Strategy says all 2025 preferred distributions were a return of capital for tax purposes

What the company reported

• 100% of distributions paid in 2025 on its preferred equity were treated as a nontaxable return of capital for US federal tax purposes.
• In 2025 it ran five preferred IPOs raising $5.5 billion, then raised $1.9 billion more through ATM programs.
• Cumulative distributions paid total $413 million, a blended annual dividend rate of 9.6%.
• The company expects distributions to be treated as return of capital for the foreseeable future, ten years or more.