Income investors have plenty of high-yield options, but very few pass the coverage test. The five names below all pay out at a rate at or above roughly 7%, and each one currently earns or generates enough cash flow to cover the check. The starting point for the basket: Western Midstream Partners (NYSE:WES | WES Price Prediction) just declared its third straight quarterly distribution of $0.93 per unit, putting the annualized payout at $3.72 against a business that just posted trailing EPS of $3.04. That is the template for the rest of this list: yield anchored by earnings, cash flow, or FFO that actually shows up in the filings.
Western Midstream Partners
Western Midstream carries a forward yield of 7.96% at a recent unit price of $46.67. The Delaware Basin gathering and produced-water operator raised its distribution three times in the last two years, moving from $0.575 per unit in Q1 2024 to $0.93 for Q3 2026. On distributable cash flow, coverage looks comfortable: EBITDA of $2.37 billion and a 29.5% profit margin support the annualized $3.72 payout, and 2026 guidance calls for distributable cash flow of $1.85B to $2.05B, or $4.59 to $5.08 per unit.
The bull case rests on fee-based contracts with minimum-volume commitments plus the recently closed Aris Water deal, which helped lift produced-water throughput 140% year over year to 2,795 MBbls/d.
WES units are up 16.5% over the past year and 144.2% over five. There are two caveats: WES is an MLP that issues a K-1, and free cash flow after distributions was negative $137.4 million in Q1 as capex ramped, so the coverage cushion depends on the second-half EBITDA build.
Gaming & Leisure Properties
Gaming & Leisure Properties (NASDAQ:GLPI) yields 7.32% after lifting its quarterly payout from $0.78 to $0.82 in Q2 2026. The company is a triple-net gaming REIT, which gives the dividend a cleaner lease-backed foundation than a typical operating business. Most tenant rent coverage sits above 1.8x at the property level, and leverage of 4.8x net debt to adjusted EBITDA remains inside the 5.0x to 5.5x target range.
Q2 AFFO came in at $304 million, or $1.03 per diluted share, up 10.1% year over year, and management raised full-year AFFO guidance to $4.10 to $4.12 per share. That comfortably covers the current $3.28 annualized dividend.
The pipeline is building: a $2.022 billion development book at a blended 8.77% cap rate, including Bally’s Chicago, Live! Virginia, and the Bally’s Twin River acquisition. Analysts back the story with 16 of 24 buy or strong-buy ratings and a $54.09 target. The main risk is tenant concentration. Penn, Bally’s, and Caesars remain major counterparties, and the Caesars Master Lease carries the thinnest coverage at 1.59x.
Hess Midstream
Hess Midstream (NYSE:HESM) yields 7.57% and has raised its distribution every quarter for two-plus years, most recently to $0.7888 per Class A share for Q3 2026, up from $0.6846 in Q4 2024. The annualized payout is $3.1552, so this is not an EPS coverage story. The stronger case rests on fee-based cash flow, high adjusted EBITDA margins near 81%, and management’s stated distribution-growth framework.
Hess Midstream is a Bakken pure-play with fee-based contracts, minimum-volume commitments, and Chevron (through the Hess acquisition) as its anchor counterparty. Management has committed to at least 10% annual growth in net income and adjusted EBITDA through 2026, at least 5% annual distribution growth, and more than $1.25 billion in financial flexibility through 2026 earmarked for buybacks and distributions. Units are up 23.2% year to date. The caveat is concentration: with Chevron as the dominant customer, future volumes depend heavily on Bakken drilling plans rather than the broader commodity tape.
Universal Health Realty Income Trust
Universal Health Realty Income Trust (NYSE:UHT) is the smallest name on the list at a $592 million market cap, with a forward yield around 6.9% based on a trailing $2.98 payout and a share price of $42.21. The most recent Q2 2026 dividend of $0.75 puts the forward run rate at $3.00, pushing the effective yield above 7%.
Dividend safety here comes down to FFO. Q2 2026 FFO was $0.90 per diluted share, comfortably above the $0.75 dividend, and Q1 2026 came in at $0.88. UHT has paid quarterly dividends without interruption for 26 straight years based on the payment record going back to 1999, and Q2 was its fourth consecutive EPS beat. The $34 million Miller Medical Plaza project in Palm Beach Gardens, roughly 75% pre-leased to a UHS subsidiary and targeting December 2026 completion, is the near-term FFO catalyst. The risk is concentration. Universal Health Services remains a key tenant, and the portfolio is not immune to Medicaid funding cuts, ACA subsidy changes, or reimbursement pressure across the healthcare system.
Campbell’s
Campbell’s (NASDAQ:CPB) is the highest-risk name in this basket and warrants a closer look at position risk. The yield sits at 6.97% on an annualized $1.56 dividend at a share price of $22.76. Coverage still works on paper: FY26 adjusted EPS guidance of $2.15 to $2.25 implies a payout ratio around 71% at the midpoint, and the company just paid its quarterly dividend on August 3, 2026.
The last dividend hike of 5.4% to $0.39 per quarter was in Q1 2025, and Campbell’s has paid without interruption for over 25 years. The bull case: Rao’s crossed $1 billion in trailing sales, at-home cooking trends support Meals & Beverages, and management is targeting $375 million in cumulative cost savings by FY28, with $200 million already in the bank. The caveat is a big one: FY26 adjusted EPS is guided down 23% to 26% from FY25’s $2.97, U.S. soup sales fell 8% in Q3, Snacks operating earnings dropped 32%, and the balance sheet carries $11.1 billion in total liabilities against $4.0 billion in shareholders’ equity. The dividend is currently covered; the direction of travel is the problem.
Four of these five names, Western Midstream, Gaming & Leisure Properties, Hess Midstream, and Universal Health Realty, share a similar income architecture: contract-backed or lease-backed cash flows, from fee-based midstream to triple-net gaming and healthcare real estate, that support high-single-digit yields with room to keep raising the payout. Campbell’s is the outlier, offering a similar yield but with balance sheet pressure and earnings pressure the other four do not carry. For investors focused on coverage first and yield second, the pass-through structures do the heavier lifting in this basket.
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