Glossary · S
Stated amount (par)
The fixed per-share amount, usually $100, on which a preferred stock's dividend rate is calculated. It is often called par, but it is separate from the legal par value of $0.001 shown on the share certificate.
Revised 22 October 2026 · Suggest a correction
annual dividend per share = dividend rate × stated amount
The stated amount is the per-share figure that the dividend rate applies to. Each digital credit series covered on this site has one of $100 (or €100 / £100). People usually call it "par", and that is how this site uses the word too.
Stated amount vs legal par value
There are two "par" numbers, and they are easy to mix up:
- Legal par value is a nominal figure required by corporate law. Strategy's preferreds have a par value of $0.001 per share (STRC 8-K, 29 July 2025). It has no effect on dividends.
- Stated amount is the economic base. At 12.00% a year on $100, a holder of STRC accrues $12.00 per share per year. Since 30 June 2026 that has been paid as $0.50 twice a month (Strategy 8-K, 30 September 2026).
Where it shows up
- Dividends. Rate × stated amount, whatever the share price.
- Fundamental change repurchases. These are paid at the stated amount plus accumulated dividends.
- Liquidation preference floor. For Strategy's series, the liquidation preference can rise above the stated amount but never falls below it.
- Par-targeting. STRC and SATA are managed to trade near $100.
Examples (as of 22 October 2026)
| Instrument | Stated amount | Source |
|---|---|---|
| STRF, STRC, STRK, STRD | $100 | Strategy certificates of designations |
| STRE | €100 | 8-K, 13 November 2025 |
| SATA, SATS | $100 | Strive filings |
| MORE | £100 (nominal value £0.001) | Smarter Web Company announcements |
What to check in the filing
- The defined term ("stated amount", "liquidation preference" or "notional")
- Whether any payment is made at the stated amount or at a floating figure