Actually risk here isn't that great but there's no growth. The pay out is significant but not enough to get institutions to invest. Income funds might nibble at this but it's pretty late in the cycle. They want hybrid (growth/income) in their portfolios and the high yield here doesn't offset the fact there's no growth.
They will pick an AT&T or MO over this because they know those will pay out forever and have decades of steady payout history. Income funds aren't very nimble and take very long positions in a large part of their portfolio. A review of top income funds doesn't show any of them have this. A few have NLY and AGNC which outrank this in many aspects.
But in this market it doesn't make sense to start a position in this.
Here's my take. I bought this stock to par some income with NLY, as NLY owns CIM. I have 3/1 NLY/CIM ratio and have been very happy. Also, Bill Gross recommended NLY so I would lean there first. However, if you like a REIT but want to limit exposure to a single stock, REM by iShares is a REIT ETF... and it's no coincidence that it's heaviest two weightings are NLY & CIM.