STRF
Perpetual Strife 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 ($102.70; 9.74% indicated yield). The price/yield above is the newer snapshot; this assessment has not been rewritten for it.
At $102.70, the indicated annual dividend yield is 9.74%. Relative to STRD at 13.89%, the buyer gives up about 4.15 percentage points of indicated income for higher priority within the same issuer and cumulative dividends. The premium to $100 leaves less price cushion; higher priority does not remove Strategy funding risk or guarantee a $100 exit.
What would improve or weaken the case?
Improves: A lower purchase price, stronger cash resources relative to all obligations, or less reliance on new financing would improve the compensation for risk.
Weakens: A premium price that rises faster than payment capacity, declining reserves, weak financing access or a BTC drawdown would weaken the case. A fixed dividend also leaves the market price exposed when required yields rise.
Watch: Monitor the USD Reserve alongside cash puts on convertible debt, BTC sales, new preferred issuance and whether dividends are declared and paid. STRF arrears escalation applies to unpaid dividends, not a rising ordinary coupon.
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 $102.70; 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
STRF price history
Why investors consider it
Cash-only dividend terms and priority ahead of STRK.
Main trade-off
No conversion option; cash payments can be delayed and there is no scheduled maturity.
What supports the dividends?
STRF is the highest-ranking of Strategy’s named preferred series for dividends and liquidation; its cumulative rights do not remove issuer funding risk. 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
Perpetual Strife Preferred Stock issued by Strategy.
Preferred equity with no scheduled maturity. It is not direct ownership of the issuer’s digital assets.
How payments work
Dividends are quarterly and cash-only. Payment generally requires a declaration and legally available funds, and may be deferred. Unpaid dividends accumulate and compound quarterly: the annual rate starts at 11%, rises by one percentage point each subsequent dividend period, and is capped at 18%. This higher rate applies to unpaid dividends, not the $100 stated amount. Accumulation does not guarantee prompt payment.
Rights & exit limits
No holder conversion right into common stock.
No scheduled maturity. Limited repurchase/redemption rights do not create ordinary maturity.
Ahead of STRK for dividends and liquidation. Relative legal priority, not a recovery or safety ranking.
Primary sources and research dates
Terms checked September 12, 2026; STRF arrears clarification September 14; targeted intervening-filings check September 15. Original source dates below.