We characterize all Fréchet quotients of the space 𝒜(Ω) of (complex-valued) real-analytic functions on an arbitrary open set $Ω ⊆ ℝ^{d}$. We also characterize those Fréchet spaces E such that every short exact sequence of the form 0 → E → X → 𝒜(Ω) → 0 splits.