Up to date on December eleventh, 2024 by Bob Ciura
Month-to-month dividend shares have prompt enchantment for a lot of earnings traders. Shares that pay their dividends every month supply extra frequent payouts than conventional quarterly or semi-annual dividend payers.
Because of this, we created a full listing of ~80 month-to-month dividend shares.
You possibly can obtain our full Excel spreadsheet of all month-to-month dividend shares (together with metrics that matter like dividend yield and payout ratio) by clicking on the hyperlink under:
As well as, shares which have excessive dividend yields are additionally enticing for earnings traders.
With the typical S&P 500 yield hovering round 1.3%, traders can generate rather more earnings with high-yield shares. Screening for month-to-month dividend shares that even have excessive dividend yields makes for an interesting mixture.
This text will listing the 20 highest-yielding month-to-month dividend shares.
Desk Of Contents
The next 20 month-to-month dividend shares have excessive dividend yields above 5%. Shares are listed by their dividend yields, from lowest to highest.
The listing excludes oil and gasoline royalty belief, which have excessive fluctuations of their dividend payouts from one quarter to the following because of the underlying volatility of commodity costs.
The listing additionally solely consists of U.S.-based firms.
You possibly can immediately leap to a person part of the article by using the hyperlinks under:
Excessive-Yield Month-to-month Dividend Inventory #20: Apple Hospitality REIT (APLE)
Apple Hospitality REIT is a resort REIT that owns a portfolio of lodges with tens of hundreds of rooms situated throughout dozens of states.
It franchises its properties out to main manufacturers, together with Marriott-branded lodges, Hilton-branded lodges, and Hyatt-branded lodges.
As of December 31, 2023, Apple Hospitality owned 225 lodges with a complete of 29,900 visitor rooms throughout 88 markets in 38 states.
Supply: Investor Presentation
Apple Hospitality REIT, Inc. (APLE) reported its second-quarter 2024 monetary outcomes, demonstrating stable efficiency throughout key metrics.
The corporate posted earnings per share (EPS) of $0.31, beating estimates by $0.01, and generated income of $390.08 million, representing a 7.87% year-over-year improve and surpassing expectations by $2.57 million.
For the second quarter, Apple Hospitality recorded internet earnings of $73.9 million, a rise of 13.2% in comparison with the identical interval in 2023, with a internet earnings per share of $0.31, up 6.9%.
The corporate’s working earnings for Q2 was $93.5 million, up 12.6%, and the working margin improved by 100 foundation factors to 24%.
Click on right here to obtain our most up-to-date Positive Evaluation report on APLE (preview of web page 1 of three proven under):
Excessive-Yield Month-to-month Dividend Inventory #19: LTC Properties (LTC)
LTC Properties is a REIT that invests in senior housing and expert nursing properties. Its portfolio consists of roughly 50% senior housing and 50% expert nursing properties.
The REIT owns 194 investments in 26 states, with 31 working companions.
Supply: Investor Presentation
In late October, LTC reported (10/29/24) monetary outcomes for the third quarter of fiscal 2024. Funds from operations (FFO) per share grew 5% over the prior yr’s quarter, from $0.65 to $0.68, however missed the analysts’ consensus by $0.01.
The rise in FFO per share resulted primarily from greater earnings from beforehand transitioned properties and better earnings from mortgage originations. LTC drastically improved its leverage ratio (Internet Debt to EBITDA) from 5.3x to 4.2x thanks to varied asset gross sales.
Click on right here to obtain our most up-to-date Positive Evaluation report on LTC (preview of web page 1 of three proven under):
Excessive-Yield Month-to-month Dividend Inventory #18: Gladstone Funding Company (GAIN)
Gladstone Funding is a enterprise improvement firm (BDC) that focuses on US-based small- and medium-sized firms. Industries which Gladstone Funding targets embody aerospace & protection, oil & gasoline, equipment, electronics, and media & communications.
Gladstone Funding reported its second quarter (Q2 2024 ended September 30) earnings outcomes on November 7. The corporate generated complete funding earnings of $22.6 million through the quarter, which represents a rise of two% in comparison with the prior quarter.
This was a greater efficiency in comparison with the earlier quarter, when the expansion charge was unfavourable.
Gladstone Funding’s adjusted internet funding income-per-share totaled $0.24 through the fiscal second quarter. That was unchanged from the earlier quarter’s degree.
Gladstone Funding‘s internet asset worth per share totaled $12.49 on a per-share foundation on the finish of the quarter.
Click on right here to obtain our most up-to-date Positive Evaluation report on GAIN (preview of web page 1 of three proven under):
Excessive-Yield Month-to-month Dividend Inventory #17: Gladstone Industrial (GOOD)
Gladstone Industrial Company is an actual property funding belief, or REIT, that focuses on single-tenant and anchored multi-tenant internet leased industrial and workplace properties throughout the U.S.
The belief targets main and secondary markets that possess favorable financial progress traits, rising populations, robust employment, and strong progress traits.
Supply: Investor Presentation
The belief’s said aim is to pay shareholders month-to-month distributions, which it has performed for greater than 17 consecutive years. Gladstone owns over 100 properties in 24 states which might be leased to about 100 distinctive tenants.
Gladstone posted second quarter earnings on August sixth, 2024, and outcomes had been higher than anticipated on each the highest and backside traces. Funds-from-operations got here to 36 cents, which was a penny forward of estimates.
FFO was up from 34 cents in Q1, primarily as a consequence of accelerated lease associated to a termination charge on a property offered through the quarter. Income was off 4% year-over-year, however nonetheless beat estimates by $1.1 million at $37.1 million.
Click on right here to obtain our most up-to-date Positive Evaluation report on GOOD (preview of web page 1 of three proven under):
Excessive-Yield Month-to-month Dividend Inventory #16: Gladstone Capital (GLAD)
Gladstone Capital is a enterprise improvement firm, or BDC, that primarily invests in small and medium companies. These investments are made by way of a wide range of fairness (10% of portfolio) and debt devices (90% of portfolio), usually with very excessive yields.
Mortgage dimension is usually within the $7 million to $30 million vary and has phrases as much as seven years.
Supply: Investor Presentation
Gladstone posted fourth quarter and full-year earnings on November thirteenth, 2024, and outcomes had been in need of analyst estimates. Internet funding earnings, which is akin to earnings, got here to 50 cents per share.
NII was anticipated to be 53 cents, and was down from 57 cents within the prior quarter. Whole funding earnings, which is a income measure, got here to $23.7 million, down from $25.7 million within the earlier quarter.
Whole repayments and internet proceeds had been $12.6 million, down from $86.4 million within the prior quarter. Whole investments at honest worth rose 5.1% quarter-over-quarter to $796 million. Internet asset worth per frequent share was $21.18 in September, up from $20.18 in June.
Click on right here to obtain our most up-to-date Positive Evaluation report on GLAD (preview of web page 1 of three proven under):
Excessive-Yield Month-to-month Dividend Inventory #15: Modiv Industrial (MDV)
Modiv Industrial acquires, owns, and actively manages single-tenant net-lease industrial, retail, and workplace properties in america, specializing in strategically important and mission-critical properties with predominantly investment-grade tenants.
As of its most up-to-date filings, the corporate’s portfolio comprised 44 properties that occupied 4.6 million sq. ft of mixture leasable space.
Modiv reported its Q3 outcomes for the interval ending September thirtieth, 2024. For the quarter, rental earnings got here in at $11.6 million, down 7.3% year-over-year.
This was primarily because of the elimination of some non-NNN tenant reimbursements associated to the August 2023 portfolio disposition of 13 properties.
Administration charge earnings was steady at practically $66 million. Whole earnings reached practically $11.7 million, down 7.2% from $12.6 million final yr.
AFFO was $3.7 million, or $0.34 per diluted share, in step with AFFO of $3.7 million, or $0.33 per diluted share, within the prior yr interval.
Click on right here to obtain our most up-to-date Positive Evaluation report on MDV (preview of web page 1 of three proven under):
Excessive-Yield Month-to-month Dividend Inventory #14: EPR Properties (EPR)
EPR Properties is a specialty actual property funding belief, or REIT, that invests in properties in particular market segments that require trade information to function successfully.
It selects properties it believes have robust return potential in Leisure, Recreation, and Training. The portfolio consists of about $7 billion in investments throughout 350+ places in 44 states, together with over 200 tenants.
Supply: Investor Presentation
EPR posted third quarter earnings on October thirtieth, 2024, and outcomes had been higher than anticipated on each the highest and backside traces. Funds-from-operations got here to $1.29, which was two cents forward of estimates. FFO was down from $1.47 per share a yr in the past. On a greenback foundation, FFO fell from $113 million to only over $100 million.
Income was off nearly 5% year-over-year to $180.5 million, which was $21.5 million forward of expectations. For the 9 months, income was off from $534 million to $521 million.
Click on right here to obtain our most up-to-date Positive Evaluation report on EPR (preview of web page 1 of three proven under):
Excessive-Yield Month-to-month Dividend Inventory #13: Fortitude Gold (FTCO)
Fortitude Gold is a junior gold producer with operations in Nevada, U.S.A, one of many world’s premier mining pleasant jurisdictions. The corporate targets high-grade gold open pit heap leach operations averaging one gram per tonne of gold or larger.
Its property portfolio at the moment consists of 100% possession in six high-grade gold properties. All six properties are inside an approximate 30-mile radius of each other throughout the prolific Walker Lane Mineral Belt.
Supply: Investor Presentation
On November fifth, 2024, Fortitude Gold launched its Q3 outcomes for the interval ending September 30st, 2024. For the quarter, revenues got here in at $10.2 million, 52% decrease in comparison with final yr.
The decline in revenues was primarily as a consequence of a 62% drop in gold gross sales quantity and a 54% lower in silver gross sales quantity. Nevertheless, these reductions had been partially offset by a 26% improve in gold costs and a 23% rise in silver costs.
Click on right here to obtain our most up-to-date Positive Evaluation report on FTCO (preview of web page 1 of three proven under):
Excessive-Yield Month-to-month Dividend Inventory #12: Itau Unibanco (ITUB)
Itaú Unibanco Holding S.A. is headquartered in Sao Paulo, Brazil. The financial institution has operations throughout South America and different locations like america, Portugal, Switzerland, China, Japan, and so on.
On November fifth, 2024, Itaú Unibanco reported third-quarter outcomes for 2024. The corporate reported recurring managerial outcome for the third quarter of 2024 was roughly $2.1 billion USD, reflecting a 6.0% improve from the earlier quarter.
The recurring managerial return on fairness stood at 22.7% on a consolidated foundation and 23.8% for operations in Brazil. Whole belongings grew by 2.6%, surpassing $590 billion USD, whereas the mortgage portfolio elevated by 1.9% globally and a couple of.1% in Brazil for the quarter, with year-on-year progress charges of 9.9% and 10.0%, respectively.
Key drivers included private, car, and mortgage loans, which noticed quarterly progress charges of three.1%, 3.0%, and three.9%, respectively.
Click on right here to obtain our most up-to-date Positive Evaluation report on ITUB (preview of web page 1 of three proven under):
Excessive-Yield Month-to-month Dividend Inventory #11: PennantPark Floating Charge Capital (PFLT)
PennantPark Floating Charge Capital Ltd. is a enterprise improvement firm that seeks to make secondary direct, debt, fairness, and mortgage investments.
The fund additionally goals to take a position via floating charge loans in non-public or thinly traded or small market-cap, public center market firms, fairness securities, most well-liked inventory, frequent inventory, warrants or choices acquired in reference to debt investments or via direct investments.
On November 26, 2024, PennantPark Floating Charge Capital reported robust outcomes for the fourth fiscal quarter of 2024, with core internet funding earnings of $0.32 per share. The portfolio grew 20% quarter-over-quarter, reaching $2 billion because the agency deployed $446 million throughout 10 new and 50 current firms.
Investments carried a mean yield of 11%, reflecting the continued energy of the center market lending atmosphere. After the quarter, PFLT remained energetic, investing an extra $330 million at a yield of 10.2%.
Click on right here to obtain our most up-to-date Positive Evaluation report on PFLT (preview of web page 1 of three proven under):
Excessive-Yield Month-to-month Dividend Inventory #10: Stellus Capital (SCM)
Stellus Capital Administration gives capital options to firms with $5 million to $50 million of EBITDA and does so with a wide range of devices, the vast majority of that are debt.
Stellus gives first lien, second lien, mezzanine, convertible debt, and fairness investments to a various group of shoppers, usually at excessive yields, within the US and Canada.
Supply: Investor Presentation
Stellus posted third quarter earnings on November seventh, 2024, and outcomes had been fairly weak on each the highest and backside traces. Internet funding earnings, which is analogous to earnings-per-share, got here to 40 cents.
This was 4 cents gentle of estimates, or about 9%. Whole funding earnings was $26.5 million, down 2.5% year-over-year, and lacking estimates by $1.34 million.
Gross working bills had been $16.2 million, which was primarily flat year-over-year. Base administration charges totaled $3.9 million for this yr’s Q3 and the identical interval a yr in the past.
Click on right here to obtain our most up-to-date Positive Evaluation report on Stellus (preview of web page 1 of three proven under):
Excessive-Yield Month-to-month Dividend Inventory #9: Prospect Capital (PSEC)
Prospect Capital Company is a Enterprise Improvement Firm, or BDC, that gives non-public debt and personal fairness to center–market firms within the U.S.
The corporate focuses on direct lending to proprietor–operated firms, in addition to sponsor–backed transactions. Prospect invests primarily in first and second lien senior loans and mezzanine debt, with occasional fairness investments.
Supply: Investor Presentation
Prospect posted first quarter earnings on November eighth, 2024, and outcomes had been weak. Nevertheless, the large information was a 25% dividend minimize. Prospect decreased its payout to 54 cents per share yearly, sending the inventory reeling.
Internet funding earnings was 21 cents per share in Q1, and income was $196 million. That was down 17% year-over-year.
The corporate is within the midst of rotating its technique to emphasise first lien senior secured lending as a substitute of actual property investments and collateralized mortgage obligations, or CLOs.
Click on right here to obtain our most up-to-date Positive Evaluation report on PSEC (preview of web page 1 of three proven under):
Excessive-Yield Month-to-month Dividend Inventory #8: Ellington Monetary (EFC)
Ellington Monetary Inc. acquires and manages mortgage, client, company, and different associated monetary belongings within the United States.
The corporate acquires and manages residential mortgage–backed securities (RMBS) backed by prime jumbo, Alt–A, manufactured housing, and subprime residential mortgage loans.
Supply: Investor Presentation
Moreover, it manages RMBS, for which the U.S. authorities ensures the principal and curiosity funds. It additionally gives collateralized mortgage obligations, mortgage–associated and non–mortgage–associated derivatives, fairness investments in mortgage originators and different strategic investments.
On November sixth, 2024, Ellington Monetary reported its Q3 outcomes for the interval ending September thirtieth, 2024. Adjusted (beforehand known as “core”) EPS got here in at $0.40, seven cents greater versus Q2-2024.
The rise was pushed partly by a sizeable contribution from Ellington’s proprietary reverse mortgage technique, offset by a better share depend. Ellington’s guide worth per share fell from $13.92 to $13.66 over the past three months.
Click on right here to obtain our most up-to-date Positive Evaluation report on Ellington Monetary (EFC) (preview of web page 1 of three proven under):
Excessive-Yield Month-to-month Dividend Inventory #7: Ellington Credit score Co. (EARN)
Ellington Credit score Co. acquires, invests in, and manages residential mortgage and actual property associated belongings. Ellington focuses totally on residential mortgage-backed securities, particularly these backed by a U.S. Authorities company or U.S. authorities–sponsored enterprise.
Company MBS are created and backed by authorities businesses or enterprises, whereas non-agency MBS are not assured by the federal government.
Supply: Investor Presentation
On November twelfth, 2024, Ellington Residential reported its third quarter outcomes for the interval ending September thirtieth, 2024. The corporate generated internet earnings of $5.4 million, or $0.21 per share.
Ellington achieved adjusted distributable earnings of $7.2 million within the quarter, resulting in adjusted earnings of $0.28 per share, which lined the dividend paid within the interval.
Internet curiosity margin was 5.22% general. At quarter finish, Ellington had $25.7 million of money and money equivalents, and $96 million of different unencumbered belongings.
Click on right here to obtain our most up-to-date Positive Evaluation report on EARN (preview of web page 1 of three proven under):
Excessive-Yield Month-to-month Dividend Inventory #6: Horizon Expertise (HRZN)
Horizon Expertise Finance Corp. is a BDC that gives enterprise capital to small and medium–sized firms within the know-how, life sciences, and healthcare–IT sectors.
The corporate has generated enticing danger–adjusted returns via immediately originated senior secured loans and extra capital appreciation via warrants.
Supply: Investor Presentation
On October twenty ninth, 2024, Horizon launched its Q3 outcomes for the interval ending September thirtieth, 2024. For the quarter, complete funding earnings fell 15.5% year-over-year to $24.6.7 million, primarily as a consequence of decrease curiosity earnings on investments from the debt funding portfolio.
Extra particularly, the corporate’s dollar-weighted annualized yield on common debt investments in Q3 of 2024 and Q3 of 2023 was 15.9% and 17.1%, respectively.
Internet funding earnings per share (IIS) fell to $0.32, down from $0.53 in comparison with Q3-2023. Internet asset worth (NAV) per share landed at $9.06, down from $9.12 sequentially.
After paying its month-to-month distributions, Horizon’s undistributed spillover earnings as of June thirtieth, 2024 was $1.27 per share, indicating a substantial money cushion.
Click on right here to obtain our most up-to-date Positive Evaluation report on HRZN (preview of web page 1 of three proven under):
Excessive-Yield Month-to-month Dividend Inventory #5: Dynex Capital (DX)
Dynex Capital invests in mortgage–backed securities (MBS) on a leveraged foundation in america. It invests in company and non–company MBS consisting of residential MBS, business MBS (CMBS), and CMBS curiosity–solely securities.
Supply: Investor Presentation
Dynex Capital launched its third-quarter 2024 monetary outcomes, showcasing stable efficiency and strategic initiatives.
The corporate reported a complete financial return of $0.89 per frequent share, representing 7.1% of the start guide worth. The guide worth per frequent share stood at $13.00 as of September 30, 2024.
For the quarter, Dynex generated complete earnings of $0.93 per share and internet earnings of $0.38 per share, whereas declaring dividends of $0.39 per frequent share.
Click on right here to obtain our most up-to-date Positive Evaluation report on DX (preview of web page 1 of three proven under):
Excessive-Yield Month-to-month Dividend Inventory #4: ARMOUR Residential REIT (ARR)
ARMOUR Residential invests in residential mortgage-backed securities that embody U.S. Authorities-sponsored entities (GSE) comparable to Fannie Mae and Freddie Mac.
It additionally consists of Ginnie Mae, the Authorities Nationwide Mortgage Administration’s issued or assured securities backed by fixed-rate, hybrid adjustable-rate, and adjustable-rate house loans.
Unsecured notes and bonds issued by the GSE and the US Treasury, cash market devices, and non-GSE or authorities agency-backed securities are examples of different sorts of investments.
Supply: Investor presentation
On October 23, 2024, ARMOUR Residential REIT introduced its unaudited third-quarter 2024 monetary outcomes, reporting a GAAP internet earnings obtainable to frequent stockholders of $62.9 million, or $1.21 per frequent share. The corporate generated a internet curiosity earnings of $1.8 million and distributable earnings of $52.0 million, equal to $1.00 per frequent share.
ARMOUR achieved a mean curiosity earnings of 4.89% on interest-earning belongings and an curiosity value of 5.51% on common interest-bearing liabilities. The financial internet curiosity unfold stood at 2.00%, calculated from an financial curiosity earnings of 4.44% minus an financial curiosity expense of two.44%.
Throughout the quarter, ARMOUR raised $129.4 million by issuing 6,413,735 shares of frequent inventory via an at-the-market providing program and paid frequent inventory dividends of $0.72 per share for Q3.
Click on right here to obtain our most up-to-date Positive Evaluation report on ARMOUR Residential REIT Inc (ARR) (preview of web page 1 of three proven under):
Excessive-Yield Month-to-month Dividend Inventory #3: AGNC Funding Company (AGNC)
American Capital Company Corp is a mortgage actual property funding belief that invests primarily in company mortgage–backed securities (or MBS) on a leveraged foundation.
The agency’s asset portfolio is comprised of residential mortgage cross–via securities, collateralized mortgage obligations (or CMO), and non–company MBS. Many of those are assured by authorities–sponsored enterprises.
Supply: Investor Presentation
AGNC Funding Corp. reported robust monetary outcomes for the third quarter ended September 30, 2024. The corporate achieved a complete earnings of $0.63 per frequent share, pushed by a internet earnings of $0.39 and different complete earnings of $0.24 from marked-to-market investments.
Internet unfold and greenback roll earnings contributed $0.43 per share. The tangible internet guide worth elevated by $0.42 per share to $8.82, reflecting a 5.0% progress from the earlier quarter.
AGNC declared dividends of $0.36 per share, leading to a 9.3% financial return on tangible frequent fairness, which incorporates each dividends and the rise in internet guide worth.
Click on right here to obtain our most up-to-date Positive Evaluation report on AGNC Funding Corp (AGNC) (preview of web page 1 of three proven under):
Excessive-Yield Month-to-month Dividend Inventory #2: Oxford Sq. Capital (OXSQ)
Oxford Sq. Capital Corp. is a BDC specializing in financing early and center–stage companies via loans and CLOs.
The firm holds an equally break up portfolio of First–Lien, Second–Lien, and CLO fairness assets unfold throughout a number of industries, with the best publicity in software program and enterprise companies.
Supply: Investor Presentation
On November fifth, 2024, Oxford Sq. reported its Q3 outcomes for the interval ending September thirtieth, 2024. For the quarter, the corporate generated about $10.3 million of complete funding earnings, down from $11.4 million within the earlier quarter.
This was as a consequence of decrease curiosity earnings from its debt investments and decrease earnings from its securitization autos.
Additional, the weighted common yield of the corporate’s debt investments was 13.7% at present value, down from 13.9% within the earlier quarter.
Nonetheless, the weighted common money distribution yield of the corporate’s money earnings producing CLO fairness investments at present rose notably from 13.7% to 14.5%.
Click on right here to obtain our most up-to-date Positive Evaluation report on OXSQ (preview of web page 1 of three proven under):
Excessive-Yield Month-to-month Dividend Inventory #1: Orchid Island Capital (ORC)
Orchid Island Capital, Inc. is a mortgage REIT that invests in residential mortgage-backed securities (RMBS), together with pass-through and structured company RMBSs.
These monetary devices generate money move based mostly on residential loans comparable to mortgages, subprime, and home-equity loans.
Supply: Investor Presentation
The corporate reported a internet earnings of $17.3 million, or $0.24 per frequent share, considerably bettering from a internet lack of $80.1 million in the identical quarter final yr. This internet earnings comprised $0.3 million in internet curiosity earnings and $4.3 million in complete bills.
Moreover, Orchid recorded internet realized and unrealized features of $21.2 million, or $0.29 per frequent share, from Residential Mortgage-Backed Securities (RMBS) and by-product devices, together with rate of interest swaps.
Click on right here to obtain our most up-to-date Positive Evaluation report on Orchid Island Capital, Inc. (ORC) (preview of web page 1 of three proven under):
Ultimate Ideas
Month-to-month dividend shares may very well be extra interesting to earnings traders than quarterly or semi-annual dividend shares. It’s because month-to-month dividend shares make 12 dividend funds per yr, as a substitute of the same old 4 or 2.
Moreover, month-to-month dividend shares with excessive yields above 5% are much more enticing for earnings traders.
The 20 shares on this listing haven’t been vetted for dividend security, that means every investor ought to perceive the distinctive danger elements of every firm.
That mentioned, these 20 dividend shares make month-to-month funds to shareholders, and all have excessive dividend yields.
Additional Studying
In case you are inquisitive about discovering high-quality dividend progress shares and/or different high-yield securities and earnings securities, the next Positive Dividend sources will likely be helpful:
Month-to-month Dividend Inventory Particular person Safety Analysis
Different Positive Dividend Assets
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