# PrefWatch

> PrefWatch (https://prefwatch.com) is a free, independent tracker for preferred stocks issued by digital asset treasury companies (Strategy/MSTR, Strive/ASST, BitMine/BMNR): dividend rates, payment frequency, payment dates, prices, effective yields and dividend coverage by each issuer's BTC/ETH treasury. Tagline: "The yield side of crypto treasuries." Official X: https://x.com/PrefWatch (@PrefWatch). Not investment advice.

Build: 2026-10-14T05:39:18Z. Prices as of 2026-10-14 05:39 UTC (delayed). Terms as of 2026-10-13. Crypto: BTC $83,593, ETH $2,507.83.

## How to read this
Effective yield = rate × par ÷ price. Annual preferred dividends = shares outstanding × stated amount × rate (from latest SEC filings). Treasury value = filed holdings × live CoinGecko price. Coverage (years) = treasury value ÷ annual preferred dividends. Breakeven = the yearly treasury return needed to fund preferred dividends (annual dividends ÷ treasury value). Main figures exclude debt interest; Strategy also has a debt-inclusive version adding annualized convertible-note contractual interest from the 10-Q. Ex-dates follow T+1 (ex-date = record date, or the prior trading day) unless the issuer states one. STRD is non-cumulative (assumes all dividends declared). STRE is in EUR, converted at EUR/USD 1.121.

## Field glossary (data.json, schema 2.0)
- next_pay: pay date of the next payment not yet paid (ISO date, US Eastern market date). next_amount: its per-share amount (null = not published). next_pay_record / next_pay_ex: the record and ex dates belonging to next_pay (these can already be in the past).
- next_ex_date: the next ex-date that has not passed (>= today, America/New_York). Own the shares before this date (buy by the prior trading day) to receive next_ex_event.
- next_payment / next_ex_event: full objects (record_date, ex_date, pay_date, pay_date_business, amount, currency, status, contingent, condition, source).
- status: paid (pay date passed), declared, declared (contingent), contingent, expected (normal schedule, not declared).
- ex_date rule: T+1, ex-date = record date (or the prior trading day if the record date is not a trading day) unless the issuer states one; null when unknown.
- pay_date_business: next business day when the filed pay date falls on a weekend/holiday.
- rate_type / rate_reset / frequency: how the rate is set, how often it resets, how often it pays.
- tax.character: "unknown" until a Form 8937/19a-1 ROC % is published; tax.issuer_guidance holds the issuer's expectation.
- stale_days: days between the input's as_of date and the build date (ET).
- dividend_events: all known payments (past and upcoming) with filing links; calendar.json is the upcoming subset.

## Preferreds
- STRC (Strategy (MSTR), BTC-backed): 12.00% Variable, rate reset monthly; pays Semi-monthly; par/stated $100; cumulative: Yes; last price: $99.90; effective yield: 12.01%; next payment $0.50/sh on 2026-10-15 (record 2026-09-30, ex 2026-09-30; declared); next ex-date 2026-10-15 for $0.50 paid 2026-10-31 (declared); tax character: unknown (issuer guidance: Expected return of capital (to the extent of tax basis) for the Oct 31 and, if payable, Nov 15 dividends). Source: https://www.sec.gov/Archives/edgar/data/1050446/000119312526409863/mstr-20260930.htm
- STRF (Strategy (MSTR), BTC-backed): 10.00% Fixed; pays Quarterly; par/stated $100; cumulative: Yes; last price: $103.45; effective yield: 9.67%; next payment $2.50/sh on 2026-12-31 (record 2026-12-15, ex 2026-12-15; expected); tax character: unknown (issuer guidance: Expected return of capital for the Sep 30, 2026 dividends). Source: https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm
- STRK (Strategy (MSTR), BTC-backed): 8.00% Fixed; pays Quarterly; par/stated $100; cumulative: Yes; last price: $75.60; effective yield: 10.58%; conversion 0.1 MSTR per share, parity $15.22; next payment $2.00/sh on 2026-12-31 (record 2026-12-15, ex 2026-12-15; expected); tax character: unknown (issuer guidance: Expected return of capital for the Sep 30, 2026 dividends). Source: https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm
- STRD (Strategy (MSTR), BTC-backed): 10.00% Fixed; pays Quarterly; par/stated $100; cumulative: No; last price: $73.27; effective yield: 13.65%; next payment $2.50/sh on 2026-12-31 (record 2026-12-15, ex 2026-12-15; expected); tax character: unknown (issuer guidance: Expected return of capital for the Sep 30, 2026 dividends). Source: https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm
- STRE (Strategy (MSTR), BTC-backed): 10.00% Fixed (EUR); pays Quarterly; par/stated €100; cumulative: Yes; last price: not tracked: no US quote (listed on Luxembourg Stock Exchange); effective yield: —; next payment €2.50/sh on 2026-12-31 (record 2026-12-15, ex unknown; expected); tax character: unknown (issuer guidance: Expected return of capital for the Sep 30, 2026 dividends). Source: https://www.sec.gov/Archives/edgar/data/1050446/000105044626000044/mstr-20260630.htm
- SATA (Strive (ASST), BTC-backed): 13.00% Variable, rate reset monthly; pays Every business day; par/stated $100; cumulative: Yes; last price: $98.79; effective yield: 13.16%; next payment $0.0516/sh on 2026-10-14 (record 2026-10-13, ex 2026-10-13; declared); next ex-date 2026-10-14 for $0.0516 paid 2026-10-15 (declared); tax character: unknown (issuer guidance: Treated generally as tax-deferred recovery of capital; Strive says it has no accumulated E&P and expects none in the current year). Source: https://www.sec.gov/Archives/edgar/data/1920406/000162828026065594/asst-20261012.htm
- BMNP (BitMine (BMNR), ETH-backed): 9.50% Fixed; pays Weekly (Fri); par/stated $100; cumulative: Yes; last price: $99.25; effective yield: 9.57%; next payment $0.1847/sh on 2026-10-16 (record 2026-10-06, ex 2026-10-06; declared); next ex-date 2026-10-20 for $0.1847 paid 2026-10-30 (declared); tax character: unknown (issuer guidance: No issuer tax-character guidance found). Source: https://www.sec.gov/Archives/edgar/data/1829311/000149315226038012/ex99-1.htm
- SATS (Strive (ASST), BTC-backed): 15.00% Fixed; pays Every business day; par/stated $100; cumulative: Yes; last price: no quote (not trading); effective yield: —; next payment TBD/sh on 2026-11-09 (record 2026-11-06, ex 2026-11-06; contingent; contingent: Offering must close and the board must declare. 424B5 says Strive anticipates declaring the first dividend payable Nov 9, 2026, including all accrued dividends from closing; the per-share amount is left blank in the prospectus.); tax character: unknown (issuer guidance: No issuer tax-character guidance found); status: Announced — IPO to select investors, not yet trading. Source: https://www.sec.gov/Archives/edgar/data/1920406/000095010326015525/dp254910_424b5.htm

## Dividend coverage
- Strategy (MSTR): annual preferred dividends $1.52B (STRC, STRF, STRK, STRD, STRE); treasury 848,250 BTC (as of 2026-10-11) worth $70.91B; coverage 46.6 years; breakeven BTC return 2.15% per year; cash/USD reserve $4.88B (3.2 yrs of dividends); including convertible interest ($34.6M/yr): obligations $1.56B, coverage 45.5 years, breakeven 2.20%; 10-Q reported prefs+interest ≈ $1.76B
- Strive (ASST): annual preferred dividends $182.4M (SATA); treasury 32,773 BTC (as of 2026-10-09) worth $2.74B; coverage 15.0 years; breakeven BTC return 6.66% per year
- BitMine (BMNR): annual preferred dividends $33.2M (BMNP); treasury 6,028,946 ETH (as of 2026-10-11) worth $15.12B; coverage 454.7 years; breakeven ETH return 0.22% per year
  Note: Coverage years use PrefWatch's computed annual preferred dividends (~$1.52B: current share counts × stated amount × rate, excluding interest). The 10-Q's $1.76B is an older company figure (as of Jun 30 / Jul 24, 2026, before later STRC buybacks) and includes convertible interest.

## Common stocks (light tracking)
- MSTR (Strategy): holds 848,250 BTC; mNAV 1.14
- ASST (Strive): holds 32,773 BTC; mNAV 1.42
- BMNR (BitMine): holds 6,028,946 ETH; mNAV —

## Notice
Strategy special meeting Oct 28, 2026 (10:00 AM ET): vote on 'Daily Dividend Amendments' giving STRC (from Nov 2026) and STRF/STRK/STRD (from Jan 2027) a daily record date. The Nov 15 STRC dividend is conditional on the outcome. Source: https://www.sec.gov/Archives/edgar/data/1050446/000119312526401636/mstr-20260924.htm

## Sources
Prices: Yahoo Finance (delayed). Crypto: CoinGecko. Terms, shares and holdings: issuer SEC filings (EDGAR) and press releases, linked per item in data.json. PrefWatch is not affiliated with any issuer. Not investment advice.

## Links
- [Main tracker](https://prefwatch.com/): preferreds table, dividend coverage, portfolio income modeler, X feeds
- [Machine-readable data](https://prefwatch.com/data.json): all terms, prices, holdings, coverage inputs, dividend events and rate history (JSON, schema_version 2.0)
- [Dividend calendar JSON](https://prefwatch.com/calendar.json): upcoming ex/record/pay events with per-share amounts and status (declared / contingent / expected)
- [Dividend calendar ICS](https://prefwatch.com/calendar.ics): subscribe in any calendar app
- [Changelog](https://prefwatch.com/changelog.json): key-field differences between builds (rates, dates, amounts, shares, holdings)
- [Full plain-text summary](https://prefwatch.com/llms-full.txt)
- [X @PrefWatch](https://x.com/PrefWatch): official account for payout dates, coverage updates and feedback