First Trust Mortgage Income Fund
FMYFinancial Services · Stock · monthly payer
Forward Yield
6.70%
Annual Dividend
$0.78
Payout Ratio
113%
5-Yr Growth
3.1%
Ex-Date
Sep 1, 2026
Frequency
Monthly
Summary
As of September 2026, First Trust Mortgage Income Fund (FMY) yields 6.70% ($0.78 per share annually), with a blended fair-value estimate of $14.34 — +23% upside, so it screens as undervalued. Dividend safety grade: C (51/100).
Is FMY a good dividend stock?
MixedFirst Trust Mortgage Income Fund (FMY) pays a monthly dividend yielding 6.70% ($0.78/yr), with 0 years of growth and a dividend-safety grade of C. The picture is mixed — the dividend pays, but safety or growth signals are weaker than ideal.
Advantages
Risks
- Cut its dividend in 2025
- Elevated payout ratio (113%)
- Share price is down over the past 5 years
Key Data
- Dividend Yield
- 6.70%
- Payout Ratio
- 113%
- Annual Dividend
- $0.78
- 5-Yr Avg Growth
- 3.1%
- Ex-Dividend Date
- Sep 1, 2026
- Years of Growth
- 0
- Frequency
- monthly
- Beta
- 0.26
- Market Cap
- $49.2M
- P/E Ratio
- 16.5
- 5-Yr Total Return
- -15%
- 52-Week Range
- $11.40 – $12.38
- Dividend Safety
- C · 51/100
- Ever Cut?
- Yes (2025)
Frequently Asked Questions
FMY Price — Last 12 Months
Daily close
Price Return
1 Year
-5%
3 Years
+4%
5 Years
-15%
52-Week Range
$11.40 – $12.38
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is FMY worth?
Undervaluedmedium confidenceOur blended fair-value estimate for First Trust Mortgage Income Fund is $14.34 per share, versus a market price of $11.64. That implies 23% of upside — a margin of safety of about 19%.
Fair Value
$14.34
Current Price
$11.64
Upside
+23%
Margin of Safety
19%
How we get there
Dividend discount
Discounts the future dividend stream back to today.
Earnings multiple (Graham)
Graham's earnings-multiple formula, anchored to bond yields.
Assumptions: 7.0% discount rate (CAPM), 3.1% stage-1 growth, 2.5% terminal growth, $0.71 EPS, $0.78 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
FMY Dividend Safety Score
Borderline
SmarterDividends' proprietary score, backtested against which dividends were actually cut over 15+ years (0.78 AUC). It blends a validated cut-risk model (growth streak, cut history) with current payout, cash-flow and debt. Higher is safer · not investment advice.
Dividend Growth
Total dividends per share by year
Dividend History
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Aug 3, 2026 | — | $0.0650 | regular |
| Jul 1, 2026 | — | $0.0650 | regular |
| Jun 1, 2026 | — | $0.0650 | regular |
| May 1, 2026 | — | $0.0650 | regular |
| Apr 1, 2026 | — | $0.0650 | regular |
| Mar 2, 2026 | — | $0.0650 | regular |
| Feb 2, 2026 | — | $0.0650 | regular |
| Dec 31, 2025 | — | $0.0650 | regular |
| Dec 1, 2025 | — | $0.0650 | regular |
| Nov 3, 2025 | — | $0.0650 | regular |
| Oct 1, 2025 | — | $0.0650 | regular |
| Sep 2, 2025 | — | $0.0700 | regular |
| Aug 1, 2025 | — | $0.0700 | regular |
| Jul 1, 2025 | — | $0.0700 | regular |
Income Calculator
At $0.78 / yr per share
