$STRC

3/16/26 Digital Credit Trading Volume *Relative to JP Morgan Preferred* Today: $SATA traded ~$25M, 5.8% of notional O/S $STRC traded ~$247M, 4.9% of notional O/S $JPM-PD traded $2.8M, 0.2% of notional O/S $SATA traded ~ 9x more volume than JPM-PD $STRC traded ~ 100x more volume than JPM-PD It would take roughly 605 Days, at 100% of daily trading volume for the market cap of the JP Morgan preferred instrument to turn over (exchange hands to a future holder). JPM-PD Current effective yield ~ 5.8% For $SATA 17 days (12.75% dividend) For $STRC 20 days (11.5% dividend) Digital Credit > Traditional Credit