New York Mortgage Trust's Series E preferred stock reset its coupon to SOFR + 6.691% during the third week of January. This adjustment resulted in the yield on the Series E preferred stock rising to over 11%.
This reset highlights the dynamic nature of floating-rate preferred securities and their sensitivity to benchmark interest rates. The increased yield makes the Series E preferred stock more attractive to income-focused investors.
The coupon reset directly impacts the income generation for holders of the Series E preferred stock. This event demonstrates the importance of tracking floating-rate resets for preferred securities.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.