This study examines the characteristics of companies that are valued and described as small-cap, micro-cap, and nano-cap stocks.  Over the latest twelve months, there were 465 (of 1187) small-cap, 277 (of 1072) micro-cap and 82 (of 3,195) nano-cap companies in the U.S. which paid dividends.  However, of these same companies, 584 small-cap, 430 micro-cap and 371 nano-cap companies paid dividends at some point in their history.  We examine the characteristics of companies in these market classes and compare dividend payout policies with popular dividend theories, such as life cycle, signaling, clientele effect, location, and residual theories. Additionally, we look at other distribution events of these companies, such as stock splits, stock dividends and share repurchases.