9AT: FLAHERTY & CRUMRINE INCORPORATED

FLAHERTY & CRUMRINE INCORPORATED

FLAHERTY & CRUMRINE INCORPORATED

FLAHERTY & CRUMRINE INC

Adviser Profile

As of Date	03/25/2026
Registration	SEC, Approved, 07/21/1983
ADV Location	PASADENA, CA, United States
Contact Info	626 xxxxxxx
Websites

AUM^*	4,149,835,668 6%
of that, discretionary	4,149,835,668 6%
Number of Employees	14 8%
of those in investment advisory functions	8
Private Fund GAV^*	0
Avg Account Size	259,364,729 13%
SMA’s	Yes
Private Funds	0

Adviser Type

- Large advisory firm
- An investment adviser (or subadviser) to an investment company

Client Types

- Investment companies
- Pooled investment vehicles
- Insurance companies
- Other

Advisory Activities

- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management

Reported AUM

5B 4B 4B 3B 2B 1B 720M

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Discretionary

Non-discretionary

Private Funds

No private funds

Employees

Brochure Summary

Overview

Flaherty & Crumrine was founded in 1983 to specialize in the management of preferred securities portfolios. Preferred securities are part of a diverse and highly specialized asset class, with only a very few investment managers who truly understand and specialize in this market. We believe we are one of the most experienced managers in this market. We are an independently owned, California corporation. 50.2% of the shares are owned and controlled by our employees (R. Eric Chadwick – 17.5%, Bradford Stone – 17.5%, and Chad Conwell – 15.2%). Retired employees of the firm hold the remaining 49.8% (Donald Crumrine – 16.6%, Robert Ettinger 16.6% and Robert Flaherty 16.6%). We believe our independent ownership and business model focused on preferred securities minimize potential conflicts of interest. We manage the assets of Flaherty & Crumrine Preferred and Income Fund Incorporated (“PFD”), Flaherty & Crumrine Preferred and Income Opportunity Fund Incorporated (“PFO”), Flaherty & Crumrine Preferred and Income Securities Fund Incorporated

(“FFC”), Flaherty & Crumrine Total Return Fund Incorporated (“FLC”) and Flaherty & Crumrine Dynamic Preferred and Income Fund (“DFP”) (collectively, the “U.S. Funds”), five closed-end investment companies registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and listed on the New York Stock Exchange. We also sub-advise the assets of Destra Flaherty & Crumrine Preferred and Income Fund, an open-end investment company registered under the 1940 Act (“DPI”), Brompton Flaherty & Crumrine Enhanced Investment Grade Preferred ETF (“BEPR”), an investment trust registered in Canada, and Brompton Flaherty & Crumrine Investment Grade Preferred ETF, an investment trust registered in Canada (“BPRF”) (together with BEPR, the “Canadian Funds”). Finally, we currently manage portfolios of preferred securities for U.S. and foreign institutions, including insurance companies, nuclear decommissioning trusts, and non-profits. As of December 31, 2023, our regulatory assets under management were approximately $3.9 billion.

FLAHERTY & CRUMRINE INCORPORATED

FLAHERTY & CRUMRINE INCORPORATED

FLAHERTY & CRUMRINE INC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Brochure Summary

Overview

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FLAHERTY & CRUMRINE INCORPORATED FLAHERTY & CRUMRINE INCORPORATED FLAHERTY & CRUMRINE INC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Brochure Summary

Overview

FLAHERTY & CRUMRINE INCORPORATED

FLAHERTY & CRUMRINE INCORPORATED

FLAHERTY & CRUMRINE INC