5 Preferred Shares Paying Over 9% That We’re Buying in 2025

Want expert insights on REITs and BDCs? Join Colorado Wealth Management Fund’s email list—widely regarded as the top REIT analyst on Seeking Alpha. Stay ahead of the market with exclusive updates! [Sign Up Now]

If you’re an income investor in 2025, here’s the good news: you don’t need to gamble on some meme stock, bet on (TSLA) options, or chase (NVDA) at 40x earnings just to lock in over 9% yields. You don’t even have to hope (AAPL) or (MSFT) invent a dividend growth time machine.

Right now, several high‑quality preferred shares, from issuers we’ve followed for years, are paying north of 9%. And unlike certain high‑flyers in the S&P 500, these don’t require perfect timing or a tolerance for 40% drawdowns.

The catch? Pick the wrong one and your “safe” high‑yield play could drop faster than (META) ’s stock during a privacy scandal. That’s why we’re focused on a small, vetted list we believe can deliver serious income without the drama.

Annaly Capital Management – Series F Preferred

The Series F preferred from Annaly Capital Management (NLY-F) is a fixed‑to‑floating issue that’s been paying out like clockwork. At today’s prices, the stripped yield runs well over 9%.

Annaly (NLY) is one of the largest mortgage REITs in the market. They don’t need (AMZN)‑like growth rates to make this work - they just need to keep doing what they’ve been doing for decades: manage risk, hedge rates, and pay preferred dividends.

Annaly Capital Management – Series I Preferred

The Series I preferred (NLY-I) is similar to NLY-F but with a slightly different floating‑rate reset date. We like owning both so we can stagger the floating transitions - it’s like dividend laddering without the bond headaches.

With current stripped yields over 9%, it’s a great way to diversify preferred holdings without reinventing your entire portfolio. Think of it as owning two (NFLX) subscriptions - one for the originals, one for the comfort shows.

AGNC Investment Corp. – Series O Preferred

AGNC Investment Corp.’s Series O (AGNCO) is one of the most reliable workhorses in the preferred share space. Fixed‑to‑floating structure, strong call protection, stripped yield over 9% - check, check, and check.

AGNC (AGNC) isn’t promising (GOOG)‑like innovation. They’re promising to keep generating cash and paying preferred dividends, and they’ve been doing exactly that.

AGNC Investment Corp. – Series N Preferred

The Series N (AGNCN) mirrors AGNCO in quality but has different timing for its floating switch. That makes it a smart pairing with AGNCO - because interest rates have a bad habit of moving when you least expect it.

With a stripped yield north of 9%, this is another one that lets you sleep well - without refreshing your TSLA ticker 14 times a day.

Dynex Capital – Series C Preferred

Dynex Capital’s Series C (DXC) is the smallest name on our list, but size isn’t everything - at least in preferred shares. Dynex (DX) runs a conservative shop, and the Series C offers over 9% yield with reasonable call protection.

It’s less liquid than the Annaly or AGNC issues, so keep those limit orders ready. This is the preferred share equivalent of finding a quiet, under‑the‑radar META group that actually posts quality content.

Why You Can Lock in Over 9% Now

We’re in a rare income window. Elevated short‑term interest rates plus modest preferred share prices have combined to create genuine 9%+ stripped yields from reputable issuers.

No, it’s not going to triple like NVDA did in 2023. But that’s the point - it’s income you can count on without having to explain to your spouse why your “safe” investment is down 40%.

The Bottom Line

In 2025, income investors can still find high‑yield preferred shares that don’t require a crystal ball. NLY-F, NLY-I, AGNCO, AGNCN, and DX-C are all in our coverage list because they pass our screens for quality, yield, and risk management.

We track these - and dozens more - daily inside The REIT Forum, complete with stripped yield updates, buy/sell targets, and trade alerts. If you want to see the full list, plus the ones we think you should avoid, you’ll find it there.

Join The REIT Forum by Colorado Wealth Management Fund, trusted by over 60,000 investors for expert analysis on REITs, BDCs, and preferred shares. 

This article was compiled by my assistant. If there are any mistakes, blame him - I certainly will.

Disclosure: I currently have a position in O . I may frequently trade in the preferred shares of any mortgage REIT and occasionally in the common shares.