The more interesting question is the fate of the preferreds. Do they get called..? 8% is a pretty fat dividend in today's market for a solvent company. And then again, last year the dividends on the preferred shares were catogorized as "return of capital"... will SFI show enough of a profit with the LNR-deal for the dividend to be ordinary (taxable)?
According to Q3 10 Q they have about 400 million loss carry forward as of Dec 2012, so I don't think the ROC on the preferreds is going away with a 200 million dollar deal that probably isn't all taxable gains. They also should be thinking about getting rid of the usurious rates on the collaterlized loans befoe they go after the 8 per cent preferreds.
I'm not sure why you state that "8% is a pretty fat dividend in today's market for a solvent company".
For example, NLY/PA and AGNCP yield about 7.5% and PFO yields over 7%. NRF A & B's yield about 8.5%. Seems like the yield is right in the slot.
There isn't any particular reason to wish for the preferred dividends to be taxable unless one likes paying taxes. SFI has plenty of loss carryforwards available to make the gain on LNR irrelevant to the tax attributes of the dividend.