The 12%
comes twice a month.
STRC pays a variable dividend, now twice a month. The rate is reviewed monthly and is anchored to the $100 stated amount, not to the market price. It has been held at 12.00% since July 2026, and the shares have been trading below par.
Declared payments
Dividend rate over time
Declared rate resets each month. Each ball marks one month's published rate.
The rate stays at 12.00% until STRC trades at or near par.
On September 30, 2026, Strategy said it would maintain the 12.00% annual rate for semi-monthly periods commencing on or after October 16, 2026. That keeps to the guidance it first gave on July 31, 2026: management does not intend to recommend a change from 12.00% until STRC “demonstrates sustained trading at or near its $100 stated amount.” On October 15, 2026, it set 12.00% for daily record dates November 1 through November 30, 2026, if the switch to daily dividends takes effect.
That is a change in how the rate behaves. Through the first eight months of trading, the rate stepped up whenever STRC slipped below par. It has now been flat since July 2026 while the share price has stayed below $100, so the rate is no longer the lever being used to close the gap. Strategy is buying stock back instead.
The dip is mechanical.
The bounce back is not.
STRC's share price drops on ex-dividend day by roughly the payment amount, a mechanical adjustment, not a reaction to news. Anyone who held through the ex-date receives the cash on the payment date. What is not mechanical is the climb back to $100 par. For most of STRC's first year the price returned to par within a few weeks. Since April 2026, it has not.
STRC has not closed at or above $100 since the April 2026 ex-date recovered on May 11, 2026. Strategy's own filings confirm the gap: in the 13 weeks ended October 25, 2026 it repurchased 20,691,578 STRC shares for $2.02 billion, an average of roughly $98 per share, and it has stated it will hold the 12.00% rate until the stock trades at or near its $100 stated amount.
The gap is narrowing. Strategy paid an average of about $89.02 in the week ended August 2, 2026 and about $99.06 in the week ended October 25, 2026. Close to par is not the same as at par, and the rate guidance asks for sustained trading there before any change.
Two things follow from a price below par. The dividend is set on the $100 stated amount, not on what you pay, so buying below par raises your effective yield. And no new STRC has been sold under the at-the-market program while the stock is below par, so the share count is falling rather than growing. Neither changes the fact that a holder who needs to sell today would realize less than par.
Every ex-date, the bounce
Dividend history
Every month since launch, paid in cash, never missed. The rate is still reviewed monthly, but since June 30, 2026 the money arrives twice a month in two equal installments. Change from the prior month is shown in the Trend column.