On Tuesday, Strategy, formerly MicroStrategy, launched a new preferred stock offering called Stretch, ticker STRC. Initially intended as a $500 million deal, it was quickly upsized to around $2.5 billion, with shares priced at $90 and an annual dividend starting at 9%, yielding about 10% at issue. The defining feature: variable monthly dividends, designed to keep STRC trading near its $100 par value.
