SmarterDividends
FMY

First Trust Mortgage Income Fund

FMY

Financial Services · Asset Management · Stock · monthly payer

$11.39

Fairly valued · +10% Add to Portfolio

Forward Yield

6.85%

Annual Dividend

$0.78

Payout Ratio

114%

5-Yr Growth

3.1%

Ex-Date

Oct 1, 2026

Frequency

Monthly

Key facts about FMY's dividend

Data as of · Source: SmarterDividends data

  • As of Oct 18, 2026, First Trust Mortgage Income Fund (FMY) has a forward dividend yield of 6.85%, based on an annual dividend of $0.78 per share and a share price of $11.39.
  • As of Oct 18, 2026, FMY's dividend safety grade from SmarterDividends is C (52 out of 100), which rates the dividend as borderline.
  • FMY last cut its regular dividend in 2025.
  • FMY's most recent ex-dividend date was Oct 1, 2026, for a dividend of $0.0650 per share.
  • As of Oct 18, 2026, FMY pays out 114% of its trailing 12-month earnings as dividends (its payout ratio).
  • FMY's dividend has grown at an average rate of 3.1% a year over the past five years.
  • As of Oct 18, 2026, SmarterDividends' blended fair-value estimate for FMY is $12.53 per share, 10% above the $11.39 share price, so FMY screens as fairly valued.
  • First Trust Mortgage Income Fund (FMY) pays its dividend monthly, 12 times a year.
  • First Trust Mortgage Income Fund (FMY) has raised its regular dividend 9 times and cut it 11 times across the 255 payments on record since 2005. Its most recent change was a 7.1% cut to $0.0650 per share, going ex-dividend on Oct 1, 2025.
Cite this page

SmarterDividends, "FMY Dividend: Yield, Safety Grade & Next Ex-Date," updated Oct 18, 2026, https://smarterdividends.com/stocks/FMY

Summary

As of Oct 18, 2026, First Trust Mortgage Income Fund (FMY) yields 6.85% ($0.78 a year per share) and has a dividend safety grade of C (52/100).

Is FMY a good dividend stock?

Mixed

First Trust Mortgage Income Fund (FMY) pays a monthly dividend yielding 6.85% ($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 (114%)
    • Share price is down over the past 5 years

    Key Data

    Dividend Yield
    6.85%
    Payout Ratio
    114%
    Annual Dividend
    $0.78
    5-Yr Avg Growth
    3.1%
    Ex-Dividend Date
    Oct 1, 2026
    Years of Growth
    0
    Frequency
    monthly
    Beta
    0.27
    Market Cap
    $48.0M
    P/E Ratio
    16.3
    5-Yr Total Return
    -15%
    52-Week Range
    $10.67 – $12.36
    Dividend Safety
    C · 52/100
    Ever Cut?
    Yes (2025)

    FMY dividend raises and cuts

    First Trust Mortgage Income Fund (FMY) has raised its regular dividend 9 times and cut it 11 times across the 255 payments on record since 2005. Its most recent change was a 7.1% cut to $0.0650 per share, going ex-dividend on Oct 1, 2025.

    Ex-dateChangeOld → newMove
    Oct 1, 2025Cut$0.0700 → $0.0650−7.1%
    Jun 2, 2025Cut$0.0750 → $0.0700−6.7%
    Sep 3, 2024Cut$0.0830 → $0.0750−9.6%
    Dec 1, 2023Raise$0.0700 → $0.0830+18.6%
    Nov 1, 2023Raise$0.0680 → $0.0700+2.9%
    Oct 2, 2023Raise$0.0630 → $0.0680+7.9%
    Sep 1, 2023Raise$0.0550 → $0.0630+14.5%
    Nov 1, 2021Cut$0.0600 → $0.0550−8.3%
    May 1, 2018Cut$0.0650 → $0.0600−7.7%
    Aug 1, 2016Cut$0.0750 → $0.0650−13.3%
    Mar 1, 2016Cut$0.0850 → $0.0750−11.8%
    Jun 3, 2013Cut$0.100 → $0.0850−15.0%
    Show all 20 changes since 2006
    Ex-dateChangeOld → newMove
    Feb 1, 2013Cut$0.140 → $0.100−28.6%
    Nov 1, 2012Cut$0.160 → $0.140−12.5%
    Aug 2, 2010Raise$0.120 → $0.160+33.3%
    Feb 1, 2010Raise$0.110 → $0.120+9.1%
    Aug 1, 2008Raise$0.100 → $0.110+10.0%
    Jul 1, 2008Raise$0.0900 → $0.100+11.1%
    Jun 2, 2008Raise$0.0850 → $0.0900+5.9%
    Jan 3, 2006Cut$0.104 → $0.0850−18.3%
    Every FMY payment →Download every raise and cut (CSV)
    FMY ex-dividend date & scheduleNext ex-date Oct 1, 2026 · full ex-dividend historyView →FMY dividend historyEvery payment, totals by year, raises and cutsView →

    Frequently Asked Questions

    Is FMY a good dividend stock?

    Mixed. First Trust Mortgage Income Fund (FMY) pays a monthly dividend yielding 6.85% ($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.

    Is FMY undervalued?

    Based on a blend of discounted cash flow, a dividend-discount model and an earnings-multiple estimate, FMY's fair value is about $12.53 versus a $11.39 share price — so it looks fairly valued (+10% vs. fair value).

    Is FMY's dividend safe?

    FMY has a dividend-safety grade of C (52/100), based on its payout coverage, free-cash-flow, 0-year growth streak, a dividend cut in 2025, debt and yield-versus-history.

    What is FMY's fair value?

    Our blended fair-value estimate for FMY is about $12.53 per share, roughly 10% above the current $11.39 price — combining a discounted cash flow, a dividend-discount model and an earnings multiple.

    Is FMY a buy, hold, or sell?

    We don't issue formal ratings, but on the data FMY screens as "mixed" and fairly valued. First Trust Mortgage Income Fund (FMY) pays a monthly dividend yielding 6.85% ($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. This is research for your own analysis, not investment advice.

    Will FMY cut its dividend?

    FMY earns a dividend-safety grade of C (52/100), and has cut its dividend before (last in 2025). A higher score means lower cut risk based on payout coverage, cash flow and history — but no score guarantees a dividend.

    Does FMY pay a dividend?

    Yes. First Trust Mortgage Income Fund pays a monthly dividend of about $0.78 per share annually, a forward yield of roughly 6.85%.

    What is FMY's dividend yield?

    As of Oct 18, 2026, FMY's forward dividend yield is 6.85%, based on a $0.78 annual dividend and a $11.39 share price.

    What is FMY's dividend per share?

    As of Oct 18, 2026, FMY pays $0.78 per share per year, distributed on a monthly basis.

    What is FMY's dividend payout ratio?

    As of Oct 18, 2026, FMY's payout ratio is 114% of trailing 12-month earnings — an elevated level worth watching, as it leaves less cushion if earnings dip.

    How many years has FMY grown its dividend?

    FMY does not currently have a long dividend-growth streak on record.

    When is the next FMY ex-dividend date?

    As of Oct 18, 2026, FMY's next ex-dividend date hasn't been announced. The most recent was Oct 1, 2026, for $0.0650 per share.

    Income Calculator

    At $0.78 / yr per share

    Per payment (monthly)$6.50
    Annual$78.00
    Monthly avg$6.50

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