Bradford Stone
Chief Financial Officer, Vice President and Treasurer at FLAHERTY & CRUMRINE PREFERRED & INCOME FUND
Executive
About Bradford Stone
Bradford S. Stone, age 65, is Chief Financial Officer, Vice President and Treasurer of Flaherty & Crumrine Preferred and Income Fund (PFD) and serves as Executive Vice President, Chief Financial Officer, Director, and portfolio manager at the Adviser, Flaherty & Crumrine Incorporated. He joined Flaherty & Crumrine in May 2003 after a 20‑year Wall Street career; since 2006 he has been a member of the firm’s portfolio management team, responsible for macroeconomic and quantitative research. He holds an A.B. in Economics from Dartmouth College and an M.B.A. from The Wharton School, University of Pennsylvania .
Fund performance context: the Board noted PFD slightly underperformed peer median on 1-year NAV TR, was below median over 3 years, and equal or greater than median over 5 and 10 years; advisory fees and services remain unchanged under the proposed new advisory agreement despite an internal Adviser restructuring .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Flaherty & Crumrine Preferred and Income Fund (PFD) | Vice President & Assistant Treasurer | 2003–2015 | Financial operations leadership prior to elevation to Principal Financial Officer . |
| Flaherty & Crumrine Preferred and Income Fund (PFD) | Chief Financial Officer, Vice President & Treasurer (Principal Financial Officer) | Apr 21, 2015–present | Principal Financial Officer overseeing financial reporting and controls for the Fund . |
| Flaherty & Crumrine Incorporated (Adviser) | Executive Vice President & Chief Financial Officer; Portfolio Manager | 2006–present (PM role), current | Senior management and investment decision-making; macro and quantitative research responsibilities . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Flaherty & Crumrine Incorporated (Adviser) | Director; Executive Vice President; Chief Financial Officer | Current (as of 2025) | Ownership and leadership at the Adviser; continuity assured as new advisory agreements are identical to current agreements and fees . |
Fixed Compensation
- No executive officer or person affiliated with the Fund received compensation from the Fund in excess of $60,000 for FY 2023 and FY 2024. Directors and executive officers of the Funds do not receive pension or retirement benefits from the Funds .
- Officer compensation is borne by the Adviser (not detailed in the Fund’s proxy); the Fund discloses board fees only .
Performance Compensation
- Not disclosed in Fund filings; no metrics, targets, or equity incentive details are provided for Fund officers. The proxy focuses on director remuneration and advisory agreements, not officer incentive plans .
Equity Ownership & Alignment
| Item | FY 2024 | FY 2025 |
|---|---|---|
| Shares Outstanding (PFD) | 12,852,556 | 12,852,556 |
| Directors & Officers Group Ownership (% of shares outstanding) | <1% | <1% |
- Officer-specific beneficial ownership for Bradford Stone is not itemized in the proxy; director dollar-range holdings are shown, but officer holdings are not broken out .
- Pledging or hedging of Fund shares by officers is not disclosed in the proxy .
- Stone is a shareholder and Director of the Adviser alongside other principals, supporting alignment through the Adviser’s AUM‑based fee model; advisory fees paid by PFD in FY 2024 totaled $1,343,520 .
Employment Terms
| Term | Detail |
|---|---|
| Fund Officer Tenure | PFD officer since 2003; CFO, VP & Treasurer since Apr 21, 2015 . |
| Officer Term Mechanics | Officers serve until a successor is elected and qualifies or until earlier resignation or removal . |
| Change-of-Control Economics (Adviser) | New advisory agreements required due to Adviser’s internal restructuring; terms and fees are identical to current agreements, and day‑to‑day management and Fund strategies will not change . |
Performance & Track Record
- Fund performance relative to peers (NAV total return): equal or greater than median over 10 years; equal or greater over 5 years; below median over 3 years; slightly under median over 1 year, per Board’s review in January–February 2025 .
- Advisory fees to the Adviser for services to PFD were $1,343,520 for FY 2024; PFD total managed assets were $251,182,137 at last fiscal year end .
Investment Implications
- Compensation transparency is limited: as Fund officers receive minimal compensation from the Fund and officer pay is set by the Adviser, pay‑for‑performance evaluation at the Fund level is constrained .
- Alignment is primarily through Adviser ownership/leadership: Stone’s role as Director and CFO of the Adviser supports continuity; the Board confirmed the new advisory agreements are identical to current agreements with unchanged fees/services, reducing retention and transition risk .
- Direct Fund equity alignment is modest: directors and officers, as a group, own <1% of PFD; officer‑specific holdings for Stone are not disclosed in the proxy, limiting insight into personal exposure to Fund performance .
- Performance context: multi‑period peer comparisons show strong long‑term performance with recent periods mixed; continued adherence to investment discipline was noted by the Board, which can support stability but warrants monitoring of 1–3 year relative trends .