Thank you Bobby for providing this analysis dashboard. For each outstanding preferred series it measures Bitcoin’s annualized return (in the preferred’s own currency, on daily closes) from that series’ launch date versus the filed rate the company pays on it. A series is “ahead” when BTC’s yearly growth since issuance beats its cost; “behind” when it doesn’t. Trailing-year context sits beside the launch-to-date figure so you can see the difference between short windows and longer ones.Most of these series launched in 2025 (when BTC was higher), so the short windows are highly sensitive to the launch price and subsequent moves. Positive Spread means the leverage is currently working for common equity. Negative means preferred holders are ahead of the growth that was supposed to accrue to the residual claim. It is the ongoing scorecard of whether the capital-structure thesis is delivering in real time across the tracked instruments. #CEBE