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NPFD · Nuveen Variable Rate Preferred & Income Fund

Know the company

Company overview

Nuveen Variable Rate Preferred & Income Fund owns preferred and related income securities whose payments can reset with rates. Company strength, call decisions and market spreads matter alongside the cash those holdings pay.

Business
Preferred-stock CEF
Listing
NPFD · XNYS
Reporting period
2026-01-31
Dividend schedule
Monthly

How the business works

Preferred dividends and interest after fund and financing costs become net investment income. Calls, credit changes and shifting preferred prices affect net asset value separately.

Nuveen Variable Rate Preferred & Income Fund: financial report supporting reported earnings

Dividend & earnings snapshot

Reported earnings

Each measure shown separately, per share

Earnings (basis not identified)$0.1095

Jun 1, 2026 to Aug 31, 2026

Distribution yield10.30%Sourced distributions divided by dated market price
Reported annual income yield4.99%Reported net investment income $0.9700 per share for 2024-08-01 to 2025-07-31, divided by approved 2025-07-31 market price $19.4500. Excludes capital gains; historical, not a current yield or forecast.
Reported annual investment income$0.97Per share for 2025 FY. Excludes investment gains.
Annual dividend$1.88Current regular payment annualized per share
Dividend payment dates

Each announced payment is shown separately. Extra payments are not assumed to repeat.

Reported earnings and sources

Reported earnings for the latest four periods. Compare the same earnings measure across periods; different measures are not added together.

Reporting periodEarnings measurePer shareSource
Jun 1, 2026 to Aug 31, 2026Earnings (basis not identified)$0.1095Company report 1
Announced Sep 15, 2026

Market price and NAV per share

Compare the share price with the value of the fund portfolio after liabilities. Each price is matched to a dated NAV; a different price date is shown in the label. Read NAV together with cash distributions.

Cash distributions and reported returns

Cash distributions are the total paid per share during each reporting period, including any gains or return of capital. Period lengths may differ, so compare the dates before comparing amounts. Short periods are not annualized.

Reporting periodEnding NAVNAV changeDistributions / shareReported NAV total returnSource
Aug 1, 2025 to Jan 31, 2026$20.26+1.00%$0.98Not availableNPFD SEC financial highlights for 2026-01-31. Exact fiscal-period distributions include all cash components; partial periods are not annualized.
Aug 1, 2024 to Jul 31, 2025$20.06-0.35%$2.01Not availableNPFD SEC financial highlights for 2026-01-31. Exact fiscal-period distributions include all cash components; partial periods are not annualized.
Aug 1, 2023 to Jul 31, 2024$20.13+7.25%$1.35Not availableNPFD SEC financial highlights for 2026-01-31. Exact fiscal-period distributions include all cash components; partial periods are not annualized.
Aug 1, 2022 to Jul 31, 2023$18.77-10.87%$1.27Not availableNPFD SEC financial highlights for 2026-01-31. Exact fiscal-period distributions include all cash components; partial periods are not annualized.

NAV change excludes distributions. Reported NAV total return includes reinvestment and is copied from the fund statement, not estimated by adding cash distributions to the NAV change.

How to read NPFD income

Dividends and interest after fund expenses help explain the cash available for distributions. Gains and return of capital remain separate.

Watch payment suspensions, refinancing and any borrowing costs. Higher yields can come with greater credit or interest-rate risk.

Income and distributions

Income and cash distributions per share for the same dated periods. Shorter periods are kept separate and are not annualized. Dividends and interest after fund expenses help explain the cash available for distributions. Gains and return of capital remain separate.

Reporting periodNet investment income/shareTotal distributions/shareIncome coverage
2022-08-01 to 2023-07-31 $0.70 $1.27 55.1%
2023-08-01 to 2024-07-31 $0.76 $1.35 56.3%
2024-08-01 to 2025-07-31 $0.97 $2.01 48.3%

Risk monitor

RiskCurrent conditionDirectionWhy it matters
Portfolio riskLosses or weaker cash generation in variable-rate preferred securities can reduce the resources available for future distributions.MonitorA change can affect future shareholder cash payments or the capital supporting them.
Leverage and financingThe current data service reports effective leverage of 37.12%. Financing magnifies gains and losses, and borrowing costs reduce income available to common shareholders.MonitorA change can affect future shareholder cash payments or the capital supporting them.

The assets behind the earnings

How NPFD makes money

Financial snapshot: 2026-01-31. Research reviewed 2026-09-18. Compare results for the reporting periods shown. Historical results are not a forecast.

The assets it owns

$463.505 million net assets191 holdings · As of 7/31/2026

Net assets checked 2026-09-11. Borrowings and preferred financing are excluded from this net-assets figure.

A complete, comparable portfolio allocation is not available for this chart. No percentages have been estimated.

Nuveen Variable Rate Preferred & Income Fund: net assets and portfolio information, checked 2026-09-11

Reported earnings and distributions

2025-08-01 through 2026-01-31 · $ per share

Fund net investment income per common share; actual reporting period, not annualized$0.5700

For the six months ended January 31, 2026, NPFD reported $0.57 of net investment income and $0.98 of distributions per share. Net asset value rose from $20.06 to $20.26. Income explained more than half the cash; payment components and the wider portfolio result complete the picture.

Nuveen Variable Rate Preferred & Income Fund: financial report supporting reported earnings

The income-producing business

Portfolio dividends and interest, realized investment results and any option activity contribute to distribution resources after expenses. A declared distribution can include gains or return of capital as well as investment income; its amount is not an earnings figure.

The earnings available to shareholders depend on the cash generated by these activities after operating and financing costs. Portfolio gains, financing proceeds and recurring income should be evaluated separately.

Nuveen Variable Rate Preferred & Income Fund: financial report supporting reported earnings

What the reported earnings support

Nuveen Variable Rate Preferred & Income Fund reported $0.5700 per share for 2025-08-01 through 2026-01-31, measured as Fund net investment income per common share; actual reporting period, not annualized.

Actual per-share reporting period, without annualisation. Net investment income, realized gains, unrealized changes and cash distributions are different measures. This comparison is not the Fly High forward Dividend Coverage Ratio.

Nuveen Variable Rate Preferred & Income Fund: financial report supporting reported earnings

What would change the earnings picture?

Compare the next like-length preferred income and cash paid with rate resets, company credit, calls, payment components and net asset value.

Net asset value (NAV)

NAV per share$18.6600Sep 29, 2026
Market price$17.2600Sep 29, 2026
PREMIUM / DISCOUNT TO NAV7.50% discountCalculated from the displayed same-date values.

NAV is the fund's assets minus liabilities, divided by shares outstanding. All values are USD per share.

CEFConnect current common-share NAV and closing market price, both dated 2026-09-29. The published premium or discount agrees with the calculation within source rounding. Older audited NAV history remains unchanged.

NAV source · Market-price source

Current evidence and recent developments

  • Regular distribution screen: 10.30% on 2026-09-11.
  • Reported net investment income per common share: $0.57 for 2025-08-01 through 2026-01-31; not annualized.

What to watch next

  • Compare the next like-length preferred income and cash paid with rate resets, company credit, calls, payment components and net asset value.

Fly High context

Compare the next like-length preferred income and cash paid with rate resets, company credit, calls, payment components and net asset value.

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U.S. federal · Tax year 2025

Dividend tax treatment

The fund's published 2025 breakdown shows mainly return of capital and ordinary dividends. The mix can change from year to year.

This company information is a guide, not your personal tax statement. Use your Form 1099-DIV when you file.

Ordinary, nonqualified
0%
Qualified dividends
45.7%
Capital-gain distributions
0%
Return of capital
54.3%

Tax year: 2025.

Tax details and source
Total ordinary dividends (includes qualified)
45.7%
Section 199A portion (within ordinary dividends)
0%
Exempt-interest distributions
Not confirmed
Reporting form
Form 1099-DIV
Source date
Not stated

Qualified dividends are included in total ordinary dividends. Section 199A is a separate designation within ordinary dividends, not extra income or qualified dividend income.

Tax source

Your account type, holding period and circumstances affect treatment. Use your broker’s tax statement for filing. Return of capital generally reduces cost basis; amounts beyond basis can be taxable. IRS dividend guidance.

Public Research updated October 1, 2026 8:59 am

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