Sit Investment Associates Reports 10.3% Stake in Flaherty & Crumrine Preferred & Income Fund Inc (PFD)

Sit Investment Associates, Inc. (SIA) and its subsidiary, Sit Fixed Income Advisors II, LLC (SFI), filed a Schedule 13G/A on April 6, 2026, reporting a significant position in Flaherty & Crumrine Preferred & Income Fund Inc (PFD). As of March 31, 2026, the filers collectively hold 1,320,217 shares of common stock, representing a 10.3% ownership stake based on 12,852,556 shares outstanding. This filing marks an increase from the previously reported 0.0% position, indicating a new substantial holding. SIA and SFI operate as registered investment advisers and manage these shares on behalf of various client accounts. They possess shared voting and dispositive power over the reported securities. The filing explicitly states that the securities were acquired in the ordinary course of business and not for the purpose of influencing or changing the control of the issuer. Both reporting entities are based in Minneapolis, Minnesota, and have disclaimed beneficial ownership of the securities pursuant to Rule 13d-4 of the Exchange Act.