v3.26.1
Redeemable Preferred Stock (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Summary of Key Terms and Provisions of Preferred Stock
The following table summarizes the key terms and provisions of each series of Preferred Stock, and information relating to each series of Preferred Stock as of June 30, 2026. The summaries below are qualified in their entirety by the full text of the applicable certificate of designations.
STRF StockSTRC StockSTRE StockSTRK StockSTRD Stock
Trading SymbolSTRFSTRCSTRESTRKSTRD
Stock ExchangeNASDAQNASDAQLuxembourg Stock ExchangeNASDAQNASDAQ
Initial Issuance DateMarch 25, 2025July 29, 2025November 13, 2025February 5, 2025June 10, 2025
Initial Shares Issued8,500,00028,011,1117,750,0007,300,00011,764,700
Initial Public Offering Price per share$85.00$90.00€80.00$80.00$85.00
Initial Net Proceeds (in thousands)$710,873$2,473,800€608,734$563,226$979,486
Initial Issuance Costs (in thousands)$11,627$47,200€11,266$20,774$20,514
Shares Issued as of June 30, 202612,839,689104,894,7057,750,00014,020,74414,024,221
Par Value Per Share$0.001$0.001€0.001$0.001$0.001
Liquidation Preference Per Share as of June 30, 2026 (1)$100.00$100.00€100.00$100.00$100.00
Aggregate Liquidation Preference as of June 30, 2026 (1) (in thousands)$1,283,969$10,489,471$884,120$1,402,074$1,402,422
Stated Amount$100.00$100.00€100.00n/a$100.00
Dividend Rate Per Annum as of June 30, 2026 (2)10%11.50%10%8%10%
Cumulative DividendsYesYesYesYesNo
Dividend Payment MethodCashCashCashCash, class A common stock, or a combination of bothCash
Conversion PrivilegeNoneNoneNoneConvertible to class A common stock at any timeNone
Initial Conversion Raten/an/an/a
0.1 shares of class A common stock per share of STRK Stock
n/a
Redemption Rights (3)YesYesYesYesYes
Repurchase Rights (4)Yes, upon a fundamental changeYes, upon a fundamental changeYes, upon a fundamental changeYes, upon a fundamental changeYes, upon a fundamental change
Board Rights (5)YesNoNoYesNo
(1)The liquidation preference per share of STRF Stock, STRC Stock, STRE Stock, STRK Stock and STRD Stock generally approximates to the greater of the trading price per share of the applicable series of Preferred Stock or $100 (or, in the case of STRE Stock, €100) as set forth in the applicable certificate of designations.
(2)Shares of STRC Stock accumulate cumulative dividends at a variable rate per annum on the stated amount thereof. The Company has the right, at its sole and absolute discretion, to adjust the regular dividend rate applicable to a regular dividend period in the manner set forth in the STRC Stock certificate of designations. The regular dividend rate per annum on STRC Stock for the month ended June 30, 2026 was 11.50%.
(3)As set forth in the applicable certificate of designations, upon the occurrence of certain events, the Company will have the right, at its election, to redeem all, and not less than all, of the applicable series of Preferred Stock for cash at a redemption price calculated in accordance with the applicable certificate of designations. The Company also has
the right, to redeem (subject to certain limitations set forth in the STRC Stock certificate of designations) all or any whole number of issued and outstanding shares of STRC Stock at any time, and from time to time, on any redemption date, at a cash redemption price per share of $101 (or such higher amount as may be chosen in the Company’s sole discretion), plus accumulated and unpaid regular dividends, if any, thereon to, and including, the redemption date.
(4)If a “Fundamental Change” (as defined in the applicable certificate of designations) occurs, then (subject to a limited exception in the case of STRK Stock), holders of each series of Preferred Stock will have the right to require the Company to repurchase some or all of their shares of the applicable series of Preferred Stock for cash at a repurchase price calculated in accordance with the applicable certificate of designations.
(5)Holders of STRC Stock, STRE Stock and STRD Stock do not have the right to elect any directors to the Company’s board of directors upon non-payment of regular dividends. However, with respect to STRK Stock and STRF Stock, if (in each case, subject to the applicable certificate of designations) less than the full amount of accumulated and unpaid regular dividends on the applicable series of Preferred Stock have been declared and paid by the following regular dividend payment date in respect of each of (i) four or more consecutive regular dividend payment dates; and (ii) eight or more consecutive regular dividend payment dates, then, in each case, subject to certain limitations, the authorized number of the Company’s directors will automatically increase by one (or the Company will vacate the office of one of its directors) and the holders of the applicable series of Preferred Stock, voting together as a single class with the holders of each class or series of “Voting Parity Stock” (as defined in the applicable certificate of designations) with similar voting rights that are then exercisable, will have the right to elect one director to fill such directorship at the Company’s next annual meeting of stockholders (or, if earlier, at a special meeting of the Company’s stockholders called for such purpose). If, thereafter, all accumulated and unpaid regular dividends on the outstanding shares of the applicable series of Preferred Stock have been paid in full, then this right will terminate. Upon the termination of such right with respect to the applicable series of Preferred Stock and all other outstanding Voting Parity Stock, if any, the term of office of each person then serving as a director pursuant to this right will immediately and automatically terminate (and, if the authorized number of the Company’s directors was increased by one or two, as applicable, in connection with such election, then the authorized number of the Company’s directors will automatically decrease by one or two, as applicable).
Summary of Dividend Declared and Paid
During the three and six months ended June 30, 2026 and 2025, the Company paid the following dividends:
Three Months Ended June 30,Six Months Ended June 30,
 Cash Dividends Paid (in thousands)2026202520262025
STRF Stock$32,099 $25,522 $64,198 $25,522 
STRC Stock282,864 — 394,295 — 
STRE Stock (1)22,136 — 44,478 — 
STRK Stock28,041 23,432 56,083 32,620 
STRD Stock35,061 — 70,121 — 
Total Cash Dividends Paid$400,201 $48,954 $629,175 $58,142 
(1) Reflects the Euro to USD exchange rate in effect at the time of the applicable STRE Stock dividend payment.