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Top 20 Highest Yielding Monthly Dividend Stocks Now | Yields Up To 16.6%


Updated on April 9th, 2024 by Bob Ciura

Monthly dividend stocks have instant appeal for many income investors. Stocks that pay their dividends each month offer more frequent payouts than traditional quarterly or semi-annual dividend payers.

For this reason, we created a full list of 80 monthly dividend stocks.

You can download our full Excel spreadsheet of all monthly dividend stocks (along with metrics that matter like dividend yield and payout ratio) by clicking on the link below:

 

Click here to instantly download your free spreadsheet of all 80 monthly dividend stocks now, along with important investing metrics.

In addition, stocks that have high dividend yields are also attractive for income investors.

With the average S&P 500 yield hovering around 1.5%, investors can generate much more income with high-yield stocks. Screening for monthly dividend stocks that also have high dividend yields makes for an appealing combination.

This article will list the 20 highest-yielding monthly dividend stocks.

Table Of Contents

The following 20 monthly dividend stocks have high dividend yields above 5%. Stocks are listed by their dividend yields, from lowest to highest.

The list excludes oil and gas royalty trust, which have extreme fluctuations in their dividend payouts from one quarter to the next due to the underlying volatility of commodity prices.

You can instantly jump to an individual section of the article by utilizing the links below:

High-Yield Monthly Dividend Stock #20: Gladstone Investment Corporation (GAIN)

Gladstone Investment is a business development company (BDC) that focuses on US-based small- and medium-sized companies. Industries which Gladstone Investment targets include aerospace & defense, oil & gas, machinery, electronics, and media & communications.

Gladstone Investment reported its third quarter (Q3 2023 ended December 31) earnings results on February 6. The company generated total investment income – Gladstone Investment’s revenue equivalent – of $23.1 million during the quarter, which represents an increase of 7% compared to the prior quarter. This number missed the analyst consensus estimate by $0.7 million, as analysts expected a stronger performance for the company’s top line.

Gladstone Investment’s adjusted net investment income-per-share totaled $0.26 during the fiscal third quarter. That was up 8% from the previous quarter’s level. Gladstone Investment‘s net asset value per share totaled $13.01 on a per-share basis at the end of the quarter.

Click here to download our most recent Sure Analysis report on GAIN (preview of page 1 of 3 shown below):

High-Yield Monthly Dividend Stock #19: LTC Properties (LTC)

LTC Properties is a REIT that invests in senior housing and skilled nursing properties. Its portfolio consists of approximately 50% senior housing and 50% skilled nursing properties. The REIT owns 208 investments in 27 states with 29 operating partners.

In mid-February, LTC reported (2/15/24) financial results for the fourth quarter of fiscal 2023. Funds from operations (FFO) per share dipped -8% over the prior year’s quarter, from $0.72 to $0.66, and missed the analysts’ consensus by $0.02.

The decrease in FFO per share resulted from lower rental income due to the sale of some properties, which more than offset higher interest income. LTC reduced its leverage ratio (Net Debt to EBITDA) from 6.0x in the previous quarter to 5.5x.

Click here to download our most recent Sure Analysis report on LTC (preview of page 1 of 3 shown below):

High-Yield Monthly Dividend Stock #18: Sienna Senior Living (LWSCF)

Sienna Senior Living provides senior housing and long-term care (LTC) services in Canada. The company offers a range of seniors’ living options, including independent and assisted living, memory care, long-term care, and specialized programs and services, as well as management services.

As of its latest report, Sienna owned and operated a total of 81 senior living residences, including 39 retirement residences, 34 LTC communities, and 8 seniors’ living residences. The company also manages only an additional 12 senior living residences.

On February 22nd, 2024, Sienna Senior Living posted its Q4 and full-year results for the period ending December 31st, 2023. For the quarter, revenues grew by 13.3% year-over-year to $164.1 million. The increase was mainly driven by annual rental rate increases, occupancy increases, and higher care and ancillary revenue.

Click here to download our most recent Sure Analysis report on LWSCF (preview of page 1 of 3 shown below):

High-Yield Monthly Dividend Stock #17: Modiv Industrial (MDV)

Modiv Industrial acquires, owns, and actively manages single-tenant net-lease industrial, retail, and office properties in the United States, focusing on strategically essential and mission-critical properties with predominantly investment-grade tenants. As of its most recent filings, the company’s portfolio comprised 44 properties that occupied 4.6 million square feet of aggregate leasable area.

On March 4th, 2024, Modiv reported its Q4 and full-year results for the period ending December 31st, 2023. For the quarter, total revenues came in at $12.3 million, up 23% year-over-year, excluding the 2022 lease termination fee. AFFO was $4.5 million, or $0.40 per diluted share, versus AFFO of $6.9 million, or $0.68 per diluted share, in the prior year period.

For the year, AFFO declined to $1.94 from $2.22 in FY2022. The decline in AFFO for both periods was due to higher interest expenses as a result of rising interest rates. For context, in Q4, interest expenses skyrocketed by 149% to $7.05 million.

Click here to download our most recent Sure Analysis report on MDV (preview of page 1 of 3 shown below):

High-Yield Monthly Dividend Stock #16: EPR Properties (EPR)

EPR Properties is a specialty real estate investment trust, or REIT, that invests in properties in specific market segments that require industry knowledge to operate effectively. It selects properties it believes have strong return potential in Entertainment, Recreation, and Education.  The portfolio includes about $7 billion in investments across 300+ locations in 44 states, including over 250 tenants.

EPR posted fourth quarter and full-year earnings on February 28th, 2024, and results were slightly better than expected. The trust posted funds-from-operations per-share of $1.16, which was in line with estimates. FFO-per-share was down, however, from $1.47 in Q3 and from $1.25 in last year’s Q4. However, revenue was down nearly 4% year-over-year to $172 million. That was still $16 million better than expected.

Click here to download our most recent Sure Analysis report on EPR (preview of page 1 of 3 shown below):

High-Yield Monthly Dividend Stock #15: Gladstone Commercial (GOOD)

Gladstone Commercial Corporation is a real estate investment trust, or REIT, that specializes in single-tenant and anchored multi-tenant net leased industrial and office properties across the U.S. The trust targets primary and secondary markets that possess favorable economic growth trends, growing populations, strong employment, and robust growth trends.

The trust’s stated goal is to pay shareholders monthly distributions, which it has done for more than 17 consecutive years. Gladstone owns over 100 properties in 24 states that are leased to about 100 unique tenants.

Gladstone posted fourth quarter and full-year earnings on February 21st, 2024, and results were weaker than expected. Total revenue was $35.9 million, missing consensus by $0.9 million, and down $0.6 million from the third quarter. The trust’s management team saw its total assets fall by 3% year-over-year to $1.13 billion, and off about 1% quarter-over-quarter.

Click here to download our most recent Sure Analysis report on GOOD (preview of page 1 of 3 shown below):

High-Yield Monthly Dividend Stock #14: Fortitude Gold (FTCO)

Fortitude Gold is a junior gold producer with operations in Nevada, U.S.A, one of the world’s premier mining friendly jurisdictions. The company targets high-grade gold open pit heap leach operations averaging one gram per tonne of gold or greater. Its property portfolio currently consists of 100% ownership in six high-grade gold properties. All six properties are within an approximate 30-mile radius of one another within the prolific Walker Lane Mineral Belt.

On February 27th, 2024, Fortitude Gold posted its full-year results for the period ending December 31st, 2023. For the quarter, revenues came in at $73.1 million, 1.7% lower compared to last year. The decline in revenues was driven by an 8.7% decline in ounces of gold sold. However, a 39.8% increase in ounces of silver sold combined with 7.6% higher gold and 5.3% higher silver prices largely offset this setback.

Click here to download our most recent Sure Analysis report on FTCO (preview of page 1 of 3 shown below):

High-Yield Monthly Dividend Stock #13: SLR Investment Corp. (SLRC)

SLRC is a Business Development Company that primarily invests in U.S. middle market companies. The company has five core business units which include cash flow, asset-based, life science lending, equipment finance, and corporate leasing.

The trust’s debt investments primarily consist of cash flow senior secured loans, including first lien and second lien debt instruments. It also offers asset-based loans including senior secured loans collateralized on a first lien basis by current assets.

Click here to download our most recent Sure Analysis report on SLRC (preview of page 1 of 3 shown below):


High-Yield Monthly Dividend Stock #12: PennantPark Floating Rate Capital (PFLT)

PennantPark Floating Rate Capital Ltd. is a business development company that seeks to make secondary direct, debt, equity, and loan investments.

The fund also aims to invest through floating rate loans in private or thinly traded or small market-cap, public middle market companies, equity securities, preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments.

On February 8th, 2024, PennantPark Floating Rate Capital Ltd. announced its financial results for the first quarter of fiscal 2024. PennantPark Floating Rate Capital Ltd. maintained stability amidst broader market challenges in Q1 2024.

Net investment income (NII) came in at $0.33 per share, in line with analyst expectations. PFLT’s focus on a portfolio of primarily floating-rate loans proved an advantage in an environment of rising interest rates, supporting continued income generation. The company’s Net Asset Value (NAV) experienced a slight increase from the previous quarter.

Click here to download our most recent Sure Analysis report on PFLT (preview of page 1 of 3 shown below):

High-Yield Monthly Dividend Stock #11: Horizon Technology (HRZN)

Horizon Technology Finance Corp. is a BDC that provides venture capital to small and medium–sized companies in the technology, life sciences, and healthcare–IT sectors.

The company has generated attractive risk–adjusted returns through directly originated senior secured loans and additional capital appreciation through warrants, featuring a last–nine–month annualized portfolio yield of 14.7%.

On February 27th, 2024, Horizon released its Q4 and full-year results for the period ending December 31st, 2023. For the quarter, total investment income grew 21.8% year-over-year to $28.2 million, primarily due to growth in interest and fee income on investments resulting from an increase in the average size of the debt investment portfolio.

The increase in interest rates was the main reason for the increase in interest income.

Click here to download our most recent Sure Analysis report on HRZN (preview of page 1 of 3 shown below):

High-Yield Monthly Dividend Stock #10: Stellus Capital (SCM)

Stellus Capital Management provides capital solutions to companies with $5 million to $50 million of EBITDA and does so with a variety of instruments, the majority of which are debt. Stellus provides first lien, second lien, mezzanine, convertible debt, and equity investments to a diverse group of customers, generally at high yields, in the US and Canada.

Stellus posted fourth quarter and full-year earnings on March 4th, 2024, and results were somewhat mixed. The BDC posted fiscal year adjusted NII of $1.92, which beat estimates by 19 cents. Total investment income, which is akin to revenue, was up 41% year-over-year to $106 million, and missed estimates by over $5 million. Stellus noted that its loan portfolio is yielding 11.9% as of the end of the year.

Click here to download our most recent Sure Analysis report on Stellus (preview of page 1 of 3 shown below):

High-Yield Monthly Dividend Stock #9: Generation Income Properties (GIPR)

Generation Income Properties, Inc. is an internally managed REIT focused on acquiring and managing income-producing retail, office, and industrial properties. As of September 30th, 2023, the company’s asset base included 26 properties, comprising one industrial, 18 retail (including one medical-retail), and seven office properties, which are net leased to high-quality tenants in major markets throughout the United States.

These properties, along with a 36.8% tenancy in common interest in a single tenant retail building (approximately 15,300 square feet) leased to La-Z-Boy Company, feature 338,142 leasable square feet and an annualized base rent of $8.64 million.

Click here to download our most recent Sure Analysis report on GIPR (preview of page 1 of 3 shown below):

High-Yield Monthly Dividend Stock #8: Dynex Capital (DX)

Dynex Capital invests in mortgage–backed securities (MBS) on a leveraged basis in the United States. It invests in agency and non–agency MBS consisting of residential MBS, commercial MBS (CMBS), and CMBS interest–only securities.

Dynex disclosed its financial results for the fourth quarter and full year of 2023 on January 29, 2024. The company navigated a complex market environment, marked by volatility and uncertainty.

For Q4 2023, Dynex Capital reported a total economic return of $1.45 per common share, contributing significantly to the modest full-year total economic return of $0.14 per common share. The book value increased to $13.31 per common share as of December 31, 2023.

Click here to download our most recent Sure Analysis report on DX (preview of page 1 of 3 shown below):

High-Yield Monthly Dividend Stock #7: Oxford Square Capital (OXSQ)

Oxford Square Capital Corp. is a BDC specializing in financing early and middle–stage businesses through loans and CLOs.

The company holds an equally split portfolio of First–Lien, Second–Lien, and CLO equity assets spread across 8 industries, with the highest exposure in business services and healthcare, at 36% and 25%, respectively.

On November 7th, 2023, Oxford Square reported its Q3 results for the period ending September 30th, 2023. For the period, the company generated approximately $13.0 million of total investment income, down 3.7% from the previous quarter.

The decline in investment income was due to a smaller investment portfolio, offset by rising interest rates. Specifically, the weighted average yield of the debt investments came in at 13.1% at current cost, compared to 12.8% during Q2-2023.

Click here to download our most recent Sure Analysis report on OXSQ (preview of page 1 of 3 shown below):

High-Yield Monthly Dividend Stock #6: Prospect Capital (PSEC)

Prospect Capital Corporation is a Business Development Company, or BDC, that provides private debt and private equity to middle–market companies in the U.S. The company focuses on direct lending to owner–operated companies, as well as sponsor–backed transactions.

Prospect invests primarily in first and second lien senior loans and mezzanine debt, with occasional equity investments. 

Prospect posted second quarter earnings on February 8th, 2024, and results were somewhat weak once again. Net investment income per share, which is akin to earnings-per-share for other companies, came to 24 cents. That was off three cents from the year-ago period.

Total investment income, which is PSEC’s measure of revenue, was $211 million. That was down fractionally year-over-year from $213 million. Net asset value per share declined from the first quarter from $9.25 to $8.92.

Click here to download our most recent Sure Analysis report on PSEC (preview of page 1 of 3 shown below):

High-Yield Monthly Dividend Stock #5: Ellington Financial (EFC)

Ellington Financial Inc. acquires and manages mortgage, consumer, corporate, and other related financial assets in the United States. The company acquires and manages residential mortgage–backed securities (RMBS) backed by prime jumbo, Alt–A, manufactured housing, and subprime residential mortgage loans.

Additionally, it manages RMBS, for which the U.S. government guarantees the principal and interest payments. It also provides collateralized loan obligations, mortgage–related and non–mortgage–related derivatives, equity investments in mortgage originators and other strategic investments.

On February 27th, 2024, Ellington Financial reported its Q4 results for the period ending December 31st, 2023. Due to the company’s business model, Ellington doesn’t report any revenues. Instead, it records only income. For the quarter, gross interest income came in at $98.7 million, up 2.6% quarter-over-quarter.

Ellington’s strong numbers from its residential transition loan portfolio and its Agency and non-agency MBS didn’t offset dilution and expenses related to the merger with Arlington Asset and net losses from Longbridge and other positions, leading to a small negative economic return overall for the quarter.

Click here to download our most recent Sure Analysis report on Ellington Financial (EFC) (preview of page 1 of 3 shown below):

High-Yield Monthly Dividend Stock #4: Ellington Residential Mortgage REIT (EARN)

Ellington Residential Mortgage REIT acquires, invests in, and manages residential mortgage and real estate related assets. Ellington focuses primarily on residential mortgage-backed securities, specifically those backed by a U.S. Government agency or U.S. government–sponsored enterprise.

Agency MBS are created and backed by government agencies or enterprises, while non-agency MBS are not guaranteed by the government.

On November 7th, 2023, Ellington Financial reported its Q3 results for the period ending September 30th, 2023. Due to the company’s business model, Ellington doesn’t report any revenues. Instead, it records only income. For the quarter, gross interest income came in at $96.2 million, up 9.2% quarter-over-quarter.

Adjusted (previously referred to as “core”) EPS came in at $0.33, five cents lower versus Q2-2023. The decline was mainly due to higher professional fees.

Click here to download our most recent Sure Analysis report on EARN (preview of page 1 of 3 shown below):

High-Yield Monthly Dividend Stock #3: ARMOUR Residential REIT (ARR)

ARMOUR Residential invests in residential mortgage-backed securities that include U.S. Government-sponsored entities (GSE) such as Fannie Mae and Freddie Mac. It also includes Ginnie Mae, the Government National Mortgage Administration’s issued or guaranteed securities backed by fixed-rate, hybrid adjustable-rate, and adjustable-rate home loans.

On February 14, 2024, ARMOUR Residential REIT, Inc. (ARR) announced its Q4 2023. In the fourth quarter of 2023, ARMOUR reported income attributable to common stockholders amounting to $96.6 million, translating to $1.96 per common share, alongside net interest income of $5.8 million. Distributable Earnings available to common stockholders reached $52.4 million, equating to $1.07 per common share.

Click here to download our most recent Sure Analysis report on ARMOUR Residential REIT Inc (ARR) (preview of page 1 of 3 shown below):

High-Yield Monthly Dividend Stock #2: AGNC Investment Corporation (AGNC)

American Capital Agency Corp is a mortgage real estate investment trust that invests primarily in agency mortgage–backed securities (or MBS) on a leveraged basis.

The firm’s asset portfolio is comprised of residential mortgage pass–through securities, collateralized mortgage obligations (or CMO), and non–agency MBS. Many of these are guaranteed by government–sponsored enterprises.

AGNC Investment Corp. announced its fourth quarter 2023 financial results on January 22, 2024, reporting a comprehensive income of $1.00 per common share, including $0.57 net income and $0.43 other comprehensive income per share.

The quarter saw a $0.60 net spread and dollar roll income per common share and ended with a tangible net book value of $8.70 per share. The quarter’s dividends were declared at $0.36 per share, contributing to a 12.1% economic return on tangible common equity. The investment portfolio was valued at $60.2 billion, with a leverage of 7.0x tangible net book value.

Click here to download our most recent Sure Analysis report on AGNC Investment Corp (AGNC) (preview of page 1 of 3 shown below):

High-Yield Monthly Dividend Stock #1: Orchid Island Capital (ORC)

Orchid Island Capital, Inc. is an mortgage REIT that is externally managed by Bimini Advisors LLC and focuses on investing in residential mortgage-backed securities (RMBS), including pass-through and structured agency RMBSs. These financial instruments generate cash flow based on residential loans such as mortgages, subprime, and home-equity loans.

On February 2, 2024, Orchid Island Capital disclosed its financial outcomes for the fourth quarter of 2023. The company reported a net income of $0.52 per share and observed a 2% increase in its book value, reaching $9.10. Additionally, a dividend of $0.36 per share was declared and paid, reflecting a total return of 6.05% for the quarter.

Orchid Island Capital undertook strategic adjustments to its investment portfolio during this period. These adjustments included a reduction in exposure to 3% coupon securities and an increase in higher coupon securities, contributing to an improved economic net interest spread and overall financial performance.

Click here to download our most recent Sure Analysis report on Orchid Island Capital, Inc. (ORC) (preview of page 1 of 3 shown below):

Final Thoughts

Monthly dividend stocks could be more appealing to income investors than quarterly or semi-annual dividend stocks. This is because monthly dividend stocks make 12 dividend payments per year, instead of the usual 4 or 2.

Furthermore, monthly dividend stocks with high yields above 5% are even more attractive for income investors.

The 20 stocks on this list have not been vetted for dividend safety, meaning each investor should understand the unique risk factors of each company.

That said, these 20 dividend stocks make monthly payments to shareholders, and all have high dividend yields.

Further Reading

If you are interested in finding high-quality dividend growth stocks and/or other high-yield securities and income securities, the following Sure Dividend resources will be useful:

Monthly Dividend Stock Individual Security Research

Other Sure Dividend Resources

Thanks for reading this article. Please send any feedback, corrections, or questions to support@suredividend.com.



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