Initially, our guess was that this was a form of stress. Three seedlings out of a batch of I. psuedacorus from SIGNA showed this type of coloration. Two of the three showed color only in the spring but put on solid green leaves as the season progressed for the first couple of years. As they get older, we're noticing that the variegation is lasting longer. The third seedling retains these odd markings throughout the season.

If this is variegation it's the ugliest example I've ever seen but the stability of the variegation may be useful in breeding for a nicely variegated form that will hold color.

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