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Redeemable Preferred Stock (Tables) | 9 Months Ended
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Sep. 30, 2025
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 September 30, 2025. The summaries below are qualified in their entirety by the full text of the applicable certificate of designations.
|  | STRF Stock |  |  | STRC Stock |  |  | STRK Stock |  |  | STRD Stock |
Trading Symbol on NASDAQ |  | STRF |  |  | STRC |  |  | STRK |  |  | STRD |
Initial Issuance Date |  | March 25, 2025 |  |  | July 29, 2025 |  |  | February 5, 2025 |  |  | June 10, 2025 |
Initial Shares Issued |  |  | 8,500,000 |  |  |  | 28,011,111 |  |  |  | 7,300,000 |  |  |  | 11,764,700 |
Initial Public Offering Price |  | $85.00 per share |  |  | $90.00 per share |  |  | $80.00 per share |  |  | $85.00 per share |
Initial Net Proceeds (in thousands) |  | $ | 710,873 |  |  | $ | 2,473,800 |  |  | $ | 563,226 |  |  | $ | 979,486 |
Initial Issuance Costs (in thousands) |  | $ | 11,627 |  |  | $ | 47,200 |  |  | $ | 20,774 |  |  | $ | 20,514 |
Shares Issued as of September 30, 2025 |  |  | 11,948,292 |  |  |  | 28,011,111 |  |  |  | 13,605,866 |  |  |  | 12,322,141 |
Par Value Per Share |  | $ | 0.001 |  |  | $ | 0.001 |  |  | $ | 0.001 |  |  | $ | 0.001 |
Liquidation Preference Per Share as of September 30, 2025 (1) |  | $ | 111.49 |  |  | $ | 100.00 |  |  | $ | 100.00 |  |  | $ | 100.00 |
Stated Amount |  | $ | 100.00 |  |  | $ | 100.00 |  |  | n/a |  |  | $ | 100.00 |
Dividend Rate Per Annum as of September 30, 2025 (2) |  |  | 10 | % |  |  | 10 | % |  |  | 8 | % |  |  | 10 | %
Cumulative Dividends |  | Yes |  |  | Yes |  |  | Yes |  |  | No |
Dividend Payment Method |  | Cash |  |  | Cash |  |  | Cash, class A common stock, or a combination of both |  |  | Cash |
Conversion Privilege |  | None |  |  | None |  |  | Convertible to class A common stock at any time |  |  | None |
Initial Conversion Rate |  | n/a |  |  | n/a |  |  | 0.1 shares of class A common stock per share of STRK Stock |  |  | n/a |
Redemption Rights (3) |  | Yes |  |  | Yes |  |  | Yes |  |  | Yes |
Repurchase Rights (4) |  | Yes, upon a fundamental change |  |  | Yes, upon a fundamental change |  |  | Yes, upon a fundamental change |  |  | Yes, upon a fundamental change |
Board Rights (5) |  | Yes |  |  | No |  |  | Yes |  |  | No |
(1) The liquidation preference per share of STRF Stock, STRC Stock and STRD Stock generally approximates to the greater of the trading price per share of the applicable series of Preferred Stock or $100 as set forth in the applicable certificate of designations. As of September 30, 2025, the liquidation preference per share of STRK Stock was $100.00. See Note 6, Commitments and Contingencies – Contingencies - Shareholder and Derivative Actions - Dodge Class Action for additional information. (2) Shares of STRC Stock accumulate cumulative dividends at a variable rate per annum on the stated amount thereof. The monthly regular dividend rate per annum on STRC Stock for the month ended September 30, 2025 was 10.00%. On September 30, 2025, the Company increased the monthly regular dividend rate per annum on STRC Stock from 10.00% to 10.25% effective for monthly periods commencing on or after October 1, 2025. See Note 14, Subsequent Events, for additional information. (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 and S TRD 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 months ended September 30, 2025, the Company declared and paid the following dividends to the applicable stockholders of record as of 5:00 p.m., New York City time, on the applicable record date:
Preferred Stock | Ticker | Period | Record Date | Dividend Payment Date | Dividend Rate Per Annum | Cash Dividend Per Share |  |  | Cash Dividends Paid (in millions) |
STRF Stock | STRF | Quarter ended September 30, 2025 | September 15, 2025 | September 30, 2025 | 10.00% | $ | 2.50 |  |  | $ | 29.18 |
STRC Stock | STRC | Month ended August 31, 2025 | August 15, 2025 | August 31, 2025 | 9.00% | $ | 0.80 |  | (1) | $ | 22.41 |
STRC Stock | STRC | Month ended September 30, 2025 | September 15, 2025 | September 30, 2025 | 10.00% | $ | 0.833333333 |  |  | $ | 23.34 |
STRK Stock | STRK | Quarter ended September 30, 2025 | September 15, 2025 | September 30, 2025 | 8.00% | $ | 2.00 |  |  | $ | 27.21 |
STRD Stock | STRD | Quarter ended September 30, 2025 | September 15, 2025 | September 30, 2025 | 10.00% | $ | 3.055555556 |  | (2) | $ | 37.64 |
|  |  |  |  | Total Cash Dividends Paid |  |  | $ | 139.78 |
(1) The calculation of the monthly dividend for shares of STRC Stock for the month ended August 31, 2025 took into account the dividend accrued from, and including, July 29, 2025, the initial issuance date of STRC Stock. (2) The calculation of the quarterly dividend for shares of STRD Stock for the quarter ended September 30, 2025 took into account the dividend accrued from, and including, June 10, 2025, the initial issuance date of STRD Stock.

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