Preferred shares tend to cost more because they often mean you get paid when other non-preferred holders don't, have other protections and privileges. It doesn't necessarily mean that they need to raise more just to pay dividends. The issue is cash is fungible and they may just be stating that clause for transparency that they intend to pay out preferred share holders.

I am curious about the structure of MSTR and willing to criticize, but they also have a revenue stream from the software etc.