Cohen & Steers REIT and Preferred and Income Fund, Inc. (RNP) Notification of Sources of Distribution Under Section 19(a)

Rhea-AI Summary

Cohen & Steers REIT and Preferred and Income Fund (NYSE: RNP) has announced its distribution sources for September 2025. The Fund's current distribution of $0.1360 per share consists of 85.08% ($0.1157) from net investment income and 14.92% ($0.0203) from return of capital.

The Fund's year-to-date performance shows a cumulative total return of 6.48% and a cumulative distribution rate of 5.74%. Over the five-year period ending August 31, 2025, the Fund achieved an average annual total return of 7.26% with a current annualized distribution rate of 7.66%.

The Fund operates under a managed distribution policy implemented in December 2017, which aims to deliver long-term total returns through regular monthly distributions at a fixed rate per share.

[ "Strong net investment income comprising 85.08% of current distribution", "Positive year-to-date cumulative total return of 6.48%", "Healthy 7.26% average annual total return over five years", "Attractive current annualized distribution rate of 7.66%" ]

Positive

• None.

Negative

• 14.92% of current distribution represents return of capital, potentially reducing shareholders' tax basis
• Fund has distributed more than its income and capital gains
• Distribution sources may change and are subject to adjustments

Insights

Investment Fund Analyst

RNP's distributions are 71.6% from investment income and 28.4% return of capital, with 6.48% YTD return and 7.26% 5-year average.

The Cohen & Steers REIT and Preferred and Income Fund (RNP) has released its monthly distribution details, revealing important composition metrics that income-focused investors should note. For September 2025, 85.08% of the $0.1360 per share distribution comes from net investment income, while 14.92% represents return of capital. Year-to-date, this pattern shifts somewhat, with 71.60% of distributions derived from investment income and 28.40% coming from return of capital.

The significant return of capital component requires investor attention. While this isn't unusual for REIT funds, it indicates the fund is distributing more than its investment income and realized gains. This return of capital reduces shareholders' cost basis rather than being immediately taxable, but effectively means investors are receiving a portion of their own investment back rather than new income generated by the fund.

Performance metrics show RNP has achieved a 6.48% year-to-date total return through August 31, 2025, while maintaining a 7.26% average annual return over the five-year period. The fund's current annualized distribution rate stands at 7.66%, which exceeds its five-year average return - another indicator that distributions aren't fully covered by organic growth.

The fund's managed distribution policy, implemented in December 2017, aims to deliver long-term returns through consistent monthly payments, but the substantial return of capital component suggests the distribution rate may not be fully sustainable from investment income alone. Investors should consider these distribution compositions when evaluating the fund's actual income-generating capacity versus return of principal.

NEW YORK, Sept. 29, 2025 /PRNewswire/ -- This press release provides shareholders of Cohen & Steers REIT and Preferred and Income Fund, Inc. (NYSE: RNP) (the "Fund") with information regarding the sources of the distribution to be paid on September 30, 2025 and cumulative distributions paid fiscal year-to-date.

In December 2017, the Fund implemented a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission. The managed distribution policy seeks to deliver the Fund's long-term total return potential through regular monthly distributions declared at a fixed rate per common share. The policy gives the Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a regular monthly basis to shareholders. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund's shares.

The Fund's monthly distributions may include long-term capital gains, short-term capital gains, net investment income and/or return of capital for federal income tax purposes. Return of capital includes distributions paid by the Fund in excess of its net investment income and net realized capital gains and such excess is distributed from the Fund's assets. A return of capital is not taxable; rather, it reduces a shareholder's tax basis in his or her shares of the Fund. In addition, distributions from the Fund's investments in real estate investment trusts (REITs) may later be characterized as capital gains and/or a return of capital, depending on the character of the dividends reported to the Fund after year-end by REITs held by the Fund. The amount of monthly distributions may vary depending on a number of factors, including changes in portfolio and market conditions.

At the time of each monthly distribution, information will be posted to cohenandsteers.com and mailed to shareholders in a concurrent notice. However, this information may change at the end of the year because the final tax characteristics of the Fund's distributions cannot be determined with certainty until after the end of the calendar year. Final tax characteristics of all of the Fund's distributions will be provided on Form 1099-DIV, which is mailed after the close of the calendar year.

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated. All amounts are expressed per common share.

DISTRIBUTION ESTIMATES	September 2025		YEAR-TO-DATE (YTD) September 30, 2025 *
Source	Per Share Amount	% of Current Distribution	Per Share Amount	% of 2025 Distributions
Net Investment Income	$0.1157	85.08 %	$0.8764	71.60 %
Net Realized Short-Term Capital Gains	$0.0000	0.00 %	$0.0000	0.00 %
Net Realized Long-Term Capital Gains	$0.0000	0.00 %	$0.0000	0.00 %
Return of Capital (or other Capital Source)	$0.0203	14.92 %	$0.3476	28.40 %
Total Current Distribution	$0.1360	100.00 %	$1.2240	100.00 %

You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution policy. The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'. The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.

* THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES

The Fund's Year-to-date Cumulative Total Return for fiscal year 2025 (January 1, 2025 through August 31, 2025) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund's Cumulative Distribution Rate for 2025. In addition, the Fund's Average Annual Total Return for the five-year period ending August 31, 2025 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund's Current Annualized Distribution Rate for 2025. The performance and distribution rate information disclosed in the table is based on the Fund's net asset value per share (NAV). The Fund's NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of shares outstanding. While NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's individual investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

Fund Performance and Distribution Rate Information :

Year-to-date January 1, 2025 to August 31, 2025
Year-to-date Cumulative Total Return1	6.48 %
Cumulative Distribution Rate2	5.74 %
Five-year period ending August 31, 2025
Average Annual Total Return3	7.26 %
Current Annualized Distribution Rate4	7.66 %

1. Year-to-date Cumulative Total Return is the percentage change in the Fund's NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.
2. Cumulative Distribution Rate for the Fund's current fiscal period (January 1, 2025 through September 30, 2025) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund's NAV as of August 31, 2025.
3. Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending August 31, 2025. Annual NAV Total Return is the percentage change in the Fund's NAV over a year including distributions paid and assuming reinvestment of those distributions.
4. The Current Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV as of August 31, 2025.

Investors should consider the investment objectives, risks, charges and expense of the Fund carefully before investing. You can obtain the Fund's most recent periodic reports, when available, and other regulatory filings by contacting your financial advisor or visiting cohenandsteers.com. These reports and other filings can be found on the Securities and Exchange Commission's EDGAR Database. You should read these reports and other filings carefully before investing.

Shareholders should not use the information provided here in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report Fund distributions for federal income tax purposes.

About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.

Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the company's current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties.

Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Website: https://www.cohenandsteers.com/
Symbol: (NYSE: CNS)

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SOURCE Cohen & Steers, Inc.

FAQ

What is the current distribution amount for Cohen & Steers RNP Fund in September 2025?

The Fund's current distribution is $0.1360 per share, with 85.08% ($0.1157) coming from net investment income and 14.92% ($0.0203) from return of capital.

What is RNP Fund's year-to-date performance in 2025?

The Fund has achieved a year-to-date cumulative total return of 6.48% and maintains a cumulative distribution rate of 5.74% (as of August 31, 2025).

How has Cohen & Steers RNP Fund performed over the past five years?

The Fund has delivered an average annual total return of 7.26% over the five-year period ending August 31, 2025.

What is the current annualized distribution rate for RNP Fund?

The Fund's current annualized distribution rate is 7.66% as of August 31, 2025.

When was RNP Fund's managed distribution policy implemented?

The Fund implemented its managed distribution policy in December 2017 to deliver long-term total return potential through regular monthly distributions.