Neil.

You are conflating two different securities in our capital stack.

STRK is Strike. An 8 percent fixed-rate convertible preferred.

Its price is tethered to MSTR equity through the conversion option. It trades in the 70s because MSTR currently sits below the conversion price.

That is exactly how convertibles are designed to behave.

STRC is Stretch. A perpetual preferred with no convertibility.

Different instrument. Different mechanism. Different ticker.

STRC is engineered to trade at par. Not by accident. By design.

The dividend rate adjusts monthly. When the price drifts below $100, the rate ratchets up. When it drifts above, the rate comes down.

The instrument is self-correcting toward par.

As of Friday's close, STRC traded at $99.86. The annualized rate is 11.50 percent. Paid monthly. In cash.

They issued two preferreds with two different jobs.

Strike gives you Bitcoin upside through equity conversion. Stretch gives you a high-coupon cash instrument with par-anchored price stability.

If you want the convert exposure, you buy STRK in the 70s and wait for MSTR to clear the conversion price.

If you want the yield, you buy STRC at par and collect 11.5 percent monthly.

These are not the same trade. They were never engineered to be.

There is no second best.

May the Mischief be with you.

Charlie