Sure Dividend

High-Quality Dividend Stocks, Long-Term Plan
The Sure Dividend Investing MethodMember's Area

Top 20 Highest Yielding Monthly Dividend Stocks Now | Yields Up To 24.0%


Updated on February 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:

 

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: 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 82 senior living residences, including 39 retirement residences, 34 LTC communities, and 8 seniors’ living residences. The company also manages only an additional 11 senior living residences. Sienna generates around $530 million in annual revenues and is based in Markham, Canada.

On November 10th, 2023, Sienna Senior Living reported its Q3 results for the period ending September 30th, 2023. For the quarter, revenues grew by 5.6% year-over-year to $141.3 million. The increase was mainly driven by annual rental rate increases, higher care and ancillary revenue, and additional revenues from the properties acquired over the last 12 months.

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 #19: 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 November 13th, 2023, Modiv reported its Q3-2023 results for the period ending September 30th, 2023. For the quarter, total revenues came in at $12.5 million, up 21.4% year-over-year. The increase reflects the acquisition of 16 industrial manufacturing properties since June 30th, 2022. AFFO was $3.7 million, or $0.49 per diluted share, compared with AFFO of $3.1 million, or $0.42 per diluted share, in the prior year period.

For FY2023, we expect AFFO per share to be close to $1.55 based on the company’s current leasing profile. The year-over-year decline is due to assuming a lack of any extraordinary factors that could boost results, similar to last year’s termination fees.

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 #18: 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 reported third quarter earnings on October 25th, 2023, and results were better than expected on both the top and bottom lines. Funds-from-operations came to $1.47 per share, which was eight cents better than expected. Revenue was $189 million, 17% higher year-over-year, and better than estimates by almost $26 million.

The company said it continues to see ongoing stabilization in its portfolio, as well as stronger box office sales, and a master lease agreement with Regal, a large movie theater tenant.

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 #17: Dream Office REIT (DRETF)

Dream Office REIT acquires and manages predominantly office and industrial properties in major urban areas throughout Canada, with a focus on downtown Toronto. The trust’s portfolio is located primarily in Toronto, Montreal/Ottawa, Mississauga/North York, and Calgary, though it does have small exposure to other markets as well.

Dream Office ownership interests include 5.5 million square feet of gross leasable area from 30 properties, which include 28 office properties, and two properties under development. Dream Office has leases with 500 tenants across Canada, a few of its larger tenants include: Government of Canada, Government of Ontario and State Street Trust.

Source: Investor Presentation

On November 9, 2023, Dream Office REIT reported its third-quarter results. The Trust’s funds from operations (FFO) were $13.6 million, a decrease from $19.9 million in the same quarter last year. Net income was reported at $13.6 million, which included $25.1 million in net rental income and $24.2 million in positive fair value adjustments to financial instruments. However, this was offset by a $16.6 million fair value loss on investment properties.

Click here to download our most recent Sure Analysis report on DRETF (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.

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 third quarter earnings on November 6th, 2023, and results were worse than expected on both the top and bottom lines. The company posted 34 cents in FFO per-share, which missed estimates by three cents. It also fell from 41 cents in the previous quarter. Revenue was off 8.5% year-over-year to $36.46 million, missing estimates by $2.37 million.

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: 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. The BDC’s stated purpose is to generate income it can distribute to its shareholders.

Gladstone posted fourth quarter and full-year earnings on November 13th, 2023, and results were better than expected. The company saw net investment income per share of 28 cents, while total investment income rose 4.1% year-over-year to $23.76 million. Revenue was strong due primarily to a $1.5 million increase in interest income, which was driven by increases in both the weighted average yield and weighted average principal balance of interest-bearing investments.

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 #14: 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, featuring a lastninemonth annualized portfolio yield of 14.7%.

On August 1st, 2023, Horizon released its Q2 results for the period ending June 30th, 2023. For the quarter, total investment income grew 51.3% year-over-year to $28.1 million, primarily due to growth in interest income on investments resulting from an increase in the average size of the debt investment portfolio and an increase in the base rate for most of the company’s variable rate debt investments.

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 #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.

On October 31st, 2023, Fortitude Gold Corporation reported its Q3 results for the period ending September 30th, 2023. For the quarter, revenues came in at $21.3 million, 32% higher compared to Q3-2022. The increase in revenues was driven by 12.3% and 20.9% higher realized gold and silver prices, respectively, as well as increases of 17.2% and 104% in gold and silver announces sold, respectively.

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 (PFLT)

PennantPark Floating Rate Capital Ltd. is a BDC that makes secondary direct, debt, equity, and loan investments.

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

Source: Investor Presentation

It generally invests in the United States and to a limited extent nonU.S. companies. It aims to invest in companies not rated by national rating agencies.

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: 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 #10: 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. 

Prospect posted first quarter earnings on November 8th, 2023. Net investment income came to $126 million, while revenue was flat at $202 million. On a pershare basis, NII came to 25 cents, which was three cents ahead of estimates.

Net asset value was $9.25 per share, which was flat to the June quarter. Total originations fell to $131 million, down sharply from $372 million in the prior quarter. Originations in Q2 to date, subsequent to the end of the first quarter, were $57 million as of the earnings report. Total repayments were $94 million, down from $122 million in Q1, with Q2 to-date repayments at just $2 million.

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 #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.

Stellus posted third quarter earnings on November 7th, 2023, and results were mixed. Adjusted net investment income was 49 cents per share, which was two cents better than expected. Total investment income was $27.2 million, up 35% year-over-year, but fractionally missed estimates.

The company saw its portfolio grow by a net $5 million to $886 million, and the loan portfolio yield was 11.5% as of the end of the quarter. Investment income was up from $20.1 million a year ago.

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: 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.

Dynex Capital, Inc. reported its third quarter financial results on October 23rd, 2023. Dynex Capital reported a book value of $12.25 and a comprehensive loss of $1.59 for the third quarter. Influenced by rate increases and spread widening, the performance this quarter saw leverage rise to 8.5 turns from 7.7 turns in the previous quarter.

While Dynex’s Economic Adjusted Duration (EAD) doesn’t factor in the benefits of hedging activities, the company predominantly uses futures as their primary hedging instrument due to their market depth, liquidity, and lower capital requirements.

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: 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 #6: 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 8 industries, with the highest exposure in business services and healthcare, at 36% and 25%, respectively.

Source: Investor Presentation

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 #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 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 Ellington Financial (EFC) (preview of page 1 of 3 shown below):

High-Yield Monthly Dividend Stock #4: 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 Corp. announced its third-quarter financial results on October 30, 2023. The company reported a comprehensive loss of $1.02 per common share, which included a net loss of $0.68 per common share and another comprehensive loss (OCI) of $0.34 per common share on investments marked-to-market through OCI.

Despite these losses, AGNC reported a $0.65 net spread and dollar roll income per common share, excluding an estimated “catch-up” premium amortization benefit. The tangible net book value per common share was reported as $8.08 as of September 30, 2023, reflecting a decrease of $1.31 per common share, or -14.0%, from the end of the previous quarter.

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 #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.

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.

On October 25, 2023, ARR announced its Q3 2023 results and financial position as of September 30, 2023. Following a one-for-five reverse stock split completed on September 29, 2023, the company reported a loss of $(182.2) million or $(3.92) per common share.

Net interest income stood at $3.6 million, and distributable earnings available to common stockholders were $50.2 million, equating to $1.08 per common share. The asset yield was 4.65%, and after deducting the net cost of funds of 2.92%, the net interest margin was 1.73%.

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: 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. governmentsponsored 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 #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 October 27, 2023, Orchid Island Capital released its financial results for the third quarter. The company reported a net loss of $80.1 million for the quarter ending on September 30, 2023, which is a slight improvement compared to the net loss of $84.5 million for the same period in 20222.

Orchid’s Agency Residential Mortgage-Backed Securities (RMBS) portfolio increased from $4.4 billion at the end of June 2023 to $4.5 billion at the end of September 2023. The interest income on this portfolio rose by approximately $10.2 million from Q2 2023. In terms of yield, the average Agency RMBS yield went up from 3.81% in Q2 2023 to 4.51% in Q3 2023.

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.


More from sure dividend
The Sure Dividend Investing MethodMember's Area