This chart compares a tax-equivalent, structurally engineered instrument to senior, regulated credit as if they are the same thing. They are not. STRC’s headline number is not a market yield, it is a hypothetical tax-adjusted figure that assumes specific tax treatment, continued structural stability, and favourable Bitcoin conditions. Remove the tax-equivalent framing and the outperformance largely disappears. More importantly, there is no risk-adjusted comparison here: no drawdown analysis, no stress testing, no Bitcoin volatility scenario, no refinancing risk, no duration comparison. Traditional credit is senior, liquid, regulated, and historically stable. STRC is leveraged, structure-dependent, and ultimately tied to Bitcoin volatility and Strategy’s balance sheet. Saying “digital credit outperforms conventional credit” without equalising risk is marketing, not analysis.