STRC vs. STRF vs. STRK vs. STRD: Live Yield Comparison
Strategy (formerly MicroStrategy) issues four "Digital Credit" perpetual preferred stocks, each with a $100 stated amount but different dividend terms and seniority. STRC is the variable-rate member; the others are fixed. Here are their live yields, then the terms that explain the gaps.
| Ticker | Last close | Dividend rate | Effective yield | Type | Seniority |
|---|---|---|---|---|---|
| STRF Strife | $102.11 | 10.00% | 9.79% | Fixed | 1st (most senior) |
| STRC Stretch | $99.56 | 12.00% | 12.05% | Variable | 2nd |
| STRK Strike | $68.47 | 8.00% | 11.68% | Fixed, convertible | 3rd |
| STRD Stride | $70.05 | 10.00% | 14.28% | Fixed, non-cumulative | 4th (most junior) |
Closing prices for November 5, 2026 (consolidated market data). Effective yield = dividend rate × $100 ÷ price, the yield a buyer at that close would earn on the stated amount. STRC's rate is variable and shown as currently set; the other three are fixed. STRK's yield ignores the value of its MSTR conversion right. Not financial advice.
Terms compared
| Ticker | Name | Dividend | Type | Cumulative | Cadence | Convertible | Seniority |
|---|---|---|---|---|---|---|---|
| STRF | Strife | 10.00% | Fixed | Yes (step-up if unpaid) | Quarterly (daily from Jan 1, 2027) | No | 1st — most senior |
| STRC | Stretch | 12.00% | Variable (reviewed monthly) | Yes | Daily (from Nov 1, 2026) | No | 2nd |
| STRK | Strike | 8.00% | Fixed | Yes | Quarterly (daily from Jan 1, 2027) | Yes — 0.1 MSTR/share | 3rd |
| STRD | Stride | 10.00% | Fixed | No (forfeited if unpaid) | Quarterly (daily from Jan 1, 2027) | No | 4th — most junior |
All four carry a $100 stated amount / liquidation preference. Terms summarized from Strategy's SEC prospectuses; verify the full terms of each series in its filing on SEC EDGAR. Not financial advice.
Why the yields differ
All four pay on the $100 stated amount, so a share trading below $100 yields more than its coupon and one above $100 yields less. The gaps in the table above mostly price in two things: seniority (STRF is paid first, STRD last) and protection (STRF's step-up and cumulative dividends versus STRD's non-cumulative ones). STRK trades on its MSTR conversion right as well as its 8% coupon. STRC is the one whose rate moves: Strategy resets it to keep the price near $100, which is why it tends to trade closer to par than the fixed-rate series.
Daily dividends for all four
Daily dividends, approved. At a special meeting on October 28, 2026, Strategy's common stockholders approved amendments moving all four of its preferred stocks to daily dividends (in Strategy's words, "based on preliminary voting results, the requisite vote was obtained"). From November 1, 2026, every calendar day (weekends and holidays included) is a STRC record date, with each declared dividend paid the next business day. Dividends whose record dates fall on a weekend or holiday share the preceding trading day as their ex-date and are paid together: Friday, Saturday and Sunday dividends all pay on Monday. STRF, STRK and STRD follow from January 1, 2027. The change does not alter any dividend rate or the total paid: the same annual dividend arrives in smaller, more frequent payments, and dividends are still paid only when declared by the Board. The schedule takes effect subject to the filing of the amended certificates of designations. Sources: Strategy's 8-K (SEC, October 28, 2026) and definitive proxy statement (SEC, October 5, 2026).
STRC (Stretch) — the variable-rate one
STRC's dividend floats: Strategy reviews it monthly (usually moving it in 0.25-point steps) to keep the share price near its $100 stated amount, and it currently pays 12.00%. From November 1, 2026 it pays daily; from July through October 2026 it paid semi-monthly, and before that monthly. Because the dividend is paid on the $100 stated amount, buying below par yields more than the headline rate — see what STRC is. STRC's at-the-market issuance is the primary engine behind Strategy's ongoing Bitcoin accumulation.
STRF (Strife) — senior, fixed 10%
The most senior of the four. Fixed 10% cumulative dividends with a step-up penalty rate if a payment is missed, making it the most protective for income-focused holders.
STRK (Strike) — convertible, fixed 8%
The only convertible series: each STRK share converts into 0.1 shares of MSTR common, so it carries fixed 8% income plus upside exposure to Strategy's stock. Cumulative, paid quarterly.
STRD (Stride) — junior, fixed 10%
The most junior preferred, sitting just above MSTR common. Fixed 10% but non-cumulative — a missed dividend is forfeited rather than accrued — which is why it offers the highest headline rate for the risk.
STRC Tracker focuses on STRC in depth. Track its live price, dividend, and the Bitcoin it funds on the dashboard, or work out your income with the STRC calculator.
