Sit entities (NYSE: FMY) report 54.5% stake in First Trust Mortgage Income
Rhea-AI Filing Summary
Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC report a significant ownership stake in First Trust Mortgage Income Fund’s common stock. Based on 4,213,115 shares outstanding as of April 30, 2025, the Sit entities may be deemed to beneficially own 2,295,999 shares, representing 54.5% of the fund’s outstanding common shares. They report shared power to vote and dispose of these shares, with no sole voting or dispositive power. The shares are held in client accounts, and those clients are entitled to dividends and sale proceeds from the holdings. The amendment confirms that directors and executive officers of the Sit entities do not directly own shares.
Positive
- None.
Negative
- None.
Insights
Sit entities disclose a controlling-level 54.5% stake in FMY’s shares.
The disclosure shows that Sit Investment Associates and Sit Fixed Income Advisors II collectively may be deemed to beneficially own 2,295,999 common shares of First Trust Mortgage Income Fund, out of 4,213,115 shares outstanding as of April 30, 2025. This represents
The shares are held in client accounts, meaning economic benefits such as dividends and sale proceeds accrue to those clients, while the Sit entities exercise authority over voting and disposal decisions. The filing also notes that none of SIA’s or SFI’s directors or executive officers hold shares directly, so their influence is exercised via managed accounts rather than proprietary holdings.
The amendment references recent transactions in Exhibit A and confirms that this is an update to a long-standing ownership position first reported in
FAQ
What does this Schedule 13D/A disclose about First Trust Mortgage Income Fund (FMY)?
The Schedule 13D/A discloses that Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC may be deemed to beneficially own 2,295,999 common shares of First Trust Mortgage Income Fund, representing 54.5% of the fund’s outstanding shares based on 4,213,115 shares outstanding as of April 30, 2025.
How many FMY shares do the Sit entities beneficially own and what percentage of the fund is this?
The Sit entities report beneficial ownership of 2,295,999 common shares of First Trust Mortgage Income Fund. This stake represents 54.5% of the fund’s 4,213,115 shares outstanding as of April 30, 2025.
Do Sit Investment Associates and Sit Fixed Income Advisors have control over voting FMY shares?
Yes. The Sit entities report shared voting power and shared dispositive power over 2,295,999 FMY shares, with no sole voting or sole dispositive power reported.
Who receives the economic benefits from the FMY shares reported in this Schedule 13D/A?
The filing states that the clients of Sit Investment Associates and Sit Fixed Income Advisors II have the right to participate in dividends and proceeds from any sale of the shares held in their respective accounts.
Do the directors or executive officers of the Sit entities directly own FMY shares?
No. The disclosure specifies that none of the directors or executive officers of Sit Investment Associates, Inc. or Sit Fixed Income Advisors II, LLC directly own shares of First Trust Mortgage Income Fund.
What period of trading activity in FMY is referenced in this amendment?
The amendment notes that transactions in the fund’s common shares by the Sit entities over the last 60 days are detailed in Exhibit A, which lists their recent trading activity.
Why is this labeled Amendment No. 32 to the Sit entities’ FMY ownership disclosure?
The document is Amendment No. 32 to a Schedule 13D originally filed on March 18, 2015, meaning it updates and supplements earlier ownership disclosures while leaving unchanged items that are not specifically revised.
