STRC
Variable Rate Series A Perpetual Stretch Preferred Stock
Latest price and dated assessment
*Includes eligible declared dividends still awaiting payment, valued at their stated amount. This is not cash received or a realized sale gain. No reinvestment; before fees and taxes. See calculation and cash breakdown.
Assessment and scenario: September 15 close ($97.14; 12.35% indicated yield). The price/yield above is the newer snapshot; this assessment has not been rewritten for it.
At $97.14, the current 12% rate implies 12.35% annual dividend yield. This is higher indicated income than STRF at its price, but the rate can change and STRC ranks below STRF. A discount to $100 does not promise a return to $100, and a stated trading target is not a redemption right.
What would improve or weaken the case?
Improves: A lower entry price without deterioration in issuer liquidity, or a more durable rate supported by adequate resources, improves the income-versus-risk tradeoff.
Weakens: A rate cut reduces indicated income; a higher market-required yield can lower price despite frequent payments. Shrinking liquidity or adverse BTC and financing markets weaken payment support.
Watch: Track monthly rate decisions, actual payment declarations, repurchases and reserve use. Do not treat the $101 optional redemption provision as an assured payment date or yield to maturity.
Explore a scenario using the September 15 entry price
This shows how a hypothetical sale price and distributions combine. It is not a price target or a forecast. Distributions are cash-equivalent amounts; STRK cash settlement is not guaranteed.
Entry $97.14; no reinvestment, fees or taxes. Default assumes a full year at the snapshot rate with all distributions realized. Rates and payments may change. Setting income to zero shows the price-only outcome.
Historical September 15 calculation inputs (latest inputs: price and rate evidence): Closing prices: Stock Analysis · Dividend declaration
STRC price history
Why investors consider it
Frequent cash dividends with a rate the issuer can adjust.
Main trade-off
The rate can change; a trading price near $100 is an issuer objective, not a guarantee.
What supports the dividends?
STRC ranks below STRF and above STRE, STRK and STRD for dividends and liquidation; its adjustable rate changes the income calculation. See the full Strategy ordering.
In the six months ended June 30, 2026, operating cash flow was $9.85 million against $629.175 million of cash preferred dividends across all series: 1.57% operating coverage. Operations therefore did not fund most of those distributions. Financing, accumulated liquidity and possible asset sales matter.
The September 13 update reports a $5.10 billion USD Reserve and separate $1.30 billion USD Cash. These resources support near-term capacity, but they are not collateral pledged to preferred holders. Debt holders can put $1.010 billion back in September 2027 under the June 30 schedule; additional puts total $4.904 billion in 2028, using June 30 outstanding principal—not original issuance amounts. A reserve divided only by dividends ignores these competing demands.
Assessment: payment support depends heavily on treasury liquidity and capital access. A BTC decline combined with closed financing markets is the important stress case. Historical operating coverage does not predict an immediate missed payment.
Obligation estimate and its limits
2028 holder puts: $2.000bn + $1.500bn + $0.800bn + $0.603659bn = $4.903659bn. These are June 30 outstanding principals by put date; the original $3.000bn 2029-note issuance had been reduced to $1.500bn.
Rounded issuer displays retrieved September 16 imply approximately $1.610 billion of annual ordinary preferred dividends at snapshot rates, including STRE, Strategy’s euro-denominated preferred not otherwise covered on this site, translated to dollars. The displays omit observation timestamps. This is an order-of-magnitude illustration, not a certified current cash forecast; it excludes debt interest, arrears, conversions and future rate or share-count changes. STRK payments may use shares. No precise all-obligation runway or recovery percentage is claimed.
June 30 financial statements and debt puts · September 14 treasury update
Understand the contract
What you own
Variable Rate Series A Perpetual Stretch Preferred Stock issued by Strategy Inc.
Preferred equity with no scheduled maturity. It is not direct ownership of the issuer’s digital assets.
How payments work
Cash dividends require a board declaration and legally available funds, subject to the terms. Unpaid dividends accumulate, but that does not guarantee prompt payment.
Rights & exit limits
No conversion option. Perpetual. Issuer redemption and defined fundamental-change repurchase rights apply subject to the terms; no general holder cash-out right.
No holder consent is required to create or issue senior preferred stock; limited protective voting rights apply to certain other actions.
Primary sources and research dates
Announced August 31, 2026; maintained for periods commencing on or after September 16, 2026 (September 1 filing). Sources checked September 15, 2026.