Prospectus excerpt:  CoBank ACB 6.20% Fixed to Floating Non-cumulative Perpetual Preferred Stock Series H, liquidation preference $100 per share, redeemable at the issuer's option on or after 1/1/2025 at $100 per share plus declared and unpaid dividends, and with no stated maturity. Non-Cumulative fixed rate distributions of 6.20% per annum ($6.20 per annum or $1.55 per quarter) will be paid quarterly through 1/1/2025 on 1/1, 4/1, 7/1 & 10/1 to holders of record on the record date fixed by the board, approximately 15 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). After 1/1/2025 dividends will accrue at an annual rate equal to 3-month USD LIBOR plus 3.744 percent. The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by this preferred security are probably eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also probably eligible for the dividends received deduction for corporate holders. This security was not rated by Moody’s and rated A- by S&P at the date of its IPO.