FLAHERTY & CRUMRINE PFD INCO

CUSIP: 338480106 Class: COM

Holders for Q4 2025 Position Changes for Q4 2025

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

New Positions (3)

Capital Investment Advisors, LLC

Value ($000) $149 Shares 12,592

Pinnacle Wealth Planning Services, Inc.

Value ($000) $36 Shares 3,000

WEBSTER BANK, N. A.

Value ($000) $24 Shares 2,000

Institution	Shares	Value ($000)
Capital Investment Advisors, LLC	12,592	$149
Pinnacle Wealth Planning Services, Inc.	3,000	$36
WEBSTER BANK, N. A.	2,000	$24

Increased Positions (11)

1607 Capital Partners, LLC

Value ($000) $672 (+54.4%) Shares 56,600 (+56.4%)

SIT INVESTMENT ASSOCIATES INC

Value ($000) $14 (+7.1%) Shares 1,176,356 (+8.5%)

Fiera Capital Corp

Value ($000) $2,135 (+78.5%) Shares 179,838 (+80.8%)

CARY STREET PARTNERS FINANCIAL LLC

Value ($000) $275 (+56.1%) Shares 23,135 (+58.1%)

Value ($000) $3,471 (+13.1%) Shares 292,438 (+14.5%)

Calamos Advisors LLC

Value ($000) $821 (+30.5%) Shares 69,159 (+32.1%)

LPL Financial LLC

Value ($000) $1,063 (+31.2%) Shares 89,580 (+32.9%)

RAYMOND JAMES FINANCIAL INC

Value ($000) $553 (+26.6%) Shares 46,574 (+28.2%)

WELLS FARGO & COMPANY/MN

Value ($000) $1,018 (+11.5%) Shares 85,730 (+12.9%)

COMMONWEALTH EQUITY SERVICES, LLC

Value ($000) $463 (+99665.1%) Shares 38,999 (+1.1%)

Rockefeller Capital Management L.P.

Value ($000) $122 (+0.0%) Shares 10,273 (+1.3%)

Institution	Prev Shares	Curr Shares	Change
1607 Capital Partners, LLC	36,200	56,600	+20,400 (+56.4%)
SIT INVESTMENT ASSOCIATES INC	1,084,394	1,176,356	+91,962 (+8.5%)
Fiera Capital Corp	99,494	179,838	+80,344 (+80.8%)
CARY STREET PARTNERS FINANCIAL LLC	14,635	23,135	+8,500 (+58.1%)
MORGAN STANLEY	255,309	292,438	+37,129 (+14.5%)
Calamos Advisors LLC	52,338	69,159	+16,821 (+32.1%)
LPL Financial LLC	67,407	89,580	+22,173 (+32.9%)
RAYMOND JAMES FINANCIAL INC	36,329	46,574	+10,245 (+28.2%)
WELLS FARGO & COMPANY/MN	75,920	85,730	+9,810 (+12.9%)
COMMONWEALTH EQUITY SERVICES, LLC	38,576	38,999	+423 (+1.1%)
Rockefeller Capital Management L.P.	10,144	10,273	+129 (+1.3%)

Decreased Positions (10)

Smith Asset Management Co., LLC

Value ($000) $1,180 (-2.8%) Shares 105,918 (-1.0%)

AQR Arbitrage LLC

Value ($000) $423 (-42.1%) Shares 35,599 (-41.3%)

Bridgewealth Advisory Group, LLC

Value ($000) $304 (-8.9%) Shares 25,590 (-7.7%)

IFP Advisors, Inc

Value ($000) $12 (-90.5%) Shares 1,000 (-90.4%)

MGO ONE SEVEN LLC

Value ($000) $1,942 (-4.0%) Shares 163,636 (-2.8%)

ROYAL BANK OF CANADA

Value ($000) $699 (-5.4%) Shares 58,912 (-4.2%)

BANK OF AMERICA CORP /DE/

Value ($000) $1,914 (-2.3%) Shares 161,268 (-1.1%)

GUGGENHEIM CAPITAL LLC

Value ($000) $392 (-2.5%) Shares 33,033 (-1.3%)

Steward Partners Investment Advisory, LLC

Value ($000) $6 (-34.2%) Shares 500 (-33.3%)

Whipplewood Advisors, LLC

Value ($000) $43 (-3.7%) Shares 3,640 (-2.5%)

Institution	Prev Shares	Curr Shares	Change
Smith Asset Management Co., LLC	106,993	105,918	-1,075 (-1.0%)
AQR Arbitrage LLC	60,680	35,599	-25,081 (-41.3%)
Bridgewealth Advisory Group, LLC	27,733	25,590	-2,143 (-7.7%)
IFP Advisors, Inc	10,433	1,000	-9,433 (-90.4%)
MGO ONE SEVEN LLC	168,292	163,636	-4,656 (-2.8%)
ROYAL BANK OF CANADA	61,517	58,912	-2,605 (-4.2%)
BANK OF AMERICA CORP /DE/	163,028	161,268	-1,760 (-1.1%)
GUGGENHEIM CAPITAL LLC	33,456	33,033	-423 (-1.3%)
Steward Partners Investment Advisory, LLC	750	500	-250 (-33.3%)
Whipplewood Advisors, LLC	3,732	3,640	-92 (-2.5%)

Exited Positions (6)

CreativeOne Wealth, LLC

Value ($000) $313 Shares 26,000

Pathway Financial Advisers, LLC

Value ($000) $32 Shares 2,664

Pathstone Holdings, LLC

Value ($000) $390 Shares 32,487

GPS Wealth Strategies Group, LLC

Value ($000) $15 Shares 1,250

JONES FINANCIAL COMPANIES LLLP

Value ($000) $6 Shares 510

Crews Bank & Trust

Value ($000) $2 Shares 200

Institution	Prev Shares	Prev Value ($000)
CreativeOne Wealth, LLC	26,000	$313
Pathway Financial Advisers, LLC	2,664	$32
Pathstone Holdings, LLC	32,487	$390
GPS Wealth Strategies Group, LLC	1,250	$15
JONES FINANCIAL COMPANIES LLLP	510	$6
Crews Bank & Trust	200	$2