Preferred shares occupy a clear niche.
They are equity shares that rank ahead of common stock in their right to receive dividends and, if the issuer fails, to share in proceeds from its liquidation. That is a nice advantage. They do not come due on a fixed date, but a time is specified when the company can choose to pay them off. Preferreds are subordinate to even the least senior bonds, however, generating dividends only after all bondholders get theirs. And holders usually do not get to vote.