Skepticism is sometimes warranted. That's especially the case when considering investing in stocks with unusually high dividend yields.

However, you don't always need to have serious qualms. Some companies offer exceptionally high dividend yields that are dependable thanks to solid underlying business models. Here are three ultra-high-yield stocks you can buy without any hesitation.

1. Ares Capital

You might think there's a catch with Ares Capital (ARCC 0.73%) since its dividend yield stands at nearly 9.7%. But there's not one.

Ares Capital is the largest publicly traded business development company (BDC). It provides financing solutions to middle-market businesses in the U.S. 

The company has paid a steady or increasing dividend for 56 consecutive quarters over the last 14 years. Ares Capital has grown its dividend by 20% since mid-2021. It has also generated significantly higher total returns than the S&P 500 since its initial public offering (IPO) in 2004.

Earlier this week, Ares Capital announced year-over-year earnings growth of 198% based on generally accepted accounting principles (GAAP) with core earnings-per-share growth of 26%. It won't always be able to deliver such sizzling numbers. However, Ares Capital's long-term prospects look good as private businesses increasingly turn to BDCs to raise capital.

2. Energy Transfer

Energy Transfer (ET 0.12%) currently offers a distribution yield of over 9.3%. The midstream energy limited partnership (LP) did temporarily cut its distribution in 2020. However, its payout is now back at the previous level.

The future looks encouraging, too. Energy Transfer intends to grow its cash distribution by 3% to 5% annually. The LP has reduced its debt. It expects to remain at the lower end of its targeted leverage-ratio range of 4 times to 4.5 times going forward.

Energy Transfer operates pipelines, terminals, and other facilities for transporting, storing, and processing natural gas, natural gas liquids, crude oil, and refined products. It's in expansion mode, closing the acquisition of Lotus Midstream a couple of months ago. 

The midstream leader is also hoping to move into the carbon-capture and sequestration market. It's exploring opportunities to use its pipelines to transport captured carbon.

3. Enterprise Products Partners

Energy Transfer isn't the only ultra-high-yield midstream stock you can buy without any hesitation. Enterprise Products Partners (EPD 0.45%) stands out as well. 

Sure, Enterprise's distribution yield of nearly 7.4% isn't as juicy as the other two stocks on this list. However, the LP has increased its distribution for a remarkable 25 consecutive years with a compound annual growth rate of close to 7%.

Enterprise Products Partners operates more than 50,000 miles of pipeline in the U.S. It also owns other midstream assets, including 29 natural gas processing plants and 25 fractionators that separate individual hydrocarbons.

The LP has delivered an average return on invested capital of 12% over the last 10 years. Its executives have plenty of skin in the game with nearly one-third of common units owned by the management team. Enterprise also has a relatively low debt leverage of 3 times.

No hesitation 

Like any stock, Ares Capital, Energy Transfer, and Enterprise Products Partners face some risks. In particular, a severe recession would cause problems for all three.

However, I think that the risk levels for these stocks are significantly lower than what you'll find with most other stocks with ultra-high yields. My view is that income investors can buy any or all of these three stocks with no hesitation.