Company: RNP
Filing Date: 2025-09-05
Form Type: N-CSRS
Source: 0001193125-25-196906
Chunk: 6

Company: COHEN & STEERS REIT & PREFERRED & INCOME FUND INC
Filing Date: 2025-09-05
Form: N-CSRS
Chunk 6
---
 rate swaps, the Fund has locked in interest rates on a significant portion of this additional capital through 2028 (where we effectively reduce our variable rate obligation and lock in our fixed rate obligation over various terms). Locking in a significant portion of our leveraging costs is designed to protect the dividend-paying ability of the Fund. The use of leverage increases the volatility of the Fund’s NAV in both up and down markets. However, we believe that locking in portions of the Fund’s leveraging costs for the various terms partially protects the Fund’s expenses from an increase in short-term interest rates. Leverage Facts (a)(b)

| Leverage (as a % of managed assets)    |     | 31%       |
| % Variable Rate Financing              |     | 19%       |
| Variable Rate                          |     | 5.2%      |
| % Fixed Rate                           
 Financing(c)                           |     | 81%       |
| Weighted Average Rate on Fixed         
 Financing(d)                           |     | 1.6%      |
| Weighted Average Term on Fixed         
 Financing(d)                           |     | 1.9 years |
| Weighted Average Cost of All Financing |     | 2.3%      |

The Fund seeks to enhance its dividend yield through leverage. The use of leverage is a speculative technique and there are special risks and costs associated with leverage. The NAV of the Fund’s shares may be reduced by the issuance and ongoing costs of leverage. So long as the Fund is able to invest in securities that produce an investment yield that is greater than the total cost of leverage, the leverage strategy will produce higher current net investment income for shareholders. On the other hand, to the extent that the total cost of leverage exceeds the incremental income gained from employing such leverage, shareholders would realize lower net investment income. In addition to the impact on net income, the use of leverage will have an effect of magnifying capital appreciation or depreciation for shareholders. Specifically, in an up market, leverage will typically generate greater capital appreciation than if the Fund were not employing leverage. Conversely, in down markets, the use of leverage will generally result in greater capital depreciation than if the Fund had been unlevered. To the extent that the Fund is required or elects to reduce its leverage, the Fund may need to liquidate investments, including under adverse economic conditions which may result in capital losses potentially reducing returns to shareholders. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.

| (