When reading a company balance sheet, there is a section on Preferred Securities Outside Stock Equity under the Non Current Liabilities section.
What is Preferred Securities Outside Stock Equity?
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Preferred "stock" can be classified as either debt or equity depending on the terms of the securities. If the stock behaves more like as a bond, for example if it is redeemable for a fixed amount on a fixed date (like a bond) or if it is "putable", meaning it can be redeemed by the holder at a fixed price, then it may be more classified as "debt" rather then "equity" since the company may be responsible for redeeming it regardless of the performance of the company.
Without knowing the specific characteristics of the preferred debt you're looking at, it's hard to know exactly why they're accounted for as debt, but those are some general reasons.