RiverNorth/DoubleLine Strategic Income Fund Cl R · NASDAQ:RNDLX
RiverNorth/DoubleLine Strategic Income Fund Cl R — RiverNorth Capital Management — Q2 2026 Earnings Presentation
32 slides from RiverNorth/DoubleLine Strategic Income Fund Cl R's earnings presentation, Jun 30, 2026
Slide 1: CEF, BDC & SPAC Q2 2026 Quarterly Review
CEF, BDC & SPAC Q2 2026 QUARTERLY REVIEW
Slide 2: Table of Contents
TABLE OF CONTENTS Closed-End Funds 3 Business Development Companies 20 Special Purpose Acquisition Companies 25 Appendix 28 2
Slide 3: Closed-End Funds
CLOSED-END FUNDS 3
Slide 4: CEF Market Summary
CEF MARKET SUMMARY For Q2 2026, closed-end fund discounts narrowed 61 bps to -5.86%. CEF MARKET STATISTICS Quarterly average discount movements for broad asset class peer groups were as follows: 6.30.2026 3.31.2026 All Equity CEFs narrowed 23 bps to -6.91%. Annualized distribution yield 8.7% 8.4
Slide 5: CEF Market Data Overview
CEF MARKET DATA OVERVIEW As of 6.30.2026 Average Discounts Widest & Narrowest Discounts Distribution Yields Emerging Income -1.1% -5.9% All All 9.3% National Municipal Bond -3.3% -6.9% Equity Equity 9.4% Multi-Sector Bond -3.6% Emerging Equity -9.2% -6.1% Taxable FI Taxable FI 10.9% Senior Loan -11.
Slide 6: CEF Broad Peer Group Index Total Returns
CEF BROAD PEER GROUP INDEX TOTAL RETURNS As of 6.30.2026 UNWEIGHTED NAV TOTAL RETURNS 1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year All CEFs 0.73% 6.80% 6.90% 14.86% 11.27% 4.99% 6.16% All Hybrid (Allocation) CEFs 0.74% 9.60% 11.07% 19.51% 16.15% 8.23% 9.30% All Fixed Income CEFs 0.66% 4.22% 2.90
Slide 7: Best & Worst Performing Subordinate Peer Group Indexes
BEST & WORST PERFORMING SUBORDINATE PEER GROUP INDEXES As of 6.30.2026 Top 5 & Bottom 5 Sub PGIs – 3 Month NAV Total Return Top 5 & Bottom 5 Sub PGIs – 3 Month Price Total Return Asia Equity CEFs 25.47% Asia Equity CEFs 24.14% Convertibles CEFs 19.60% Convertibles CEFs 20.73% Emerging Market Equity
Slide 8: YTD CEF Average Peer Group Returns
YTD CEF AVERAGE PEER GROUP RETURNS 1.1.2026 – 6.30.2026 Price NAV Convertible Emerging Equity Emerging Income Global Equity Covered Call Domestic Equity Hybrid Preferreds National Municipal Bond Multi-Sector Bond Senior Loan High Yield Investment Grade Global Income 0% 5% 10% 15% 20% 25% Sources: Ri
Slide 9: Sub-Asset Class Breakdown
SUB-ASSET CLASS BREAKDOWN All domestic closed-end funds (NAV) as of 6.30.2026 Percentage of Market Number of Funds 25% 100 90 20% 80 70 15% 51 60 50 10% 40 27 26 26 21 21 30 18 19 5% 13 15 15 20 10 11 12 7 9 8 9 4 5 6 6 5 6 3 3 10 0% 0 Global Allocation US Allocation Preferreds Multi-Sector Converti
Slide 10: CEF IPO Market
CEF IPO MARKET Annual CEF IPOs There was one traditional CEF IPO in Q2 2026, totaling $5 billion in assets raised: PSUS. Total IPO Raise (Billions) Number of Issues 40 $40 40 $35 35 $30 30 23 24 $25 25 $20 17 17 20 14 $15 12 15 9 9 10 $10 8 8 8 10 3 4 $5 2 2 1 2 5 0 $0 0 2007 2008 2009 2010 2011 201
Slide 11: CEF Discounts by Peer Group
CEF DISCOUNTS BY PEER GROUP Q2 2026 vs. Q2 2025 vs. Q3 2012 6.30.2026 6.30.2025 9.30.2012 Emerging Income National Municipal Bond Multi-Sector Bond Preferreds Global Equity Investment Grade Global Income High Yield Covered Call Convertible Hybrid Emerging Equity Senior Loan Domestic Equity -15% -10%
Slide 12: CEF Distribution Yields by Peer Group
CEF DISTRIBUTION YIELDS BY PEER GROUP Q2 2026 vs. Q2 2025 vs. Q3 2012 6.30.2026 6.30.2025 9.30.2012 Senior Loan Multi-Sector Bond Emerging Income High Yield Global Income Hybrid Convertible Domestic Equity Covered Call Global Equity Preferreds Investment Grade National Municipal Bond Emerging Equity
Slide 13: CEF Discounts/Premiums
CEF DISCOUNTS/PREMIUMS 12.31.1996 – 6.30.2026 All Equity CEF All Fixed Income CEF Sep ’08 Dec ’10 5% Lehman collapse Muni bond fears 0% -5% -10% June ’04–July ’06 May ’10 May ’13 Fed tightening Flash crash Fed taper talk -15% Dec ’16–Dec ’18 Fed tightening Nov ’21– Dec ’23 Aug ’07 Inflation fears Qu
Slide 14: Fixed Income CEF Discounts/Premiums
FIXED INCOME CEF DISCOUNTS/PREMIUMS 12.31.1996 – 6.30.2026 All Taxable Fixed Income CEF All Municipal CEF Sep ’08 Dec ’10 5% Lehman collapse Muni bond fears 0% -5% -10% June ’04–July ’06 May ’10 May ’13 Fed tightening Flash crash Fed taper talk -15% Dec ’16–Dec ’18 Fed tightening Nov ’21– Dec ’23 Au
Slide 15: CEF Discounts/Premiums
CEF DISCOUNTS/PREMIUMS 9.30.2012 – 6.30.2026 All Equity CEF All Taxable Fixed Income CEF All Municipal CEF 5% Feb ’20– Nov ’21 COVID-19 pandemic 0% -5% -10% May ’13 Fed taper talk Dec ’16–Dec ’18 -15% Fed tightening -20% Nov ’21– Dec ’23 Inflation fears and Fed response -25% 9.30.2012 9.30.2014 9.30
Slide 16: Current and Historical Averages — All CEFs
CURRENT AND HISTORICAL AVERAGES — ALL CEFS As of 6.30.2026 Current 1-year average 3-year average 5-year average 10-year average Historical average 0% -2% -4% -4.95% -5.39% -6% -5.86% -5.94% -5.79% -6.35% -8% -10% Sources: RiverNorth; Morningstar. Based on Morningstar un-weighted All Closed-End Fund
Slide 17: All CEF Discount Snapshot
ALL CEF DISCOUNT SNAPSHOT As of 6.30.2026 CEF DISCOUNT/PREMIUM SNAPSHOT PERCENT OF CEFS TRADING AT DISCOUNTS/PREMIUMS 6.30.2026 3.31.2026 % Trading at discounts % Trading at premiums 45% 100% 40% 35% 75% 30% 25% 50% 20% 15% 10% 25% 5% 0% 0% x ≤ -20% -20% < x ≤ -10% -10% < x ≤ -5% -5% < x ≤ NAV 1996
Slide 18: CEF Frequency Distribution of Discounts
CEF FREQUENCY DISTRIBUTION OF DISCOUNTS 12.31.1996 – 6.30.2026 ALL CEF ALL EQUITY CEF Wider: 34%; Narrower: 66%; Total Observations: 7,420 Wider: 51%; Narrower: 49%; Total Observations: 7,420 800 800 -26.74% -20.41% -5.86% -23.32% -20.02% -6.91% (10.10.08) (3.18.20) (6.30.2026) (10.10.08) (3.18.20)
Slide 19: A Historical Look at Discount/Premium Volatility
A HISTORICAL LOOK AT DISCOUNT/PREMIUM VOLATILITY 1.1.2007 – 6.30.2026 ROLLING 10 DAY DISCOUNT/PREMIUM VOLATILITY All Equity CEF All Taxable Fixed Income CEF All Municipal CEF 8% 7% 6% Rolling 10 Day Volatility 5% 4% 3% 2% 1% 0% 1.3.2007 1.3.2009 1.3.2011 1.3.2013 1.3.2015 1.3.2017 1.3.2019 1.3.2021
Slide 20: Business Development Companies
BUSINESS DEVELOPMENT COMPANIES 20
Slide 21: BDC Equity Market Summary
BDC EQUITY MARKET SUMMARY As of 6.30.2026 Notable transactions of Q2 2026 MVIS BDC Index Q2 2026 YTD 1 Year None Total return 3.50% –5.39% –8.92% Average discount/premium –14.7% — — Average distribution yield 12.6% — — MVIS BDC INDEX PRICE/BOOK 6.30.2021 – 6.30.2026 Price/book Trailing 5-year aver
Slide 22: BDC Debt Market Background
BDC DEBT MARKET BACKGROUND Business Development Cos. (BDCs) elect to be governed by the Investment Company Act of 1940, which requires that they must have a RiverNorth estimates that, for public BDCs, the current equity minimum 200% asset coverage ratio (total assets ÷ total liabilities ≥ 2). Th
Slide 23: BDC Debt Market Summary
BDC DEBT MARKET SUMMARY As of 6.30.2026 Total of BDC debt outstanding* $86,141,076,000 Yield to Yield to Effective Spread to 3 Month Maturity Worst Duration Worst Total Return Average of BDC debt outstanding* 6.0% 5.9% 2.4 178.2 0.93% Bloomberg US Aggregate 4.7% 4.7% 5.9 26.3 0.67% Bloomberg US High
Slide 24: BDC Debt Market Summary
BDC DEBT MARKET SUMMARY As of 6.30.2026 Month Issuer Type Amount ($MM) Offering Yield (%) Maturity April Blackstone Private Credit Fund CLO 450 Various 2036 April Blackstone Private Credit Fund Unsecured note 850 5.950 2031 April Blue Owl Capital Corp. Unsecured note 400 6.450 2028 April Goldman Sac
Slide 25: Special Purpose Acquisition Companies
SPECIAL PURPOSE ACQUISITION COMPANIES 25
Slide 26: SPAC Market Stats
SPAC MARKET STATS As of 6.30.2026 SPAC ASSETS RAISED ($ MILLIONS) $200,000 $150,000 $100,000 $50,000 $0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Total IPOs 10 11 20 13 34 46 59 248 613 86 31 57 144 117
Slide 27: Appendix
APPENDIX 27
Slide 28: Footnotes and Further Information
FOOTNOTES AND FURTHER INFORMATION Slide Notes Risk information: investing involves risk. Principal loss is possible. Past performance is not a guarantee of future results. Diversification does not ensure a profit or a guarantee against loss. 4–5 Discounts are based on Morningstar, Inc. un-weighted c
Slide 29: CEF Index Definitions
CEF INDEX DEFINITIONS Taxable Fixed Income The Senior Loans CEF Index is based upon the Morningstar Unweighted Senior Loans CEF Index, which is the average The Convertible CEF Index is based upon the Morningstar Unweighted Convertible CEF Index, which is the average of of all closed end funds ca
Slide 30: CEF Index Definitions
CEF INDEX DEFINITIONS Equity The Real Estate CEF Index is based upon the Morningstar Unweighted Real Estate CEF Index, which is the average of The Asia Equity CEF Index is based upon the Morningstar Unweighted Asia Equity CEF Index, which is the average of all closed end funds categorized by Mor
Slide 31: Market Event Definitions
MARKET EVENT DEFINITIONS Russia default/LTCM crisis: Long-Term Capital Management (LTCM) was a large hedge fund that nearly caused the collapse of the global markets because of high-risk trading strategies. The default of Russian government bonds led to sustained massive losses for LTCM. The Feder
Slide 32: RiverNorth Capital Management, LLC contact
RiverNorth Capital Management, LLC An investor should consider the investment objectives, risks, charges and expenses of 360 S. Rosemary Avenue, Suite 1420 the Fund (or of the Investment Company) carefully before investing. To obtain a West Palm Beach, FL 33401 prospectus containing this or other in
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