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Top 20 Highest Yielding Monthly Dividend Stocks Now | Yields Up To 17.2%


Updated on June 13th, 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:

 

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: LTC Properties (LTC)

LTC Properties is a healthcare 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 195 investments in 26 states, with 31 operating partners.

Source: Investor Presentation

In late April, LTC reported (4/29/24) financial results for the first quarter of fiscal 2024. Funds from operations (FFO) per share grew 4.5% over the prior year’s quarter, from $0.66 to $0.69, and exceeded the analysts’ consensus by $0.05.

The increase in FFO per share resulted from higher rental revenue and higher interest income from mortgage loans, which more than offset increased interest expense amid 16-year high interest rates.

LTC maintained its leverage ratio (Net Debt to EBITDA) at 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 #19: 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 #18: 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 #17: 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 350+ locations in 44 states, including over 200 tenants.

Source: Investor Presentation

EPR posted first quarter earnings on May 1st, 2024. The company posted adjusted funds-from-operations of $1.12 per share.

In the year-ago period, adjusted FFO-per-share was $1.30. Revenue was down 2.4% year-over-year to $167 million.

EPR enjoys high occupancy rates, which afford it pricing power and higher margins over time. Recent results seem to indicate that the worst is behind EPR, and the Regal restructuring is a big step forward.

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 #16: 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.

Source: Investor Presentation

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 first quarter earnings on May 6th, 2024, and results were largely in line with expectations. Funds-from-operations were $0.34 per share, which was in line with expectations. Revenue was $35.7 million, off 2.3% from the year-ago period.

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 #15: Itau Unibanco Holding (ITUB)

Itaú Unibanco Holding S.A. is a bank headquartered in Sao Paulo, Brazil. The bank has operations across South America and other places like the United States, Portugal, Switzerland, China, Japan, etc.

On May 6th, 2024, Itaú Unibanco reported first-quarter results for 2023. The company showcased significant financial growth, with a recurring managerial result totaling $1.9 billion, marking a notable 15.8% increase compared to the previous year. This surge was supported by an annualized recurring managerial return on average equity of 21.9%.

Key drivers behind these impressive results included an augmented financial margin with clients, attributed to a larger loan portfolio and improved margins on liabilities, as well as increased commissions, fees, and profits from insurance operations.

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

High-Yield Monthly Dividend Stock #14: Gladstone Capital (GLAD)

Gladstone Capital is a business development company, or BDC, that primarily invests in small and medium businesses. These investments are made via a variety of equity (10% of portfolio) and debt instruments (90% of portfolio), generally with very high yields.

Loan size is typically in the $7 million to $30 million range and has terms up to seven years.

Source: Investor Presentation

Gladstone posted first quarter earnings on May 1st, 2024. Total investment income increased $0.8 million, or about 3.3%, from the year-ago period.

The gain was driven by a $0.7 million increase in interest income, which itself was driven by a 3.5% increase in the weighted average principal balance of interest-bearing investments. Net investment income came to $0.25 per share for the quarter.

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

High-Yield Monthly Dividend Stock #13: 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.

Source: Investor Presentation

On May 7th, 2024, Fortitude Gold posted its Q1 results. For the quarter, revenue came in at $8.2 million, 62% lower compared to last year. The decline in revenue was driven by a 65% drop in ounces of gold sold. However, a 19% increase in ounces of silver sold, combined with 10% higher gold and 2% higher silver prices, slightly offset this setback.

The company recorded a mine gross profit of $4.2 million compared to $12.3 million last year due to lower net sales.

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 #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.

PennantPark recently released its financial results for the second quarter ending March 31, 2024. The company reported a $1.478 billion investment portfolio. Net assets totaled $721 million, with a GAAP net asset value per share of $11.40.

There was a 1.8% quarterly increase in both GAAP and adjusted net asset value per share. The credit facility stood at $169 million, with various asset-backed debts ranging from $183.4 million to $283.8 million.

The regulatory debt-to-equity ratio was reported at 1.21x, and the weighted average yield on debt investments at quarter-end was 12.3%.

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 mediumsized companies in the technology, life sciences, and healthcareIT sectors.

The company has generated attractive riskadjusted returns through directly originated senior secured loans and additional capital appreciation through warrants.

Source: Investor Presentation

On April 30th, 2024, Horizon released its Q1 results. For the quarter, total investment income fell 6.8% year-over-year to $26.1 million, primarily due to lower interest income on investments from the debt investment portfolio.

The dollar-weighted annualized yield on average debt investments in Q1 of 2024 and Q1 of 2023 was 15.6% and 16.3%, respectively.

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: 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.

At the end of the year, 96% of the company’s portfolio was leased, with all rents due collected.

On April 9th, 2024, Generation Income reported its full-year results for the period ending December 31st, 2023. For the year, total revenues from operations came in at $7.63 million as compared to $5.43 million in the prior-year period.

This represents a year-over-year increase of 40%, mainly driven by property acquisitions. Operating expenses, including G&A, came in at $11.1 million, up from $7.9 million last year.

Core AFFO came in at $534,000, or $0.21 per share, compared to roughly $157,000, or $0.18 per share, in the previous year.

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 #9: 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.

Source: Investor Presentation

Stellus posted first quarter earnings on May 9th, 2024. Stellus generated $0.44 in adjusted earnings-per-share. Total investment income was $26 million, up 8% year-over-year.

Operating expenses came to $16 million, up from $15 million a year ago. The increase was driven by higher incentive fees, as the base management fees for both periods was roughly equal. Net investment income was $10.2 million, up from $9.1 million.

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 #8: 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.

Source: Investor Presentation

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 May 12th, 2024, Ellington Financial reported its Q1 results for the period ending March 31st, 2024. 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 $101.5 million, up 2.9% quarter-over-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 #7: Prospect Capital (PSEC)

Prospect Capital Corporation is a Business Development Company, or BDC, that provides private debt and private equity to middlemarket companies in the U.S.

The company focuses on direct lending to owneroperated companies, as well as sponsorbacked transactions. Prospect invests primarily in first and second lien senior loans and mezzanine debt, with occasional equity investments. 

Source: Investor Presentation

Prospect posted third quarter earnings on May 8th, 2024. Net investment income came to $94.4 million, off from just under $97 million in the December quarter, and down from $102.2 million a year ago.

As a percentage of total net investment income, interest income was 91%, slightly lower than prior quarters.

On a per-share basis, NII came to 23 cents, down from 24 cents in the December quarter, and down from 26 cents in the March period a year ago.

NAV declined from $9.48 in the March quarter last year to $8.99, but up slightly from $8.92 in the December quarter.

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 #6: Dynex Capital (DX)

Dynex Capital invests in mortgagebacked securities (MBS) on a leveraged basis in the United States. It invests in agency and nonagency MBS consisting of residential MBS, commercial MBS (CMBS), and CMBS interestonly securities.

Source: Investor Presentation

In the first quarter of 2024, the company demonstrated solid financial performance with a total economic return of $0.28 per common share, equivalent to 2.1% of the beginning book value. Book value per common share stood at $13.20 as of March 31, 2024.

Comprehensive income amounted to $0.35 per common share, with net income reaching $0.65 per common share. Dividends declared for the quarter amounted to $0.39 per common share.

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 #5: Ellington Credit Co. (EARN)

Ellington Credit Co. 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. governmentsponsored enterprise.

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

On March 6th, 2024, Ellington Residential reported its fourth quarter results for the period ending December 31st, 2023. The company generated net income of $12.4 million, or $0.75 per share.

Ellington achieved adjusted distributable earnings of $4.6 million in the quarter, leading to adjusted earnings of $0.27 per share, which covered the dividend paid in the period.

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 #4: Oxford Square Capital (OXSQ)

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

The company holds an equally split portfolio of FirstLien, SecondLien, and CLO equity assets spread across multiple industries, with the highest exposure in software and business services.

Source: Investor Presentation

On May 2nd, 2024, Oxford Square reported its Q1 results for the period ending March 31st, 2024. For the quarter, the company generated approximately $10.7 million of total investment income, down from $12.3 million in the previous quarter.

The weighted average cash distribution yield of its cash income producing CLO equity investments at current also rose sequentially from 13.6% to 13.7%.

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 #3: AGNC Investment Corporation (AGNC)

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

The firm’s asset portfolio is comprised of residential mortgage passthrough securities, collateralized mortgage obligations (or CMO), and nonagency MBS. Many of these are guaranteed by governmentsponsored enterprises.

AGNC Investment’s first-quarter non-GAAP earnings continued their downward trend amid the company’s operation in a higher interest rate environment.

Source: Investor Presentation

Q1 net spread and dollar roll income per share of $0.58, slightly surpassing expectations, declined from previous quarters.

The quarter’s earnings excluded an estimated “catch-up” premium amortization benefit. Tangible net book value per common share increased to $8.84, although the economic return on tangible common equity declined.

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 #2: 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.

Unsecured notes and bonds issued by the GSE and the US Treasury, money market instruments, and non-GSE or government agency-backed securities are examples of other types of investments.

ARMOUR’s first-quarter 2024 results showed GAAP net income available to common stockholders of $11.5 million or $0.24 per common share, with net interest income amounting to $5.3 million.

Distributable Earnings available to common stockholders stood at $40.4 million, representing $0.82 per common share. The company paid common stock dividends of $0.24 per share per month or $0.72 per share for the first quarter.

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 #1: Orchid Island Capital (ORC)

Orchid Island Capital, Inc. is a mortgage REIT that invests 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.

Source: Investor Presentation

Orchid Island reported its first-quarter 2024 results, revealing a net income of $19.8 million, equivalent to $0.38 per common share. This figure includes net interest expense of $2.5 million, or $0.05 per common share, and total expenses of $3.7 million, or $0.07 per common share.

The company recorded net realized and unrealized gains of $26.0 million, or $0.50 per common share, on RMBS and derivative instruments, inclusive of net interest income on interest rate swaps.

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

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