Ever notice how Warren Buffett gets labeled a value investor, yet if you dig into what stocks he actually owns, you'll find some seriously juicy dividend payers? I was curious about this myself and decided to map out his entire dividend portfolio—turns out the numbers are pretty interesting.

First, the obvious stuff. In Berkshire Hathaway's main holdings, there's really only one ultra-high-yield play: Kraft Heinz sitting at a 6% forward yield. But here's where it gets fun. Buffett also controls New England Asset Management through General Re, and that's where the real income machine lives. Most people don't realize this counts as part of his holdings too, since he owns everything in that portfolio just as directly.

Once I started looking at NEAM's positions, I found seven more ultra-high-yield stocks that most investors completely overlook. You've got Globus Capital BDC throwing off 11.17% yield—that's genuinely eye-watering. Ares Capital, the largest BDC he owns, sits at 8.57%. Then there's Verizon at 6.22%, Pfizer at 6.78%, and Realty Income at 5.6%. Add in Bristol Myers Squibb, Campbell's, and Lamar Advertising, and you're looking at a serious income-focused collection hiding under the radar.

Now, which of these stocks does Buffett actually think is the best? That's the real question. Ares Capital looks compelling—it's maintained or grown dividends for 63 consecutive quarters and has crushed the S&P 500 since going public in 2004. Verizon's another solid choice with 18 years of consecutive dividend increases, though growth has been sluggish. But if I had to pick one, it's Realty Income. The REIT has increased its payout for 30 consecutive years, pays monthly (which is rare), and hasn't had a down year since 1994. Yeah, the valuation's stretched at 43 times forward earnings, but that track record speaks for itself.

What's interesting is that this entire strategy—holding stocks specifically for their dividend reliability—seems almost counterintuitive coming from Buffett. Yet here we are. These holdings suggest he's thinking longer-term about cash generation, even if it's not his primary focus. Worth paying attention to.