Category Monthly Dividend

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Article updated on March 3rd, 2025 by Bob Ciura
Spreadsheet data updated daily

The Dividend Aristocrats are a select group of 69 S&P 500 stocks with 25+ years of consecutive dividend increases.

They are the ‘best of the best’ dividend growth stocks. The Dividend Aristocrats have a long history of outperforming the market.

The requirements to be a Dividend Aristocrat are:

• Be in the S&P 500
• Have 25+ consecutive years of dividend increases
• Meet certain minimum size & liquidity requirements

There are currently 69 Dividend Aristocrats. You can download an Excel spreadsheet of all 69 (with metrics that matter such as dividend yields and price-to-earnings ratios) by clicking the link below:

 

Disclaimer: Sure Dividend is not affiliated with S&P Global in any way. S&P Global owns and maintains The Dividend Aristocrats Index. The information in this article and downloadable spreadsheet is based on Sure Dividend’s own review, summary, and analysis of the S&P 500 Dividend Aristocrats ETF (NOBL) and other sources, and is meant to help individual investors better understand this ETF and the index upon which it is based. None of the information in this article or spreadsheet is official data from S&P Global. Consult S&P Global for official information.

Note 1: On January 24th, 2025, Erie Indemnity (ERIE), Eversource Energy (ES), and FactSet Research System (FDS) were added to the list with no deletions, leaving 69 Dividend Aristocrats.

Source: S&P News Releases.

You can see detailed analysis on all 69 further below in this article, in our Dividend Aristocrats In Focus Series. Analysis includes valuation, growth, and competitive advantage(s).

Table of Contents

How to Use The Dividend Aristocrats List To Find Dividend Investment Ideas

The downloadable Dividend Aristocrats Excel Spreadsheet List above contains the following for each stock in the index:

• Price-to-earnings ratio
• Dividend yield
• Market capitalization

All Dividend Aristocrats are high-quality businesses based on their long dividend histories. A company cannot pay rising dividends for 25+ years without having a strong and durable competitive advantage.

But not all Dividend Aristocrats make equally good investments today. That’s where the spreadsheet in this article comes into play. You can use the Dividend Aristocrats spreadsheet to quickly find quality dividend investment ideas.

The list of all Dividend Aristocrats is valuable because it gives you a concise list of all S&P 500 stocks with 25+ consecutive years of dividend increases (that also meet certain minimum size and liquidity requirements).

These are businesses that have both the desire and ability to pay shareholders rising dividends year-after-year. This is a rare combination.

Together, these two criteria are powerful – but they are not enough. Value must be considered as well.

The spreadsheet above allows you to sort by trailing price-to-earnings ratio so you can quickly find undervalued, high-quality dividend stocks.

Here’s how to use the Dividend Aristocrats list to quickly find high-quality dividend growth stocks potentially trading at a discount:

1. Download the list
2. Sort by ‘Trailing PE Ratio,’ smallest to largest
3. Research the top stocks further

Here’s how to do this quickly in the spreadsheet:

Step 1: Download the list, and open it.

Step 2: Apply a filter function to each column in the spreadsheet.

Step 3: Click on the small gray down arrow next to ‘Trailing P/E Ratio’, and then sort smallest to largest.

Step 4: Review the highest ranked Dividend Aristocrats before investing. You can see detailed analysis on every Dividend Aristocrat found below in this article.

That’s it; you can follow the same procedure to sort by any other metric in the spreadsheet.

Performance Of The Dividend Aristocrats

In February 2025, the Dividend Aristocrats, as measured by the Dividend Aristocrats ETF (NOBL), registered a total return of 1.7%. It out-performed the SPDR S&P 500 ETF (SPY) for the month.

• NOBL generated returns of 1.7% in February 2025
• SPY generated negative returns of -1.3% in February 2025

Short-term performance is mostly noise. Performance should be measured over a minimum of 3 years, and preferably longer periods of time.

The Dividend Aristocrats Index has slightly under-performed the broader market index over the last decade, with a 9.87% total annual return for the Dividend Aristocrats and a 12.89% total annual return for the S&P 500 Index.

But the Dividend Aristocrats have exhibited lower risk than the benchmark, as measured by standard deviation.

Source: S&P Fact Sheet

Higher total returns with lower volatility is the ‘holy grail’ of investing. It is worth exploring the characteristics of the Dividend Aristocrats in detail to determine why they have performed so well.

Note that a good portion of the outperformance relative to the S&P 500 comes during recessions (2000 – 2002, 2008). Dividend Aristocrats have historically seen smaller drawdowns during recessions versus the S&P 500. This makes holding through recessions that much easier.

Case-in-point: In 2008 the Dividend Aristocrats Index declined 22%. That same year, the S&P 500 declined 38%.

Great businesses with strong competitive advantages tend to be able to generate stronger cash flows during recessions. This allows them to gain market share while weaker businesses fight to stay alive.

The Dividend Aristocrats Index has beaten the market over the last 28 years…

We believe dividend paying stocks outperform non-dividend paying stocks for three reasons:

1. A company that pays dividends is likely to be generating earnings or cash flows so that it can pay dividends to shareholders. This excludes ‘pre-earnings’ start-ups and failing businesses. In short, it excludes the riskiest stocks.
2. A business that pays consistent dividends must be more selective with the growth projects it takes on because a portion of its cash flows are being paid out as dividends. Scrutinizing over capital allocation decisions likely adds to shareholder value.
3. Stocks that pay dividends are willing to reward shareholders with cash payments. This is a sign that management is shareholder friendly.

In our view, Dividend Aristocrats have historically outperformed the market and other dividend paying stocks because they are, on average, higher-quality businesses.

A high-quality business should outperform a mediocre business over a long period of time, all other things being equal.

For a business to increase its dividends for 25+ consecutive years, it must have or at least had in the very recent past a strong competitive advantage.

Sector Overview

A sector breakdown of the Dividend Aristocrats Index is shown below:

The Dividend Aristocrats Index is tilted toward Consumer Staples and Industrials relative to the S&P 500. These 2 sectors make up over 40% of the Dividend Aristocrats Index, but less than 20% of the S&P 500.

The Dividend Aristocrats Index is also significantly underweight the Information Technology sector, with a ~3% allocation compared with over 20% allocation within the S&P 500.

The Dividend Aristocrat Index is filled with stable ‘old economy’ blue chip consumer products businesses and manufacturers; the Coca-Cola’s (KO), and Johnson & Johnson’s (JNJ) of the investing world.

These ‘boring’ businesses aren’t likely to generate 20%+ earnings-per-share growth, but they also are very unlikely to see large earnings drawdowns as well.

The 10 Best Dividend Aristocrats Now

This research report examines the 10 best Dividend Aristocrats from our Sure Analysis Research Database with the highest 5-year forward expected total returns.

Dividend Aristocrat #10: Target Corporation (TGT)

• 5-year Expected Annual Returns: 12.1%

Target was founded in 1902 and now operates about 1,850 big box stores, which offer general merchandise and food, as well as serving as distribution points for the company’s e-commerce business.

Target posted third quarter earnings on November 20th, 2024. Third quarter revenue was $25.67 billion, up 1.1% year-over-year, but missing estimates by $230 million. Adjusted earnings-per-share came to $1.85, which missed estimates by a staggering 45 cents, or 20%.

For Q3, comparable sales were up just 0.3%, missing estimates of 1.5%. Guest traffic was up 2.4% in the quarter while digital comparable sales rose 10.8%. Gains there were led by Target Circle 360 and Drive Up.

Operating margin was 4.6% of revenue, down from 5.2% a year ago. Gross margins were off 20 basis points to 27.2% of revenue, reflecting higher digital fulfillment and supply chain costs.

Click here to download our most recent Sure Analysis report on TGT (preview of page 1 of 3 shown below):

Dividend Aristocrat #9: Brown-Forman (BF.B)

• 5-year Expected Annual Returns: 12.2%

Brown-Forman is an alcoholic beverage company that is based in Louisville. The company was founded in 1870. Brown-Forman produces and sells whiskey, vodka, tequila, champagne, and wine.

Its portfolio includes a range of mostly premium brands, such as Jack Daniel’s, Finlandia Vodka, Old Forester, and many others.

Brown-Forman reported revenues of $1.1 billion for its second quarter (fiscal 2025) earnings results. The company’s revenues were down by 1% compared to the previous year’s quarter. Brown-Forman’s revenues came in ahead of the analyst consensus, unlike during the previous quarter.

The sequential growth rate was also positive, while the year-over-year performance improved as well, relative to the previous quarter. In constant currencies, Brown-Forman experienced a revenue increase, but a strengthening US Dollar was a bit of a headwind for the company.

Brown-Forman’s earnings-per-share improved compared to the previous year’s quarter, despite slightly lower revenues.

The company saw its operating profit improve by 1% during the quarter, thanks to tight cost controls that fully offset the headwinds from lower revenue generation. Earnings-per-share were up by a nice 9% year-over-year.

Click here to download our most recent Sure Analysis report on BF.B (preview of page 1 of 3 shown below):

Dividend Aristocrat #8: Sysco Corporation (SYY)

• 5-year Expected Annual Returns: 13.1%

Sysco Corporation is the largest wholesale food distributor in the United States. The company serves 600,000 locations with food delivery, including restaurants, hospitals, schools, hotels, and other facilities.

Source: Investor Presentation

On January 28th, 2025, Sysco reported second-quarter results for Fiscal Year (FY)2025. The company reported a 4.5% increase in sales for the second quarter of fiscal year 2025, reaching $20.2 billion.

U.S. Foodservice volume grew by 1.4%, while gross profit rose 3.9% to $3.7 billion. Operating income increased 1.7% to $712 million, with adjusted operating income growing 5.1% to $783 million. Earnings per share (EPS) remained at $0.82, while adjusted EPS grew 4.5% to $0.93.

The company reaffirmed its full-year guidance, projecting sales growth of 4%-5% and adjusted EPS growth of 6%-7%.

Click here to download our most recent Sure Analysis report on SYY (preview of page 1 of 3 shown below):

Dividend Aristocrat #7: Becton Dickinson & Co. (BDX)

• 5-year Expected Annual Returns: 13.7%

Becton, Dickinson & Co. is a global leader in the medical supply industry. The company was founded in 1897 and has 75,000 employees across 190 countries.

The company generates about $20 billion in annual revenue, with approximately 43% of revenues coming from outside of the U.S.

On February 5th, 2025, BD released results for the first quarter of fiscal year 2025, which ended December 31st, 2024. For the quarter, revenue increased 9.8% to $5.17 billion, which was $60 million more than expected.

Source: Investor Presentation

On a currency neutral basis, revenue improved 9.6%. Adjusted earnings-per-share of $3.43 compared favorably to $2.68 in the prior year and was $0.44 ahead of estimates.

For the quarter, U.S. grew 12% while international was up 6.7% on a reported basis. Excluding currency, international was higher by 6.3%. Organic growth was up 3.9% for the period.

The Medical segment grew 17.1% organically to $2.62 billion, mostly due to gains in Mediation Management Solutions and Medication Delivery Solutions. Life Science was up 0.5% to $1.3 billion.

Click here to download our most recent Sure Analysis report on BDX (preview of page 1 of 3 shown below):

Dividend Aristocrat #6: Nordson Corporation (NDSN)

• 5-year Expected Annual Returns: 14.2%

Nordson was founded in 1954 in Amherst, Ohio by brothers Eric and Evan Nord, but the company can trace its roots back to 1909 with the U.S. Automatic Company.

Today the company has operations in over 35 countries and engineers, manufactures, and markets products used for dispensing adhesives, coatings, sealants, biomaterials, plastics, and other materials, with applications ranging from diapers and straws to cell phones and aerospace.

Source: Investor Presentation

On December 11th, 2024, Nordson reported fourth quarter results for the period ending October 31st, 2024. For the quarter, the company reported sales of $744 million, 4% higher compared to $719 million in Q4 2023, which was driven by a positive acquisition impact, and offset by organic decrease of 3%.

Industrial Precision saw sales decrease by 3%, while the Medical and Fluid Solutions and Advanced Technology Solutions segments had sales increases of 19% and 5%, respectively.

The company generated adjusted earnings per share of $2.78, a 3% increase compared to the same prior year period.

Click here to download our most recent Sure Analysis report on NDSN (preview of page 1 of 3 shown below):

Dividend Aristocrat #5: Archer Daniels Midland (ADM)

• 5-year Expected Annual Returns: 14.3%

Archer-Daniels-Midland is the largest publicly traded farmland product company in the United States. Archer-Daniels-Midland’s businesses include processing cereal grains, oilseeds, and agricultural storage and transportation.

Archer-Daniels-Midland reported its third-quarter results for Fiscal Year (FY) 2024 on November 18th, 2024.

The company reported adjusted net earnings of $530 million and adjusted EPS of $1.09, both down from the prior year due to a $461 million non-cash charge related to its Wilmar equity investment.

Consolidated cash flows year-to-date reached $2.34 billion, reflecting strong operations despite market challenges.

Click here to download our most recent Sure Analysis report on ADM (preview of page 1 of 3 shown below):

Dividend Aristocrat #4: PPG Industries (PPG)

• 5-year Expected Annual Returns: 14.9%

PPG Industries is the world’s largest paints and coatings company. Its only competitors of similar size are Sherwin-Williams and Dutch paint company Akzo Nobel.

PPG Industries was founded in 1883 as a manufacturer and distributor of glass (its name stands for Pittsburgh Plate Glass) and today has approximately 3,500 technical employees located in more than 70 countries at 100 locations.

On January 31st, 2025, PPG Industries announced fourth quarter and full year results for the period ending December 31st, 2024. For the quarter, revenue declined 4.6% to $3.73 billion and missed estimates by $241 million.

Adjusted net income of $375 million, or $1.61 per share, compared favorably to adjusted net income of $372 million, or $1.56 per share, in the prior year. Adjusted earnings-per-share was $0.02 below expectations.

For the year, revenue from continuing operations decreased 2% to $15.8 billion while adjusted earnings-per-share totaled $7.87.

PPG Industries repurchased ~$750 million worth of shares during 2024 and has $2.8 billion, or ~10.3% of its current market capitalization, remaining on its share repurchase authorization. The company expects to repurchase ~$400 million worth of shares in Q1 2025.

For 2025, the company expects adjusted earnings-per-share in a range of $7.75 to $8.05.

Click here to download our most recent Sure Analysis report on PPG (preview of page 1 of 3 shown below):

Dividend Aristocrat #3: PepsiCo Inc. (PEP)

• 5-year Expected Annual Returns: 15.1%

PepsiCo is a global food and beverage company. Its products include Pepsi, Mountain Dew, Frito-Lay chips, Gatorade, Tropicana orange juice and Quaker foods.

Its business is split roughly 60-40 in terms of food and beverage revenue. It is also balanced geographically between the U.S. and the rest of the world.

Source: Investor Presentation

On February 4th, 2025, PepsiCo announced that it would increase its annualized dividend by 5.0% to $5.69 starting with the payment that was made in June 2025, extending the company’s dividend growth streak to 53 consecutive years.

That same day, PepsiCo announced fourth quarter and full year results for the period ending December 31st, 2025. For the quarter, revenue decreased 0.3% to $27.8 billion, which was $110 million below estimates.

Adjusted earnings-per-share of $1.96 compared favorably to $1.78 the prior year and was $0.02 better than excepted.

For the year, revenue grew 0.4% to $91.9 billion while adjusted earnings-per-share of $8.16 compared to $7.62 in 2023. Currency exchange reduced revenue by 2% and earnings-per-share by 4%.

Click here to download our most recent Sure Analysis report on PEP (preview of page 1 of 3 shown below):

Dividend Aristocrat #2: Hormel Foods (HRL)

• 5-year Expected Annual Returns: 15.4%

Hormel Foods is a juggernaut in the food products industry with nearly $10 billion in annual revenue. It has a large portfolio of category-leading brands. Just a few of its top brands include include Skippy, SPAM, Applegate, Justin’s, and more than 30 others.

It has also pursued acquisitions to drive growth. For example, in 2021, Hormel acquired the Planters snack nuts business from Kraft-Heinz (KHC) for $3.35 billion, which has boosted Hormel’s growth.

Source: Investor Presentation

Hormel posted fourth quarter and full-year earnings on December 4th, 2024, and results were in line with expectations.

The company posted adjusted earnings-per-share of 42 cents, which met estimates. Revenue was off 2% year-on-year to $3.14 billion, also hitting estimates.

Operating income was $308 million for the quarter on an adjusted basis, or 9.8% of revenue. Operating cash flow was $409 million for Q4.

For the year, sales were $11.9 billion, and adjusted operating income was $1.1 billion, or 9.6% of revenue. Adjusted earnings-per-share was $1.58. Operating cash flow hit a record of $1.3 billion.

Click here to download our most recent Sure Analysis report on Hormel (preview of page 1 of 3 shown below):

Dividend Aristocrat #1: Eversource Energy (ES)

• 5-year Expected Annual Returns: 18.2%

Eversource Energy is a diversified holding company with subsidiaries that provide regulated electric, gas, and water distribution service in the Northeast U.S.

FactSet, Erie Indemnity, and Eversource Energy are the three new Dividend Aristocrats for 2025.

The company’s utilities serve more than 4 million customers after acquiring NStar’s Massachusetts utilities in 2012, Aquarion in 2017, and Columbia Gas in 2020.

Eversource has delivered steady growth to shareholders for many years.

Source: Investor Presentation

On February 11th, 2025, Eversource Energy released its fourth-quarter and full-year 2024 results. For the quarter, the company reported net earnings of $72.5 million, a significant improvement from a net loss of $(1,288.5) million in the same quarter of last year, which reflected the impact of the company’s exit from offshore wind investments.

The company reported earnings per share of $0.20, compared with a loss per share of $(3.68) in the prior year. For the full year 2024, Eversource reported GAAP earnings of $811.7 million, or $2.27 per share, compared with a full-year 2023 loss of $(442.2) million, or $(1.26) per share.

On a non-GAAP recurring basis, the company earned $1,634.0 million, or $4.57 per share, representing a 5.3% increase from 2023.

Click here to download our most recent Sure Analysis report on ES (preview of page 1 of 3 shown below):

The Dividend Aristocrats In Focus Analysis Series

You can see analysis on every single Dividend Aristocrat below. Each is sorted by GICS sectors and listed in alphabetical order by name. The newest Sure Analysis Research Database report for each security is included as well.

Consumer Staples

Industrials

Health Care

Consumer Discretionary

Financials

Materials

Energy

Information Technology

Real Estate

Utilities

Historical Dividend Aristocrats List
(1989 – 2025)

The image below shows the history of the Dividend Aristocrats Index from 1989 through 2025:

Note: CL, GPC, and NUE were all removed and re-added to the Dividend Aristocrats Index through the historical period analyzed above. We are unsure as to why. Companies created via a spin-off (like AbbVie) can be Dividend Aristocrats with less than 25 years of rising dividends if the parent company was a Dividend Aristocrat.

Disclaimer: Sure Dividend is not affiliated with S&P Global in any way. S&P Global owns and maintains The Dividend Aristocrats Index. The information in this article and downloadable spreadsheet and image below is based on Sure Dividend’s own review, summary, and analysis of the S&P 500 Dividend Aristocrats ETF (NOBL) and other sources, and is meant to help individual investors better understand this ETF and the index upon which it is based. None of the information in this article or spreadsheet is official data from S&P Global. Consult S&P Global for official information.

 

This information was compiled from the following sources:

Frequently Asked Questions

This section will address some of most common questions investors have regarding the Dividend Aristocrats.

1. What is the highest-paying Dividend Aristocrat?

Answer: Franklin Resources (BEN) currently yields 6.3%.

2. What is the difference between the Dividend Aristocrats and the Dividend Kings?

Answer: The Dividend Aristocrats must be constituents of the S&P 500 Index, have raised their dividends for at least 25 consecutive years, and satisfy a number of liquidity requirements.

The Dividend Kings only need to have raised their dividends for at least 50 consecutive years.

3. Is there an ETF that tracks the Dividend Aristocrats?

Answer: Yes, the Dividend Aristocrats ETF (NOBL) is an exchange-traded fund that specifically holds the Dividend Aristocrats.

4. What is the difference between the Dividend Aristocrats and the Dividend Champions?

Answer: The Dividend Aristocrats and Dividend Champions share one requirement, which is that a company must have raised its dividend for at least 25 consecutive years.

But like the Dividend Kings, the Dividend Champions do not need to be in the S&P 500 Index, nor satisfy the various liquidity requirements.

5. Which Dividend Aristocrat has the longest active streak of annual dividend increases?

Currently, there are 3 Dividend Aristocrats tied at 69 years: Procter & Gamble, Genuine Parts, and Dover Corporation.

6. What is the average dividend yield of the Dividend Aristocrats?

Right now, the average dividend yield of the Dividend Aristocrats is 2.0%.

7. Are the Dividend Aristocrats safe investments?

While there are never any guarantees when it comes to the stock market, we believe the Dividend Aristocrats are among the safest dividend stocks when it comes to the sustainability of their dividend payouts.

The Dividend Aristocrats have durable competitive advantages that allow them to raise their dividends each year, even during a recession.

Other Dividend Lists & Final Thoughts

The Dividend Aristocrats list is not the only way to quickly screen for stocks that regularly pay rising dividends.

• The Dividend Kings List is even more exclusive than the Dividend Aristocrats. It is comprised of 54 stocks with 50+ years of consecutive dividend increases.
• The Blue Chip Stocks List: stocks that qualify as Dividend Achievers, Dividend Aristocrats, and/or Dividend Kings
• The High Dividend Stocks List: stocks that appeal to investors interested in the highest yields of 5% or more.
• The Monthly Dividend Stocks List: stocks that pay dividends every month, for 12 dividend payments per year.

There is nothing magical about the Dividend Aristocrats. They are ‘just’ a collection of high-quality shareholder friendly stocks that have strong competitive advantages.

Purchasing these types of stocks at fair or better prices and holding for the long-run will likely result in favorable long-term performance.

Chipmaking giant Taiwan Semiconductor Manufacturing Company (TSM) plans to invest $100 billion in U.S.-based chip manufacturing facilities, CEO C.C. Wei announced alongside President Trump on Monday.

The company said it will build three new chip fabrication plants, two advanced packaging facilities, and a research and development center at its complex in Arizona, growing the company’s total investment at the site to $165 billion.

“The most powerful AI chips in the world will be made right here in America,” Trump said at a televised press conference. “It’s a matter of economic security, it’s also a matter of national security,” he added. 

TSMC is the world’s largest semiconductor manufacturer, and expanding its U.S. production aligns with the Trump administration’s stated goal of ensuring AI chips are designed and manufactured domestically. Trump reiterated Monday plans to announce tariffs of 25% or more on semiconductors and other imports on April 2. Tariffs on goods from Canada and Mexico will begin Tuesday, Trump said.

The first factory at TSMC’s Arizona complex began production in the fourth quarter of 2024 and was recently in talks to produce Nvidia (NVDA) Blackwell chips. Two plants currently under construction are expected to begin production in 2028 and “by the end of the decade,” according to the company’s website.

The complex was awarded $6.6 billion in federal funding in 2024 through the CHIPS and Science Act, a 2022 piece of legislation supported by then-President Biden that earmarked over $50 billion for investment in semiconductor research and manufacturing facilities in the U.S.

U.S.-listed shares of TSMC fell 4% Monday as Nvidia and other AI and chip stocks lost ground amid concerns about policies on tariffs and chip export curbs.

Updated on March 3rd, 2025 by Bob Ciura

Investors looking to generate higher income levels from their investment portfolios should look at Real Estate Investment Trusts or REITs.

These are companies that own real estate properties and lease them to tenants, or invest in real estate backed loans, both of which generate a steady stream of income.

The bulk of their income is then passed on to shareholders through dividends.

You can see all 200+ REITs here.

You can download our full list of REITs, along with important metrics such as dividend yields and market capitalizations, by clicking on the link below:

 

The beauty of REITs for income investors is that they are required to distribute 90% of their taxable income to shareholders annually in the form of dividends. In return, REITs typically do not pay corporate taxes.

As a result, many of the 200+ REITs we track offer high dividend yields of 5%+.

But not all high-yielding stocks are automatic buys. Investors should carefully assess the fundamentals to ensure that high yields are sustainable.

Note that while the securities in this article have very high yields, a high yield alone does not make for a solid investment. Dividend safety, valuation, management, balance sheet health, and growth are also very important factors.

We urge investors to use the analysis below as informative but to do significant due diligence before buying into any security – especially high-yield securities.

Many (but not all) high-yield securities have a significant risk of a dividend reduction and/or deteriorating business results.

Table of Contents

You can instantly jump to any specific section of the article by using the links below:

High-Yield REIT No. 10: Community Healthcare Trust (CHCT)

Community Healthcare Trust is an REIT which owns income-producing real estate properties linked to the healthcare sector, such as physician offices, specialty centers, behavioral facilities, inpatient rehabilitation facilities, and medical office buildings.

The trust has investments in 197 properties in 35 states, totaling 4.4 million square feet.

Source: Investor Presentation

On February 18th, 2025, Community Healthcare Trust reported fourth quarter results for the period ending December 31st, 2024.

Funds from operations (FFO) per share dipped 16% to $0.48 from $0.57 in the prior year quarter. Adjusted FFO per share, however, declined by 10% to $0.55.

During the quarter, Community Healthcare acquired three properties for $8.2 million. These properties were 100% leased with lease expirations through 2029.

The trust also has seven properties under definitive purchase agreements, with a combined purchase price of roughly $170 million, expected to close from 2025 through 2027.

Click here to download our most recent Sure Analysis report on CHCT (preview of page 1 of 3 shown below):

High-Yield REIT No. 9: Chimera Investment Corp. (CIM)

Chimera Investment Corporation is a real estate investment trust (REIT) that is a specialty finance company. The company’s primary business is in investing through subsidiaries in a diversified portfolio of mortgage assets, including residential mortgage loans, Non-Agency RMBS, Agency CMBS, and other real estate related securities.

Chimera’s income is predominantly obtained by the difference between the income the company earns on its assets and financing and hedging costs.

The company funds the purchase of assets through several funding sources: asset securitization, repurchase agreements (repo), warehouse lines, and equity capital.

On May 21st, 2024, Chimera executed a 1-for-3 reverse stock split due to its depressed stock price, which resulted from the impact of high interest rates. This was a negative development.

In mid-February, Chimera released (2/12/25) results for the fourth quarter of fiscal 2024. Its core earnings-per-share edged up sequentially, from $0.36 to $0.37, thanks to lower provisions for credit losses. Chimera missed the analysts’ consensus by $0.01.

Click here to download our most recent Sure Analysis report on CIM (preview of page 1 of 3 shown below):

High-Yield REIT No. 8: Innovative Industrial Properties (IIPR)

Innovative Industrial Properties, Inc. is a single-use “specialty REIT” that exclusively focuses on owning properties used for the cultivation and production of cannabis.

As of the end of 2024, IIPR had 109 properties, with a weighted average lease length of 13.7 years. Approximately 92% of IIPR’s properties are industrial, with retail comprising 2% and blended properties the remaining 6%.

Source: Investor Presentation

On February 19th, 2025, IIPR released its Q4 and full-year results for the period ending December 31st, 2024. For the quarter, revenues and normalized AFFO/share were $76.7 million and $2.22, down 3% and 2.6% year-over-year, respectively.

The decline in revenues was due to lost rent and fees from properties repossessed or sold since 2023, lease amendments that adjusted and deferred rent on certain properties, and (iii) partial rent payments from some tenants, along with reclassified sales-type leases starting January 2024.

These factors were offset by $3.9 million from a disposition-contingent lease termination fee, revenue from new acquisitions, and contractual rent escalations.

Click here to download our most recent Sure Analysis report on IIPR (preview of page 1 of 3 shown below):

High-Yield REIT No. 7: Pennymac Mortgage Investment Trust (PMT)

PennyMac Mortgage Investment Trust invests in residential mortgage loans and mortgage-related assets. PMT has three segments: credit sensitive strategies, interest rate sensitive strategies and correspondent production.

PennyMac Mortgage began its operations in 2009 with $324 million of assets, which has grown to $13.1 billion as of September 30th, 2024. PMT is externally managed by PNMAC Capital Management, which itself is a wholly owned subsidiary of PennyMac Financial Services (PFSI).

PennyMac Mortgage Investment Trust reported fourth quarter 2024 results on January 30th, 2025, for the period ending December 31st, 2024. PMT reported net investment income of $107.9 million, which was a 27% jump from NII of $84.8 million in the prior year quarter.

The trust generated $0.41 per share profit in the quarter, which was a 7% decrease from the year-ago quarter.

The book value per share increased from $15.85 on September 30th, 2024 to $15.87 on December 31st, 2024. In the fourth quarter, the company added $60 million in new mortgage servicing rights (MSRs).

Click here to download our most recent Sure Analysis report on PMT (preview of page 1 of 3 shown below):

High-Yield REIT No. 6: AGNC Investment Corp. (AGNC)

American Capital Agency Corp is a mortgage real estate investment trust that invests primarily in agency mortgage–backed securities (or MBS) on a leveraged basis.

The firm’s asset portfolio is comprised of residential mortgage pass–through securities, collateralized mortgage obligations (or CMO), and non–agency MBS. Many of these are guaranteed by government–sponsored enterprises.

AGNC Investment Corp. reported strong financial results for the third quarter ended September 30, 2024. The company achieved a comprehensive income of $0.63 per common share, driven by a net income of $0.39 and other comprehensive income of $0.24 from marked-to-market investments.

Net spread and dollar roll income contributed $0.43 per share.

Click here to download our most recent Sure Analysis report on AGNC Investment Corp (AGNC) (preview of page 1 of 3 shown below):

High-Yield REIT No. 5: Arbor Realty Trust (ABR)

Arbor Realty Trust is a nationwide mortgage real estate investment trust (REIT) that acts as a direct lender and operates in two reporting segments: Agency Business and Structured Business. The trust provides loan origination and servicing for multifamily, seniors housing, healthcare, and other diverse commercial real estate assets.

Arbor Realty’s specific focus is government-sponsored enterprise products, although its platform also includes commercial mortgage backed securities (CMBS), bridge and mezzanine loans, and preferred equity issuances.

Arbor Realty Trust, Inc. (ABR) reported third-quarter 2024 results with net income of $0.31 per diluted common share, matching expectations, and distributable earnings of $0.43 per share. Revenue reached $88.81 million, a 17.23% year-over-year decrease but still beating estimates by $3.10 million.

The company declared a cash dividend of $0.43 per share and announced agency loan originations totaling $1.1 billion, supporting a $33.01 billion servicing portfolio, which grew 10% year-over-year. Structured loan originations reached $258.5 million, contributing to a $11.57 billion portfolio.

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High-Yield REIT No. 4: Dynex Capital (DX)

Dynex Capital invests in mortgage–backed securities (MBS) on a leveraged basis in the United States. It invests in agency and non–agency MBS consisting of residential MBS, commercial MBS (CMBS), and CMBS interest–only securities.

Source: Investor Presentation

Dynex Capital released its fourth-quarter 2024 financial results, with book value ending the quarter at $12.70 per share and an economic return of 7.4% for the year.

Leverage increased slightly to 7.9x as the company deployed capital into higher-yielding agency RMBS, particularly 30-year 4.5%, 5%, and 5.5% coupons.

The shift from treasury futures to interest rate swaps was a key strategy, enhancing portfolio returns by 200 to 300 basis points and improving net interest spread.

Click here to download our most recent Sure Analysis report on DX (preview of page 1 of 3 shown below):

High-Yield REIT No. 3: Ellington Credit Co. (EARN)

Ellington Credit Co. acquires, invests in, and manages residential mortgage and real estate related assets. Ellington focuses primarily on residential mortgage-backed securities, specifically those backed by a U.S. Government agency or U.S. government–sponsored enterprise.

Agency MBS are created and backed by government agencies or enterprises, while non-agency MBS are not guaranteed by the government.

Source: Investor Presentation

On November 12th, 2024, Ellington Residential reported its third quarter results for the period ending September 30th, 2024. The company generated net income of $5.4 million, or $0.21 per share.

Ellington achieved adjusted distributable earnings of $7.2 million in the quarter, leading to adjusted earnings of $0.28 per share, which covered the dividend paid in the period. Ellington’s net interest margin was 5.22% overall.

Click here to download our most recent Sure Analysis report on EARN (preview of page 1 of 3 shown below):

High-Yield REIT No. 2: ARMOUR Residential REIT (ARR)

ARMOUR Residential invests in residential mortgage-backed securities that include U.S. Government-sponsored entities (GSE) such as Fannie Mae and Freddie Mac.

It also includes Ginnie Mae, the Government National Mortgage Administration’s issued or guaranteed securities backed by fixed-rate, hybrid adjustable-rate, and adjustable-rate home loans.

Unsecured notes and bonds issued by the GSE and the US Treasury, money market instruments, and non-GSE or government agency-backed securities are examples of other types of investments.

Source: Investor presentation

On October 23, 2024, ARMOUR Residential REIT announced its unaudited third-quarter 2024 financial results, reporting a GAAP net income available to common stockholders of $62.9 million, or $1.21 per common share. The company generated a net interest income of $1.8 million and distributable earnings of $52.0 million, equivalent to $1.00 per common share.

ARMOUR achieved an average interest income of 4.89% on interest-earning assets and an interest cost of 5.51% on average interest-bearing liabilities. The economic net interest spread stood at 2.00%, calculated from an economic interest income of 4.44% minus an economic interest expense of 2.44%.

During the quarter, ARMOUR raised $129.4 million by issuing 6,413,735 shares of common stock through an at-the-market offering program and paid common stock dividends of $0.72 per share for Q3.

Click here to download our most recent Sure Analysis report on ARMOUR Residential REIT Inc (ARR) (preview of page 1 of 3 shown below):

High-Yield REIT No. 1: Orchid Island Capital Inc (ORC)

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.

Source: Investor Presentation

The company reported a net income of $17.3 million, or $0.24 per common share, significantly improving from a net loss of $80.1 million in the same quarter last year. This net income comprised $0.3 million in net interest income and $4.3 million in total expenses.

Additionally, Orchid recorded net realized and unrealized gains of $21.2 million, or $0.29 per common share, from Residential Mortgage-Backed Securities (RMBS) and derivative instruments, including interest rate swaps.

Click here to download our most recent Sure Analysis report on Orchid Island Capital, Inc. (ORC) (preview of page 1 of 3 shown below):

Final Thoughts

REITs have significant appeal for income investors due to their high yields. These 10 extremely high-yielding REITs are especially attractive on the surface, although investors should be aware that abnormally high yields are often accompanied by elevated risks.

If you are interested in finding high-quality dividend growth stocks and/or other high-yield securities and income securities, the following Sure Dividend resources will be useful:

High-Yield Individual Security Research

Other Sure Dividend Resources

After nearly two years of lackluster production, the U.S. factory sector’s efforts to mount a comeback slowed in February, with a closely-watched industry survey showing that tariff worries were making manufacturers nervous.

The Institute of Supply Management’s manufacturing Purchasing Managers Index (PMI) survey showed that the factory sector expanded in February with a 50.3% reading. It’s the second month in a row the index has registered above 50, indicating an expanding manufacturing sector, after 26 straight months of contraction. 

However, the February survey reading was down from the month before and came lower than economists surveyed by The Wall Street Journal and Dow Jones Newswires expected.

The report weighed on market sentiment Monday as investors have grown increasingly concerned about the health of the economy and the impact of policies being pursued by the Trump administration.

Tariffs Spur Concerns About Inflation

Selected commentary from the factory managers answering the survey pointed to worries over President Donald Trump’s tariff policy, which includes 25% levies on Canada and Mexico set to go into effect tomorrow. 

“New orders plunged into contraction in February as tariff uncertainty caused many downstream consumers to take a wait-and-see approach to expenses in 2025,” wrote Nationwide Senior Economist Ben Ayers.

The potential impact of the tariffs was already causing some real price increases for manufacturers, as the prices paid index rose by 7.5 percentage points to hit 62.4% in February.

“Prices growth accelerated due to tariffs, causing new order placement backlogs, supplier delivery stoppages and manufacturing inventory impacts,” said Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee.

Kroger (KR) shares are falling more than 1% Monday morning after the grocery chain said that CEO and Chairman Rodney McMullen has resigned after a probe on his personal conduct.

McMullen is stepping down “following a Board investigation of his personal conduct that, while unrelated to the business, was inconsistent with Kroger’s Policy on Business Ethics,” the company said. 

Kroger said it “was made aware of certain personal conduct by Mr. McMullen” on Feb. 21 “and immediately retained outside independent counsel to conduct an investigation.” Kroger also said McMullen’s conduct wasn’t related to its “financial performance, operations or reporting, and it did not involve any Kroger associates.” 

Kroger declined to comment further Monday.

Lead Director Ronald Sargent was appointed board chair and interim CEO, according to a news release.

McMullen joined Kroger in 1978 as a part-time stock clerk in Lexington, Kentucky, according to his biography on the Kroger website, and became CEO in 2014.

Several CEOs in recent years have lost their jobs for personal relationships or other issues that ran afoul of company policies. According to outplacement firm Challenger, Gray & Christmas, seven CEOs left due to allegations of misconduct in 2024 through October last year.

Shares of Kroger, which is scheduled to report earnings Thursday, are up about 30% in the past 12 months.

Intel (INTC) said it plans to push back the opening of two chipmaking facilities currently under construction in Ohio. 

The beleaguered chipmaker now expects the two plants on its Ohio One campus to finish construction in 2030 and 2031, Intel Chief Global Operations Officer Naga Chandrasekaran said in an open letter to employees Friday. A year ago, the company said its goal was to finish construction on the $28 billion project in 2026—already a delay from its original target of 2025. Intel broke ground on the project in 2022.

“As we continue to invest across our U.S. sites, it’s important that we align the start of production of our fabs with the needs of our business and broader market demand,” Chandrasekaran said. Construction could be accelerated in the future “if customer demand warrants,” he added. 

The delay comes as Intel’s struggling foundry business has been the subject of acquisition speculation. TSMC (TSM), the world’s largest chip manufacturer, has reportedly considered taking over some or all of Intel’s chip plants as part of an investor consortium or another structure. Separately, Broadcom (AVGO) has also reportedly looked into buying Intel’s chip-design and marketing business. 

Shares of Intel were little changed in extended trading Friday after climbing close to 3% in the regular session. They’ve lost close to half their value over the past 12 months.

Marco Rubio, President Donald Trump’s secretary of state, was the first member of the new cabinet to be confirmed. For years a senator from Florida, he differs from some members of Trump’s inner circle on financial terms: He’s not exactly one of the ultra-rich.

Neither a tech entrepreneur nor a titan of finance, Rubio’s money has come mostly from his government salary, his home and book royalties. (For examples of some of Trump’s wealthier advisers, here’s our coverage of the fortunes of Elon Musk, Howard Lutnick, and Robert F. Kennedy Jr.)

Rubio served as a U.S. senator from 2011 to 2025, and was a member of the Florida House of Representatives before that. He ran unsuccessfully for the Republican presidential nomination in 2016.

He has an estimated net worth of more than $1 million, according to Forbes. Here’s how Rubio got there.

Senate and Secretary of State Salaries

Rubio earned an estimated $174,000 annually in his years as a U.S. senator from 2011 to 2025. In his latest role secretary of state, Rubio will earn more than $200,000 each year, according to Forbes.

Rubio’s most recent financial disclosure, from August 2024, shows stock in Coca-Cola (KO) and Cisco Systems (CSCO) valued at between $1,001 and $15,000 each. Both assets were divested after the report was filed, according to endnotes on the disclosure.

Book Royalties

Rubio has written several books, incluidng “An American Son,” “American Dreams,” and “Decades of Decadence.” He earned an $800,000 book advance in 2012 for “An American Son,” per Forbes.

He earned $102,500 in royalties from Penguin Random House for “American Dreams,” according to the secretary of state’s financial disclosures.

Rubio also earned more than $100,000 from sales of his most recent book, “Decades of Decadence,” which came out in 2023, according to an estimate by Forbes. Rubio’s 2024 disclosure shows he earned up to $50,000 in royalties for “Decadence.”

Real Estate

Rubio bought a property in Miami in 2021 for just under $1 million. It is now valued at about $1.75 million, according to an estimate by Forbes.

Home buyers are less interested in “sweat equity” and “good bones” than a quick move-in, according to recent research.

At least this is what Zillow says its search trends suggest, according to a new report. Real estate marketplace company Zillow in a recent report said their analysis of search trends suggests that buyers are willing to pay nearly 4% more than expected, or about $13,000, for a home that is already remodeled.

Remodeled listings are saved 26% more than homes that are not remodeled, Zillow said, while turnkey homes are shared with a home shopping partner 30% more often than similar homes that aren’t remodeled—indications that those shoppers are more serious about buying.

This hasn’t always been the case, according to Zillow. A year earlier, the company said, the term “remodeled” contributed to a sale price premium of less than 1%. And before the pandemic, Zillow said, listings mentioning terms like “fixer,” “TLC” “needs work” or “good bones” were more likely to sell than those without those terms.

Fixer-upper opportunities can attract buyers looking to spend less money up front or eager to personalize a home. But others may prefer to forego the additional cost, effort and time to complete the work. Some market watchers say Americans who have been avoiding home renovations because of inflation and interest rates may soon decide they can’t put them off much longer. Indeed home-improvement retailers have been waiting for them to restart spending on big-ticket projects.

Homebuyers’ preferences may be influencing home prices, too. Fixer-uppers are now selling for 7% less than other similar homes—the largest discount in three years, according to Zillow.

“Buyers who are already stretching their budget to afford a home in today’s market may not be willing or able to spend more on renovations or repairs. A remodeled home may come with a higher price tag, but a buyer would get to spread that additional cost over the course of a 30-year mortgage versus paying cash upfront to make similar upgrades themselves,” said Amanda Pendleton, ZIllow’s home trend expert.  

Thousands of Americans carrying student loan debt are turning to their communities for help footing the bills. In many cases, those communities are showing up.

Nearly 40,000 individuals and organizations got help funding tuition costs and loan repayment expenses from GoFundMe fundraisers in 2024, according to the crowdfunding platform. While many fundraisers were started by the people with the need themselves, according to GoFundMe, others were launched by parent-teacher organizations, sports teams, clubs or other groups.

One fundraiser was started by a friend of a Santa Fe nursing student and single mom of two who said she maxed out on her Pell Grant and opportunity scholarship during her last semester. “I am reaching out in the hopes that my community, who knows how hard I have worked and how far I have come, may be able to help me in this time of need,” she wrote.

The campaigns come as federal student loan borrowers face rising tuition costs and unexpected lawsuits challenging repayment plans.

“Everyone is in school in order to accomplish something professionally, and people are inspired to support those dreams and [to help people avoid] being burdened or prevented from [accomplishing] those dreams because of their debt,” said Margaret Richardson, chief corporate affairs officer at GoFundMe. “There is a real innate human desire to show up for people in those moments.”

Why Are Borrowers Reaching Out For Help?

There are 42.7 million federal student loan borrowers who have debt totaling almost $1.64 trillion, according to Federal Student Aid.

Among those borrowers, surveys indicate, are people who worry that their educations might not pay off: More than two-thirds of student loan borrowers said their education wasn’t worth the burden they now feel from their debt, according to a survey conducted by The Harris Poll on behalf of childcare and education provider Bright Horizons.

Student loans have typically been considered “good debt” that offers a return on the investment due to the higher incomes that a college degree can provide. However, as tuition costs have increased over the years, more borrowers have been wary of student loan debt and turned to donation platforms to receive help with tuition, Richardson said.

Many borrowers also asked for tuition support because an outside circumstance, such as the loss of a job or a car accident, made it harder to pay back the debt, according to GoFundMe.

“While I hate asking for things, I know I’m too close to finishing this journey to give up now,”one student at the Berklee College of Music wrote. “Thus, I’m putting aside my pride and asking for help from anyone who feels it in their heart to give.”

Many borrowers have faced uncertainty with their repayment plans. Many federal student loan borrowers were pushed into forbearance, which made it impossible to work toward loan forgiveness after President Joe Biden’s Saving on a Valuable Education repayment plan and greater student loan forgiveness were struck down by federal courts.

“To be able to share this need, in some cases, an unexpected need with their community is something that is a real gift for people,” Richardson said. “To be able to say, ‘I need help,’ and for their community to show up for them, and be able to say, ‘We’ve got your back’.”