Option-Adjusted Yield and Market Spread may be unavailable when Kynex cannot derive a non-negative implied market spread from the security’s market price and valuation assumptions.

Information presented is provided for illustrative purposes only. None of BTC Rating, BTC Credit, BTC Risk, BTC Credit Basis, the Derived Price, Price vs. Derived Price or Implied BTC ARR are measures of financial results or liquidity, or key performance indicators. Actual results may vary materially from these illustrative results. BTC Rating does not represent a rating from any rating agency and is not equivalent to a 'rating' in the traditional financial context. BTC Rating does not account for potential cross-defaults under our debt obligations. Our Preferred Stocks may have liquidation preferences greater than their Notional values; BTC Rating does not take this into account and is based solely on a Preferred Stock’s Notional value.

The above are hypothetical BTC asset coverage metrics, calculated based on user inputs for illustrative purposes only. They are arithmetic outputs of the assumptions shown using a stylized mathematical of risk, and do not reflect any measure of financial results, liquidity or credit quality. Actual results may vary materially. The Derived Price and Price vs. Derived Price metrics are not valuations, appraisals, fair value determinations, price targets or forecasts, and such metrics should not be used in such manner. In particular, the Derived Price is not a price at which any security is offered or solicited, has traded, or is expected to trade. None of these metrics are a credit rating, credit opinion or credit analysis, and none reflect our ability or willingness to pay dividends, interest or principal. Nothing here is investment, tax or legal advice, a recommendation regarding any security, an offer to sell or a solicitation of an offer to buy. Every metric depends on user-inputted assumptions — BTC Price, BTC Volatility and BTC ARR — as well as assumptions that bitcoin’s price is lognormally distributed, that our bitcoin is the only asset available to us in a liquidation, that each instrument is measured at Notional, that we have no liabilities or liquidation preferences payable in a liquidation other than the Notional amounts of our convertibles note and preferred stock, and that all dividends, interest and principal are paid in full when scheduled. Small changes in any of these assumptions can change the results materially. BTC Credit Basis and Price vs. Derived Price measure only the difference between a market input and the output of our assumptions. A difference in either direction does not mean any security is mispriced, over-valued or under-valued. Dividends on preferred stock are payable only when, as and if declared by our Board of Directors in its sole and absolute discretion. We may reduce the STRC dividend rate in our sole and absolute discretion, subject to certain restrictions, and STRD dividends are non-cumulative. If dividends are not declared, the yields shown will not be realized. We have the right, at our election, to redeem all, or any whole number of shares, subject to certain limitations described below, of STRC at a cash redemption price of $101 per share, which may cause the Derived Price to substantially deviate from market prices that could actual be realized. These metrics do not account for or reflect any risks with respect to: limited or absent trading markets, or that displayed prices may be stale and are not executable; our issuance of senior, parity or additional instruments; that our bitcoin is not pledged to holders of any of these instruments and may be sold or used for any corporate purpose; our other liabilities, taxes, contingencies or cross-defaults, which may rank senior to claims of holders of these instruments upon a liquidation; legal and regulatory changes; changes to our strategy or capital structure; or changes in law, accounting or tax treatment. Any of these could be material. Certain information here is forward-looking and subject to the risks in our SEC filings, available free at sec.gov. We undertake no obligation to update the information set forth in the dashboard.