RIVERNORTH CAPITAL MANAGEMENT, LLC

WEST PALM BEACH, FL · CIK 1447578 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2002 · limited liability company

Assets managed$6.2bn
Staff20 · 10 in investment roles
Main clients (by assets)Mutual funds and ETFs 75%, Private funds 23%, Other advisers 2%
Private funds5 (5 hedge) · $1.1bn gross assets
Websiterivernorth.com
Form ADV · 2026-03-31SEC adviser record

Legal entityRiverNorth Capital Management, LLC (US)

$2.1bn reported value +5.1% vs Q1 2026

585positions

28.3%in top 10

156 new 42 added 90 reduced 113 sold out vs Q1 2026

Also in the report of:

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	BLACKROCK MUNIHOLDINGS FD IN COM MHD	MHD	11,987,371	$142.6m6.78%	6.78%	Reduced -518.5k	-518,454 -4.2%
2	BLACKROCK MUNIYILD QULT FD I COM MQY	MQY	7,094,331	$82.3m3.91%	3.91%	Reduced -805.0k	-805,024 -10.2%
3	PERSHING SQUARE USA LTD COM SHS PSUS	PSUS	2,089,216	$78.1m3.71%	3.71%	New
4	BLACKROCK MUNIYIELD QUALITY COM MYI	MYI	4,760,961	$52.9m2.51%	2.51%	Reduced -493.4k	-493,372 -9.4%
5	BLACKROCK CORPOR HI YLD FD I COM HYT	HYT	5,529,831	$47.3m2.25%	2.25%	Reduced -369.8k	-369,771 -6.3%
6	BLACKROCK SCIENCE & TECHNOLO SHS BEN INT BSTZ	BSTZ	1,511,481	$45.4m2.16%	2.16%	Added +17.5k	+17,544 1.2%
7	BLUE OWL TECHNOLOGY FIN CORP COMMON STOCK OTF	OTF	3,788,852	$39.2m1.86%	1.86%	Added +1.6m	+1,612,583 74.1%
8	GABELLI EQUITY TR INC COM GAB	GAB	6,609,367	$37.4m1.78%	1.78%	New
9	ISHARES TR NATIONAL MUN ETF MUB	MUB	340,663	$36.7m1.74%	1.74%	Added +3.7k	+3,712 1.1%
10	PIMCO MUN INCOME FD II COM PML	PML	4,482,914	$34.1m1.62%	1.62%	Added +231.4k	+231,386 5.4%
11	FS SPECIALTY LENDING FD COM SH BEN INT FSSL	FSSL	2,800,048	$31.2m1.48%	1.48%	Added +484.9k	+484,934 20.9%
12	GUGGENHEIM STRATEGIC OPPORTU COM SBI GOF	GOF	2,666,430	$29.1m1.38%	1.38%	Added +778.1k	+778,095 41.2%
13	INVESCO MUNICIPAL TRUST COM VKQ	VKQ	2,749,965	$27.6m1.31%	1.31%	Reduced -1.6m	-1,637,091 -37.3%
14	VANGUARD MUN BD FDS TAX EXEMPT BD VTEB	VTEB	541,385	$27.4m1.30%	1.30%	New
15	FS CREDIT OPPORTUNITIES CORP COMMON STOCK FSCO	FSCO	5,444,012	$27.2m1.29%	1.29%	Added +1.4m	+1,435,590 35.8%
16	BLACKROCK TAX MUNICPAL BD TR SHS BBN	BBN	1,622,646	$26.2m1.25%	1.25%	Added +1.4m	+1,389,024 594.6%
17	LIBERTY ALL STAR EQUITY FD SH BEN INT USA	USA	4,332,937	$25.2m1.20%	1.20%	Reduced -863.3k	-863,302 -16.6%
18	BLACKROCK INNOVATION AND GRW SHS BEN INT BTX	BTX	2,737,496	$24.7m1.18%	1.18%	Added +167.5k	+167,458 6.5%
19	PIMCO CALIF MUN INCOME FD COM XPCQX	XPCQX	2,575,012	$23.1m1.10%	1.10%	Added +63.0k	+63,012 2.5%
20	PIMCO DYNAMIC INCOME STRATEG COM SHS BEN INT PDX	PDX	1,101,509	$22.9m1.09%	1.09%	Reduced -37.1k	-37,088 -3.3%
21	SABA CAPITAL INCOME & OPPORT COM NEW SABA	SABA	2,711,592	$22.6m1.08%	1.08%	Reduced -146.0k	-146,011 -5.1%
22	WESTERN ASSET MANAGED MUNS F COM MMU	MMU	1,757,452	$18.3m0.87%	0.87%	Reduced -181.4k	-181,356 -9.3%
23	INVESCO MUN OPPORTUNITY TR COM VMO	VMO	1,703,324	$16.8m0.80%	0.80%	Reduced -1.0m	-1,028,952 -37.7%
24	SIXTH STREET SPECIALTY LENDI COM TSLX	TSLX	969,599	$16.6m0.79%	0.79%	Added +678.6k	+678,646 233.2%
25	BLACKROCK MUNIYIELD N Y QUAL COM MYN	MYN	1,624,077	$16.5m0.78%	0.78%	Reduced -98.7k	-98,655 -5.7%
26	EATON VANCE MUN BD FD COM EIM	EIM	1,512,949	$15.1m0.72%	0.72%	Reduced -98.0k	-97,999 -6.1%
27	PERSHING SQUARE INC COMMON STOCK PS	PS	450,000	$14.8m0.70%	0.70%	New
28	FIRST TR HIGH YIELD OPPRT 20 COM FTHY	FTHY	1,022,036	$14.0m0.67%	0.67%	Added +2.4k	+2,403 0.2%
29	BLACKROCK HEALTH SCIENCES TE COM SHS BMEZ	BMEZ	873,816	$13.4m0.64%	0.64%	Added +64.6k	+64,620 8.0%
30	BLUE OWL CAPITAL CORPORATION COM OBDC	OBDC	1,192,576	$13.0m0.62%	0.62%	Reduced -234.2k	-234,246 -16.4%
31	BNY MELLON STRATEGIC MUNS IN COM LEO	LEO	2,006,388	$13.0m0.62%	0.62%	Added +21.2k	+21,196 1.1%
32	SABA CAPITAL INCOME & OPRNT SHS NEW BRW	BRW	1,861,414	$12.2m0.58%	0.58%	Reduced -142.2k	-142,192 -7.1%
33	ALLIANCEBERNSTEIN NATL MUN I COM AFB	AFB	1,047,724	$12.0m0.57%	0.57%	Reduced -13.8k	-13,760 -1.3%
34	ROYCE MICRO-CAP TR INC COM RMT	RMT	813,982	$11.9m0.57%	0.57%	Reduced -84.6k	-84,568 -9.4%
35	GRAF GLOBAL CORP ORD SHS CL A TONT	TONT	1,097,311	$11.9m0.57%	0.57%	Reduced -737	-737 -0.1%
36	BNY MELLON STRATEGIC MUN BD COM DSM	DSM	1,920,587	$11.8m0.56%	0.56%	Added +260.2k	+260,230 15.7%
37	BLACKROCK MUNIHLDNGS CALI QL COM MUC	MUC	1,066,052	$11.7m0.56%	0.56%	Reduced -1.2m	-1,192,308 -52.8%
38	ROYCE SMALL CAP TRUST INC COM RVT	RVT	607,243	$11.2m0.53%	0.53%	Added +5.3k	+5,268 0.9%
39	BLACKROCK MUN TARGET TERM TR COM SHS BEN IN BTT	BTT	493,001	$11.2m0.53%	0.53%	Reduced -388.4k	-388,401 -44.1%
40	NUVEEN MUN HIGH INCOME OPPOR COM NMZ	NMZ	1,049,891	$11.1m0.53%	0.53%	New
41	PUTNAM MUN OPPORTUNITIES TR SH BEN INT PMO	PMO	949,042	$10.0m0.48%	0.48%	Added +263.2k	+263,219 38.4%
42	NEUBERGER BERMAN MUN FD INC COM NBH	NBH	937,491	$9.9m0.47%	0.47%	Added +7.7k	+7,716 0.8%
43	WESTERN ASSET INTER MUNI FD COM SBI	SBI	1,231,561	$9.7m0.46%	0.46%	Added +43.6k	+43,628 3.7%
44	KAYNE ANDERSON ENERGY INFRST COM KYN	KYN	697,198	$9.6m0.46%	0.46%	Added +4.3k	+4,302 0.6%
45	BLACKROCK MUNIASSETS FD INC COM MUA	MUA	868,104	$9.5m0.45%	0.45%	Added +555.7k	+555,694 177.9%
46	BLACKROCK MUNIYIELD PA QLTY COM MPA	MPA	814,371	$9.3m0.44%	0.44%	Reduced -80.1k	-80,088 -8.9%
47	NEUBERGER BERMAN HIGH YIELD COM NHS	NHS	1,371,413	$8.6m0.41%	0.41%	New
48	MFS MUN INCOME TR SH BEN INT MFM	MFM	1,509,877	$8.5m0.40%	0.40%	Added +601.8k	+601,827 66.3%
49	CRESCENT CAP BDC INC COM CCAP	CCAP	702,796	$7.7m0.36%	0.36%	New
50	PIMCO NEW YORK MUN FD II COM PNI	PNI	1,044,735	$7.4m0.35%	0.35%	Reduced -13.1k	-13,130 -1.2%
51	WESTERN AST INFL LKD OPP & I COM WIW	WIW	875,999	$7.4m0.35%	0.35%	Reduced -87.4k	-87,440 -9.1%
52	NUVEEN AMT-FREE MUN VALUE FD COM NUW	NUW	504,767	$7.3m0.35%	0.35%	Added +85.3k	+85,291 20.3%
53	CALAMOS STRATEGIC TOTAL RETU COM SH BEN INT CSQ	CSQ	351,534	$7.2m0.34%	0.34%	Added +179.1k	+179,071 103.8%
54	FG MERGER II CORP COM COM		642,969	$6.7m0.32%	0.32%	Unchanged
55	CLOUGH GLOBAL OPPORTUNITIES SH BEN INT GLO	GLO	1,081,372	$6.6m0.31%	0.31%	Reduced -1.2m	-1,153,113 -51.6%
56	SOLARIUS CAPITAL ACQU CORP SHS CL A SOCA	SOCA	610,009	$6.3m0.30%	0.30%	Reduced -621	-621 -0.1%
57	BLACKROCK MULTI SECTOR INC T COM BIT	BIT	487,034	$6.1m0.29%	0.29%	Reduced -731.1k	-731,079 -60.0%
58	CALAMOS LNG SHR EQT DYNAMIC COM CPZ	CPZ	465,879	$6.1m0.29%	0.29%	Added +3.4k	+3,368 0.7%
59	LAUNCH TWO ACQUISITION CORP. ORD SHS CL A LPBB	LPBB	563,656	$6.1m0.29%	0.29%	Reduced -368	-368 -0.1%
60	HOWARD HUGHES HOLDINGS INC COM HHH	HHH	85,000	$6.1m0.29%	0.29%	Reduced -64.2k	-64,204 -43.0%
61	ALDEL FINL II INC CL A ALDF	ALDF	563,655	$6.1m0.29%	0.29%	Reduced -368	-368 -0.1%
62	GIGCAPITAL8 CORP ORD CL A GIW	GIW	599,124	$6.1m0.29%	0.29%	Reduced -388	-388 -0.1%
63	CREDIT SUISSE HIGH YIELD BD SH BEN INT XDHYX	XDHYX	3,313,798	$5.9m0.28%	0.28%	New
64	PIMCO INCOME STRATEGY FD II COM PFN	PFN	819,721	$5.8m0.28%	0.28%	Reduced -18.4k	-18,359 -2.2%
65	QUASAREDGE ACQUISITION CORP ORD SHS QRED	QRED	550,000	$5.5m0.26%	0.26%	New
66	TRANSLATIONAL DEV ACQUISITIO COM CL A TDAC	TDAC	500,000	$5.4m0.26%	0.26%	Unchanged
67	STELLAR V CAP CORP SHS CL A SVCC	SVCC	507,754	$5.4m0.26%	0.26%	Unchanged
68	AI INFRASTRUCTURE ACQUISI ORD SHS CL A AIIA	AIIA	526,500	$5.4m0.26%	0.26%	Unchanged
69	PIMCO DYNAMIC INCOME FD SHS PDI	PDI	320,522	$5.4m0.25%	0.25%	New
70	NEWBURY STR II ACQUISITION C ORD SHS CL A NTWO	NTWO	499,329	$5.3m0.25%	0.25%	Reduced -184	-184 -0.0%
71	QUARTZSEA ACQUISITION CORP ORD SHS QSEA	QSEA	499,664	$5.3m0.25%	0.25%	Reduced -92	-92 -0.0%
72	NEWHOLD INVT CORP III ORD SHS CL A ORD SHS CL A		499,648	$5.3m0.25%	0.25%	Reduced -91	-91 -0.0%
73	ANDRETTI ACQUISITION CORP II ORD SHS CL A POLE	POLE	490,332	$5.3m0.25%	0.25%	Unchanged
74	NMP ACQUISITION CORP CL A NMP	NMP	511,346	$5.3m0.25%	0.25%	Unchanged
75	ARMADA ACQUISITION CORP II COM CL A COM CL A		502,222	$5.3m0.25%	0.25%	New
76	CAMBRIDGE ACQUISITION CORP USD CL A ORD SHS CAQ	CAQ	520,905	$5.2m0.25%	0.25%	New
77	KOCHAV DEFENSE ACQUI CO SHS CL A KCHV	KCHV	497,500	$5.2m0.25%	0.25%	Unchanged
78	HALL CHADWICK ACQUISITION CO ORD SHS CL A HCAC	HCAC	510,686	$5.1m0.24%	0.24%	Reduced -582	-582 -0.1%
79	NEWHOLD INVTS CORP IV UNIT 04/14/2031 NHIVU	NHIVU	500,000	$5.1m0.24%	0.24%	New
80	ACTIVATE ENERGY ACQUISIT COR CL A ORD SHS AEAQ	AEAQ	511,388	$5.1m0.24%	0.24%	Reduced -612	-612 -0.1%
81	K&F GROWTH ACQUISITION CORP SHS CL A KFII	KFII	484,329	$5.1m0.24%	0.24%	Reduced -184	-184 -0.0%
82	BITCOIN INFRASTRUCTURE ACQUI USD CL A ORD SHS BIXI	BIXI	511,388	$5.1m0.24%	0.24%	Reduced -612	-612 -0.1%
83	PIMCO CORPORATE & INCM STRG COM PCN	PCN	428,965	$5.1m0.24%	0.24%	Added +73.7k	+73,709 20.8%
84	INVEST GREEN ACQUISITION COR CL A ORD SHS IGAC	IGAC	510,686	$5.1m0.24%	0.24%	Reduced -582	-582 -0.1%
85	EQV VENTURES AC CORP. II ORD SHS CL A EVAC	EVAC	497,847	$5.1m0.24%	0.24%	Reduced -589	-589 -0.1%
86	CSLM DIGITA ASSET ACQ CORP I USD CL A ORD SHS KOYN	KOYN	499,124	$5.1m0.24%	0.24%	Reduced -388	-388 -0.1%
87	MOUNTAIN CREST ACQUISITION 6 UNIT 04/03/2031 MCAHU	MCAHU	499,592	$5.1m0.24%	0.24%	New
88	ARCHIMEDES TECH SPAC PTNRS I ORD SHS ARCI	ARCI	500,000	$5.1m0.24%	0.24%	New
89	BLUEPORT ACQUISITION LTD USD CL A ORD SHS BPAC	BPAC	500,000	$5.1m0.24%	0.24%	Unchanged
90	CRANE HBR ACQUISITION CORP I ORD SHS CL A CRAN	CRAN	500,000	$5.1m0.24%	0.24%	Unchanged
91	STONEBRIDGE ACQUISITION II C CL A SHS APAC	APAC	494,133	$5.0m0.24%	0.24%	Reduced -384	-384 -0.1%
92	DISCIPLINED GROWTH UNIT 99/99/9999 DGAC.U	DGAC.U	500,000	$5.0m0.24%	0.24%	New
93	TWELVE SEAS INVT CO III ORD SHS CL A TWLV	TWLV	500,000	$5.0m0.24%	0.24%	Unchanged
94	SILICON VY ACQUISITION CORP CL A SVAQ	SVAQ	500,000	$5.0m0.24%	0.24%	Unchanged
95	LEAPFROG ACQUISITION CORP CL A ORD SHS LFAC	LFAC	500,000	$5.0m0.24%	0.24%	Unchanged
96	SOCIAL COMM PARTNERS CORP ORD SHS CL A SCPQ	SCPQ	500,000	$5.0m0.24%	0.24%	Unchanged
97	VINE HILL CAP INVTS CORP II CL A VHCP	VHCP	499,998	$5.0m0.24%	0.24%	Unchanged
98	CAYSON ACQUISITION CORP SHS CAPN	CAPN	450,000	$5.0m0.24%	0.24%	Unchanged
99	HENNESSY CAP INVTS CORP VIII ORD CL A HCIC	HCIC	500,000	$5.0m0.24%	0.24%	New
100	LAFAYETTE DIGITAL ACQUISITIO ORD CLASS A ZKP	ZKP	499,388	$5.0m0.24%	0.24%	Reduced -612	-612 -0.1%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
FS KKR CAP CORP FSK	FSK	2,097,170	$21.3m2.1m shares
COMPASS INC COMP	COMP	941	$20.3m941 shares
MORGAN STANLEY DIRECT LENDIN MSDL	MSDL	1,052,351	$14.7m1.1m shares
OAKTREE SPECIALTY LENDING CO OCSL	OCSL	1,279,906	$14.5m1.3m shares
CARLYLE SECURED LENDING INC CGBD	CGBD	1,272,507	$13.9m1.3m shares
MFS HIGH YIELD MUN TR XCMUX	XCMUX	2,955,950	$10.6m3.0m shares
PALMER SQUARE CAPITAL BDC IN PSBD	PSBD	834,603	$8.2m834.6k shares
NUVEEN PENNSYLVANIA QLT MUN XNQPX	XNQPX	665,013	$7.9m665.0k shares
LEGATO MERGER CORP III		665,550	$7.3m665.5k shares
XAI OCTAGN FLT RAT & ALT INM		384,757	$6.6m384.8k shares
BLACKSTONE SECD LENDING FD BXSL	BXSL	244,289	$5.8m244.3k shares
ARES CAPITAL CORP ARCC	ARCC	319,326	$5.8m319.3k shares
MOUNTAIN LAKE ACQUISITION CO		500,000	$5.3m500.0k shares
CAMBRIDGE ACQUISITION CORP CAQUU	CAQUU	520,907	$5.2m520.9k shares
RISING DRAGON ACQUISITION CO RDAC	RDAC	494,487	$5.2m494.5k shares
SIZZLE ACQUISITION CORP. II SZZL	SZZL	497,500	$5.1m497.5k shares
GIGCAPITAL9 CORP GIXXU	GIXXU	500,000	$5.0m500.0k shares
SUMA ACQUISITION CORP SUMAU	SUMAU	500,000	$5.0m500.0k shares
GALAXYEDGE ACQUISITION CORP GLED.U	GLED.U	500,000	$5.0m500.0k shares
ARCHIMEDES TECH SPAC PTNRS I ARCIU	ARCIU	500,000	$5.0m500.0k shares
HENNESSY CAP INVTS CORP VIII HCICU	HCICU	500,000	$5.0m500.0k shares
CLEARTHINK 1 ACQUISITION COR CTAAU	CTAAU	500,000	$5.0m500.0k shares
FG IMPERII ACQUISITION CORP FGIIU	FGIIU	500,000	$5.0m500.0k shares
LEGATO MERGER CORP IV LEGO.U	LEGO.U	500,000	$5.0m500.0k shares
MOUNTAIN LAKE ACQUISIT CORP MLAAU	MLAAU	500,000	$5.0m500.0k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
HENNESSY CAPITAL INVST CORP 13G · filed 2025-01-10		16.9%		13G	2025-01-10
MFS HIGH YIELD MUN TR XCMUX · 13G · filed 2026-05-15	XCMUX	11.6%	+1.5 pts	13G	2026-05-15
SABA CAPITAL INCOME & OPPORT SABA · 13G · filed 2025-06-11	SABA	10.4%≈ $24.5m	+1.0 pts	13G	2025-06-11
BLACKROCK MUNIYIELD FD INC XMYDX · 13G · filed 2025-01-10	XMYDX	10.0%		13G	2025-01-10
WESTERN ASSET INTER MUNI FD SBI · 13G · filed 2025-11-14	SBI	8.6%≈ $9.6m	-1.3 pts	13G	2025-11-14
PIMCO MUN INCOME FD III XPMQX · 13G · filed 2025-08-14	XPMQX	8.0%	+2.3 pts	13G	2025-08-14
RIBBON ACQUISITION CORP RIBB · 13G · filed 2026-02-17	RIBB	7.7%≈ $4.3m	new	13G	2026-02-17
MFS INVT GRADE MUN TR 13G · filed 2026-05-15		7.0%	+1.4 pts	13G	2026-05-15
BLACKROCK MUNIYIELD PA QLTY MPA · 13G · filed 2026-05-15	MPA	6.9%≈ $10.2m	-1.3 pts	13G	2026-05-15
BLACKROCK MUNIYIELD QUALITY XMQTX · 13G · filed 2026-02-17	XMQTX	6.6%		13G	2026-02-17
IRON HORSE ACQUISITIONS CORP UCFI · 13G · filed 2025-08-14	UCFI	5.6%≈ $2.7m	new	13G	2025-08-14
BLACKROCK MUNIVEST FD INC XMVFX · 13G · filed 2025-05-15	XMVFX	5.4%		13G	2025-05-15
BLACKROCK MUNIYILD QULT FD I MQY · 13G · filed 2026-05-15	MQY	5.2%≈ $91.6m	new	13G	2026-05-15