Which of the following does NOT pay dividends?

Warrants are financial instruments that give the holder the right to purchase shares of a company at a specific price within a certain time frame. Unlike stocks or preferred stocks, which may provide regular dividend payments to shareholders, warrants do not pay dividends. Instead, they serve as a tool for potential future equity investment; their value is derived from the performance of the underlying stock when exercised.

In contrast, common stock typically pays dividends to shareholders, although not all companies do so uniformly. Preferred stock is usually designed to pay fixed dividends and often has priority over common stock in the payment hierarchy. American Depository Receipts (ADRs) can also pay dividends as they represent shares of foreign companies and are traded on U.S. exchanges, often passing through dividends to the holders of the ADRs.