Caught up on this morning's discussion about Strategy's preferred share issuance. Some folks raised eyebrows at that 10% dividend yield (boosting to 18% when accretive). But here's the thing - this isn't exactly unusual territory for tech companies. In fact, it's pretty standard practice in the sector. The high yield might look aggressive on paper, but when you zoom out and look at comparable financing structures in tech and crypto-adjacent businesses, these numbers fall right in line with what we've seen before. Context matters here - preferred shares with chunky dividends are a go-to lever for companies balancing growth capital needs with investor returns.