STRIVE’S 15% SATS PAYS FIVE POINTS MORE THAN STRATEGY’S STRF — A SKIPPED DIVIDEND EARNS NO INTEREST AND BUYS NO BOARD SEAT

Strive’s new SATS preferred pays 15% a year. Strategy’s STRF pays 10%. The 86-page preliminary prospectus Strive filed on October 13, 2026 shows what the extra five points cost the buyer.

Start with a skipped dividend. The prospectus says: “No dividend, interest or other amount will accumulate or accrue on any unpaid regular dividends.” STRF works the other way. Strategy’s proxy, filed October 5, 2026, says an unpaid STRF dividend compounds quarterly at the dividend rate plus one point, rising a point each quarter up to 18%. Miss four straight quarters and STRF holders can appoint a director to Strategy’s board. Miss eight and they get a second. SATS holders get no seat. In Strive’s words, they don’t have “any additional voting rights upon non-payment of regular dividends such as the right to elect any directors.”

Strive doesn’t have to pay, either. “The certificate of designation will not require us to declare regular dividends on the SATS Stock, even if funds are legally available for their payment.” Strategy has to pay STRF when it has sold common or STRK stock in the 90 days before a record date, as far as those sales cover the bill. And the cash raised at 15% can go to “repurchases of shares of our Class A Common Stock or SATA Stock.” SATA is Strive’s variable-rate preferred, paying 13% now, and it ranks ahead of SATS.

What SATS buyers do get: dividends that stay owed, a reserve of $22.50 a share covering 18 months, and $100 plus unpaid dividends back in a takeover or other “fundamental change.” After the reserve runs out, it’s Strive’s next raise and the price of bitcoin, which the prospectus says traded between about $58,000 and $115,000 over the past year. At the time of this writing, bitcoin was $82,807.