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: RFI) announced estimated sources for the distribution to be paid on December 31, 2025 and cumulative distributions year-to-date through December 31, 2025.

The current monthly distribution is estimated at $0.0800 per share (72.63% net investment income; 27.37% return of capital). Year-to-date distributions total $0.9600 per share with sources: net investment income $0.2995 (31.20%), short-term gains $0.0860 (8.96%), long-term gains $0.4451 (46.36%), and return of capital $0.1294 (13.48%).

Performance metrics: YTD cumulative total return (Jan 1–Nov 30, 2025) is 6.27%, cumulative distribution rate is 8.38%, and five-year average annual total return is 6.29%. Final tax characterizations will be reported on Form 1099-DIV after year-end.

Positive

• Current distribution of $0.0800 per share
• Year-to-date distributions total $0.9600 per share
• Net investment income comprises 72.63% of current distribution
• Long-term capital gains comprise $0.4451 YTD (46.36%)

Negative

• Return of capital is 27.37% of the current distribution
• Cumulative distribution rate 8.38% exceeds YTD total return of 6.27%
• Fund estimates it has distributed more than its income (portion may be return of capital)

Key Figures

Current distribution per share $0.0800 RFI December 31, 2025 distribution

Net investment income portion $0.0581 (72.63%) RFI December 2025 distribution source

Return of capital portion $0.0219 (27.37%) RFI December 2025 distribution source

YTD distributions per share $0.9600 RFI fiscal 2025 through December 31

YTD cumulative total return 6.27% RFI NAV basis, Jan 1–Nov 30, 2025

Cumulative distribution rate 8.38% RFI fiscal period Jan 1–Dec 31, 2025 (NAV basis)

5-year avg annual total return 6.29% RFI NAV basis, five years ending Nov 30, 2025

Current annualized distribution rate 8.38% RFI NAV basis, current fiscal period

Market Reality Check

$62.34 Last Close

Volume Volume 195,483 is 0.36x the 20-day average of 535,732 shares. low

Technical Shares trade below the 200-day MA, with price 62.99 vs MA200 72.89.

Peers on Argus

CNS shares are down 0.29% with several asset-management peers also modestly lower today (e.g., AB -0.48%, APAM -0.67%, DNP -0.5%, FHI -0.43%, HTGC -1.17%).

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 08	AUM and flows update	Positive	+1.3%	Reported higher AUM with market appreciation partially offsetting net outflows.
Dec 08	Workplace award	Positive	-3.5%	Recognition as a Best Place to Work in Money Management for sixth year.
Nov 26	RFI distribution notice	Neutral	-0.8%	Detailed RFI distribution sources and YTD NAV total return disclosure.
Nov 26	FOF distribution notice	Neutral	-0.8%	FOF Section 19(a) notice with mix of income, gains, and return of capital.
Nov 26	RNP distribution notice	Neutral	-0.8%	RNP distribution breakdown and NAV-based performance metrics for 2025.

Pattern Detected

Recent fund distribution notices for affiliated vehicles have coincided with small, mixed price moves in CNS, suggesting these updates are treated as routine disclosures rather than major catalysts.

Recent Company History

Over the past few months, CNS news has focused on fund distribution notices and corporate milestones. On Nov 26, 2025, CNS issued Section 19(a) notices for RFI, FOF, and RNP, outlining distribution sources and NAV-based performance, with modest share-price moves. On Dec 8, 2025, CNS reported preliminary AUM of $91.9 billion and separately received a workplace award, with mixed price reactions. Today’s RFI notice continues this pattern of detailed distribution transparency tied to its closed-end fund lineup.

Market Pulse Summary

This announcement updates shareholders on RFI’s December $0.0800 distribution and year‑to‑date per‑share payouts of $0.9600, detailing how much comes from net investment income, capital gains, and return of capital. It also compares an 8.38% distribution rate with a 6.27% NAV total return and a five‑year average return of 6.29%. Investors may track how this relationship evolves and how often distributions rely on return of capital when assessing the fund’s profile.

Key Terms

managed distribution policy financial

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

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..."

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)..."

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 per share (NAV) financial

"The performance and distribution rate information... based on the Fund's net asset value per share (NAV)."

Net asset value per share (NAV) is the total value of an investment fund or company’s assets minus its liabilities, divided by the number of outstanding shares. It represents the underlying value attributable to each share and helps investors tell whether a market price is trading below or above that value—like comparing the price of a whole pie to the worth of each slice.

Form 1099-DIV regulatory

"Final tax characteristics... will be provided on Form 1099-DIV..."

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 2025..."

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.

Average Annual Total Return financial

"the Fund's Average Annual Total Return for the five-year period..."

Average annual total return is the single yearly rate of return that, when applied each year, would grow an investment from its starting value to its ending value over a given period while including both price changes and any dividends or distributions. Investors use it to compare how different assets performed on a level playing field across time; think of it like the average speed of a trip that accounts for all stops and detours so you can fairly compare routes.

Current Annualized Distribution Rate financial

"the Fund's Current Annualized Distribution Rate for 2025."

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, Dec. 18, 2025 /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 December 31, 2025 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	December 2025		YEAR-TO-DATE (YTD) December 31, 2025*
Source	Per Share Amount	% of Current Distribution	Per Share Amount	% of 2025 Distributions
Net Investment Income	$0.0581	72.63 %	$0.2995	31.20 %
Net Realized Short-Term Capital Gains	$0.0000	0.00 %	$0.0860	8.96 %
Net Realized Long-Term Capital Gains	$0.0000	0.00 %	$0.4451	46.36 %
Return of Capital (or other Capital Source)	$0.0219	27.37 %	$0.1294	13.48 %
Total Current Distribution	$0.0800	100.00 %	$0.9600	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 November 30, 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 November 30, 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 November 30, 2025
Year-to-date Cumulative Total Return1	6.27 %
Cumulative Distribution Rate2	8.38 %
Five-year period ending November 30, 2025
Average Annual Total Return3	6.29 %
Current Annualized Distribution Rate4	8.38 %

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 December 31, 2025) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund's NAV as of November 30, 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 November 30, 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 November 30, 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 RFI's distribution amount on December 31, 2025?

The Fund estimates a $0.0800 per share distribution payable December 31, 2025.

How much has RFI paid in distributions year-to-date in 2025?

Year-to-date distributions for 2025 total $0.9600 per share through December 31, 2025.

What portion of RFI's December 2025 distribution is return of capital?

Return of capital is estimated at $0.0219 per share, or 27.37% of the current distribution.

How do RFI's distributions compare with its year-to-date NAV performance in 2025?

YTD cumulative total return is 6.27% while the cumulative distribution rate is 8.38%, meaning distributions exceed NAV return.

Will RFI provide final tax details for 2025 distributions?

Yes. Final tax characterizations will be provided on the Fund's Form 1099-DIV after year-end.

What are RFI's five-year average annual total return and current annualized distribution rate?

Five-year average annual total return is 6.29% and the current annualized distribution rate is 8.38% (as of Nov 30, 2025 NAV).