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Institutional-grade intelligence for Strategy (MSTR) and global corporate Bitcoin treasuries. Real-time mNAV modeling, senior convertible credit analytics, and perpetual preferred tracking.

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Full capital stack

Junior-most preferred

STRD · Stride

Highest stated yield among the USD preferreds, junior to STRF/STRC/STRE/STRK and non-cumulative. Missed dividends do not accrue.

KPI updated 1d ago · tracker feed updated 17m ago. Source order is on the methodology page.

Notional

$1.40B

Liquidation preference

Stated yield

10.00%

Par yield

Annual dividend

$140.2M

Notional × stated rate

BTC Rating

3.29x

NAV / claims through this series

BTC Floor

$25,379

Spot / BTC Rating

Share of claims

6.5%

Of debt + preferred

Position in the claim stack

Senior convertible notes$6.71B
STRF · Strife$1.28B
STRC · Stretch$9.82B
STRE · Strike EUR$899.0M
STRK · Strike$1.40B
STRD · Stride$1.40B

Terms

Currency

USD

Dividend

Fixed

Frequency

Quarterly

Cumulative

Convertible

Who it is for

Yield buyers who accept junior, non-cumulative preferred risk above common equity.

Issuer terms

Latest reported dividend

2.5 USD / share · Record 2026-09-15. Tracker calendars may omit earlier scheduled payments.

Other preferred series

STRF · Strife STRC · Stretch STRE · Strike EUR STRK · Strike

Coverage multiples are economic illustrations against Bitcoin NAV, not rating-agency grades or legal collateral. This page is not an offer to buy or sell securities.