You usually have to spend more to make more. For example, if you're investing in a rental property, a unit that can generate $2,000 in monthly rent will be more expensive than one that only generates $1,000.

This principle applies to dividend stocks, as well. However, there are exceptions to the rule. These ultra-high-yield dividend stocks are bargain buys right now.

1. Ares Capital

Ares Capital (ARCC 0.34%) ranks as the largest publicly traded business development company (BDC). It provides financing to middle-market businesses with a special focus on the upper end of this market. Ares has roughly $395 billion in assets under management.

As a BDC, Ares Capital must return at least 90% of its income to shareholders in the form of dividends. Its dividend yield currently tops 9.7%. The company's dividend has been stable or increased for more than 14 years.

Even though Ares Capital's total return has handily beaten the S&P 500 over the last three years, its stock remains attractively valued. Ares trades at under 8.6x forward earnings. Its price-to-book ratio is only 1.04.

2. Energy Transfer LP

Energy Transfer LP (ET -0.42%) owns and operates nearly 125,000 miles of pipeline, plus other midstream energy assets including storage facilities and terminals. Its network covers 41 U.S. states with assets in all of the major oil and gas production basins in the country.

The company's distribution yield currently stands at nearly 9.1%. Energy Transfer expects to grow its distribution by 3% to 5% each year.

Over the last three years, Energy Transfer's unit price has almost doubled. Its unit price is up nearly 16% in 2023, with a total return of over 27%. Despite this solid performance, Energy Transfer is available at a discount with its forward earnings multiple of 8.2.

3. Enterprise Products Partners LP

Like Energy Transfer, Enterprise Products Partners LP (EPD 0.52%) is a midstream energy leader. It owns and operates more than 50,000 miles of pipelines, over 260 million barrels of storage capacity for natural gas liquids, crude oil, petrochemicals, and refined products, and roughly 14 billion cubic feet of natural gas storage capacity.

Income investors will no doubt like Enterprise's distribution yield of 7.5%. However, I suspect they'll like even more that the company has increased its distribution for 25 consecutive years, with a compound annual growth rate of around 7%.

Enterprise Products Partners isn't quite as cheap as Ares Capital and Energy Transfer. However, it's still a bargain with units trading at only 10x forward earnings.

4. Rithm Capital

Rithm Capital (RITM 0.14%) is an asset manager that focuses on real estate and financial services. It services mortgages, provides transitional loans to residents, performs property appraisals, provides title insurance, rents single-family units, manages investments, and more.

The company is organized as a real estate investment trust (REIT). Like BDCs, REITs often offer juicy dividends because they must return at least 90% of income to shareholders in the form of dividends. Rithm Capital's dividend yield currently stands at nearly 9.6%.

This ultra-high-yield dividend stock is the most attractively valued one on our list with a forward earnings multiple of under 6.4. Rithm Capital's price-to-book ratio is also a super-low 0.85.