Updated on February 6th, 2026 by Bob Ciura
Spreadsheet data updated daily
Monthly dividend stocks are securities that pay a dividend every month instead of quarterly or annually.
This research report focuses on all 117 individual monthly paying securities. It includes the following resources.
Resource #1: The Monthly Dividend Stock Spreadsheet List
This list contains important metrics, including: dividend yields, payout ratios, dividend growth rates, 52-week highs and lows, and more.
Note: We strive to maintain an accurate list of all monthly dividend payers. There’s no universal source we are aware of for monthly dividend stocks; we curate this list manually. If you know of any stocks that pay monthly dividends that are not on our list, please email support@suredividend.com.
Resource #2: The Monthly Dividend Stocks In Focus Series
The Monthly Dividend Stocks In Focus series is where we analyze all monthly paying dividend stocks. This resource links to stand-alone analysis on each of these securities.
Resource #3: The 10 Best Monthly Dividend Stocks
This research report analyzes the 10 best monthly dividend stocks as ranked by expected total return.
Resource #4: Other Monthly Dividend Stock Research
– Why monthly dividends matter
– The dangers of investing in monthly dividend stocks
– Final thoughts and other income investing resources
The Monthly Dividend Stocks In Focus Series
You can see detailed analysis on the individual monthly dividend securities we cover by clicking the links below:
- Agree Realty (ADC)
- AGNC Investment (AGNC)
- Atrium Mortgage Investment Corporation (AMIVF)
- Apple Hospitality REIT, Inc. (APLE)
- ARMOUR Residential REIT (ARR)
- Banco Bradesco S.A. (BBD)
- Diversified Royalty Corp. (BEVFF)
- Boston Pizza Royalties Income Fund (BPZZF)
- Bridgemarq Real Estate Services (BREUF)
- BSR Real Estate Investment Trust (BSRTF)
- Canadian Apartment Properties REIT (CDPYF)
- Cardinal Energy Ltd. (CRLFF)
- ChemTrade Logistics Income Fund (CGIFF)
- Choice Properties REIT (PPRQF)
- Cross Timbers Royalty Trust (CRT)
- CT Real Estate Investment Trust (CTRRF)
- Chartwell Retirement Residences (CWSRF)
- SmartCentres Real Estate Investment Trust (CWYUF)
- Dynacor Group Inc (DNGDF)
- Dream Office REIT (DRETF)
- Dream Industrial REIT (DREUF)
- Dynex Capital (DX)
- Ellington Residential Mortgage REIT (EARN)
- Ellington Financial (EFC)
- EPR Properties (EPR)
- Exchange Income (EIFZF)
- Extendicare Inc. (EXETF)
- Flagship Communities REIT (MHCUF)
- First National Financial Corporation (FNLIF)
- Freehold Royalties Ltd. (FRHLF)
- Firm Capital Property Trust (FRMUF)
- Fortitude Gold (FTCO)
- Gladstone Capital Corporation (GLAD)
- Gladstone Commercial Corporation (GOOD)
- Gladstone Investment Corporation (GAIN)
- Gladstone Land Corporation (LAND)
- Global Water Resources (GWRS)
- Granite Real Estate Investment Trust (GRP.U)
- Grupo Aval Acciones y Valores S.A. (AVAL)
- Healthpeak Properties (DOC)
- H&R Real Estate Investment Trust (HRUFF)
- Horizon Technology Finance (HRZN)
- InPlay Oil Corp. (IPOOF)
- Itaú Unibanco (ITUB)
- LTC Properties (LTC)
- Sienna Senior Living (LWSCF)
- Main Street Capital (MAIN)
- Mesa Royalty Trust (MTR)
- Modiv Inc. (MDV)
- Mullen Group Ltd. (MLLGF)
- Northland Power Inc. (NPIFF)
- NorthWest Healthcare Properties REIT (NWHUF)
- Orchid Island Capital (ORC)
- Oxford Square Capital (OXSQ)
- Permian Basin Royalty Trust (PBT)
- Phillips Edison & Company (PECO)
- Pennant Park Floating Rate (PFLT)
- Peyto Exploration & Development Corp. (PEYUF)
- Pine Cliff Energy Ltd. (PIFYF)
- Primaris REIT (PMREF)
- Paramount Resources Ltd. (PRMRF)
- PermRock Royalty Trust (PRT)
- Prospect Capital Corporation (PSEC)
- Petrus Resources Ltd. (PTRUF)
- Permianville Royalty Trust (PVL)
- Pizza Pizza Royalty Corp. (PZRIF)
- Realty Income (O)
- RioCan Real Estate Investment Trust (RIOCF)
- Richards Packaging Income Fund (RPKIF)
- Sabine Royalty Trust (SBR)
- Stellus Capital Investment Corp. (SCM)
- Savaria Corp. (SISXF)
- San Juan Basin Royalty Trust (SJT)
- Sir Royalty Income Fund (SIRZF)
- SL Green Realty Corp. (SLG)
- Slate Grocery REIT (SRRTF)
- Stag Industrial (STAG)
- Surge Energy Inc. (ZPTAF)
- Timbercreek Financial Corp. (TBCRF)
- Tamarack Valley Energy (TNEYF)
- U.S. Global Investors (GROW)
- Whitecap Resources Inc. (WCPRF)
- Whitestone REIT (WSR)
The 10 Best Monthly Dividend Stocks
This research report examines the 10 monthly dividend stocks from our Sure Analysis Research Database with the highest 5-year forward expected total returns.
We currently cover almost all monthly dividend stocks every quarter in the Sure Analysis Research Database.
Use the table below to quickly jump to analysis on any of the top 10 best monthly dividend stocks as ranked by expected total returns.
Table of Contents
You can instantly jump to any specific section of the article by using the links below:
- Monthly Dividend Stock #10: BSR Real Estate Investment Trust (BSRTF)
- Monthly Dividend Stock #9: Oxford Square Capital (OXSQ)
- Monthly Dividend Stock #8: Orchid Island Capital (ORC)
- Monthly Dividend Stock #7: PennantPark Floating Rate Capital (PFLT)
- Monthly Dividend Stock #6: Gladstone Commercial (GOOD)
- Monthly Dividend Stock #5: Saratoga Investment Corp. (SAR)
- Monthly Dividend Stock #4: Horizon Technology Finance (HRZN)
- Monthly Dividend Stock #3: PennantPark Investment Corporation (PNNT)
- Monthly Dividend Stock #2: Healthpeak Properties (DOC)
- Monthly Dividend Stock #1: Ellington Credit Co. (EARN)
Monthly Dividend Stock #10: BSR Real Estate Investment Trust (BSRTF)
- 5-Year Expected Total Return: 11.1%
BSR Real Estate Investment Trust was formed in 2012 when it was formally established as a REIT in 2012. At present, the company owns and manages more than two dozen garden-style multi-family communities totaling 7,170 units.
The properties are suburban class A and class B apartments that are strategically positioned in demographically and economically thriving Sunbelt cities.
Almost all of BSRTF’s units are located in Dallas, Houston, Austin, and Oklahoma City.
The fund’s strategy is to concentrate in markets where the annual rent as a percentage of median income is low. This should translate into higher occupancy over time. The latest data demonstrates that annual rent as a percentage of median household income nationally is 26.4%.
In BSRTF’s markets, this ranges from as low as 17.8% in Oklahoma City to a still affordable ratio of just 21.2% in Dallas.
On November 5th, BSRTF released its earnings report for the third quarter ended September 30th, 2025. The company’s total revenue declined by 21.7% year-over-year to $33.1 million in the quarter.
BSRTF’s same community property revenue was down by 1.1% to $26.5 million during the quarter. BSRTF’s AFFO per unit decreased by 19% over the year-ago period to $0.17 for the quarter.
Click here to download our most recent Sure Analysis report on BSRTF (preview of page 1 of 3 shown below):
Monthly Dividend Stock #9: Oxford Square Capital (OXSQ)
- 5-Year Expected Total Return: 11.1%
Oxford Square Capital Corp. is a BDC (Business Development Company) specializing in financing early- and middle-stage businesses through loans and investments in collateralized loan obligations.
At the end of Q3, the total fair value of Oxford Square’s investment portfolio was about $260.5 million across its debt, CLO equity, and equity/other holdings, allocated about 54.5% to senior secured debt, 43.5% to CLO equity, and roughly 2% to equity or other investments. Last year, the BDC generated roughly $42.7 million in total investment income.
On November 6th, 2025, Oxford Square Capital reported its Q3. The company generated approximately $10.2 million in total investment income, essentially flat compared with $10.3 million in Q3 2024, as lower stated interest income from debt investments offset higher PIK income and stronger contributions from securitization vehicles.
The weighted average yield on debt investments increased slightly to 14.6% from 14.5% a year earlier. The weighted average yield on CLO equity investments stood at 9.7%, modestly higher than 9.6% in Q3 2024.
Total expenses were about $4.7 million, compared with $4.2 million in the prior-year period, primarily reflecting higher interest expense tied to the company’s outstanding unsecured notes.
Net investment income (NII) came in at $5.6 million, or $0.07 per share, versus $6.2 million, or $0.10 per share, in Q3 2024.
Click here to download our most recent Sure Analysis report on OXSQ (preview of page 1 of 3 shown below):
Monthly Dividend Stock #8: Orchid Island Capital (ORC)
- 5-Year Expected Total Return: 11.9%
Orchid Island Capital is a 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 23, 2025, Orchid Island Capital, Inc. reported estimated net income of $0.53 per common share for Q3 2025, with book value per share estimated at $7.33 as of September 30, 2025.
The company declared a monthly dividend of $0.12 per share for October, keeping consistent with its monthly payout strategy.
The RMBS portfolio and derivatives portfolio evolved as the company remained focused on agency residential mortgage-backed securities paired with hedging strategies.
Orchid Island highlighted that the investment backdrop remains attractive with improving spreads and prepayment risk manageable given the portfolio’s coupon distribution and hedges.
Prepayment activity remained a focal point, with management noting the need for continued vigilance given higher coupon pools and refinancing dynamics.
Click here to download our most recent Sure Analysis report on Orchid Island Capital, Inc. (ORC) (preview of page 1 of 3 shown below):
Monthly Dividend Stock #7: PennantPark Floating Rate Capital (PFLT)
- 5-Year Expected Total Return: 11.5%
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 November 24, 2025, PennantPark Floating Rate Capital Ltd. released its fourth fiscal quarter and full year 2025 financial results for the period ended September 30, 2025.
For the quarter, PFLT reported core net investment income of approximately $0.28 per share and a total investment income near $69.0 million, with revenue in line with analyst expectations, demonstrating steady underlying performance in its core lending business.
The firm’s net asset value per share was reported around $10.83, modestly lower than the prior quarter, reflecting market and portfolio valuation dynamics.
Portfolio assets grew to roughly $2.77 billion, supported by strong origination activity and a significant joint venture initiative that expanded lending capacity.
Click here to download our most recent Sure Analysis report on PFLT (preview of page 1 of 3 shown below):
Monthly Dividend Stock #6: Gladstone Commercial (GOOD)
- 5-Year Expected Total Return: 12.3%
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 4th, 2025, and results were mixed. The trust posted FFO-per-share of 35 cents, which was three cents light of estimates. Revenue was $40.84 million, beating expectations narrowly. For the nine months, FFO was $1.02 per share.
Same-store lease revenue was up 3.1% year-over-year in the nine-month period ending in September, which was due to an increase in recovery revenue from property expenses, as well as higher rental rates.
Gladstone sold 4.4 million shares of common stock under its at-the-money program, raising net proceeds of $61 million. It now has $6 million in cash and $63 million in available liquidity.
The dividend remains flat at $1.20 per share annually. Gladstone’s portfolio is 99.1% occupied, the highest level since the first quarter of 2019, and the weighted average lease term is 7.5 years.
Click here to download our most recent Sure Analysis report on GOOD (preview of page 1 of 3 shown below):
Monthly Dividend Stock #5: Saratoga Investment Corp. (SAR)
- 5-Year Expected Total Return: 13.0%
Saratoga Investment Corp is a business development company (BDC) that provides customized debt and equity financing to U.S. middle-market companies, focusing on income generation through predominantly senior credit instruments.
As of November 30th, 2025, the fair value of its investment portfolio was $1,016.0 million, excluding $169.6 million in cash and cash equivalents.
The portfolio composition by fair value was $852.5 million in first-lien term loans (83.9%), $8.1 million in second-lien term loans (0.80%), $16.3 million in unsecured loans (1.60%), $54.9 million in structured finance securities (5.40%), and $84.4 million in common equity (8.3%).
SAR’s holdings span 39 distinct industry classifications, with notable exposures in Healthcare Services (largest single sector) at 9.7% of portfolio fair value, Structured Finance Securities at 7.3%, and Consumer Services at 6.0%.
On January 7th, 2026, Saratoga Investment Corp. reported its fiscal Q3 2026 results for the period ending November 30th, 2025. Total investment income declined 11.8% year over year to $31.6 million, reflecting lower base rates and a smaller average portfolio following elevated repayments over the past year.
Net asset value increased to $413.2 million, or $25.59 per share, representing a 0.7% increase quarter over quarter. Net investment income was $9.8 million, or $0.61 per share, representing a 32% decline from $0.90 per share in the prior year period, due to lower base interest rates and a smaller average earning asset base following elevated repayments over the past 12 months.
Click here to download our most recent Sure Analysis report on SAR (preview of page 1 of 3 shown below):
Monthly Dividend Stock #4: Horizon Technology Finance (HRZN)
- 5-Year Expected Total Return: 15.9%
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.
On October 28th, 2025, Horizon announced its Q3 results. For the quarter, total investment income rose 6.9% year-over-year to $26.3 million, driven primarily by higher fee and interest income on investments from the debt portfolio.
The company’s dollar-weighted annualized yield on average debt investments in Q3 of 2025 and Q3 of 2024 was 18.6% and 15.9%, respectively.
Net investment income per share (IIS) remained flat year-over-year at $0.32. Net asset value (NAV) per share improved to $7.12, up from $6.75 in the prior quarter, but this was down from $9.12 in the prior year.
Horizon’s undistributed spillover income stood at $0.93 per share at quarter-end, maintaining a strong income cushion to support future dividends.
Click here to download our most recent Sure Analysis report on HRZN (preview of page 1 of 3 shown below):
Monthly Dividend Stock #3: PennantPark Investment Corporation (PNNT)
- 5-Year Expected Total Return: 16.1%
PennantPark Investment Corporation is a business development company focused on providing private credit to U.S. core middle-market companies, typically with $10–$50 million of EBITDA, through primarily first-lien, senior secured loans.
As of September 30th, 2025, PNNT had a $1.3 billion investment portfolio across 166 companies, with a weighted average credit spread of 5.66%, median loan-to-value of 39%, median net leverage of 4.5x, and 2.0x interest coverage, reflecting a conservatively structured book.
The portfolio is heavily skewed to senior secured credit, with roughly about half in first-lien debt and the remainder across subordinated debt, equity co-investments, and joint venture exposures, and only 0.1% of the portfolio at fair value on non-accrual. PNNT pays dividends on a monthly basis.
On November 24th, 2025, PennantPark Investment reported its fiscal Q4 results for the fiscal year ended September 30th, 2025. For the quarter, total investment income declined year over year to $28.0 million, reflecting a smaller portfolio and a lower weighted average yield on debt investments.
Net investment income was $9.8 million, or $0.15 per share, compared with $14.4 million, or $0.22 per share, in the prior year period, representing a 32% year-over-year decline in per-share earnings.
PennantPark reported a net decrease in net assets from operations of $1.0 million, or $(0.01) per share, compared with a net increase of $18.4 million, or $0.28 per share, in the prior year period, due to realized losses on investments.
Net asset value declined 6% year over year to $7.11 per share from $7.56, reflecting distributions and net realized losses, partially offset by unrealized appreciation.
Click here to download our most recent Sure Analysis report on PNNT (preview of page 1 of 3 shown below):
Monthly Dividend Stock #2: Healthpeak Properties (DOC)
- 5-Year Expected Total Return: 18.2%
Healthpeak Properties is the largest healthcare REIT in the U.S., with 774 properties. It was the first healthcare REIT that was included in the S&P 500.
The REIT invests in life science facilities, senior houses, and medical offices, with 97% of its portfolio based on private-pay sources.
In late October, Healthpeak Properties reported (10/23/25) results for the third quarter of fiscal 2025. Same-property net operating income grew 9.4% over the prior year’s quarter thanks to strong growth in the segment of continuing care retirement community and FFO per share rose 2%, from $0.45 to $0.46.
Management still expects annual FFO per share of $1.81-$1.87..
Click here to download our most recent Sure Analysis report on DOC (preview of page 1 of 3 shown below):
Monthly Dividend Stock #1: Ellington Credit Co. (EARN)
- 5-Year Expected Total Return: 21.3%
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. 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 19th, 2025, Ellington Credit reported its second fiscal quarter results for the period ending September 30, 2025. The company generated net income of $4.3 million, or $0.11 per share.
Ellington achieved adjusted net investment income of $8.5 million in the quarter, or $0.23 per share. At quarter end, Ellington had $20.1 million in cash and cash equivalents.
Click here to download our most recent Sure Analysis report on EARN (preview of page 1 of 3 shown below):
Other Monthly Dividend Stock Resources
Each separate monthly dividend stock has its own unique characteristics. The resources below will give you a better understanding of monthly dividend stock investing.
The following research reports will help you generate more monthly dividend stock investment ideas.
- 20 Highest Yielding Monthly Dividend Stocks
- 10 Cheapest Monthly Dividend Stocks
- 10 Safest Monthly Dividend Stocks
Why Monthly Dividends Matter
Monthly dividend payments are beneficial for one group of investors in particular; retirees who rely on dividend stocks for income.
With that said, monthly dividend stocks are better under all circumstances (everything else being equal), because they allow for returns to be compounded on a more frequent basis. More frequent compounding results in better total returns, particularly over long periods of time.
Consider the following performance comparison:
Over the long run, monthly compounding generates slightly higher returns over quarterly compounding. Every little bit helps.
With that said, it might not be practical to manually re-invest dividend payments on a monthly basis. It is more feasible to combine monthly dividend stocks with a dividend reinvestment plan to dollar cost average into your favorite dividend stocks.
The last benefit of monthly dividend stocks is that they allow investors to have – on average – more cash on hand to make opportunistic purchases. A monthly dividend payment is more likely to put cash in your account when you need it versus a quarterly dividend.
Case-in-point: Investors who bought a broad basket of stocks at the bottom of the 2008-2009 financial crisis are likely sitting on triple-digit total returns from those purchases today.
The Dangers of Investing In Monthly Dividend Stocks
Monthly dividend stocks have characteristics that make them appealing to do-it-yourself investors looking for a steady stream of income. Typically, these are retirees and people planning for retirement.
Investors should note many monthly dividend stocks are highly speculative. On average, monthly dividend stocks tend to have elevated payout ratios. An elevated payout ratio means there’s less margin for error to continue paying the dividend if business results suffer a temporary (or permanent) decline.
As a result, we have real concerns that many monthly dividend payers will not be able to continue paying rising dividends in the event of a recession.
Additionally, a high payout ratio means that a company is retaining little money to invest for future growth. This can lead management teams to aggressively leverage their balance sheet, fueling growth with debt. High debt and a high payout ratio is perhaps the most dangerous combination around for a potential future dividend reduction.
With that said, there are a handful of high-quality monthly dividend payers around. Chief among them is Realty Income (O). Realty Income has paid increasing dividends (on an annual basis) every year since 1994.
The Realty Income example shows that there are high-quality monthly dividend payers around, but they are the exception rather than the norm. We suggest investors do ample due diligence before buying into any monthly dividend payer.
Final Thoughts & Other Income Investing Resources
Financial freedom is achieved when your passive investment income exceeds your expenses. But the sequence and timing of your passive income investment payments can matter.
Monthly payments make matching portfolio income with expenses easier. Most personal expenses recur monthly whereas most dividend stocks pay quarterly. Investing in monthly dividend stocks matches the frequency of portfolio income payments with the normal frequency of personal expenses.
Additionally, many monthly dividend payers offer investors high yields. The combination of a monthly dividend payment and a high yield should be especially appealing to income investors.
But not all monthly dividend payers offer the safety that income investors need. A monthly dividend is better than a quarterly dividend, but not if that monthly dividend is reduced soon after you invest. The high payout ratios and shorter histories of most monthly dividend securities mean they tend to have elevated risk levels.
Because of this, we advise investors to look for high-quality monthly dividend payers with reasonable payout ratios, trading at fair or better prices.
Additionally, see the resources below for more compelling investment ideas for dividend growth stocks and/or high-yield investment securities.
- Dividend Kings: 50+ years of rising dividends
- Dividend Aristocrats: 25+ years of rising dividends and in the S&P 500
- High Dividend Stocks: 5%+ dividend yields