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Mortgage real estate investment trusts (REITs) AGNC Investment Corp. and Annaly Capital Management top the list, offering dividend yields of 16.65% and 16.46%, respectively. Both companies have market capitalisations exceeding $10 billion, at $10.9 billion and $14.4 billion.
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Their five-year dividend growth and share-price performance, however, differ from their high yields. AGNC has recorded no dividend growth over the past five years, while Annaly has reported negative annual dividend growth of 3.80%. Their five-year share-price returns stand at -45.90% and -46.38%, respectively.
Both companies have payout ratios below 80%, at 77% for AGNC and 75.83% for Annaly, based on earnings per share (EPS).
BDCs account for three of the 10 high-yielding stocks
Business Development Companies (BDCs) account for three companies in the list, with dividend yields ranging from 7.93% to 12.13%.Blue Owl Capital Corporation leads the segment with a dividend yield of 12.13% and a market capitalisation of $5.1 billion. Its annual dividend growth over five years stands at 0.90%, while its five-year share-price return is -27.65%. Its payout ratio is 240.58% of EPS.
Ares Capital Corporation, with a market capitalisation of $13.8 billion, offers a dividend yield of 10.05%. Its annual dividend growth over five years stands at 3.70%, while its share price has declined 9.13% over the period. Its payout ratio is 138% of EPS.
Main Street Capital offers a dividend yield of 7.93% and has a market capitalisation of $5.2 billion. It has recorded annual dividend growth of 11.50% over five years and delivered a positive share-price return of 26.16%. Its payout ratio stands at 81.52% of EPS. The dividend yield includes supplemental dividends.
Blue Owl Capital leads on five-year dividend growth
Blue Owl Capital Inc., classified as an asset manager, offers a dividend yield of 8.91% and has a market capitalisation of $16.1 billion.
Its annual dividend growth over five years stands at 21.80%, the second-highest among the 10 companies. However, the company has a payout ratio of 744% of EPS and a negative five-year share-price return of 40.08%.
Its historical performance figures are measured from its listing in 2021.
REITs offer dividend yields of up to 8.41%
Real estate companies also feature prominently among the high-yielding stocks, with Gaming and Leisure Properties and VICI Properties offering dividend yields of 8.41% and 7.52%, respectively.
Gaming and Leisure Properties has a market capitalisation of $11.3 billion and a payout ratio of 93% of EPS. Its annual dividend growth over five years stands at 4.10%, while its five-year share-price return is -21.11%.
VICI Properties, one of the largest companies in the list, has a market capitalisation of $26.9 billion. Its dividend yield stands at 7.52%, while its payout ratio of 69% is the lowest among the 10 companies.
The company has recorded annual dividend growth of 6.40% over five years, although its share price has declined 17.67% over the same period.
Western Midstream leads on dividend growth and share-price returns
Western Midstream Partners, the only energy-sector company apart from MPLX LP in the list, offers a dividend yield of 8.02% and has a market capitalisation of $19.2 billion.
Structured as a Master Limited Partnership (MLP), the company has recorded annual dividend growth of 24% over five years, the highest among the 10 companies. It has also delivered a positive five-year share-price return of 113.19%, making it the strongest performer on this measure.
Its payout ratio stands at 116% of EPS.
MPLX LP records a five-year price return of 94.57%
MPLX LP, another energy-sector company structured as an MLP, offers a dividend yield of 7.16% and has a market capitalisation of $61 billion.
Its annual dividend growth over five years stands at 9.40%, while its five-year share-price return is 94.57%, the second-highest among the 10 companies.
The company’s payout ratio is 75.30% of distributable cash flow, based on Q2 2026 data.
High dividend yields have not translated into positive share-price returns for most stocks
Despite offering relatively high dividend yields, most companies in the list have recorded negative share-price returns over the past five years.
Only three of the 10 companies — Western Midstream Partners, MPLX LP and Main Street Capital — have delivered positive returns during the period. Western Midstream Partners leads with a return of 113.19%, followed by MPLX LP at 94.57% and Main Street Capital at 26.16%.
The remaining seven companies have recorded negative share-price returns, with Annaly Capital Management posting the steepest decline of 46.38%, followed by AGNC Investment at 45.90%.
Dividend growth also varies significantly. Western Midstream Partners leads with annual growth of 24%, followed by Blue Owl Capital Inc. at 21.80%. At the other end, AGNC Investment has reported no dividend growth, while Annaly Capital Management has recorded negative annual growth of 3.80%.
Payout ratios offer another point of distinction. Blue Owl Capital Inc. has the highest payout ratio at 744% of EPS, while VICI Properties has the lowest at 69%. Blue Owl Capital Corporation and Ares Capital Corporation also have payout ratios exceeding 100%, at 240.58% and 138%, respectively.
MPLX LP’s payout ratio stands at 75.30% of distributable cash flow, based on Q2 2026 data, rather than EPS.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
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