There's no time like the present to invest in dividend stocks. Doing so kicks off the process of receiving extra income in the form of dividend payments every quarter (and sometimes every month).

Some dividend stocks stand out more than others. The best ones offer exceptionally high yields along with solid underlying business models. Here are three magnificent dividend stocks to buy in March.

1. Ares Capital

Ares Capital (ARCC -0.14%) enjoys a distinction that no other stock on the market holds. It's the highest-yielding dividend stock owned by Warren Buffett. To be clear, Buffett's Berkshire Hathaway doesn't hold a direct position in Ares. However, the stock is owned by Berkshire subsidiary New England Asset Management.

You won't find many stocks that offer a higher dividend yield than Ares Capital's nearly 9.9%. The company has also paid a dividend for more than 13 years with no reduced payout during the period.

The high dividend yield is the result of Ares Capital's business model. It's a business development company (BDC) that's registered as a regulated investment company. This means that Ares must return at least 90% of its earnings to shareholders to avoid paying federal taxes. 

Ares Capital's solid track record of paying dividends is also due to its business model. The company lends to middle-market businesses, a market that continues to grow significantly. Ares' portfolio is more diversified than most BDCs, which helps lower its risk. While there could be some bumps along the way, the future looks bright for Ares Capital. CEO Kipp deVeer even noted in the company's latest quarterly update that management is "seeing a meaningfully more attractive risk-reward market environment."

2. Brookfield Infrastructure

It's probably not surprising that infrastructure stocks have solid growth prospects. There's a significant need for infrastructure improvement globally. While governments across the world are investing in infrastructure, private companies are also stepping up. Brookfield Infrastructure (BIP 1.91%) (BIPC 1.00%) is one of them.

Perhaps the one thing that stands out the most about Brookfield Infrastructure is its diversification. The company owns a wide range of infrastructure assets, including data centers, electricity distribution, pipelines, rail, telecommunications towers, and toll roads. It's also diversified geographically across four continents.

Income investors should love Brookfield Infrastructure's distribution. The company's yield currently stands at 4.6% (for the limited partnership shares listed under the BIP ticker). Brookfield Infrastructure has increased its distribution by a compound annual growth rate of around 10% since 2009. 

The kinds of infrastructure assets that Brookfield Infrastructure owns give the company steady cash flow month in and month out. That translates to reliable dividend distributions. Brookfield Infrastructure should be able to continue growing its distribution as well given its expanding opportunities in data centers and decarbonization.

3. Enbridge

Enbridge (ENB 0.84%) offers a dividend yield of a little over 7%. In addition to this juicy yield, the company has increased its dividend payout for 28 consecutive years. This streak is likely to continue.

The company ranks as a leader in the midstream energy sector. It operates liquids pipelines, natural gas transmission, and natural gas distribution and storage facilities. Around 30% of oil produced in North America is transported by Enbridge. The midstream company also delivers roughly 20% of the natural gas consumed in the U.S.

Enbridge's business model is highly resilient. The company's revenue doesn't depend on commodity prices. Nearly all (98%) of its cash flow is either contracted or under a cost-of-service arrangement with rates set by regulators. Enbridge has met or exceeded its guidance for 17 consecutive years. That's especially impressive considering the period included the financial crisis of 2008 and 2009 and the COVID-19 pandemic. 

While Enbridge's midstream business should flourish for a long time to come, the company is also positioning for the future where fossil fuels aren't as important. Enbridge's renewable energy assets currently include 23 wind farms, 17 solar energy facilities, five waste heat recovery facilities, one geothermal facility, and one hydroelectric facility. 

Enbridge stock is down 20% from its previous high. Shares trade at less than 17 times expected earnings. Enbridge looks incredibly cheap right now considering its growth prospects.