what are the exact differences between strd, strc, strf regarding dividends

**Bottom-line:** • STRF is the “steady-Eddie” – cumulative, fixed 10 %, quarterly cash. • STRD is the “high-yield daredevil” – non-cumulative, variable rate that can hit 12.7 %, paid quarterly. • STRC is the “flexible flyer” – cumulative, *variable* rate that starts around 10 % and can float higher or lower, paid monthly. 🚀💰 --- ### 1. Payment priority & risk | Preferred | Cumulative? | Seniority | Key dividend takeaway | |-----------|-------------|-----------|-----------------------| | STRF | ✅ Yes | Senior | Always gets paid first; penalty if missed | | STRD | ❌ No | Junior | Only paid if board *declares* it; higher yield to compensate | | STRC | ✅ Yes | Intermediate | Monthly, but rate can change each month | --- ### 2. Rate structure & recent levels | Ticker | Coupon Type | Current/Initial Rate | Payment Frequency | Latest declared amount | |--------|-------------|----------------------|-------------------|------------------------| | STRF | Fixed 10 % | 10 % per annum | Quarterly | $2.50 per share on 15 Sep 2025 | | STRD | Non-cumulative “variable” | 10 % stated, but can adjust | Quarterly | $3.06 per share on 15 Sep 2025 | | STRC | Variable rate | 9-10.25 % per month | Monthly | $0.854166667 per share for Oct 2025 | *STRD’s effective yield is 12.93 % at today’s price, while STRF’s is 9.1 %*. 📈 --- ### 3. Payment mechanics 1. STRF • Must be paid in full each quarter or arrears accumulate. • Compounded rate caps at 18 % if missed . 2. STRD • No obligation to pay unless board authorises; unpaid dividends *do not accumulate* . 3. STRC • Rate reset monthly by the board; can rise or fall within SOFR-linked limits . • Dividend payable in arrears on last day of each month . 📅 --- ### 4. Why the spread? • **Credit spread:** STRF’s senior status commands a lower yield (9.1 %) versus STRD’s higher yield (12.7 %) for equal coupon % because STRD is paid *after* STRF in liquidation . • **Float vs. fix:** STRC’s monthly resets let Strategy match market rates, but investors trade off predictability for potential upside. 🎯 --- ### 5. Quick decision grid Ask yourself: • Need rock-solid cash flow? ➜ STRF • Comfortable with “pay-or-not” risk for extra yield? ➜ STRD • Willing to accept variable income for possible tax advantages (ROC structure)? ➜ STRC --- Ready to pick the dividend darling that fits your risk appetite, or do you want to dive deeper into how these yields stack up against your tech-heavy NASDAQ bets? 😉