Two Harbors Investment (NYSE:TWO) is hauling a fresh dividend payment onto the dock. The real estate investment trust has declared a common stock distribution of $0.28 per share for its Q3, to be paid on Oct. 23 to shareholders of record as of Sept. 26. That amount is $0.03 lower than the firm's previous payout of $0.31 dispensed in July. Before that, Two Harbors paid $0.32.

The REIT's dividend can vary quite a bit from quarter to quarter. Since January 2012, its distribution has ranged from the present level to $0.55 per share.  

The just-declared dividend annualizes to $1.12 per share. That yields 11.5% at Two Harbors' current stock price of $9.72.

Fool contributor Eric Volkman has no position in Two Harbors Investment. 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.