Strategy's preferred stack explained: STRC, STRK, STRF, STRD

Strategy has issued four preferred stock series — STRC, STRK, STRF, and STRD — each a different way to earn income off the same bitcoin balance sheet. Here's how they differ.

The four series

STRK — Strike (8%, convertible)

A fixed 8% coupon on a $100 stated value, plus the right to convert into MSTR common above a strike price. It's the only series with equity upside — a hybrid of income and a call option on the stock.

STRF — Strife (10%, senior)

The most senior of the four. A fixed 10% on $100 stated value, non-convertible, with cumulative dividends. A pure high-yield perpetual — first in line to be paid.

STRD — Stride (10%, junior)

Also fixed 10%, but the most junior of the four — junior to STRF, STRC and STRK — and non-cumulative. Higher risk for the same headline rate as STRF, because it sits at the back of the payment queue.

STRC — Stretch (variable rate)

A variable-rate perpetual that pays frequent cash dividends, engineered to trade near its $100 par. The coupon resets over time, so the rate is a moving target rather than a fixed promise.

How to compare them

• Seniority: STRF → STRC → STRK → STRD. Higher seniority = paid first in a wind-down.
• Convertibility: only STRK converts into common, giving it equity upside.
• Rate type: STRC floats; the rest are fixed.
• Current yield vs coupon: a price above $100 par means your real yield is below the stated coupon.