<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>圖片來源：Unsplash</em></p>
<p>高收益股票支付的股息顯著高於市場平均水平。例如，標準普爾 500 指數當前的收益率僅為約 1.2%。</p>
<p>高收益股票在退休後補充收入方面尤其有利。投資 12 萬美元於平均股息收益率為 5% 的股票，每月可產生約 <strong>500 美元的股息</strong>。</p>
<p>我們創建了一份股息收益率為 5% 或更高的股票（以及相關的房地產投資信託、主有限合夥等）電子表格。</p>
<p>我們要審查的下一個高股息股票是 Orchid Island Capital（ORC）。</p>
<h3><strong>業務概述</strong></h3>
<p>Orchid Island Capital, Inc.是一家房地產投資信託（REIT），在抵押貸款行業運營。抵押貸款 REIT 與大多數其他 REIT 有所不同。</p>
<p>例如，傳統的 REIT 通常擁有一系列實物房地產，並將其租賃給租户以收取租金收入。抵押貸款 REIT 則是純粹的金融實體，Orchid Island 並不擁有任何實物物業。</p>
<p>相反，它是一個由 Bimini Advisors LLC 外部管理的 REIT，投資於住宅抵押貸款支持證券（RMBS），包括通過或結構化的代理 RMBS，這些是基於住宅貸款（如抵押貸款、次級貸款和房屋淨值貸款）收集現金流的金融工具。</p>
<p>在 2025 年 10 月 23 日，Orchid Island Capital, Inc.報告了 2025 年第三季度每普通股預計淨收入為 0.53 美元，截止到 2025 年 9 月 30 日每股賬面價值預計為 7.33 美元。</p>
<p>該公司宣佈 10 月份每股股息為 0.12 美元，保持與其每月支付策略一致。隨着公司專注於與對沖策略配對的代理住宅抵押貸款支持證券，RMBS 投資組合和衍生品投資組合也在不斷演變。</p>
<p>儘管尚未公開提供實現和未實現的收益和損失的完整細節，但該公司強調了強勁的流動性和適度的槓桿，反映出其在代理 MBS 市場波動中的保守資產負債表姿態。</p>
<p>Orchid Island 強調，投資背景仍然具有吸引力，利差改善且提前還款風險可控，考慮到投資組合的票息分佈和對沖。</p>
<h3><strong>增長前景</strong></h3>
<p>Orchid Island 在過去幾年經歷了極端的收益波動，並且有多個年份信託幾乎沒有產生利潤。</p>
<p>因此，我們使用每股賬面價值作為每股收益的替代指標。抵押貸款 REIT 的增長前景面臨挑戰。</p>
<p>抵押貸款 REIT 通過以短期利率借款並以長期利率放貸來賺錢，然後口袋中間的差額。這被稱為利差，Orchid Capital 通過此方式產生現金流。</p>
<p>當短期利率與長期利率之間的利差縮小時，盈利能力會迅速下降。這就是為什麼如果收益曲線趨平，抵押貸款 REIT 可能會變得危險。</p>
<p>展望未來，我們預計每股賬面價值將在未來幾年繼續下降，高支付將導致每股收益和每股股息的減弱。</p>
<h3><strong>競爭優勢與經濟衰退表現</strong></h3>
<p>Orchid Island 並不是一隻安全的股票。由於低或不存在的收益，其支付比率極高。抵押貸款 REIT 面臨多種風險，包括利率風險和信用風險。</p>
<p>這些風險與利率的方向以及借款人償還抵押貸款的能力有關。此外，抵押貸款 REIT 並沒有很多競爭優勢。</p>
<p>由於抵押貸款 REIT 不提供差異化的產品和服務，因此傳統的競爭優勢（如品牌影響力或製造效率）並不適用。</p>
<p>此外，Orchid Island 並不是一個抗衰退的信託。經濟衰退通常會導致抵押貸款違約率上升。</p>
<h3><strong>股息分析</strong></h3>
<p>一些投資者可能會被該股票極高的股息收益率所吸引，這推動了投資論點。然而，我們提供兩個警示説明。</p>
<p>首先，自 2015 年以來，股息已經多次被削減。</p>
<p>其次，同樣重要的是，儘管起始收益率異常高，但隨着時間的推移，股價的侵蝕可能會顯著降低總回報。</p>
<p>預計 ORC 在 2025 年的每股收益為 0.64 美元。這與當前每股 1.44 美元的年度股息支付相比。</p>
<p>因此，預計 2025 年的股息支付比率超過 200%。這造成了一個風險局面，因為股息遠未得到覆蓋。因此，投資者應考慮當前水平的股息支付不可持續。</p>
<h3><strong>最終思考</strong></h3>
<p>Orchid Island Capital 提供了極具吸引力的股息收益率。儘管如此，由於其持續摧毀股東資本和反覆削減股息的記錄，這是一隻極具風險的股票。</p>
<p>鑑於經濟面臨日益增長的風險和阻力，我們預計未來幾年賬面價值和股息將會侵蝕，支付比率也非常高。因此，我們將該股票評級為賣出。</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>10 只低支付比率高股息股票</p>
<p>過去 10 年表現最佳的 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 是一家抵押貸款房地產投資信託，提供高股息收益率，但由於收益波動和高派息比率，存在重大風險。該公司報告 2025 年第三季度每股淨收入為 0.53 美元，每股賬面價值為 7.33 美元。儘管股息吸引人，但派息比率超過 200%，使其不可持續。投資者需警惕潛在的股息削減和股價下跌。由於其風險特性和經濟逆風，該股票被評為賣出</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>圖片來源：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顯著高於市場平均水平。例如，標準普爾 500 指數當前的收益率僅為約 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>高收益股票在退休後補充收入方面尤其有利。投資 12 萬美元於平均股息收益率為 5% 的股票，每月可產生約 <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>我們創建了一份股息收益率為 5% 或更高的股票（以及相關的房地產投資信託、主有限合夥等）電子表格。</p>
</div><p>Next on our list of high-dividend stocks to review is Orchid Island Capital (ORC).</p>
<div class="lb-trans"><p>我們要審查的下一個高股息股票是 Orchid Island Capital（ORC）。</p>
</div><h3><strong>Business Overview</strong></h3>
<div class="lb-trans"><h3><strong>業務概述</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.是一家房地產投資信託（REIT），在抵押貸款行業運營。抵押貸款 REIT 與大多數其他 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，傳統的 REIT 通常擁有一系列實物房地產，並將其租賃給租户以收取租金收入。抵押貸款 REIT 則是純粹的金融實體，Orchid Island 並不擁有任何實物物業。</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，它是一個由 Bimini Advisors LLC 外部管理的 REIT，投資於住宅抵押貸款支持證券（RMBS），包括通過或結構化的代理 RMBS，這些是基於住宅貸款（如抵押貸款、次級貸款和房屋淨值貸款）收集現金流的金融工具。</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.報告了 2025 年第三季度每普通股預計淨收入為 0.53 美元，截止到 2025 年 9 月 30 日每股賬面價值預計為 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>該公司宣佈 10 月份每股股息為 0.12 美元，保持與其每月支付策略一致。隨着公司專注於與對沖策略配對的代理住宅抵押貸款支持證券，RMBS 投資組合和衍生品投資組合也在不斷演變。</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>儘管尚未公開提供實現和未實現的收益和損失的完整細節，但該公司強調了強勁的流動性和適度的槓桿，反映出其在代理 MBS 市場波動中的保守資產負債表姿態。</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 強調，投資背景仍然具有吸引力，利差改善且提前還款風險可控，考慮到投資組合的票息分佈和對沖。</p>
</div><h3><strong>Growth Prospects</strong></h3>
<div class="lb-trans"><h3><strong>增長前景</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 在過去幾年經歷了極端的收益波動，並且有多個年份信託幾乎沒有產生利潤。</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，我們使用每股賬面價值作為每股收益的替代指標。抵押貸款 REIT 的增長前景面臨挑戰。</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>抵押貸款 REIT 通過以短期利率借款並以長期利率放貸來賺錢，然後口袋中間的差額。這被稱為利差，Orchid Capital 通過此方式產生現金流。</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>當短期利率與長期利率之間的利差縮小時，盈利能力會迅速下降。這就是為什麼如果收益曲線趨平，抵押貸款 REIT 可能會變得危險。</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>展望未來，我們預計每股賬面價值將在未來幾年繼續下降，高支付將導致每股收益和每股股息的減弱。</p>
</div><h3><strong>Competitive Advantages &amp; Recession Performance</strong></h3>
<div class="lb-trans"><h3><strong>競爭優勢與經濟衰退表現</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 並不是一隻安全的股票。由於低或不存在的收益，其支付比率極高。抵押貸款 REIT 面臨多種風險，包括利率風險和信用風險。</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>這些風險與利率的方向以及借款人償還抵押貸款的能力有關。此外，抵押貸款 REIT 並沒有很多競爭優勢。</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>由於抵押貸款 REIT 不提供差異化的產品和服務，因此傳統的競爭優勢（如品牌影響力或製造效率）並不適用。</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 並不是一個抗衰退的信託。經濟衰退通常會導致抵押貸款違約率上升。</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>一些投資者可能會被該股票極高的股息收益率所吸引，這推動了投資論點。然而，我們提供兩個警示説明。</p>
</div><p>First, the dividend has already been cut multiple times since 2015.</p>
<div class="lb-trans"><p>首先，自 2015 年以來，股息已經多次被削減。</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，同樣重要的是，儘管起始收益率異常高，但隨着時間的推移，股價的侵蝕可能會顯著降低總回報。</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>預計 ORC 在 2025 年的每股收益為 0.64 美元。這與當前每股 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，預計 2025 年的股息支付比率超過 200%。這造成了一個風險局面，因為股息遠未得到覆蓋。因此，投資者應考慮當前水平的股息支付不可持續。</p>
</div><h3><strong>Final Thoughts</strong></h3>
<div class="lb-trans"><h3><strong>最終思考</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 提供了極具吸引力的股息收益率。儘管如此，由於其持續摧毀股東資本和反覆削減股息的記錄，這是一隻極具風險的股票。</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>鑑於經濟面臨日益增長的風險和阻力，我們預計未來幾年賬面價值和股息將會侵蝕，支付比率也非常高。因此，我們將該股票評級為賣出。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者的文章：</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>過去 10 年表現最佳的 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