By Omor Ibne Ehsan
Publication Date: 2026-08-18 14:50:00
Alphabet (NASDAQ:GOOG | GOOG Price Prediction, NASDAQ:GOOGL) has spent most of its history offering income investors almost nothing. The common stock pays a token quarterly dividend of $0.22 per share, and buybacks did the heavy lifting until this year, when the company suspended the buyback program in Q2 2026.
Things changed on June 2, when Alphabet priced what it called the largest equity capital raise in US corporate history to fund its AI infrastructure buildout. Inside that raise sat something Google had never issued before: a listed income security. Two series of mandatory convertible preferred stock now trade on the Nasdaq as Alphabet Series A Mandatory Convertible Preferred (NASDAQ: GOOGM) and Series C Mandatory Convertible Preferred (NASDAQ: GOOGN). Each carries a 6.25% annual rate on a $1,000 liquidation preference, pays quarterly, and converts automatically into common stock around May 15, 2029. Most GOOGL shareholders are unaware that the instrument exists.
