One of the best ways to generate income in 2024 is with high-yield dividend stocks. And while you can always choose from the long lists of Dividend Kings and Dividend Aristocrats, you can always find solid opportunities and impressive yields with lesser-known stocks, too. In fact, here are three high-yield dividend stocks you may want to buy and hold for consistent income.

NewLake Capital Partners (NLCP)

With cannabis stocks seeing higher highs, keep an eye on lesser-known, high-yield dividend stocks, such as NewLake Capital Partners (OTCMKTS:NLCP).

With a yield of 10%, NLCP is a triple net-lease real estate investment trust (REIT) that provides capital to licensed cannabis companies. At the moment, NLCP owns 32 cultivation facilities and dispensaries and recently saw its stock rally from about $12.50 to $15.95.

Helping, NLCP just increased its fourth-quarter 2023 cash dividend to $0.40 per share of common stock. The dividend is equivalent to an annualized dividend of $1.60 per common share and is payable on Jan. 12 to shareholders of record as of Dec. 29.

Better, not only will the REIT benefit from lower interest rates in 2024, but it’ll also benefit from increased chatter on cannabis legalization leading up to the elections. We also have to remember a large part of the U.S. population wants to see legalization. In fact, according to a recent Gallup poll, about 70% of U.S. adults said cannabis should be legal.

Ellington Financial (EFC)

There’s also Ellington Financial (NYSE:EFC), a specialty finance company that acquires and manages mortgages and other financial assets, including residential mortgages, commercial mortgages and collateralized loans. At the moment, it carries a yield of 8.35%. It also declared a monthly dividend of nine cents, payable Jan. 25 to shareholders of record as of Dec. 29.

Earnings haven’t been too shabby either. In its most recent quarter, the company posted revenues of $96.22 million, representing 22% growth year-over-year. Net income came in at $6.6 million, or 10 cents per share. Adjusted EPS came in at 33 cents.

ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL)

Investors could also choose the ProShares S&P MidCap 400 Dividend Aristocrats ETF (BATS:REGL), which yields 2.42% at the moment, with quarterly distributions. It’s also the only ETF focusing exclusively on the S&P MidCap 400 Dividend Aristocrats or the high-quality gems that have grown dividends for at least 15 years, as noted by ProShares.com.

With an expense ratio of 0.40%, some of the fund’s top holdings include Williams-Sonoma (NYSE:WSM), Lincoln Electric Holdings (NASDAQ:LECO), RPM International (NYSE:RPM), Graco (NYSE:GGG), Toro (NYSE:TTC) and NNN REIT Inc. (NYSE:NNN) — to name a few of its 46 holdings.

On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.