Preferred Stock Comparison
STRF vs STRC: Perpetual Strife, or Variable-Rate Stretch?
A head-to-head of Perpetual Strife Preferred Stock and Strategy Variable Rate Series A Stretch covering coupon design, not headline yield.
Data updated September 18, 2026
Best for
- STRCInvestors who want higher current income (13.39% vs 9.73% for STRF).
- STRFInvestors who want the steadier, bond-like income of a preferred security.
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings.
STRC has outpaced STRF over the trailing twelve months, posting a 13.84% total return against 2.62%. Measured from Jul 2025 — the start of shared available history — STRC has compounded at 16.67% a year versus -0.41% for STRF. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD | 1Y | Since Jul 2025 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|
| STRC | 8.16% | 13.84% | 16.67% | 22.1% | 0.38 | 0.57 | -24.3% |
| STRF | 8.34% | 2.62% | -0.41% | 24.1% | -0.08 | -0.11 | -22.0% |
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 18, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Jul 2025” measures every fund from July 30, 2025 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Side-by-side snapshot
| Metric |  STRC | STRF |
|---|---|---|
| Full name | Strategy Variable Rate Series A Perpetual Stretch Preferred Stock | Perpetual Strife Preferred Stock |
| Issuer | Strategy Inc. | Strategy Inc. |
| Last Close | $98.51 as of September 18, 2026 | $104.00 as of September 18, 2026 |
| Distribution rate | 13.39% | 9.73% |
| Distribution Safety Score™ | 79 | 50 |
| Safety-Adjusted Yield | 10.58% | — |
| Expense ratio | — | — |
| AUM | — | — |
| Distribution frequency | Semi-Monthly | Quarterly |
| Underlying index | Preferred equity security issued by MicroStrategy Incorporated. | Preferred equity security issued by MicroStrategy Incorporated. |
| Objective | Stretch (STRC) is Strategy’s perpetual preferred stock that pays a variable cash dividend twice a month (semi-monthly) — most recently $0.50 per share per payment, an annualized rate of about 12% on its $100 par value. STRC’s dividend rate is reset each month to encourage trading around STRC’s $100 par value and to help strip away price volatility. | Provide investors with a 10% fixed coupon through MicroStrategy's most senior preferred equity structure. |
| Asset class | Equity | Equity |
| Inception date | N/A | N/A |
| Last dividend | $0.50 declared, pays 10/15/2026 | $2.50 declared, pays 09/30/2026 |
| Ex-dividend date | 09/30/2026 upcoming | 09/15/2026 |
Bottom lineChoose STRC if you want higher current income (13.39% vs 9.73% for STRF). Choose STRF if you want the steadier, bond-like income of a preferred security.
Variable-rate Stretch versus perpetual Strife
Both are Strategy preferreds. Coupon design — variable-rate Stretch versus perpetual Strife — is the live comparison.
| STRC | STRF | |
|---|---|---|
| Coupon | Variable-rate Stretch preferred | Perpetual Strife preferred |
| Distribution rate | 13.39% | 9.73% |
| Security | Preferred stock | Preferred stock |
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Quick verdict
STRC (Strategy Variable Rate Series A Perpetual Stretch Preferred Stock) and STRF (Perpetual Strife Preferred Stock) are both dividend-paying preferred stocks, but they take different approaches.
STRC offers the higher yield at 13.39% vs 9.73% for STRF. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
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Deep dive
Yield & income
On a $10,000 investment, STRC would generate roughly $111.58/month, while STRF would produce $81.08/month, at current distribution rates.
Strategy & risk
Both STRC and STRF wrap Preferred equity security issued by MicroStrategy Incorporated. with similar strategies (bitcoin and bitcoin). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic.
Security details
STRC (Strategy Variable Rate Series A Perpetual Stretch Preferred Stock) is a preferred stock. STRF (Perpetual Strife Preferred Stock) is a preferred stock.
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Frequently asked questions
What is the difference between STRC and STRF?
STRC (Strategy Variable Rate Series A Perpetual Stretch Preferred Stock) is Strategy's variable-rate Stretch preferred. STRF (Perpetual Strife Preferred Stock) is the perpetual Strife preferred. Coupon design, not a one-date yield, is the live difference. Distributions are 13.39% and 9.73% as of September 2026. Preferreds are credit-and-call products; treat the coupon as the comparison, not a fund expense-ratio race.
What is the current distribution rate for STRC and STRF?
STRC currently distributes 13.39% and STRF 9.73%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is STRC or STRF better for dividend income?
It depends on your goals. STRC currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
Can I hold both STRC and STRF?
You can, but expect significant overlap. Both funds use similar strategies on Preferred equity security issued by MicroStrategy Incorporated., so holding them together gives you two wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than treating them as complementary.
Is STRC or STRF safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — STRC scores 79, STRF scores 50, so STRC's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.
How much income does $10,000 in STRC vs STRF generate?
At current rates, $10,000 in STRC would generate roughly $111.58 per month ($1,339.00 annually). The same in STRF would produce about $81.08 per month ($973.00 annually).
Which has performed better historically, STRC or STRF?
STRC has outpaced STRF over the trailing twelve months, posting a 13.84% total return against 2.62%. Measured from Jul 2025 — the start of shared available history — STRC has compounded at 16.67% a year versus -0.41% for STRF. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
More comparisons to explore
Popular comparisons
STRC vs STRF — at a glance
Generated September 19, 2026.
Overview
STRC and STRF are both perpetual preferred stocks issued by Strategy Inc., backed by MicroStrategy Incorporated's equity. Both offer attractive yields in the 10–13% range, but they appeal to different risk profiles and income timelines. Both securities were issued recently—STRC in 07/30/2025 and STRF in 03/25/2025—so long-term performance history is unavailable.
Who each is best for
STRC: Fits investors who prioritize frequent income recognition and value price stability, and who are comfortable with a variable coupon adjusted monthly to protect against duration drift.
STRF: Designed for income-focused investors who prefer the certainty of a fixed coupon and can tolerate price fluctuation, and who benefit from quarterly payment cycles that match other fixed-income holdings.
Key risks to know
- Issuer concentration: Both securities depend entirely on MicroStrategy's creditworthiness and business performance. Holding both STRC and STRF concentrates exposure to a single issuer and amplifies idiosyncratic risk—there is no diversification between them.
- MicroStrategy's business volatility: MicroStrategy's stock price and financial stability are tied to Bitcoin holdings and cloud analytics performance. Deterioration in either could impair the company's ability to service these preferred obligations, even though preferred claims rank senior to common equity.
- Variable rate interest-rate risk (STRC): While STRC's monthly reset is designed to anchor its price near par, rapidly rising or falling rate environments could create structural disconnects. If interest rates spike sharply mid-month, the next reset may lag market moves, leaving STRC trading below par temporarily.
- Fixed-coupon duration risk (STRF): STRF's 10% fixed coupon becomes less attractive if market rates rise substantially, pressuring its price downward. Conversely, falling rates would lift its value, but the inverse relationship means duration risk is real and concentrated.
- Redemption or restructuring risk: As perpetual preferreds issued by a single company, both securities could face modification, deferral, or redemption under stress scenarios. Strategy Inc. could restructure these securities if MicroStrategy's credit profile deteriorates.
Bottom line
STRC emphasizes income frequency and price stability through a variable reset mechanism; STRF emphasizes coupon certainty and a traditional fixed rate. Both securities carry concentrated issuer risk and should be evaluated alongside your broader MicroStrategy exposure. Past performance does not predict future results.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
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