9AT: FLAHERTY & CRUMRINE INCORPORATED

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

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser GEODE CAPITAL MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1,736.5b	#Funds-
Adviser DODGE & COX	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund10.9b	Total Private Fund GAV10.9b	AUM466.6b	#Funds2
Adviser FEDERATED GLOBAL INVESTMENT MANAGEMENT CORP.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM14.1b	#Funds-
Adviser SSGA FUNDS MANAGEMENT, INC.	Hedge Fund39.3b	Liquidity Fund322.7m	Private Equity Fund6.3m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV39.6b	AUM1,420.7b	#Funds22
Adviser VIRTUS INVESTMENT ADVISERS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM51.7b	#Funds-
Adviser PARK AVENUE INSTITUTIONAL ADVISERS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM82.0b	#Funds-
Adviser PRIMECAP MANAGEMENT CO	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM139.3b	#Funds-
Adviser OCTAGON ASSET MANAGEMENT, LLC	Hedge Fund5.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV5.5m	AUM221.2m	#Funds1
Adviser VICTORY CAPITAL MANAGEMENT INC.	Hedge Fund1.2b	Liquidity Fund-	Private Equity Fund615.4m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund18.1m	Total Private Fund GAV1.9b	AUM282.7b	#Funds22
Adviser NYL INVESTORS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund4.3b	Venture Capital Fund-	Other Fund1.4b	Total Private Fund GAV5.6b	AUM329.2b	#Funds18

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

Similar advisers

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

Similar advisers

Brochure Summary

Overview

FLAHERTY & CRUMRINE INCORPORATED

FLAHERTY & CRUMRINE INCORPORATED

FLAHERTY & CRUMRINE INC