Top 20 Highest Yielding Monthly Dividend Stocks Now | Yields Up To 18.6%

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Top 20 Highest-Yielding Monthly Dividend Stocks Now | Yields Up To 18.6%


Updated on May 9th, 2022 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 49 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.

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 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 193 investments in 28 states with 35 operating partners.

Source: Investor Presentation

Just like other healthcare REITs, LTC benefits from a strong secular trend, namely the high growth of the population that is above 80 years old. This growth results from the aging of the baby boomers’ generation and the steady rise of life expectancy thanks to sustained progress in medical sciences.

LTC is currently facing a challenge, which is the bankruptcy of Senior Care Centers, the largest skilled nursing operator in Texas. Senior Care filed for Chapter 11 bankruptcy in December-2018. Until 2018, it was generating 9.7% of the annual revenues of LTC and was the fifth largest customer of LTC.

In mid-February, LTC reported (2/17/22) financial results for the fourth quarter of fiscal 2021. Funds from operations (FFO) per share decreased -28% over the prior year’s quarter, from $0.78 to $0.56, and missed the analysts’ consensus by $0.01. The poor performance resulted primarily from lower rental income as a result of nonpayment of lease obligations of Senior Care Centers and Abri Health Services. LTC is facing a headwind due to the pandemic, which has resulted in deferred payments from some tenants. As a result, LTC has not provided any guidance for 2022.

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: Permianville Royalty Trust (PVL)

Permianville Royalty Trust is an oil and gas royalty trust. It owns a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from properties located in Texas, Louisiana, and New Mexico. Permianville Royalty Trust was incorporated in 2011.

As with all oil and gas royalty trusts, dividends are not guaranteed and depend largely on production rates as well as prevailing commodity prices. PVL stock currently yields over 6%.

High-Yield Monthly Dividend Stock #18: Cross Timbers Royalty Trust (CRT)

Cross Timbers is an oil and gas trust (about 50/50), set up in 1991 by XTO Energy. Unit holders have a 90% net profit interest in producing properties in Texas, Oklahoma, and New Mexico; and a 75% net profit interest in working interest properties in Texas and Oklahoma.

The trust’s assets are static in that no further properties can be added. The trust has no operations but is merely a passthrough vehicle for the royalties. CRT had royalty income of $5.3 million in 2020 and $7.4 million in 2021.

In late March, CRT reported (3/29/22) financial results for the full fiscal 2021. Production of oil and gas plunged 54% and 24%, respectively, over the prior year, primarily due to the natural decline of the fields. However, the average realized prices of oil and gas grew 57% and 132%, respectively, thanks to the strong recovery of the energy market from the pandemic.

As a result, distributable cash flow per unit grew 43%, from $0.77 to $1.10. The trust does not provide any guidance for the running year.

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

High-Yield Monthly Dividend Stock #17: Sabine Royalty Trust (SBR)

Sabine Royalty Trust is an oil and gas trust set up in 1983 by Sabine Corporation. At initiation, the trust had an expected reserve life of 9 to 10 years; the current estimated life of the trust is 8 to 10 years.

The trust consists of royalty and mineral interests in producing properties and proved oil and gas properties in Florida, Louisiana, Mississippi, New Mexico, Oklahoma, and Texas. It is roughly 2/3 oil and 1/3 gas in terms of revenues.

The trust’s assets are static in that no further properties can be added. The trust has no operations but is merely a pass-through vehicle for royalties. SBR had royalty income of $60.9 million in 2021.

In late March, SBR reported (3/25/22) financial results for the full fiscal 2021. Oil Production fell -10% over the prior year but production of gas grew 25%. In addition, the average realized prices of oil and gas grew 39% and 88%, respectively, thanks to the strong recovery of the energy market from the pandemic. As a result, distributable cash flow per unit grew 74%, from $2.28 to $3.97.

Moreover, the price of oil has rallied to a nearly 13-year high this year due to the invasion of Russia in Ukraine and tight global supply. This is a strong tailwind for SBR, which is likely to post 10-year high distributable cash flow per unit this year.

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

High-Yield Monthly Dividend Stock #16: Gladstone Commercial Corp. (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.

Source: Investor Presentation

Gladstone reported fourth quarter and full-year earnings on February 15th, 2022, and results were largely in line with expectations. Funds-from-operations was helped by rental income growth and same store occupancy rates. Square feet leased came to 97.2% in Q4, down from 97.7% in the prior period. Q4 core FFO-per-share was 40 cents, equaling consensus and up by a penny against Q3. For the year, FFO was down fractionally year-over-year as operating expenses offset growth from acquisitions and leasing activity, including leasing vacant spaces, and renewing existing leases.

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: Stellus Capital (SCM)

Stellus Capital Management is BDC, that 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

The company was formed in 2012, and should produce about $67 million in annual revenue. Stellus reported fourth quarter and full-year earnings on March 1st, 2022, and results were better than expected for both revenue and earnings.

Total investment income for the fourth quarter was $63.7 million, which was $1.2 million ahead of expectations. Net investment income on an adjusted basis was $1.22 for the full year, which was a very strong 14 cents better than expected. The $7 million increase in investment income for the year was due mostly to higher interest income from portfolio investments.

The company saw a net increase in assets from operations of $33.6 million, or $1.72 per share. These were up from $20.2 million, or $1.04 in 2020, respectively.

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

High-Yield Monthly Dividend Stock #14: 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.

PennantPark Floating Rate reported first quarter earnings on February 9th, 2022. Total investment income for the quarter came in at $26.34 million, up by 27.1% from $20.73 million in the year-ago quarter. Moreover, the company invested $335.1 million during the quarter in 16 new and 36 existing portfolio companies with a weighted average yield on debt investments of 7.8%.

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 #13: Prospect Capital (PSEC)

Prospect Capital Corporation is 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. The company produces about $680 million in annual revenue.

Source: Investor Presentation

Prospect reported second quarter earnings on February 8th, 2022, and results were better than expected on both the top and bottom lines. Net investment income per share was 22 cents, five cents ahead of expectations, and up a penny from the first quarter. Total investment income rose 1.8% year-over-year.

Total originations of $855 million more than doubled from the first quarter, and the company noted its originations subsequent to the end of the quarter was $284 million.

Prospect ended the quarter with a NAV per share of $10.60, up from $10.12 at the end of the September 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 #12: 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

Agency MBS have a guaranty of principal payment by an agency of the U.S. government or a U.S. governmentsponsored entity, such as Fannie Mae and Freddie Mac. NonAgency MBS have no such guaranty of payment.

Q4 earnings per share came in at $0.45, down from $1.97 in the year-ago period. Net interest income increased 8.3% to $15.6 million year-over-year and adjusted net interest income decreased to $25.1 million from $97.9 million year-over-year.

The trust also reported 5.8x in leverage as of December 31, 2021, compared to 5.9x as of September 30, 2021. Meanwhile, book value per common share stood at $17.99 at quarter end, down from $18.42 sequentially.

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 #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.

Source: Investor Presentation

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%.

The company has exceeded the typical industry average IRR of around 10% from its loan coupons by engaging in commitment fees, guidance fees, and potential equity rights, maximizing its total yield. Horizon Technology has gross investment income of around $47 million annually.

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: 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.

On March 3rd, Oxford Square reported its Q4 results for the period ending December 31st, 2021. The company generated approximately $10.2 million of total investment income, an increase of 4% compared to the previous quarter, or 18.6% higher year-over-year. Growth was attributed to a larger debt and CLO equity portfolio, despite the declining rates over this period, which affected the company’s investment yields.

As a result of higher growth in investment income against growth in expenses, NII amounted to $4.5 million, or $0.09/share, and was 22.7% higher sequentially. Net asset value per share was $4.92 compared to $5.03 last quarter.

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 #9: PermRock Royalty Trust (PRT)

PermRock Royalty Trust is a trust formed in November 2017 by Boaz Energy, a company that is focused on the acquisition, development and operation of oil and natural gas properties in the Permian Basin. The Trust derives all its cash flows from profits from the sale of oil and natural gas production from these properties and distributes dividends monthly.

The trust reported full year 2021 results for the period ending December 31st. Net profits income received by the trust was $8.14 million for the year, compared to $3.18 million in 2020. Significant increases in oil and natural gas sales volumes and prices led to a massive year-over-year improvement. The average realized sale price of oil ($/Bbl) was $60.13 during the year, a 48% increase compared to the price of $40.56 in 2020. The average realized sale price of natural gas also shot up massively, from $1.59 to $4.31.

Distributable income for the trust came to $7.37 million, up from $1.91 million in 2020. Distributable income per unit of $0.61 was up from $0.16 in the prior year.

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

High-Yield Monthly Dividend Stock #8: 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.

The company trades on the NASDAQ under the ticker symbol SLRC. SLRC is externally managed by SLR Capital Partners, an independent investment advisor founded in 2006. SLR has a team of roughly 300 employees which includes over 130 origination and investment professionals in over twelve offices across the U.S.

The company’s comprehensive investment portfolio was comprised 99% of senior secured loans, with only 1% allocated to equity and equity-like securities. The investment portfolio was valued at nearly $2.1 billion as of December 31st, 2021. Floating rate investments made up 54% of the portfolio. And to note, the portfolio was diversified across roughly 600 unique issuers across 80 industries.

High-Yield Monthly Dividend Stock #7: San Juan Basin Royalty Trust (SJT)

San Juan Basin Royalty Trust is a medium sized gas trust (it produces a negligible amount of oil), set up by Southland Royalty Company. The producing properties are all in northern New Mexico, in the San Juan Basin. They are currently operated by Hilcorp San Juan, L.P., which acquired the interests in 2017.

The trusts assets are static in that no further properties can be added. The trust has no operations, but is merely a passthrough vehicle for the royalties. SJT had royalty income of $37.6 million in 2020.

In late March, SJT reported (3/31/2022) financial results for the full fiscal 2021. Thanks to the impressive rally of the price of natural gas, which has resulted from pent-up demand after the pandemic and tight supply, distributable income per unit grew from $0.159 in 2020 to $0.77 in 2021. Even better, the price of natural gas has remained around multiyear highs this year thanks to strong demand and tight supply.

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

High-Yield Monthly Dividend Stock #6: Broadmark Realty Capital (BRMK)

Broadmark Realty Capital Inc. is a Real Estate Investment Trust that provides shortterm, first deed of trust loans that are secured by real estate.

Customers use these loans to acquire, renovate, rehab and develop properties for both residential and commercial uses in the United States.

Broadmark Realty formed in 2010, but had its initial public offering in November of 2019. The trust has originated nearly $3 billion of loans since forming.

Source: Investor Presentation

Broadmark Realty announced earnings results for the fourth quarter and full year 2021 on 2/28/2022. For the quarter, revenue was lower by 3.7% to $31.3 million and missed estimates by $2.3 million. Adjusted earnings per share of $0.18 compared unfavorably to adjusted earnings per share of $0.20 in the prior period and was $0.03 below expectations.

For the year, revenue grew 7.2% to $120.5 million while adjusted EPS of $0.71 compared to $0.77 in 2020.

Click here to download our most recent Sure Analysis report on BRMK (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 mortgagebacked securities (RMBS) backed by prime jumbo, AltA, 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, mortgagerelated and nonmortgagerelated derivatives, equity investments in mortgage originators and other strategic investments.

On February 23rd, 2022, Ellington Financial reported its Q4 results. Interest income came in at $41.6 million, 14.6% higher quarter-over-quarter. Core earnings per share came in at $0.44, which was $0.02 lower versus the same quarter last year.

Ellington’s book value per share increased from $18.35 to $18.39 during the last three months, with its earnings exceeding the underlying dividend.

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

The majority of American Capital’s investments are fixedrate agency MBS. Most of these are MBS with a 30year maturity period. American Capital derives nearly all its revenue in the form of interest income.

AGNC reported its Q4 2021 results on January 31, 2022. Q4 net spread and dollar roll income per share stood at 75 cents. Tangible net book value increased to $15.75 from $16.41 quarter-over-quarter.

The company also announced dividends per common share of $0.36 for the fourth quarter while economic return on tangible common equity came in at1.8%. Meanwhile, the company’s investment portfolio at quarter end stood at $82 billion.

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

High-Yield Monthly Dividend Stock #3: 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.

Ellington Residential Mortgage REIT is externally managed by Ellington Residential Mortgage Management LLC. The mortgage REIT has an agency residential mortgagebacked securities (RMBS) portfolio of $1.2 billion and a nonagency RMBS portfolio of $9.1 million. Agency MBS are created and backed by government agencies or enterprises, while non-agency MBS are not guaranteed by the government.

On March 7th, 2022, Ellington Residential reported its Q4 results for the period ending December 31st, 2021. The
company booked a $(0.21) net loss per share for Q4. Core earnings of $3.7 million this quarter led to core EPS of $0.28 per share, which does not cover the $0.30 quarterly dividend payment. EARN achieved a net interest margin of 1.81% in Q4. At quarter end, Ellington had $69 million of cash and cash equivalents, and $16.7 million of other unencumbered assets. The debt-to-equity ratio was 6.9x. The company also had a book value of $11.76 per share.

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 #2: ARMOUR Residential REIT (ARR)

ARMOUR is a mortgage REIT that invests primarily in residential mortgagebacked securities that are guaranteed or issued by a United States government entity including Fannie Mae, Freddie Mac and Ginnie Mae.

ARMOUR reported Q4 results on February 16th, 2022. The trust’s net interest income stood at $20.5 million. Liquidity including cash and unencumbered securities amounted to $848 million with $10.33 in book value per common share at quarter end. Q4 distributable earnings per share stood at 27 cents while the debt-to-equity ratio stood at 3.6 to 1.

Meanwhile, net interest margin increased to 1.75%, up 5 basis points sequentially. Portfolio composition was 98% agency mortgagebacked securities, including TBA securities.

Click here to download our most recent Sure Analysis report on 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. As such, Orchid Island does not own any physical properties.

Instead, it is an externally managed REIT (by Bimini Advisors LLC) that invests in residential mortgagebacked securities (RMBS), either passthrough or structured agency RMBSs. These are financial instruments that collect cash flow based on residential loans such as mortgages, including subprime, and homeequity loans.

On October 28th, 2021 Orchid Island Capital reported Q3 results. Net income came in at $26.0 million and includes a net interest income of $32.6 million. Book value per share stood at $4.77, up by $0.6 sequentially from $4.71.

ORC recently cut its dividend by 18%, although the stock still yields 18.6%.

Click here to download our most recent Sure Analysis report on 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 more high-quality dividend growth stocks suitable for long-term investment, the following Sure Dividend databases will be useful:

The major domestic stock market indices are another solid resource for finding investment ideas. Sure Dividend compiles the following stock market databases and updates them monthly:

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