Don't invest money in stocks you'll need within the next five or so years. When you do buy stocks, build a well-diversified portfolio. Be aware of potential risks and volatility. 

Those three statements are important ones for every investor to heed. Let's suppose, though, that you've already checked off those boxes and want to make $10,000 in dividend income over the next year. If so, consider investing $87,000 spread across these ultra-high-yield stocks.

1. Ares Capital

Ares Capital (ARCC 0.23%) currently offers a dividend yield of 10.7%. Using one-third of the initial $87,000 investment ($29,000) to buy shares of the business development company (BDC) should generate roughly $3,100 in annual dividend income.

How can Ares Capital pay such a juicy dividend? As a BDC and registered investment company, Ares has to return at least 90% of its earnings to shareholders to avoid paying federal taxes. The company generates consistent earnings by providing financing to mid-market customers. 

Ares hasn't reduced its dividend payout in over 13 years. It's delivered the highest base dividend growth of any publicly traded BDC with a market cap of more than $700 million over the last decade. As an added bonus, the stock's total return has significantly outperformed the S&P 500 since its initial public offering in 2004 as well as over the last three-year and five-year periods. 

Expect considerable volatility with this stock, though. Ares Capital could face higher levels of defaults with the current economic uncertainty. However, the problems with regional banks could actually help Ares by driving more mid-market companies who need to raise capital to its doorsteps.

2. Devon Energy

There are two components to Devon Energy's (DVN 0.81%) dividend -- a fixed part and a variable part based on excess free cash flow. Combined, they currently provide a yield of 9.53%. If you invested another $29,000 in the oil stock, you should receive around $2,760 in dividend income over the next year. 

It is possible, though, that Devon's dividend payout could be lower. The company has cut its variable dividend a couple of times in recent months because of a decline in free cash flow as oil prices sank.

On the other hand, Devon could raise its dividend if oil prices rise. That seems to be a likely scenario with Saudi Arabia's decision to reduce oil production and Russia's moves to extend its 500,000 barrels per day cut through the end of the year.  

Devon's share price also tends to fluctuate a lot as oil prices rise and fall. But with underinvestment in oil and gas over the last several years, supply constraints could buoy oil prices going forward. If so, Devon should be able to provide attractive total returns.

3. Medical Properties Trust

Medical Properties Trust (MPW 4.39%) (MPT) appears to be a good pick for investing the final one-third of your initial $87,000 amount. The real estate investment trust (REIT) offers a dividend yield of 14.39%.

Anytime a yield gets to such a sky-high level, it's natural to worry about the possibility of a dividend cut. Several of MPT's top tenants have faced financial difficulties, fueling concerns even more. However, I don't think that the healthcare REIT will be forced to reduce its dividend in the near future.

For one thing, the overall financial outlook for hospital operators is improving. MPT was able to fully recover the rent due from one tenant that reorganized during a Chapter 11 bankruptcy process. Even with another major tenant behind on rent payments this year, MPT expects to generate sufficient adjusted funds from operations to cover its dividend at current levels.

MPT announced some good news recently with a transaction to sell 11 of its Australian properties. This deal will raise cash proceeds of 1.2 billion in Australian dollars (around $818 million in U.S. currency). The company plans to use the money to prepay a term loan that expires in 2024.

To be sure, MPT isn't a stock for the faint of heart. However, my view is that the worst is over for the healthcare REIT.