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TM Editor's Note: This article discusses one or more penny stocks and/or microcaps. Such stocks are easily manipulated; do your own careful due diligence.

Monthly dividend stocks have instant appeal for many income investors. Stocks that pay their dividends each month offer more frequent payouts than traditional quarterly or semi-annual dividend payers. Most monthly dividend stocks are Real Estate Investment Trusts, or REITs.

However, there are plenty of monthly dividend stocks that are not REITs. Other types of securities include common stocks, Business Development Companies, or Master Limited Partnerships.

Therefore, this article will discuss 3 top non-REIT monthly dividend stocks.

Trinity Capital (TRIN)
 

Trinity Capital is an internally managed BDC specializing on providing secured debt financing to venture-backed growth companies, mainly in the technology and life sciences ecosystems. As of its latest quarterly filings, it has investments in 97 portfolio companies, with the portfolio weighted toward Finance & Insurance (~15.8%), SaaS (~10.3%), Healthcare Services (~10.1%), Medical Devices (~9.9%), and Space Technology (~8.6%), among other industries. Investment-type wise, the portfolio consisted of 76.6% loans, 14.5% equipment financings, and 8.9% equity and warrants. Last year, the BDC generated $226.8 million in total interest and dividend income.

On November 5th, 2025, Trinity Capital reported its Q3 results for the period ending September 30th, 2025. Investment income increased 22.3% year over year to $75.6 million, driven by strong origination activity and continued demand across the company’s direct lending and equipment financing platforms. The net increase in net assets resulting from operations was $27.6 million, or $0.39 per share, reflecting solid portfolio performance despite realized losses tied to select investment exits and conversions. NAV per share rose to $13.31, up 31.9% year-over-year and modestly higher than $13.27 at the end of the prior quarter. This was due to portfolio growth and accretive equity issuance.

Trinity Capital benefits from an internally managed structure and a portfolio centered on senior secured loans, which supports earnings efficiency and contractual income. That said, the company’s public history is short and has not been tested through a full credit cycle. Its focus on venture-backed, growth-stage borrowers introduces inherent volatility, as asset values and performance are closely tied to capital market conditions and investor risk appetite.

Dynacor Group (DNGDF)
 

Dynacor is a Canadian industrial gold processor with core operations in Peru, where it purchases ore from artisanal and small-scale miners and processes it at its wholly owned Veta Dorada plant in Chala. The facility has a nameplate capacity of 430 tonnes per day and is optimized for continuous, high-efficiency throughput.

Dynacor’s model is unique in that it does not engage in exploration or mining, instead operating an extensive ore purchasing network across Peru to source high-grade feedstock. The company operates a strong logistics network for collecting ore, runs its own labs for analysis, and handles gold exports with secure, reliable systems. Dynacor also reinvests in expanding its supply network and enhancing plant capacity, while maintaining a lean cost structure and consistent production flow.

On November 11th, 2025, Dynacor reported its Q3 results. The company posted revenue of $100.5 million, up from $76.2 million last year, a 31.9% increase driven primarily by significantly higher realized gold prices, despite lower gold sales volumes tied to temporary ore supply disruptions earlier in the quarter.

Gold sales totaled 28,764 gold-equivalent ounces, down from 30,651 ounces in Q3 2024. The average selling price rose sharply to $3,494 per ounce, compared to $2,485 last year.

Net income was $5.5 million, slightly below the $5.9 million recorded in Q3 2024. EPS declined to $0.13 from $0.16. Operating margin was 11.7%, down from 13.6% last year, reflecting non-recurring reorganization expenses, higher general and administrative costs associated with international expansion, and lower production volumes.

Saratoga Investment Corp. (SAR)
 

Saratoga Investment Corp is a business development company (BDC) that provides customized debt and equity financing to U.S. middle-market companies, focusing on income generation through predominantly senior credit instruments.

As of November 30th, 2025, the fair value of its investment portfolio was $1,016.0 million, excluding $169.6 million in cash and cash equivalents.

The portfolio composition by fair value was $852.5 million in first-lien term loans (83.9%), $8.1 million in second-lien term loans (0.80%), $16.3 million in unsecured loans (1.60%), $54.9 million in structured finance securities (5.40%), and $84.4 million in common equity (8.3%).

SAR’s holdings span 39 distinct industry classifications, with notable exposures in Healthcare Services (largest single sector) at 9.7% of portfolio fair value, Structured Finance Securities at 7.3%, and Consumer Services at 6.0%.

On January 7th, 2026, Saratoga Investment Corp. reported its fiscal Q3 2026 results for the period ending November 30th, 2025. Total investment income declined 11.8% year over year to $31.6 million, reflecting lower base rates and a smaller average portfolio following elevated repayments over the past year.

Net asset value increased to $413.2 million, or $25.59 per share, representing a 0.7% increase quarter over quarter. Net investment income was $9.8 million, or $0.61 per share, representing a 32% decline from $0.90 per share in the prior year period, due to lower base interest rates and a smaller average earning asset base following elevated repayments over the past 12 months.

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