MSTR True North

True North Episode 46 - "And Then They Fight You"

Agenda 1. MSTR update / Price / Stats / Amplification 2. MSCI / JP Morgan / Structured Products 3. Prefs - Status / Volatility / "Double Counting" 4. Health of Bitcoin / Catalysts? 5. Turkey vs. Ham the great debate

True North Episode 45 - Revolution of digital credit -Blood in the streets

Agenda 1 We're so back (to 88k gang) 2 Prefs 3 Underwriting Bitcoin lending vs Digital Credit 4 Macro 5 MSTR Earnings call - creating a monster

True North Episode 44 - "2026 The Year of Digital Credit."

Agenda: 1. MACRO Business/ Liquidity Cycle & Comparisons to Dot Com Bubble 2. COLLATERAL real examples of real time auditable collateral being superior 3. $SATA Senior Variable Pref Terms 4. $STRE Foreign Credit Markets dumpster fire & understand swap rates 5. MAKING MONEY in low volatility environments when products are being sold at a discount

True North Episode 43 - "Rate my stock/Risk of credit"

Agenda 1. Underwriting Bitcoin risk 2. S&P Ratings/S&P Inclusion 3. Labor and Layoffs 4. Macro tailwinds and 4 year cycle fallacy 5. Five Pillars of a BTCTC

True North Episode 42 - "Pref Analysis / Deep Dive"

Target time: 1 hour - speed run. Lots of excel tonight. Also 1 year anniversary of Episode 1

Agenda: STR update 1. Preferred Equity Analysis 2. History of innovation

True North Episode 41 - "What is Credit" w/ special guest @AdamBLiv

Agenda: STR update 1. What is money? What is credit? What is risk? 2. BTC treasury co's - can multiple exist & Dominant empires 3. "The debasement trade" & the dollar abroad 4. Bad bond of the week segment (Ford motor) 5. "AI / Cisco" - Silicon Valley business models

True North Episode 40 - "MSTR Uptober"

Agenda: 1. Uptober - hot start 2. Strategy Stats - $STRC the dollar 3. Macro (Energy / Precious Metals / AI / Bitcoin) 4. AI productivity 5. CAMT / Preferred equity comps (Bad bond of the week) / BTCTC Bottom? / Q4 EOY?

And yes, Mr. October (Reggie Jackson) was #44. Time is a flat circle.

True North Episode 39 - Chapter 2 "Full Sail Ahead"

Agenda: 1. New owner, who dis? 2. Strategy Stats update 3. Everything since 8/20 (Interest Rates, Options on prefs, PIPEs, BTCTC mNAV compression, Bots, Risk & Leverage, AI reflexivity, BTC/GLD, No S&P 500, BTC conference, HC Wainwright presentation, CoreVknots, M&A, Working in Bitcoin, BTC as a UOA, GAAP Earnings, etc)

True North Episode 38 - No Days Off

Agenda: 1. Research

True North Episode 37 - Navigating the Storm

Agenda: 1. Housekeeping 2. mNAV guidance 3. Risk / BTC backed credit & Refinancing 4. Market Landscape / Capital markets / Scale 5. Broad Discussion