Stretch (STRC)

"Stretch" is Strategy's nickname for STRC, its Variable Rate Series A Perpetual Stretch Preferred Stock, listed on Nasdaq.

Key facts (as of 22 October 2026)

• Issued: 29 July 2025. The IPO sold 28,011,111 shares at $90, raising about $2.52bn gross (8-K, 29 July 2025).
• Rate: variable. It started at 9.00% and has been 12.00% since July 2026, a level also stated for November 2026 (8-K, 15 October 2026).
• Payments: monthly until June 2026, then semi-monthly ($0.50 on the 15th and the last day of each month). Daily record dates from 1 November 2026 are subject to a holder vote on 28 October 2026.
• Cumulative, with unpaid amounts compounding.
• Rank: second among Strategy's preferreds, behind STRF and ahead of STRE, STRK and STRD.
• Call: optional redemption at $101 plus unpaid dividends.
• Target: Strategy aims for STRC to trade at $99 to $100 (see par-targeting).

Size and repurchases

STRC had 104,894,705 shares outstanding at 30 June 2026 (10-Q), making it by far Strategy's largest preferred series. Since July 2026, Strategy has been repurchasing STRC below par under its repurchase programme. In the week to 18 October 2026 it repurchased 1,938,780 shares for $193.1m (8-K, 19 October 2026). No issuer-reported share count for later than 24 July 2026 was available when this entry was written.

What to check in the filing

• The current rate announcement and the period it covers
• The outcome of the 28 October 2026 vote on daily dividends
• The latest repurchase totals