Cohen & Steers Total Return Realty Fund, Inc. (RFI) Notification of Sources of Distribution Under Section 19(a)

Rhea-AI Summary

Cohen & Steers Total Return Realty Fund (NYSE:CNS) announced the sources for its distribution payable January 30, 2026 and year-to-date amounts. The Fund will pay $0.0800 per share, with an estimated 91.62% return of capital and 8.38% net investment income.

Performance metrics: YTD cumulative NAV total return 3.59%, cumulative distribution rate 0.72%, five-year average annual NAV total return 5.15%, and current annualized distribution rate 8.66%.

Positive

• Monthly distributions maintained under managed distribution policy
• Current annualized distribution rate of 8.66%

Negative

• Return of capital comprises 91.62% of the $0.08 distribution
• Fund distributed more than income, reducing shareholders' tax basis
• Board may amend or suspend managed distribution policy, risking share price

Key Figures

Total distribution: $0.0800 per share Net investment income portion: $0.0067 per share (8.38%) Return of capital portion: $0.0733 per share (91.62%) +5 more

8 metrics

Total distribution $0.0800 per share January 30, 2026 monthly distribution

Net investment income portion $0.0067 per share (8.38%) January 2026 distribution source

Return of capital portion $0.0733 per share (91.62%) January 2026 distribution source

Year-to-date total return 3.59% NAV total return Jan 1, 2025–Dec 31, 2025

Cumulative distribution rate 0.72% Fiscal period Jan 1, 2026–Jan 31, 2026 vs NAV 12/31/2025

5-year avg annual return 5.15% Average Annual Total Return to Dec 31, 2025

Current annualized distribution rate 8.66% Annualized based on current fiscal period vs NAV 12/31/2025

Return of capital share 91.62% Share of January 2026 and YTD 2026 distributions

Market Reality Check

Price: $65.09 Vol: Volume 501,984 vs 20-day ...

normal vol

$65.09 Last Close

Volume Volume 501,984 vs 20-day average 348,880 (relative volume 1.44) ahead of this fund disclosure. normal

Technical CNS trades below its 200-day MA of 71.14, with the stock at 65.09 pre‑announcement.

Peers on Argus

CNS slipped 0.25% while peers showed mixed moves: AB -1.58%, FHI -1.48%, APAM +0...

CNS slipped 0.25% while peers showed mixed moves: AB -1.58%, FHI -1.48%, APAM +0.5%, DNP +0.4%, HTGC +0.75%, indicating stock‑specific trading rather than a clear sector rotation.

Historical Context

5 past events · Latest: Jan 22 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 22	Earnings release	Neutral	-4.2%	Q4 and full‑year 2025 financial results and earnings materials posted.
Jan 14	Earnings date set	Neutral	+1.4%	Announcement of dates for Q4 and full‑year 2025 results and call.
Jan 12	AUM and flows	Neutral	-0.6%	Preliminary December 2025 AUM and net flows, with market depreciation detail.
Jan 12	Leadership change	Neutral	+0.3%	Appointment of Diana Shieh to lead private real estate operations.
Jan 07	Regional leadership	Neutral	-0.7%	Appointment of Kikuo Shirose as head of Japan operations.

Pattern Detected

Recent CNS headlines around earnings, AUM, and leadership changes have led to modest single‑digit moves in both directions, suggesting balanced but reactive trading to corporate updates.

Recent Company History

Over the last month, CNS has reported preliminary AUM figures, announced leadership changes in private real estate and Japan, and released Q4 and full‑year 2025 results. These events produced mixed single‑day reactions, from about -4% after earnings to smaller moves around appointments and AUM updates. Compared with this RFI distribution and performance notice, the recent CNS news flow has been more focused on operating results and strategic positioning than on fund‑level payout mix.

Market Pulse Summary

This announcement details RFI’s January distribution of $0.0800 per share, mostly classified as retu...

Analysis

This announcement details RFI’s January distribution of $0.0800 per share, mostly classified as return of capital (91.62%), alongside a 3.59% NAV total return for 2025 and a five‑year average annual return of 5.15%. It underscores the gap between the fund’s 8.66% current annualized distribution rate and underlying performance. Investors may focus on how the balance between net investment income and return of capital shifts in future notices.

Key Terms

managed distribution policy, return of capital, real estate investment trusts (REITs), net asset value, +3 more

7 terms

managed distribution policy financial

"In December 2011, the Fund implemented a managed distribution policy in accordance..."

A managed distribution policy is a company’s plan to pay regular cash to shareholders at a set rate by combining income, dividends and occasional return of capital. Think of it as a scheduled withdrawal from a household account: it can provide steady income for investors, but part of the payment may come from savings rather than ongoing earnings, so investors should watch how those payments are funded and whether they are sustainable over time.

return of capital financial

"Return of capital includes distributions paid by the Fund in excess of its..."

Return of capital is when an investor receives money from their investment that is not considered profit or earnings but rather a portion of the original amount they invested. It’s similar to getting back part of your initial savings rather than gains from it. This matters because it can affect how much money an investor still has in the investment and may have tax implications.

real estate investment trusts (REITs) financial

"In addition, distributions from the Fund's investments in real estate investment trusts (REITs)..."

Real estate investment trusts (REITs) are companies that own, operate or finance income-producing real estate—like apartment buildings, offices, shopping centers or warehouses—and make most of their rental income available to shareholders as dividends. For investors, REITs offer a way to get regular income and property exposure without buying buildings directly, similar to owning slices of many rental properties, and they can provide diversification but remain sensitive to interest rates and property market conditions.

net asset value financial

"The performance and distribution rate information disclosed in the table is based on the Fund's net asset value per share..."

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

NAV financial

"The Fund's NAV is calculated as the total market value of all the securities..."

Net asset value (NAV) is the total value of all the investments and assets in a fund or company, minus any debts or liabilities, divided by the number of shares or units outstanding. It represents the per-share worth, giving investors an idea of what each share is truly worth based on the underlying assets. Think of it like a company's total worth divided among its shares, helping investors assess whether a share is fairly priced.

Form 1099-DIV regulatory

"Final tax characteristics... will be provided on Form 1099-DIV, which is mailed..."

Form 1099-DIV is a U.S. tax document brokers, mutual funds and other financial institutions send to investors showing dividends and other distributions paid during the year. Investors use it like an annual receipt to report taxable income — including regular dividends, dividends that may qualify for lower tax rates, and capital gains distributions — so it directly affects tax liability and helps reconcile brokerage records with a tax return.

EDGAR Database regulatory

"These reports and other filings can be found on the Securities and Exchange Commission's EDGAR Database."

The EDGAR database is the U.S. regulator’s public online repository for official company filings such as financial reports, registration statements and insider-trading disclosures. Think of it as a public filing cabinet or library where investors can read the primary documents companies are legally required to submit, allowing anyone to verify financial results, track changes in ownership, and spot risks or inconsistencies before making investment decisions.

AI-generated analysis. Not financial advice.

NEW YORK, Jan. 27, 2026 /PRNewswire/ -- This press release provides shareholders of Cohen & Steers Total Return Realty Fund, Inc. (NYSE: RFI) (the "Fund") with information regarding the sources of the distribution to be paid on January 30, 2026 and cumulative distributions paid fiscal year-to-date.

In December 2011, 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	January 2026		YEAR-TO-DATE (YTD) January 31, 2026*
Source	Per Share Amount	% of Current Distribution	Per Share Amount	% of 2026 Distributions
Net Investment Income	$0.0067	8.38 %	$0.0067	8.38 %
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)	$0.0733	91.62 %	$0.0733	91.62 %
Total Current Distribution	$0.0800	100.00 %	$0.0800	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 December 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 December 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 December 31, 2025
Year-to-date Cumulative Total Return1	3.59 %
Cumulative Distribution Rate2	0.72 %
Five-year period ending December 31, 2025
Average Annual Total Return3	5.15 %
Current Annualized Distribution Rate4	8.66 %

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, 2026 through January 31, 2026) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund's NAV as of December 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 December 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 December 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 January 30, 2026 distribution amount for Cohen & Steers Total Return Realty Fund (CNS)?

The Fund will pay $0.0800 per share on January 30, 2026. According to the company, this amount is estimated to be 8.38% net investment income and 91.62% return of capital for the current distribution.

How much of the CNS January 2026 distribution is return of capital versus income?

About 91.62% is return of capital and 8.38% is net investment income. According to the company, these are estimates and final tax characterizations will be reported on Form 1099-DIV after year-end.

What does a high return of capital percentage mean for CNS shareholders on January 30, 2026?

A high return of capital means distributions exceed income and reduce shareholders' tax basis. According to the company, ROC is not taxable when paid but lowers your cost basis and may affect future capital gains tax.

What are Cohen & Steers Total Return Realty Fund's performance metrics for 2025 (CNS)?

The Fund reported a YTD NAV cumulative total return of 3.59% and a five-year average annual NAV total return of 5.15%. According to the company, these figures include distributions and assume reinvestment.

Will the January 2026 distribution tax characterization for CNS be final on January 30, 2026?

No, the tax characterization is estimated and may change; final reporting is provided on Form 1099-DIV after year-end. According to the company, final tax attributes depend on year-end investment results and tax rules.

Could Cohen & Steers Total Return Realty Fund (CNS) change its managed distribution policy?

Yes; the Board may amend, suspend, or terminate the managed distribution policy at any time, which could adversely affect the Fund's market price. According to the company, this flexibility supports long-term gain realization.