A scanning tunneling microscope for spin-resolved studies of dynamic systems is presented. The cryogenic setup allows the scanning tunneling microscope to achieve a cutoff frequency beyond 26 GHz at the tunnel junction and to be operable at temperatures of 1.1 K-100 K in a magnetic field of up to 3 T. For this purpose, the microscope and its wiring as well as the associated cryostat system were specially designed and manufactured. For sample preparation, an ultrahigh vacuum system was developed, which is equipped with modular preparation platforms. Measurements showing the characteristics of the scanning tunneling microscope in the time and frequency domain are presented. As a proof of concept, experimental data of the Pd/Fe/Ir(111) sample system at 95 K in a magnetic field of 3 T are presented.