Key Highlights

● Strategy proposed establishing a daily Dividend Record Date structure for its STRF, STRC, STRK and STRD preferred stock series.

● The amendments would not change total dividend amounts, rates, or other stockholder rights tied to the securities.

● Stockholders will vote on the amendments at a virtual special meeting on October 28, 2026.

● If approved, STRC's first dividend under the new structure pays November 2, 2026, with others following in January 2027.

Strategy (NASDAQ:MSTR), formerly MicroStrategy Incorporated, disclosed in an 8-K filed September 25 that it is proposing to change how dividend record dates work for four of its preferred stock series, STRF, STRC, STRK and STRD, moving to a daily record-date structure, with shareholders set to vote on the change at a special meeting October 28, 2026.

The Proposed Change

The filing states the amendments would establish "a regular dividend record date on each calendar day, with the related dividend, if declared, payable on the next following Business day," for all four preferred series: the 10.00% Series A Perpetual Strife Preferred Stock (STRF), the Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), the 8.00% Series A Perpetual Strike Preferred Stock (STRK), and the 10.00% Series A Perpetual Stride Preferred Stock (STRD). The company states explicitly that the amendments do not alter total dividend amounts, dividend rates, payment obligations or other stockholder rights tied to the securities, only the mechanics of which date determines who is entitled to a given payment.

Implementation Timeline

According to the filing, if approved, STRC would see its first dividend under the new structure paid November 2, 2026, with a record date of November 1, 2026. The other three series, STRF, STRK and STRD, would see their first dividends under the new mechanism paid January 4, 2027, with record dates spanning January 1 through January 3, 2027.

The Vote Required

Because the changes require amending the certificates of designation governing the preferred stock, they need stockholder approval, and the filing confirms a special meeting has been called for October 28, 2026, to be held in a virtual format. The record date for determining which stockholders may vote at that special meeting is September 25, 2026, the same day as the filing itself. Once approved, the amendments would also need to be filed with the Delaware Secretary of State before taking legal effect.

Why This Might Matter Operationally

A daily record-date structure is unusual for traditional preferred stock, which typically uses monthly or quarterly record dates tied to a single date each period. Moving to daily record dates would allow the value of accrued but unpaid dividends to be calculated more precisely on any given day a share changes hands, which can matter for trading and settlement of Preferred Shares between payment dates, though the filing itself does not state this rationale directly, only the mechanical change and the assurance that dividend amounts are unaffected.

Company Background

Strategy is known for its enterprise software business alongside a large corporate Bitcoin holding strategy, and it has issued several series of perpetual preferred stock, including STRF, STRC, STRK and STRD, as part of financing that strategy. The tickers themselves reflect the company's branding shift, with names like Strife, Stretch, Strike and Stride distinguishing the different preferred series by their Yield structure and terms.

What the Filing Does Not Say

The 8-K does not explain why the company is pursuing this change now, does not disclose whether the four preferred series' holders have indicated support for the amendments in advance, and does not address how the daily record-date structure might affect the mechanics of trading these preferred shares around ex-dividend dates going forward.

Vote and Rollout Dates to Watch

The key date is October 28, 2026, when preferred and common stockholders vote on the proposed amendments at the virtual special meeting. If approved, investors in STRC should watch for the first daily-record-date dividend around November 1-2, 2026, while holders of STRF, STRK and STRD should watch the early-January 2027 implementation dates for their series. Confirmation of the Delaware filing needed to make the amendments legally effective would also follow a successful vote.