Company: RNP
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049819
Chunk: 65

Company: COHEN & STEERS REIT & PREFERRED & INCOME FUND INC
Filing Date: 2025-03-07
Form: N-CSR
Chunk 65
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| • |     | limitations on rents; |

| • |     | changes in neighborhood values and the appeal of properties to tenants; |

| • |     | changes in interest rates; |

| • |     | falling home prices; |

| • |     | failure of borrowers to pay their loans; |

| • |     | early payment or restructuring of mortgage loans; |

| • |     | slower mortgage origination; and |

| • |     | rising construction costs. |

REIT Risk. In addition to the risks of securities linked to the real estate industry, REITs are subject to certain other risks related to their structure and focus. REITs generally are dependent upon management skills and may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law, or (ii) maintain their exemptions from registration under the 1940 Act. The above factors may also adversely affect a borrower’s or a lessee’s ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

Preferred Securities Risk. There are various risks associated with investing in preferred securities, including those described below.

| • |     | Deferral and Omission Risk. Preferred securities may include provisions that permit the                                                                                                                                                             
 issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer. In certain cases, deferring or omitting distributions may be mandatory. If the Fund owns a preferred security that is 
 deferring its distributions, the Fund may be required to report income for tax purposes although it has not yet received such income. In                                                                                                            |

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

| addition, recent changes in bank regulations may increase the likelihood for issuers to defer or omit distributions. |

| • |     | Credit and Subordination Risk. Credit risk is the risk that a preferred security in the                                                                                                                                                           
 Fund’s portfolio will decline in price or the issuer of the security will fail to make dividend, interest or principal payments when due because the issuer experiences a decline in its financial status. Preferred securities are generally     
 subordinated to bonds and