PEPPepsiCoDeclared
$1.48 · Quarterly · 4.33% indicated
Sep 4 ex·Sep 30 pay·26-day gap
Reading today’s place in the gap.
Vlad Tenev@vladtenev · Sep 21, 2026Fresh DRIPFor the dividend hounds
Not in three weeks.On the ex-date.
$HOODDRIP is not a Robinhood product, not a stock token, and it does not pay a stock dividend.
The benefit hitson the ex-date.
The price gaps in the morning. A cash DRIP still pays weeks later. Robinhood’s stock tokens now take the benefit in that same session.
As of Sep 23, 2026, PEP, KO, and MO sit between ex-date and payday. O goes ex September 30.
Live against your clock
The hole is a calendar.
Ex-date, the price drops and the owner is set. Payment date, the cash shows up. The days between are the hole. Coca-Cola’s September quarter is the clean specimen: $0.53, ex-date September 15, payment date October 1, a 16-day stretch where a cash DRIP has a claim and a fresh drip already has exposure.
Green is days a fresh drip has already been working. The bare track is cash still out.
KOCoca-ColaDeclared
$0.53 · Quarterly · 2.42% indicated
Sep 15 ex·Oct 1 pay·16-day gap
Reading today’s place in the gap.
MOAltriaDeclared
$1.11 · Quarterly · 6.54% indicated
Sep 15 ex·Oct 9 pay·24-day gap
Reading today’s place in the gap.
ORealty IncomeDeclared
$0.2715 · Monthly · 5.42% indicated
Sep 30 ex·Oct 15 pay·15-day gap
Reading today’s place in the gap.
Further out, listed once
These six were on one public calendar on September 23, 2026. A second source had not confirmed them here. Treat the row as a watchlist. The issuer’s release is the date.
VZVerizon
24d
Oct 9 ex · Nov 2 pay · 5.86%
Reading the clock.
ABBVAbbVie
32d
Oct 15 ex · Nov 16 pay · 2.59%
Reading the clock.
TXNTexas Instruments
11d
Oct 30 ex · Nov 10 pay · 2.07%
Reading the clock.
MSFTMicrosoft
21d
Nov 19 ex · Dec 10 pay · 0.73%
Reading the clock.
MCDMcDonald's
14d
Dec 1 ex · Dec 15 pay · 2.97%
Reading the clock.
WMTWalmart
24d
Dec 11 ex · Jan 4, 2027 pay · 0.90%
Reading the clock.
Why a book cares
The morning the price gives the dividend up.
A dividend has four dates and only one of them changes a position. Declaration announces the amount. The ex-date is the cutoff. The record date is the registry snapshot, and under T+1 it usually lands on the ex-date itself. The payment date is when a broker finally posts cash.
Between the ex-date and the payment date you can be holding the lower price and an IOU. A DRIP cannot buy the extra shares until the IOU becomes cash. That is the old world: declare, wait, wait, payday, maybe reinvest.
On September 17, 2026, Robinhood moved stock-token dividend benefits onto the ex-date. Johann Kerbrat described it as immediate stock-equivalent economics, no dividend dilution after the ex-date, and tighter pricing, already live across most Stock Tokens. The token can stop trading cheap to a dividend it has not received yet, because it has received it.
| Broker cash DRIP | Stock token, before | Ex-date credit | |
|---|---|---|---|
| Price gaps | Ex-date | Ex-date | Ex-date |
| Owner is set | Ex-date | Ex-date | Ex-date |
| Benefit is in the position | Payment date | Payment date | Ex-date |
| During the gap you hold | A lower price and an unpaid claim | A token that can trade cheap to its own dividend | Stock-equivalent exposure, already in |
| Reinvestment | After the cash arrives, if you opted in | Whenever the late credit showed up | Already compounding that morning |
“Before” is the payment-date credit Robinhood said it was replacing. The right-hand column is the September upgrade, not a promise about $HOODDRIP.
Where the credit sits
The raw balance can sit still. The drip is in the multiplier.
Robinhood’s stock-token docs run dividends and splits through an onchain multiplier, uiMultiplier(), ERC-8056. Raw balances stay put until redemption. The shares each token represents change. The oracle picks the multiplier up, so the price can move while the tokens in a pool do not. Swaps still transfer the raw token.
Watch the UI shares and the oracle. A flat balanceOf is not evidence that the dividend missed you.
Stock token docsStock Tokens are tokenized debt securities. Robinhood does not offer them to U.S. persons, and reporting on the upgrade also lists restrictions in Canada, the United Kingdom, and Switzerland. They are economic exposure, without rights against the company that issued the stock.
- 01
Write the ex-date first
The payment date is a settlement detail. The ex-date is the session where the price is allowed to gap and the owner of the dividend is decided.
- 02
Expect the gap down
A share price usually opens lower by roughly the dividend. That drop is fair when the dividend is already yours. It is a hole when you hold the lower price and an unpaid claim.
- 03
Ask where the benefit is that morning
In the shares, in a broker claim, or in a multiplier. If a DRIP screen says pending, the position is still in the old world for the length of the gap.
- 04
Read the multiplier, then the balance
On a stock token, balanceOf can sit still while the economic shares change. The UI amount and the oracle price are the lines that move.
One cycle, sized
Put a real position on the gap.
Altria opens the clock because a 24-day hole is the “three weeks” the board was talking about, and $1.11 a share is large enough to see. Pepsi is longer. Coke is the specimen. Realty Income is the next ex-date on the declared list, September 30.
Declared name
Using MO indicated yield 6.54%, quarterly, Sep 15 to Oct 9.
The hole · one name
$408.75
This slice is a claim for 24 days on a cash DRIP, and stock-equivalent exposure on the ex-date morning under a fresh drip.
Cash DRIP
$408.75
Unpaid until day 24.
Fresh DRIP
$408.75
In the position the morning of the ex-date.
- P&L on the slice if the shares move 3%
- $12.26
- Interest if the idle cash earned the same yield
- $1.76
- Real, and usually the least important figure on the card.
Show the arithmetic
Dividend this cycle = position × annual yield ÷ payments per year.
A move during the gap = that dividend × the percent you picked.
Idle interest = that dividend × annual yield × days ÷ 365. The cash earns the stock’s own yield while it sits outside the shares.
The ex-date price drop is outside these figures. The drop is why the hole matters: the price has already given the dividend up. Taxes, withholding, and a special dividend are outside them too. This is a sketch of one cycle, not a forecast.
@driponthehood
Two ways a dividend comes back.
Old world
Declare, then the calendar goes quiet.
- 01Declare
- 02Wait
- 03Wait
- 04Payday
- 05Maybe reinvest
New world
The ex-date is the whole event.
- 01Ex-date hits
- 02Token drips
- 03Already compounding
That’s not a feature. That’s a personality trait.
“Old world DRIP: declare, wait, wait, payday, maybe reinvest. New world DRIP: ex-date hits, token drips, you’re already compounding.”
Primary sources
The week the board got drawn.
“Vlad drew it on the board. Fresh DRIP. Not in 3 weeks. Not on payment date. On the ex-date. The hounds already smelled it.”
Sep 17
Dividend benefits move to the ex-date
Johann Kerbrat posts the upgrade for Stock Tokens. The benefit stops waiting for payment day. Already live across most names, with more to come.
Read the reportSep 17
Onchain dividend hounds
Vlad Tenev, the same day: “dividend benefits are here for our onchain dividend hounds.” The name of the trade, from the person who runs the brokerage.
The postSep 21
Fresh DRIP, in chalk
Two words on a blackboard, a faucet, and a green drip. The caption is the picture. The hounds already had the vocabulary.
The chalkboardSep 2026
$HOODDRIP takes the trait
The account says the quiet part in public. Old world waits for payday. New world is already compounding when the ex-date hits. That is the whole personality.
@driponthehood
The token
The token is the timing.
$HOODDRIP is for people who already read the ex-date first. It is the campfire for that habit. It does not pass KO, MO, PEP, or O through to holders, and it is not a share of anything Robinhood issues.
- Contract
- Posted at launch
- Chain
- Posted with the contract
- Supply
- Posted with the contract
The address lands here and on @driponthehood as the same string. Until both say it, nobody has an official contract. There is no presale on this page.
Payday is when the crowd looks.
The ex-date is when the position changes. The board was drawn on September 21. The hounds were early on purpose.
No fog
Straight answers.
Is HOODDRIP part of Robinhood?
No. HOODDRIP is an independent community token and this site is an independent explainer. Not affiliated with, endorsed by, or sponsored by Robinhood Markets, Robinhood Crypto, or Vlad Tenev. The chalkboard and the hounds line are public posts. The token is a response to them.
Does $HOODDRIP pay dividends?
No. Holding the token does not pay you Coca-Cola, Altria, Pepsi, or anyone else. It does not enroll you in a DRIP, and it does not credit a stock-token multiplier. The token is the timing. The dividends stay with the stocks and the stock tokens.
What is the ex-date?
The cutoff. Buy before it and the dividend is yours, with a price that usually gaps down that morning. Buy on it and you skip the dividend. Since U.S. equities moved to T+1 settlement, the record date usually falls on the ex-date. The record date decides the registry. It does not deliver the cash. The payment date does, often two or three weeks later.
What changed on September 17?
Johann Kerbrat, of Robinhood International and Crypto, said dividend benefits on Stock Tokens are applied on the ex-dividend date instead of weeks later on payment day. His reasons: more immediate stock-equivalent economics, no dividend dilution after the ex-date, and tighter pricing. He said it was already live across most Stock Tokens. Vlad Tenev answered the same day: dividend benefits are here for our onchain dividend hounds.
Why would the token balance sit still?
Robinhood documents dividends and splits as an onchain multiplier, uiMultiplier(), under ERC-8056. The raw balance stays put until redemption. The shares each token represents change. The oracle folds the multiplier into the price. Swaps still move the raw token. If you only watch balanceOf, you can miss the drip.
Can any trader buy Stock Tokens?
Robinhood says no. Reporting on the upgrade describes Stock Tokens as tokenized debt securities that are not offered to U.S. persons, with further restrictions in Canada, the United Kingdom, and Switzerland. The docs are plainer about the economics: exposure to a stock or ETF, without legal or beneficial rights in that company. $HOODDRIP is not that product and this page is not an offer to sell it.
Where is the contract?
Nowhere, until it is posted here and on @driponthehood as the same address. This page will not print a placeholder, a presale, or a “stealth” mint. If the two posts disagree, there is no contract.
Is the calendar advice?
No. Dates and amounts are copied from public calendars as of September 23, 2026. Declarations get revised, special dividends appear, and yields move every time the price does. Confirm with the issuer before you trade. Nothing here is financial, tax, or investment advice. A token can go to zero.
Sources, as of Sep 23, 2026
- Vlad Tenev, Fresh DRIP chalkboard
- Vlad Tenev, onchain dividend hounds
- @driponthehood
- Robinhood Chain, Stock Tokens
- BlockBeats on the ex-date credit
- Gate on the ex-date credit
- Snowball, declared popular dividends
- Investing.com, KO dividend history
- Infnits calendar, the watchlist
PEP, KO, MO, and O were checked on Snowball’s declared calendar. KO was also checked on Investing.com. PEP, KO, and MO also appear on Infnits. Yields are the indicated yields printed beside those rows and change with the price. The six-name watchlist is Infnits alone.