Digital Credit · Strategy Inc. · Not a stablecoin
Strategy preferreds
Five perpetual preferred stocks. They are shares in Strategy, not loans and not stablecoins. Dividends are paid only when the board declares them. Convertible notes are paid before any of these preferreds.
On the Oct 9, 3:53 PM ET price snapshot, effective yields run from 9.67% (STRF) to 13.77% (STRD). STRE’s yield is not shown. The last trade is Jan 29, 2026.
- Paid first
- STRF
- Paid last
- STRD
- Yield range
- 9.67%–13.77%
Main risk. Holders rank behind all debt, and the price can fall well below the stated amount.
Prices as of Oct 9, 3:53 PM ET. Checked Oct 10, 2026.
Credit analyst lens
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Gross coverage runs from 8.73× on STRF to 3.38× on STRD. Gross: Bitcoin reserve ÷ (debt + preferreds through this series). Cash is left out.
Cash-netted coverage runs from 30.53× on STRF to 4.67× on STRD. Cash-netted: Bitcoin reserve ÷ (debt + preferreds through this series − cash). Cash is subtracted from the claims.
STRD is the only non-cumulative series. An undeclared STRD dividend does not accrue. The other four compound if unpaid. Coverage omits subsidiary liabilities, liquidation costs, and the market impact of selling bitcoin.
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Capital stack
Claims are paid in this order: debt, STRF, STRC, STRE, STRK, STRD, then class A and B common. All preferreds also rank behind everything Strategy’s subsidiaries owe, including their debt and trade payables, and behind subsidiary capital stock that Strategy does not hold.
The numbers are the claim count used on each instrument page. Common is shown last and is not counted.
Filed Mar 23, 2026. The STRK prospectus ranks STRK ahead of STRD. STRK prospectus ↗ Debt is convertible notes only. $40.0M of other secured debt (10-Q, Jun 30, 2026) is excluded.
- 1
Convertible notes
1st of 6 claims
$6.71B
10.40 times gross
69.60 times cash-netted
- 2
- 3
STRC
STRC is 3rd of 6 claims. It ranks behind debt and STRF.
$8.99B
4.11 times gross
6.19 times cash-netted
- 4
STRE
STRE is 4th of 6 claims. It ranks behind debt, STRF, and STRC.
$872M
3.91 times gross
5.75 times cash-netted
- 5
STRK
STRK is 5th of 6 claims. It ranks behind debt, STRF, STRC, and STRE.
$1.40B
3.63 times gross
5.15 times cash-netted
- 6
STRD
STRD is 6th of 6 claims. It ranks behind debt, STRF, STRC, STRE, and STRK.
$1.40B
3.38 times gross
4.67 times cash-netted
- Last
Class A/B common
Shown last. Common is not one of the 6 claims.
No stated amount
The filings used here do not state a coverage ratio for common stock.
Gross: Bitcoin reserve ÷ (debt + preferreds through this series). Cash is left out. Cash-netted: Bitcoin reserve ÷ (debt + preferreds through this series − cash). Cash is subtracted from the claims. Gross bars use gross coverage. Cash-netted is the number beside it. Convertible notes are included because they are paid first.
The five preferreds
STRF
Pledge Score, not a credit rating or investment advice. How we score →
The score is not a yield rank and it is not a collateral grade.
10.00% Series A Perpetual Strife Preferred Stock
- Dividend
- Cumulative · Fixed
- Pays
- quarterly
- Currency
- US dollar
- Notional
- $1.28B
- Effective yield
- 9.67%
- Price
- $103.43
- Gross coverage
- 8.73 times
- Cash-netted
- 30.53 times
- Avg daily volume
- 187K shares/day
Main risk. Unpaid dividends compound, and the rate can step up to a cap of 18%. Holders still rank behind all debt.
Score record verified Oct 9, 2026.
STRC
Pledge Score, not a credit rating or investment advice. How we score →
The score is not a yield rank and it is not a collateral grade.
Variable Rate Series A Perpetual Stretch Preferred Stock
- Dividend
- Cumulative · Variable
- Pays
- Twice monthly
- Currency
- US dollar
- Notional
- $8.99B
- Effective yield
- 12.05%
- Price
- $99.62
- Gross coverage
- 4.11 times
- Cash-netted
- 6.19 times
- Avg daily volume
- 1.82M shares/day
Main risk. The board does not have to raise the rate when the price is below $100. Holders rank behind debt and STRF.
Score record verified Oct 9, 2026.
STRE
Pledge Score, not a credit rating or investment advice. How we score →
The score is not a yield rank and it is not a collateral grade.
10.00% Series A Perpetual Stream Preferred Stock
- Dividend
- Cumulative · Fixed
- Pays
- quarterly
- Currency
- Euro
- Notional
- €775M ($872M)
- Effective yield
- Yield not shown – no recent priceOut of date · last trade Jan 29, 2026
- Price
- €84.80
- Gross coverage
- 3.91 times
- Cash-netted
- 5.75 times
- Avg daily volume
- Too few trades to measure
Main risk. The last trade is January 29, 2026, so the yield is not shown. Dividends are in euros, and holders rank behind debt, STRF, and STRC.
Score record verified Oct 9, 2026.
STRK
Pledge Score, not a credit rating or investment advice. How we score →
The score is not a yield rank and it is not a collateral grade.
8.00% Series A Perpetual Strike Preferred Stock
- Dividend
- Cumulative · Fixed
- Pays
- quarterly
- Currency
- US dollar
- Notional
- $1.40B
- Effective yield
- 10.53%
- Price
- $76.01
- Gross coverage
- 3.63 times
- Cash-netted
- 5.15 times
- Avg daily volume
- 220K shares/day
Main risk. The conversion price is $1,000, far above the common stock. Holders rank behind debt, STRF, STRC, and STRE.
Score record verified Oct 9, 2026.
STRD
Pledge Score, not a credit rating or investment advice. How we score →
The score is not a yield rank and it is not a collateral grade.
10.00% Series A Perpetual Stride Preferred Stock
- Dividend
- Non-cumulative · Fixed
- Pays
- quarterly
- Currency
- US dollar
- Notional
- $1.40B
- Effective yield
- 13.77%
- Price
- $72.61
- Gross coverage
- 3.38 times
- Cash-netted
- 4.67 times
- Avg daily volume
- 187K shares/day
Main risk. Unpaid dividends do not accumulate. Holders rank behind every other preferred and all debt.
Score record verified Oct 9, 2026.
Coverage and yield
- Gross
- Cash-netted
- STRF
- STRC
- STRE
- STRK
- STRD
Gross leaves cash out. Cash-netted subtracts cash from the claims. Oct 9, 2026
- Effective yield
- STRF
- STRC
- STRE
- STRK
- STRD
Stated rate divided by price. STRE has no recent price. Oct 9, 2026
Go deeper
Pending voteOct 28, 2026
This is a proposal. Prices on this page are from before the meeting, so daily dividends are not in effect.
Strategy holds a special meeting on Oct 28, 2026 (record date Sep 25) to amend the certificates of designation for STRC, STRF, STRK, and STRD so dividends are paid every calendar day. If approved, STRC’s first daily payment is Nov 2 (record Nov 1), and STRF, STRK, and STRD start Jan 4, 2027. STRE is not included. Rates and annual totals are unchanged. Only common stock votes. Class A has 1 vote and class B has 10 votes.
Issuer reserves848,000 BTC
- BTC held
- 848,000 BTC
- BTC reserve
- $69.8B
- USD Reserve
- $4.88B
- USD Assets
- $5.71B
What the filings leave out6 items
STRC
- Rating-agency rating. No rating-agency rating is cited in the filings used here.
- Subsidiary liabilities in the coverage ratio. The Mar 23, 2026 prospectus says every preferred is structurally junior to subsidiary liabilities. The coverage ratios do not include an amount for them.
- Liquidation costs and market impact. Liquidation costs and the market impact of selling bitcoin are not inputs to the gross or cash-netted coverage formulas.
- Form 8937 for later 2026 payments. As of October 9, 2026, Strategy’s dividend page did not include Form 8937s for the August 31, 2026 and September 2026 payments. The December 2025 index entry omits STRE.
STRE
- STRE live price. The last trade in our data is €84.80 on Jan 29, 2026. Yield not shown – no recent price.
- STRE ISIN. The November 7, 2025 prospectus does not state an ISIN.