Sit entities report 54.1% stake in First Trust Mortgage (NYSE: FMY)

Rhea-AI Filing Summary

First Trust Mortgage Income Fund has more than half of its common stock reported as beneficially owned by Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC. They report beneficial ownership of 2,278,607 shares, representing 54.1% of the 4,213,115 shares outstanding as of October 31, 2025.

Both Sit entities report shared power to vote and dispose of these shares, which are held in client accounts. The clients are entitled to dividends and sale proceeds, while the firms’ directors and executive officers do not own the shares directly.

Insights

Institutional ownership analyst

Sit entities report controlling beneficial stake held for clients.

Sit Investment Associates and Sit Fixed Income Advisors II disclose beneficial ownership of 2,278,607 common shares of First Trust Mortgage Income Fund, or 54.1% of shares outstanding as of October 31, 2025. This indicates a concentrated institutional position.

The shares are held across client accounts, with Sit entities having shared voting and dispositive power while clients retain economic benefits like dividends and sale proceeds. The disclosure updates an existing Schedule 13D position and describes current ownership rather than announcing a new transaction.

Future reports from the fund or the Sit entities may provide additional detail on any changes in share counts or voting arrangements, but this amendment primarily confirms a large, ongoing institutional holding and its structure.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 34)

First Trust Mortgage Income Fund

(Name of Issuer)

Common Stock

(Title of Class of Securities)

Paul E. Rasmussen
80 South Eighth Street, Suite 3300,
Minneapolis, MN, 55402-4130
612-332-3223

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/11/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

Sit Investment Associates, Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

MINNESOTA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,278,607.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,278,607.00

11

Aggregate amount beneficially owned by each reporting person

2,278,607.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

54.1 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

Sit Fixed Income Advisors II, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,278,607.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,278,607.00

11

Aggregate amount beneficially owned by each reporting person

2,278,607.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

54.1 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: First Trust Mortgage Income Fund
(c)	Address of Issuer's Principal Executive Offices: 120 East Liberty Drive, Suite 400, Wheaton, ILLINOIS , 60187.
Item 1 Comment: This Amendment No. 34 ("Amendment") amends and supplements the statement on Schedule 13D filed on March 18, 2015, and amended by Amendments No. 1 through No. 33 (as amended, the "Original Schedule 13D" and, as amended by this Amendment, the "Schedule 13D"), relating to the shares of Common Stock ("Shares)" of First Trust Mortgage Income Fund (the "Issuer"). Except as specifically provided herein, each Item of the Original Schedule 13D remains unchanged. Capitalized terms used but not otherwise defined herein have the meanings set forth in the Original Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	The aggregate percentage of Shares reported owned by Sit Entities herein is based upon 4,213,115 Shares outstanding as of October 31, 2025, which is the total number of Shares outstanding as reported in the Issuer's Report on Form N-CSR filed with the Securities Exchange Commission. As of the date hereof, the Sit Entities may be deemed to be the beneficial owner of 2,278,607 Shares held in client accounts which represent 54.1% of the Issuer's outstanding Shares.
(b)	Each of the Sit Entities may be deemed to have shared power to vote and dispose of such Shares. However, none of SIA's or SFI's directors or executive officers own Shares directly.
(c)	Transactions in Shares by the Sit Entities in the last 60 days are set forth in Exhibit A.
(d)	The clients of SIA and SFI have the right to participate in the receipt of dividends from, or proceeds from the sales of, the Shares held for their respective accounts.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit A: Schedule of Transactions in Shares by Sit Entities in the last 60 days.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Sit Investment Associates, Inc.

Signature:	/s/ Roger J. Sit
Name/Title:	Roger J. Sit, Chairman & CEO
Date:	03/12/2026

Sit Fixed Income Advisors II, LLC

Signature:	/s/ Roger J. Sit
Name/Title:	Roger J. Sit, Chairman & CEO
Date:	03/12/2026

FAQ

How many First Trust Mortgage Income Fund (FMY) shares do the Sit entities report owning?

The Sit entities report beneficial ownership of 2,278,607 common shares of First Trust Mortgage Income Fund. These shares are held in client accounts, with Sit entities exercising shared voting and dispositive power over them on behalf of those clients.

What percentage of First Trust Mortgage Income Fund (FMY) does Sit Investment Associates control?

Sit entities report beneficial ownership of 54.1% of FMY’s outstanding common shares. This percentage is based on 4,213,115 shares outstanding as of October 31, 2025, as disclosed in the fund’s Form N-CSR report with the Securities and Exchange Commission.

Who holds the economic benefits of the FMY shares reported by the Sit entities?

The clients of Sit Investment Associates and Sit Fixed Income Advisors II hold the economic benefits of the First Trust Mortgage Income Fund shares. They are entitled to receive dividends and any proceeds from the sale of the shares in their respective accounts.

Do Sit Investment Associates and Sit Fixed Income Advisors II have voting power over FMY shares?

Yes. The Sit entities may be deemed to have shared power to vote and dispose of 2,278,607 FMY shares. They report no sole voting or dispositive power, indicating that decisions are made on a shared basis for the client accounts holding these shares.

Do Sit entities’ directors or officers directly own First Trust Mortgage Income Fund (FMY) shares?

The disclosure states that none of the directors or executive officers of Sit Investment Associates or Sit Fixed Income Advisors II directly own FMY shares. The reported 2,278,607 shares are held in client accounts, not as direct personal holdings of those individuals.

What time period of FMY share transactions by Sit entities is referenced in this amendment?

The amendment references transactions in FMY shares by Sit entities during the last 60 days. These transactions are listed in Exhibit A, described as a schedule of transactions in shares by the Sit entities over that 60-day period.