How SATS works
SATS is Strive's second perpetual preferred. It pays a fixed 15.00% a year on a $100 stated amount, in cash, with dividends falling due on each business day. Strive priced the offering on 15 October 2026 and issued 7,000,000 shares at $90 on 20 October 2026, for gross proceeds of $630 million (424B5, 16 October 2026). The issuer said trading was expected to begin on Nasdaq on or around 20 October 2026. 21DC has not independently confirmed the first trade date.
Under Strive's 8-K of 21 October 2026, the first dividend of $0.871 per share is payable on 9 November 2026 and covers the period from issue. From 10 November, $0.0658 per share is payable each business day. Each daily dividend goes to holders of record at the close of the previous business day.
Dividends are cumulative. The summary in the certificate of designation 8-K also says that nothing further accrues on unpaid regular dividends, so arrears do not compound. The liquidation clause, however, mentions compounded dividends, so check the certificate itself on this point. At closing, Strive placed $22.50 per share, about 18 months of dividends, into a dividend reserve. SATS is not convertible.
SATS ranks behind SATA and any debt, and ahead of Strive's Class A and Class B common stock. The SATS prospectus supplement reported no consolidated debt as of 9 October 2026.
The liquidation preference starts at $100 and resets each business day to the greatest of three figures: the stated amount; the prior day's last sale price, if Strive sold SATS in the previous ten trading days; and the ten-trading-day average last sale price.
There is no general call. Strive may redeem SATS only through a clean-up redemption (fewer than 25% of all SATS ever issued outstanding) or a tax redemption, at the liquidation preference plus accumulated dividends. Holders can require a repurchase at the stated amount plus accumulated dividends on a fundamental change.
Unlike SATA, SATS is not par-targeted. Its rate is fixed, so its price can move away from $100 with no adjustment mechanism.
Reviewed against the SATS prospectus supplement (424B5, 16 October 2026), the certificate of designation (8-K, 20 October 2026) and the first dividend declaration (8-K, 21 October 2026). A summary; the filing governs.