Welcome to our dedicated page for Flah&Crum Total Return SEC filings (Ticker: FLC), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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Flaherty & Crumrine closed-end funds are calling joint annual shareholder meetings on April 15, 2026 in Pasadena, California. Holders of common stock as of January 15, 2026 will vote mainly on electing directors for each fund.
Nominees include Kevin M. Maxwell across all five funds, with Nicholas Dalmaso also standing for Flaherty & Crumrine Preferred and Income Opportunity Fund and Karen H. Hogan for Flaherty & Crumrine Dynamic Preferred and Income Fund. Directors are elected by plurality and run unopposed. KPMG LLP has been selected as independent auditor for the fiscal year ending November 30, 2026, and the proxy explains board structure, committee roles, director compensation, and how shareholders can submit proposals for the 2027 meetings.
FLC’s registered investment company filed its annual Form N‑CEN, a regulatory report that summarizes key operational details rather than performance or earnings. The filing outlines background information on the registrant and fund, governance structure, compliance roles, and relationships with advisers, custodians, transfer agents, and other service providers.
It also provides trading data on principal transactions with multiple dealers, reporting total values of purchases and sales such as 10,323,363.00000000, 8,916,989.00000000, and 7,340,893.00000000 with individual counterparties. Overall, the report focuses on how the fund is organized, who it works with, and the scale of certain trading relationships over the period.
Flaherty & Crumrine Total Return Fund Inc. director reports no holdings. On 01/21/2026, director Kevin Michael Maxwell filed an initial ownership report stating that no securities of FLC are beneficially owned, and no derivative securities are listed.
Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC filed an amended Schedule 13G reporting a significant stake in Flaherty & Crumrine Total Return Fund Incorporated common stock. They report beneficial ownership of 1,089,624 shares, representing 10.4 % of the fund’s outstanding common stock.
The percentage is based on 10,456,821 shares outstanding as of May 31, 2025. The firms share voting and dispositive power over these shares through client accounts, state that all securities are held in those accounts, and formally disclaim beneficial ownership. They certify the holdings were acquired in the ordinary course of business and not to change or influence control of the fund.
Flaherty & Crumrine Total Return Fund reports a solid fiscal year ended November 30, 2025, driven by preferred and contingent capital securities. Total return on net asset value was 9.2%, while the market-price total return was 11.4%, both well ahead of the Fund’s primary preferred benchmark at 4.2%.
Six-month total return on the unleveraged securities portfolio was 6.2%, with leverage adding about 2.3 percentage points over that period. Net investment income reached $12.1 million, supporting monthly dividends that summed to roughly $1.18 per share and lifted net asset value from $18.57 to $18.93.
At November 30, 2025, net assets were $198.0 million with total managed assets of $316.5 million, reflecting structural leverage of $118.5 million via a SOFR-based credit facility. The share price of $17.38 traded at about an 8.2% discount to NAV and implied a 6.9% yield on market price.
The portfolio remained concentrated in financials and utilities, with about 29.5% of managed assets in below-investment-grade securities and another 7.8% where issuers or senior debt are below investment grade, within policy limits. Management highlights a constructive outlook for preferreds and CoCos, supported by strong bank and insurance fundamentals but notes risks from Fed policy, inflation and fiscal deficits.
Tax characteristics were favorable in 2025: about 98.6% of distributions qualified as qualified dividend income and 40.8% were eligible for the corporate dividends received deduction, enhancing after-tax income for many shareholders. The Fund’s long-term records show 10-year average annual total returns of 6.8% at NAV and 6.3% at market price.