3 Ultra-High-Yield Dividend Stocks I’m Still Buying

Some ultra-high yields are better than others because yield by itself tells you almost nothing. Sometimes a stock yields 10% or 15% because the business is in trouble. Other times, the payout comes from a fund structure, a diversified income portfolio, or a real estate vehicle with assets that still produce cash. The trick is to look for coverage, asset quality, and whether management seems to be supporting the payout with real results instead of wishful thinking.

DIV

Dividend 15 Split (TSX: DFN) is the wild card of the group. It is a split-share corporation, so it is not a plain operating business. It holds a portfolio of large Canadian dividend stocks and pays monthly cash to its Class A shareholders. The latest declared monthly Class A distribution was $1.20 annualized, and recent market data put the yield around 16.3% with the shares near $7.40. That is a huge number, which is exactly why this one belongs in the “high risk, high income” bucket rather than the “sleep well forever” bucket.

Still, there is a case for it. The underlying portfolio holds blue-chip Canadian names, and the dividend stock has continued publishing annual results and maintaining the monthly payout into 2026. The fit here is simple: if you want maximum income and understand the structure risk, DF can play a small supporting role in an income portfolio. It is not the safest ultra-high yielder on the board, but it is one I would still consider in limited doses because the cash flow is real and the holdings are not junk.

PGI

PIMCO Global Income Opportunities Fund (TSX: PGI.UN) looks more measured, even if the yield still stands out. This closed-end fund invests in global fixed income and credit, so investors are really buying PIMCO’s bond and income expertise rather than a single company’s operating story. The monthly distribution remains $0.05688 per unit, and recent dividend data put the yield around 9.5%. PIMCO also declared a special year-end reinvested distribution for 2025, which suggests the fund was still generating enough taxable income to pass along extra value.

What I like here is the mix of yield and structure. This is not an all-or-nothing equity bet. It is a global income fund that can benefit if bonds and credit markets stay reasonably healthy in 2026. The risk is that closed-end funds can use leverage and can swing with sentiment, so it is not risk free. But among ultra-high-yield names, PGI.UN looks like one of the more sensible ways to collect a big monthly payout without relying on one fragile operating business.

FCD

Firm Capital Property Trust (TSX: FCD.UN) brings the most straightforward business model of the three. It is a diversified real estate investment trust (REIT) with exposure to retail, industrial, multi-residential, and manufactured home communities, and it pays monthly cash. The current annual distribution is $0.52 per unit, while recent market data puts the yield around 8.6%. That is a very attractive payout for a real estate name that still owns tangible assets and reports net asset value above the current unit price.

The results are not perfect, but they are moving in the right direction. In Q3 2025, adjusted funds from operations (AFFO) per unit was $0.124, the AFFO payout ratio improved to 104% from 106% in Q2, and NAV was $7.83 per unit. That payout ratio is still tighter than I would love, but it is improving, and the units trade at a discount to NAV. That makes FCD.UN look like a more grounded ultra-high-yield pick than many of the market’s flashier income names.

Bottom line

Put the three together and the list makes sense. DFN is the aggressive income booster, PGI.UN is the global bond-and-credit income play, and FCD.UN is the real estate-backed yielder. All together, $7,000 in each can create immense income from these dividend stocks.

They are all high yield, but not in the same way. That is exactly why some ultra-high yields are worth buying and others deserve to be left alone.