Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 51

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 51
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 (2) |     | The management fee paid by the Fund to RiverNorth Capital Management, LLC                                                                     
 (“RiverNorth” or the “Adviser”) is essentially an all-in fee structure (the “unified management fee”),                                        
 including the fee paid to the Adviser for advisory, supervisory, administrative, shareholder servicing and other services. However, the       
 Fund (and not the Adviser) will be responsible for certain additional fees and expenses, which are reflected in the table above, that         
 are not covered by the unified management fee. The unified management fee is charged as a percentage of the Fund’s average daily              
 Managed Assets, as opposed to net assets. With leverage, Managed Assets are greater in amount than net assets, because Managed Assets         
 include assets attributable to the Fund’s use of leverage created by its borrowings. 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 1.30% of the Fund’s Managed                 
 Assets represents 1.77% of net assets attributable to Common Shares assuming the use of leverage in an amount of 27.12% of the Fund’s         
 Managed Assets. The Fund’s Managed Assets for the period ended December 31, 2024 (which includes the use of leverage discussed                
 in footnote (4)) were multiplied by the annual advisory fee rate and then divided by the Fund’s average net assets for the same               
 period to calculate the management fee as a percentage of the Fund’s net assets attributable to Common Shares. Since the Fund has             
 Preferred Shares outstanding, the management fee and certain other expenses as a percentage of net assets attributable to Common Shares       
 is higher than if the Fund did not utilize a leveraged capital structure.                                                                     |
| (3) |     | The actual amount of leverage costs 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 in the table reflect the cost to the Fund of borrowings, including the unused borrowing fee paid on the line of credit for the          
 BNP Facility, expressed as a percentage of the Fund’s net assets as of December 31, 2024.                                                     |
| (5) |     | As of December 31, 2024, the Fund has issued 3,910,000 shares of 6.00% Series