In the latest of a series of dividend cuts in the REIT space, Apollo Residential Mortgage (NYSE:AMTG) has reduced its common stock distribution. The company declared a disbursement of $0.40 per share for its Q3, to be handed out on Oct. 31 to holders of record as of Sept. 30. That amount is $0.30, or 43%, below each of the firm's three preceding payouts of $0.70 apiece, the most recent of which was dispensed at the end of July.

The REIT also declared a dividend on its series A preferred stock of $0.50 per share, with the same payment and record dates as those of the common shares.

The just-declared common stock dividend annualizes to $1.60 per share. That yields 10.3% at Apollo Residential Mortgage's most recent closing stock price of $15.60.

Fool contributor Eric Volkman has no position in Apollo Residential Mortgage. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.