SRH Total Return Fund, Inc. Section 19a Notice

Rhea-AI Summary

SRH Total Return Fund (NYSE:STEW) will pay a quarterly distribution of $0.2000 per share to holders of record as of January 23, 2026. The Fund reported that 98.16% of the distribution is estimated to be from net realized long-term capital gains and 1.84% from net investment income.

Key metrics: annualized distribution rate of 3.47% of NAV, cumulative distribution rate 0.87% of NAV, cumulative total return -0.22%, and five-year average annual NAV total return 15.25%. Distributions are estimates and may change for tax reporting.

Positive

• Quarterly distribution of $0.2000 per share declared
• 98.16% of current distribution estimated from net realized long-term capital gains
• Annualized distribution rate of 3.47% of NAV
• Five-year average annual NAV total return of 15.25%

Negative

• Cumulative total return for period reported as -0.22%
• Net investment income composes only 1.84% of the distribution
• Distributions are estimates and may change for tax and accounting purposes
• Board may modify, suspend, or terminate the distribution policy, which could affect share price

Key Figures

Quarterly distribution: $0.2000 per share Net long-term gains per share: $0.19632 Net investment income per share: $0.00368 +5 more

8 metrics

Quarterly distribution $0.2000 per share Payable January 30, 2026 to holders of record January 23, 2026

Net long-term gains per share $0.19632 Current distribution source; 2025–2026 fiscal year-to-date

Net investment income per share $0.00368 Current and fiscal year-to-date distribution component

Long-term gains share 98.16% Percentage of current and fiscal YTD distribution from long-term gains

Annualized distribution rate 3.47% of NAV Based on NAV as of December 31, 2025 and $0.2000 quarterly distribution

Cumulative distribution rate 0.87% of NAV Based on NAV as of December 31, 2025 including distributions through January 31, 2026

Cumulative total return -0.22% of NAV December 1, 2025 through December 31, 2025 including reinvested distributions

5-year average annual total return 15.25% of NAV Compound average NAV total return for five-year period ending December 31, 2025

Market Reality Check

Price: $17.72 Vol: Volume 184,567 vs 20-day ...

normal vol

$17.72 Last Close

Volume Volume 184,567 vs 20-day average 126,546 (relative volume 1.46x). normal

Technical Price $17.60 is trading below the 200-day MA at $17.80.

Peers on Argus

STEW was modestly higher pre-news, while peers showed mixed moves: RQI up 1.92%,...

STEW was modestly higher pre-news, while peers showed mixed moves: RQI up 1.92%, ECAT up 0.26%, and others like USA and BIGZ down between -0.98% and -1.47%, suggesting stock-specific dynamics rather than a broad sector move.

Historical Context

3 past events · Latest: Nov 13 (Positive)

Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Nov 13	Distribution increase	Positive	+0.3%	Quarterly distribution raised 21.2% to $0.20 per share, fifth annual increase.
Oct 31	Section 19a notice	Neutral	-0.1%	Quarterly $0.1650 distribution with detailed income, gains, and return-of-capital mix.
Aug 14	Distribution declaration	Positive	+0.1%	Declared $0.1650 quarterly distribution under managed program targeting $0.66 annually.

Pattern Detected

Recent distribution-related announcements have been followed by small, generally positive or muted price reactions.

Recent Company History

Over the past several months, SRH Total Return Fund has focused communications on its managed distribution program. On Nov 13, 2025, the Fund announced a 21.2% increase in its quarterly distribution to $0.20 per share, its fifth consecutive annual increase, and the stock moved slightly higher. Earlier notices in August and October 2025 detailed quarterly distributions of $0.1650 and the breakdown between income, capital gains, and return of capital, with only minor price moves. Today’s Section 19(a) notice continues this pattern of detailed distribution disclosure.

Market Pulse Summary

This announcement details the composition of the Fund’s quarterly $0.2000 distribution, showing that...

Analysis

This announcement details the composition of the Fund’s quarterly $0.2000 distribution, showing that about 98.16% comes from net realized long-term capital gains and only a small portion from net investment income. The annualized distribution rate equals 3.47% of NAV, while the recent cumulative NAV total return over one month was -0.22% versus a five-year average annual NAV return of 15.25%. Investors may focus on how future distributions balance income, gains, and potential return of capital as market conditions evolve.

Key Terms

managed distribution policy, net asset value, return of capital, closed-end investment company, +2 more

6 terms

managed distribution policy financial

"adopted a managed distribution policy under which the Fund may utilize capital gains"

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.

net asset value financial

"based on the change in the Fund's Net Asset Value per share ("NAV"), compared to"

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.

return of capital financial

"will constitute a return of the stockholder's capital. A return of capital is not taxable"

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.

closed-end investment company financial

"SRH Total Return Fund, Inc. (NYSE:STEW) (the "Fund"), a closed-end investment company,"

A closed-end investment company is a pooled investment fund that issues a fixed number of shares in a one-time offering and then has those shares bought and sold on an exchange like a stock; a professional manager runs the portfolio of assets. It matters to investors because the market price can move above or below the value of the underlying holdings, affecting returns and income, and shares may be less flexible to issue or redeem compared with open-ended funds—think of buying a slice of a privately baked pie whose market price can differ from the pie’s actual ingredients value.

Form 1099-DIV regulatory

"THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU"

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.

distribution rate financial

"distribution rate for this current distribution as a percentage of the NAV"

Distribution rate is the percentage that shows how much income an investment pays out to holders over a year, usually expressed relative to the fund’s share price or net asset value. It tells investors the income they can expect—similar to the interest rate on a savings account—and helps gauge whether a security is delivering steady cash flow or relying on capital to pay distributions, which can signal higher risk.

AI-generated analysis. Not financial advice.

Statement Pursuant to Section 19(a) of the Investment Company Act of 1940

DENVER, CO / ACCESS Newswire / January 30, 2026 / On January 30, 2026, SRH Total Return Fund, Inc. (NYSE:STEW) (the "Fund"), a closed-end investment company, will pay a distribution on its common stock of $0.2000 per share to stockholders of record at the close of business on January 23, 2026. The Fund, acting in accordance with an exemptive order received from the Securities and Exchange Commission and with approval of its Board of Directors, adopted a managed distribution policy under which the Fund may utilize capital gains, where applicable, as part of regular quarterly cash distributions to its stockholders. This policy gives the Fund greater flexibility to realize capital gains and to distribute those gains to stockholders.

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 in the table. In addition, the table shows the percentages of the total distribution amount per share attributable to (i) net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

Current Distribution from:
		Per Share ($)			Percentage (%)
Net Investment Income			0.00368			1.84	%
Net Realized Short-Term Capital Gains			0.00000			0.00	%
Net Realized Long-Term Capital Gains			0.19632			98.16	%
Return of Capital or other Capital Source			0.00000			0.00	%
Total (per common share)			0.20000			100.00	%
Fiscal Year-to-Date Cumulative
Distributions from1:
		Per Share ($)			Percentage (%)
Net Investment Income			0.00368			1.84	%
Net Realized Short-Term Capital Gains			0.00000			0.00	%
Net Realized Long-Term Capital Gains			0.19632			98.16	%
Return of Capital or other Capital Source			0.00000			0.00	%
Total (per common share)			0.20000			100.00	%

¹ The Fund's fiscal year is December 1 to November 30. Information shown is for the period beginning December 1, 2025.

Stockholders 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 amounts and sources of distributions reported in this 19(a) 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.

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last day of the month prior to the distribution declaration date. While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a stockholder's investment in the Fund. The value of a stockholder'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 & Distribution Rate Information

Annualized Distribution Rate as a Percentage of NAV^	3.47%
Cumulative Distribution Rate as a Percentage of NAV*	0.87%
Cumulative Total Return as a Percentage of NAV**	-0.22%
Average Annual Total Return***	15.25%

	^ Based on the Fund's NAV as of December 31, 2025 and the quarterly distribution of $0.2000.
	*Based on the Fund's NAV as of December 31, 2025 and includes distributions through January 31, 2026.
	**Cumulative Total Return is the percentage change in the Fund's NAV including distributions paid and assuming reinvestment of these distributions for the period December 1, 2025 through December 31, 2025.
	***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 these distributions.

The Fund has a managed distribution policy that seeks to deliver the Fund's long term total return potential through regular quarterly distributions declared at a fixed rate per share. Distributions may be paid in part or in full from net investment income, realized capital gains and by returning capital, or a combination thereof. Stockholders should note, however, that if the Fund's aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the Fund's assets and will constitute a return of the stockholder's capital. A return of capital is not taxable; rather it reduces a stockholder's tax basis in his or her shares of the Fund.

The Fund's Board of Directors reviews the amount of any distributions made pursuant to the Fund's distribution policy and considers the income earned and capital gains realized by the Fund, as well as the Fund's available capital. The Board of Directors will continue to monitor the Fund's distribution level, taking into consideration, among other things, the Fund's net asset value and market conditions. The Fund's distribution policy is subject to modification, suspension or termination by the Board of Directors at any time, which could have an adverse effect on the market price of the Fund's shares. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

For more information on the Fund, please visit us on the web at https://srhfunds.com/fund-overview/stew.

NOT FDIC INSURED | May Lose Value | No Bank Guarantee

Contact info:

Website: https://srhfunds.com/fund-overview/stew
Email: stewclientinquiries@paralel.com

SOURCE: SRH Total Return Fund, Inc.

View the original press release on ACCESS Newswire

FAQ

What distribution did SRH Total Return Fund (STEW) declare for January 30, 2026?

The Fund declared a $0.2000 per share quarterly distribution. According to the company, stockholders of record as of January 23, 2026, will receive the payment, and the distribution is an estimated mix of income and realized gains.

How much of STEW's January 2026 distribution is from long-term capital gains?

About 98.16% of the current distribution is estimated to be from net realized long-term capital gains. According to the company, the remainder is from net investment income, and these source amounts are estimates subject to change.

What is STEW's annualized distribution rate relative to NAV?

The annualized distribution rate is 3.47% of NAV based on NAV as of December 31, 2025. According to the company, this uses the quarterly $0.2000 distribution and the indicated NAV date for the calculation.

Will the January 2026 distribution from STEW be a return of capital?

The current distribution shows 0.00 from return of capital in the estimate. According to the company, distributions may still be adjusted and final tax reporting could differ, so tax treatment will be shown on Form 1099-DIV.

How did STEW perform on a cumulative NAV basis for the period reported?

Cumulative total return on NAV for the period is reported as -0.22%. According to the company, that measure includes distributions reinvested for the period December 1, 2025 through December 31, 2025 and is limited to NAV performance.