STRF dividend

STRF is Strategy's most senior preferred: if Strategy is ever wound up, it gets paid before every other Strategy preferred. It pays a fixed 10% a year, quarterly, and missed dividends are owed later (cumulative). It can't be converted into MSTR stock.

• Rate: 10% fixed
• Paid: quarterly
• Cumulative: yes
• Convertible: no
• Ranking: senior to all other Strategy preferreds
• Stated amount: $100

Key risk: It's perpetual and still ranks behind Strategy's ~$6.7B of convertible notes.

STRF at a glance

Dividend coverage (Strategy (MSTR))

Strategy (MSTR) pays about $1.50B a year across its preferreds (STRC, STRF, STRK, STRD, STRE). Its treasury of 848,517 BTC (as of 2026-10-18) is worth about $69.59B, which is roughly 46.4 years of BTC coverage and a 2.15% yearly breakeven BTC return. Cash coverage comes from two separate pools, shown side by side: the USD Reserve of $4.83B (as of 2026-10-18) covers about 39 months of preferred dividends, and USD Cash of $447.3M (as of 2026-10-18) covers about 4 months. These measures are never added to each other or to the treasury figure.

Coverage = treasury value ÷ annual preferred dividends. Holdings source.

Common questions

What is STRF's dividend?
STRF pays a 10.00% annual dividend rate (fixed) on its $100 stated amount, paid quarterly. At the last price of $103.46 that is an effective yield of 9.67%.

Is STRF cumulative?
Yes. Missed dividends accrue and are owed later.

How well covered is STRF's dividend?
Strategy (MSTR)'s BTC treasury covers about 46.4 years of its annual preferred dividends at current prices (treasury value ÷ annual preferred dividends).

Sources

• 10-K Ex. 4.2 (ranking)
• 10-Q (terms table)
• Latest terms filing

Effective yield = rate × stated amount ÷ price. Prices: Yahoo Finance (delayed). Crypto: CoinGecko. Terms, shares and holdings: issuer SEC filings. PrefWatch is independent and not affiliated with any issuer. Not investment advice.