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Top 20 Highest Yielding Monthly Dividend Stocks Now | Yields Up To 18.3%


Updated on November 12th, 2024 by Bob Ciura

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

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

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

 

Click here to instantly download your free spreadsheet of all 77 monthly dividend stocks now, along with important investing metrics.

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

With the average S&P 500 yield hovering around 1.3%, 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.

The list also only includes U.S.-based companies.

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

High-Yield Monthly Dividend Stock #20: Main Street Capital (MAIN)

Main Street Capital Corporation is a Business Development Company (BDC) that provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies.

At the end of Q1 2024, Main Street had an interest in 81 lower middle market companies (valued at $2.4 billion), 22 middle market companies ($239 million) and 88 private loan investments ($1.5 billion).

Source: Investor Presentation

On August 8th, 2024, Main Street Capital reported second quarter 2024 results. Net investment income of $87.3 million for the quarter was a 2% increase compared to $85.7 million in Q2 2023.

The corporation generated net investment income per share of $1.01, down 5% year-over-year from $1.06 per share. Distributable net investment income per share totaled $1.07, down 4% from $1.12 in Q2 2023.

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

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

LTC Properties is a REIT that invests in senior housing and skilled nursing properties. Its portfolio consists of approximately 50% senior housing and 50% skilled nursing properties. The REIT owns 194 investments in 26 states with 31 operating partners.

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.

In late July, LTC reported (7/29/24) financial results for the second quarter of fiscal 2024. Funds from operations (FFO) per share dipped -1.5% over the prior year’s quarter, from $0.66 to $0.65, and missed the analysts’ consensus by $0.01. The decrease in FFO per share resulted from an increased share count.

LTC improved its leverage ratio (Net Debt to EBITDA) from 5.5x to 5.3x, but this is still high for our comfort zone (max 5.0x).

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

High-Yield Monthly Dividend Stock #18: Apple Hospitality REIT (APLE)

Apple Hospitality REIT is a hotel REIT that owns a portfolio of hotels with tens of thousands of rooms located across dozens of states.

It franchises its properties out to leading brands, including Marriott-branded hotels, Hilton-branded hotels, and Hyatt-branded hotels.

As of December 31, 2023, Apple Hospitality owned 225 hotels with a total of 29,900 guest rooms across 88 markets in 38 states.

Source: Investor Presentation

Apple Hospitality REIT, Inc. (APLE) reported its second-quarter 2024 financial results, demonstrating solid performance across key metrics.

The company posted earnings per share (EPS) of $0.31, beating estimates by $0.01, and generated revenue of $390.08 million, representing a 7.87% year-over-year increase and surpassing expectations by $2.57 million.

For the second quarter, Apple Hospitality recorded net income of $73.9 million, an increase of 13.2% compared to the same period in 2023, with a net income per share of $0.31, up 6.9%.

The company’s operating income for Q2 was $93.5 million, up 12.6%, and the operating margin improved by 100 basis points to 24%.

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

High-Yield Monthly Dividend Stock #17: 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 second quarter earnings on August 6th, 2024, and results were better than expected on both the top and bottom lines. Funds-from-operations came to 36 cents, which was a penny ahead of estimates.

FFO was up from 34 cents in Q1, primarily due to accelerated rent related to a termination fee on a property sold during the quarter. Revenue was off 4% year-over-year, but still beat estimates by $1.1 million at $37.1 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 #16: 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 August 6th, 2024, Modiv reported its Q2 results for the period ending June 30th, 2024. For the quarter, rental income came in at $11.3 million, down 4.2% year-over-year. This was mainly due to the elimination of some non-NNN tenant reimbursements related to the August 2023 portfolio disposition of 13 properties.

Management fee income was stable at nearly $66 million. Thus, total income reached nearly $11.4 million, down 4.2% from $11.9 million last year.

AFFO was $3.9 million, or $0.34 per diluted share, versus AFFO of $3.3 million, or $0.31 per diluted share, in the prior year period.

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 #15: 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 first quarter (Q1 2024 ended June 30) earnings results on August 5. The company generated total investment income – Gladstone Investment’s revenue equivalent – of $22.2 million during the quarter, which represents a decline of 6% compared to the prior quarter.

This number missed the analyst consensus estimate by $1.0 million, as analysts expected a better performance for the company’s top line.

Gladstone Investment’s adjusted net investment income-per-share totaled $0.24 during the fiscal first quarter. That was unchanged from the previous quarter’s level.

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 #14: 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 second quarter earnings on July 31st, 2024, and results were about as expected. The REIT posted adjusted funds-from-operations of $1.20, while revenue was flat year-over-year at $173 million.

Management noted demand for all of its tenant categories remained strong. Total operating expenses increased to $95 million from $87 million in Q1, but was much lower than $126 million in last year’s Q2.

Investment spending was $47 million, bringing year-to-date investment spending to $133 million. The REIT also has $180 million committed for further experiential development and redevelopment projects, which are expected to be funded and completed over the next two years.

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 #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 third quarter earnings on August 7th, 2024, and results were better than expected on both the top and bottom lines. Net investment income was 57 cents per share, which was four cents better than estimates.

Likewise, total investment income was $25.69 million, which was up almost 13% year-over-year, and was almost a million dollars better than expected. Total investment income was driven primarily by higher dividend income and an increase in prepayment fee income.

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 July 30th, 2024, Fortitude Gold posted its Q2 results for the period ending June 30st, 2024. For the quarter, revenues came in at $9.6 million, 50.3% lower compared to last year.

The decline in revenues was driven by a 58% drop in ounces of gold sold.

However, a 19% increase in ounces of silver sold along with 18% higher gold and 19% higher silver prices slightly offset this setback.

Moving to the bottom line, the company recorded a mine gross profit of $4.8 million compared to $11.2 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 #11: PennantPark Floating Rate Capital (PFLT)

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

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

On August 7, 2024, PennantPark Floating Rate Capital announced its financial results for the third quarter ended June 30, 2024. The company reported an investment portfolio value of $1,658.9 million and net assets of $816.7 million, with a GAAP net asset value per share of $11.34, representing a quarterly decrease of 0.5%.

The company’s credit facility was $218.9 million, while its 2036 and 2031 Asset-Backed Debt stood at $284.0 million and $209.9 million, respectively.

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 #10: Stellus Capital (SCM)

Stellus Capital Management provides capital solutions to companies with $5 million to $50 million of EBITDA and does so with a variety of instruments, the majority of which are debt.

Stellus provides first lien, second lien, mezzanine, convertible debt, and equity investments to a diverse group of customers, generally at high yields, in the US and Canada.

Source: Investor Presentation

Stellus posted second quarter earnings on August 7th, 2024, and results were somewhat mixed. Core net investment income was 50 cents, which was a nickel ahead of estimates. Revenue was flat year-over-year at $26.6 million, but that missed expectations by almost $400k.

The company’s loan portfolio yielded 11.7% as of the end of June, and management noted that investors have received $15.75 per share in distributions since the stock went public.

Gross operating expenses were $16.5 million in Q2, which was up from $16.2 million in the year-ago period. The increase was driven primarily by income tax expense. Base management fees were $3.9 million, which was the same year-over-year.

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

High-Yield Monthly Dividend Stock #9: Prospect Capital (PSEC)

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

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

Source: Investor Presentation

Prospect posted fourth quarter and full-year earnings on August 28th, 2024, and results were somewhat weak. Net interest income per share, which is akin to net earnings, was 25 cents.

This was down from 28 cents a year ago, but much better than the 18 cents expected. Total investment income, which is Prospect’s form of revenue, was down year-over-year, falling from $221.5 million to $212.3 million.

Total originations rose from $220 million to $242 million quarter-over-quarter. Total repayments and sales were $245 million, more than double the prior quarter.

Prospect noted that quarter-to-date for fiscal Q1, originations were $161 million, while repayments were $253 million, implying ~$90 million of shrinkage in the portfolio.

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 #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 August 6th, 2024, Ellington Financial reported its Q2 results for the period ending June 30th, 2024. Due to the nature company’s business model, Ellington doesn’t report any revenues. Instead, it records only income. For the quarter, gross interest income came in at $104.3 million, up 2.8% quarter-over-quarter.

Adjusted (previously referred to as “core”) EPS came in at $0.33, five cents higher versus Q1-2024. The rise was mainly due to higher interest income against stable interest expenses, offset by a higher share count.

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: Horizon Technology (HRZN)

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

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

Source: Investor Presentation

On October 29th, 2024, Horizon released its Q3 results for the period ending September 30th, 2024. For the quarter, total investment income fell 15.5% year-over-year to $24.6.7 million, primarily due to lower interest income on investments from the debt investment portfolio.

More specifically, the company’s dollar-weighted annualized yield on average debt investments in Q3 of 2024 and Q3 of 2023 was 15.9% and 17.1%, respectively.

Net investment income per share (IIS) fell to $0.32, down from $0.53 compared to Q3-2023. Net asset value (NAV) per share landed at $9.06, down from $9.12 sequentially.

After paying its monthly distributions, Horizon’s undistributed spillover income as of June 30th, 2024 was $1.27 per share, indicating a considerable cash cushion.

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 #6: Dynex Capital (DX)

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

Source: Investor Presentation

Dynex Capital announced its second-quarter 2024 financial results on July 22, 2024. The company reported a total economic loss of $(0.31) per common share, which represents a decrease of 2.4% of the beginning book value. The book value per common share was $12.50 as of June 30, 2024.

The comprehensive loss was $(0.18) per common share, and the net loss was $(0.15) per common share. Despite these losses, Dynex declared dividends of $0.39 per common share for the second quarter.

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 #4: 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. government–sponsored enterprise.

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

Source: Investor Presentation

On August 12th, 2024, Ellington Residential reported its second quarter results for the period ending June 30th, 2024. The company generated a net loss of $(0.8) million, or $(0.04) per share.

Ellington achieved adjusted distributable earnings of $7.3 million in the quarter, leading to adjusted earnings of $0.36 per share, which covered the dividend paid in the period.

Ellington’s net interest margin was 4.24% overall. At quarter end, Ellington had $118.8 million of cash and cash equivalents, and $44 million of other unencumbered assets.

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 middle–stage businesses through loans and CLOs.

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

Source: Investor Presentation

On August 13th, 2024, Oxford Square reported its Q2 results for the period ending June 30th, 2024. For the quarter, the company generated approximately $11.4 million of total investment income, down from $13.5 million in the previous quarter.

This was due to lower interest income from its debt investments and lower income from its securitization vehicles.

Further, the weighted average yield of the company’s debt investments was 13.7% at current cost, down from 13.9% in the previous quarter.

Still, the weighted average cash distribution yield of the company’s cash income producing CLO equity investments at current rose sequentially from 13.7% to 16.2%. The weighted average effective yield of the company’s CLO equity investments at current cost was 9.4%, down from 9.5% in the previous 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 #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.

Source: Investor presentation

ARR reported its unaudited second-quarter 2024 financial results and financial position as of June 30, 2024. The company announced a GAAP net loss related to common stockholders of $(51.3) million or $(1.05) per common share.

The company generated net interest income of $7.0 million and distributable earnings available to common stockholders of $52.5 million, equating to $1.08 per common share.

ARMOUR paid common stock dividends of $0.24 per share per month, totaling $0.72 per share for the second quarter. The average interest income on interest-earning assets was 5.00%, while the interest cost on average interest-bearing liabilities was 5.52%. The economic interest income was 4.74%, with an economic net interest spread of 2.05%.

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

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

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

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

Source: Investor Presentation

AGNC Investment Corp. (AGNC) announced its financial results for the second quarter of 2024 on July 22, 2024. The company reported a comprehensive loss of $(0.13) per common share, which included a net loss of $(0.11) per common share and an additional $(0.02) per common share in other comprehensive loss (OCI) on investments marked-to market through OCI.

The net spread and dollar roll income per common share was $0.53, excluding a $0.02 per common share benefit from a “catch-up” premium amortization due to changes in projected constant prepayment rate (CPR) estimates.

AGNC’s tangible net book value per common share was $8.40 as of June 30, 2024, a decrease of $(0.44) per common share, or 5.0%, from $8.84 as of March 31, 2024.

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

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

Orchid Island Capital, Inc. is 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 a net loss of $5.0 million for the second quarter of 2024, translating to a loss of $0.09 per common share. This missed analysts’ expectations by $0.02 per share. The company’s revenue was reported at negative $697,000, reflecting a year-over-year decrease of 92.04%, although it did surpass expectations by $2.47 million.

The loss per share included net interest expense of $0.7 million and total expenses of $4.4 million, partially offset by net realized and unrealized gains of $0.1 million on Residential Mortgage-Backed Securities (RMBS) and derivative instruments, including net interest income on interest rate swaps.

The company declared and paid dividends of $0.36 per common share during the quarter, while the book value per common share stood at $8.58 as of June 30, 2024.

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

Final Thoughts

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

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

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

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

Further Reading

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

Monthly Dividend Stock Individual Security Research

Other Sure Dividend Resources

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



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