A under appreciated trade is Microstrategy's Stride or $STRD over the past 3 months. STRD: +7.8% STRC: -0.9% STRF: +0.5% STRK: -0.4% BTC: -12.7% $STRD pays 10% dividends, behind just $STRC's 10.5% STRD is the most junior in the credit stack, meaning the other preferred holders get paid out first. Strategy can also elect to skip payments. If thats the case why did the most junior/riskiest preferred outperform?