Why Is Preferred Stock Often Referred to as a "Hybrid

Why is preferred stock often referred to as a "hybrid" security?

A) They are equity assets but have liquidation payout priority the equivalent of fixed income assets
B) They have voting rights like equity assets but payout coupons like fixed income assets.
C) They payout dividends like equity assets but have convertibility features like fixed income assets.
D) The dividends paid out are like equity assets but the dividends are taxed like fixed income assets.
E) They have fixed payments like fixed-income assets but are not a debt obligation.