How STRE works
STRE, which Strategy calls "Stream", is Strategy's euro-denominated preferred. It pays a fixed 10.00% a year on a €100 stated amount: €2.50 per share each quarter, in cash. Under the certificate of designations filed on 13 November 2025, payment dates are 31 March, 30 June, 30 September and 31 December. The record date is the 15th of the payment month at 5pm London time, which differs from the New York record time used for the dollar series. The first payment, on 31 December 2025, was prorated from the 13 November 2025 issue date.
Dividends are cumulative. According to the prospectus supplement, unpaid amounts compound quarterly at the regular rate plus one percentage point, rising by a further point each period up to a maximum of 18%. STRE is not convertible.
In the capital stack, STRE sits in the middle of Strategy's five preferred series. The prospectus supplement names STRF and STRC as senior to it, and STRK, STRD and the common stock as junior. All of Strategy's debt ranks ahead of it.
The liquidation preference starts at €100 and is reset each business day to the greatest of three figures: the stated amount; the prior day's last sale price, if Strategy sold STRE in the previous ten trading days; and the ten-trading-day average last sale price. Strategy's Q2 2026 10-Q reported 7,750,000 shares outstanding at 30 June 2026, with an aggregate liquidation preference it put at about $884 million in dollar terms.
There is no general call. Strategy can redeem STRE only in a clean-up redemption (fewer than 25% of issued shares outstanding) or a tax redemption, at the liquidation preference plus accumulated dividends. Holders can require a repurchase on a fundamental change.
STRE is not part of the 28 October 2026 daily-dividend vote, which covers only STRF, STRC, STRK and STRD.
Reviewed against the STRE prospectus supplement (424B5, 7 November 2025), the STRE certificate of designations (8-K, 13 November 2025) and Strategy's Q2 2026 10-Q (filed 3 August 2026). A summary; the filing governs.