What type of preferred share does not have a maturity date?

Perpetual preferred shares are distinctive because they do not have a maturity date, which means they can potentially exist indefinitely. Investors who purchase these shares receive regular dividend payments, but they do not have the right to have their shares redeemed at a specific time. This characteristic makes them appealing for income-oriented investors who seek a consistent stream of dividends without an endpoint.

In contrast, convertible preferred shares allow investors to convert their preferred shares into a specified number of common shares at certain times, providing an option linked to the stock's performance. Redeemable preferred shares can be bought back by the issuer at a set price after a certain date, meaning they have a defined lifespan and are not held indefinitely. Callable preferred shares give the issuer the right to redeem the shares after a predetermined period, which also introduces a maturity aspect. These different features help investors assess their risk tolerance and investment goals when choosing among various types of preferred shares.