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STRD — Strategy Inc. 10.00% Series A Perpetual Stride Preferred

Q: Can Strategy redeem STRD?

Only in narrow cases. The certificate of designations filed on 10 June 2025 has no general call. Strategy may redeem STRD only in a clean-up redemption (fewer than 25% of issued shares outstanding) or on a tax event, at the liquidation preference plus declared and unpaid dividends. Undeclared dividends are not included.

Q: What can STRD holders do if Strategy undergoes a fundamental change?

They can require Strategy to repurchase their shares at the $100 stated amount plus declared and unpaid dividends. Because STRD is non-cumulative, dividends that were never declared do not form part of that price.

Q: Would the 28 October 2026 vote change STRD's rate?

No. Strategy's 8-K of 25 September 2026 says the proposed amendments change the payment schedule only, not the dividend rate or the total amount payable. If they are approved, STRD would move to daily record dates, with the first daily dividends expected on 4 January 2027. Each daily dividend would still have to be declared, as STRD is non-cumulative.

Q: What is the dividend rate on STRD?

STRD pays a fixed 10.00% a year on its 100 stated amount, per the terms as of 10 Jun 2025 (8-K, 10 Jun 2025).

Q: Are STRD dividends cumulative?

No. If the issuer does not declare a STRD dividend, it does not accumulate and holders have no claim to it later, per the terms (8-K, 10 Jun 2025).

Q: How often does STRD pay a dividend?

STRD dividends are scheduled quarterly (8-K, 10 Jun 2025). Each declaration is listed on the dividend history page with its filing.

Nasdaq · USD · 100 stated amount · Trading · Listed 10 Jun 2025 · issuer name “Stride”

Compare with MORE Open in the yield calculator All filings for this series

Last close69.75−0.77 · −1.09%

vs $100 par−30.25%discount of $30.25

Effective yield14.34%10.00% × 100 ÷ 69.75

Stated rate10.00%terms 10 Jun

30-day range69.11 – 73.97

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

Terms

Terms as of 10 Jun 2025 · 8-K, 10 Jun 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.

Issuer	Strategy Inc.	8-K, 10 Jun 2025
Security	10.00% Series A Perpetual Stride Preferred Stock	8-K, 10 Jun 2025
Stated amount (par)	$100.00 per share	8-K, 10 Jun 2025
Dividend rate	10.00% a year, fixed	8-K, 10 Jun 2025
Cumulative	No	8-K, 10 Jun 2025
Payment frequency	Quarterly	8-K, 10 Jun 2025
Ranking	Junior to STRF, STRC, STRE, STRK; senior to common stock	8-K, 10 Jun 2025
Liquidation preference	Initially $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.	8-K, 10 Jun 2025
Redemption	Clean-up (<25% outstanding) and tax redemptions only, at liquidation preference plus declared and unpaid dividends.	8-K, 10 Jun 2025
Conversion	None	8-K, 10 Jun 2025
Listing	Nasdaq, USD, listed 10 Jun 2025
Notes	Holders may require repurchase at stated amount plus declared and unpaid dividends. Included in 2026-10-28 daily-dividend proposal; first daily dividends expected 2027-01-04 if approved.	8-K, 10 Jun 2025

Capital stack

Strategy Inc., senior to junior

1STRFsenior pref.
2STRCpref.
3STREpref.
4STRKpref., convertible
5STRD ◂ this seriesjunior pref.
6MSTR commonresidual

Ranking per each series' filing. Issuer view with notionals

Dividend history

quarterly, non-cumulative · full history

Period	Annual rate	Per share	Declared	Record	Paid	Status	Filing
Jul – Sep 2026	10.00%	$2.50	31 Aug	15 Sep	30 Sep	Paid	8-K ↗
Apr – Jun 2026	10.00%	$2.50	30 May	15 Jun	30 Jun	Paid	8-K ↗
Jan – Mar 2026	10.00%	$2.50	28 Feb	15 Mar	31 Mar	Paid	8-K ↗
Oct – Dec 2025	10.00%	$2.50	1 Dec	15 Dec	31 Dec	Paid	8-K ↗
Jun – Sep 2025	10.00%	$3.0556	2 Sep	15 Sep	30 Sep	Paid	8-K ↗

Effective yield

STRD at the current rate

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

How STRD works

STRD, which Strategy calls "Stride", pays a fixed 10.00% a year on a $100 stated amount: $2.50 per share each quarter, in cash, when declared. Under the certificate of designations filed on 10 June 2025, payment dates are 31 March, 30 June, 30 September and 31 December, with the record date on the 15th of the payment month. The first payment, on 30 September 2025, was prorated from the 10 June 2025 issue date.

STRD is the only one of Strategy's five preferred series with non-cumulative dividends. Strategy has no obligation to pay a dividend its board does not declare. An undeclared dividend does not carry forward or accrue interest. STRD is not convertible.

STRD is the most junior of Strategy's preferred series. It ranks behind STRF, STRC, STRE and STRK and behind all debt. It ranks ahead of the common stock only. Because it is junior and non-cumulative, it carries the weakest dividend protection in Strategy's capital stack. That is a structural description, not a forecast.

The liquidation preference follows the same rule as Strategy's other dollar series. It 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 Strategy sold STRD in the previous ten trading days; and the ten-trading-day average last sale price.

There is no general call. Strategy can redeem STRD only through a clean-up redemption or a tax redemption, at the liquidation preference plus declared and unpaid dividends. Holders have a repurchase right on a fundamental change.

STRD's IPO was completed on 10 June 2025. Strategy's Q2 2026 10-Q shows 11,764,700 shares issued in the IPO at $85 and 14,024,221 shares outstanding at 30 June 2026.

Pending change. STRD is one of the four series in the 28 October 2026 shareholder vote on daily record dates (8-K, 25 September 2026). If the change is approved, the first daily STRD dividends are expected on 4 January 2027.

Reviewed against the STRD certificate of designations (8-K, 10 June 2025), Strategy's Q2 2026 10-Q (filed 3 August 2026) and the 8-K of 25 September 2026 on daily dividends. A summary; the filing governs.

Questions

Can Strategy redeem STRD?

Only in narrow cases. The certificate of designations filed on 10 June 2025 has no general call. Strategy may redeem STRD only in a clean-up redemption (fewer than 25% of issued shares outstanding) or on a tax event, at the liquidation preference plus declared and unpaid dividends. Undeclared dividends are not included.

What can STRD holders do if Strategy undergoes a fundamental change?

They can require Strategy to repurchase their shares at the $100 stated amount plus declared and unpaid dividends. Because STRD is non-cumulative, dividends that were never declared do not form part of that price.

Would the 28 October 2026 vote change STRD's rate?

No. Strategy's 8-K of 25 September 2026 says the proposed amendments change the payment schedule only, not the dividend rate or the total amount payable. If they are approved, STRD would move to daily record dates, with the first daily dividends expected on 4 January 2027. Each daily dividend would still have to be declared, as STRD is non-cumulative.

What is the dividend rate on STRD?

STRD pays a fixed 10.00% a year on its 100 stated amount, per the terms as of 10 Jun 2025 (8-K, 10 Jun 2025).

Are STRD dividends cumulative?

No. If the issuer does not declare a STRD dividend, it does not accumulate and holders have no claim to it later, per the terms (8-K, 10 Jun 2025).

How often does STRD pay a dividend?

STRD dividends are scheduled quarterly (8-K, 10 Jun 2025). Each declaration is listed on the dividend history page with its filing.