SATS: Strive's 15.00% Perpetual Preferred Stock

Important Disclosures

This profile has been prepared by True North Research, a media and research subsidiary of Strive, Inc. (“Strive”). It summarizes certain publicly available information and internal calculations relating to Strive’s 15.00% Series A Perpetual SATS Preferred Stock (“SATS”) and Strive’s balance sheet, and is part of Strive’s broader “Digital Credit” educational initiative. It is for informational and educational purposes only, is provided on a non-independent basis, and should not be relied upon as a complete or current description of SATS, Strive, or any offering.

This content does not constitute an offer to sell or a solicitation of an offer to buy any security, nor does it constitute investment, legal, accounting, or tax advice. It does not take into account the objectives, financial situation, or needs of any particular investor. Investors should make their own independent evaluation of any securities and consult their own advisers. Any offer or sale of securities will be made only by means of the applicable offering documents and SEC filings, including those available on SEC EDGAR.

Because True North is a Strive subsidiary, Strive and its personnel have an economic interest in the trading price and liquidity of SATS and other Strive securities. Strive, its affiliates, and their respective officers, directors, and employees may hold positions in the securities discussed. This creates actual and potential conflicts of interest that readers should carefully consider.

Instrument Overview

SATS is the 15.00% Series A Perpetual SATS Preferred Stock of Strive, Inc. (Nasdaq: ASST). It is listed on The Nasdaq Global Market under the symbol “SATS” (Strive, Inc. prospectus supplement filed October 26, 2026).

Strive, Inc. issues two of the seven Digital Credit instruments in this category: SATA and SATS. The others are issued by Strategy. SATS ranks junior to SATA.

Strive sold 7,000,000 SATS shares in the initial public offering at $90 per share, with a trade date of October 16, 2026 and settlement on October 20, 2026 (pricing term sheet; prospectus supplement filed October 16, 2026). SATS shares outstanding totaled 7,000,000 as of October 23, 2026, or $700M at the $100 stated amount (Strive, Inc. 8-K filed October 26, 2026).

In the prospectus’s words, SATS “will accumulate cumulative dividends, which we refer to as ‘regular dividends,’ at a rate per annum equal to 15.00% on the stated amount thereof, which is $100 per share of SATS Stock.” Regular dividends are payable each business day, beginning on November 9, 2026, when, as, and if declared by Strive’s board of directors.

At the November 12, 2026 market price of $96.54, the effective yield on SATS is approximately 15.54% using True North’s methodology (the $100 stated amount, the 15.00% regular dividend rate, and the market price). This figure is illustrative and changes with the market price.

This profile applies the same general analytical approach True North uses for other Digital Credit instruments but is not “independent research” under applicable regulations. Calculated metrics are produced using the methodology described in our Digital Credit Methodology and may differ from issuer, analyst, or third-party estimates.

Key Terms

From Strive’s prospectus supplement for the offering (424B5 filed October 16, 2026) unless noted. The sections below give each term in the prospectus’s own words.

Investors should rely on the governing documents, including the certificate of designation, as filed with the SEC.

Regular Dividends

The prospectus supplement sets the dividend terms. In its words:

• Rate. “Shares of the SATS Stock will accumulate cumulative dividends (which we refer to as ‘regular dividends’) at a rate per annum equal to 15.00% (such rate per annum, the ‘regular dividend rate’) on the ‘stated amount’ … thereof, regardless of whether or not declared or funds are legally available for their payment.”
• Declaration and payment. Regular dividends “will be payable when, as, and if declared by our ‘board of directors’ … or any duly authorized committee thereof, out of funds legally available for their payment, in arrears for each regular dividend period on each ‘regular dividend payment date’ … to the SATS preferred stockholders of record as of the close of business on the ‘regular record date’ … immediately preceding the applicable regular dividend payment date.”
• Calculation by calendar month. “Any such payments shall be calculated for each calendar month and subdivided and paid on each regular dividend payment date in equally divided installments based on the number of regular dividend payment dates in each such calendar month.”
• Business day. “‘Business day’ means any day other than any day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed, any day that is not a trading day, or any day that the Depositary is closed for business or providing limited settlement services.”
• Day count. “Accrued regular dividends will be computed on the basis of a 360-day year comprised of twelve 30-day months.”
• Unpaid dividends. “No dividend, interest or other amount will accumulate or accrue on any unpaid regular dividends, regardless of whether regular dividends are declared for any future regular dividend period.”
• Declaration not required. “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. Accordingly, we may choose not to declare regular dividends on the SATS Stock.”
• Paid in cash. “Each declared regular dividend on the SATS Stock will be paid in cash.”
• Priority. “If we fail to declare and pay full dividends on our SATA Stock, we will be prohibited from paying dividends on the SATS Stock. Moreover, if we fail to declare and pay full dividends on the SATS Stock, then we will be prohibited from paying dividends on our Class A Common Stock and any other junior securities, subject to limited exceptions.”

Tax treatment. The prospectus states: “To the extent that the amount of a distribution with respect to the Preferred Stock exceeds our current and accumulated earnings and profits, the distribution will be treated first as a tax-free return of capital to the extent of the holder’s adjusted tax basis in the Preferred Stock, and thereafter as capital gain,” and “There is no assurance that we will have sufficient current or accumulated earnings and profits to ensure that any of our distributions are treated as dividends.” In its 8-K filed October 21, 2026, Strive stated: “The Company does not have any accumulated earnings and profits, and does not expect to generate current earnings and profits in the current year or the foreseeable future.” Tax characterizations are determined through the reporting process and may differ from expectations.

Declared Dividends

SATS dividends declared so far:

Declared by Strive, Inc.'s board of directors on October 21, 2026. Source: Strive, Inc. 8-K filed October 21, 2026.

Liquidation Preference, Redemption and Repurchase

Liquidation preference. “The SATS Stock will have a stated amount of $100 per share and an initial liquidation preference of $100 per share. The liquidation preference will be subject to adjustment in the manner described in this prospectus supplement. However, the liquidation preference will not be adjusted to an amount that is less than $100 per share.” Under its definition, “effective immediately after the close of business on each business day after the initial issue date”, the liquidation preference “will be adjusted to be the greatest of (i) the stated amount per share of SATS Stock; (ii) in the case of any business day with respect to which we have, on such business day or any business day during the ten (10) trading day period preceding such business day, executed any sale transaction to be settled by the issuance of SATS Stock, an amount equal to the last reported sale price per share of SATS Stock on the trading day immediately before such business day; and (iii) the arithmetic average of the last reported sale prices per share of SATS Stock for each trading day of the ten (10) consecutive trading days immediately preceding such business day.”

On liquidation. “If we liquidate, dissolve or wind up, whether voluntarily or involuntarily, then, subject to the rights of any of our creditors, each share of SATS Stock will entitle the holder thereof to receive payment for the following amount out of our assets or funds legally available for distribution to our stockholders, before any such assets or funds are distributed to, or set aside for the benefit of, any liquidation junior stock”: the liquidation preference “as of the business day immediately before the date of such payment,” plus “all accumulated and unpaid regular dividends, if any, that will have accrued on such share to, and including, the date of such payment.” SATA is liquidation senior stock to SATS.

Redemption at Strive’s option. “The SATS Stock will not be redeemable at our option except pursuant to an optional redemption or a tax redemption.” Strive may redeem “all, and not less than all, of the outstanding SATS Stock, at any time for cash if the total number of shares of SATS Stock then outstanding is less than 25% of the total number of shares of the SATS Stock originally issued in this offering and in any future offering taken together”, or all of it “if a ‘tax event’ … occurs.” The redemption price is “(i) the liquidation preference of such share as of the business day before the date we send the related redemption notice, … plus (ii) accumulated and unpaid regular dividends, if any, on such share that will have accrued to, and including, the redemption date.”

Repurchase on a fundamental change. “If a fundamental change occurs, then, each SATS preferred stockholder will have the right … to require us to repurchase some or all of its shares of SATS Stock for cash”, at “(i) the stated amount of such share, plus (ii) accumulated and unpaid regular dividends, if any, on such share that will have accrued to, and including, the fundamental change repurchase date.”

Voting and conversion. “The SATS Stock will have no voting rights except as described in this prospectus supplement or as provided in our articles of incorporation or required by the Nevada Revised Statutes.” Holders “do not have the right to vote in the general election of our directors and do not have any additional voting rights upon non-payment of regular dividends such as the right to elect any directors to our board of directors.” “The SATS Stock will not be convertible into or exchangeable for any other securities or property and will not be entitled to any preemptive or similar rights.”

Capital Structure Position and Coverage

In the prospectus’s words, SATS ranks “junior to (i) dividend senior stock and liquidation senior stock and which includes our SATA Stock; and (ii) our future indebtedness” and “structurally junior to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent we are not a holder thereof) capital stock of our subsidiaries.” It ranks senior to Strive’s Class A and Class B Common Stock. “The terms of the SATS Stock will not restrict us from issuing dividend senior stock, dividend parity stock, liquidation senior stock or liquidation parity stock.”

• Debt: $0 as of October 23, 2026 (Strive, Inc. treasury dashboard, confirmed by Strive, Inc. prospectus supplement (424B5) filed October 26, 2026)
• SATA: 14,030,176 shares as of October 23, 2026
• SATS (this preferred stock): 7,000,000 shares as of October 23, 2026
• Common equity (ASST)

The tile below shows Strive’s coverage of its preferred dividends on the definition Strive’s treasury dashboard publishes, calculated by True North from Strive, Inc.’s filings. For the instrument-by-instrument view, see the live Digital Credit dashboard.

These figures are simplified analytical metrics for context only. They are not projections or guarantees, and actual outcomes will depend on Bitcoin prices, financing decisions, operating results, tax matters, and other factors.

Dividend reserve. At the offering’s closing on October 20, 2026, Strive increased its existing dividend reserve in an amount equal to the first 18 months of SATS dividend payments, funded with a combination of existing cash on hand and securities (Strive, Inc. 8-K filed October 20, 2026). Strive’s treasury dashboard states a dividend reserve of 18 months as of October 23, 2026 (Strive, Inc. treasury dashboard). The prospectus states that Strive intends “to invest the proceeds of the Dividend Reserve in various capital preservation instruments, including short-term investment grade, interest-bearing securities, and money-market funds,” and: “Following the 18-month period after the Closing, we expect to fund any dividends paid in cash on the SATS Stock primarily through additional capital raising activities, including, but not limited to, at-the-market offerings of our securities.” It also states: “We have not engaged, and do not intend to engage, an escrow or independent third-party agent to manage the distribution of dividends, nor entered into, and do not intend to enter into, an escrow agreement or other similar arrangement.”

At-the-market program. On October 26, 2026, Strive entered into a sales agreement under which it may offer and sell SATS from time to time “having an aggregate sales price of up to $1,000,000,000” (8-K filed October 26, 2026). Strive states that it “will report at least quarterly the number of our shares of SATS Stock sold under the Sales Agreement and the net proceeds to us in connection with such sales of our SATS Stock” (prospectus supplement filed October 26, 2026).

Key Risks Specific to SATS

Junior to SATA. SATS ranks behind SATA for dividends and on liquidation: “If we fail to declare and pay full dividends on our SATA Stock, we will be prohibited from paying dividends on the SATS Stock.”

Dividends depend on the board. In the prospectus’s words, the board “may choose not to declare or pay accrued dividends, or to declare and pay less than the full amount of dividends, on the SATS Stock for any reason, even if we have sufficient funds to declare and pay accrued dividends on the SATS Stock in full.”

Funding after the reserve period. After the reserve period, the prospectus expects dividends to be funded “primarily through additional capital raising activities,” which depend on market access.

Bitcoin price exposure. The coverage figures above move with the price of Bitcoin, the largest part of Strive’s Treasury Asset Value.

Limited voting rights. Holders cannot elect directors, including after unpaid dividends.

Senior issuance is not restricted. Strive may issue more stock that ranks senior to or equally with SATS.

Short trading history. SATS began trading in October 2026, so its price history is short and its trading depth under stress is untested.

Affiliation and conflicts. True North is not independent; conflicts of interest are present and should be considered.

Data Snapshot (live pipeline data; see also the dashboard)

Each figure carries its own date and source.

These data are snapshots and may become inaccurate quickly. Calculated metrics are analytical tools, not projections or guarantees.

→ Strive’s other preferred stock: SATA → Full instrument comparison: Markets & Instruments → How we analyze: Methodology