First Trust Mortgage Income Fund
FMY
New York Stock Exchange- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- CEO
- James Snyder
- Sector
- Financial Services
- Industry
- Asset Management - Income
- Address
- 120 East Liberty Drive Wheaton IL United States of America 60187
- IPO Date
- May 26, 2005
- CIK
- 0001319183
- Website
- ftportfolios.com
- Similar Companies
- Business
- First Trust Mortgage Income Fund (FMY) is a closed-end management investment company that seeks high current income and preservation of capital by investing primarily in mortgage-related financial assets. The fund offers investors monthly distributions supported by a portfolio that includes non-agency residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), agency RMBS, adjustable rate mortgages, and other mortgage-related instruments such as mortgage whole loans and credit-linked notes. First Trust Advisors L.P. serves as the investment advisor, with First Trust Portfolios Canada Inc. as sub-advisor for certain investments, and the fund operates without geographic limitations, targeting institutional and retail investors focused on fixed-income yield. The fund's core holdings emphasize non-agency RMBS from seasoned loan pools, including interest-only securities, principal-only securities, and inverse floaters; CMBS across various property types like office, retail, and multifamily; and opportunistic allocations to agency debentures and U.S. Treasury obligations for liquidity and hedging. It employs leverage through reverse repurchase agreements and credit facilities to enhance returns, while maintaining a strategy of active portfolio management to navigate interest rate and credit risks in the mortgage sector. Launched in 2005 and headquartered in Wheaton, Illinois, the fund has pursued conservative credit selection and duration management amid evolving market conditions. Recent strategic shifts include portfolio repositioning in response to rising interest rates since 2022, with increased emphasis on high-quality, short-duration assets to mitigate duration risk; a dividend adjustment in late 2023 to align with sustainable income generation amid tighter monetary policy; and enhanced focus on commercial real estate exposure through selective CMBS purchases following market dislocations in 2024. No major acquisitions, partnerships, or name changes have occurred in the past two years, reflecting steady operational continuity under First Trust's oversight.