Cheat Sheet: $MSTR convertible bonds vs. preferred stock.

Key differences of perpetual preferred stock:
- Higher yield
- Less dilutive (more accretive)
- No expiration
- Different target buyers

MSTR has limited income, so it will be important to secure low (or zero) dividend payments.

Perpetual preferred stock has no expiry and MSTR doesn't want to be trapped in a scenario where dividends on non-expiring preferred stock eat up all its income, which would prevent further CB or PS issuance.

MSTR might also wish to put in some clauses that encourage conversion to prevent the above scenario.

Lots more details to come when we see the actual pricing and terms for the preferred stock, but this is an exciting development in the MSTR story that I think will make investors very happy.