DFP CEF — Flaherty & Crumrine Dynamic Preferred and Income Fund

Flaherty & Crumrine Dynamic Preferred and Income Fund (DFP)

DFP is a CEF. its distribution rate is 8.02%, its trailing-12-month yield is 7.92%, its expense ratio is 1.75%. Dividend Vision Distribution Safety Score™ is 67/100 (Generally safe). Total return is 115.7% over the past 13.3 years, 372.4 points behind SPY at 488.1%.

At the current 8.02% distribution rate, a $10,000 investment would generate approximately $802 per year, or $66.83 per month.

Flaherty & Crumrine Dynamic Preferred and Income Fund is a closed-end fund that seeks total return with an emphasis on high current income by investing primarily in preferred stocks, hybrid securities, convertible securities, and corporate bonds, with concentration in the banking and insurance sectors. The fund distributes income monthly at a high distribution rate. This fund appeals to income-focused investors seeking regular cash distributions from a diversified portfolio of fixed-income and preferred securities.

DFP performance versus SPY

Price and return data through 2026-09-21.

Total return is 115.7% over the past 13.3 years, 372.4 points behind SPY at 488.1%. Over the past year its total return — price change plus distributions reinvested — is -3.6%. Its deepest 1-year drawdown was 10.0%.

DFP key facts

Distribution Safety Score™

67 · Generally safe

Safety-Adjusted Yield

5.37%

Issuer

Flaherty & Crumrine

Asset type

CEF

Asset class

Fixed Income

Inception date

05/24/2013

Expense ratio

1.75%

Distribution rate

8.02%

Distribution frequency

Monthly

Trailing yield

7.92%

5-year average yield

7.64

Last close

$19.61 (as of 2026-09-21)

NAV

$22.03

Premium / discount

10.99% discount

Market cap

$402,752,864

Average volume

104700.0

Last dividend

$0.131

Last ex-dividend date

08/24/2026 (as of 2026-08-24)

Last payment date

08/31/2026 (as of 2026-08-31)

Beta

0.3678

How Dividend Vision calculates yield and returns

Distribution rate (8.02%) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield (7.92%) is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Flaherty & Crumrine or company page; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

DFP risks and drawbacks

Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 10.0%.

Who may consider DFP — and who may not

It is a weaker fit for investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

More securities from Flaherty & Crumrine.