FLAHERTY & CRUMRINE TOTAL RE

CUSIP: 338479108 Class: CEF

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (4)

Kovack Advisors, Inc.

Value ($000) $227 Shares 12,946

Focus Partners Wealth

Value ($000) $762 Shares 43,544

Global Retirement Partners, LLC

Value ($000) $57 Shares 3,261

NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO

Value ($000) $5 Shares 309

Institution	Shares	Value ($000)
Kovack Advisors, Inc.	12,946	$227
Focus Partners Wealth	43,544	$762
Global Retirement Partners, LLC	3,261	$57
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	309	$5

Increased Positions (16)

Hennion & Walsh Asset Management, Inc.

Value ($000) $2,779 (+54.1%) Shares 158,784 (+57.0%)

CEERA INVESTMENTS, LLC

Value ($000) $622 (+17.5%) Shares 35,570 (+19.6%)

SIT INVESTMENT ASSOCIATES INC

Value ($000) $18 (+4.9%) Shares 1,039,130 (+6.9%)

GUGGENHEIM CAPITAL LLC

Value ($000) $1,255 (+68.5%) Shares 71,714 (+71.6%)

Fiera Capital Corp

Value ($000) $1,232 (+110.5%) Shares 70,401 (+114.4%)

Pathstone Holdings, LLC

Value ($000) $2,539 (+19.1%) Shares 145,065 (+21.3%)

LPL Financial LLC

Value ($000) $2,538 (+9.8%) Shares 145,027 (+11.9%)

Value ($000) $1,672 (+4.9%) Shares 95,549 (+6.8%)

BANK OF AMERICA CORP /DE/

Value ($000) $4,890 (+0.0%) Shares 279,419 (+1.8%)

Cetera Investment Advisers

Value ($000) $347 (+26.6%) Shares 19,825 (+29.0%)

ENVESTNET ASSET MANAGEMENT INC

Value ($000) $394 (+12.4%) Shares 22,512 (+14.4%)

WELLS FARGO & COMPANY/MN

Value ($000) $394 (+7.6%) Shares 22,518 (+9.6%)

Value ($000) $155 (+21.5%) Shares 8,832 (+23.7%)

OSAIC HOLDINGS, INC.

Value ($000) $338 (+6.3%) Shares 19,320 (+7.0%)

SEVEN MILE ADVISORY

Value ($000) $230 (+0.1%) Shares 13,163 (+1.9%)

ROYAL BANK OF CANADA

Value ($000) $134 (-0.7%) Shares 7,685 (+1.8%)

Institution	Prev Shares	Curr Shares	Change
Hennion & Walsh Asset Management, Inc.	101,158	158,784	+57,626 (+57.0%)
CEERA INVESTMENTS, LLC	29,730	35,570	+5,840 (+19.6%)
SIT INVESTMENT ASSOCIATES INC	972,369	1,039,130	+66,761 (+6.9%)
GUGGENHEIM CAPITAL LLC	41,787	71,714	+29,927 (+71.6%)
Fiera Capital Corp	32,843	70,401	+37,558 (+114.4%)
Pathstone Holdings, LLC	119,566	145,065	+25,499 (+21.3%)
LPL Financial LLC	129,652	145,027	+15,375 (+11.9%)
MORGAN STANLEY	89,465	95,549	+6,084 (+6.8%)
BANK OF AMERICA CORP /DE/	274,361	279,419	+5,058 (+1.8%)
Cetera Investment Advisers	15,374	19,825	+4,451 (+29.0%)
ENVESTNET ASSET MANAGEMENT INC	19,675	22,512	+2,837 (+14.4%)
WELLS FARGO & COMPANY/MN	20,551	22,518	+1,967 (+9.6%)
UBS Group AG	7,140	8,832	+1,692 (+23.7%)
OSAIC HOLDINGS, INC.	18,062	19,320	+1,258 (+7.0%)
SEVEN MILE ADVISORY	12,915	13,163	+248 (+1.9%)
ROYAL BANK OF CANADA	7,552	7,685	+133 (+1.8%)

Decreased Positions (8)

Smith Asset Management Co., LLC

Value ($000) $2,234 (-4.0%) Shares 127,651 (-2.3%)

Strategic Advocates LLC

Value ($000) $481 (-15.4%) Shares 27,526 (-13.6%)

AQR Arbitrage LLC

Value ($000) $532 (-43.2%) Shares 30,394 (-42.2%)

Value ($000) $2,208 (-15.5%) Shares 126,171 (-13.9%)

HighTower Advisors, LLC

Value ($000) $215 (-37.1%) Shares 12,265 (-36.0%)

RAYMOND JAMES FINANCIAL INC

Value ($000) $293 (-7.3%) Shares 16,746 (-5.6%)

Rockefeller Capital Management L.P.

Value ($000) $50 (-12.4%) Shares 2,868 (-10.8%)

Value ($000) $0 (-5.8%) Shares 2,791 (-4.0%)

Institution	Prev Shares	Curr Shares	Change
Smith Asset Management Co., LLC	130,618	127,651	-2,967 (-2.3%)
Strategic Advocates LLC	31,865	27,526	-4,339 (-13.6%)
AQR Arbitrage LLC	52,568	30,394	-22,174 (-42.2%)
Invesco Ltd.	146,597	126,171	-20,426 (-13.9%)
HighTower Advisors, LLC	19,157	12,265	-6,892 (-36.0%)
RAYMOND JAMES FINANCIAL INC	17,742	16,746	-996 (-5.6%)
Rockefeller Capital Management L.P.	3,215	2,868	-347 (-10.8%)
CWM, LLC	2,907	2,791	-116 (-4.0%)

Exited Positions (6)

Kovitz Investment Group Partners, LLC

Value ($000) $806 Shares 45,227

Capital Investment Advisors, LLC

Value ($000) $181 Shares 10,170

PNC Financial Services Group, Inc.

Value ($000) $94 Shares 5,300

Sound Income Strategies, LLC

Value ($000) $14 Shares 766

Ameritas Advisory Services, LLC

Value ($000) $9 Shares 486

Tortoise Investment Management, LLC

Value ($000) $3 Shares 176

Institution	Prev Shares	Prev Value ($000)
Kovitz Investment Group Partners, LLC	45,227	$806
Capital Investment Advisors, LLC	10,170	$181
PNC Financial Services Group, Inc.	5,300	$94
Sound Income Strategies, LLC	766	$14
Ameritas Advisory Services, LLC	486	$9
Tortoise Investment Management, LLC	176	$3