In the quest for building a sustainable income stream, most notably for your golden years, high-dividend stocks often become a focus. Given the rising S&P 500, which boasts about a 31% increase over the past year, finding stocks with rewarding dividends might seem increasingly challenging. Despite this uphill battle, gems like Ares Capital and PennantPark Floating Rate Capital stand out, each supplying yields exceeding 9%, making them attractive options for long-term income seekers.

Let's delve deeper into why these two entities deserve your attention:

Ares Capital: A Nutshell Overview

Ares Capital is not just an average player; it stands as the grandest publicly traded business development company (BDC). BDCs are particularly appealing due to their unique structure—they avoid income taxes by distributing the bulk of their earnings as dividends. This translates directly into potentially lucrative periodic payouts for shareholders.

The dividend trajectory of Ares Capital has been somewhat erratic but overall impressive, having surged 60% since its initial disbursement wave back in 2005. Currently, the stock dangles a tempting 9.2% dividend yield.

Here's what makes Ares especially enticing: banks have considerably pulled back from lending to medium-sized businesses, creating a niche that Ares Capital has filled adeptly. By servicing this segment with heightened interest rates, Ares Capital has bolstered its core earnings significantly, as evidenced by its latest financials, which show a solid footing in covering dividend commitments.

PennantPark Floating Rate Capital: Another Diamond

PennantPark, like Ares, behaves as a BDC with an enticing dividend history. Apart from a minor hiccup in 2018, it's been consistent in rolling out monthly dividends for more than a decade. With a yield of 10.7% at present, PennantPark delves into first-lien senior secured loans, offering increased security and confidence to investors.

What sets PennantPark apart is its steadfast focus on senior-secured debt and an impressive history of managing diverse investments. With a significant chunk of its portfolio rooted in these reliable loans, the company maximizes its yield without compromising on security.

Final Thoughts: Planning Your Next Move

While Ares Capital and PennantPark Floating Rate Capital present compelling cases for income-focused investors, an investment shouldn't stem solely from dividend yields or historical performance. Exploring their broader strategies, market positioning, and alignment with your financial goals is crucial.

Moreover, this isn't to overshadow the potential lying in other arenas. With constant shifts in market dynamics, keeping an open, informed mindset might uncover other high-performing prospects. The script for financial success isn't etched in stone, but equipped with insights and proactive strategies, you have a better chance of weaving it in your favor.