Nuveen Variable Rate Preferred&Income
NPFD
Nuveen Variable Rate Preferred&Income AI Insights
Informational only. Not investment advice.Snapshot
- Net margin 96.9% TTM - near-total revenue conversion to income with only 1.5M operating expenses on 48.3M revenue[Net Margin]
- Trading at 0.96x book value TTM while generating 9.6% ROE - discount to NAV with above-median returns[P/B Ratio]
- Dividend payout 1.84/share TTM on 1.94 EPS = 95% payout ratio; FCF of 54.6M covers 48.6M dividends paid[Dividends Paid Per Share]
Watch Triggers
- Interest Income: Decline >10% from 41.2M TTM baseline — Primary revenue driver; decline signals portfolio yield compression or asset shrinkage
- P/B Ratio: Sustained discount >10% (below 0.90x) — Widening NAV discount may indicate market pricing in unrealized portfolio losses
- Gain on Sale of Security: Continued negative (losses) beyond -5.5M TTM — Realized losses erode NAV and signal forced selling or credit deterioration
Bull Case
Extreme operating efficiency: 1.5M G&A expense TTM on 765M assets = 0.2% expense ratio vs 2.2M industry median
Below-NAV entry at P/B 0.96x with 9.5% dividend yield (1.84/19.31 price) and full FCF coverage
Bear Case
EPS declined 28% YoY TTM - realized losses of 5.5M on securities sales signal portfolio stress
Leverage amplifies rate risk: 189M debt vs 485M equity; interest expense consumes 31% of net income TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
Income stability depends on interest rate environment - 41.2M interest income TTM funds 85% of revenue
- Variable rate preferred portfolio tied to rate movements
- 189M long-term debt at 0.39 debt/equity creates leverage
- Near-zero cash buffer (140K) limits flexibility
Public Strategies Rankings
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NPFD Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$463.54M | — | ||
$652.52M | — | ||
9.9 | — | ||
$48.34M | -27.6% | — | |
$1.94 | -28.4% | — | |
0% | — | ||
96.9% | -1.0% | — | |
$54.61M | +272.5% | — | |
0.10 | -4.3% | — | |
Beta 5Y (Monthly) | unknown | — |
NPFD Dividend History
2026
$0.15652025
$1.99902024
$1.74402023
$1.07352022
$1.4625NPFD Stock Splits
NPFD SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/03/25 | 07/31/25 | Unknown | |
01/31/25 | 01/31/25 | NPORT-P | |
10/04/24 | 07/31/24 | N-CSR | |
01/31/24 | 01/31/24 | N-CSRS | |
10/06/23 | 07/31/23 | N-CSR | |
01/31/23 | 01/31/23 | N-CSRS | |
10/07/22 | 07/31/22 | N-CSR | |
01/31/22 | 01/31/22 | N-CSRS |