STRD
10.00% Series A Perpetual Stride 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 ($72.00; 13.89% indicated yield). The price/yield above is the newer snapshot; this assessment has not been rewritten for it.
At $72.00, the indicated annual dividend yield is 13.89%, versus STRF’s 9.74% from the same issuer. The extra 4.15 percentage points compensate for weaker rights: STRD is lower in the preferred stack and undeclared dividends do not accumulate. A $28 discount to stated amount is not a promised capital gain.
What would improve or weaken the case?
Improves: A lower price or clearer evidence that resources can support junior preferred dividends through stress would improve the prospective tradeoff.
Weakens: Missed declarations permanently remove that period’s income rather than create cumulative arrears. Senior funding needs, falling BTC prices and difficult capital markets can make the high indicated yield misleading.
Watch: Focus on declarations, senior preferred obligations and liquidity after debt demands. Compare the value of cumulative rights with the extra yield rather than selecting the largest yield.
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 $72.00; 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
STRD price history
Why investors consider it
A fixed contractual dividend rate paid in cash when declared.
Main trade-off
The board can omit dividends without a future obligation to make up undeclared amounts.
What supports the dividends?
STRD ranks below STRF, STRC, STRE and STRK for dividends and liquidation. Undeclared noncumulative dividends do not become an obligation to make up later. 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
10.00% Series A Perpetual Stride 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 are paid only when the board declares them from legally available funds, subject to the terms. An undeclared dividend does not carry forward. A declared but unpaid dividend is different.
Rights & exit limits
No conversion option. Perpetual. Specified clean-up/tax redemption and fundamental-change repurchase provisions are conditional, not a general cash-out right.
Liquidation entitlement equals the applicable liquidation preference plus declared and unpaid regular dividends; undeclared dividends do not accrue. Recovery remains subject to creditor and senior claims and legally available assets.
Primary sources and research dates
Governing certificate filed June 10, 2025; September 1, 2026 declaration corroborates quarterly cash payment. Sources checked September 15, 2026.