STRD (Stride) 10% Perpetual Preferred: Analysis

STRD (Stride) 10% perpetual preferred stock offers a high 10% non-cumulative dividend, positioned junior in Strategy's capital structure. Its "non-callable for life" feature provides investors with minimal reinvestment risk but exposes them to full duration risk. The instrument plays a crucial role in Strategy's funding mix by providing long-term capital to support its Bitcoin treasury strategy, albeit with a higher risk profile due to its non-cumulative nature and reliance on Bitcoin market conditions.