Strategy’s MSTR Returned 77.4%, Outpacing Its Preferred Shares

Strategy’s common stock (MSTR) returned 77.4% from June 26 through Oct. 23, outpacing four preferred securities ahead of a shareholder vote on dividend timing.

STRC returned 38.6%, STRD 35%, STRK 32.6% and STRF 22.9% over the period. The measurement ended at 4 p.m. ET (20:00 UTC) Oct. 23. Dividends counted on ex-dividend dates were included without reinvestment.

The return comparison does not establish that Strategy’s preferred-share repurchases caused the gap between MSTR and the preferred securities. Strategy bought back 1,938,780 STRC shares for $193.1 million from Oct. 12 through Oct. 18, following a purchase of 1,932,145 shares for $192.4 million the prior week. The two-week total was 3,870,925 shares for $385.5 million, extending the company’s STRC repurchases.

The board raised its authorization for preferred-security repurchases from $2 billion to $3 billion, leaving $1.16 billion available as of Oct. 18. Under the existing terms, STRF, STRK and STRD paid quarterly, while STRC paid dividends twice monthly.

Common-stock holders of record on Sept. 25 are eligible to vote Wednesday, Oct. 28, at 10 a.m. ET (14:00 UTC). Preferred-stock holders cannot vote on the proposal. It would establish a dividend record date for each calendar day, with declared payments due the next business day. The changes would not alter dividend rates or the total amount of regular dividends payable.

The proposed schedule is intended to reduce dividend-related timing effects and price fluctuations and potentially improve liquidity. If approved and implemented, STRC would have its first daily record date Sunday, Nov. 1, with payment Monday, Nov. 2. STRF, STRK and STRD would begin with a Jan. 1, 2027, record date and Jan. 4 payment.