This is a perfect example of the gaslighting that @parkeralewis and others are rightly calling out around "Digital Credit" promotion. Adam points to the words "equity credit" on a Moody's cover page and acts like that settles it. But that phrase, in the context of the actual document, means pretty much the opposite of what he wants his followers to believe. "Equity credit" is Moody's term for how much of a hybrid instrument (ie pref equity) they treat as equity when they assess a company. The whole document is a tool for measuring how EQUITY-like something is when it doesn't cleanly qualify as either common equity or actual credit. Ofc, he just gave a screenshot and didn't link to the actual methodology. So let's dive in! ma.moodys.com/rs/961-KCJ-308… Let's take STRC and run it through the methodology he's referencing. Strategy carries a junk rating from S&P. So under Moody's own methodology, the speculative-grade test is the one that applies. And on that test, a hybrid only counts as debt if its holders can force the company into bankruptcy or hold creditor rights once it's there. If they can't do either, it counts as 100% equity. So can STRC holders do either? No. They can't accelerate, can't trigger a default, can't force payment of a single dollar, and they sit behind every piece of debt the company has. The dividend only gets paid if the board chooses to declare it, and the stock has no maturity, so there's no principal anyone can ever demand back. According to the document Adam shared, STRC is 100% equity, the most equity-like result the methodology can assign. Adam frames critics as if they're quibbling over vocabulary. They aren't. Credit means the holder has real protections: a fixed date to be repaid, the right to call a default if they aren't, the right to accelerate the balance, and a creditor's standing ahead of equity if the company goes under. Those protections are the entire substance of the word, and STRC carries none of them. You can call it credit all you want. The name doesn't change the terms. Stop the gaslighting.