Fixing error 000000-12301899?

I am new to ArcGIS and encountering the above error code when I’m attempting to extract data from a series of rasters. Here’s some more information:

The process: I overlaid a shapefile containing a number of coordinate points on top of a series of rasters that are tif files. I didn’t modify them because the coordinate system is the same (NAD83). I did not apply a projection to the shapefile, but the rasters automatically have a projection applied (USA Contiguous Albers Equal Area Conic USGS Version). I’m not quite sure if this is being projected on the fly, because in ArcCatalog, it also has the projection applied. I then attempted to extract the data from these points using the “Multi values to point” tool.

The issue: Every time I try to extract the data, I get an error that simply says “Extract multi values to point [000000-12301899]”. I attempted to change the rasters from tif to grid files, and that didn’t help either (it executed, but the resulting attribute table had no values). What am I doing wrong?