<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1565514021506-1dc81b752c5e/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1NWHd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh3PSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1565514021506-1dc81b752c5e/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1NWHd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh3PSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA"/></p>
<p><em>图片来源：Unsplash</em></p>
<p>高收益股票支付的股息显著高于市场平均水平。例如，标准普尔 500 指数当前的收益率仅为约 1.2%。</p>
<p>高收益股票在退休后补充收入方面尤其有利。投资 12 万美元于平均股息收益率为 5% 的股票，每月可产生约 <strong>500 美元的股息</strong>。</p>
<p>我们创建了一份股息收益率为 5% 或更高的股票（以及相关的房地产投资信托、主有限合伙等）电子表格。</p>
<p>我们要审查的下一个高股息股票是 Orchid Island Capital（ORC）。</p>
<h3><strong>业务概述</strong></h3>
<p>Orchid Island Capital, Inc.是一家房地产投资信托（REIT），在抵押贷款行业运营。抵押贷款 REIT 与大多数其他 REIT 有所不同。</p>
<p>例如，传统的 REIT 通常拥有一系列实物房地产，并将其租赁给租户以收取租金收入。抵押贷款 REIT 则是纯粹的金融实体，Orchid Island 并不拥有任何实物物业。</p>
<p>相反，它是一个由 Bimini Advisors LLC 外部管理的 REIT，投资于住宅抵押贷款支持证券（RMBS），包括通过或结构化的代理 RMBS，这些是基于住宅贷款（如抵押贷款、次级贷款和房屋净值贷款）收集现金流的金融工具。</p>
<p>在 2025 年 10 月 23 日，Orchid Island Capital, Inc.报告了 2025 年第三季度每普通股预计净收入为 0.53 美元，截止到 2025 年 9 月 30 日每股账面价值预计为 7.33 美元。</p>
<p>该公司宣布 10 月份每股股息为 0.12 美元，保持与其每月支付策略一致。随着公司专注于与对冲策略配对的代理住宅抵押贷款支持证券，RMBS 投资组合和衍生品投资组合也在不断演变。</p>
<p>尽管尚未公开提供实现和未实现的收益和损失的完整细节，但该公司强调了强劲的流动性和适度的杠杆，反映出其在代理 MBS 市场波动中的保守资产负债表姿态。</p>
<p>Orchid Island 强调，投资背景仍然具有吸引力，利差改善且提前还款风险可控，考虑到投资组合的票息分布和对冲。</p>
<h3><strong>增长前景</strong></h3>
<p>Orchid Island 在过去几年经历了极端的收益波动，并且有多个年份信托几乎没有产生利润。</p>
<p>因此，我们使用每股账面价值作为每股收益的替代指标。抵押贷款 REIT 的增长前景面临挑战。</p>
<p>抵押贷款 REIT 通过以短期利率借款并以长期利率放贷来赚钱，然后口袋中间的差额。这被称为利差，Orchid Capital 通过此方式产生现金流。</p>
<p>当短期利率与长期利率之间的利差缩小时，盈利能力会迅速下降。这就是为什么如果收益曲线趋平，抵押贷款 REIT 可能会变得危险。</p>
<p>展望未来，我们预计每股账面价值将在未来几年继续下降，高支付将导致每股收益和每股股息的减弱。</p>
<h3><strong>竞争优势与经济衰退表现</strong></h3>
<p>Orchid Island 并不是一只安全的股票。由于低或不存在的收益，其支付比率极高。抵押贷款 REIT 面临多种风险，包括利率风险和信用风险。</p>
<p>这些风险与利率的方向以及借款人偿还抵押贷款的能力有关。此外，抵押贷款 REIT 并没有很多竞争优势。</p>
<p>由于抵押贷款 REIT 不提供差异化的产品和服务，因此传统的竞争优势（如品牌影响力或制造效率）并不适用。</p>
<p>此外，Orchid Island 并不是一个抗衰退的信托。经济衰退通常会导致抵押贷款违约率上升。</p>
<h3><strong>股息分析</strong></h3>
<p>一些投资者可能会被该股票极高的股息收益率所吸引，这推动了投资论点。然而，我们提供两个警示说明。</p>
<p>首先，自 2015 年以来，股息已经多次被削减。</p>
<p>其次，同样重要的是，尽管起始收益率异常高，但随着时间的推移，股价的侵蚀可能会显著降低总回报。</p>
<p>预计 ORC 在 2025 年的每股收益为 0.64 美元。这与当前每股 1.44 美元的年度股息支付相比。</p>
<p>因此，预计 2025 年的股息支付比率超过 200%。这造成了一个风险局面，因为股息远未得到覆盖。因此，投资者应考虑当前水平的股息支付不可持续。</p>
<h3><strong>最终思考</strong></h3>
<p>Orchid Island Capital 提供了极具吸引力的股息收益率。尽管如此，由于其持续摧毁股东资本和反复削减股息的记录，这是一只极具风险的股票。</p>
<p>鉴于经济面临日益增长的风险和阻力，我们预计未来几年账面价值和股息将会侵蚀，支付比率也非常高。因此，我们将该股票评级为卖出。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>10 只低支付比率高股息股票</p>
<p>过去 10 年表现最佳的 10 只股息之王</p>
<p>3 只安全股息的高收益股票</p>

<p>Orchid Island Capital 是一家抵押贷款房地产投资信托，提供高股息收益率，但由于收益波动和高派息比率，存在重大风险。该公司报告 2025 年第三季度每股净收入为 0.53 美元，每股账面价值为 7.33 美元。尽管股息吸引人，但派息比率超过 200%，使其不可持续。投资者需警惕潜在的股息削减和股价下跌。由于其风险特性和经济逆风，该股票被评为卖出</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1565514021506-1dc81b752c5e/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1NWHd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh3PSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA" alt="" original-src="https://images.unsplash.com/photo-1565514021506-1dc81b752c5e?ixid=MXwxMjA3fDB8MHxwaG90by1wYWdlfHx8fGVufDB8fHw%3D&amp;ixlib=rb-1.2.1&amp;auto=format&amp;fit=crop&amp;w=1000&amp;q=80"/></p>
<p><em>Image Source: Unsplash</em></p>
<div class="lb-trans"><p><em>图片来源：Unsplash</em></p>
</div><p>High-yield stocks pay out dividends that are significantly higher than the market average. For example, the S&amp;P 500’s current yield is only ~1.2%.</p>
<div class="lb-trans"><p>高收益股票支付的股息显著高于市场平均水平。例如，标准普尔 500 指数当前的收益率仅为约 1.2%。</p>
</div><p>High-yield stocks can be particularly beneficial in supplementing income after retirement. A $120,000 investment in stocks with an average dividend yield of 5% creates an average of <strong>$500 a month in dividends</strong>.</p>
<div class="lb-trans"><p>高收益股票在退休后补充收入方面尤其有利。投资 12 万美元于平均股息收益率为 5% 的股票，每月可产生约 <strong>500 美元的股息</strong>。</p>
</div><p>We have created a spreadsheet of stocks (and closely related REITs, MLPs, etc.) with dividend yields of 5% or more.</p>
<div class="lb-trans"><p>我们创建了一份股息收益率为 5% 或更高的股票（以及相关的房地产投资信托、主有限合伙等）电子表格。</p>
</div><p>Next on our list of high-dividend stocks to review is Orchid Island Capital (ORC).</p>
<div class="lb-trans"><p>我们要审查的下一个高股息股票是 Orchid Island Capital（ORC）。</p>
</div><h3><strong>Business Overview</strong></h3>
<div class="lb-trans"><h3><strong>业务概述</strong></h3>
</div><p>Orchid Island Capital, Inc. is a Real Estate Investment Trust, or REIT, operating in the mortgage industry. Mortgage REITs differ from most other REITs.</p>
<div class="lb-trans"><p>Orchid Island Capital, Inc.是一家房地产投资信托（REIT），在抵押贷款行业运营。抵押贷款 REIT 与大多数其他 REIT 有所不同。</p>
</div><p>For example, traditional REITs typically own a portfolio of physical real estate, which they lease to tenants to collect rental income. Mortgage REITs are purely financial entities, and Orchid Island does not own any physical properties.</p>
<div class="lb-trans"><p>例如，传统的 REIT 通常拥有一系列实物房地产，并将其租赁给租户以收取租金收入。抵押贷款 REIT 则是纯粹的金融实体，Orchid Island 并不拥有任何实物物业。</p>
</div><p>Instead, it is an externally managed REIT (by Bimini Advisors LLC) that invests in residential mortgage-backed securities (RMBS), either pass-through or structured agency RMBSs, which are financial instruments that collect cash flow based on residential loans such as mortgages, including subprime, and home-equity loans.</p>
<div class="lb-trans"><p>相反，它是一个由 Bimini Advisors LLC 外部管理的 REIT，投资于住宅抵押贷款支持证券（RMBS），包括通过或结构化的代理 RMBS，这些是基于住宅贷款（如抵押贷款、次级贷款和房屋净值贷款）收集现金流的金融工具。</p>
</div><p>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.</p>
<div class="lb-trans"><p>在 2025 年 10 月 23 日，Orchid Island Capital, Inc.报告了 2025 年第三季度每普通股预计净收入为 0.53 美元，截止到 2025 年 9 月 30 日每股账面价值预计为 7.33 美元。</p>
</div><p>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.</p>
<div class="lb-trans"><p>该公司宣布 10 月份每股股息为 0.12 美元，保持与其每月支付策略一致。随着公司专注于与对冲策略配对的代理住宅抵押贷款支持证券，RMBS 投资组合和衍生品投资组合也在不断演变。</p>
</div><p>Although full detail of realized and unrealized gains and losses was not yet publicly provided, the firm emphasized strong liquidity and modest leverage, reflecting its conservative balance sheet posture amid agency MBS market volatility.</p>
<div class="lb-trans"><p>尽管尚未公开提供实现和未实现的收益和损失的完整细节，但该公司强调了强劲的流动性和适度的杠杆，反映出其在代理 MBS 市场波动中的保守资产负债表姿态。</p>
</div><p>Orchid Island highlighted that the investment backdrop remains attractive with improving spreads and prepayment risk manageable given the portfolio’s coupon distribution and hedges.</p>
<div class="lb-trans"><p>Orchid Island 强调，投资背景仍然具有吸引力，利差改善且提前还款风险可控，考虑到投资组合的票息分布和对冲。</p>
</div><h3><strong>Growth Prospects</strong></h3>
<div class="lb-trans"><h3><strong>增长前景</strong></h3>
</div><p>Orchid Island has experienced extreme earnings volatility over the past several years, along with multiple years in which the trust barely generated a profit.</p>
<div class="lb-trans"><p>Orchid Island 在过去几年经历了极端的收益波动，并且有多个年份信托几乎没有产生利润。</p>
</div><p>As a result, we are using book value per share as an alternate metric to earnings-per-share. The growth outlook for mortgage REITs is challenged.</p>
<div class="lb-trans"><p>因此，我们使用每股账面价值作为每股收益的替代指标。抵押贷款 REIT 的增长前景面临挑战。</p>
</div><p>Mortgage REITs make money by borrowing at short-term rates and lending at longer-term rates, then pocketing the difference. This is referred to as the spread, which is how Orchid Capital generates its cash flow.</p>
<div class="lb-trans"><p>抵押贷款 REIT 通过以短期利率借款并以长期利率放贷来赚钱，然后口袋中间的差额。这被称为利差，Orchid Capital 通过此方式产生现金流。</p>
</div><p>When the spread between short-term rates and long-term rates compresses, profitability erodes at a rapid pace. This is why mortgage REITs can be dangerous if the yield curve flattens.</p>
<div class="lb-trans"><p>当短期利率与长期利率之间的利差缩小时，盈利能力会迅速下降。这就是为什么如果收益曲线趋平，抵押贷款 REIT 可能会变得危险。</p>
</div><p>Moving forward, we expect the book value per share to continue declining in the coming years and the high payout will result in weakening earnings per share and dividends per share.</p>
<div class="lb-trans"><p>展望未来，我们预计每股账面价值将在未来几年继续下降，高支付将导致每股收益和每股股息的减弱。</p>
</div><h3><strong>Competitive Advantages &amp; Recession Performance</strong></h3>
<div class="lb-trans"><h3><strong>竞争优势与经济衰退表现</strong></h3>
</div><p>Orchid Island is not a safe stock. Its payout ratios are extreme due to low or non-existent earnings. Mortgage REITs are exposed to a number of risks, including interest rate risk, as well as credit risk.</p>
<div class="lb-trans"><p>Orchid Island 并不是一只安全的股票。由于低或不存在的收益，其支付比率极高。抵押贷款 REIT 面临多种风险，包括利率风险和信用风险。</p>
</div><p>These risks pertain to the direction of interest rates, as well as the ability of borrowers to repay the mortgage loans. Moreover, mortgage REITs do not possess many competitive advantages.</p>
<div class="lb-trans"><p>这些风险与利率的方向以及借款人偿还抵押贷款的能力有关。此外，抵押贷款 REIT 并没有很多竞争优势。</p>
</div><p>Since mortgage REITs do not provide differentiated products and services, traditional competitive advantages such as brand power or manufacturing efficiencies do not apply.</p>
<div class="lb-trans"><p>由于抵押贷款 REIT 不提供差异化的产品和服务，因此传统的竞争优势（如品牌影响力或制造效率）并不适用。</p>
</div><p>In addition, Orchid Island is not a recession-resistant trust. A recession generally leads to higher mortgage defaults.</p>
<div class="lb-trans"><p>此外，Orchid Island 并不是一个抗衰退的信托。经济衰退通常会导致抵押贷款违约率上升。</p>
</div><h3><strong>Dividend Analysis</strong></h3>
<div class="lb-trans"><h3><strong>股息分析</strong></h3>
</div><p>Some investors may be enticed by the extremely high dividend yield for the stock, which drives the investment thesis. However, we offer two cautionary notes.</p>
<div class="lb-trans"><p>一些投资者可能会被该股票极高的股息收益率所吸引，这推动了投资论点。然而，我们提供两个警示说明。</p>
</div><p>First, the dividend has already been cut multiple times since 2015.</p>
<div class="lb-trans"><p>首先，自 2015 年以来，股息已经多次被削减。</p>
</div><p>Second, and just as important, is that despite an exceptionally high starting yield, total returns can be dampened significantly by the erosion in the share price as time goes on.</p>
<div class="lb-trans"><p>其次，同样重要的是，尽管起始收益率异常高，但随着时间的推移，股价的侵蚀可能会显著降低总回报。</p>
</div><p>ORC is expected to generate earnings-per-share of $0.64 for 2025. This compares with a current annual dividend payout of $1.44 per share.</p>
<div class="lb-trans"><p>预计 ORC 在 2025 年的每股收益为 0.64 美元。这与当前每股 1.44 美元的年度股息支付相比。</p>
</div><p>As a result, the expected dividend payout ratio is over 200% for 2025. This creates a risky situation, as the dividend is not covered by a long shot. Therefore, investors should consider the dividend payout to be unsustainable at the current level.</p>
<div class="lb-trans"><p>因此，预计 2025 年的股息支付比率超过 200%。这造成了一个风险局面，因为股息远未得到覆盖。因此，投资者应考虑当前水平的股息支付不可持续。</p>
</div><h3><strong>Final Thoughts</strong></h3>
<div class="lb-trans"><h3><strong>最终思考</strong></h3>
</div><p>Orchid Island Capital offers an extremely attractive dividend yield. That said, it is an extremely risky stock due to its track record of consistently destroying shareholder capital and slashing its dividend repeatedly.</p>
<div class="lb-trans"><p>Orchid Island Capital 提供了极具吸引力的股息收益率。尽管如此，由于其持续摧毁股东资本和反复削减股息的记录，这是一只极具风险的股票。</p>
</div><p>Given that the economy is facing growing risks and headwinds, we expect book value and dividend erosion in the coming years, and the payout ratio is very high as well. We therefore rate the stock as a sell.</p>
<div class="lb-trans"><p>鉴于经济面临日益增长的风险和阻力，我们预计未来几年账面价值和股息将会侵蚀，支付比率也非常高。因此，我们将该股票评级为卖出。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>10 Low Payout Ratio Stocks With High Dividend Yields</p>
<div class="lb-trans"><p>10 只低支付比率高股息股票</p>
</div><p>10 Best Performing Dividend Kings Over The Last 10 Years</p>
<div class="lb-trans"><p>过去 10 年表现最佳的 10 只股息之王</p>
</div><p>3 High Yield Stocks With Safe Dividends</p>
<div class="lb-trans"><p>3 只安全股息的高收益股票</p>
</div>

高股息 50：Orchid Island Capital