<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>圖片來源：Pixabay</em></p>
<p>由於大多數股票每季度分紅，投資者如果需要可預測的每月現金流，可能會希望獲得更頻繁的分紅。這就是每月分紅股票的用武之地。每月分紅股票每月向股東支付一次分紅，每年共支付 12 次。</p>
<p>然而，並非所有每月分紅股票都是值得購買的。僅僅因為一家公司每月支付分紅，並不一定意味着該分紅有基礎收益的支持。我們目前將以下三隻每月分紅股票評為賣出。</p>
<h3><strong>Stellus Capital (SCM)</strong></h3>
<p>Stellus Capital Management 為 EBITDA 在 500 萬到 5000 萬美元之間的公司提供資本解決方案，採用多種工具，其中大部分為債務。Stellus 向一組多樣化的客户提供第一留置權、第二留置權、夾層、可轉換債務和股權投資，通常以高收益的形式在美國和加拿大進行。</p>
<p>Stellus 於 2025 年 11 月 12 日發佈了第三季度財報，結果再次疲軟。淨投資收益為 910 萬美元，低於去年同期的 1030 萬美元。每股淨投資收益從 39 美分降至 32 美分。核心淨投資收益，即調整後的利潤，從 1060 萬美元降至 970 萬美元，或每股從 39 美分降至 32 美分。總投資收益，即類似於收入的指標，為 2628 萬美元，較去年同期的 2650 萬美元略有下降。</p>
<p>每股淨資產價值下降 16 美分，其中 8 美分歸因於分紅支付超過收益，8 美分歸因於兩項債務投資的未實現淨損失。在季度末，投資組合的公允價值為 10.1 億美元，涵蓋 115 家公司，均較去年同期的 9.86 億美元和 112 家公司有所上升。</p>
<p>我們認為 Stellus 再次削減分紅的可能性很高，但目前仍在繼續。如果我們的收益預測接近現實，分紅將需要大幅削減。</p>
<h3><strong>Source Rock Royalties Ltd. (SRRRF)</strong></h3>
<p>Source Rock Royalties 是一家專注於在西加拿大沉積盆地收購高淨回報權益的純油氣特許權公司。該公司採用資本輕、非運營模式，通過總覆蓋特許權（GORR）和礦權費收入生成收入，前者是來自第三方工作權益的生產合同份額，後者是租賃給運營商的礦權以獲取特許權和簽約獎金。</p>
<p>Source Rock 的投資組合重心（約 95%）集中在東南薩斯喀徹温省和阿爾伯塔省的 Clearwater 油田的輕油和重油生產，資產由 Whitecap Resources 和 Rubellite Energy 等合作伙伴運營。Source Rock 成立於 2012 年，總部位於加拿大卡爾加里。</p>
<p>2025 年 12 月 1 日，Source Rock 報告了其第三季度業績。特許權收入同比下降 25%，至 110 萬美元，反映出日均生產量下降 12% 和實現油價下降 14%。調整後的 EBITDA 同比下降 21%，至 100 萬美元，或每股 0.02 美元，而 FFO 下降 13%，至 90 萬美元，或每股 0.02 美元，因為商品價格的下降超過了行政費用的減少。</p>
<p>淨收入同比增長，總綜合收入為 30 萬美元，摺合每股 0.01 美元，得益於較低的耗竭和基於股份的補償成本。</p>
<p>分紅由運營資金覆蓋（去年為 600 萬加元，支付的分紅為 350 萬加元）。然而，它超過了每股收益，這在長期內可能會成為問題，尤其是在油價下降而儲量逐漸減少的情況下。</p>
<h3><strong>Gladstone Investment Corporation (GAIN)</strong></h3>
<p>Gladstone Investment 是一家專注於美國中小型公司的商業發展公司（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、電子以及媒體與通信。</p>
<p>Gladstone Investment 於 11 月發佈了其 2025 財年第二季度（截至 9 月 30 日）的財報。該公司在本季度產生了 2530 萬美元的總投資收入，同比增長 12%。Gladstone Investment 的每股收益在財年的第二季度為 0.24 美元，低於上一季度的水平。</p>
<p>Gladstone Investment 的每股淨資產價值在季度末為 13.53 美元，較上一季度報告的每股淨資產價值有所上升。</p>
<p>Gladstone Investment 的每股淨投資收益可能會有些波動。在大蕭條期間，該公司的利潤大幅下降，但 Gladstone Investment 仍保持盈利。在過去十年中，利潤年均增長約 3%，這一增長率並不算高。</p>
<p>Gladstone Investment 的分紅支付比率相對於其淨投資收益在過去十年中的部分時間裏接近或超過 100%。雖然該公司近年來沒有削減分紅，但也沒有提供分紅增加已有幾年。由於支付比率較高，分紅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 只紅旗每月分紅股票，支付不安全</p>
<p>每月分紅股票聚焦：Gamehost</p>
<p>每月分紅股票聚焦：First Capital Real Estate Investment Trust</p>

GAIN

<p>本文討論了三隻被評為賣出的每月分紅股票：Stellus Capital (SCM)、Source Rock Royalties Ltd. (SRRRF) 和 Gladstone Investment Corporation (GAIN)。Stellus 報告了疲弱的收益，且很可能需要削減其分紅。Source Rock 的特許權使用費收入顯著下降，引發了對其長期分紅可持續性的擔憂。Gladstone Investment 的投資收入略有增加，但其分紅支付比率較高，顯示出潛在風險。由於這些股票面臨財務挑戰，尋求每月分紅的投資者應對此保持謹慎</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>圖片來源：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>由於大多數股票每季度分紅，投資者如果需要可預測的每月現金流，可能會希望獲得更頻繁的分紅。這就是每月分紅股票的用武之地。每月分紅股票每月向股東支付一次分紅，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，並非所有每月分紅股票都是值得購買的。僅僅因為一家公司每月支付分紅，並不一定意味着該分紅有基礎收益的支持。我們目前將以下三隻每月分紅股票評為賣出。</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 為 EBITDA 在 500 萬到 5000 萬美元之間的公司提供資本解決方案，採用多種工具，其中大部分為債務。Stellus 向一組多樣化的客户提供第一留置權、第二留置權、夾層、可轉換債務和股權投資，通常以高收益的形式在美國和加拿大進行。</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 於 2025 年 11 月 12 日發佈了第三季度財報，結果再次疲軟。淨投資收益為 910 萬美元，低於去年同期的 1030 萬美元。每股淨投資收益從 39 美分降至 32 美分。核心淨投資收益，即調整後的利潤，從 1060 萬美元降至 970 萬美元，或每股從 39 美分降至 32 美分。總投資收益，即類似於收入的指標，為 2628 萬美元，較去年同期的 2650 萬美元略有下降。</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>每股淨資產價值下降 16 美分，其中 8 美分歸因於分紅支付超過收益，8 美分歸因於兩項債務投資的未實現淨損失。在季度末，投資組合的公允價值為 10.1 億美元，涵蓋 115 家公司，均較去年同期的 9.86 億美元和 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>我們認為 Stellus 再次削減分紅的可能性很高，但目前仍在繼續。如果我們的收益預測接近現實，分紅將需要大幅削減。</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 是一家專注於在西加拿大沉積盆地收購高淨回報權益的純油氣特許權公司。該公司採用資本輕、非運營模式，通過總覆蓋特許權（GORR）和礦權費收入生成收入，前者是來自第三方工作權益的生產合同份額，後者是租賃給運營商的礦權以獲取特許權和簽約獎金。</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 的投資組合重心（約 95%）集中在東南薩斯喀徹温省和阿爾伯塔省的 Clearwater 油田的輕油和重油生產，資產由 Whitecap Resources 和 Rubellite Energy 等合作伙伴運營。Source Rock 成立於 2012 年，總部位於加拿大卡爾加里。</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 報告了其第三季度業績。特許權收入同比下降 25%，至 110 萬美元，反映出日均生產量下降 12% 和實現油價下降 14%。調整後的 EBITDA 同比下降 21%，至 100 萬美元，或每股 0.02 美元，而 FFO 下降 13%，至 90 萬美元，或每股 0.02 美元，因為商品價格的下降超過了行政費用的減少。</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>淨收入同比增長，總綜合收入為 30 萬美元，摺合每股 0.01 美元，得益於較低的耗竭和基於股份的補償成本。</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>分紅由運營資金覆蓋（去年為 600 萬加元，支付的分紅為 350 萬加元）。然而，它超過了每股收益，這在長期內可能會成為問題，尤其是在油價下降而儲量逐漸減少的情況下。</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 是一家專注於美國中小型公司的商業發展公司（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、電子以及媒體與通信。</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 於 11 月發佈了其 2025 財年第二季度（截至 9 月 30 日）的財報。該公司在本季度產生了 2530 萬美元的總投資收入，同比增長 12%。Gladstone Investment 的每股收益在財年的第二季度為 0.24 美元，低於上一季度的水平。</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 的每股淨資產價值在季度末為 13.53 美元，較上一季度報告的每股淨資產價值有所上升。</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 的每股淨投資收益可能會有些波動。在大蕭條期間，該公司的利潤大幅下降，但 Gladstone Investment 仍保持盈利。在過去十年中，利潤年均增長約 3%，這一增長率並不算高。</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 的分紅支付比率相對於其淨投資收益在過去十年中的部分時間裏接近或超過 100%。雖然該公司近年來沒有削減分紅，但也沒有提供分紅增加已有幾年。由於支付比率較高，分紅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 Red Flag Monthly Dividend Stocks With Unsafe Payouts</p>
<div class="lb-trans"><p>10 只紅旗每月分紅股票，支付不安全</p>
</div><p>Monthly Dividend Stock In Focus: Gamehost</p>
<div class="lb-trans"><p>每月分紅股票聚焦：Gamehost</p>
</div><p>Monthly Dividend Stock In Focus: First Capital Real Estate Investment Trust</p>
<div class="lb-trans"><p>每月分紅股票聚焦：First Capital Real Estate Investment Trust</p>
</div>

三隻存在風險的月度分紅股票