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preferred stock



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The problem now is that mNAV overstates Strategy’s enterprise value—the ratio’s numerator—by using the face value of its debt and preferred stock rather than their market value.

From The Wall Street Journal Jul. 6, 2026

The company said it used the money raised to fund payment of distributions on preferred stock, and to replenish the money used from its U.S. dollar reserves for the distributions.

From MarketWatch Jul. 6, 2026

On June 26, when Strategy said the mNAV was just under 0.99, it would have been 0.89 using the market value for its debt and preferred stock.

From The Wall Street Journal Jul. 6, 2026

Nick O’Neil, a crypto content creator based in Miami, said he holds about $21,000 worth of Stretch and plans to buy more if the preferred stock dips further.

From The Wall Street Journal Jun. 30, 2026

Treasury didn’t ask for a piece of the action, or management changes, or for that matter anything at all except for a teaspoon of out-of-the-money warrants and preferred stock.

From "The Big Short" by Michael Lewis



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