True North(@TNorth):A missed dividend doesn’t mean the same thing for every preferred. @PunterJeff explains the difference between SATS and STRD: $SATS is cumulative, so deferred dividends build up and remain owed. $STRD is noncumulative. If a dividend is skipped, investors don’t get it back later.

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True North is a team of investors and analysts exploring the outer edges of Bitcoin, digital credit, finance and macro economics.

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True North@TNorth

2026.10.23 19:00

A missed dividend doesn’t mean the same thing for every preferred. @PunterJeff explains the difference between SATS and STRD: $SATS is cumulative, so deferred dividends build up and remain owed. $STRD is noncumulative. If a dividend is skipped, investors don’t get it back later.