Strategy preferred stock explained: STRF, STRC, STRE, STRK and STRD

Strategy Inc (formerly MicroStrategy, Nasdaq: MSTR) has issued five series of perpetual preferred stock, each with a nickname. This guide sets out their key terms side by side as of 22 October 2026, with links to the filings that define them. It describes terms only and is not investment advice.

For the issuer's balance sheet see the Strategy issuer page.

The five series at a glance

	STRF	STRC	STRE	STRK	STRD
Nickname	Strife	Stretch	Stream	Strike	Stride
Seniority (1 = most senior preferred)	1	2	3	4	5
Currency / stated amount	USD $100	USD $100	EUR €100	USD $100	USD $100
Listing	Nasdaq	Nasdaq	Luxembourg (Euro MTF)	Nasdaq	Nasdaq
Rate	10.00% fixed	Variable; 12.00% for Oct 2026 record dates	10.00% fixed	8.00% fixed	10.00% fixed
Payment frequency	Quarterly	Semi-monthly (since 30 Jun 2026)	Quarterly	Quarterly	Quarterly
Cumulative	Yes	Yes	Yes	Yes	No
Convertible into MSTR	No	No	No	Yes, 0.1 share per STRK share	No
Optional call	No	Yes, $101	No	No	No
Initial issue	25 Mar 2025, $85	29 Jul 2025, $90	13 Nov 2025, €80	5 Feb 2025, $80	10 Jun 2025, $85
Shares outstanding, 30 Jun 2026	12,839,689	104,894,705	7,750,000	14,020,744	14,024,221

Sources: certificates of designations for STRF, STRC, STRE, STRK and STRD; STRC rate from the 8-K of 30 September 2026; shares outstanding and initial issue details from the Q2 2026 10-Q.

STRC's share count has fallen since 30 June 2026 because Strategy has been repurchasing it. Strategy has not reported an updated STRC total in the filings reviewed for this guide, so the 30 June figure is shown.

Seniority order

The order of priority, from most to least senior, is:

Debt > STRF > STRC > STRE > STRK > STRD > Class A common stock

This rests on the filings themselves. STRF's certificate of designations bars Strategy from issuing stock senior to STRF without consent of a majority of STRF holders. STRC's certificate describes STRC as junior to STRF and senior to STRK and STRD. The STRE prospectus supplement names STRF and STRC as senior stock and STRK and STRD as junior stock. Some earlier secondary descriptions treated STRC and STRF as ranking equally; the filings do not support that.

Seniority matters in two situations: when the company has cash for some dividends but not all, and in a liquidation. See capital stack of a bitcoin treasury company.

Series by series

STRF (Strife)

A 10.00% fixed-rate, cumulative, cash-only series paid quarterly. Unpaid dividends compound quarterly at the regular rate plus 100 basis points, rising by 100 basis points each period; the cap on that step-up was not confirmed for this guide. Strategy may redeem STRF only in a clean-up (fewer than 25% of all shares ever issued outstanding) or on a tax event. See /instruments/strf.

STRC (Stretch)

The variable-rate series. Strategy sets the rate each period at its discretion, subject to limits: it may not cut by more than 25 basis points plus the decline in one-month term SOFR over the prior period, may not set the rate below one-month term SOFR, and may not cut while accumulated dividends are unpaid. The rate began at 9.00% and stood at 12.00% for periods with October 2026 record dates. Strategy's quarterly report for the period to 30 June 2026 gives a targeted trading range of $99–$100 (10-Q); the par-targeting guide explains how.

STRC is the only Strategy series with a general optional call: all or part at $101 plus unpaid dividends, with partial redemption allowed only if at least $250 million of stated amount stays outstanding. See /instruments/strc.

STRE (Stream)

A euro-denominated 10.00% fixed-rate, cumulative series on a €100 stated amount, paid quarterly with a record time of 5pm London on the 15th. Unpaid dividends compound at 10% plus 100 basis points, stepping up 100 basis points per period to a maximum of 18%. Redemption is limited to clean-up and tax events. As of 30 June 2026 its aggregate liquidation preference was equivalent to $884.12 million. STRE is not included in the daily-dividend proposal described below. See /instruments/stre.

STRK (Strike)

An 8.00% fixed-rate, cumulative series that is also convertible: holders may convert on any business day into 0.1000 shares of MSTR Class A common per STRK share, an initial conversion price of $1,000, subject to adjustment. Strategy may pay STRK dividends in cash, common stock (valued at 95% of a volume-weighted average price, subject to a floor price initially set at $119.03) or a mix. An amendment filed on 7 July 2025 moved STRK from a fixed $100 liquidation preference to the same floating rule as the other series. See /instruments/strk.

STRD (Stride)

A 10.00% fixed-rate series that is non-cumulative and ranks last among the five. If Strategy does not declare a STRD dividend, holders have no claim to it later. Redemption is limited to clean-up and tax events. See /instruments/strd.

Features they share

• Floating liquidation preference. Each series starts at its stated amount and is reset each business day to the greatest of the stated amount, the prior day's last sale price (if Strategy sold shares in the prior 10 trading days) and the 10-day average price. The Q2 10-Q showed a liquidation preference of $100 per share (€100 for STRE) for all series as of 30 June 2026.
• Fundamental change repurchase. Holders may require Strategy to repurchase at the stated amount plus unpaid dividends on a defined fundamental change; for STRK this is subject to a limited exception.
• Repurchase programme. Strategy's digital credit repurchase programme was raised to $3.0 billion on 19 October 2026, with $1.16 billion remaining as of 18 October 2026 (8-K).

Pending change: daily dividends

Strategy has called a special meeting for 28 October 2026 to amend the certificates of designations for STRF, STRC, STRK and STRD to allow daily record dates (8-K, 25 September 2026). If approved, STRC would move to daily dividends from 1 November 2026 and the other three from 4 January 2027. Strategy has declared both a semi-monthly STRC dividend payable 15 November 2026 and conditional daily November dividends totalling $1.00 per share; only one set will be payable, depending on the vote (8-K, 15 October 2026). This guide will be updated after the meeting.

What to check in the filing

• The ranking clause in each certificate of designations, naming senior, parity and junior stock.
• The current STRC rate and the 8-K that declared it.
• Whether the daily-dividend amendments were approved, and their effective dates.
• STRK's conversion rate, floor price and any anti-dilution adjustments.
• Clean-up and tax redemption triggers and prices for each series.
• The latest reported shares outstanding for each series.