Stride (STRD)

"Stride" is Strategy's nickname for STRD, its 10.00% Series A Perpetual Stride Preferred Stock, listed on Nasdaq.

Key facts (as of 22 October 2026)

• Issued: 10 June 2025, with an initial 11,764,700 shares at $85 (certificate of designations, 8-K filed 10 June 2025; 10-Q).
• Rate: fixed 10.00% a year on $100, paid in cash quarterly. The latest payment was $2.50 on 30 September 2026 (8-K, 31 August 2026).
• Non-cumulative: a dividend the board does not declare is lost. Nothing accrues and nothing compounds.
• Rank: most junior of Strategy's five preferred series. It sits behind STRF, STRC, STRE, STRK and all debt, and ahead of common stock.
• Redemption: no general call. Clean-up and tax redemptions only, at the liquidation preference plus declared and unpaid dividends.
• Holder put: on a fundamental change, at $100 plus declared and unpaid dividends.
• Outstanding: 14,024,221 shares at 30 June 2026 (10-Q).

Why its position matters

STRD combines the two features that give a preferred holder the least protection: it ranks last among Strategy's preferreds and its dividends are non-cumulative. In a coverage bridge, every other preferred series and all debt are counted ahead of STRD. Its coverage multiple is therefore the lowest of the five.

Pending change

STRD is included in Strategy's proposal for daily record dates. If holders approve at the 28 October 2026 special meeting, first daily dividends are expected on 4 January 2027 (8-K, 25 September 2026).

Strategy's 8-K of 10 June 2025 contains a typo that names "8.00% Series A Perpetual Strife Preferred Stock". STRF's actual rate is 10.00%.

What to check in the filing

• Any dividend-stopper language protecting STRD
• Each quarter's declaration