Glossary · F
Fixed-rate preferred
Preferred stock that pays the same annual percentage of its stated amount for as long as it is outstanding. STRF, STRE, STRK, STRD and SATS are fixed-rate. Their prices move instead of their rates.
Revised 22 October 2026 · Suggest a correction
A fixed-rate preferred pays a dividend rate written into its terms that does not change. On a perpetual instrument, that rate applies for as long as the shares exist. The issuer has no power to adjust it.
Fixed-rate digital credit (as of 22 October 2026)
| Instrument | Rate | Paid | Source |
|---|---|---|---|
| STRF | 10.00% | Quarterly | CoD 8-K, 25 March 2025 |
| STRE | 10.00% (EUR) | Quarterly | CoD 8-K, 13 November 2025 |
| STRK | 8.00% | Quarterly | CoD 8-K, 5 February 2025 |
| STRD | 10.00%, non-cumulative | Quarterly | CoD 8-K, 10 June 2025 |
| SATS | 15.00% | Each business day from 9 November 2026 | CoD 8-K, 20 October 2026 |
Strategy has asked holders of STRF, STRK and STRD to approve daily record dates at a special meeting on 28 October 2026. That would change the payment schedule, not the rate (8-K, 25 September 2026).
Price does the adjusting
Since the coupon cannot move, the market price absorbs changes in interest rates and credit perception. When market yields rise or the issuer's credit weakens, the price falls and the effective yield rises, and the reverse happens when yields fall or credit improves. Fixed-rate perpetuals tend to have long durations, so they are more sensitive to interest rates than variable-rate series.
"Fixed" describes the rate, not the payment. Dividends on all of these series must still be declared by the board. For STRD, an undeclared dividend is simply lost (see non-cumulative dividend).
What to check in the filing
- The rate and the stated amount it applies to
- Payment dates and record dates
- Whether unpaid dividends accumulate and compound