<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>通常，高股息收益率是件好事。毕竟，股息收益率越高，您从投资中获得的收入就越多。收入投资，尤其是股息再投资，允许投资者在长期内稳步增长财富。</p>
<p>但收入投资者需要确保他们不会陷入股息 “陷阱”，即仅因其高收益而购买股票，结果却看到公司削减或取消股息支付。</p>
<p>以下三只风险股息股票的收益率极高且基本面薄弱，这意味着它们可能在不久的将来削减股息。</p>
<h3><strong>Cross Timbers Royalty Trust (CRT)</strong></h3>
<p>Cross Timbers Royalty Trust (CRT) 是一个油气信托，由 XTO Energy 于 1991 年设立。它是一个组合信托：单位持有者在德克萨斯州、俄克拉荷马州和新墨西哥州的生产资产中拥有 90% 的净利润权益；在德克萨斯州和俄克拉荷马州的工作权益资产中拥有 75% 的净利润权益。</p>
<p>工作权益资产是指单位持有者共同承担生产费用和开发成本的资产。这意味着，如果开发成本超过利润，则在这些资产中不会再支付进一步的利润，直到超出成本得到回收。</p>
<p>在 2024 年，石油占总收入的 72%，天然气占总收入的 28%。该信托的资产是静态的，因为无法添加进一步的资产。该信托没有运营，仅仅是用于支付特许权使用费的通道。CRT 在 2023 年的特许权使用费收入为 1230 万美元，2024 年为 660 万美元。</p>
<p>在 11 月中旬，CRT 报告了 2025 财年第三季度的结果（11/13/25）。石油和天然气的产量分别比去年同期下降了 20% 和 47%。石油的平均实现价格下降了 20%。因此，每单位可分配现金流（DCF）暴跌了 68%。不幸的是，由于 OPEC 开始解除减产，过去七个月中，分配金在低油价的情况下暴跌。</p>
<h3><strong>Orchid Island Capital (ORC)</strong></h3>
<p>Orchid Island Capital 是一家抵押贷款房地产投资信托（REIT），由 Bimini Advisors LLC 外部管理，专注于投资于住宅抵押贷款支持证券（RMBS），包括通道和结构化机构 RMBS。这些金融工具基于住宅贷款（如抵押贷款、次级贷款和房屋净值贷款）产生现金流。</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，截至 2025 年 9 月 30 日每股账面价值预计为 7.33 美元。</p>
<p>Orchid Island 在过去几年经历了极端的收益波动，2013 年和 2018 年出现净亏损，并且有多个年份信托几乎没有产生利润。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>Orchid Island 不是一只安全的股票。由于收益低或不存在，股息支付比率远高于 100%。抵押贷款 REIT 面临多种风险，包括利率风险和信用风险。这些风险与利率的走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>
<h3><strong>Gladstone Investment Corp. (GAIN)</strong></h3>
<p>Gladstone Investment 是一家专注于美国中小型企业的商业发展公司（BDC）。Gladstone Investment 目标的行业包括航空航天与国防、石油与天然气、机械、电子和媒体与通信。该公司成立于 2005 年，总部位于弗吉尼亚州麦克林。</p>
<p>Gladstone Investment 在 11 月报告了其第二季度（2025 年第二季度截至 9 月 30 日）的收益结果。该公司在该季度产生的总投资收入 - Gladstone Investment 的收入等同物 - 为 2530 万美元，比去年同期大幅增长 12%。Gladstone Investment 在财年的第二季度每股收益总计为 0.24 美元，低于上一季度的水平。</p>
<p>Gladstone Investment Corp. 在 2023 年和 2024 年的每股净投资收入有所下降，尽管去年下降幅度相对较小。对于当前年度，分析师预测 Gladstone Investment 的每股收益将出现更明显的下降。在某些年份，Gladstone Investment 遭受了高于平均水平的信用损失，这就是我们认为未来收益可能会有些波动的原因。</p>
<p>Gladstone Investment 的股息支付比率相对于其净投资收入，在过去十年中的某些部分时间里接近或超过 100%。虽然该公司近年来没有削减股息，但也没有提供股息增长。由于支付比率较高，股息不能被描述为低风险。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>10 只安全支付的高股息股票</p>
<p>10 只超高收益的加拿大月度股息股票</p>
<p>3 只抗衰退的股息股票</p>

GLAD

GAIN

<p>这篇文章强调了三只风险较高的分红股票：Cross Timbers Royalty Trust、Orchid Island Capital 和 Gladstone Investment Corp。这些股票的收益率很高，但基本面较弱，存在削减分红的风险。Cross Timbers 面临石油和天然气产量下降的问题，Orchid Island 则在盈利波动方面挣扎，而 Gladstone Investment 的派息比率较高。投资者被警告要小心不要陷入这些股票的分红陷阱</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>Usually, high dividend yields are a good thing. After all, the greater the dividend yield, the more income you are paid for your investment. Income investing, and particular dividend reinvestment, allows investors to steadily grow their wealth over the long run.</p>
<div class="lb-trans"><p>通常，高股息收益率是件好事。毕竟，股息收益率越高，您从投资中获得的收入就越多。收入投资，尤其是股息再投资，允许投资者在长期内稳步增长财富。</p>
</div><p>But income investors need to make sure they do not fall into a dividend ‘trap’, meaning purchasing a stock solely due to its high yield, only to see the company cut or eliminate the dividend payout.</p>
<div class="lb-trans"><p>但收入投资者需要确保他们不会陷入股息 “陷阱”，即仅因其高收益而购买股票，结果却看到公司削减或取消股息支付。</p>
</div><p>The following 3 risky dividend stocks have dangerously high yields and weak fundamentals, meaning they could cut their dividends in the near future.</p>
<div class="lb-trans"><p>以下三只风险股息股票的收益率极高且基本面薄弱，这意味着它们可能在不久的将来削减股息。</p>
</div><h3><strong>Cross Timbers Royalty Trust (CRT)</strong></h3>
<div class="lb-trans"><h3><strong>Cross Timbers Royalty Trust (CRT)</strong></h3>
</div><p>Cross Timbers Royalty Trust (CRT) is an oil and gas trust, set up in 1991 by XTO Energy. It is a combination trust: 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.</p>
<div class="lb-trans"><p>Cross Timbers Royalty Trust (CRT) 是一个油气信托，由 XTO Energy 于 1991 年设立。它是一个组合信托：单位持有者在德克萨斯州、俄克拉荷马州和新墨西哥州的生产资产中拥有 90% 的净利润权益；在德克萨斯州和俄克拉荷马州的工作权益资产中拥有 75% 的净利润权益。</p>
</div><p>A working interest property is one where the unit holder shares in production expense and development cost. This means that should development costs exceed profits no further profits will be paid from these properties until excess costs have been recovered.</p>
<div class="lb-trans"><p>工作权益资产是指单位持有者共同承担生产费用和开发成本的资产。这意味着，如果开发成本超过利润，则在这些资产中不会再支付进一步的利润，直到超出成本得到回收。</p>
</div><p>In 2024, oil comprised 72% of total revenues while gas comprised 28% of total 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 the royalties. CRT had royalty income of $12.3 million in 2023 and $6.6 million in 2024.</p>
<div class="lb-trans"><p>在 2024 年，石油占总收入的 72%，天然气占总收入的 28%。该信托的资产是静态的，因为无法添加进一步的资产。该信托没有运营，仅仅是用于支付特许权使用费的通道。CRT 在 2023 年的特许权使用费收入为 1230 万美元，2024 年为 660 万美元。</p>
</div><p>In mid-November, CRT reported (11/13/25) results for the third quarter of fiscal 2025. Oil and gas volumes declined 20% and 47%, respectively, over the prior year’s quarter. The average realized price of oil decreased -20%. As a result, distributable cash flow (DCF) per unit plunged -68%. Unfortunately, distributions have plunged amid low oil prices in the last seven months, as OPEC has begun unwinding its production cuts.</p>
<div class="lb-trans"><p>在 11 月中旬，CRT 报告了 2025 财年第三季度的结果（11/13/25）。石油和天然气的产量分别比去年同期下降了 20% 和 47%。石油的平均实现价格下降了 20%。因此，每单位可分配现金流（DCF）暴跌了 68%。不幸的是，由于 OPEC 开始解除减产，过去七个月中，分配金在低油价的情况下暴跌。</p>
</div><h3><strong>Orchid Island Capital (ORC)</strong></h3>
<div class="lb-trans"><h3><strong>Orchid Island Capital (ORC)</strong></h3>
</div><p>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.</p>
<div class="lb-trans"><p>Orchid Island Capital 是一家抵押贷款房地产投资信托（REIT），由 Bimini Advisors LLC 外部管理，专注于投资于住宅抵押贷款支持证券（RMBS），包括通道和结构化机构 RMBS。这些金融工具基于住宅贷款（如抵押贷款、次级贷款和房屋净值贷款）产生现金流。</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，截至 2025 年 9 月 30 日每股账面价值预计为 7.33 美元。</p>
</div><p>Orchid Island has experienced extreme earnings volatility over the past several years, with a net loss in 2013 and 2018, along with multiple years in which the trust barely generated a profit. 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>Orchid Island 在过去几年经历了极端的收益波动，2013 年和 2018 年出现净亏损，并且有多个年份信托几乎没有产生利润。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>Orchid Island is not a safe stock. The dividend payout ratio is well above 100% 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. 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>Orchid Island 不是一只安全的股票。由于收益低或不存在，股息支付比率远高于 100%。抵押贷款 REIT 面临多种风险，包括利率风险和信用风险。这些风险与利率的走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><h3><strong>Gladstone Investment Corp. (GAIN)</strong></h3>
<div class="lb-trans"><h3><strong>Gladstone Investment Corp. (GAIN)</strong></h3>
</div><p>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 &amp; defense, oil &amp; gas, machinery, electronics, and media &amp; communications. The company was founded in 2005 and is headquartered in McLean, VA.</p>
<div class="lb-trans"><p>Gladstone Investment 是一家专注于美国中小型企业的商业发展公司（BDC）。Gladstone Investment 目标的行业包括航空航天与国防、石油与天然气、机械、电子和媒体与通信。该公司成立于 2005 年，总部位于弗吉尼亚州麦克林。</p>
</div><p>Gladstone Investment reported its second quarter (Q2 2025 ended September 30) earnings results in November. The company generated total investment income - Gladstone Investment’s revenue equivalent - of $25.3 million during the quarter, which represents a substantial 12% increase compared to the previous year’s quarter. Gladstone Investment’s earnings-per-share totaled $0.24 during the fiscal second quarter, which was down from the previous quarter’s level.</p>
<div class="lb-trans"><p>Gladstone Investment 在 11 月报告了其第二季度（2025 年第二季度截至 9 月 30 日）的收益结果。该公司在该季度产生的总投资收入 - Gladstone Investment 的收入等同物 - 为 2530 万美元，比去年同期大幅增长 12%。Gladstone Investment 在财年的第二季度每股收益总计为 0.24 美元，低于上一季度的水平。</p>
</div><p>Gladstone Investment Corp. has seen its net investment income-per-share decline in 2023 and 2024, although the decline was pretty small last year. For the current year, analysts are predicting a more pronounced decline in Gladstone Investment’s earnings-per-share. In some years, Gladstone Investment has suffered from above average credit losses, which is why we believe that there is a significant likelihood of earnings being somewhat lumpy in the future.</p>
<div class="lb-trans"><p>Gladstone Investment Corp. 在 2023 年和 2024 年的每股净投资收入有所下降，尽管去年下降幅度相对较小。对于当前年度，分析师预测 Gladstone Investment 的每股收益将出现更明显的下降。在某些年份，Gladstone Investment 遭受了高于平均水平的信用损失，这就是我们认为未来收益可能会有些波动的原因。</p>
</div><p>Gladstone Investment’s dividend payout ratio, relative to its net investment income, has been close to or above 100% throughout parts of the last decade. While the company did not cut its dividend in recent years, it has not offered dividend increases for a couple of years, either. Due to the elevated payout ratio, the dividend cannot be described as low-risk.</p>
<div class="lb-trans"><p>Gladstone Investment 的股息支付比率相对于其净投资收入，在过去十年中的某些部分时间里接近或超过 100%。虽然该公司近年来没有削减股息，但也没有提供股息增长。由于支付比率较高，股息不能被描述为低风险。</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 High Dividend Stocks With Safe Payouts</p>
<div class="lb-trans"><p>10 只安全支付的高股息股票</p>
</div><p>10 Ultra High Yield Canadian Monthly Dividend Stocks</p>
<div class="lb-trans"><p>10 只超高收益的加拿大月度股息股票</p>
</div><p>3 Recession Proof Dividend Stocks</p>
<div class="lb-trans"><p>3 只抗衰退的股息股票</p>
</div>

三只高风险股息股票建议卖出