STRC’s dividend is calculated from a $100 stated amount per share, not from the price shown on the exchange. At a 12.00% annualized rate, that produces $12.00 per share per year, or about $0.50 for each semi-monthly period in the schedule published for July through September 2026. If STRC trades at $90, the same $12.00 of annual cash represents a 13.33% yield on the purchase price before taxes, fees, timing effects, or any gain or loss on the shares.
A price below $100 can influence the next rate through Strategy’s monthly volume-weighted-average-price (VWAP) framework, but it does not trigger an automatic increase. Management makes a recommendation, the board must approve any change, and a dividend is paid only when and as declared.
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The calculation starts with STRC’s $100 stated amount
STRC is perpetual preferred stock. Its dividend accrues on a fixed $100 stated amount per share established in Strategy’s prospectus and SEC disclosures. The market quotation is a separate number: it tells you what a share costs to buy or sell today, while the stated amount is the base to which the annualized dividend rate is applied.
The basic calculation is:
Annual dividend per share = $100 × annualized dividend rate
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At 12.00%, the calculation is $100 × 0.12 = $12.00 per share per year. The issuer’s 2026 table lists $0.50 per share for each semi-monthly period with record dates on or after July 1, 2026, covering the July-through-September periods shown in that disclosure. The periodic amount is a declared-schedule figure; it is not a promise that every future period will use the same rate.
| Item | Value or meaning |
|---|---|
| Calculation base | $100 stated amount per share |
| Annualized rate in the 2026 record | 12.00% |
| Annual cash at that rate | $12.00 per share |
| Published semi-monthly amount, July–September 2026 | $0.50 per share per period |
| Market price | Determines your purchase cost and effective yield, not the accrual base |
That distinction answers the most common misunderstanding about a sub-$100 quote. Buying at $90 does not change the issuer’s calculation to 12% of $90. It gives the buyer a lower cost for an entitlement calculated on $100, assuming the stated rate and declaration remain in force.
How the monthly VWAP bands affect the next rate
Strategy’s February 5, 2026 Dividend Adjustment Framework uses the month’s volume-weighted average price. VWAP weights transactions by their volume, so the framework is not based on a single intraday low, one closing quote, or the price at which you personally bought. Management compares the relevant monthly VWAP with four bands and then recommends a change for the next period.
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|---|---|---|
| Below $95.00 | Increase the next period’s annualized dividend rate by 50 basis points or more | A recommendation for at least a 0.50-percentage-point increase |
| $95.00–$98.99 | Increase the next period’s annualized rate by 25 basis points or more | A recommendation for at least a 0.25-percentage-point increase |
| $99.00–$100.99 | No change anticipated; management may recommend a discretionary 25-basis-point increase or decrease | The existing rate is generally expected to continue, subject to discretion and approval |
| $101.00 or higher | Decrease the annualized rate by at least 25 basis points | A recommendation for at least a 0.25-percentage-point reduction, subject to prospectus and certificate limits |
A basis point is one-hundredth of a percentage point: 50 basis points equals 0.50 percentage points, and 25 basis points equals 0.25 percentage points. The words “or more” matter. A band sets the minimum size of the recommendation described in the framework, not a guaranteed final rate.
Does STRC automatically increase its dividend when the price drops?
No. A lower trading price is an input to the recommendation process, not an automatic trigger written into the payment schedule. The process has several separate decisions:
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- Measure the month. Strategy determines the applicable monthly VWAP and identifies the band.
- Make a recommendation. Management recommends an increase, decrease, or no change under the framework, while retaining discretion.
- Obtain board action. The board must approve a new rate before it can govern a declared dividend.
- Confirm legal availability and declaration. Dividends are paid only when and as declared and subject to the governing prospectus and certificate.
- Apply the declared rate to $100. Once declared, the annualized rate is converted into the scheduled per-period amount.
Strategy says it may change or suspend the framework. Its later policy also says the monthly evaluation considers a range of market and company conditions, so an investor should not treat the VWAP table as an irrevocable formula.
What happens when the VWAP is below $95?
Below $95.00, management recommends increasing the next period’s annualized rate by at least 50 basis points. If the existing rate were 12.00%, a minimum 50-basis-point recommendation would make the proposed rate 12.50% before any larger recommendation or board decision.
At a 12.50% rate, the mathematical annual amount on the $100 stated amount would be $12.50 per share. Dividing that annual figure across 24 equal semi-monthly periods would be approximately $0.5208 per period, but that is only an illustration of the arithmetic. The issuer’s actual payment amount depends on the declared schedule, record dates, rounding conventions, and any subsequent policy or rate change.
The band is based on the month’s VWAP. A brief trade below $95 does not by itself establish that the month belongs in this band, and even a qualifying VWAP does not compel the board to approve a particular increase.
What happens in the $95–$98.99 band?
When monthly VWAP is at least $95.00 but below $99.00, management recommends an increase of at least 25 basis points. Starting from 12.00%, a 25-basis-point illustration would be 12.25%, which equals $12.25 per year on the $100 stated amount before a declaration.
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This middle band recognizes a smaller discount to the stated amount than the below-$95 band. It still does not turn the rate into a market-price calculation: the proposed 12.25% would apply to $100, not to $95, $98, or the investor’s execution price.
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What if VWAP is near or above $99?
$99.00–$100.99 VWAP
In this range, no change is anticipated. Management may nevertheless recommend a discretionary 25-basis-point increase or decrease. “No change anticipated” therefore describes the expected recommendation, not a contractual freeze.
$101.00 or higher VWAP
At or above $101.00, management recommends reducing the annualized rate by at least 25 basis points, subject to the limits in the prospectus and certificate. A higher market price can therefore lead to a lower declared rate under the framework. The purpose is to help keep the preferred stock’s economics aligned with its stated amount rather than to maximize a permanently fixed coupon.
Is the 12% dividend based on market price or $100 par?
It is based on $100. The 12.00% figure is an annualized rate applied to the stated amount, producing $12.00 per share per year. The trading price enters only when an investor calculates a personal yield, evaluates a premium or discount, or estimates a potential gain or loss if the shares are sold.
For example, an investor who buys at $90 and receives the full $12.00 annual amount has a simple cash yield of $12 ÷ $90 = 13.33%. That percentage is not STRC’s stated dividend rate. It is the investor’s annual cash distribution divided by the amount paid for the share.
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Why the effective yield is higher below $100
The arithmetic is straightforward: the numerator stays tied to the declared dividend on $100, while the denominator is the buyer’s market cost. If the declared annual amount remains $12.00, paying less than $100 increases the cash return as a percentage of that cost.
| Purchase price | Annual cash used in illustration | Simple cash yield |
|---|---|---|
| $100 | $12.00 | 12.00% |
| $95 | $12.00 | 12.63% |
| $90 | $12.00 | 13.33% |
These are mathematical snapshots, not forecasts. They assume the $12.00 annual amount is declared and paid, ignore taxes, commissions, bid-ask spread, settlement and payment timing, and do not include a change in the share price. A buyer at $90 could still lose money on the security if the market price falls further, even while receiving the illustrated cash distribution.
The 2026 12.00% policy is current for that record, not permanent
Strategy announced a 12.00% annualized rate for semi-monthly periods with record dates on or after July 1, 2026. The accompanying table shows $0.50 per share for each semi-monthly period from July through September 2026. Because STRC’s rate is variable and adjusted monthly, that announcement should be read as the declared rate for the specified periods rather than a lifetime coupon.
STRC is perpetual preferred stock, so it has no scheduled maturity at which the issuer must redeem every share. Its prospectus describes the dividend as cumulative. That status preserves the treatment of declared amounts under the governing terms, but it does not make every future dividend automatic or guarantee that cash will be declared on a particular date. Investors need to distinguish the cumulative feature from the separate requirement that a dividend be declared and legally payable.
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Other factors can influence a monthly rate decision
Strategy’s later policy says it evaluates the STRC dividend rate monthly using more than the share-price band. The listed considerations include:
- prevailing market yields;
- credit spreads;
- bitcoin’s price and volatility;
- coverage from USD reserves;
- capital-market conditions; and
- the company’s overall capital structure.
These factors help explain why two months with similar prices could still produce different recommendations. They also add issuer-specific risk that is not captured by the simple $100-times-rate calculation. A quoted yield should therefore be read alongside the issuer’s financial condition, the preferred stock’s terms, and the latest declaration.
Why Strategy discusses a $99–$100 trading objective
Strategy has stated an objective for STRC to trade near $99–$100. In July 2026, it said it intended to repurchase STRC in a regular and disciplined manner while shares traded below $100, scaling purchases with price and liquidity. The company’s February release described the structured approach as intended to maintain the trading price near the $100 stated amount.
Repurchases can support demand, but they do not guarantee that the market price returns to $100, that a particular rate remains in place, or that an investor can sell at a desired price. Repurchase activity can also vary with liquidity and broader capital-market conditions. Treat the objective as management policy, not as a floor or a promised redemption value.
How to analyze a sub-$100 STRC purchase
Use the following sequence before relying on a headline yield:
- Find the latest declaration. Confirm the annualized rate, the covered record dates, the per-period amount, and whether the dividend was actually declared.
- Calculate from $100. Multiply the declared annualized rate by $100 to check the annual cash amount; do not multiply the rate by the market quote.
- Calculate your own yield. Divide the annual cash amount by your all-in purchase cost, then account separately for taxes, fees and timing.
- Check the VWAP context. Determine which monthly band applied and remember that the band produces a recommendation rather than an automatic reset.
- Read the governing terms. Verify cumulative-dividend language, seniority, payment conditions, rate limits and any other provisions in the current prospectus and certificate.
- Assess price risk. Model what happens if the shares remain below $100, recover toward the stated amount, or fall further. Cash yield and total return are different measures.
- Review issuer exposure. Consider the company’s capital structure, bitcoin-related volatility, reserve coverage, credit spreads and the liquidity available when you may need to sell.
Three ways the same 12% rate can produce different results
The price stays at $90
If STRC remains at $90 and the declared annual amount remains $12.00, the investor receives the 13.33% simple cash yield illustrated earlier, before costs and taxes. There is no additional return from price movement, and the market value remains exposed to supply, demand and issuer conditions.
The rate is increased after a qualifying VWAP
If a monthly VWAP falls below $95 and the board approves at least a 50-basis-point increase, the annual cash amount on $100 rises from the prior 12.00% example to at least $12.50. The buyer’s effective yield would rise as well, but only after the higher rate is approved and declared. The framework does not specify that every increase will be exactly 50 basis points.
The price recovers toward $100
If market demand lifts the shares from $90 to $100 while the annual dividend remains $12.00, the cash yield measured against the new market value falls from 13.33% to 12.00%. A holder selling at the higher price could realize a price gain, but a buyer entering at $100 would no longer receive the same yield-on-cost as the earlier buyer at $90.
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- Rates can change. The 12.00% rate applies to the specified 2026 record-date periods; it is not a promise of future rates.
- Dividends are not guaranteed. Payment requires a declaration and legal availability under the governing documents.
- VWAP is not a guarantee. A price touch below a threshold is not the same as a qualifying monthly VWAP, and a qualifying VWAP is not board approval.
- Market value can move independently. A higher cash yield at a discount does not prevent further price declines or a loss on sale.
- Perpetual structure extends the holding decision. There is no scheduled maturity forcing repayment at $100.
- Issuer and market risks remain. Bitcoin volatility, credit spreads, reserve coverage, capital-market access and liquidity can affect both the rate decision and the share price.
The practical answer to “how is STRC calculated below $100?” is therefore two-part: the cash dividend is still calculated on $100, while the monthly VWAP framework may lead management to recommend a higher future rate when the shares trade at a sustained discount. Those are related mechanisms, not the same calculation.
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