April 23, 2026

The Dividend Machine | True North Podcast | Ep. 64

1 hour 43 minutes

🎛️ As of this recording, 4/22/26, Strategy's (MSTR) performance:

* Open: $174.93

* Close: $179.36

* Volume: ~31.9M Shares

* mNAV: ~1.25

* Market Cap: ~ $60.1B

* BTC: 815,061

⏱️ TIMESTAMPS & INSIGHTS:

* 00:00:00 - Trailer: Preview of key topics and themes

* 00:03:00 - Recent News: Jeff on rapid market developments

* 00:06:40 - Balance Sheet Growth: Assets rise from recent tailwinds

* 00:08:13 - Leverage Profile: Debt ratio and downside thresholds

* 00:09:07 - Dividend Structure Change: Shift to semi-monthly payouts

* 00:12:54 - mNAV Premium: Raising capital above asset value

* 00:14:12 - Audio Issue: Grain speaking while muted

* 00:15:14 - Fiat System Outlook: Structural imbalance and long-term risks

* 00:16:20 - Market Participation Shift: Volume drives trading behavior

* 00:19:58 - Income Demand Shift: Yield focus drives investor interest

* 00:22:31 - Price Stability Narrative: Instrument holds through volatility

* 00:25:30 - True North Event: Vegas meetup at Bitcoin conference

* 00:26:29 - Investor Skepticism: Debate on risk and principal return

* 00:27:42 - Covered Call Management: Sole discusses rolling positions

* 00:30:14 - Earnings Outlook: Projected net income and narrative impact

* 00:33:59 - Structured Credit Buildout: Tranching, risk buffers, and scaling framework

* 00:42:04 - Rating Agency Path: Structuring for credit ratings

* 00:47:05 - Implementation Pathway: Raising capital and building structure

* 00:53:24 - Capital Access Constraints: Limits for US-based investors

* 00:56:56 - Structured Finance Case Study: Natural gas cash flow tranching

* 01:01:38 - Innovation Mindset: Builders shaping financial future

* 01:07:38 - Early Adopter Advantage: Retail leads new instruments

* 01:11:22 - Institutional Entry Timing: Later adoption impacts returns

* 01:12:30 - Rate Outlook Narrative: AI used to justify rate shifts

* 01:13:46 - Long-Term Demand Thesis: Sustaining high yield environment

* 01:16:34 - Capital Rotation Dynamics: Equity profits move into credit

* 01:19:44 - Convertible Strategy: Balancing downside protection and upside

* 01:22:48 - Liquidity Environment Shift: Capital flows and macro setup

* 01:25:21 - Valuation Framework Shift: Balance sheet over cash flow

* 01:28:15 - Risk-Free Debate: Questioning traditional benchmarks

* 01:31:20 - Soleil’s Final Thoughts: Risk, conviction and allocation

* 01:33:27 - Narrative and Sentiment: Grain on framing and perception

* 01:37:20 - Mason’s Final Thoughts: Opportunity sizing, positioning, conviction

* 01:40:56 - Dan’s Final Thoughts: Product evolution, structure, and demand

* 01:42:04 - Jeff’s Final Thoughts: Macro framing, capital flows, and outlook

Thank you to our Sponsors:

BitGo: https://www.bitgo.com/

SALT: https://saltlending.com/

See our website: https://tnorth.com

Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

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