MREIT Cherry Hills Mortgage (NASDAQ:CHMI) has priced their new fixed-to-floating rate preferred with an initial coupon of 8.25% where it will remain fixed until 4/14/2024. After this point the coupon will float at 3 month Libor plus a spread of 5.631%.
The company will sell 1.8 million shares and will have another 270,000 shares available for overallotment if demand is strong.
Of course the dividends are cumulative, but will not be eligible for preferential tax treatment since all dividends of REITs are NON qualified (since no taxes are paid at the corporate level you get to pay the taxes).
To compare to other mortage REITs a list of them can be found here.
The issue will trade on the OTC Grey market under the temporary ticker of CRYIP.