How to read the comparison
The table summarizes the security terms in the Q2 2026 Form 10-Q, with STRC’s rate and pending payment changes updated from the October 1 and September 25, 2026 filings. All five are perpetual preferred equity. They rank below debt and ahead of common stock in the company’s liquidation order. Source: Q2 report.
Seniority says whose claim comes first when assets are insufficient. It does not guarantee a recovery. The filing also warns that subsidiary creditors can have claims on subsidiary assets before the parent company receives anything.
Cumulative and non-cumulative dividends
A cumulative dividend can accumulate when unpaid under the security’s terms. A non-cumulative dividend does not create the same arrears entitlement for an undeclared payment. STRD is non-cumulative; STRF, STRC, STRE and STRK are cumulative under the terms summarized in the Q2 2026 report. Cumulative does not mean payment is guaranteed. Source: Q2 report.
Convertible and variable mean different things
STRK has a conversion feature tied to MSTR common shares. That adds exposure to the conversion terms and the common share price. STRC instead has a variable dividend rate: the company can change that rate within the certificate’s terms. Neither feature makes either security equivalent to holding bitcoin directly. Source: Q2 report.
STRE is denominated in euros, so a U.S.-dollar investor also needs to distinguish the security’s euro terms from exchange-rate effects. It is listed on the Luxembourg Stock Exchange’s Euro MTF, as described in the Q2 2026 report.
The payment schedule could change
The pending daily-dividend amendments cover STRF, STRC, STRK and STRD. They exclude STRE. The special meeting is scheduled for October 28, 2026. Until approval and effectiveness, the existing payment terms remain the relevant basis; read the STRC page for the conditional November payment. Sources: September 25 and October 1 filings.
MSTR and the ETFs are different instruments
MSTR is the company’s common stock. STRF, STRC, STRE, STRK and STRD are its preferred stocks. Products with similar symbols such as MSTU, MSTX and MSTY are third-party funds, not an additional class of Strategy-issued preferred stock. Their mandates, fees and risks must be read in their own issuer documents.
This table is a terms comparison, not a ranking of investments. The “first” security in a liquidation order is not necessarily the best fit for any particular person.
Primary sources
Source documents checked October 2, 2026. The dates attached to figures describe the reporting period, which may be earlier.