This week I bought it at $15.7 per share. The $1.2 billion is from STRC preferred stock. However, it requires paying a high annual dividend yield of 11.5%. Previously, I saw a perspective from Teacher Bei on STRC yield of 11.5%. US Treasury yield: 4%. Credit spread 7.5%. In the credit risk model, if we assume the recovery rate after enterprise default is 40%, the default probability can be approximately calculated as: Default probability = Credit spread / ( (1 - Recovery rate)