The chart shows $100 in srUSDat (orange) holding steady vs STRC (white) which crashed then recovered.
srUSDat is the senior (safer) tranche of a yield product built on Strategy’s STRC preferred shares. It targets a steady ~7.8% APY. jrUSDat is the junior tranche that takes losses and price swings first to protect the senior side.
During the mid-2026 stress, the protection worked: srUSDat kept its value and kept earning while STRC dropped hard.