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) disclosed the estimated sources of its March 31, 2026 distribution and cumulative fiscal year-to-date distributions through March 31, 2026. The Fund estimates a $0.0800 per-share March distribution: $0.0525 NII (65.63%) and $0.0275 return of capital (34.37%). Year-to-date distributions total $0.2400 per share, with return of capital comprising 71.75% and net investment income 28.25%. Performance metrics include a 7.89% YTD NAV total return and a 6.34% five-year average annual NAV return.

Positive

• Current distribution of $0.0800 per share
• Year-to-date distributions total $0.2400 per share
• Return of capital comprises 71.75% of 2026 YTD distributions
• Year-to-date NAV total return of 7.89%

Negative

• Return of capital is >70% of distributions YTD
• Net investment income only 28.25% of 2026 distributions
• Current annualized distribution rate at 8.14% may pressure NAV

Key Figures

Current distribution per share: $0.0800 Net investment income portion: $0.0525 (65.63%) Return of capital portion: $0.0275 (34.37%) +5 more

8 metrics

Current distribution per share $0.0800 March 31, 2026 monthly distribution for RFI

Net investment income portion $0.0525 (65.63%) Portion of March 2026 RFI distribution

Return of capital portion $0.0275 (34.37%) Portion of March 2026 RFI distribution

YTD distributions per share $0.2400 RFI cumulative distributions through March 31, 2026

YTD cumulative total return 7.89% RFI NAV total return Jan 1–Feb 28, 2026

Cumulative distribution rate 2.03% RFI fiscal-period cumulative distribution rate to Feb 28, 2026

5-year avg annual total return 6.34% RFI NAV average annual total return to Feb 28, 2026

Current annualized distribution rate 8.14% RFI distribution rate annualized vs NAV as of Feb 28, 2026

Market Reality Check

Price: $60.83 Vol: Volume 308,913 is below t...

normal vol

$60.83 Last Close

Volume Volume 308,913 is below the 20-day average of 412,733, suggesting no outsized trading interest pre-announcement. normal

Technical Shares at 60.83 are trading below the 200-day MA of 68.48 and sit 27.57% under the 52-week high.

Peers on Argus

Within Asset Management, several peers also traded lower (e.g., AB -3.89%, APAM ...

Within Asset Management, several peers also traded lower (e.g., AB -3.89%, APAM -2.42%, FHI -1.89%, HTGC -0.79%), while DNP rose 1.29%, indicating mixed sector action rather than a uniform move.

Historical Context

5 past events · Latest: Mar 09 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 09	AUM update	Positive	-1.6%	Reported AUM rose to $98.4B with market appreciation and slight net inflows.
Feb 26	Distribution notice	Neutral	-0.4%	UTF detailed monthly distribution sources and NAV-based performance metrics.
Feb 26	Distribution notice	Neutral	-0.4%	RQI disclosed its distribution, estimated as 100% net realized long-term gains.
Feb 26	Distribution notice	Neutral	-0.4%	RFI outlined its monthly payout with a high return-of-capital component.
Feb 26	Distribution notice	Neutral	-0.4%	FOF reported payout mix of net investment income and long-term capital gains.

Pattern Detected

Recent AUM and fund distribution updates have typically seen flat-to-modest negative share moves, even when underlying metrics were constructive.

Recent Company History

Over the last several months, Cohen & Steers has mainly reported operational updates and closed-end fund distribution notices. On Mar 9, 2026, AUM rose to $98.4B, yet the stock slipped 1.59%. Multiple Section 19(a) notices for affiliated funds on Feb 26, 2026 (UTF, RQI, RFI, FOF) detailed managed distribution policies, return-of-capital components, and NAV-based performance metrics, with generally small price reactions around -0.40%. Today’s RFI notice continues this pattern of disclosure-focused news from the platform.

Market Pulse Summary

This announcement details RFI’s March managed distribution and its tax and performance profile. The ...

Analysis

This announcement details RFI’s March managed distribution and its tax and performance profile. The monthly payout of $0.0800 per share is estimated to be 65.63% net investment income and 34.37% return of capital, with year-to-date distributions of $0.2400. NAV performance metrics—7.89% year-to-date cumulative total return and a 6.34% five-year average annual total return versus an 8.14% current annualized distribution rate—highlight the importance of tracking how long-term returns support the managed payout level.

Key Terms

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

7 terms

managed distribution policy financial

"the Fund implemented a managed distribution policy in accordance with exemptive relief"

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 net investment income"

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

"distributions from the Fund's investments in real estate investment trusts (REITs) may later be characterized"

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 (NAV)."

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.

Form 1099-DIV regulatory

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

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.

Year-to-date Cumulative Total Return financial

"The Fund's Year-to-date Cumulative Total Return for fiscal year 2026 ... is set forth below."

Year-to-date cumulative total return measures how much an investment’s value has changed from the first day of the calendar year to today, counting both price moves and any income (like dividends or interest) that has been paid and reinvested. Investors use it like a running scorecard — similar to checking a bank balance that includes both deposits and interest — to compare performance, evaluate managers, and see how an investment has behaved so far this year.

Current Annualized Distribution Rate financial

"the Fund's Average Annual Total Return ... and the Fund's Current Annualized Distribution Rate for 2026"

The current annualized distribution rate is the percentage return an investor would get from a security’s most recent payout if that same payment continued for a full year. It’s calculated by taking the latest distribution, multiplying to annualize it (for example, by four if it’s a quarterly payment), and dividing by the current share price — like quoting a yearly rent yield based on the last month’s rent. Investors use it to compare income potential across stocks or funds, but it can overstate future income if payouts change.

AI-generated analysis. Not financial advice.

NEW YORK, March 30, 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 March 31, 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	March 2026		YEAR-TO-DATE (YTD) March 31, 2026*
Source	Per Share Amount	% of Current Distribution	Per Share Amount	% of 2026 Distributions
Net Investment Income	$0.0525	65.63 %	$0.0678	28.25 %
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)	$0.0275	34.37 %	$0.1722	71.75 %
Total Current Distribution	$0.0800	100.00 %	$0.2400	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 2026 (January 1, 2026 through February 28, 2026) 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 2026. In addition, the Fund's Average Annual Total Return for the five-year period ending February 28, 2026 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund's Current Annualized Distribution Rate for 2026. 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, 2026 to February 28, 2026
Year-to-date Cumulative Total Return1	7.89 %
Cumulative Distribution Rate2	2.03 %
Five-year period ending February 28, 2026
Average Annual Total Return3	6.34 %
Current Annualized Distribution Rate4	8.14 %

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 March 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 February 28, 2026.
3. Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending February 28, 2026. 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 February 28, 2026.

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 sources fund Cohen & Steers Total Return Realty Fund (CNS) March 31, 2026 distribution?

The March 31, 2026 distribution is funded by net investment income and return of capital. According to the company, net investment income is $0.0525 per share (65.63%) and return of capital is $0.0275 per share (34.37%).

How much is Cohen & Steers Total Return Realty Fund's (CNS) year-to-date distribution per share in 2026?

Year-to-date through March 31, 2026 the Fund has distributed $0.2400 per share. According to the company, that total comprises $0.0678 NII (28.25%) and $0.1722 return of capital (71.75%).

What does the high return of capital percentage mean for CNS shareholders in 2026?

A high return of capital percentage means part of distributions are a return of your invested basis, not taxable income. According to the company, return of capital reduced shareholders' tax basis and may affect long-term cost basis reporting.

What are Cohen & Steers Total Return Realty Fund's (CNS) recent NAV performance figures?

The Fund reports a year-to-date NAV total return of 7.89% and a five-year average annual NAV return of 6.34%. According to the company, these metrics are NAV-based and assume reinvestment of distributions.

How is the Fund's current annualized distribution rate calculated for CNS in 2026?

The current annualized distribution rate of 8.14% is the fiscal period's distribution rate annualized versus NAV as of Feb 28, 2026. According to the company, it uses distributions through the current fiscal period and NAV on Feb 28, 2026.

Will Cohen & Steers Total Return Realty Fund (CNS) provide final tax reporting for 2026 distributions?

Yes. The Fund will issue a Form 1099-DIV after year-end showing final tax character of distributions. According to the company, the distribution estimates may change and shareholders should use Form 1099-DIV for federal tax reporting.