分组1: Innovative Industrial Properties (IIPR) - Innovative Industrial Properties focuses on owning marijuana-related industrial properties, primarily grow houses, using a net lease approach where tenants cover most property-level expenses [2] - The company has been a significant source of capital for legal marijuana growers, but is currently facing challenges with tenants struggling to pay rent due to a market shakeout [3] - Innovative Industrial has a strong balance sheet with a debt-to-equity ratio of 0.15, providing room for growth and supporting its dividend [4] - The adjusted funds from operations (FFO) payout ratio was approximately 86% in Q4 2024, which is considered high for a net lease REIT, and is expected to rise to over 90% in 2025 [5][6] - Despite the challenges, the marijuana market is still growing, presenting potential opportunities for Innovative Industrial, although it may be more suitable for aggressive investors [12] 分组2: AGNC Investment (AGNC) - AGNC Investment operates as a mortgage REIT, owning pooled mortgages rather than physical properties, making it subject to complex pricing dynamics influenced by interest rates and the housing market [7] - The stock of AGNC Investment has been volatile, with a declining dividend over the years, although it has provided a positive total return when dividends are reinvested [9] - For income-focused investors, AGNC Investment may not be ideal due to its falling dividend and stock price, which contrasts with the goals of most dividend investors [10] - The complexities of AGNC's dividend yield analysis make it less attractive compared to Innovative Industrial, which has a better dividend track record [13]