Every now and then I come across an investment that yields a solid return and has very little media hype. I found a smallcap dividend play about a year ago with a very healthy yield. The company is called Hatteras Financial Corp (HTS). Hatteras Financial is a real estate investment trust (REIT) that invests in mortgage backed securities that are guaranteed by the US government or a governmental agency. The company does have some risk as some of its securities are backed by Fannie Mae and Freddie Mac. The main risk in investing in Hatteras is that the US government defaults on its obligations. Hatteras offers little in price appreciation as the stocks has fluctuated between 15 and 25 for the past year. The dividend has been solid over the past year currently yielding almost 17%. Normally high yields such as this concern me but the company was able to pay out a double digit yield over the previous 12 months. The company does have a short dividend payment history but if the past year is any indication of the future; Hatteras may be a promising dividend play.