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Strategy is preparing to replace STRC’s semi-monthly dividend schedule with daily accruals and payments, but the change is conditional. The regular rate remains 12.00% per annum, and daily payments would divide that annual amount into more frequent installments rather than increase the total annual income on a $100 share.
What Strategy declared for STRC
Strategy’s September 30, 2026 Form 8-K says the regular STRC dividend rate will remain 12.00% per annum for semi-monthly periods beginning on or after October 16, 2026. Management recommends keeping that rate until STRC shows sustained, healthy trading near $100.
The board declared two $0.50-per-share amounts, each representing a half-month at the current rate on STRC’s $100 stated amount:
| Dividend period | Amount | Payment terms | Status |
|---|---|---|---|
| Through October 31, 2026 | $0.50 per share | Payable October 31 to holders of record October 15 | Ordinary semi-monthly declaration |
| Through November 15, 2026 | $0.50 per share | Conditional on approval and timely effectiveness of the daily-dividend amendments | Bridge declaration |
The October 31 payment is not contingent on the proposed restructuring. The November 15 amount is different: if shareholders approve the amendments and the amended STRC certificate is filed and becomes effective in time, the new daily process beginning November 1 supersedes that conditional semi-monthly payment.
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Why the dividend may become daily
Strategy says the proposal is intended to “support price stability” and “reduce reinvestment lag.” Under a semi-monthly schedule, a holder waits for the next declared payment date even though the economic accrual builds during the period. Daily accruals and payments would put cash flows closer to the days on which the preferred shares are held and reduce the interval before a reinvestment can be made.
The first proposed daily-dividend record date is November 1, 2026, with payment on November 2, 2026, provided the amendments pass at the 2026 special meeting and the amended certificate is timely filed and effective. Voting materials are scheduled to begin mailing October 5.
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Daily payments do not increase the 12% annual economics
A $100 STRC share at a 12% annual rate produces $12 over a full year. Paying that amount in daily pieces changes timing, not the annual percentage. The company’s materials describe periodic true-ups, so small daily accruals can be adjusted to keep the total aligned with the applicable declared rate and period.
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| Illustration for one $100 stated-amount share | Amount |
|---|---|
| Annual income at 12.00% | $12.00 |
| Approximate daily accrual before true-ups | $12 divided across the applicable days |
| Effect of daily cadence | Earlier, smaller cash payments; no automatic increase in annual income |
Your actual return can differ from this illustration because STRC is traded at a market price that may be above or below $100, and the applicable rate can change under the governing certificate and company policy. A buyer paying less than $100 could see a higher current yield on the purchase price; a buyer paying more could see a lower one. That is a market-price calculation, not a change to the stated annual rate.
What trading below $100 means for the rate
Strategy’s stated objective is for STRC to trade around $99-$100. The company’s investor briefing also describes the 12% recommendation and its policy against issuing below $100 as current intentions, not contractual guarantees. “No single input determines the rate,” according to the briefing, and there is no automatic price-only formula that resets the dividend rate whenever the market price moves.
STRC had approximately $150 million in 30-day average daily trading volume as of October 8, 2026, indicating an actively traded preferred security at that measurement date. Volume can change, however, and liquidity does not guarantee that the market price will remain near $100 or that investors can exit at a preferred price.
Current and proposed structures compared
| Feature | Current semi-monthly structure | Proposed daily structure |
|---|---|---|
| Payment frequency | One payment for each declared half-month period | Daily accruals and payments, with periodic true-ups |
| Annual rate | 12.00% for periods beginning on or after October 16, 2026 | Same 12.00% recommendation initially; not a guaranteed permanent rate |
| Cash timing | Cash arrives on the scheduled period payment date | Cash arrives more frequently, reducing reinvestment lag |
| Approval required | No daily-dividend amendment required for the October 31 payment | Shareholder approval plus timely filing and effectiveness of the amended certificate |
| Price objective | Strategy seeks trading near $99-$100 | Same objective; it remains a current intention, not a guarantee |
What investors should check before relying on a payment
- Confirm the record date. The October 31 payment uses the October 15 record date. A daily schedule would use its own daily record dates, beginning with November 1 if the amendments take effect.
- Check the special-meeting result. The November 15 bridge declaration depends on shareholder approval and the amended certificate becoming effective on time.
- Read the governing documents. The filed certificate, prospectus, SEC filings and applicable law control if an investor presentation or webpage conflicts with them.
- Separate stated amount from market value. STRC is perpetual preferred equity, not a bank deposit or debt instrument. Its market price and effective yield may differ materially from $100.
- Remember that cash is not automatic. Strategy states that the cash dividend is not guaranteed. Payments require board declaration and legally available funds.
What happens if the daily amendments do not take effect?
The ordinary October 31 declaration remains payable under its stated terms. The November 15 $0.50 declaration is conditional; if the amendments fail, are not filed in time or do not become effective, investors should not assume that the daily schedule or its bridge treatment applies. The governing certificate and subsequent company filings determine the applicable dividend terms.
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The proposal changes when STRC dividends are delivered, not the advertised annual economics: 12% on a $100 stated amount is $12 per year before market-price, tax and other return differences. The key near-term dates are October 31 for the regular payment, November 1 for the first proposed daily record date and November 2 for its proposed payment. The November 15 payment is a conditional bridge, and neither the $100 trading objective nor the 12% recommendation is a contractual promise that removes preferred-equity risk.
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