Investors are being rewarded for putting their trust in New York Mortgage Trust (NASDAQ:NYMT). The REIT has declared a common stock dividend for its current quarter of $0.27 per share, to be paid on July 25 to shareholders of record as of June 28. That amount matches each of the company's preceding four distributions, the most recent of which was doled out at the end of April. Before that, it paid $0.25 per share.

New York Mortgage Trust will also dispense a payout of $0.22066 per share of its series B 7.75% redeemable preferred stock. The payment date is July 15 for holders of record as of July 1.

The just-declared common stock dividend annualizes to $1.08 per share. That yields 15.3% at New York Mortgage Trust's current market price of $7.05.

Fool contributor Eric Volkman has no position in New York Mortgage Trust. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.