Unfortunately, that could be a lot of things - there's no obvious cause without being able to examine the inside of the site. My captions work great in 3.8.
Possibly some custom code in your theme that filters "caption", or updating from a much older WordPress version, or some broken code on your blog Posts, and more. You could try re-saving the blog Post and seeing if that does anything.
It's also possible that official SP support may have some ideas for you.
Dave Chu · Custom WordPress Developer – likes collaborating with Designers
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