Three high-dividend stocks stand out:

$ARCC → around 10% yield
$ET → around 7% yield
$STWD → 11%+ yield
But the issue here isn't just the dividend rate.
The real question is:

“Is this high dividend truly an opportunity, or is the market pricing in risk?”

My ranking is clear:

$ARCC

Ares Capital is one of the largest private equity firms in the US. This means it lends to mid-sized companies and operates in the private lending market.

Therefore, it has high interest income and distributes a significant portion of its earnings as dividends to investors.

In my opinion, it's the most balanced candidate among the three.

Where is the risk?

If the economy slows down or credit quality deteriorates, the risk of default in the portfolio may increase. But $ARCC has long maintained dividend discipline and is a strong player in the private lending sector.

$ET

Energy Transfer is an energy infrastructure company.

It operates in pipelines, natural gas, LNG, storage, and midstream energy infrastructure.

In my opinion, the story here isn't just about dividends.

In the US, energy demand, LNG exports, and the increasing electricity/natural gas needs of data centers make infrastructure companies like $ET more interesting.

Cash flow is strong, but there's an important detail:

$ET is an MLP (Maximum Livestock) structure. Therefore, the tax side may not be like a classic stock. This is particularly important for non-US investors.

$STWD

Starwood Property Trust is a mortgage REIT (Real Estate Investment Trust).

That is, it primarily operates in commercial real estate loans, mortgage investments, and real estate financing.

It has the highest dividend yield.

But I think it also has the highest risk.

Because there is still pressure on the commercial real estate sector. The office market, high interest rates, and refinancing risk directly affect these types of companies.

$STWD has maintained its dividend for a long time, but the fact that earnings in the last quarter did not fully cover the dividend is a point to watch out for in my view.

I would look at this trio as follows:

$ARCC = private loan income
$ET = energy infrastructure + cash flow
$STWD = high yield + commercial real estate risk

My priority order:

$ARCC
$ET
$STWD

High dividends are not always an opportunity.

Sometimes it's genuinely strong cash flow.
And sometimes it's the market's way of saying "there's risk here."
That's why you need to look not just at the yield rate, but at the business model behind the dividend. This is not investment advice.