<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg?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://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg"/></p>
<p><em>图片来源：Pixabay</em></p>
<p>由于大多数股票每季度分红，投资者如果需要可预测的每月现金流，可能会希望获得更频繁的分红。这就是每月分红股票的用武之地。每月分红股票每月向股东支付一次分红，每年共支付 12 次。</p>
<p>然而，并非所有每月分红股票都是值得购买的。仅仅因为一家公司每月支付分红，并不一定意味着该分红有基础收益的支持。我们目前将以下三只每月分红股票评为卖出。</p>
<h3><strong>Stellus Capital (SCM)</strong></h3>
<p>Stellus Capital Management 为 EBITDA 在 500 万到 5000 万美元之间的公司提供资本解决方案，采用多种工具，其中大部分为债务。Stellus 向一组多样化的客户提供第一留置权、第二留置权、夹层、可转换债务和股权投资，通常以高收益的形式在美国和加拿大进行。</p>
<p>Stellus 于 2025 年 11 月 12 日发布了第三季度财报，结果再次疲软。净投资收益为 910 万美元，低于去年同期的 1030 万美元。每股净投资收益从 39 美分降至 32 美分。核心净投资收益，即调整后的利润，从 1060 万美元降至 970 万美元，或每股从 39 美分降至 32 美分。总投资收益，即类似于收入的指标，为 2628 万美元，较去年同期的 2650 万美元略有下降。</p>
<p>每股净资产价值下降 16 美分，其中 8 美分归因于分红支付超过收益，8 美分归因于两项债务投资的未实现净损失。在季度末，投资组合的公允价值为 10.1 亿美元，涵盖 115 家公司，均较去年同期的 9.86 亿美元和 112 家公司有所上升。</p>
<p>我们认为 Stellus 再次削减分红的可能性很高，但目前仍在继续。如果我们的收益预测接近现实，分红将需要大幅削减。</p>
<h3><strong>Source Rock Royalties Ltd. (SRRRF)</strong></h3>
<p>Source Rock Royalties 是一家专注于在西加拿大沉积盆地收购高净回报权益的纯油气特许权公司。该公司采用资本轻、非运营模式，通过总覆盖特许权（GORR）和矿权费收入生成收入，前者是来自第三方工作权益的生产合同份额，后者是租赁给运营商的矿权以获取特许权和签约奖金。</p>
<p>Source Rock 的投资组合重心（约 95%）集中在东南萨斯喀彻温省和阿尔伯塔省的 Clearwater 油田的轻油和重油生产，资产由 Whitecap Resources 和 Rubellite Energy 等合作伙伴运营。Source Rock 成立于 2012 年，总部位于加拿大卡尔加里。</p>
<p>2025 年 12 月 1 日，Source Rock 报告了其第三季度业绩。特许权收入同比下降 25%，至 110 万美元，反映出日均生产量下降 12% 和实现油价下降 14%。调整后的 EBITDA 同比下降 21%，至 100 万美元，或每股 0.02 美元，而 FFO 下降 13%，至 90 万美元，或每股 0.02 美元，因为商品价格的下降超过了行政费用的减少。</p>
<p>净收入同比增长，总综合收入为 30 万美元，折合每股 0.01 美元，得益于较低的耗竭和基于股份的补偿成本。</p>
<p>分红由运营资金覆盖（去年为 600 万加元，支付的分红为 350 万加元）。然而，它超过了每股收益，这在长期内可能会成为问题，尤其是在油价下降而储量逐渐减少的情况下。</p>
<h3><strong>Gladstone Investment Corporation (GAIN)</strong></h3>
<p>Gladstone Investment 是一家专注于美国中小型公司的商业发展公司（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、电子以及媒体与通信。</p>
<p>Gladstone Investment 于 11 月发布了其 2025 财年第二季度（截至 9 月 30 日）的财报。该公司在本季度产生了 2530 万美元的总投资收入，同比增长 12%。Gladstone Investment 的每股收益在财年的第二季度为 0.24 美元，低于上一季度的水平。</p>
<p>Gladstone Investment 的每股净资产价值在季度末为 13.53 美元，较上一季度报告的每股净资产价值有所上升。</p>
<p>Gladstone Investment 的每股净投资收益可能会有些波动。在大萧条期间，该公司的利润大幅下降，但 Gladstone Investment 仍保持盈利。在过去十年中，利润年均增长约 3%，这一增长率并不算高。</p>
<p>Gladstone Investment 的分红支付比率相对于其净投资收益在过去十年中的部分时间里接近或超过 100%。虽然该公司近年来没有削减分红，但也没有提供分红增加已有几年。由于支付比率较高，分红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 只红旗每月分红股票，支付不安全</p>
<p>每月分红股票聚焦：Gamehost</p>
<p>每月分红股票聚焦：First Capital Real Estate Investment Trust</p>

GAIN

<p>本文讨论了三只被评为卖出的每月分红股票：Stellus Capital (SCM)、Source Rock Royalties Ltd. (SRRRF) 和 Gladstone Investment Corporation (GAIN)。Stellus 报告了疲弱的收益，且很可能需要削减其分红。Source Rock 的特许权使用费收入显著下降，引发了对其长期分红可持续性的担忧。Gladstone Investment 的投资收入略有增加，但其分红支付比率较高，显示出潜在风险。由于这些股票面临财务挑战，寻求每月分红的投资者应对此保持谨慎</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg"/></p>
<p><em>Image Source: Pixabay</em></p>
<div class="lb-trans"><p><em>图片来源：Pixabay</em></p>
</div><p>With most stocks distributing dividends quarterly, investors needing predictable monthly cash flow could desire more frequent payouts. This is where monthly dividend stocks come in. Monthly dividend stocks pay shareholders a dividend each month, for 12 total payments per year.</p>
<div class="lb-trans"><p>由于大多数股票每季度分红，投资者如果需要可预测的每月现金流，可能会希望获得更频繁的分红。这就是每月分红股票的用武之地。每月分红股票每月向股东支付一次分红，每年共支付 12 次。</p>
</div><p>However, not all monthly dividend stocks are buys. Just because a company pays a dividend each month, does not necessarily mean the dividend is supported with underlying earnings. We currently rate the following 3 monthly dividend stocks as sells.</p>
<div class="lb-trans"><p>然而，并非所有每月分红股票都是值得购买的。仅仅因为一家公司每月支付分红，并不一定意味着该分红有基础收益的支持。我们目前将以下三只每月分红股票评为卖出。</p>
</div><h3><strong>Stellus Capital (SCM)</strong></h3>
<div class="lb-trans"><h3><strong>Stellus Capital (SCM)</strong></h3>
</div><p>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.</p>
<div class="lb-trans"><p>Stellus Capital Management 为 EBITDA 在 500 万到 5000 万美元之间的公司提供资本解决方案，采用多种工具，其中大部分为债务。Stellus 向一组多样化的客户提供第一留置权、第二留置权、夹层、可转换债务和股权投资，通常以高收益的形式在美国和加拿大进行。</p>
</div><p>Stellus posted third quarter earnings on November 12th, 2025, and results were weak once again. Net investment income was $9.1 million, down from $10.3 million a year ago. On a per-share basis, NII fell from 39 cents to 32 cents. Core net investment income, which is an adjusted form of profit, fell from $10.6 million to $9.7 million, or from 39 cents per share to 32 cents. Total investment income, which is akin to revenue, was $26.28 million, down slightly from $26.5 million a year ago.</p>
<div class="lb-trans"><p>Stellus 于 2025 年 11 月 12 日发布了第三季度财报，结果再次疲软。净投资收益为 910 万美元，低于去年同期的 1030 万美元。每股净投资收益从 39 美分降至 32 美分。核心净投资收益，即调整后的利润，从 1060 万美元降至 970 万美元，或每股从 39 美分降至 32 美分。总投资收益，即类似于收入的指标，为 2628 万美元，较去年同期的 2650 万美元略有下降。</p>
</div><p>Net asset value was down 16 cents per share, with eight cents of that attributable to dividend payments exceeding earnings, and eight cents to net unrealized losses from two debt investments. At the end of the quarter the investment portfolio was $1.01 billion at fair value across 115 companies, both up from $986 million and 112 companies, respectively, a year earlier.</p>
<div class="lb-trans"><p>每股净资产价值下降 16 美分，其中 8 美分归因于分红支付超过收益，8 美分归因于两项债务投资的未实现净损失。在季度末，投资组合的公允价值为 10.1 亿美元，涵盖 115 家公司，均较去年同期的 9.86 亿美元和 112 家公司有所上升。</p>
</div><p>We believe there’s a high likelihood Stellus will need to cut its dividend again, but it’s continuing for now. If anything close to our earnings forecast comes to pass, the dividend will need a significant cut.</p>
<div class="lb-trans"><p>我们认为 Stellus 再次削减分红的可能性很高，但目前仍在继续。如果我们的收益预测接近现实，分红将需要大幅削减。</p>
</div><h3><strong>Source Rock Royalties Ltd. (SRRRF)</strong></h3>
<div class="lb-trans"><h3><strong>Source Rock Royalties Ltd. (SRRRF)</strong></h3>
</div><p>Source Rock Royalties, is a pure-play oil and gas royalty company focused on acquiring high-netback interests across the Western Canadian Sedimentary Basin. Operating a capital-light, non-operating model, the company generates top-line revenue through Gross Overriding Royalties (GORR), which are contractual slices of production from third-party working interests, and Fee Title mineral interests, which are leased to operators for lessor royalties and signing bonuses.</p>
<div class="lb-trans"><p>Source Rock Royalties 是一家专注于在西加拿大沉积盆地收购高净回报权益的纯油气特许权公司。该公司采用资本轻、非运营模式，通过总覆盖特许权（GORR）和矿权费收入生成收入，前者是来自第三方工作权益的生产合同份额，后者是租赁给运营商的矿权以获取特许权和签约奖金。</p>
</div><p>Source Rock’s portfolio is heavily weighted (about 95%) toward light and heavy oil production in southeast Saskatchewan and Alberta’s Clearwater play, with assets operated by partners like Whitecap Resources and Rubellite Energy. Source Rock was founded in 2012 and headquartered in Calgary, Canada.</p>
<div class="lb-trans"><p>Source Rock 的投资组合重心（约 95%）集中在东南萨斯喀彻温省和阿尔伯塔省的 Clearwater 油田的轻油和重油生产，资产由 Whitecap Resources 和 Rubellite Energy 等合作伙伴运营。Source Rock 成立于 2012 年，总部位于加拿大卡尔加里。</p>
</div><p>On December 1st, 2025, Source Rock reported its Q3 results. Royalty revenue declined 25% year over year to $1.1 million, reflecting a 12% decrease in average daily production and a 14% decline in realized oil prices. Adjusted EBITDA fell 21% year over year to $1.0 million, or $0.02 per share, while FFO fell 13% to $0.9 million, or $0.02 per share, as lower commodity pricing more than offset reductions in administrative expenses.</p>
<div class="lb-trans"><p>2025 年 12 月 1 日，Source Rock 报告了其第三季度业绩。特许权收入同比下降 25%，至 110 万美元，反映出日均生产量下降 12% 和实现油价下降 14%。调整后的 EBITDA 同比下降 21%，至 100 万美元，或每股 0.02 美元，而 FFO 下降 13%，至 90 万美元，或每股 0.02 美元，因为商品价格的下降超过了行政费用的减少。</p>
</div><p>Net income grew year over year, with total comprehensive income of $0.3 million, translating to $0.01 per share, supported by lower depletion and share-based compensation costs.</p>
<div class="lb-trans"><p>净收入同比增长，总综合收入为 30 万美元，折合每股 0.01 美元，得益于较低的耗竭和基于股份的补偿成本。</p>
</div><p>The dividend is covered by funds from operations (C$6 million last year vs. C$3.5 million in dividends paid). However, it exceeds EPS, which might prove a problem long term, especially if oil prices decline while reserves gradually deplete.</p>
<div class="lb-trans"><p>分红由运营资金覆盖（去年为 600 万加元，支付的分红为 350 万加元）。然而，它超过了每股收益，这在长期内可能会成为问题，尤其是在油价下降而储量逐渐减少的情况下。</p>
</div><h3><strong>Gladstone Investment Corporation (GAIN)</strong></h3>
<div class="lb-trans"><h3><strong>Gladstone Investment Corporation (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.</p>
<div class="lb-trans"><p>Gladstone Investment 是一家专注于美国中小型公司的商业发展公司（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、电子以及媒体与通信。</p>
</div><p>Gladstone Investment reported its second quarter (Q2 2025 ended September 30) earnings results in November. The company generated total investment income of $25.3 million during the quarter, which represented a 12% increase year-over-year. 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 于 11 月发布了其 2025 财年第二季度（截至 9 月 30 日）的财报。该公司在本季度产生了 2530 万美元的总投资收入，同比增长 12%。Gladstone Investment 的每股收益在财年的第二季度为 0.24 美元，低于上一季度的水平。</p>
</div><p>Gladstone Investment‘s net asset value per share totaled $13.53 on a per-share basis at the end of the quarter, which was up compared to the NAV-per-share that the company reported at the end of the previous quarter.</p>
<div class="lb-trans"><p>Gladstone Investment 的每股净资产价值在季度末为 13.53 美元，较上一季度报告的每股净资产价值有所上升。</p>
</div><p>Gladstone Investment’s net investment income per share can be a bit lumpy. During the Great Recession, the company’s profits declined substantially, but Gladstone Investment remained profitable. Over the last decade profits grew by around 3% annually, which is not a very high growth rate.</p>
<div class="lb-trans"><p>Gladstone Investment 的每股净投资收益可能会有些波动。在大萧条期间，该公司的利润大幅下降，但 Gladstone Investment 仍保持盈利。在过去十年中，利润年均增长约 3%，这一增长率并不算高。</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 的分红支付比率相对于其净投资收益在过去十年中的部分时间里接近或超过 100%。虽然该公司近年来没有削减分红，但也没有提供分红增加已有几年。由于支付比率较高，分红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 Red Flag Monthly Dividend Stocks With Unsafe Payouts</p>
<div class="lb-trans"><p>10 只红旗每月分红股票，支付不安全</p>
</div><p>Monthly Dividend Stock In Focus: Gamehost</p>
<div class="lb-trans"><p>每月分红股票聚焦：Gamehost</p>
</div><p>Monthly Dividend Stock In Focus: First Capital Real Estate Investment Trust</p>
<div class="lb-trans"><p>每月分红股票聚焦：First Capital Real Estate Investment Trust</p>
</div>

三只存在风险的月度分红股票