Strategy, formerly known as MicroStrategy, emphasized its preferred stock STRC during a two-hour Q3 earnings call, despite its modest market cap of $2.7 billion. Founder Michael Saylor highlighted STRC's 10.5% yield and a potential tax-equivalent yield of up to 20%, while minimizing associated risks. The company projected no new corporate debt and suggested potential buybacks if shares fall below 1x mNAV. CEO Phong Le addressed the company's S&P Junk rating and exclusion from the S&P 500, attributing these to S&P's treatment of Bitcoin holdings. The call underscored Strategy's focus on leveraging its financial strategies amid mixed stock performance.