Company: RNP
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049819
Chunk: 84

Company: COHEN & STEERS REIT & PREFERRED & INCOME FUND INC
Filing Date: 2025-03-07
Form: N-CSR
Chunk 84
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 advantageous terms, which could result in reduced liquidity; |

| • |     | the Fund or its real estate joint venture partner may have the right to cause the Fund to sell its                              
 interest, or acquire its partner’s interest, at a time when the Fund otherwise would not have initiated such a transaction; and |

| • |     | the real estate joint venture partner may not have sufficient personnel or appropriate levels of 
 expertise to adequately support the Fund’s initiatives.                                          |

74

C OHEN& S TEERSREIT ANDP REFERRED ANDI NCOMEF UND, I NC.

In addition, disputes between the Fund and its real estate joint venture partners may result in litigation or arbitration that would increase the Fund’s expenses and prevent the Fund’s officers and trustees from focusing their time and efforts on the Fund’s business. Any of the above might subject the Fund to liabilities and thus reduce its returns on the investment with that real estate joint venture partner.

Recourse Financings Risk.In certain cases, financings for the Fund’s commercial real estate properties may be recourse to the Fund. Generally, commercial real estate financings are structured as non-recourseto the borrower, which limits a lender’s recourse to the property pledged as collateral for the loan, and not the other assets of the borrower or to any parent of borrower, in the event of a loan default. However, lenders customarily will require that a creditworthy parent entity enter into so-called“recourse carveout” guarantees to protect the lender against certain bad-faithor other intentional acts of the borrower in violation of the loan documents.

Valuation Risk.The Fund is subject to valuation risk, which is the risk that one or more of the assets in which the Fund invests are priced incorrectly, due to factors such as incomplete data, market instability or human error. If the Fund ascribes a higher value to assets and their value subsequently drops or fails to rise because of market factors, returns on the Fund’s investment may be lower than expected and could experience losses. Within the parameters of the Fund’s valuation guidelines, the valuation methodologies used to value the Fund’s assets, in particular the Fund’s private real estate investments, will involve subjective judgments and projections and that ultimately may not materialize. Ultimate realization of the value of an asset depends to a great extent on economic, market and other conditions beyond the Fund’s control and the control of the investment manager and the Fund’s independent valuation firms. Rapidly changing market conditions or material events may not be immediately reflected in the