Can you give me the tldr on what stretch is? I'll catch up when I'm back home next week.
Discussion
Preferred stock backed 10:1 like STRF but monthly dividend payments targeting 9% APR at a $100 par value
They are not targeting a 9% yield, but that’s what the yield will be when it IPOs. They target to keep the share price at $100, and they will accomplish that in part by varying the monthly yield paid out.
The yield at IPO will be 9.5%-10%
They are targeting $100 par value that would pay a 9% dividend
They explained that if the price went above $101 they would hit the ATM to bring the price down to par and they wouldn’t hit the ATM below $99
They are targeting a 9% dividend payment which can be seen on these 2 slides. 
Yeah I listened to the presentation.
9% is the expected dividend, but they are not optimizing for a 9% dividend. They are optimizing for a $100 share price. They can’t optimize for both share price and yield at the same time.