Yahoo just takes the last payout * 4. Its creating confusion. The actual payout is what you pointed out, $1.75/share/year. The first payout was smaller as it was pro-rated because the issue date of CLV was on 2/21 so from the issue date to the dividend date 5/1 a full dividend period had not elapsed. Going forward there will be full dividend periods (i.e. 3 months) and you will see $1.75 as the dividend yeild.
perhaps it was prorated because the debt ie PRF were issued 2 months ago, not on jan1, I suspect that is why. Much like an MPL prortae the first distr to investors based on how many days in the q they were public after ipo