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STRF (STRIFE) - SENIOR PERPETUAL PREFERRED

STRF is Strategy's senior-most perpetual preferred share series. The instrument pays a fixed 10 percent annual dividend in cash, distributed quarterly. Cumulative: any skipped dividend continues to accrue as an obligation of Strategy until paid.

Key terms

  • Dividend rate: 10 percent of stated value per year
  • Stated value: USD 100 per share
  • Payment frequency: Quarterly in cash
  • Cumulative: Yes
  • Seniority: Senior to MSTR common, STRC, STRK, STRD (top of the preferred stack)
  • Step-up penalty: Dividend rate increases up to 18 percent on missed payments
  • Governance rights: Yes, on missed dividends

Why investors hold STRF

STRF combines a high coupon, the most senior position in Strategy's preferred stack, and contractual step-up protection if Strategy ever skips a payment. It is Strategy's most defensive income instrument and the most direct way to participate in the Bitcoin treasury thesis through fixed-income economics rather than equity.

STRF is explicitly tied to Strategy's Bitcoin financing programme but is not collateralised by Strategy's Bitcoin holdings. The dividend obligation ranks ahead of common equity but behind the convertible senior notes in the company's capital structure.

Sources

Strategy investor page strategy.com/strf/learn. Latest 10-Q balance sheet entry. Outstanding aggregate liquidation preference and live yield tracked on the preferred shares page and on /mstr/ capital structure.