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NYMTM - PCI: Rare Double-Digit Yields From An Elite Fund
New York Mortgage Trust Inc. 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
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Introduction: What are Closed End Funds ('CEFs')
Closed-end funds, or CEFs, are funds that issue a fixed number of shares, which then trade on the open-market like common equities. The fund raises capital, which it then invests, often with leverage, and then pays a dividend to shareholders. So when you buy a share of a CEF from someone else, you are buying a share of already existing assets held by the fund.
Since the number of shares is relatively fixed (like companies, CEFs can issue new shares to raise new capital),