purpose of the table and the example above is to help investors understand the fees and expenses that they, as Common Shareholders, would bear directly or indirectly.

Investment Objective

There have been no changes in the Fund’s investment objectives since the prior disclosure date that have not been approved by shareholders.

The investment objective of the Fund is to seek a high level of current income.

Principal Investment Strategies and Policies

There have been no changes in the Fund’s Principal Investment Strategies and Policies since the prior disclosure date.

Under normal market conditions, the Fund seeks to achieve its investment objectives by investing, directly or indirectly, in credit instruments, including a portfolio of securities of specialty finance and other financial companies that the Adviser believes offer attractive opportunities for income. These companies may include, but are not limited to, banks, thrifts, finance companies, lending platforms, business development companies (“BDCs”), real estate investment trusts (“REITs”), special purpose acquisition companies (“SPACs”), private investment funds (private funds that are exempt from registration under Sections 3(c)(1) and 3(c)(7) of the Investment Company Act of 1940, as amended (the “1940 Act”)), registered closed-end investment companies, brokerage and advisory firms, insurance companies and financial holding companies. Together, these types of companies are referred to as “financial institutions.” The Fund’s investments in hedge funds and private equity funds that are exempt from registration under Sections 3(c)(1) and 3(c)(7) of the 1940 Act will be limited to no more than 15% of the Fund’s assets. The Fund may also invest in common equity, preferred equity, convertible securities and warrants of these institutions. “Managed Assets” means the total assets of the Fund, including assets attributable to leverage, minus liabilities (other than debt representing leverage and any preferred stock that may be outstanding).

Annual Report | June 30, 2025

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund

June 30, 2025 (Unaudited)

The Fund may invest in income-producing securities of any maturity and credit quality, including below investment grade, and equity securities, including exchange-traded funds and registered closed-end funds. Below investment grade securities are commonly referred to as “junk” or “high yield” securities and are considered speculative with respect to the issuer’s capacity to pay interest and repay principal. Such income-producing securities in which the Fund may invest may include, without limitation, corporate debt securities, U.S. government debt securities, short-term debt securities, asset backed securities, exchange-traded notes, loans, including secured and unsecured senior loans, Alternative Credit (as defined below), collateralized loan obligations (“CLOs”) and other structured finance securities, and cash and cash equivalents.

The Fund’s alternative credit investments may be made through a combination of: (i) investing in loans to small and mid-sized companies (“SMEs”); (ii) investing in notes or other pass-through obligations issued by an alternative credit platform (or an affiliate) representing the right to receive the principal and interest payments on an Alternative Credit investment (or fractional portions thereof) originated through the platform (“Pass-Through Notes; (iii) purchasing asset-backed securities representing ownership in a pool of Alternative Credit; (iv) investing in private investment funds that purchase Alternative Credit, (v) acquiring an equity interest in an alternative credit platform (or an affiliate); and (vi) providing loans, credit lines or other extensions of credit to an alternative credit platform (or an affiliate) (the foregoing listed investments are collectively referred to herein as the “Alternative Credit Instruments”). Subject to the limitations in the Fund’s prospectus and SAI, the Fund may invest without limit in any of the foregoing types of Alternative Credit Instruments and the Fund’s investments in private investment funds will be limited to no more than 10% of the Fund’s Managed Assets. The Alternative Credit in which the Fund typically invests are newly issued and/or current as to interest and principal payments at the time of investment. As a fundamental policy (which cannot be changed without the approval of the holders of a majority of the outstanding voting securities of the Fund), the Fund does not invest in Alternative Credit that are of subprime quality at the time of investment. The Fund considers an SME loan to be of “subprime quality” if the likelihood of repayment on such loan is determined by the Adviser based on its due diligence and the credit underwriting policies of the originating platform to be similar to that of consumer loans that are of subprime quality. The Fund does not currently have any intention invest in Alternative Credit originated from lending platforms based outside the United States or made to non-U.S. borrowers. However, the Fund may in the future invest in such Alternative Credit and will provide updated disclosures prior to making such investments. Unless the context suggests otherwise, all references to loans generally in this disclosure refer to Alternative Credit.

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. 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. The Alternative Credit Instruments in which the Fund may invest may have varying degrees of credit risk. There can be no assurance that payments due on underlying Alternative Credit investments will be made. At any given time, the Fund’s portfolio may be substantially illiquid and subject to increased credit and default risk. If a borrower 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. The Shares therefore should be purchased only by investors who could afford the loss of the entire amount of their investment.

40	(888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund

June 30, 2025 (Unaudited)

Percentage limitations described within this report regarding the Fund’s investment strategies and policies are as of the time of investment by the Fund and may be exceeded on a going-forward basis as a result of market value fluctuations of the Fund’s portfolio investments to the extent the Fund’s investments in hedge funds and private equity funds that are exempt from registration under Sections 3(c)(1) and 3(c)(7) of the 1940 Act are limited to no more than 15% of the Fund’s asset.

To the extent any affiliate of the Adviser or the Fund (“Affiliated Broker”) receives any fee, payment, commission or other financial incentive of any type (“Broker Fees”) in connection with the purchase and sale of securities by the Fund, such Broker Fees will be subject to policies and procedures adopted by the Board of Directors pursuant to Section 17(e) and Rule 17e-1 of the 1940 Act. These policies and procedures include quarterly review by the Board of Directors of any such payments. Among other things, Section 17(e) and those procedures provide that, when acting as broker for the Fund in connection with the purchase or sale of securities to or by the Fund, an affiliated broker may not receive any compensation exceeding the following limits: (1) if the transaction is effected on a securities exchange, the compensation may not exceed the “usual and customary broker’s commission” (as defined in Rule 17e-1 under the 1940 Act); (2) in the case of the purchase of securities by the Fund in connection with a secondary distribution, the compensation cannot exceed 2% of the sale price; and (3) the compensation for transactions otherwise effected cannot exceed 1% of the purchase or sale price. Rule 17e-1 defines a “usual and customary broker’s commission” as one that is fair compared to the commission received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on an exchange during a comparable period of time. Notwithstanding the foregoing, no Affiliated Broker will receive any undisclosed fees from the Fund in connection with any transaction involving the Fund and such Affiliated Broker, and to the extent any transactions involving the Fund are effected by an Affiliated Broker, such Affiliated Broker’s Broker Fees for such transactions shall be limited in accordance with Section 17(e)(2) of the 1940 Act and the Fund’s policies and procedures concerning Affiliated Brokers.

Specialty Finance Companies.

Specialty finance companies and other financial companies invest in a wide range of securities and financial instruments, including but not limited to private debt and equity, secured and unsecured debt, trust preferred securities, subordinated debt, and preferred and common equity as well as other equity-linked securities. These various securities offer distinct risk/reward features which may be more or less attractive during different points in the market cycle. Under normal market conditions, the Adviser will invest the Fund’s Managed Assets in specialty finance companies with exposure to some or all of these kinds of securities.

Annual Report | June 30, 2025

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund

June 30, 2025 (Unaudited)

Specialty finance companies provide capital or financing to businesses within specified market segments. These companies are often distinguished by their market specializations which allow them to focus on the specific financial needs of their clients. Specialty finance companies often engage in asset-based and other forms of non-traditional financing activities. While they generally compete against traditional financial institutions with broad product lines and, often, greater financial resources, specialty finance companies seek competitive advantage by focusing their attention on market niches, which may provide them with deeper knowledge of their target market and its needs. Specialty finance companies include mortgage specialists to certain consumers, equipment leasing specialists to certain industries and equity or debt-capital providers to certain small businesses. Specialty finance companies often utilize tax-efficient or other non-traditional structures, such as BDCs and REITs.

Alternative Credit.

The Fund intends to primarily invest in whole loans originated by alternative credit platforms.

General. Alternative credit is often referred to as “peer-to-peer” lending, which term originally reflected the initial focus of the industry on individual investors and consumer loan borrowers. In addition, the alternative credit platforms may retain on their balance sheets a portion of the loan portfolios they originate. In alternative credit, loans are originated through online platforms that provide a marketplace that matches small- and mid-sized companies and other borrowers seeking loans with investors willing to provide the funding for such loans. Since its inception, the industry has grown to include substantial involvement of institutional investors. These borrowers may seek such loans for a variety of different purposes, ranging, for example, from loans to fund elective medical procedures to loans for franchise financing. The procedures through which borrowers obtain loans can vary between platforms, and between the types of loans (e.g., consumer versus SME). The Fund intends to hold its Alternative Credit investments until maturity.

The Alternative Credit in which the Fund typically invests are newly issued and/or current as to interest and principal payments at the time of investment. A small number of alternative credit platforms originate a substantial portion of their Alternative Credit investments in the United States. The Adviser intends to continue to build relationships and enter into agreements with additional platforms. However, if there are not sufficient qualified loan requests through any platform, the Fund may be unable to deploy its capital in a timely or efficient manner. In such event, the Fund may be forced to invest in cash, cash equivalents, or other assets that fall within its investment policies that are generally expected to offer lower returns than the Fund’s target returns from investments in Alternative Credit. The Fund enters into purchase agreements with platforms, which outline, among other things, the terms of the loan purchase, loan servicing, the rights of the Fund to assign the loans and the remedies available to the parties. Although the form of these agreements is similar to those typically available to all investors, institutional investors such as the Fund (unlike individual retail investors) have an opportunity to negotiate some of the terms of the agreement. In particular, the Fund has greater negotiating power related to termination provisions and custody of the Fund’s account(s) relative to other investors due to the restrictions placed on the Fund by the 1940 Act, of which the platforms are aware. Pursuant to such agreements, the platform or a third-party servicer will typically service the loans, collecting payments and distributing them to the Fund, less any servicing fees, and the servicing entity, unless directed by the Fund, typically will make all decisions regarding acceleration or enforcement of the loans following any default by a borrower. The Fund seeks to have a backup servicer in case any platform or third-party servicer ceases or fails to perform the servicing functions, which the Fund expects will mitigate some of the risks associated with a reliance on platforms or third-party servicers for servicing of the Alternative Credit.

42	(888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

SEC Form N-CSR filed by RiverNorth Capital and Income Fund