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I agree with your comment
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good warning
retail buyer beware
FYI: I bought all three as an experiment because I don't know what I'm doing or what I am talking about
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Ok, it's a good experiment.
But prefs should underperform the common stock. (maybe not if bought under par)
Otherwise Saylor's scheme wouldn't work, and there wouldn't be value creation, i.e. the bitcoin yield would be negative.
In his view the creditor is the sucker, and Bitcoin/common stock the superior asset.
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The preferred stocks act like bonds and are targeted for bond investors.
Insurance companies can't buy bitcoin or ETFs but they can justify a dividend producing preferred stock
That's one example
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The retail investor should just buy $MSTR.
Those prefs and converts only work by the grace of Bitcoin going up more, i.e. making the common stock go up (and outperforming the derivatives).
Those prefs are mostly for institutions with a mandate, and you're gonna lose relative to $MSTR.