Flaherty & Crumrine Dynamic Preferred and Income Fund Inc. (DFP)

Flaherty & Crumrine Dynamic Preferred and Income Fund Inc. is a closed-end management investment company whose common shares trade on the New York Stock Exchange under the symbol DFP. The fund began operations on May 24, 2013, when it sold shares to the public at $25.00. It seeks total return with an emphasis on high current income and pays distributions to shareholders every month.

The fund invests at least 80% of its managed assets in preferred securities and other income-producing instruments, such as hybrid and contingent capital securities, issued by US and foreign companies. More than a quarter of its assets are concentrated in the financial sector, including banks, insurers and utilities, which are the main issuers of preferred securities.

DFP uses borrowings to enhance income, with leverage close to 39% of total investment exposure in late 2026. Its total investment exposure was about $713 million, against common assets of about $436 million and roughly 20.5 million common shares outstanding. The fund has no fixed term.

The fund is sponsored and advised by Flaherty & Crumrine Incorporated, a firm that has specialized in preferred securities since the 1980s. Like other closed-end funds, DFP's market price can trade above or below its net asset value.