3 Ultra-High-Yield Dividend Stocks Paying Over 8%

Many investors have put dividend stocks off the table as Treasury yields are still high despite the rate cuts, and they’ve headed even higher. Getting such yields with “no risk” seems too good to pass on, even though they don’t rise in value like dividend stocks do. But there are still dividend stocks with higher yields and acceptable safety levels.

Companies with high payout ratios have dividend yields above 8% and sometimes more. That said, going into the double digits sounds too good to be true, and it often is. 8% to 10% is the highest yield I’d chase, barring any truly “exceptional” businesses.

Here are three to look into:

CrossAmerica Partners LP (CAPL)

CrossAmerica Partners LP (NYSE:CAPL) sells motor fuel and operates convenience stores. It also leases real estate in the motor fuel sector. The stock has had some historical volatility, but it has been very stable recently, and there are no big problems on the horizon yet.

Management has kept the quarterly payout locked at $0.525 per unit since 2018, which means income‑hungry investors have collected uninterrupted cash even while the pandemic roiled energy markets. The units themselves have traded in a tight band near $20 to $25 for most of the 2020s.

Wholesale gross profit fell by only $0.3 million year‑over‑year in Q1 2025 despite softer volumes, which shows how durable the margin structure can be when volumes wobble. At the same time, the partnership has been reshuffling its portfolio by converting dealer sites to company‑operated formats and selling lower‑return properties. This is a strategy that raised the count of company‑run stores by 69 in the past year while trimming rent revenue on the divested assets.

On top of that, CAPL owns or leases the underlying dirt at hundreds of third‑party stations and locks in long‑term triple‑net leases. That structure produces stable rent streams because the fuel operator bears most variable costs. Real estate is also collateral that supports CAPL’s $915 million debt load.

The stock comes with a 9.31% dividend yield. The payout ratio may look high, but you should keep in mind that Master Limited Partnerships like these should instead be judged based on distributable cash flow. In that case, the dividends here are sustainable.

Westlake Chemical Partners LP (WLKP)

Westlake Chemical Partners LP (NYSE:WLKP) turns cheap North American ethane into ethylene and then sells 95% of that output to its investment-grade parent under a cost‑plus contract that locks in a 10‑cent margin per pound. That buyer is highly motivated to keep the kilns hot because ethylene is the backbone of its PVC and derivatives business.

The Ethylene Sales Agreement runs through December 31, 2026, and renews automatically in one‑year increments, so neither party must renegotiate unless something goes terribly wrong. Because Westlake must buy 95% of planned production, WLKP avoids the spot‑market volatility that whipsaws most petrochemical names when a downturn hits.

As such, the partnership has covered its payout every year since the 2014 IPO. It comes with an 8.46% dividend yield, and its bottom line has been remarkably stable in the past few years, that too with fat margins. It has an EBITDA margin above 42%, which is better than almost 98% of companies in the Chemicals industry.

CTO Realty Growth (CTO)

CTO Realty Growth (NYSE:CTO) is a Florida‑based shopping‑center REIT that owns 5.2 million square feet of open‑air retail located mainly in fast-growing states in the South. The stock yields 8.52% and has been quite stable in recent years.

CTO’s portfolio composition is its main competitive edge. Roughly 82% of annual base rent comes from four Sun Belt states that are continuing to grow fast.

That said, this company has a debt problem. It has a market capitalization of $587 million, but the debt load has risen to $620 million as of Q1 2025. I wouldn’t worry too much about the debt since it is being used for investing in retail properties in the Sun Belt states. It recently acquired Ashley Park, which is a 559,000-square-foot lifestyle center in the Atlanta, Georgia metropolitan area, for $79.8 million. The company closed on $330.8 million in investments with a weighted average cash yield of 9.3% last year, so these aren’t bad investments by any means.

CTO stock currently yields 8.52% and also has a 3-year dividend growth rate of 4.5% annually. The top and bottom lines have consistently moved up, and as interest rates come down, the recent debt it has taken on should become less of a problem.

I still placed CTO Realty Growth last in this list, since its acquisitions do come with some dilution. Big recent acquisitions make it less likely that CTO will dilute significantly anytime soon, but that’s still a risk to keep in mind.

Conversely, the company has been putting more and more of its cash flow into dividends. In 2019, cash flow for dividends was at just $2 million. In 2024, that number was $47 million. For 2025, it could be over $56 million to $60 million if the pace continues.

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