NPFD Research | Milton Maxwell

NPFD

Nuveen Variable Rate Preferred & Income Fund

19.13

-0.12-0.62%

Dec 16, 4:00:02 PM EST

Upcoming Earnings

Report date

≈ -/-

Earnings Call Transcripts

This Quarter (Q4 '25)

No earnings call transcript available yet

Last Quarter (Q3 '25)

No earnings call transcript available

Key Stats

Market Cap

462.26M

P/E (TTM)

9.86

Basic EPS (TTM)

1.94

Dividend Yield

0.1%

Recent Filings

8-K

Annual meeting quorum fails

6/7/24Jun 7, 2024

Nuveen Variable Rate Preferred & Income Fund elected Albin F. Moschner and Margaret L. Wolff as Preferred Share Trustees at its annual meeting on May 15, 2024, for terms ending in 2025. The meeting adjourned to May 31 due to insufficient votes on other matters, but reconvened without a quorum. No Class III Trustees were elected; incumbents hold over until 2025. Shareholder turnout fell short.

8-K

By-laws drop control share rules

3/6/24Mar 6, 2024

Nuveen Variable Rate Preferred & Income Fund eliminated its suspended 'control share' provisions from the by-laws on February 28, 2024, effective immediately via board adoption. Previously suspended since February 24, 2022, these provisions had limited shareholder voting power on control acquisitions. The update streamlines governance without other changes. No impact on operations disclosed.

8-K

Fund board consolidation announced

10/13/23Oct 13, 2023

Nuveen Variable Rate Preferred & Income Fund announced board consolidation across its fund complex on October 13, 2023, effective January 1, 2024, to streamline operations and cut costs for shareholders. The board shrinks to ten members, appointing independent trustees Thomas J. Kenny and Loren M. Starr from TIAA-CREF boards, while Jack B. Evans and William C. Hunter retire December 31. This alignment boosts efficiencies, vendor negotiations, and marketing reach. Yet, transitions carry oversight risks.

8-K

Suspends control share by-law

2/25/22Feb 25, 2022

On February 24, 2022, the Board of Trustees of Nuveen Variable Rate Preferred & Income Fund and other Nuveen closed-end funds amended their by-laws to suspend the control share provision, following a U.S. District Court ruling on February 18 that invalidated it under the 1940 Act. The provision, adopted in 2020 to shield against activist hedge fund takeovers like Saba Capital's, limits voting rights on shares acquired in control transactions. The Board plans to appeal, aiming to reinstate it if successful. This move balances legal compliance while defending long-term shareholder interests against short-term opportunists.