<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>通常，高股息收益率是件好事。畢竟，股息收益率越高，您從投資中獲得的收入就越多。收入投資，尤其是股息再投資，允許投資者在長期內穩步增長財富。</p>
<p>但收入投資者需要確保他們不會陷入股息 “陷阱”，即僅因其高收益而購買股票，結果卻看到公司削減或取消股息支付。</p>
<p>以下三隻風險股息股票的收益率極高且基本面薄弱，這意味着它們可能在不久的將來削減股息。</p>
<h3><strong>Cross Timbers Royalty Trust (CRT)</strong></h3>
<p>Cross Timbers Royalty Trust (CRT) 是一個油氣信託，由 XTO Energy 於 1991 年設立。它是一個組合信託：單位持有者在德克薩斯州、俄克拉荷馬州和新墨西哥州的生產資產中擁有 90% 的淨利潤權益；在德克薩斯州和俄克拉荷馬州的工作權益資產中擁有 75% 的淨利潤權益。</p>
<p>工作權益資產是指單位持有者共同承擔生產費用和開發成本的資產。這意味着，如果開發成本超過利潤，則在這些資產中不會再支付進一步的利潤，直到超出成本得到回收。</p>
<p>在 2024 年，石油佔總收入的 72%，天然氣佔總收入的 28%。該信託的資產是靜態的，因為無法添加進一步的資產。該信託沒有運營，僅僅是用於支付特許權使用費的通道。CRT 在 2023 年的特許權使用費收入為 1230 萬美元，2024 年為 660 萬美元。</p>
<p>在 11 月中旬，CRT 報告了 2025 財年第三季度的結果（11/13/25）。石油和天然氣的產量分別比去年同期下降了 20% 和 47%。石油的平均實現價格下降了 20%。因此，每單位可分配現金流（DCF）暴跌了 68%。不幸的是，由於 OPEC 開始解除減產，過去七個月中，分配金在低油價的情況下暴跌。</p>
<h3><strong>Orchid Island Capital (ORC)</strong></h3>
<p>Orchid Island Capital 是一家抵押貸款房地產投資信託（REIT），由 Bimini Advisors LLC 外部管理，專注於投資於住宅抵押貸款支持證券（RMBS），包括通道和結構化機構 RMBS。這些金融工具基於住宅貸款（如抵押貸款、次級貸款和房屋淨值貸款）產生現金流。</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，截至 2025 年 9 月 30 日每股賬面價值預計為 7.33 美元。</p>
<p>Orchid Island 在過去幾年經歷了極端的收益波動，2013 年和 2018 年出現淨虧損，並且有多個年份信託幾乎沒有產生利潤。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>Orchid Island 不是一隻安全的股票。由於收益低或不存在，股息支付比率遠高於 100%。抵押貸款 REIT 面臨多種風險，包括利率風險和信用風險。這些風險與利率的走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>
<h3><strong>Gladstone Investment Corp. (GAIN)</strong></h3>
<p>Gladstone Investment 是一家專注於美國中小型企業的商業發展公司（BDC）。Gladstone Investment 目標的行業包括航空航天與國防、石油與天然氣、機械、電子和媒體與通信。該公司成立於 2005 年，總部位於弗吉尼亞州麥克林。</p>
<p>Gladstone Investment 在 11 月報告了其第二季度（2025 年第二季度截至 9 月 30 日）的收益結果。該公司在該季度產生的總投資收入 - Gladstone Investment 的收入等同物 - 為 2530 萬美元，比去年同期大幅增長 12%。Gladstone Investment 在財年的第二季度每股收益總計為 0.24 美元，低於上一季度的水平。</p>
<p>Gladstone Investment Corp. 在 2023 年和 2024 年的每股淨投資收入有所下降，儘管去年下降幅度相對較小。對於當前年度，分析師預測 Gladstone Investment 的每股收益將出現更明顯的下降。在某些年份，Gladstone Investment 遭受了高於平均水平的信用損失，這就是我們認為未來收益可能會有些波動的原因。</p>
<p>Gladstone Investment 的股息支付比率相對於其淨投資收入，在過去十年中的某些部分時間裏接近或超過 100%。雖然該公司近年來沒有削減股息，但也沒有提供股息增長。由於支付比率較高，股息不能被描述為低風險。</p>
<hr/>
<p><em>更多來自此作者的文章：</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>這篇文章強調了三隻風險較高的分紅股票：Cross Timbers Royalty Trust、Orchid Island Capital 和 Gladstone Investment Corp。這些股票的收益率很高，但基本面較弱，存在削減分紅的風險。Cross Timbers 面臨石油和天然氣產量下降的問題，Orchid Island 則在盈利波動方面掙扎，而 Gladstone Investment 的派息比率較高。投資者被警告要小心不要陷入這些股票的分紅陷阱</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>圖片來源：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。畢竟，股息收益率越高，您從投資中獲得的收入就越多。收入投資，尤其是股息再投資，允許投資者在長期內穩步增長財富。</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>但收入投資者需要確保他們不會陷入股息 “陷阱”，即僅因其高收益而購買股票，結果卻看到公司削減或取消股息支付。</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>以下三隻風險股息股票的收益率極高且基本面薄弱，這意味着它們可能在不久的將來削減股息。</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) 是一個油氣信託，由 XTO Energy 於 1991 年設立。它是一個組合信託：單位持有者在德克薩斯州、俄克拉荷馬州和新墨西哥州的生產資產中擁有 90% 的淨利潤權益；在德克薩斯州和俄克拉荷馬州的工作權益資產中擁有 75% 的淨利潤權益。</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>工作權益資產是指單位持有者共同承擔生產費用和開發成本的資產。這意味着，如果開發成本超過利潤，則在這些資產中不會再支付進一步的利潤，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，石油佔總收入的 72%，天然氣佔總收入的 28%。該信託的資產是靜態的，因為無法添加進一步的資產。該信託沒有運營，僅僅是用於支付特許權使用費的通道。CRT 在 2023 年的特許權使用費收入為 1230 萬美元，2024 年為 660 萬美元。</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 報告了 2025 財年第三季度的結果（11/13/25）。石油和天然氣的產量分別比去年同期下降了 20% 和 47%。石油的平均實現價格下降了 20%。因此，每單位可分配現金流（DCF）暴跌了 68%。不幸的是，由於 OPEC 開始解除減產，過去七個月中，分配金在低油價的情況下暴跌。</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 是一家抵押貸款房地產投資信託（REIT），由 Bimini Advisors LLC 外部管理，專注於投資於住宅抵押貸款支持證券（RMBS），包括通道和結構化機構 RMBS。這些金融工具基於住宅貸款（如抵押貸款、次級貸款和房屋淨值貸款）產生現金流。</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. 報告了 2025 年第三季度每普通股預計淨收入為 0.53 美元，截至 2025 年 9 月 30 日每股賬面價值預計為 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 在過去幾年經歷了極端的收益波動，2013 年和 2018 年出現淨虧損，並且有多個年份信託幾乎沒有產生利潤。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>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 不是一隻安全的股票。由於收益低或不存在，股息支付比率遠高於 100%。抵押貸款 REIT 面臨多種風險，包括利率風險和信用風險。這些風險與利率的走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><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 是一家專注於美國中小型企業的商業發展公司（BDC）。Gladstone Investment 目標的行業包括航空航天與國防、石油與天然氣、機械、電子和媒體與通信。該公司成立於 2005 年，總部位於弗吉尼亞州麥克林。</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 月報告了其第二季度（2025 年第二季度截至 9 月 30 日）的收益結果。該公司在該季度產生的總投資收入 - Gladstone Investment 的收入等同物 - 為 2530 萬美元，比去年同期大幅增長 12%。Gladstone Investment 在財年的第二季度每股收益總計為 0.24 美元，低於上一季度的水平。</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 年的每股淨投資收入有所下降，儘管去年下降幅度相對較小。對於當前年度，分析師預測 Gladstone Investment 的每股收益將出現更明顯的下降。在某些年份，Gladstone Investment 遭受了高於平均水平的信用損失，這就是我們認為未來收益可能會有些波動的原因。</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 的股息支付比率相對於其淨投資收入，在過去十年中的某些部分時間裏接近或超過 100%。雖然該公司近年來沒有削減股息，但也沒有提供股息增長。由於支付比率較高，股息不能被描述為低風險。</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 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>

三隻高風險股息股票建議賣出