The 10-year Treasury yield sits at 4.49%, in the 93rd percentile of its 12-month range. That is the number every dividend investor should keep taped to their monitor this July, because it is the hurdle any equity income name has to clear before it earns a spot in the portfolio. Three large-cap payers do exactly that right now, each yielding well above the risk-free rate with multi-decade increase streaks behind them. Here is why I am eager to add to all three this month.
Altria (MO)
Altria (NYSE:MO | MO Price Prediction) has quietly become one of 2026’s better mega-cap dividend stories. Shares are up 28.66% year to date and 28.73% over the past year, yet the stock still yields 5.78% and trades at a forward P/E of just 13. The quarterly dividend was lifted to $1.06, with the next payment landing on July 10, 2026, extending a payout streak the company describes as its 60th increase in the past 56 years.
The bull case is fundamental momentum. Q1 2026 adjusted EPS of $1.32 beat the $1.25 consensus, revenue jumped 20.1% year over year, and management reaffirmed full-year adjusted EPS guidance of $5.56 to $5.72. Smokeable operating income still grew 6.3% even as U.S. cigarette volumes decline, and the on! oral nicotine brand shipped 17.6% more units. The buyback program has $720 million remaining through year end.
The caveat: Marlboro retail share slipped 1.4 points to 39.7%, and the company still carries negative stockholders’ equity of roughly $3.2 billion. Altria is a cash-flow story, not a growth story. Investors who accept structural volume decline in exchange for a fat, growing check will love the setup.
Enbridge (ENB)
Enbridge (NYSE:ENB) is the highest-yielding name on this list at 7.13%, and the recent pullback has made the entry point more interesting. Shares are off 5.04% over the past month while still holding a 14.79% year-to-date gain. The most recent U.S.-denominated quarterly dividend was $0.707, paid June 1, 2026, and the company just extended its streak to 31 consecutive annual dividend increases.
What I like is the visibility. Enbridge reaffirmed 2026 adjusted EBITDA guidance of C$20.2 billion to C$20.8 billion and distributable cash flow per share of C$5.70 to C$6.10, with management guiding to roughly 5% CAGR in EBITDA, EPS, and DCF beyond this year. The C$40 billion secured growth backlog, a data-center power partnership with Meta of more than 1 GW combined, and system-wide apportionment on the Mainline all point to booked, fee-based cash flow rather than commodity roulette.
The caveat: For U.S. investors, Enbridge is a Canadian issuer, so dividends are generally subject to Canadian withholding tax (typically recoverable in a taxable account via foreign tax credit, but not inside most IRAs). Leverage also sits at 5.0x, the top of management’s target band, and CAD/USD moves will keep the USD dividend a moving target.
NNN REIT (NNN)
NNN REIT (NYSE:NNN) is the triple-net retail landlord I keep coming back to when rates spike. The stock yields 5.08% at a share price of $47.23, and has now rallied 19.48% year to date. Management raised the quarterly payout to 60 cents paid on May 15. The company cites 36 consecutive years of annual dividend increases, one of the longest streaks in the REIT sector.
Q1 2026 delivered revenue of $240.42 million against a $238.39 million estimate, portfolio occupancy of 98.6%, and $145.4 million of acquisitions at a 7.5% initial cash cap rate. Full-year AFFO per share guidance was nudged up to $3.53 to $3.59. With 97% of annual base rent carrying built-in escalators and 63.1% coming from public or rated tenants, the cash flow behind that dividend is unusually durable.
The caveat: interest expense climbed to $52.7 million from $47.7 million, and impairments jumped to $10.7 million after 2025 tenant bankruptcies (Frisch’s, Badcock). If the 10-year keeps pushing toward the 4.67% May 2026 high, expect net-lease multiples to be tested again.
What to Watch Next
All three names clear the Treasury hurdle, all three have decades of dividend growth behind them, and all three come with a specific, identifiable risk rather than a fuzzy one. That is what a July buy-list should look like when the risk-free rate is this loud.
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