Different income. Different rights.
Start with payment needs, missed-dividend rights and issuer risk. Then compare the yield at the displayed price and historical performance. A higher yield or stronger past return does not establish which security fits you best.
Compare income terms & rights · Review historical returns
Prices and indicated yields
Mixed price dates: September 22, 2026, September 23, 2026 closes · Historical returns end September 15, 2026. Read each row’s date: these are not a same-session comparison when dates differ. Held rows retain their historical price and yield; they have not been refreshed.
Nasdaq-reported regular-session closing values are attributed below; retained historical rows keep their original method. These are not live quotes. Indicated yield uses the annual ordinary distribution associated with each dated snapshot divided by its price. Variable rates are held constant, not promised for a year. STRK cash settlement is not guaranteed.
Method: Nasdaq-reported regular-session close, not a certified official auction close. The source is the dated historical Close/Last row or an explicitly dated regular-session Closed-at record when history is delayed. Matching Stock Analysis observations corroborate the selected field. Other provider observations disagree; they are retained below, not declared stale or silently averaged.
BMNP: price dated September 22, 2026 — $99.36. Observations for that date include $99.59; the retained discrepancies below do not establish unanimous agreement.
STRD: September 23, 2026 refresh held. The closing-price checks did not pass; the previous verified price and date are retained.
BMNP: September 23, 2026 refresh held. The closing-price checks did not pass; the previous verified price and date are retained.
| Security | Close | Indicated yield | Price date and status | Evidence |
|---|---|---|---|---|
| STRF | $103.80 | 9.63% | September 23, 2026 Nasdaq-reported close · Refreshed | Price source 1 · Price source 2 · Rate evidence |
| STRC | $98.91 | 12.13% | September 23, 2026 Nasdaq-reported close · Refreshed | Price source 1 · Price source 2 · Rate evidence |
| STRK | $73.25 | 10.92% | September 23, 2026 Nasdaq-reported close · Refreshed | Price source 1 · Price source 2 · Rate evidence |
| STRD | $73.22 | 13.66% | September 22, 2026 Nasdaq-reported close · Held — review failed | Retained price evidence · Retained price evidence |
| SATA | $100.01 | 13.00% | September 23, 2026 Nasdaq-reported close · Refreshed | Price source 1 · Price source 2 · Rate evidence |
| BMNP | $99.36 | 9.56% | September 22, 2026 Nasdaq-reported close · Held — review failed | Retained price evidence · Retained price evidence |
Historical returns and dated assessments below retain July 31–September 15 inputs. This price update does not refresh issuer financial statements or revalue investment assessments. No yield ranking is calculated from mixed dates.
The differences that matter
Annual rates apply to the $100 stated amount. STRC: periods starting September 16, 2026. SATA: September 2026. Schedules are conditional; business-day adjustments apply. Open a security for full payment and shareholder rights. On small screens, scroll the table sideways.
| Terms | STRF | STRC | STRK | STRD | SATA | BMNP |
|---|---|---|---|---|---|---|
| Annual contractual rate | 10% · Fixed | 12% · Variable | 8% · Fixed | 10% · Fixed | 13% · Variable | 9.5% · Fixed |
| Payment schedule | Quarterly | Twice monthly | Quarterly | Quarterly | Business-day installments | Weekly |
| Missed dividends | Cumulative | Cumulative | Cumulative | Non-cumulative | Cumulative | Cumulative |
| Conversion to common | No conversion option | No conversion option | Holder option into MSTR shares | No conversion option | No conversion option | No conversion option |
| Main trade-off | No conversion option; cash payments can be delayed and there is no scheduled maturity. | The rate can change; a trading price near $100 is an issuer objective, not a guarantee. | Gains are not guaranteed; converting replaces preferred rights with common-stock exposure. | The board can omit dividends without a future obligation to make up undeclared amounts. | The variable rate and payment conditions mean frequent scheduling is not guaranteed income. | Payments can be deferred, and cumulative rights do not assure timely cash or full recovery. |
| Research | Open STRF → | Open STRC → | Open STRK → | Open STRD → | Open SATA → | Open BMNP → |
Priority within Strategy
STRE is Strategy’s euro-denominated preferred stock; it is included here to explain the stack, but is not one of this site’s six covered securities.
| Right | Named stock order, higher to lower |
|---|---|
| Dividend priority | STRF → STRC → STRE → STRK → STRD → common stock |
| Liquidation priority | STRF → STRC → STRE → STRK → STRD → common stock |
Creditors rank ahead of stock claims. Subsidiary creditors have claims on subsidiary assets ahead of the parent’s ownership interest. Priority is not collateral or guaranteed payment/recovery; this is a named-class ordering, not a complete current dollar capital structure. SATA and BMNP have different issuers.
Strategy registered-security terms: ranking · STRC ranking, SA21 · STRE ranking, S30 · STRK ranking, SA6
Reported-price method, sources and retained discrepancies
STRF
Selected Nasdaq-reported close: $103.80. Field: secondaryData Closed at; price date: September 23, 2026. Nasdaq source
STRC
Selected Nasdaq-reported close: $98.91. Field: secondaryData Closed at; price date: September 23, 2026. Nasdaq source
STRK
Selected Nasdaq-reported close: $73.25. Field: secondaryData Closed at; price date: September 23, 2026. Nasdaq source
- September23 historical unadjusted Close: $73.40 · stockanalysis.com · Original observation note: Different historical-table observation retained; not declared stale or averaged.
STRD
Selected Nasdaq-reported close: $73.22. Field: secondaryData Closed at; price date: September 22, 2026. Nasdaq source
SATA
Selected Nasdaq-reported close: $100.01. Field: secondaryData Closed at; price date: September 23, 2026. Nasdaq source
BMNP
Selected Nasdaq-reported close: $99.36. Field: secondaryData Closed at; price date: September 22, 2026. Nasdaq source
- September 22, 2026 historical unadjusted Close: $99.59 · stockanalysis.com · Original observation note: Historical row differs from both dated closing headers; retained under attributed-provider method, not declared stale.
Historical return, including unpaid dividends
July 31 close to September 15 close, 2026. These are historical holding-period returns, not annual rates or a ranking of future value. The totals include eligible declared dividends still awaiting payment, valued at their stated amount. They are not cash received or realized sale gains.
Price change Price + eligible dividends (including unpaid amounts)
| Security | Sep 15 indicated yield | Price return | With eligible dividends* | Payment date reached / share | Payable after cutoff / share |
|---|---|---|---|---|---|
| STRF | 9.74% | 8.38% | 11.02% | $0.0000 | $2.5000 |
| STRC | 12.35% | 8.58% | 10.26% | $1.0000 | $0.5000 |
| STRK | 11.26% | 19.33% | 22.68% | $0.0000 | $2.0000 |
| STRD | 13.89% | 24.37% | 28.69% | $0.0000 | $2.5000 |
| SATA | 13.00% | 3.20% | 4.85% | $1.5480 | $0.0516 |
| BMNP | 9.71% | 9.93% | 11.36% | $0.8971 | $0.3694 |
*No reinvestment; includes declared unpaid receivables at face value. Scheduled payments are not independently confirmed account receipts. Before fees and taxes. Yield uses the September 15 price and current stated rate; return covers the dates above.
How these figures are calculated
Indicated yield is the annual ordinary distribution at the current stated rate divided by the September 15 closing price. Variable rates are held constant for this calculation, not promised for a year. STRK’s future cash/share payment choice remains relevant.
Holding-period returns start at the July 31 close and end at the September 15 close. Eligible distributions have ex-dates strictly after the start and on or before the end. The main return adds those distributions to the price change, with no reinvestment, fees or taxes. Declared amounts payable after September 15 are included as receivables at face value and shown separately. Payment schedules are not independent broker-settlement confirmation.
The separate reinvestment model assumes purchases at the scheduled payment-date close, fractional shares and no fees or taxes. Cash cannot be reinvested before its scheduled payment date. Unpaid receivables remain in ending value. It is a model, not an actual investor’s return.
This short common window is chosen because its prices and distribution declarations have been reconciled for all six. It is not a full market cycle or a forecast. Longer inception returns remain unverified. BMNP ex-dates are corroborated through a secondary provider, alongside primary SEC declarations. Embedded TradingView charts use a separate feed and adjustment method.
Modeled payment-date reinvestment
- STRF: 11.02%
- STRC: 10.26%
- STRK: 22.68%
- STRD: 28.69%
- SATA: 4.87%
- BMNP: 11.39%
Uses the same period and source records. See the method above; fractional shares and scheduled-payment execution are assumptions.
Compare price movement
Price movement only—not total return including dividends. Compare any two securities over the same visible period.
TradingView supplies the chart and delayed market data. Hover or tap the chart to inspect values. This embedded chart does not calculate our modeled dividend reinvestment or investor-specific fees and taxes. Available history varies by listing date.
Advanced: overlay all six securities
The labels at the right identify each line. For a clearer comparison, use the two-security chart above.
Six-security price overlay
Performance methodology and limitations
The embedded provider charts show market prices separately from our dated distribution-inclusive calculations above. Dividend payments, reinvestment assumptions, fees and taxes can materially change investor returns. Do not read a price comparison as dividend-reinvested total return. Different listing dates also limit common history.
For governing terms and source dates, open each security’s research page. We do not extract or redistribute the chart provider’s data.
Historical prices behind the return calculations
These frozen prices support the July 31–September 15 historical calculations. For the latest dated price and yield snapshot, see latest closing prices above. Embedded charts use a separate provider and may show different timestamps.
| Security | July 31 close | September 15 close | Price source |
|---|---|---|---|
| STRF | $94.76 | $102.70 | Stock Analysis |
| STRC | $89.46 | $97.14 | Stock Analysis |
| STRK | $59.56 | $71.07 | Stock Analysis |
| STRD | $57.89 | $72.00 | Stock Analysis |
| SATA | $96.90 | $100.00 | Stock Analysis |
| BMNP | $89.00 | $97.84 | Stock Analysis |
Reported price facts attributed to Stock Analysis. Digital Credit Research calculates the yields and returns shown here; they are not supplied or endorsed by the price source. Dividend amounts and terms are supported by the linked declarations and source records.
Daily update checks
Each new snapshot requires consistent closing dates and prices, a second price check, and a review of dividend declarations, rate changes and corporate actions. If evidence conflicts, the prior dated snapshot remains. Price updates do not change the date of issuer financial statements or imply a new review of every research claim.