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EarningsQ2 2026 Earnings Report
STRD Q2 2026 EPS Results
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STRD Q2 2026 Revenue Results
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Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeAfter Close
Conference CallThursday, July 30, 2026
STRD Upcoming Earnings
Strategy Inc 10 % Perp Stride Pfd Registered Shs Series A's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
STRD Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strongly positive operating quarter highlighted by record originations, record investment income, improving liquidity and lower leverage, robust AUM growth, and continued Adviser contributions. Credit metrics and portfolio diversification were characterized as stable, though management flagged a modest shift toward mid-rated credits, elevated but normalizing prepayments, slightly lower core yields due to rate floors, rising operating expenses tied to variable compensation, and aggressive competition in the lending market. Overall, the positive operational and financial momentum materially outweighs the contained risks described.Company Guidance
Record Originations and Fundings
First half 2026 originations of $2.74B, up 35.6% YoY; first half fundings of $1.35B, up 8.5% YoY. Q2 new commitments >$927M and gross fundings >$647M.
AUM and Platform Growth
Hercules platform managing approximately $6.1B of assets, up 14.4% YoY. Hercules Adviser manages ~ $2B of committed capital and the platform had >$1B of available liquidity including RIA as of quarter end.
Record Investment Income and NII Coverage
Total investment income in Q2 was a record $149.1M (+8.5% YoY, +5.4% QoQ). Net investment income (NII) was a record $92.9M ($0.50/share), up 4.7% YoY and 5.5% QoQ. Q2 NII covered the base shareholder distribution by 125% and full distribution (incl. $0.07 supplemental) by 106%.
Improved Liquidity and Deleveraging
BDC available liquidity $652.9M; platform liquidity >$1B. GAAP leverage decreased to 103.9% (from 115.4% prior quarter) and regulatory leverage to 88.5% (from 99.7%). Subsequent issuance of $325M 6.3% unsecured notes to strengthen liquidity.
Portfolio Credit Stability and Diversity
Debt investments across 136 companies (BDC fair value ~$4.4B). 98% of debt is floating-rate with floors; average loan duration ~21 months. PIK income declined to ~8.3% of revenue (from 9.1% in Q1); $12.0M cash collected on accrued PIK in Q2 and $39.9M YTD (through July 27). Rated 4 & 5 credits remain <2% of portfolio value; non-accruals were two loans (~0.3% of cost, 0.1% of fair value).
NAV Appreciation and Strong Returns
NAV per share rose $0.25 to $12.15, up 2.1% QoQ, driven by $29.6M net unrealized appreciation. ROAE 16.8% and ROAA 8.3% in Q2.
Adviser Business Contribution
Hercules Adviser contributed $7.0M in NII to the BDC in Q2 (dividend $2.1M + $4.9M expense reimbursement), a 26% increase YoY. Adviser continues to provide recurring, non-NII-related income and scale benefits.
Strong Exit and Capital-Raising Environment for Portfolio
Year-to-date through Q2: 12 M&A events and two IPOs in the portfolio; Q2 portfolio companies raised 29 rounds totalling ~$5.7B; YTD portfolio raises $9.3B, exceeding full-year 2025.
STRD Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed