How SATA works
SATA is Strive's variable-rate perpetual preferred. It has a $100 stated amount and a rate that Strive sets for each monthly period. The rate was 12.00% at issue on 10 November 2025. It rose in 25-basis-point steps to 13.00% for periods from 15 April 2026 and has stayed there since. Strive's 8-K of 13 October 2026 keeps it at 13.00% for November 2026.
Strive may change the rate at its discretion, provided it gives notice before the period starts. The prospectus supplement limits cuts in four ways. No cut may exceed 25 basis points plus the fall in monthly SOFR. The rate may not go below monthly SOFR. A cut is allowed only when all accumulated dividends have been paid, and only if SATA's average price over the prior period was at least $99.
SATA paid monthly until 15 June 2026. Under the amended certificate effective that day, dividends are paid on every business day, at a per-day amount derived from the monthly rate. Dividends are cumulative and cash-only. Unpaid amounts compound monthly at the regular rate plus 25 basis points, rising by 25 basis points a month up to 20%. The October 2026 amendment also lets payments fall on weekends if the Federal Reserve, Nasdaq and DTC permit.
SATA is Strive's senior preferred: it ranks ahead of SATS and the common stock and behind any debt. Strive's SATS prospectus reported no consolidated debt as of 9 October 2026.
The liquidation preference follows a daily greatest-of rule, with a floor at $100 and a cap at $110. Strive may redeem all or part of SATA at $110 plus accumulated dividends. A partial redemption must leave at least $50 million of stated amount outstanding. Clean-up and tax redemptions are made at the liquidation preference.
SATA is par-targeted. Strive aims for it to trade between $99 and $101 (8-K, 11 March 2026). Since 13 October 2026, a $100 minimum price for new sales has been written into the certificate. Strive's 8-K of 19 October 2026 reported 14,030,176 SATA shares outstanding as of 16 October 2026.
Reviewed against the SATA prospectus supplement (424B5, 7 November 2025), the certificate of designation (8-K, 10 November 2025), the amended and restated certificate effective 15 June 2026 (8-K, 14 May 2026), the 8-K of 11 March 2026 on the target range and the certificate amendment and November 2026 rate notice (8-K, 13 October 2026). A summary; the filing governs.