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FLC · Flaherty & Crumrine Total Return Fund Inc.

Know the company

Company overview

Flaherty & Crumrine Total Return Fund owns preferred and other income securities. Payments from the issuing companies support cash to shareholders, while rates and issuer strength influence the portfolio's value.

Business
Preferred securities CEF
Listing
FLC · XNYS
Reporting period
2026-05-31
Dividend schedule
Monthly

How the business works

Preferred dividends and bond interest become net investment income after fund and financing costs. Calls, credit changes and market prices can alter NAV separately from that recurring income.

Flaherty & Crumrine Total Return Fund Inc.: financial report supporting reported earnings

Dividend & earnings snapshot

Reported earnings

Each measure shown separately, per share

Net investment income$0.63

Dec 1, 2025 to May 31, 2026

Distribution yield7.88%Sourced distributions divided by dated market price
Reported annual income yield6.62%Reported net investment income $1.1500 per share for 2024-12-01 to 2025-11-30, divided by approved 2025-11-30 market price $17.3800. Excludes capital gains; historical, not a current yield or forecast.
Annual dividend$1.28Current regular payment annualized per share
Distribution supportSee period evidenceCash distributions, NAV and reported returns are shown separately; no earnings-coverage ratio is assigned.
Verified dividend dates and payment components

Issuer announcements supplement the recorded totals above. Each declared payment is shown separately. Additional payments are not assumed to repeat.

Verified earnings history and sources

The latest four recorded reporting periods. Each issuer measure keeps its own name and dates. These source records supplement the Fly High figures above; different measures are not added together or assumed comparable.

Reporting periodEarnings measurePer shareSource
Dec 1, 2025 to May 31, 2026Net investment income$0.63Issuer source 1
Announced Jul 31, 2026

Reported NAV total return by period

Full-year fund-reported NAV total return. The shorter period remains in the table above and is not joined to this trend.

Market price and NAV per share

Reviewed USD market closes or SEC-reported prices matched to NAV dates. A different price date or split adjustment is shown in the label.

Business and earnings charts

Financial snapshot: 2026-05-31. Research reviewed 2026-09-18. Source dates are retained with each measure; historical results are not a forecast.

The assets it owns

$192.092 million net assets262 holdings · As of 5/31/2026

Net assets checked 2026-09-11. Borrowings and preferred financing are excluded from this net-assets figure.

A complete, comparable portfolio allocation is not available for this chart. No percentages have been estimated.

Flaherty & Crumrine Total Return Fund Inc.: net assets and portfolio information, checked 2026-09-11

Reported earnings and distributions

2025-12-01 through 2026-05-31 · $ per share

Fund net investment income per common share; actual reporting period, not annualized$0.6300

For the six months ended May 31, 2026, FLC reported $0.63 of net investment income per common share and $0.66 of common distributions. Income and cash paid were close in that matching period, with a small difference to revisit.

Flaherty & Crumrine Total Return Fund Inc.: financial report supporting reported earnings

Cash distributions and reported returns

Cash distributions are the total paid per share during each reporting period, including any gains or return of capital. Period lengths may differ, so compare the dates before comparing amounts. Short periods are not annualized.

Reporting periodEnding NAVNAV changeDistributions / shareReported NAV total returnSource
Dec 1, 2025 to May 31, 2026$18.70-1.22%$0.66+2.59%FLC SEC financial highlights. Reported cash includes all components; partial periods are not annualized.
Dec 1, 2024 to Nov 30, 2025$18.93+1.94%$1.18+9.23%FLC SEC financial highlights. Reported cash includes all components; partial periods are not annualized.
Dec 1, 2023 to Nov 30, 2024$18.57+13.79%$1.06+21.67%FLC SEC financial highlights. Reported cash includes all components; partial periods are not annualized.
Dec 1, 2022 to Nov 30, 2023$16.32-5.23%$1.09+1.96%FLC SEC financial highlights. Reported cash includes all components; partial periods are not annualized.

NAV change excludes distributions. Reported NAV total return includes reinvestment and is copied from the fund statement, not estimated by adding cash distributions to the NAV change.

Distribution and NAV evidence

Cash paid, opening and closing NAV, and the fund-reported NAV total return are separate observations. NAV change excludes distributions. These figures show outcomes, not which source funded a payment or whether future distributions are sustainable. Net investment income excludes investment gains and is not a payout-coverage ratio.

Reporting period and filingNet investment income/shareCash distributions/shareOpening NAVClosing NAVNAV changeReported NAV total return
2022-12-01 to 2023-11-30 Not reviewed $1.09 $17.22 $16.32 -5.23% 1.96%
2023-12-01 to 2024-11-30 $1.04 $1.06 $16.32 $18.57 13.79% 21.67%
2024-12-01 to 2025-11-30 $1.15 $1.18 $18.57 $18.93 1.94% 9.23%
2025-12-01 to 2026-05-31 $0.63 $0.66 $18.93 $18.70 -1.22% 2.59%

Risk monitor

RiskCurrent conditionDirectionWhy it matters
Portfolio riskLosses or weaker cash generation in preferred and financial-sector securities can reduce the resources available for future distributions.MonitorA change can affect future shareholder cash payments or the capital supporting them.
Leverage and financingThe current data service reports effective leverage of 38.15%. Financing magnifies gains and losses, and borrowing costs reduce income available to common shareholders.MonitorA change can affect future shareholder cash payments or the capital supporting them.

The assets behind the earnings

How FLC makes money

Financial snapshot: 2026-05-31. Research reviewed 2026-09-18. Source dates are retained with each measure; historical results are not a forecast.

The income-producing business

Portfolio dividends and interest, realized investment results and any option activity contribute to distribution resources after expenses. A declared distribution can include gains or return of capital as well as investment income; its amount is not an earnings figure.

The earnings available to shareholders depend on the cash generated by these activities after operating and financing costs. Portfolio gains, financing proceeds and recurring income should be evaluated separately.

Flaherty & Crumrine Total Return Fund Inc.: financial report supporting reported earnings

What the reported earnings support

Flaherty & Crumrine Total Return Fund Inc. reported $0.6300 per share for 2025-12-01 through 2026-05-31, measured as Fund net investment income per common share; actual reporting period, not annualized.

Actual per-share reporting period, without annualisation. Net investment income, realized gains, unrealized changes and cash distributions are different measures. This comparison is not the Fly High forward Dividend Coverage Ratio.

Flaherty & Crumrine Total Return Fund Inc.: financial report supporting reported earnings

What would change the earnings picture?

Read the next like-for-like income and cash totals with preferred-issuer credit, calls, financing and NAV.

Net asset value (NAV)

NAV per share$17.8100Sep 29, 2026
Market price$15.6100Sep 29, 2026
PREMIUM / DISCOUNT TO NAV12.35% discountCalculated from the displayed same-date values.

NAV is the fund's assets minus liabilities, divided by shares outstanding. All values are USD per share.

CEFConnect current common-share NAV and closing market price, both dated 2026-09-29. The published premium or discount agrees with the calculation within source rounding. Older audited NAV history remains unchanged.

NAV source · Market-price source

Current evidence and recent developments

  • Regular distribution screen: 7.88% on 2026-09-11.
  • Reported net investment income per common share: $0.63 for 2025-12-01 through 2026-05-31; not annualized.

What to watch next

  • Read the next like-for-like income and cash totals with preferred-issuer credit, calls, financing and NAV.

Fly High context

Read the next like-for-like income and cash totals with preferred-issuer credit, calls, financing and NAV.

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U.S. federal · Tax year 2025

Dividend tax treatment

The fund designated all 2025 distributions as ordinary dividends. The mix can change from year to year.

This issuer information is a guide, not your personal tax statement. Use your Form 1099-DIV when you file.

Total ordinary dividends
100%
Qualified dividends
Not confirmed
Capital-gain distributions
0%
Return of capital
0%

Tax year: 2025.

Tax details and source
Total ordinary dividends (includes qualified)
100%
Section 199A portion (within ordinary dividends)
Not confirmed
Exempt-interest distributions
0%
Reporting form
Form 1099-DIV
Source date
Not stated

Qualified dividends are included in total ordinary dividends. Section 199A is a separate designation within ordinary dividends, not extra income or qualified dividend income.

Tax source

Your account type, holding period and circumstances affect treatment. Use your broker’s tax statement for filing. Return of capital generally reduces cost basis; amounts beyond basis can be taxable. IRS dividend guidance.

Public Research updated September 30, 2026 4:46 pm

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