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Overview of Cohen & Steers REIT and Preferred Income Fund

Cohen & Steers REIT and Preferred Income Fund, Inc. (NYSE: RNP) has officially notified its shareholders about the sources of its upcoming distribution set for May 29, 2026. The detailed announcement aims to provide insights into the cumulative distributions and their underlying sources for the fiscal year.

Distribution Policy Implementation

In December 2017, the Fund initiated a managed distribution policy under the Securities and Exchange Commission's exemptive relief. This policy is designed to provide shareholders with a consistent and fixed monthly distribution rate while allowing the Fund greater flexibility to realize and distribute long-term capital gains throughout the year. This approach enables the Fund to deliver its potential for long-term total returns through regular monthly payouts.

The managed distribution policy can be amended or suspended at any time by the Fund's Board of Directors, which may impact the market price of the shares. Shareholders should monitor this policy closely as its terms can change.

Monthly Distribution Composition

The monthly distribution can include a blend of:

• - Long-term capital gains
• - Short-term capital gains
• - Net investment income
• - Return of capital

The return of capital is particularly relevant for investors, as it essentially reflects payments made by the Fund exceeding its net investment income and realized capital gains. Importantly, return of capital distributions are not taxable; instead, they serve to reduce the shareholder's tax basis in their shares.

Furthermore, the classification of distributions stemming from investments held in real estate investment trusts (REITs) may vary based on how those dividends are characterized at year's end.

Current Distribution Breakdowns

Cohen & Steers has provided estimates for the current distribution as well as cumulative distributions for this fiscal year, detailed as follows:

• - Current Monthly Distribution: $0.1360 per share

- Net Investment Income: $0.0528 (38.82%)
- Net Realized Short-Term Capital Gains: $0.0000 (0.00%)
- Net Realized Long-Term Capital Gains: $0.0732 (53.82%)
- Return of Capital: $0.0100 (7.36%)

• - Year-to-Date (YTD) Distributions: $0.6800 per share

- Net Investment Income: $0.3170 (46.62%)
- Net Realized Short-Term Capital Gains: $0.0386 (5.68%)
- Net Realized Long-Term Capital Gains: $0.2346 (34.50%)
- Return of Capital: $0.0898 (13.20%)

Investment Performance Insights

It's essential to note that the amount of distributions does not directly correlate to the Fund's investment performance. Cohen & Steers estimates that a significant portion of distributions has been drawn from existing capital rather than income or capital gains, meaning a percentage of your payouts may effectively represent a return of funds originally invested. This factor is crucial for investors to understand, as it may impact perceived returns and yield calculations.

Additionally, shareholders will receive a Form 1099-DIV at the end of the calendar year that outlines how to report these distributions for tax purposes. The net asset value (NAV) of the Fund, calculated as the total market value of assets held minus total liabilities, gives a better insight into overall performance—though individual investment values depend on market price dynamics.

Recent Fund Performance

From January 1 to April 30, 2026, the Fund reported:

• - Year-to-date Cumulative Total Return of 9.61%
• - Cumulative Distribution Rate of 3.09%

For the five years ending April 30, 2026:

• - Average Annual Total Return of 5.02%
• - Current Annualized Distribution Rate of 7.41%

Conclusion

Investing in Cohen & Steers REIT and Preferred Income Fund shall require careful consideration of objectives, risks, charges, and other expenses. Investors are encouraged to review periodic reports and regulatory filings available on www.cohenandsteers.com, ensuring they make well-informed investment decisions moving forward.