In plain terms — Flaherty & Crumrine Dynamic Preferred & Income Fund
Shares currently cost about 11.7% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 7.8% discount, so today's level is unusually wide for this fund (Z-score -2.1). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.4% a year of the share price (7.4% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.13 of assets — a ReinvestCapture™ rate of 9.5%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 0.2% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -8.75% | 2.27% | -1.20 | 64 |
| 6 months | -8.50% | 1.82% | -1.64 | 126 |
| 1 year | -7.77% | 1.78% | -2.08 | 250 |
| 3 years | -8.67% | — | — | — |
| 5 years | -6.65% | — | — | — |
Current contemporaneous premium/discount -11.47% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -13.00% to -4.65%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -4.16% | -11.11% | -10.29% | -13.58% | +5.68% | -8.14% |
| Market price total return | -3.50% | -9.36% | -5.10% | -6.81% | +13.51% | -0.93% |
| NAV return | -2.64% | -4.86% | -6.48% | -6.56% | +4.42% | -5.02% |
| NAV total return | -2.06% | -3.15% | -1.52% | +0.15% | +11.46% | +1.92% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Flaherty & Crumrine Dynamic Preferred and Income Fund Inc. (DFP) is a U.S.-domiciled, closed-end, balanced mutual fund, actively managed by Flaherty & Crumrine Incorporated. Established on May 23, 2013, the fund pursues global investment opportunities, allocating capital across public equity and fixed income markets. Its equity holdings span a diverse range of companies and sectors. A core component of its strategy involves investing primarily in investment-grade, income-producing securities. These encompass a variety of instruments such as traditional preferred stock, trust preferred securities, hybrid securities combining characteristics of both equity and debt, convertible securities, subordinated debt, and senior debt.
CEF Explorer research page for Flaherty & Crumrine Dynamic Preferred & Income Fund Inc. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.