Skip to content
Monday 2 November 2026 · Week 45Prices: 30 Oct close
21DC

Information only. Not investment advice. 21DC is not authorised by the FCA or SEC.

STRC — Strategy Inc. Variable Rate Series A Perpetual Stretch Preferred

Nasdaq · USD · 100 stated amount · Trading · Listed 29 Jul 2025 · issuer name “Stretch”

Compare with MOREOpen in the yield calculatorAll filings for this series
Last close99.13−0.86 · −0.86%
vs $100 par−0.87%discount of $0.87
Effective yield12.11%12.00% × 100 ÷ 99.13
Stated rate12.00%declared 30 Sep · resets
30-day range97.56 – 99.99

Based on the close of 30 Oct 2026. Effective yield is the annual stated dividend divided by the last close.

Terms

Terms as of 30 Jun 2026 · 8-K, 29 Jul 2025 ↗ · see all versions

These terms were entered from the filing linked above and are awaiting editorial review. Check the filing before relying on them.

IssuerStrategy Inc.
SecurityVariable Rate Series A Perpetual Stretch Preferred Stock
Stated amount (par)$100.00 per share
Dividend rateVariable; 12.00% currently declared. Issuer may set the rate each period at its sole discretion, but may not cut it (i) by more than 25bp plus the decline in one-month term SOFR over the prior period, or (ii) below one-month term SOFR; no cut allowed while any accumulated dividends are unpaid. Rate announced via strategy.com/strc.
CumulativeYes
Payment frequencyTwice a month
RankingJunior to STRF; senior to STRE, STRK, STRD, common stock
Liquidation preferenceInitially $100; adjusted each business day to the greatest of (i) stated amount, (ii) prior-day last reported sale price if the issuer sold shares in the prior 10 trading days, (iii) 10-trading-day average last reported sale price.
RedemptionOptional redemption of all or part at $101 (or higher at issuer's discretion) plus accumulated/unpaid dividends, any time after listing; partial redemption only if >= $250m stated amount remains outstanding. Also clean-up (<25% outstanding) and tax redemptions at liquidation preference.
ConversionNone
Target trading range$99–$100
ListingNasdaq, USD, listed 29 Jul 2025
NotesA&R CoD effective 2026-06-30 changed payment frequency from monthly to semi-monthly only; rates/other rights unchanged. A further 'Second A&R CoD' (daily record dates) is subject to the 2026-10-28 special meeting. Holders may require repurchase on a 'Fundamental Change' at stated amount plus accumulated and unpaid dividends. Issuer objective, not a contractual term: Q2 2026 10-Q says 'Our objective is for STRC to trade over time at $99 to $100' and refers to a 'targeted range of $99-$100'. The CoD sets no band. Corrected 2026-10-22.

Capital stack

Strategy Inc., senior to junior

  1. 1STRFsenior pref.
  2. 2STRC ◂ this seriespref.
  3. 3STREpref.
  4. 4STRKpref., convertible
  5. 5STRDjunior pref.
  6. 6MSTR commonresidual

Ranking per each series' filing. Issuer view with notionals

Dividend history

twice a month, cumulative · full history
PeriodAnnual ratePer shareDeclaredRecordPaidStatusFiling
Oct 202612.00%$0.5030 Sep15 Oct31 OctPaid8-K ↗
Oct 202612.00%$0.5031 Aug30 Sep15 OctPaid8-K ↗
Sep 202612.00%$0.5031 Aug15 Sep30 SepPaid8-K ↗
Sep 202612.00%$0.5031 Jul31 Aug15 SepPaid8-K ↗
Aug 202612.00%$0.5031 Jul15 Aug31 AugPaid8-K ↗
Aug 202612.00%$0.5028 Jun31 Jul15 AugPaid8-K ↗
Jul 202612.00%$0.5028 Jun15 Jul31 JulPaid8-K ↗
Jul 202611.50%$0.479214 Jun30 Jun15 JulPaid8-K ↗
Jun 202611.50%$0.958330 May15 Jun30 JunPaid8-K ↗
May 202611.50%$0.958330 Apr15 May31 MayPaid8-K ↗
Apr 202611.50%$0.958331 Mar15 Apr30 AprPaid8-K ↗
Mar 202611.50%$0.958328 Feb15 Mar31 MarPaid8-K ↗

Effective yield

STRC at the current rate
10.0%12.0%14.0%16.0%18.0%MarMayJulSep12.1%

Daily closes, each divided into the current stated rate. As of 30 Oct 2026.

How STRC works

STRC, which Strategy calls "Stretch", pays a variable rate on a $100 stated amount. Strategy sets the rate for each period and announces it on its website and by 8-K. The rate started at 9.00% when the shares were issued on 29 July 2025 and was raised in steps to 12.00% for periods with record dates from 1 July 2026. Strategy's 8-K of 15 October 2026 keeps it at 12.00% for November 2026 record dates. The 8-K of 31 August 2026 says management intends to keep 12.00% until STRC shows "sustained, healthy trading near $100".

Strategy has discretion over the rate, but the certificate of designations (8-K, 29 July 2025) limits how far it can cut. Each period it may reduce the rate by no more than 25 basis points plus any fall in one-month term SOFR. The rate may never go below one-month term SOFR. No cut is allowed while any accumulated dividends are unpaid. Dividends are cumulative and paid in cash.

Payments were monthly until June 2026. Since the amended certificate took effect on 30 June 2026, they have been semi-monthly: on the 15th and the last day of each month, each worth half a monthly amount ($0.50 at 12.00%).

STRC ranks second among Strategy's preferred series. It is junior to STRF and to all debt, and senior to STRE, STRK, STRD and the common stock. The liquidation preference follows the same greatest-of rule as STRF, with a floor at the $100 stated amount. Strategy may call STRC at $101. Holders have a repurchase right on a fundamental change.

The Q2 2026 10-Q showed 104,894,705 shares outstanding on 30 June 2026. Strategy has repurchased STRC since then, but it has not reported an updated share count.

Pending change. On 28 October 2026 shareholders vote on making every calendar day a record date (8-K, 25 September 2026). If the change is approved and effective by 1 November 2026, the first daily payment is expected on 2 November 2026.

Reviewed against the STRC certificate of designations (8-K, 29 July 2025), the amended and restated certificate effective 30 June 2026 (8-K, 15 June 2026), and Strategy's 8-Ks of 31 August, 25 September, 15 October and 19 October 2026. A summary; the filing governs.

Questions

At what price can Strategy redeem STRC?

The certificate of designations filed on 29 July 2025 lets Strategy redeem STRC at any time at $101 per share, or more at its discretion, plus accumulated and unpaid dividends. It may redeem only part of the series if at least $250 million of stated amount stays outstanding. Separate clean-up and tax redemptions are made at the liquidation preference.

Does Strategy repurchase STRC in the market?

Yes. STRC is bought back under Strategy's digital credit repurchase programme. The 8-K filed on 19 October 2026 says the programme was increased from $2.0 billion to $3.0 billion, with about $1.16 billion still available as of 18 October 2026. Weekly 8-Ks report the shares repurchased.

Which November 2026 STRC dividend will be paid?

It depends on the 28 October 2026 vote. Strategy has declared a semi-monthly dividend of $0.50, payable on 15 November 2026 to holders of record on 31 October (8-K, 30 September 2026). It has also declared daily dividends for November record dates totalling $1.00, at 12.00% a year (8-K, 15 October 2026). The daily dividends apply only if the amendment is approved and takes effect by 1 November 2026; in that case the 15 November payment is not made. Only one of the two sets will be paid.

What is the dividend rate on STRC?

STRC pays a variable rate set by the issuer. The most recently recorded annual rate is 12.00%, as of 30 Sep 2026 (8-K, 29 Jul 2025).

Are STRC dividends cumulative?

Yes. Unpaid dividends on STRC accumulate and must be paid before distributions on junior securities, per the terms (8-K, 29 Jul 2025).

How often does STRC pay a dividend?

STRC dividends are scheduled twice a month (8-K, 29 Jul 2025). Each declaration is listed on the dividend history page with its filing.

Related

Compare: STRC vs MORE, STRC vs SATA, STRC vs SATS, STRC vs STRD, STRC vs STRE, STRC vs STRF

Glossary: Amplification ratio, ATM programme, BTC $ Gain, BTC Hurdle ARR, BTC Rating, BTC Risk, BTC Yield, Capital stack

Issuer: Strategy Inc. · all terms versions · dividends

Recent filings

all
22 Oct 20268-K8-K: change to rights of security holders, amendment to articles, Regulation FD disclosure, other eventsEDGAR ↗
22 Oct 20268-K8-K: Regulation FD disclosure, other eventsEDGAR ↗
30 Sep 20268-K8-K: Regulation FD disclosure, other eventsEDGAR ↗
3 Aug 20268-K8-K: Regulation FD disclosure, other eventsEDGAR ↗
29 Jun 20268-K8-K: Regulation FD disclosure, other eventsEDGAR ↗

Page data as of 30 Oct 2026. Terms as of 30 Jun 2026.