The STRC buyback playStrategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, mercifully shortened to STRC, is a preferred equity instrument that pays a 12% annual dividend distributed semi-monthly in cash. Every STRC share repurchased is one fewer share requiring that 12% annual dividend payment. Since launching its preferred stock products beginning in early 2025, Strategy has paid out over $693 million in preferred distributions. The company has paid out over $693 million in preferred distributions since launching its preferred stock program in early 2025. The $1 billion buyback authorization signals management confidence in its liquidity position to commit significant capital to reducing its preferred stock footprint.